2775. National Exchange Bank (Augusta, GA)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: national
Bank ID: 1860
Charter Number: 1860
Start Date: September 25, 1873
Location: Augusta, Georgia (33.471, -81.975)

Metadata

Model: gpt-5-mini
Short Digest: 02932e4a

Response Measures

Accommodated withdrawals, Full suspension

Other: Clearing-house certificates / certified checks used regionally; banks paid small checks and certified large ones.

Description

Multiple articles (dated Sept 25, 1873) report heavy runs and that the National Exchange Bank suspended payment. Subsequent local reports (early October 1873) state the bank continued to pay small checks and would resume normal business, indicating reopening. Cause attributed to inability to realize securities in New York (distress of correspondents / market panic).

Events (4)

1. August 10, 1871 Chartered

Source: historical_nic

2. September 25, 1873 Run

Cause: Correspondent
Cause Details: Heavy withdrawals driven by inability to realize on securities in New York and general panic; local heavy withdrawals tied to that New York crisis.
Measures: Paid small checks where possible; certified larger checks; Clearing House/loan-certificate measures used regionally to limit currency outflows.
Newspaper Excerpt: The run on the banks has been heavy, especially this morning.
Source: newspapers

3. September 25, 1873 Suspension

Cause: Correspondent
Cause Details: Suspension attributed to inability to realize on securities in New York and resulting shortage of currency/liquidity in Augusta.
Newspaper Excerpt: The National Exchange Bank ... have suspended.
Source: newspapers

4. October 2, 1873 Reopening

Newspaper Excerpt: The National Exchange Bank ... continued to pay small checks in currency yesterday, and make settlements with depositors desiring to accept first class securities... will resume business on Monday under the same schedule as run yesterday. will be arrangements ... resume business on Monday under the same schedule as run yesterday. will be arrangements Deposits ... prepared to pay deposited with depositors them. They will resume business on Monday under the same schedule as run yesterday. will be arrangements Deposits having received been and made checks by them sold, for the same.
Source: newspapers

Newspaper Articles (10)

1. September 25, 1873 Evening Star Washington, DC

Article from Evening Star, September 25, 1873

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THE TIDAL WAVE IN THE SOUTH. BANK SUSPENSIONS IN SOUTHERN CITIES. Bank Suspensions in Memphis 3 EMP818, Sept. 25.1 here is great excitem of in this city on account of the suspension or the banks which is due to inability to realIze on the securities in New York. The First N. tional and the Delso banks have closed the r doors' day, and it is rumored that the Freddman's Saving and Trust Company has also suspended. There is a heavy run on other banks. It is expected, however, that all the aspended banks will reopen when the panic subsides Suspensions in Augusta, Ga. AUGUSTA, Ga., Sept. 25 The National Exchange bank, the Merchants' and Planters' Losti and Savings bank have suspended. The THE OR the banks have been heavy, and especially this morning. Cotton is coming in freely, but there is no money to move it. Run on the Savanuah Banks, SAVANNAH, GA., Sept. 25. - A run commenced early this morning on the savings departments of the Savannah Bank and Trust Company and the Southern Bank of Georgia. Large crowds are congregated. The banks are paying dollar for dollar. Business is at a complete standstill for lack of currency. No Scare at Louisville. LOUISVILLE, Sept. 25.-There is some excitement here on account of the depressed condition of affairs in New York, but the banks are uniformly in good condition. No alarm whatever e sts among depositors, and there is no anticipation of a panic. The Trouble Over in Richmond RICHMOND, Sept. 25-1.30 p.m.-The panic has entirely subsided and there 18 no visible excitement on the street A meeting of bank officers this morning unanimously resolved to adopt the system of issuing loan certificates, as now in operation in New York. Philadelphia and Baltimore, so as to give relief to the commonth The reported failure of McLain & Co., of Petersburg, is contradicted. the Situation in St. Louis ST. Lovis, Sept. -Shipments of flour to the east having been virtually suspended by the recent advance in reitroad freights, the board of directors of the merchants' exchange have petitioned the railroad companies to restore the old rates during the present financial troubles. A slight run having been me de on the banks of this city, it was decided at a meetingJof bankers held last night to suspend the payment of checks or drafts, either in currency or exchange, until the excitement in the east subsides and the former condition of the markets is restored. The New Orleaus Banks Suspend. [By Automatic Telegrayh.] NEW ORLEANS, Sept. 25.-The New Orleans banks, with the exception of the Southern, have suspended currency payment.

