Merchants & Planters Bank

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: April 1, 1833*
Location: Augusta, Georgia (33.471, -81.975)

Metadata

Model: gpt-5-mini
Short Digest: e664f852

Response Measures

Full suspension

Description

Newspaper (Richmond Enquirer, Apr 30, 1833) reproduces an Aug 13, 1833 board extract stating the bank was compelled to suspend payment after heavy specie demands and reports, industriously circulated undermining confidence; directors say affairs will be brought to a close — indicates a run precipitated suspension and permanent closure.

Events (2)

1. April 1, 1833* Run

Cause: Rumor Or Misinformation
Cause Details: Heavy and continued specie withdrawals in the prior five weeks accompanied by reports industriously circulated to impair confidence and force redemptions
Measures: Directors issued a public notice cautioning holders against selling bills at a sacrifice; minutes note bank compelled to suspend payment
Newspaper Excerpt: the heavy and continued demands, that have been made for specie, during the last five weeks
Source: newspapers

2. April 13, 1833 Suspension

Cause: Rumor Or Misinformation
Cause Details: Suspension explicitly attributed to heavy specie demands and circulating reports undermining confidence; board minutes dated April 13, 1833 state suspension and that affairs will be brought to a close
Newspaper Excerpt: The Directors are under the painful necessity of informing the Public, that the Bank has been compelled to suspend payment.
Source: newspapers

Newspaper Articles (1)

1. April 30, 1833 Richmond Enquirer Richmond, VA

Article from Richmond Enquirer, April 30, 1833

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Article Text

DOMESTIC. The Secretary of the Treasury gives public notice, that, in the late conflagration of the Treasury building, nearly all the correspondence of the Secretary of the Treasury, from the establishment of the Department to the 31st of March, 1833, was destroyed; including, as well the original letters and communications addressed to the Secretary, as the records of the letters and communication written by him. "With a view to repair the loss, as far as may be practicable, all officers of the United States are requested to cause copies to be prepared, and authenticated by them, of any letters (excepting those hereinafter alluded to) which they may at any time have written to, or received from the Secretary of the Treasury; and all those who have been in office, and other individuals throughout the United States and elsewhere, are invited to do the same. That this correspondence may be arranged into appropriate books, it is requested that it be copied on folio foolscap paper, with a sufficient margin on all sides to admit of binding; and that no more than one letter be contained on a leaf. It is also requested that copies be written in a plain and distinct or engrossing hand Where the original letter can be spared, it would be preferred. The reasonable expense incurred in copying the papers now requested, not exceeding the rate of ten cents for every hundred words, will be defrayed by the Department. The correspondence which has been saved, and of which, therefore, no copies are desired, are the records of the letters written by the Secretary of the Treasury to Presidents and Cashiers of Banks, from the 1st of October, 1819, to the 20th February, 1833; all the correspondence relating to Revolutionary claims under the act of 15th May, 1828, and to claims of Virginia officers to half pay, under the act of the 5th July, 1832, and the applications for the benefits of the acts of the 2d of March, 1831, and 14th July, 1832, for the relief of certain insolvent debtors of the United States. Copies of some circular letters and instructions, written by the Secretary, have also been preserved; and it is requested that, before a copy be made of any circular letter or instruction, written by the Secretary of the Treasury, the date and object of the circular be first stated to the Department, and its wishes on the subject ascertained." -Alexandria Gazette. We have understood, but we know not how the report reached here, that the Cherokee Indians have dispossessed several of our Citizens of the Gold lots they have lately drawn, and had distroyed the improvements commenced by them.-Milledgeville Journal. An express arrived here on Saturday, with the intelligence that the Merchant's and Planter's Bank of Augusta, had failed flat. Which next?"--Ib. We see the following hand bill just in time for the press: MERCHANTS' & PLANTERS' BANK.-The Directors are under the painful necessity of informing the Public, that the Bank has been compelled to suspend payment. The causes which have led to this result, are the heavy and continued demands, that have been made for specie, during the last five weeks; and the reports, industriously circulated throughout the country, with a view, itis believed, to impair confidence in the stability of the institution, and bring in suddenly its whole circulation for redemption. The affairs of the Bank will be brought to a close, as soon as possible; and in the meantime, the holders of the bills are cautioned against parting with them at a sacrifice, before their value is fully ascertained. JOSEPH WHEELER, President. Extract from the Minutes of the Board. Augusta, April 13, 1833.