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xn # SUSPENSIONS. - Since our ast the banks at Wheeling, and Point Pleasant, C have suspended,
23127. Bank of Wheeling (Wheeling, WV)
Bank Information
- Episode Type
- Suspension → Reopening
- Bank Type
- state
- Start Date
- October 6, 1857
- Location
- Wheeling, West Virginia (40.064, -80.721)
Metadata
- Model
- gpt-5-mini
- Short Digest
b328c26b
Response Measures
None
Description
Contemporary articles from Oct 1857 list the Bank of Wheeling among suspended Virginia banks. Later March 1858 reports state the Bank of Wheeling has resumed specie payments on all outstanding notes. There is no explicit description of a depositor run on this specific bank in the provided clippings; the suspensions are tied to the wider financial panic of 1857, so I classify cause as macro_news and the episode as a suspension followed by reopening.
Events (2)
1.
October 6, 1857
Suspension
- Cause
- Macro News
- Cause Details
- Part of the widespread October 1857 suspensions amid the national financial crisis; listed among multiple Virginia banks that suspended specie payments.
- Newspaper Excerpt
- The Bank of Wheeling, and Manufacturers' and Farmers' Bank, Wheeling ... have suspended.
- Source
- newspapers
2.
March 20, 1858
Reopening
- Newspaper Excerpt
- The Bank of Wheeling, Va., has resumed specie payments on all outstanding notes: an example that all the banks in Virginia ... should follow at once.
- Source
- newspapers
Newspaper Articles (8)
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Evansville, Oct. 5, 1857. " Some measures must be adopted to secure to our citizens a local currency for daily use. Several Restaurants have issued checks for fifty and twenty-five cents each, and other houses will be obliged to do so unless the present state of affairs is in some manner relieved. The market men positively refuse to change bills of any bank or of any denomination, and many of our citizens are in the habit of buying specie at a premium in order to secure their marketing. as The Banks at Stanton, Charlottesville, and Wheeling, Virginia, have suspended.
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VIRGINIA. THE CONDITION OF THE VIRGINIA BANKS. [from the Richmond Son n, Oct. 6] The following table. we believe, includes all the banks in the State, and are classified according to the information in our possession. One curious revelation will be 0 served, and that 18, that not a solitary branch of the Bank of Vir ginis, au far as heard from, has suspended specie payment :OLD BANKS PAYING -Farmers' Bank of Virginia, Charlotesville: Farmers Bank, Bank of Virginia, Danville: Farmers' Bank, Farmille: Farmers' Bank of Virgi nia. Bank of Virginia, Frederickabare; Farmers' Bank. Exchange Bank, Bank of Virginia, Lynchburg: Exchange Bank of Virginia, Farmers' Bank, Bank of Virginia Nor folk: Exchange 9ank Farmers' Bank, Bank of Virgina, Peteraburg: Bank of Virginia, Portsmouth; Farmers' Bank, Bank of Virginia. Exchange Bank, Richmond. INDEPENDENT BANKS PAYING SPECIS.-Fairmont Bank, Fairment; Bank of Secttavi Boostaville; Bonk of Rock bildge, Lexington: Merchants' Bank, Lynchburg. OLD BANKS SURPENDED-Exchange Bank of Virginia, Farmers' Bank of Virginia, Alexandria; Bank of the Val ley, Charlestown: Bank of Valley, Christiansburg: Bank of the Valey, Leesburg; Bank of Valley, MoorSeld; Merchanis' and Mechanics' Baok, Morgantown; North western Bank of Virginia, Parkersourg; Merchants' and Mechanics', Point Pleasant: Bank of Valley, Romney; Bank of Valley, Staunton; Northwestern Bank, Weltsburg; Merchanis' and Mechanic.', Northwestern Bank, Wheeling: Bank of Valley, Farmers' Bank, Winchester INDEPENDENT BANKS SUSPENDED.