2308. Bank of Augusta (Augusta, GA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 17, 1857
Location
Augusta, Georgia (33.471, -81.975)

Metadata

Model
gpt-5-mini
Short Digest
b47aee175b73775b

Response Measures

None

Description

Multiple contemporaneous newspaper reports (Oct 1857) state the Bank of Augusta suspended payments on Oct. 17, 1857 along with other Augusta banks. The suspension is described as a precautionary, community‑requested measure to aid marketing of produce amid the 1857 financial depression (Panic of 1857). The articles characterize the banks as perfectly safe, implying a temporary suspension; no articles here describe a permanent closure or receivership, so I classify this as a suspension with likely reopening.

Events (1)
1. October 17, 1857 Suspension
Cause
Macro News
Cause Details
Suspension taken at the solicitation of the business community to cope with the broader 1857 financial depression (Panic of 1857) and to facilitate bringing produce to market.
Newspaper Excerpt
SUSPENSION OF AUGUSTA BANKS.-The Mechanic's Bank, Augusta Insurance and Banking Company, Bank of Augusta, and City Bank suspended this morning ... All the banks here are perfectly safe, and we recommend our distant readers to submit to no discount on any of them. They have suspended at the solicitation of our entire business community, and to place themselves in a position to safely aid in bringing produce to market, which is an important ... source of relief from the present depression.
Source
newspapers

Newspaper Articles (3)
1. October 21, 1857 Edgefield Advertiser Edgefield, SC
Article from Edgefield Advertiser, October 21, 1857

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Article Text

SUSPENSION OF AUGUSTA BANKS.-The Mechanic,s Bank. Augusta Insurance and Banking Company, Bank of Augusta, and City Bank suspended this morning, which now completes the list of banks in the city, and places them all on the same footing. All the banks here are perfectly safe, and we recommend our distant readers to submit to no discount on any of them. They have suspended at the solicitation of our entire business community, and to place themselves in a position to safely aid in bringing produce to market, which is an important if not amplesource of relieffrom the present depression. Augusta Dispatch 17th inst.

2. October 22, 1857 Fayetteville Observer Fayetteville, TN
Article from Fayetteville Observer, October 22, 1857

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Article Text

ence is felt in all the finding. Large depos to-day. No failures more cheerfulmban this Terenro rumors but the Bank will open in the Notes of the bank 0 are taken by the Citi them Bank. The bank bb was also kept open There is nota doubt to it 9T to the South Out 14 The Banks places suspended to-ilay: New York, klyu, Boston, Hartford, ruand, and generally England. It is nnBull lo will folow toOct. 15.-The city esolved to take all counat par. stroug influence against of the Legislature. better; money active, supply; specie 3 to 5c endstuffs decidedly adBank at Augusta, Farme IS and Exchange mond have suspen led. Banks show a dispudiate the relief bill. gloomy in Philadelphia, erful in Nen York and Oct. 15.- The ron the standing ban S. promptly met, except which paid specie but Jused it for deother banks are expectthe satne course. The great this inorning, Fowards the close. The

3. October 23, 1857 The Athens Post Athens, TN
Article from The Athens Post, October 23, 1857

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Article Text

SUSPENSION OF AUGUSTA BANKS.-The Mechanic's Bank, Augusta Insurance and Banking Company, Bank of Augusta, and City Bank suspended this morning, which now completes the list of banks in this city, and places them all on the same footing.All the banks here are perfectly safe, and we recomend our distant readers to submit to no discount on any of them. They have suspended at the solicitation of our entire business community, and to place themselves in a position to safely aid in bringing produce to market, which is an important it not ample source of relief from the present depression.-Augusta Despatch, 17th.