2. September 26, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN

Article from Memphis Daily Appeal, September 26, 1873

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MEMPHIS, TENN FRIDAY, SEPTEMBER 26, 187 "Erle" in Lone IS SHREVEPORT. very much as usual. A meeting of several has helped the banks as far as public serLONDON, September 25. vice and consistency will admit. So dry-goods men was held at Claflin's called by President Wats that at present there is no intention of last week, at which they resolved to of the affairs of the Erie stand by each other. It was agreed to issuing additional Instructions for bondThe Fever Spreading in Town and purchasers. Rumors at Washington deposit as usual with their bankers, an place to-day, and was att Country-The I eaths Yesterday 4. from the south, as well as from New arrangement having been affected sands of persons, many -List of Deceased. e ing present. The meeti York and other places, say the secrewhereby they can draw what money n as stormy. A resolution tary of the treasury has advised the they require for business purposes, as Watson was adopted, an temporary suspension of all banks, but heretofore. The arrangement has been The Physicians to Report on the Origin there is not the slightest indication that Bischoffshar and Henry found to work satisfactorily for all of the Fever - Destitution as such policy has been or will be advised. parties concerned. 5, with a storm of mingle Terrible as the Disease. Secretary Richardson asserts that furcheers. Watson, in exp THE PRODUCE MARKET. e. ther than helping the banks by bond affairs of the company, A general conversation with dealers was some apparent dubi purchases, which have been made, he At the produce exchange to-day, shows THE TOWN A HOSPITAL. the accounts, but he belief has nothing to advise, and only looks to n that the market for flour, breadstuffs, the interests of the government. The correct. They wanted LITTLE Rock, September -Parties e petroleum and naval stores remains in situation, so far as the government is immediately to finish the from Shreveport, who left yesterday, reh a nominal state. Dealers cannot act inconcerned, is unchanged since the close already commenced, and port the fever abating very little if any. telligently or make future contracts rail. of business yesterday, when purchases It is now extending out in the country. e while the present uncertainty continue, of bonds were stopped. The arrival of Those who are left in the afflicted city d consequently transaction are limg the President to-night may possibly reare almost completely broken down. MARRIED ced. The grain trade is extremely sult in additional instruction, but this The town is a hospital, no business is quiet, and the absence of a market at present is merely problematical. The attempted to be done, and nurses are for commercial exchange is checkFOWLER-MILLER-At 1 cabinet meeting to-morrow will have badly needed. ing business to a great extent. Samuel Miller, No. 173 Alal the weight of financial matters for geneINTERMENTS YESTERDAY. On this account dealers are unRev. Father Walsh, on Th n ral consideration and the action by the able to dispose of their merchandise to SHREVEPORT, September 25.-InterSeptember 25th, Mr. JOSE H (heads of the government department. shippers, and the current has set back to Miss EFFIE MILLER, all of th ments to-day: Chris. Reamerty, 35; y Intense interest is felt in the result, and the west. Dow Looney, 50; C. M. Brown; Mrs. d no officials here have any idea that there Mary Calhoun, 35; Garror, 45; M. J. will be a called session of congress with DIED. [BY MAIL.] Austin, 6; F. J. Curtis, 5; John a view to relieve financial difficulties. REMOTE CAUSES OF THE PANIC. Stewart, colored; Mrs. Swanson, 65; THE LEGALITY OF FURTHER USE OF MADDEN-Thursday, Sep Colonel E. L. Terrey; T. Heffner, 38; From the New York Tribune.] CURRENCY. CATHARINE, only daughter ic McSweeney, age 35; Joe Delacroix, age Eliza Madden, aged eleven Before we apply desperate remedies in WASHINGTON, September 25.