-Bank of the Old Do minion, Alexandria; Bank of Monticello, Charloitesville; Bank of Commerce, Fredericksburg; Bank of Howards ville, Howardsville: Bank of Rockingham, Harrisonburg; Bank of Berkely. Martineburg; Central Bank, Stauntoa; Bank of Wheeling, and Manufacturers' and Farmers' Batk, Wheeling: Bank of Wiechester, Winchester. OLD BARKS NOT HEARD FROM -Exchange Bank, Abing. don: Farmers' Bank, Blacksburg; Bank of Virginia. Ba chanan: Bank of Virginia, Charleston; Exchange Bank, Clarkaville: Northwestern Bank, Jeffersonville; Farmera' Bank, Lew isburg; Exchange Bank, Salem; Bank of Vir. Rinia, Union; Farmers' Bank, Wytheville; Exchange Bank, Weston. INDEPENDENT BANKS NOT HEARD FROM -Farme* Bank, Fincastle: Allegbany Bank, Jeffersonville; Bank of the Old Dominion. Pearisburg The K.pawhs Bank at Malden, in Kanswha county, was paying at last accounts. There are rumors that the Exchange Bank at Weston, and the Fairmont Bank, at Fairmon: have suspended. out the rumors are 20 vague that we preferred a different classification. The Trans Allegbany Bank has gone out of circulation, and probably should 00 dismissed from the list altogether. The Kanawha Bank at Malden has not been heard from since the general suspension. The banes classified ss " not heard from" were specie paying institutions when last heard from. It is fair to pre sume that some of them-indeed probably a majority-are still of that class. TENNESSEE. FINANCIAL EMBARRASSMENT-SUSPENSION OF THE BANK OF NASHVILLE. [From the washvi le Banner, dept. 29] We regret to have to announce that the embarrassments in financial and commercial circles which have prevailed in the Northern and Eastern cities for several weeks, have reached our own community, and that yesterday our citizens were electrified with the announcement that the Bank of Nashville, one of the oldest and largest of the free banks, had suspended. This announcement was confi-med by the posting of the following circular on the public and private door of that institution yesterday:BANK OF NASHVILLE Sept. 28, 1857. In consequence oprejudicial and "afounded reports relative to the solvency of this bank, causing a large number of depositors to withdraw their funds, besides A heavy d'mani for coin. we have been foreed to suspend payments for the present. We beg of our friends to take no action in the matter for a few days not we have had time for reflection as to the bent ceurse to be pursued Our assets are ample to pay all and they shall be faithfully applied N. HOBSON, President W HELESS Oashier To place creditors of the Bank of Nashville beyond add rubts we have actermined to convey our private property as addiЮВ a security to be used in the event of accessity reserving only enough to pay our private indebledness, which is small. N. HOBSON, W. WHELESS. The bank steps were crowded yesterday by depositors and note holders, and considerable excitement exis ed. At the same time we discovered among the better informed a great degree of confidence in the ability of the bank to pay out, and we most unhesitatingly vise all noteholders not to submit to any unnecessary secrifice. The high charas ser of the President and Cashier is ample guarantee, where they are known, that no unfair advantage will be waken of their creditors: and we have the assurance of a leading member or the bar in this city, and a gentleman of the highest standing, who has thoroughly investigated their affaire, that the assets are abundantly adequate to uld mately discharge every liability. MERTING OF MEBUHANTS. A meeting of and citizens was held yesterday
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[From the Predericksburg Herald ] The Condition of the Virginia Banks, Although little or no excitement prevails in the minds of the Virginia public in reference to the solvency of the several Banking Institutions in the State/there is nevertheless a good deal of feeling abroad, and much interest excited, as to which are, and which are not, redeeming their issues in specie. To meet this general demand, we have compiled the following table, which we believe includes all the Banks in the State, and classified them accordingly to the information in our possession. We have examined our exchanges closely, and obtained information in other quarters, and think the table reliable. Our purpose is to present facts. One curious revelation will be observed, and that is, that not a solitary Branch of the Bank of Virginia, as far as heard from, has suspended specie payment. Old Banks paying Specie Charlottesville-Farmers Bank of Virginia, Danville-Farmers Bank, Bank of Virginia, Farmville-Farmers Bank, Fredericksburg-Farmers Bank of Virginia, Bank of Virginia, Lynchlurg--Farmers Bank, Exchange Bank. Bank of