2501. Bank of Pensacola (Pensacola, FL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 26, 1843
Location
Pensacola, Florida (30.421, -87.217)

Metadata

Model
gpt-5-mini
Short Digest
0766e8a8

Response Measures

None

Description

Articles (1843) state the Bank of Pensacola has suspended all operations and its paper has ceased to circulate, and describe assets as squandered or removed, implying insolvency and permanent closure. No description of a depositor run is given in the texts provided.

Events (1)

1. January 26, 1843 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Assets 'having either been squandered by prodigal and injudicious expenditures, or removed beyond the limits of Florida,' leaving nothing to pay endorsed territorial bonds; insolvency implied.
Newspaper Excerpt
The Bank of Pensacola, it is believed, has suspended all operations, and its paper has ceased to circulate as a currency.
Source
newspapers

Newspaper Articles (2)

Article from New-York Tribune, February 18, 1842

Click image to open full size in new tab

Article Text

gladly in the thingled Long enjoyment of the light-winged Venus. will those hours be remembered OHIO,-We learn with regret that THOMAS CORWIN of positively declines a re-election as Gover. nor Ohio. This will perplex our friend., successor. meet in Convention next Tuesday to Rominate who a JOHN the BROUGH has been re-elected State Auditor and by Legislature, He is the Benton of Thomas spends a gnod deal of his time electioneering Ohio. vice Kennedy has been prelected State Librarian. 7. Mills, Whig. turned FLORIDA.-The Territorial Legislature Call vened toward the end of last month. and conthat transmitted his Annual Message. It appears Gov. in the Territory has been involved speculations, viz: 1st. to the Union Bank of of which debt bonds by loaned Bank $3,000,000 $3,900,000 Florida, the is believed to be pretty safe. The Bank punctually, and the State has pays realestate. &c. as security; 2d. liens the interest of Southern $400.000 heavy to Life and Trust, of which $150,000 have not been used, and will probably be cancelled: the balance have been sold to a worthless purchaser. and are a dead loss.but the Stateha security, and is probably safe 3d, $500.000 to the Bank of Pensacola, on which the interest has been paid, and which. the bonds having been sold not on conditions not warranted by the act authorizing them. the Governor squints at repudiating. They are held by Hope & Co. Amsterdam, and Gowan & Marx. London, who call on the Territory for no-claim their interest, but the Governor thinks they have on the Territory till their remedy have been utterly exhausted. is the Bank shall He against This wrong. admits, however, that the Territory must ultimately pay, if the Bank does not All the Florida Banks being now the Governor recommends the nerveless, suspended creation and of a new one that shall pay specie under all Citcumstances. If an act of the Legislature could secure such a result, we would go in for this Bank As it is, we shall wait awhile. IC The Resolutions of Mr. Clay, submitted to the Senate on Tuesday and published in our last, indicate the true line of National Policy in every respect. Let them be adopted and reduced to practice by Congress, and the Country will soon emancipate herself from debt and difficulty. Is there not virtue and energy in the Whig party in Congress to carry out fearlessly those admirable suggestions We will hope there is, and that the Protection of American Industry, the payment of OUR National Debt. and the creation of a basis. at least. for a sound equable Currency, will be effectually ensured. HENRY JONES, late Sheriff of Otsego Couniv. having deceased. Gov. Seward has of Cherry to fill JONAS PLATNER. Valley, appointed the vacancy. Mr. P. was the Whig candidate for Sheriff at the election of 1840. KP Judge Conklin has directed that the Notices in the Northern District in this in shall Bankruptcy be State published Weekly instead of Daily, and the price shall be. for the twenty-day notices $1, for the seventy-day do. $2.50: total 3 50, for what in this District costa some $16. The difference is an item worth saving to the destitute Bankrupt, or his Creditor. A convention of those in the States of Ohio. Kentucky, Indiana and Tennessee interested in the manufacture of Iron, is to be held at Louisville, Ky. on the 7thof March. The object is to collect and prepare such statistics and argument= as shall influence Congress in its action upon the Tariff. in favor of Protection to our Home Interests. DESTRUCTIVE FIRE.- fire broke out yesterday morning at about 3 o'clock in a 141 Centre street. From the vard. No. mahogany Commercial we gather the following account of its ravages. Four adjoining brick buildings-three of them owned by John T. Flandrow, the other by Mr. and all as were insurance them consumed. Willoughby, The occupied upon workshops, expired three or four days since and had Rot been renew. ed. The wind. which was very high. drove the flames across the street, one of the widest in the city, 140. 142 and 144-frame and Nos. house< occupied as dwellings-were burned. The large brick building at the corner of White street, ocenpied by the Washington Temperance Society and 28 a City Dispensary, though adjoining the yard where the fire commenced, escaped without injury. The first celebration of the Enterprise Lodge of the I.O. of O.F. will be held this evening at the Tabernacle. For Programme of the musical performances, &c. see advertisement. KF WASHINGTON'S birth-day is to be celebrated 1 at Boonsboro'. Washington Co. Md. by a grand Temperance procession. I About forty persons have recently died in f Toledo by ulceration of the throat-attributed to the spring-like weather. IC A large meeting in favor of the New-York and Albany Railroad was held at Dover Plains,