-The months. 35; Albert TurLer, colored, age 35; Vicwe should understand the nature of the e secretary of the treasury with Assistanttoria Holmer, colored, age 14; infant, Friends and acquaintance disease. We have maintained and still y are invited to attend the I Secretary Sawyer and Attorney-General colored, age 4; Paul Myers, colered, age insist that an inflation of the legal-teng Williams, have been in consultation at Ju. Williams, colored, age 28; Mrs. o'clock this (FRIDAY) after der circulation is no cure for the malady n the treasury department for a long time residence, 128 Front street. M. Preseott, age 52. There were two which afflicts us. This will appear if 2, to-day; it is supposed upon the legality interments outside of the city limits, but HOULIGHAN-At his re we go back and examineinto the remote 7. of further use of currency by the governthe Sisters of Charity were unable to asJackson street, Thursday aft causes-not so very remote, after aller25th, at half-past three o'e , ment for the purchase of bonds. Firstcertain their names; also an unknown which have produced the present state LIGHAN, aged forty-seven yea Swede. Comptroller Taylor was present during of things. We are bound to suffer for Funeral will take place fro INCREASING. a part of the conference. Several bankour follies. Inflation may postpone for 1 this (FRIDAY) morning at ets of this city called on Secretary The fever, which seemed to have a short time the day of reckoning, but friends and acquaintances d Richardson to-day for the purpose of oba abated yesterday, broke out with inthat day will surely come. The trouble invited to attend. taining currency to meet their demands, e with us is our immense mass of increased energy last night, and this PRINCE-The funeral of I but though bonds were offered here, no y morning many new cases occurred in debtedness, both foreign and domestwill take place at Alabama purchases were made. d ic. It must never be forgetten that the city and suburbs. Among the corner of Jones avenue, this ( 1. THE AUGUSTA, GA., BANKS. by far the larger part of that inpromineut citizens taken 10-day are: ing, September 26th, at 10 o'el debtedness is :the direct effect of y C. W. Lewis, business manager of the AUGUSTA, September 25.-The NaDALTON-The friends an Times; Colonel L. M. Nutt, Major John the inflation of our currency. The paytional Exchange bank, Merchants' and of J. T. DALTON and Mrs. A C. Moncure and M. S. James. Miss ment of debts has always been found Planters' National bank of Augusta, and vited to attend his funeral Moncure and Mrs. Clarke are dangertroublesome, yet it is the only honest the Planters' Loan and Savings bank, street, this (FRIDAY) a.terne ously ill. Drs. Chapin, Davidson and way of getting rid of them. Privation have suspended. The run on these banks e Bruns pronounce the disease genuine and suffering must be endured or the has been heavy, especially this morning. I. O. O. F. FUNERAL money cannot be saved with which to yellow-fever of the most malignant type. Cotton is coming in freely but there is S make the necessary disbursements. And A MEETING OF PHYSICIANS no money to move it. a now let us calmly consider how we THE officers and membe was held last night but nothing was s