Virginia, Norfolk--Exchange Bank of Virginia, Farmers Bank, Bank of Virginia, Petersburg--Exchange Bank, Farmers Bank, Bank of Virginia, Portsmouth--Bank of Virginia, Richmond- Farmers Bank. Bank of Virginia, Exchange Bank, Independent Banks paying Specie. Fairmount--Fairmount Bank, Scottsville-Bank of Scottsville, Lexington--Bank of Rockbridge, Lynehburg-Merchants Bank, Old Banks Suspended Alexandria--Exchange Bank of Virginia, Farmers Baok of Virginia, Charlestown-Bank of the Valley, Christiansburg--Bank of the Valley, Leesburg-Bank of the Valley, Moorefield-Bank of the Valley, Morgantown-Merchants & Mechanics Bank, Parkersburg-North Western Bank of Va. Point Pleasant-Merchant & Mechanic, Romney--Bank-of Nalley, Staunton--Bank of Valley, Wellsburg North Western Bank, Wheeling-North Western Bank, North Western Bank, Winchester-Bank of Valley, Farmers Bank. Independent Banks Suspended. Alexandria--Bank of the Old Dominion, Charlottesville-Bank of Monticella, Fredericksburg-Mank of Commerce, Howardsville--Bank of Howardsville, Harrisonburg-Bank of Rockingham, Martinsburg--Bank of Berkeley, Staunton-Central Bank, Wheeling-Manufacturers & Farmers Bank, Bank of Wheeling, Winchester Bank of Winchester. Old Banks not heard from Abingdon-Exchange Bank, Blacksburg--Farmers Bank, Buchanan-Bank of Virginia, Charleston Bank of Virginia, Clarkesville--Exchango Bank, Jeffersonville--North Western Bauk, Lewisburg-Farmers Bank, Salem-Exchange Bank, Union-Bank of Virginia, Wytheville--Farmers Bank, Westen-Exchange Bank. Independent Banks not heard form. Fincastle Farmers Bank, Jelfersonville--Trans-Alleghany Bank, Pearisburg-Bank of:01d Dominion The Kanawha Bank at Malden in Kanawha county, was paying at last recounts. There are rumors that the Exchange at Weston, and the Fairmount Bank at Fairmount, have suspended, but the rumors are SO vague that we proferred a different classification. The Trans-Alleghany Bank has gone out of circulation and probably should be dismissed from the list altogether. The Kanawha Bank at Malden has not been heard Promisince the general suspension. The Banks classified 38 "not heard from" were specie paying institutions when last heard from. It is fair to presume that some of them-indeed probably a majority-are still of that class.
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CONDITION OF THE VIRGINIA BANKS. FROM THE FREDERICKSBURG HERALD. Although little or no excitement prevails in the minds of the Virginia public in reference to the solvency of the several banking institutions in the State, there is, nevertheless, a good deal of feeling abroad and much interest excited as to which are and which are not redeeming their issues in specie. To meet this general demand we have compiled the following list, which, we believe, includes all the banks in the State, and classified them according to the information in our possession: Old Banks paying specie.-Charlottesville, Farmers' Bank of Virginia; Danville, Farmers' Bank and Bank of Virginia; Farmville, Farmers' Bank; Fredericksburg, Farmers' Bank of Virginia and Bank of Virginia; Lynchburg, Farmers' Bank, Exchange Bank, and Bank of Virginia; Norfolk, Exchange Bank of Virginia, Farmers' Bank, and Bank of Virginia; Petersburg, Exchange Bank, Farmers' Bank, and Bank of Virginia; Portsmouth, Bank of Virginia; Richmond, Farmers' Bank, Bank of Virginia, and Exchange Bank. Independent Banks, paying specie.-Fairmount, Fairmount Bank; Scottsville, Bank of Scottsville; Lexington, Bank of Rockbridge; Lynchburg, Merchants' Bank. Old Banks ispended.-Alexandria, Exchange Bank of Virginia and Farmers' Bank of Virginia ; Charlestown, Bank of the Valley; Christiansburg, Bank of the Valley; Leesburg, Bank of the Valley; Moorefield, Bank of the Valley; Morgantown, Merchants' and Mechanics' Bank; Parkersburg, Northwestern Bank of Virginia; Point Pleasant, Merchants' and Mechanics' Bank; Romney, Bank of Valley; Staunton, Bank of Valley; Wellsburg, Northwestern Bank; Wheeling, Merchants' and Mechanics' Bank and Northwestern Bank; Winchester, Bank of Valley and Farmers' Bank. Independent Banks suspended-Alexandria. Bank of the Old Dominion; Charlottesville, Bank of Monticello; Fredericksburg, Bank of Commerce; Howardsville, Bank of Howardsville; Harrisonburg, Bank of Rockingham Martinsburg, Bank of Berkeley; Staunton, Central Bank; Wheeling, Manufacturers' and Farmers' Bank and Bank of Wheeling; Winchester, Bank of Winchester. Old Banks not heard from.