2777. Union Bank (Augusta, GA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 15, 1857
Location
Augusta, Georgia (33.471, -81.975)

Metadata

Model
gpt-5-mini
Short Digest
646ab8a7

Response Measures

None

Description

Multiple newspapers from Oct 15–17, 1857 report a public meeting in Augusta recommending suspension and state The Union Bank suspended. No articles describe a depositor run, receivership, or permanent closing; later lists still show it suspended but no evidence of failure. Given the 1857 panic context, cause is classified as macro_news. Reopening is assumed likely (temporary suspension) but not directly attested in the provided clippings, so I select suspension_reopening and note uncertainty.

Events (1)
1. October 15, 1857 Suspension
Cause
Macro News
Cause Details
Suspension recommended at a public meeting amid the broader financial crisis/panic of October 1857; banks in many cities suspending specie payments or operations due to market distress and lack of specie liquidity (Panic of 1857).
Newspaper Excerpt
At a public meeting of our citizens held to day, the banks were recommended to suspend. The Union Bank suspended this morning.
Source
newspapers

Newspaper Articles (10)
1. October 16, 1857 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, October 16, 1857

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Telegraphed to the New Orleans Crescent. ARRIVAL OF THE STEAMSHIP VANDERBILT. [BY THE SOUTHERN AND NATIONAL LINES.] NEW YORK, Oct. 15.-The U. S. mail steamship Vanderbilt, from Liverpool on the afternoon of Saturday, the 3d inst., has arrived. Commercial. LIVERPOOL, Oct. 3-The sales of cotton for the week amount to only 27,000 bales. Prices are easier, but quotations are generally unchanged, except for inferior qualities, which have declined 1d. Breadstuffs closed with a declining tendency. All qualities having slightly declined. Lard closed heavy at a decline. Money. Consols for money closed at 90. Later from India. Advices from India state that Gen. Havelock had again defeated the rebels near Cawnpore. Lucknow was safe. China. The news from China is unfavorable. The Emperor refuses to accept the proposition of England. [SECOND DISPATCH.] NEW YORK, Oct. 15.-The United States steamship Vanderbilt has arrived at this port. She brings advices from Liverpool of the afternoon of Saturday, Oct. 3, being three days later than brought by the steamship Atlantic. Commercial. Corron-Inferior grades have declined Id. The whole stock in port is 336,000 bales, of which 198,500 bales are American. Our quotations (by the Brokers' circular) are as follows: Orleans Fair 9dd.; Orleans Middling 3-16d.; Mobile Fair 93d.; Mobile Middling 9td.; Uplands Fair 94d.; Uplands Middling 815-16d. Breadstoffs, slightly declined. Corn is 6d. lower. Wheat is from 2 to 3d. lower. Western Canal Flour 30 to 31s. Provisions dull. Bacon firm. London Markets. LONDON, Oct 2.-Funds opened with animation and experienced a rise, but was soon changed by the heavy sale of consols. Foreign exchange is unaltered. Notwithstanding the large arrivals of gold from Australia, the prospects for the money market are discouraging. From New York. NEW YORK, Oct. 15.-The city banks have resolved to take all notes of New York country banks at par. There are strong influences at work against an extra session of the Legislature. Stocks are better and money is active, but in better supply. Specie commands 2 to 5c. premium. Breadstuffs have decidedly advanced. Suspensions. NEW YORK, Oct. 15.-The Union Bank, Augusta, : Ga., and the Farmers' and Exchange Bank, Rich: mond, Va., have snspended. Affairs in Philadelphia PHILADELPHIA, Oct. 15.-The banks show a disposition to repudiate the relief bill. Matters look gloomy. e Latest. NEW YORK, Oct. 15.-Matters look more cheerful here. BOSTON, Oct. 15.-The aspect here is brighter. Affairs in Mobile. MOBILE, Oct. 15, 2 P. M.-The Savings Bank has suspended, owing to a run by the small depositors. There is no run on the other banks, and no fears of 1 their suspension. [The agent of the Associated Press is indebted to a e commercial house in this city for the following private dispatch, from a most reliable source ]] NEW YORK, Oct. 15.-The banks have suspended : specie payment, but receive notes of the State banks I at par. : They have all resumed business, and the general [ feeling is more buoyant. è Money in Baton Rouge. BATON ROUGE, Oct. 15-There is some excitement / here in regard to the suspension of the banks in New f Orleans. I Our merchants readily take the bills of the sus1 pended banks. The Branch Bank of the State here takes the Citizens' and Southern Banks' notes on der posit, and the notes of all the banks in New Orleans for the payment of debts. Suspension in Memphis. y MEMHHIS, Oct. 15.-The Bank of the State of Ten0 nessee has suspended. Business is stagnant. No 0 sales of cotton and receipts small. e River Intelligence. 7 VICKSBURG, Oct. 15.-The McGill passed down at 1 9, the Republic and Twichell at 9 last night, the Arkansas at midnight, and the Ben Franklin at 3 this morning. The Henry Chouteau passed down at 4 P. M.