3. September 26, 1873 Nashville Union and American Nashville, TN

Article from Nashville Union and American, September 26, 1873

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Let and compel currency to seek this market." Clearing House certificates at the rate of 75 cents on the dollar will be issued on col latterals deposited by the banks, and certifled checks or Clearing House certificates will be used instead of currency. Indianapolis Unappalled. INDIANAPOLIS, Sept. 25 Considerable excitement was caused here this morning by the announcement of the precautionary measures adopted by the Chicago and Cincinnati banks, which were at first reported as having totally suspended, and this excitement heightened at noon by the suspension of the private banking house of Wallen, Webb & Co., owing mainly to the return ot their drafts on the suspended Trust Company of New York, and public confidence a became so shaken that there was quite heavy run on Ritzinger's Bank and on the of Indianapolis Savings banks by a class generally small depositors, and some few persons withdrew their money from other banks. The First National 1Bank instead of closing at the usual hour kept open an hour later to give any depositor an opportunity to withdraw his money if he wished, and when it closed it had received more money than it had paid out The unquestionable solvency of all our banks, together with the fearless way in which they met the excitement seems to have sent home the crowds who thronged the streets until after the banks had closed, in better state of feeling anditisnotnow anticapted there will be any further trouble. The banks previous to the excitement had after a conference together, decided to go abead in the usual way, and this determination will still be followed Washington Washing WASHINGTON, Sept. 25 The it ton City Savings Bank announces that wiii require sixty days' notice for payments of depositors, in accordance with a provision in its charter. Several bankers of this city called on Secretary Richardson to-day for the pur pose of obtaining currency to meet their demands, bat though bonds were offered here, of no purchases were made. The employes the several departments are being paid off at the request of Gov. Shepherd, for the purpose of leasing the market in this district. Richmond Simmers Down. RICHMOND, VA., Sept. 25.-The panic has subsided, ended, and there is no visible excitement on the sreets. The bank officers. to this morning, unanimous resolved adopt the system of issuing loan certificates &S now in operation in New York, Philadelphia and Baltimore, so as to give relief to the community The reported failure of McElvain & Co., Petersburg, is scontradicted South Carolina- Cotton Immovable CHARLESTON, Sept. 24.-Money is so stringent here that no obligations are contracted, and all business is limited in amount. There is some demand for cotton at low figures, but the difficulty in negoti ating exchange stops sales, and relief from that source is slow in coming. Factors would at moment accept the low rates for most articles of produce. Paper falling due is renewed in full, or with small payment on account, and creditors are disposed to be indulgent. No failures have been reported The banks pay checks as usual, and there has not been the first symptoms of a run. Savannah. SAVANNAH, Sept. 25 A run commenced early this morning on the Savings Department of the Savannah Bank and Trust Company of the Southern Bank of Georgia. Large crowds are congregated The banks are paying dollar for dollar. Business is a a complete standstill for want of currency. The run on Savannah Bank and Trust Company has ceased. That on the Bank of Georgia continued up to the hour of closing. Both are thought to be fully able to meet all demands. Others are proceeding as usual, and all excitement is diminish ing. A meeting of the Chamber of Commerce to cosider the state of affairs is called for this evening. Augusta. AUGUSTA, Sept. 25 The National Ex. change Bank, Merchants & Planters' Na tional Bank, of Augusts, and the Planters Loan and Savings banks have suspended The run on the banks has been heavy, especially this morning. Cotton is coming in freely, but there is no money to move it. Business here is blocked. Cotton market suspended operations, aud there is no currency to buy cotton. The First Nation al Bank paid out as usual. Suspended banks have ample assets and will meet their liabilities when the pressure lightens up There have been no suspensions among business men. At large meeting which the merchants held at the Exchange rooms, committee was appointed to wait upon the Directors of the Georgia Railroad and Banking Company and other banks, and request them to issue some medium ot exchange to bridge over the present crisis. The banking house of Coohens & Sons suspended. Assets are ample. No market for best securities even at sacrifice. Selma. SELMA, ALA., Sept. .-Savings bank suspended to-day. Assets believed to be ample to pay all its debts and liabilities, and to save the capital stock. Atlanta. ATLANTA, GA., Sept., The Dollar Savings Bank of this city, suspended to day. Ample securities. Memphis MEMPHIS, Sept. The great excitement in this city on account of the suspenre. sion of the banks caused by inability to alize on securities in New York. The fol lowing named banks have closed to day: is First National Bank, DeSoto Bank and it reported the Freedmen's Savings Bank and Trust Company, with a heavy run on the others. It is expected that all will reopen after the panic subsides. The excitement at present is intense. The panic in New York and consequent failure of some banks to respond to the ca of for currency, occasioned the suspension the First National Bank of this city this morning, which was followed by a run on all banks, and led to the suspension of the DeSoto within an hour. The run contin ued several hours. It is rum ored to-night that one or two of the smaller banks are in deep water, and that other failures will occur to-morrow. The suspensions were seemingly from want of currency, and both concerns claim assets largely in excess of liabilities. The collections and general business of the two banks were turned over to the State National Bank, which suffered no run and is believed to have been solvent. The run on the Union and Planters' ceased at M., after which hour it received deposits of nearly two-thirds of the sum drawn out. New Haven. NEW HAVEN, CONN., Sept. 25.-The managers of the Savings banks of this city have voted at prudent to require notice of