-Abingdon, Exchange Bank; Blacksburg, Farmers' Bank; Buchanan, Bank of Virginia; Charlestown, Bank of Virginia; Clarkesville, Exchange Bank; Jeffersonville, Northwestern Bank; Lewisburg, Farmers' Bank; Salem, Exchange Bank; Union, Bank of Virginia; Wytheville, Farmers' Bank; Weston, Exchange Bank. Independent Banks not heard from.-Fincastle, Farmers' Bank; Jeffersonville, Trans-Alleghany Bank; Pearisburg, Bank of the Old Dominion. The Kanawha Bank, at Malden, in Kanawha county, was paying at last accounts. There are rumors that the Exchange Bank, at Weston, and the Fairmount Bank, at Fairmount, have suspended, but the rumors are so vague that we preferred a different classification. The Trans-Alleghany Bank has gone out of circulation, and probably should be dismissed from the list altogether. The Kanawha Bank, at Malden, has not been heard from since the general suspension. The banks classified as 'not heard from" were speciepaying institutions when last heard from. It is fair to presume that some of them, indeed probably a majority, are still of that class.
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South or C. M. Firman is President. Convention of Suspended Banks. A meeting of officers of a portion of the Banks of this State, which have suspended specie payments, was held in Charlottesville on the 7tb inst. The Banks in Winchester, Charlottesville, Fredericksburg, Alexandria, Charlestown, sonburg, Wheeling and Staunton, were represented. H. M. Brent, of Winchester, acted as Chairman, and W. H. Tams, of Staunton, as Secretary. The object of the meeting was to take into consideration a letter addressed by Gov. Wise to the Auditor and Treasurer of the Commonwealth, and forwarded to the suspended Banks. After stating his belief that the Banks are anxious to aid the Executive in protecting the State credit and collecting the revenue, the Governor says: "To that end I suggest that it would be well for you to correspond with the leading suspended banks immediately, and propose that if they will agree to meet their notes received for public dues, in fifteen days, with specie, at the public depositories, the depositories will receive their notes on State account, and the executive will not proclaim a prohibition of the receipt of their notes in payment of the revenue of the State." A business Committee was appointed, and the Convention took a recess. At the evening session, the Committee reported the following resolutions : 1. That we regard the maintenance of the credit of the commonwealth as the first duty of the banking institutions as well as the citizens of Virginia, and therefore assent heartily to the spirit of the letter of Gov. Wise to the auditor and treasurer, which has been read. 2. That, with all respect to the source from which it comes, we feel bound to say that in the opinion of this meeting the specific remedy suggested in the letter is unnecessary, impracticable, and unequal as between the depositories and the other banks of the State, and also calculated to excite an injurious competition between the banks in regard to the funds sent on in payment of the revenue by the collectors. 3. That a provision for the amount of the State payments to be made abroad for interest on her bonds on the 1st January next, amounting, as we are informed, to the sum of $850,000 in the aggregate, will fully protect her credit. 4. That a contribution of specie or New York funds by each bank of 2 1-2 per centum on its capital, will make such provision. 5. That in our opinion, the spirit of the governor's letter will be complied with, if each bank, for itself, shall undertake with the deposit banks to redeem, to the extent just mentioned, by the 1st day of December next, its paper which may have been received in payment of the public revenue, in Richmond, in specie or New York funds. 