2753. Banks of Augusta (Augusta, GA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 9, 1873
Location
Augusta, Georgia (33.471, -81.975)

Metadata

Model
gpt-5-mini
Short Digest
15090a84

Response Measures

None

Description

Newspaper reports (Oct 9/10, 1873) state that the banks of Augusta, GA, have resumed currency payments, implying they had earlier suspended specie/greenback payments. No run or depositor panic is described and no single bank is named (plural reference), so I treat this as a suspension followed by reopening of the local banks; the exact bank(s) are not specified.

Events (1)
1. October 9, 1873 Reopening
Newspaper Excerpt
AUGUSTA, Ga., Oct 9. -The banks here have resumed currency payments.
Source
newspapers

Newspaper Articles (3)
1. October 10, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, October 10, 1873

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Article Text

FINANCIAL. Banks Resume Greenback PaymentsHeavy Grain Receipts, etc. NEW YORK, Oct. 9.-The down town banks virtually resumed the payment of greenbacks yesterday. The step was mainly taken in consequence of the fiattering exhibit of legal ten ders made at the clearing house yesterday morning. Mr. Camp, manager of the clearing house, said that since the issue of the loan cer titicates there has not been so many greenbacks as were seen in the morning when clearances were made. All grains received from the west during the week, aggregating over a million bushels, more than any week in the history of the country, have been paid for in legal tenders. It is onderstood that measures have been taken by the managers of the Unlon Trust Company, whereby loans which were made to delinguent customers will be taken up and the company be enabled to resume business be fore the 15th. NEW YORK, Oct. 9. - Mr. Camp, manager of the clearing house, says he cannot give his opinion as to when there will be a resumption of currency payments by the banks, because he is not prepared to admit that the banks have suspended currency payments. They have, he says, only refused to pay out legal tenders for checks. Legal tenders are rapidly increasing in the banks of this city and the banks are now paying all regular and legitimate demands upon them. AUGUSTA, Ga., Oct 9. -The banks here have resumed currency payments. There have been heavy receipts of cotton, but money is too scarce to save the crops. About $500 hve been forwarded for the relief of Shreveport and Memphis. There has been a light frost throughout this section. CINCINNATI, Oct. 9. - -The Clearing House Association to day decided to issue no additional clearing house certificates, and also returned 50,000 already issued, thus reducing the aggregate to 450,000. President Cook was instructed to correspond with cities in the West and South relative to the mode and time of currency resumption. CHICAGO, Oct. 9.-The Third National Bank, which suspended September 7th, resumed business yesterday. with gratifying results to the officers. ST. LOUIS, Oct. 9.-The directors of the Union National Bank of this city have decided to go into liquidation. The assets are said to be largely in excess of the liabilities and nobody will lose anything. The cause assigned for the action of the directors is the scarcity of currency.

2. October 10, 1873 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, October 10, 1873

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Article Text

Business and Commercial Items. -The banks of Augusta. Ga., have resumed payment. The receipts of cotton in Augusta are large, but money is still too scarce to move the crops. -The Third National Bank of Chicago, which suspended on the 27th ult., resumed business on Wednesday. -It is announced from Washington that the Treasury reserves are drawn upon only to pay the actual expenses of the Government, and the outstanding legal tenders will be reduced again to three hundred and fifty-six millions at the earliest possible momont-ti may be before the issue of the next debt statement" The draft on the reserves 18 caused by the smallness of the revenue receipts. -The Cincinnati Clearing House Association decided, yesterday, to retire enough of the certiticates issued to make the aggregata only $45.000, and to issue no more certificates. They al80 instructed their President to correspond with the Clearing Houses of other cities concerning the mode and time of currency resumption. -The Biltimore and Ohio Railroad Company announces a semi-annual dividend of 5 per cant on the main stem. payable November 15. and 5 per cent on the Washington Branch, payable October 31. -The amount of currency coming Eastward to the large cities from the West is said to be double the amount moving in an opposite direction. This, if true, will soon relieve the difli sulties experienced in all the Atlantic seaboard cities arising from a want of currency. --As an evidence of the stringency at New York one of the largest dry goods houses there offered by a circular to allow two per cent. a month discount on all notes due them for cash in band. As high as four per cent. a month was also paid.

3. October 10, 1873 The New York Herald New York, NY
Article from The New York Herald, October 10, 1873

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Article Text

TELEGRAPHIC NEWS ITEMS. At the Fourth Judicial District Democratic Convention, in Saratoga, yesterday, Judge Jesse Gay, of Clinton, received the nomination. Bushong & Brothers, bankers, of Reading, Pa., suspended yesterday morning. They will keep their bank open for the adjustment of accounts. The Third National Bank, of Chicago, III., which suspended September 27, resumed business on Wednesday, with gratifying results to the officers. Joel Cook, Sr., aged eighty-two years, died in Philadelphia yesterday. He was at one time an Aiderman of Philadelphia from the Chestnut ward. The banks of Augusta, Ga., have resumed currency payments. There have been heavy receipts of cotton, but money is too scarce to move the crops. Chicago yesterday observed the second anniversary of the great confagration by a partial suspension of business and a liberal display of bunting. Joel L. Redner, an old and respected grain commission merchant, of Philadelphia, died in that city yesterday. The Corn Exchange Association passed resolutions of respect. The republicans of the Senatorial district composed of Dutchess and Columbia counties, N. Y., yesterday nominated John c. Hogeboom, of Hudson, for Senator, by acclamation. Captain Allen A. Cobb, of the schooner E. P. Furber, of Boston, died suddenly in Hampton Roads yesterday. He had been on board another vessel and took dinner, returned to his vessel at one o'clock, and died half an hour afterwards. The King of Norway and Sweden has presented Captain McLeod, of the ship Chili, of Yarmouth, N. S., through the Swedish Consul at Halifax, with a splendid telescope, suitably inscribed, for saving the crew of the Norwegian ship Byron, wrecked in December last. The different Posts of the Grand Army of the Republic, in Middlesex county, Mass., had a grand reunion and parade in Lowell yesterday. They appeared with full ranks. A dinner at Huntington Hall followed the parade. Many private and public buildings were decorated. The Conductors' Convention at Boston yesterday amended their bylaws so that no member of another insurance association could hold office in the Conductors' Association. and inability to ner-