4. September 26, 1873 The Daily Phoenix Columbia, SC

Article from The Daily Phoenix, September 26, 1873

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stated Richardson deblines anticipating the '74 bonde, which mature December and January. The City Savings Bank. known as J. Ruff's, after five days' ran, posted the R. sixty days' notice clause. The President and Secretary of the Treasury, in conference this evening, out decided that the Treasury will pay no more corrency. excent for ordinary disbursements. $2,000,000 in currency remain Richard- in the for current purposes. draw on the Treasury will only 40,000,000 Governson for necessities of the serve He has helped the banks by issuing ment. $12,000,000 for bonds and they must now take care of themselves. CHARLESTON, September 25.-There run on the banka. The Freed- days' is men's no Savings Bank exacts sixty usual. notice; the other banks pay as SELMA, AIA, September 25.-The Selma Savings Bank has suspended; assets believed ample. SAVANNAH, GA., September 25.-A on commenced early this morning, Savanrun departments of the and Trust Company, nah the savings Bank and and large the Southern Bank of Georgia, crowds are congregated. The banks is are at dollar for dollar. Business a stand-still, for paying rency. complete 25.-The lack of cur- run SAVANNAH, September Cowthe Savannah Bank and Trust on cased at noon, but continued the OD pany Southern Bank of Georgia to close. the The Chamber of Commerce is considering the matter. AUGESTA, September 25.-The and Na. tional Exchange Bank, Merchants' Planters' National Bank of Augusta, and Planters' Loan and Savings banks Bank have suspended. The run on the has been heavy, especially this morning. Cotton is coming in freely, but there Na 18 to move it. The Bauk paid out us usual, to be no serious run on tional no money First but it; there the 11 will pay as long as appears President vaults, there and is of currency in the that it will The snspended dollar the there storm. is confidence banks weather dollar have ample assets, and will meet every off. liabilities when the pressure eases of Commercial circles are hopeful, and amoug A meeting of men. there areno large suspensions merchants business com- at the Exchange rooms appointed a the mittee to wait upon the directors of Railroad and Banking Com and other bank', issue some medium Georgia pany, them to and of exchange request The to bridge over the present crisis. banking house of John J. Cohen & euepended; their assets are but bonds and stocks as there is no market ample, Sons sold, has for cannot the best be securities, even at a sacrifice. ATLANTA, Septembe. 25.-The Dollar Savings Bank has suspended; ample curities. NEW ORLEANS, September 23.-A of all the bank presidents exresolved to pay 110 over meeting cept two certified. obecks This $100; larger checks to be lasts thirty days. MEMPHIS, September 25.-The First National Bank of Memphis suspended. DETROIT, September 25.-Two bank ers have failed. CHICAGO, September --The Chi Clearing House has resolved, until and in view of affairs in cago turbed further condition action, the of New difficulty the York disand in other cities. and in converting balauces in currency, and advice of the Bank Examiner, our on members be recommended and authorized to suspend currency payments on large demands made upon them, any either from country banks or over their counters. ST. LOUIS, September 25.-It was decided at a meeting of the brokers, held last night, to suspend payments of checks or drafts, either in currency or exchange, until the excitement in the East subsides, and a firm condition in the market is restored. MEMPHIS, September 25.-The bank failures are attributed to inability to realize upon securities in New York. The First National and Kelso Banks have suspended; there is 8 run on the others. CINCINNATI, September 25.-The Cincinnati Clearing House Association has just a resolution, ofsour protection adopted commercial that interests, for the and for the purpose of preventing a drain of currency from the banks and bankers of this city. we do hereby agree to adopt substantially the plan adopted in New York, viz: They will not pay out currency on checks except for stanli sams, to be optional with the banks whom they are drawn; but they will checks drawn on in their hands, payable upon certify through balances the Clearing House only.