6. That the suspension of the banks in Virginia, SO far as it has gone, was without fault on their part, for the public good as well as their own, under the circumstances that whenever the eastern cities resume, our banks should be prepared to resume with them and, in the mean time, the paper of our banks should be maintained, without exception, current in the State. 7. That when this convention adjourn, it adjourn to meet to-morrow at Richmond, to confer personally with the governor on the subject of his letter and these resolutions. Which resolutions were, after discussion, adopted unanimously. Mr. Conrad offered the following resolution, which was also adopted unanimously, to wit: Resolved, That this meeting recommend to the banks in the commonwealth, holding demands upon the State for interest or treasury notes, to notify the treasurer of the State at once, that all such demands will be satisfied by a payment in Richmond by the deposit banks in the issues of such creditor banks respectively, received by said deposit banks in payment of the revenue. The Convention then adjourned to meet in Richmond on the following day, when a personal interview was obtained with the Governor.Without expressing a decided opinion upon the suggestions contained in the resolutions adopted at Charlottesville, Gov. Wise assured the delegates that it was not his intention to issue a proclamation prohibiting the receipt of notes of suspended Banks in payment of public dues, so long as he remained convinced that they were acting with a bona fide intent to protect the State credit and the communities in which they are located. As yet he reposed the greatest confidence in all the Banks of the Commonwealth. Should the deposit Banks in Richmond continue to refuse the notes of suspended Banks, the Treasurer would provide a place of deposit, and would receive and pay out the rejected notes in discharge of demands upon the State as far as he could.And for such amount of them as he could notso pay out, the Governor would rely upon the integrity and public spirit of the Banks issuing them, to redeem them at the treasury as rapidly as may be required by the necessities of the Commonwealth,and as in the power of the Banks, in specia or snch funds bankable in Richmond,
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The Hollidaysburg, Pa., Standard says several iron establistiments in that vicinity have been compelled to suspend. The Governor of Vermont has appointed Friday, the 2d day of April, to be observed as a day of fasting, humiliation and prayer. The Virginia Legislature has passed a bill providing for a fire-marshal in every town and city in the State. Hall. the convict who was wounded in an effort to kill a guard In the Illinois penitentiary, has since died. A set of jewelry and a service of plate have been presented to Mr. and Mrs. Florence, the comedians, by their admirers at Charleston, S.C. None of the United States troops on board the steamer Arkansas, recently snagged and sunk in the Mississippi, were lost. The election for Mayor of Fredericksburg resulted as follows: Peter Goolrick, 178; W. S. Seott 161; J.S. Caldwell 131. The Bank of Wheeling, Va., has resumed specie payments on all outstanding notes: an example that all the banks in Virginia, for their own credit should follow at once. The Houston (Texas) Telegraph chronicles the importation of large amounts of corn from New Orleans, and says the trains of cars go out every day heavily laden with it for differents parts of the country. A man has just been discharged from jail in Charlottetown, P.E.I., who had been imprisoned nine years for debt. The Charlottetown papers are calling londly for an alteration of the law that permits such tyranny. Jesse Crockett, the free negro charged with the murder of Grittin at Aquia, set fire to the jail at the Stafford Court House the other day broke his chains and was nearly suffocated for his trouble. The Upper Mississippi is open to Keokuk. The Illinois river is in good boating stage. The Missouri is rising below Lexington, with five feet in the channel; falling above that point with less than four feet on the bar. ID The Emmet Guards of St. Louis have unanlmously voted a tender of their services to Uncle Sam against the Mormons and polygamists in Utah The offer will be communicated to the Governor of that State, and by him to the National Government.