2. October 16, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 16, 1857

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THE GEORGIA BANKS. AUGUSTA, Ga., Oct. 16.-The citizens of this place held a meeting yesterday and adopted a resolution recommending the banks to suspend. The Union Bank has suspended.

3. October 16, 1857 The Washington Union Washington, DC
Article from The Washington Union, October 16, 1857

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The Financial Crisis. NEW YORK, Oct. 15-p. m.-Business matters are looking more cheerful to-day. The banks are going on as usual, except that they pay no specie. Stocks took an upward turn at the first board-Virginia 6's advancing 17; the Delaware and Hudson Canal 10 Erie (convertibles) 5; New York State stocks 12-and several others less figures. It is said that a special agent of the Messrs. Rothschilds came in the Vanderbilt with orders to buy securities to a large amount. Specie is abundant, and lacks buyers at 1 per cent. The Clearing House to-day agreed that all balances may be settled in current bank notes instead of specie. The banks are working harmoniously together, and things are tending greatly toward a restoration of confidence and a revival of business. BOSTON, Oct. 15.-An adjourned meeting of the banks was held to-day to arrange a plan for facilitating business by a clearing house. A proposition to discount undoubted paper was discussed. This will afford great relief to the business men, who are beginning to bend beneath the pressure. Messrs. Little, Alden, & Co. have not suspended. They only ask an extension in behalf of several mills for which they are the agents. RICHMOND, Oct. 15.-The Bank of Virginia here suspended this morning. PETERSBURG, Oct. 15.-The branches of the Bank of Virginia and the Exchange Bank at this place suspended to-day. NEW ORLEANS, Oct. 14.-There is great excitement here to-day. The Union Bank has suspended, and there is a run on all the free banks. The notes of James Robb's bank are taken at the Citizens' and Southern Banks. No failures have yet taken place. The branch mint has purchased from the banks $200,000 in silver, paying in gold. NEW ORLEANS, Oct. 15.-The run continues heavy on the Citizens' and Canal Bank, but is less severe on the other. There is great excitement, and business is paralyzed. Robb's bank kept open till 6 p. m., yesterday, and no doubts are expressed of it or the Southern Bank. These are the only free banks left. RICHMOND, Oct. 15.-The Farmers' and Exchange Banks here suspended this morning. The Bank of Virginia still holds out. AUGUSTA, Oct. 15.-A public meeting of the citizens here recommended all the banks to suspend. The Union Bank suspended this morning. PHILADELPHIA, Oct. 15.-the banks here to-day manifest a disposition to not accept the provisions of the relief bill, and there is an additional gloom in business circles.