Article from The New York Herald, January 26, 1843

Click image to open full size in new tab

Article Text

The Franklin Bank of N. J. passed 28th Dec. 1824 Monmou'n Bank, Weehawk Banking Co. Mech anies' Bank of Paterson, 28th Feb. 1832 Belleville Bank, 26th Feb. 1834 A suppement to the act incorpor- 7th Feb. 1837 ating the Delaware R. R. Com. The, Citizens' and Mechanics' 24th Feb. 1837 Bank at Elizabeth, "The Bank of New Jersey, 24th Feb. 1837 Bank of Plainfield, 1st Mar. 1937 Hamburgh Bank, 9th Mar. 1937 Bergen Port Co. 7th Mar. 1837 Many of these companies have never gone into operation and the remainder have failed after having commenced business. These New Jersey banks have been the source of vast losses to the public through the machination of speculators. Without being of any possible benefit to any class of citizens, they become the instruments of swindling in the hands of unprincipled men in other States. The Monmouth Bank people have the impudence to make their report and continue their practices, although several sets of its issues are in the hands of the defrauded public. The pretence is that the bills were issued under a former management of the same bank. The Legislature of Michigan have caused to be destroyed all the State scrip in the Treasury, and all the sheets not signed. They have also ordered the plates in the hands of the engravers in this city to be destroyed, which requisitions have been complied with. Thus ends the disgraceful expedient of issuing illegal currency in that State. On Monday, in the United States Senate, in compliance with a resolution of the 25th ultimo, showing the revenue from imposts during the third and fourth quarters of the year 1942, the Secretary reported- The amount recv'd from customs, 3d quarter $3,305,506 31 4th 3,116,370 73 Total, $6,421,877 04 During the third quarter the high tariff was in operation, only one month, and consequently the revenue was greater than during the fourth quarter, during the whole of which the high tariff operated. The deluded victims of manufacturing will soon have the tax gatherers of the federal government among them to supply the deficiency caused by the protection of the manufacturers at the expense of the farmers. We have received the Message of Governor Call of Florida. It is a long document and gives a gloomy picture of the condition of the Territory, growing out of the banking system; but evinces a most deplorable want of intelligence on the part of the Governor-a disregard of all the moral obligation of contracts on the part of individuals. And at the same moment he refuses to settle the Territorial Bonds, and affects horror of repudiation. The last Legislature passed a stay or "robbery" law, in relation to which the sagacious Governor remarks:- "The present provision of the law, which grants a stay of execution by the payment of costs and ten per cent on the amount of the judgment, every sixty days, appears to me to be highly judicious, and should be retained in the future legislation on the subject. But, of itself, it is perhaps too limited, and I would therefore suggest the propriety of providing for the appraisement of property levied on by executions, and of specifying a value under which it should not be sold." After this recommendation to defraud individual creditors he has the following:- The Bank of Pensacola, it is believed, has suspended all operations, and its paper has ceased to circulate as a currency. The assets of this institution, having either been squandered by prodigal and injudicious expenditures, or removed beyond the limits of Florida, there will, it is believed, be nothing available from this source, to pay the principal and interest of the Bonds, to the amount of five hundred thousand dollars, endorsed by the Territory. No recent demand has been made on this government, either by the Bank of the United States or the bond holders, for the interest due on these bonds. The opinion which I had occasion to express, on this subject, to the Legislative Council in my last annual message, and in my correspondence with the agents of the Bank of the United States and the agents of the bond holders, so far from having undergone any change whatever, has been fully confirmed by subsequent reflection; and although I can never give my sanction to the odious and demoralizing doctrine of repudiation, and can never consent to barter off the honor of Florida to avoid any pecuniary responsibility, believing, as I do, that the bond holders must first seek redress from the stockholders of the Bank, before they can, with propriety, look to the ultimate responsibility of this Territory, I cannot recommend the adoption of any measure for their relief, until they shall have pursued, to its full extent, the remedy which the law affords them against the parties first liable on the bonds. Until this is done, no responsibility, in my opinion, can rest on this Territory. Is not this a genius? He first advises a stay law to prevent individuals from being proceeded against. He then states that the bank is utterly insolvent, and that the State