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by a vote of 28 Yeas to 4 Naye. The Bank of Wheeling, Va., has resumed specie payments on all outstanding notes. The Legislature of Tennessee have passed an act requiring legal proceedings to be instituted to wind up the Bank of East Tennessee. The receipts of Specie at New-Orleane since the 1st of September last, were 88 follows: $155,693 Week ending March6 7,449,446 Prev. received since let September, 1857.. $7,585,115 Total receipts since 1st September, 1857 4,941,061 Received same time last year 3,625,792 Receipts since same time, 1857 Gov. Randall of Wisconsin invites proposals for the purchase of $50,000 of bonds of that State, to run five years, at 6 ₽ cent, payable semi-annually in this city. Coin or old bonds will be taken at par value. The Chicago, Alton and St. Louis Railroad commences running over their own track, between Joliet and Chicago, this week. The Legislature of Minnesote has resolved to aid the Railroads of the State to the extent of $5,000,000. The act provides that whenever either of the said Companies shall complete, ready for the superstructure thereor, ten miles of road, the Governor shall cause to be issued and delivered to said Company bonds to the amount of $100,000, and 60 on till the loan is exhausted: The said bonds thus issued shall be denominated Minnesota State Railroad Bonds," and the faith and credit of this State are hereby pledged for the payment of the interest and the redemption of the principal thereof. They shall be signed by the Governor, countersigned and registered by the Treasurer, sealed with the seal of the State, of denominations not exceeding one thousand dollars, payable to the order of the Company to whom issued, transferable by the endorsement of the President of said Company, and redec mable at any time after ten and before the expirstion of twenty five years from the date thereof. Within twenty days after the Governor shall proclaim that the people have voted for a loan of State credit to Railroads, any of said companies proposing to avail themselves of the loan berein provided for, shall notify the Governor thereof, and shall, within sixty days, complete the construction of their roads. The State is to be secured as follows: Each Company shall make provision for the punetual payment no redemption of all bonds issued and delivered, as aforesaid, to said Company and for the punctual payment of the interest which shall accrue thereon, in such manner as to exonerate the Treasury of this State from any advance of money for that purpose; and as security therefor, the Governor shall demand andreceive from such of said Companies, before any of said bonds are issued. an instrument pledging the net profits of its road for the payment of said interest and a conveyance to the State of the first two hundred and forty sections of land, free from prior incumbrances, whice such Company is or may be authorized to sell, in trust for the better security of the Treasury of the State from loss on said bonds; which said deed of trust shall authorize the Governor and Secretary of State to make conveyDoe of title to all or any of such lands to purchasers agreeingwith the respective Railroad Companies therefor: Provided, That before releasing the interest of the State to such lands, such sale shall be approved by the Governor, but the proceeds of all such sales shall be applied to the payment of interest, BC cruing upon the bonds in case of default of the payment of the same, and as a sinking fund to meet any future default in the payment of interest and the rincipal thereon when due: and, as further security. an amount of first mortgage bonds, lands and franchises the companies, to the State bonds issued, to on corresponding the roads, of respective shall be of transferred State bonds the Treasury of the State at the time of the issue and in case either of said companies shall make default in pay ment of either the interest or principal of the bond issued to said companies by the Governor, DC more State bonds shall here after be issued to said company, and the Governor shall proceed in such manner as may be prescribed by law to and the bonds of the defaulting company or companies, or the lands held in trust as above, or may require & foreclosare of the mortgage executed to secure the same: Provided, That if any company #0 in default, before the day of sale, shall pay all interest and principal then due, and all expenses incurred by the State, no sale shall take place. and the right of such company shall not be impaired to a further loan of State edit. It is further provided in the act that, as it is in VIOlation of the Constitution, it shall be submitted to & vote of the people, and that four-fifths of each road is to be completed before the year 1866, and in case of failure, that all the rights, titlea and claims of the said company to the lands aforesaid shall be forfeited to the State. This aid to the roads will force on their construction and give to the Missouri linee leading to Milwaukee from La Crosse to Prairie da Chien new and profitable business. The Ls Crosse has already mm progreis is Regosiations with the Misseets and