4. October 16, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 16, 1857

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BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] NEW ORLEANS, Oct. 14-Affire are very UDFeltled. It supposed that the run will continue tomorrow. Great confidence is felt in all the banks DOW standing. Large deposites were made to-day. No failures. Things look more cheerful than this morning. There are rumors that the N. Orleans Bank will open in the morning. Notes of the Bank of James Robb are taken by the Citizens and Southern Banks. The Bank of James Robb was also kept open till 6 o'clock. There is not a doubt expressed as to it or to the Southern. NEW ORLEANS, Oct. 15-Therun continues very heavy on the Citizen's and Planter's Banks, but less on the rest. There is much excitement and business is paralyzed. NEW YORK, Oct. 15.-The steamer Vanderbilt has arrived. Interior qualities of cotton declined one eighth. Stock in port 336,000 bales; of which 198,500 is American. Orleans fair 9f; middling 9 3-16; fair Mobile 98; middling II; fair upland 93; middling 8 15-16. Lard and breadstuffs slightly declined. Consols 901 Corn declined 6 pence. Wheat 2 to 8 pence. Western canal flour 30a31s. Provisions dull. Bacon firm. LONDON, Sept. 2.-Funds opened animated and experienced a rise; but the tone 800n changed by a heavy sale of consols. Foreign exchanges unalto red notwithstanding the large arrivals of gold from Australia. The prospect in the money market is discouraging. New YOBK, Oct. 15.-The city Banks have resolved to take all country bank notes at par. There is a strong influence against an extra session of the Legislature. Stocks are better. Money active, but in better supply. Specie 2 to 5c. premium. Breadstuffs decidedly advanced. The Union Bank, at Augusta, Ga., and the Farmers' and Exchange Bank, at Richmond, have suspended. The Philadelphia Banks show a disposition to repudiate the relief bill. Matters are gloomy in Philadelphia but more cheerful in New York and Boston. NEW York, Oct. 15-Cotton quiet. Flour buoyant. Wheat 1 22+ 40 Corn firm. Rio coffee 10fall}. Linseed oil 68.70. Tallow 8.9. FOREIGN-Since the reduction of the rate of interest in July the Bullion in the Bank of England has decreased 600,000 pounds. LIVERPOOL, Sept. 3d.-Cotton quotations barely maintained. Flour, beef and lard are heavy with a slight decline. Rosin buoyant. Philadelphia, Oct. 15-The indisposition of the Banks to accept the late act of the Legisluture casts additional gloom over the community. CINCINNATI, Oct. 15.-Flour 4 35 a 4 40. Whiskey, active, at 154. Wheat, dull. Corn 40. New Corn deliverable between December and March, sold at 25 C. Oats 30 a 32. It is though. that the Kentucky, Ohio and Indiana Banks will remain firm. ST. LOUIS. Oct. 15.-A beavy run was made on the State Bank all the 0 orning. Opinions conflict as to the final ability to sustain it. BOSTON, Oct. 15.-A meeting of the Bank officers proposed to discount undoubted paper liberally. WASHINGT N, Oct. 15,-The Secretary of the Interior instructs the Superintendent of Indian affairs at St. Louis, and the agents to remove all intruders upon the Delaware Indians and other reServes in Kansas. The War Department requests that the troops in that Territory will co-operate for the above purpose. NEW YORK, Oct. 15.-Business affairs are more cheerful. Banks as usual, but paying no specie. Stocks are looking upwards. It is said that a special agent of the Rothschild's came in the Vanderbilt with orders to buy securities to a large amount. Specie is abundant and lacks buyers at one per cent. The clearing house balances were settled in current funds. The Banks are working barmoniously, tending to a restoration of confidence and revival of business. LOUISVILLE, Oct. 15.-Every thing is quiet. The banks have no idea of suspending. Riv. Γ at Wheeling four feet in the channel; a rise of six feet or more is expected.

5. October 16, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 16, 1857

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THE PROVIDENCE BANKS. PROVIDENCE, Thursday, Oct. 15, 1857. The following is a statement of the banks of this city up to October 12: $2,052,612 Circulation 2.052,751 Deposits 18,343,926 Loans 292,321 Specie. THE BANKS IN AUGUSTA. AUGUSTA, Ga., Thursday, Oct. 14, 1857. At a public meeting of our citizens held to day, the banks were recommended to suspend specie payment. The Union Bank suspended this morning.

