Planters & Mechanics Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 1, 1856*
Location: Dalton, Georgia (34.769, -84.970)

Metadata

Model: gpt-5-mini
Short Digest: bf25d559

Response Measures

None

Description

Contemporary listing (Jan 1857) records 'PLANTERS' AND MECHANICS' BANK, Dalton, Ga., failed.' No date in 1856 is given, no mention of a run or reopening; therefore treated as a failure/suspension leading to closure. Bank charter type not specified in article, so set to unknown.

Events (1)

1. January 1, 1856* Suspension

Cause Details: Article notes the bank 'failed' but gives no cause (no run, rumor, or correspondent failure mentioned). Recorded among 1856 failures in a Jan 1857 summary; likely permanent closure/receivership but no specifics provided.
Newspaper Excerpt: PLANTERS' AND MECHANICS' BANK, Dalton, Ga., failed.
Source: newspapers

Newspaper Articles (1)

1. January 31, 1857 Grant County Herald Lancaster, WI

Article from Grant County Herald, January 31, 1857

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Article Text

Bank Failures and Suspensions of 1856. Jan. 8th-BaNK OF THE OHTo SAVINGS' INSTITUTE, at Tiffin, Ohio; failed. Affairs not yet closed up. Circulation, $500,000. Notes not bought. March 1st.-CENTRAL BANK OF TENNESSEE, at Knoxville, failed. Circulation about $100,000. Affairs yet unsettled.No sales for notes. Aug. 1st.-VALLEY BANK, of Maryland, at Hagerstown, failed: Circulation $190,000. Receiver has not yet made & report. Owned by Simeon Leland & Co., Metropolitan Hotel, N. Y. Notes not purchased by brokers. Sept. 3d-STATE BANK, at Sacketts' Harbor, N. Y., failed. Circulation $50,000. Affairs promptly wound up, and notes redeemed at par. PLANTERS' AND MECHANICS' BANK, Dalton, Ga., failed. Small concern, and nothing known about it. Oct, 27th-Bank OF THE REPUBLIC, Providence, R.I., failed. Circulation $80,000. Affairs in hands of Bank Commissioners, and not yet wound up. Notes bought at thirty cents on the dollar. Nov. 1--MANUFÁCTURERS & MECHANICS BANK, Columbus, Ga., failed. Circulation, $50,000. Not wound up, notes not bought, and prospects bad. Nov. 18th-LANCASTER BANK, Lancaster, Pa.; failed. Circulation $700,000.There is a movement on foot, which will probably be successful, to resuscitate this bank, and if so, the notes will be good again; if not, the assets are sufficient to pay a large dividend on them. Notes bought at sixty cents on the dollar. Nov. 18th-CANTON BANK, South China, Me., closed by State Commissioners.Circulation small. Notes not purchased. Dec. 18th-Exchange BANK, Bangor, Me., enjoined by State Commissioners.Circulation supposed not to exceed $40,000. Will probably go on again: Notes bought at 62 cents. Dec. 31st-ERIE COUNTY BANK, Erie, Pa., suspended: Circulation $300,000:e Notes bought at 50 cents. Of the suspension of the MINERS' AND e MANUFACTURERS' BANK, at Knoxville, Tenn., we know nothing definite. On the 20th ult., the BANK OF EAST TENNESSEE, Knoxville, closed its doors— probably forever. We hear the President has made an assignment of his property to the bank, and that all its assets are in the hands of Trustees for the benefit of d the billholders. There is no sale, here, for the notes. At Knoxville, those indebted to the Bank, pay thirty cents on the dols lar. Many of the above may not be wound up in years, while in this State, as in the case of the State Bank at Sackett's Hare bor, they are closed up and billholders paid n in a few months. e Altogether the past year has been very moderate in bank failures, and with one or two exceptions, there has been no great loss to the public.-[Thompsons] Reporter.