5. September 26, 1873 The New York Herald New York, NY

Article from The New York Herald, September 26, 1873

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NEW carpet company, the details of which were presented in the HERALD some weeks ago. Appleton, it appears, made large advances to Woodworth on securities which are not now considered sound. The bank officers decline to furnish press representatives any statement, but It is declared in New Brunswick financial circles that the entire surplus and capital were swept away by the deficit. and that papers are now out for the apprehension of Appleton and Woodworth. The Boston Banks Conservative. BOSTON, Mass., Sept. 25, 1873. The course of the Boston banks during the existing financial crists in New York appears to be simply cautious and conservative, restricting and reducing loans as far as possible. even at a large interest, and keeping as much currency as possible for cashing checks in the regular course of trade. Philadelphia Getting Back to Business. PHILADELPHIA, Sept. 25, 1873. A more hopeful feeling exists here among merchants : nd prices of goods continue very steady. Third street is quiet. All the national banks, savings banks and such of the State banks as did not suspend pursue business in the usual manner. The Board of Brokers continues in session, and have adopted the following resolution:Resolved. That, until otherwise ordered, certified checks or due bills on any of the associated banks will be received in settlement of contracts between members of the Board. Chicago Imitates the Example of New York. CHICAGO, III.. Sept. 25, 1873. The Clearing House Association held an important meeting last night to consider the financial situation. Alter an animated discussion, which exlsted till nearly one o'clock this morning, the following resolution was adopted: :Resolved, That, until further action and in view of the disturbed condition of affairs in New York and other cities, and the difficulty in converting balances into currency, and on the advice of the Bank Examiner, our members be recommended and authorized to suspend currency payments on any large demands made upon them, either from country banks or over their counters. the of Action Cincinnati Clearing House. CINCINNATI, Ohio, Sept. 25, 1873. The Cincinnati Clearing House Association has just adopted the following resolution:Resolved, That, for the protection of our commercial interests and for the purpose of preventing a drain of currency from banks and bankers of this city, we do hereby agree to adopt, substantially, the plan adopted in New York, viz. -We will not pay out currency on checks except for small sums, to be optional with the banks upon which they are drawn. but will certify checks drawn on balances in their hands, payable through the Clearing House only. Each member of the Clearing House Association is required to deposit such sum in approved securities as will at all times cover the amount of his clearings. Government bonds are received at their par value. Railroad and other stocks and bonds and bills receivable are received at seventy-five per cent of the value fixed on them by the committee. Loan certificates are issued by the committee, which can only be used in the settlement of balances between the banks and are not negotiable. Bank Suspensions in Augusta, Ga. AUGUSTA, Sept. 25, 1873. The National Exchange Bank, the Merchants and Planters' National Bank, of Augusta, and the Planters' Loan and Savings Bank have suspended. The run on the banks has been heavy, especially this morning. Cotton is coining in freely, but there is 20 money to move it.

6. September 26, 1873 The New York Herald New York, NY

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Bank Suspensions in Augusta, Ga. AUGUSTA, Sept. 25, 1873. The National Exchange Bank, the Merchants and Planters' National Bank, of Augusta, and the Planters' Loan and Savings Bank have suspended. The run on the banks has been heavy, especially this morning. Cotton is coining in freely, but there is 20 money to move it.

7. September 26, 1873 New-York Tribune New York, NY

Article from New-York Tribune, September 26, 1873

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New-Orleans Nat'al Bank. Citizens' Bank. Bank of America. Union National Bank. Germania National Bank. New-Orleans Nat. Banking Association. Teutonia National Bank. Canal Bank. Louisiana National Bank. Mutual National Bank of Hibernian National Bank. America. Bank of Lalayette. State National Bank. People's Bank. Pike Bros. & Co., bankers. Clearing-house certificates at the rate of 75 cents on the dollar will be issued on collaterals deposited by banks, and certified checks of the Cleaning-house will be used instead of currency. IN GEORGIA. AUGUSTA BANKS SUSPENDED-NO MONEY TO MOVE COTTON. AUGUSTA, Sept. 25.-The National Exchange Bank, the Merchants' and Planters' National Bank of Augusta; and the Planters' Loan and Savings Bank, have suspended. The run on the banks has been heavy, especially this morning. Cotton is coming in treely, but there is DO money to move it. A BANK SUSPENSION AT ATLANTA ATLANTA, Sept 25. - -The Dollar Savings Bank of this city suspended-to-day. It has ample securities.

8. September 26, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, September 26, 1873

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AUGUSTA, CA. AUGUSTA, Gs., Sept. 25.-The National Exchange Bank, the Merchants' and Planters' National Bank of Augusta, and the Planters' Loan and Savings Bank have suspended. The run on the banks has been heavy, especially this morning. Cotton is coming in freely, but there is no money to move it.