6. October 17, 1857 Daily Iowa State Democrat Davenport, IA
Article from Daily Iowa State Democrat, October 17, 1857

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Financial Matters of the South. Augusta, (Ga., Oct. 15. At a public meeting of our citizens held to-day, the banks were recommended to suspend specie payments. The Union bank suspended this A. M.

7. October 20, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 20, 1857

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LIST OF SUSPENDED BANKS. IN GEORGIA. Georgia Railroad and Banking Company, at Augusta. Union Bank, at Augusta. Manufacturers' Bank, at Macon. All the Banks in Savannah. SUSPENDED BANKS IN SOUTH CAROLINA. Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden. Bank of South Carolina, at Charleston. Bank of Hamburg, at Hamburg. Planters' and Mechanics' Bank, at Charlestsn. Farmers' and Exchange Bank, at Charleston. People's Bank, at Charleston. South-western Railroad Bank, at Charleston. This bank, we believe, has an agency at Tallahassee, Florida.

8. October 24, 1857 The Winchester Home Journal Winchester, TN
Article from The Winchester Home Journal, October 24, 1857

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Suspended Banks. The following is a list of suspended banks in Georgia: Union bank, at Augusta. Manufacturer's bank, at Macon, All the banks in Savannah. The following is a list of suspended banks in South Carolina: Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden, Bank of South Carolina, at Charleston. Bank of Hamburg, Planters' and Mechanics' bank, at Charleston, Farmers' and Exchange bank, Charles. ton. People's bank, Charleston, South-western Railroad bank, Charleston.

9. October 29, 1857 Fayetteville Observer Fayetteville, TN
Article from Fayetteville Observer, October 29, 1857

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List of Suspended Banks. IN GEORGIA. Georgia Railroad and Banking Company, at Augusta. Union Bank, at Augusta. Manufacturers' Bank, at Macon. All the Banks in Savannah. SUSPENDED BANKS IN SOUTH CAROLINA. Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden. Bank of South Carolina, at Charles. ton. Bank of Hamburg, at Hamburg Planters' and Mechanics' Bank, at Charleston. Farmers' and Exchange Bank, at Charleston. People's Bank, at Charleston. South-western Railroad Bank, at Charleston. This bank, We believe, has an agency at Tallabassee, Florida. A CANDID ACKNOWLEDGMENT OF AN UNDOUBTED TRUTH-At a meeting of the proprietors and managers of the Western Railroads, held a few days ago in Columbus, Ohio, a debate arose concerning the affairs of the roads, when one of the members remarked "that the milroads of the country never could repay, if they were disposed, the debt due to the newspaper press for its powerful aid when the idea of a. railway had to be explained and popularized-the public benefitsshown, and the people induced to come forward and associate for the purpose of accemplishing the great works that now need no advocate." The same gentleman, in concluding a speech on the subject, said, "he could not forget the amount of unpaid labor performed in the infancy of railway building by the only men who could reach the popular ear and the popular heart in the most effective manner." We believe, (with the Alexandria Gazette,) that in regard to many of the railroads of the country, they owe their inception, progress, and completion, mainly to the exertions of the newspaper.

10. November 10, 1857 Arkansas True Democrat Little Rock, AR
Article from Arkansas True Democrat, November 10, 1857

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NO. 5. List of Suspended Banks. IN GEORGIA. Georgia Railroad and Banking Company, at Augusta. Union Bank, at Augusta. Manufacturers' Bank, at Macon. All the Banks in Savannah. SUSPENDED BANKS IN SOUTH CAROLINA. Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden. Bank of South Carolina, at Charleston. Bank of Hamburg, at Hamburg. Planters' and Mechanics' Bank, at Charleston. Farmers' and Exchange Bank, at Charleston. People's Bank, at Charleston. South-western Railroad Bank, at Charleston. This bank, we believe, has an agency at Tallahassee, Florida.