Planters & Mechanics Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 16, 1843
Location: Columbus, Georgia (32.461, -84.988)

Metadata

Model: gpt-5-mini
Short Digest: df0108183e0be643

Response Measures

None

Description

Article (NY Herald, 1843-11-16) reports that a judgment of forfeiture was pronounced against the Planters' and Mechanics' Bank of Columbus under legislative proceedings. This is government/legislative action leading to closure; no run or depositor panic is mentioned. A receiver was appointed for a different bank named in the article; appointments to close affairs of the other named banks were tendered but not acted on because of heavy bond requirements. I corrected the bank name punctuation (Planters & Mechanics' Bank) and inferred 'state' bank given the 1843 context and lack of 'National' in name.

Events (2)

1. November 16, 1843 Suspension

Cause: Government Action
Cause Details: Judgment of forfeiture pronounced under state legislative enactments leading to suspension/closure of the bank.
Newspaper Excerpt: Judgments of forfeiture have been pronounced against the Bank of Columbus, the Planters' and Mechanics' Bank of Columbus, the Chattaboochee Rail Road & Banking Company, and the Ocmulgee Bank of the State of Georgia, under proceedings instituted in conformity to legislative enactments.
Source: newspapers

2. * Receivership

Newspaper Excerpt: Scott Cray, Esq, has been appointed receiver of the assets of the last named bank ... I have tendered similar appointments to close the affairs of the other banks named, to several gentlemen at Columbus, whose services cannot be commanded on account of the heavy bond required by the act of the last general Assembly.
Source: newspapers

Newspaper Articles (1)

1. November 16, 1843 The New York Herald New York, NY

Article from The New York Herald, November 16, 1843

Click image to open full size in new tab

Article Text

that all they do contain is the pure metallic currency. The Governor says:The publication of the semi-annual reports of the Banks, has resulted in no advantage to the people, and is attended with great expense. Theiraccounts are often so made up as to be unintelligible, and in one instance at least, the oaths of the officers of a brench bank have been wickedly used to cover their deliaquency. I would recommend that the banks themselves be required to pay the expense of these expositions, or that the law requiring them be repealed. "Judgments of forfeiture have been pronounced against the Bank of Columbus, the Planters' and Mechanics' Bank of Columbus, the Chattaboochee Rail Road k Banking Company, and the Ocmulgee Bank of the State of Georgia, under proceedings instituted in confor mity to legislative enactments. Scott Cray. Esq, has bee n ap pointed receiver of the assets of the last named bank, an unsuccessful effort having been made, to obtain the servi ces of three gentlemen to execute the same office as required by the statute. I have tendered similar appoint ments to close the affairs of the other banks named, to se veral gentlemen at Columbus, whose services cannot be commanded on account of the heavy bond required by the act of the last general Assembly. The interest of creditors and stockholders may possibly suffer by allowing the effairs of these banks to remain in their present condition. An assignment of its assets, it is understood, was made by one of these banks prior to the judgment of forfeiture, but as the assignment was made, pending proceed. ings against it, and manitestly to defeat the provisions of the statute directing the disposition of its assets, it is ques tionable if it is not void. Judgment was awarded in favor of the Bank of Hawkinsville, in the proceeding against it." In speaking of State debts, Gov. McDonald says, one State cannot apply to Congress to tax the people of other States, to pay the revenue into her treasury. Not less is the outrage in asking an assumption of her debt by the General Government. Itit is paid from the sales of the public lands, it is so much drawn from the treasury, which should be applied to the legitimate purposes of government, and its place must be supplied by taxation. Sales at the Stock Exchange.