9. October 1, 1873 Knoxville Weekly Chronicle Knoxville, TN

Article from Knoxville Weekly Chronicle, October 1, 1873

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Suspension of New Orleans Banks. NEW HAVEN, Sept. 24.-The Savings banks are enforcing the legal delay in paying depositors. There is no serious run. NEW ORLEANS, Sept. 25.-A meeting of all the bank Presidents except two, resolved to pay no checks over $100. The larger checks to be certified. This lasts thirty days. MEMPHIS, Sept. 25.-The First National Bank of Memphis has suspended. AUGUSTA, Sept. Business is blocked, the cotton market has suspended operations on account of no currency to buy cotton. The First National Bank paid out as usual, but there appears to be no serious run on it. The President will pay as long as there is a dollar in currency in the vault. There is confidence that it will withstand the storm. The suspended banks have ample assets and will meet every dollar of their liabilities when the pressure eases off. Commercial circles are hopeful. There have been no suspensions of business men. ATLANTA, Sept. 25.-The Dollar Savings Bank has suspended, but has ample securities. AUGUSTA, Sept. 25. - The National Exchange Bank, the Merchants' and Planters' National Bank of Augusta and the Planters' Loan and Savings Bank have suspended. The run on the banks has been heavy, and especially this morning. The cotton is coming in freely but there is no money to move it. JACKSON, MISS., Sept. 25.-On account of the monetary panic and the run on all the banks in this city, two of which have suspended, business is almost entirely suspended.

10. October 2, 1873 Edgefield Advertiser Edgefield, SC

Article from Edgefield Advertiser, October 2, 1873

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The Situation in Augusta. There were very perceptible indications yesterday of a continued diminution of the panicky feeling created in commercial circles in Augusta on Thursday by the suspension of currency payments by several of our banking institutions. Depositors, where assured of the solvency of the institutions with which they were doing business, begin to appreciate the utter fol. ly of lashing themselves into a mid-summer perspiration simply because they can not get possession of their entire deposits in so that they may lock it up in their own a every coutingency currency, that strong they boxes will against require remote dollar for business purposes They begin to realize that upon just such food panics and increase and their grow have strong made up minds their tobe breadth, to satis an fied with a sufficiency of currency swer their most exhibition of of this pressing disposition demands. has been The incalculable financial relief. throughout the city and adjacent country, in encouraging our suspended banking institutions to resume and continue the payment of small checks, affording 111 the aggregate great relief to a class of depositors which otherwise must have experienced severe deprivations, from lack of money to purchase food supplies and seasonable clothThe even payments ing. permeate benefits the of whole these community, small and gradually find their wav back to the individual or institution making them. A MOST GRATIFYING SHOWING. The National Bank of Augusta, W.E. Jackson, President, throughout yesterday stood the pressure just as if it were veritable financial " Stonewall"-meeting all demands of depositors Among its heaviest payments were $8,300 to the Augusta Factory, to pay the operators of that establishment; between $5,000 and $6,000 to the city of Augusta, to pay th canal hands; and $1,200 on a check of the Orphan Asylum in favor of W. H. Goodrich. In addition, a number of checks for smaller amounts were paid to merchants and other depositors. And yet, at the its of were the close currency of day's business, $7,000 to the $8,000 depos- in excess of the amount of currency with which the bank commenced business the morning. The Georgia Railroad Bank remained firm and unyielding as Gibralter," waxall ing while still honoring stronger in checks its currency of depositors. supply, This institution is a recognized king of the present monetary crisis, and just about as safe and stroug as human institutions get to be. The Merchants and Planters National Bank, ex-Gov. C.J Jenkins, President, resumed the vent in currency of small checks yesterday, and effected settlement of larger amounts by certified checks, now current in the city. This institution expects to be firmly on its legs next week, doing busines as usual. The National Exchange Bank, Alfred Baker President, continued to pay small checks in currency yesterday, and make settlements with depositors desiring to accept first class securities. Messrs. John J. Cohen & Son, bankers, paid. in currency all demands made on them yesterday, and will gradually be to currency to dollar for prepared dollar pay deposited with depositors them. They will resume business on Monday under the same schedule as run yesterday. will be arrangements Deposits having received been and made checks by them sold, for the same. The Commercial Insurance and Banking Company continued to meet all demands of depositors The Freedman's Savings Bank remains in currency, under possession the sixty of its days' supply notice of rule. But few notices have been filed by depositors, and by the time the sixty days. run out, they will doubtless be fully satisfied to leave their deposits where they are. Commercial circles promise to weather the storm, and our merchants are heroi cally addressing themselves to the labor of the the can. trade-doing turning poorly very greased best they wheels of local The aspect of affairs is certainly encouraging and hopeful. Money is expected from New York by some of our cotton men about the middle of the present week, with which to purchase cotton, when general contraction of lengthened countenances will follow.-Constitutionalist,