2319. Mechanics Bank (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
80f984c50835aee5

Response Measures

None

Description

Multiple contemporary notices (Augusta Dispatch cited) report that Mechanics Bank suspended payments on Oct. 17, 1857 along with other Augusta banks at the solicitation of our entire business community to aid marketing of produce during the present depression. Articles describe the suspension as precautionary and temporary (banks perfectly safe), implying a planned resumption rather than permanent failure.

Events (1)
1. October 17, 1857 Suspension
Cause
Local Shock
Cause Details
Suspended at solicitation of business community to place themselves to safely aid in bringing produce to market amid the present depression (economic downturn).
Newspaper Excerpt
The Mechanic's Bank, Augusta Insurance and Banking Company, Bank of Augusta, and City Bank suspended this morning...
Source
newspapers

Newspaper Articles (2)
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 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.