Bank of Jacksonville - Jacksonville, FL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 1, 1838*
Location: Jacksonville, Florida (30.332, -81.656)

Metadata

Model: gpt-5-mini
Short Digest: f184df80

Response Measures

None

Description

Article reports the Bank of Jacksonville suspended specie payments in 1838 and continued to refuse specie payment thereafter; the Territorial legislature declared the charter forfeited/annulled in early 1841 and authorized receivers — indicating a suspension followed by permanent closure/charter forfeiture. No run is described in the text.

Events (3)

1. January 1, 1838* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank suspended specie payments in 1838 and thereafter refused to redeem notes in specie, indicating insolvency/ inability to meet obligations rather than a rumor-driven run
Newspaper Excerpt: said bank suspended specie payment in the year 1838, and hath continued to refuse specie payment in violation of the provisions of said act, up to this time
Source: newspapers

2. February 1, 1841* Receivership

Newspaper Excerpt: the charter shall be forfeited, and the Governor may appoint three receivers, who shall be authorized to take the effects of said bank and as soon as practicable thereafter, to wind up its affairs
Source: newspapers

3. February 8, 1841 Other

Newspaper Excerpt: LAW ANNULLING THE JACKSONVILLE BANK CHARTER.... Adopted by the Senate, February 8th, 1841. From this it will be seen that the concern legally ceased to exist in February last… the charter shall be forfeited, and the Governor may appoint three receivers, who shall be authorized to take the effects of said bank and as soon as practicable thereafter, to wind up its affairs, and in such event, it shall be the duty of said receivers to apply the assets of said bank in a rateable proportion between the whole of its creditors
Source: newspapers

Newspaper Articles (1)

1. January 20, 1842 The New York Herald New York, NY

Article from The New York Herald, January 20, 1842

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Article Text

the close of last year the amount issued to corporations was $3,545,700. Since then the $512,000 issued to the Catskill and the Ithica Railroad,hi becomeja direct debt, owing to the failure of the companies to which they were issued. How much will be added at the close of the present year, remains to be seen. The matter requires the prompt attention of the Legislature. At the same time, the manner in which the stock granted to the Delaware and Hudson Canal is issued, requires in vestigation. The singular powers exercised by that company, and which in other cases are delegated only to the Comptreller, opens the door to enormous abuses, for which, if they exist, prompt remedy should be taken. The Northern Bank of Kentucky has declared a diviof dend of 4 per cent for the grst six months. The Bank Louisville has declared 2 dividend of 3 per cent for the same time. The Bank of Kentucky, in pursuance of a resolution heretofore adopted,has notdeclared anydividend. The legislature of Alabama has adjourned, having e no thing either to relieve the banks, or compel resumption. The banks are subject to an annual draft of $400,000 for State expenses, which must soon exhaust their remaining capitals. The following resolution has been submitted in the House, at Marrisburg, by Mr. McCahen : Resolved, That, until the banks of this Commonwealth resume specie payments for their notes and obligations, execution shall be stayed. and judgments suspended between these institutions and their debters. This is very just: if the banks are permitted to suspend why should their debtors not be permitted to sus. pend also. An adjourned meeting of the stockholders of the United States Bank, is to be held February 21st, in order to nul. lify the assignments already made, and to make a general assignment according to law. We have frequently had occasion to allude to the at tempts made in this city to put into circulation the bills of the Bank of Jacksonville, Florida. In order to show clearly the nature of that transaction, we annex the law of the Territory passed last winter, annulling the charter of the concern, as follows LAW ANNULLING THE JACKSONVILLE BANK CHARTER. Whereas, by the 14th section of the act entitled an act to incorporate the Bank of Jacksonsville, approved February 14th, 1835, it enacted, That the bills of the bank shall be redeemable at the banking house, during office hours, on demand, in gold or silver," and by the 18th section of said act, it is also enacted, that on fail ure to redeem its billsin specie, during the office hours be of the bank, on demand therefor, the charter shall forfeited, and the Governor may appoint three receivers, who shall be authorized to take the effects of said bank and as soon as practicable thereafter, to wind up its af fairs, and in such event, it shall be the duty of said receivers to apply the assets\of said bank in a rateable proportion between the whole of its creditors and by the 19th section of said act, is also enacted, that the President and Cashier of said bank shall make an annual statement to the Governor of this Territory, on the first day of the session of the Legislative Council, in every year, stating the precise situation of the bank the amount of specie actually in the vaults on that day and also a full account of all other notes. bills of exchange, aud all other securities whatever due to, or owing by said bank, and the said President and Cashier shall, at the time, state positively, on oath, that the statements so made are just and true, and that the amount so stated to be the vaults of said bank is not in stock notes, and the statement so made and sworn to, beforeany justice of the peace of the county, shall be forwarded to the Governor of the Territory to be laid before theLegislativeCoun cil within the first week of its suceeeding session : And whereas, said bank suspended specie payment in the year 1838, and hath continued to refuse specie payment in violation of the provisions of said act, up to this time, and is now in a condition which requires for the interest of the public, the interference of the Executive aud Legislative authority of this Territory, according to the laws thereof : And whereas, said bank has not made any statement as required by said 19th section of said act since the year of 1838, or any other report as required by the other acts of this Territory : And whereas, by the 1st section of the act entitled, an act to prevent the fu ture exercise of corporate privileges by certain banking corporations, passed March 4th, 1839, it is enacted that the district attornies of said Territory, be authorized, and they are hereby required to institute the requisite legal proceedings against such banking incorporations. in their respective districts, as may have incurred forfeitures of their charters, by non user or otherwise, to prosecute the same to effect, so that said charters can be de clared null and void, by the judgement of the proper courts in said district And whereas, said bank hath in curred a forfeiture of its charter, under said law. And whereas, it appears, the requisitions of said act last mentioned. has not been obeyed. Be it therefore resolved by the Legislative Council of the Territory of Florida, That the public interest demand that the provisions of said laws be forthwith enforced, and that a copy of this resolution be signed and certified, and delivered to the Governor of lorida. Adopted by the House of Reprosentatives, February 1,1841. Adopted by the Senate, February 8th, 1841. From this It will be seen that the concern legally ceas ed to exist in February last, some months before the at. tempts were made to force the circulation here. Resolutions to enforce immediate resumption have passed the Senate of Ohio, and there is but little doub, that a law will pass, fixing the 1st of March as the time The Lebanon, Miami Company, recently exploded, was revived in Nov. 1840, on purpose for a speculation, and for the information of the Cincinmati Enquirer, as well as the people of that city, we republish from this pa. per a list of its officers LIST OF DIRECTORS OF THE LEBANON, MIAMI BANKING Cos ELECTED ON Nov. 1840, TO SERVE UNTIL THE ANNUAL ELECTION. IN JAN. 1841: G. P. Williamson, John S. Iglehart, T. B. Van Horne. A.R. Jameson, R G. Corwin, William Sellers, W Earl, C. Bradley, J.J. Bingham, N.P. Iglehart, J.H. Earl, J.P. Reynolds, F.J.Tytus. And at a meeting of the directors, held at the banking house, on the 11th Nov. the following persons were elected officers President, a director. John S. Iglehart, J. Earl, Cashier, one of the directors Bingham, Teller, also one of the directors. Geo. J. Smith, Attorney, not a director. The contradiction of Mr. Brough, the Auditor of the State, of the allegation that he had any connection with it, we have already published.