2954. Ocmulgee Bank (Macon, GA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 12, 1839
Location
Macon, Georgia (32.841, -83.632)

Metadata

Model
gpt-5-mini
Short Digest
d2dc633f

Response Measures

None

Description

Contemporary newspapers (Richmond Enquirer 1839-11-12 and Morning Herald 1839-11-18) report that the Ocmulgee/Oemulgee Bank of Macon, Georgia, 'has suspended' or 'has formally suspended specie payments.' No article mentions a depositor run, reopening, or appointment of a receiver; because the bank is reported suspended and there is no evidence of reopening, I classify as suspension_closure but note there is uncertainty about permanent closure.

Events (2)

1. November 12, 1839 Suspension
Cause Details
Articles report the bank 'has suspended' specie payments; no explicit cause given (no run, no government action specified).
Newspaper Excerpt
The Oemulgee state Bank, that have formally on been has made the Sir prolong George of specie payments suspension
Source
newspapers
2. November 18, 1839 Suspension
Cause Details
Contemporaneous New York coverage listing Ocmulgee among suspended Georgia banks; no trigger described.
Newspaper Excerpt
This is one of the suspended banks of Georgia ... The Oemulgee Bank at Macon has also suspended.
Source
newspapers

Newspaper Articles (2)

Article from Richmond Enquirer, November 12, 1839

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Article Text

express. judiciously to Con it contains principle, on every Representative charter Harrisen. ed, ought 1 or not, to be The election engrafied for dec considerable has resulted MISSOURI in the place Mr of Jameson Mr (V. thin; B) by but a sufficiently has gress in the election of election has been St Louis county about 400. been decisive. reduced in this majority The The Whig election majority from in more than 800 to "There says, Evening BANKS AND Post STOCKS of Saturday to and the Stocks day, The decided N. York improvement Banks in ill be soon course brought pur and hard was a paying policy of our with the dishonest by our neighburs here money to willing into specie favorable advocated comparison with much system zeal finds vor possess du sued in Philadelphia; and the large with majority a standard of value per cent so on all purchase sides, property and Hudson advanced U. Sto S and rable. American Delaware Trust3 percent. heavy seitling day, rise on the was nington North 1 4-this demand being for cash and cent, closed viz: 69 at a 2; lower but Not date, cash Bank freely price was of in offered, vesterday payable of 2 per in few states, days, that is confidence rate. New York bank Express, let out same a little market and is still very withstanding The strength, the yet the money at 3 per cent few a month to that have gaining Good,notes are but sold few failures- some. and very among through the m men who non intercourses or shaken were There tight. anticipated-b are, it true. there for the are thirty panics- years, hose It is suspected of Thus subject of and high honor probity. the state credit embargos, has never deep before beer regret Most years of the fall orders last been the by stramer, of the some Flour made. Indeed, sold beneath and the Flour deranged for England and no more have shipments ordered have are now to be The here. shipments will continue on 105. and Exchange at 50. This Paris New York been wholly ordered to France. 0 London and dull not least at 4 104 to in favor of of on at Y. N. the notes Board Treasury the Monroe specie Rail Lettere from Road Bank and payments. the Friday The sales were Macon 000 (Georgin) Oemulgee state Bank, that have formally on been has made the Sir prolong George of specie payments suspension The he which drelined Banks Canada. suspended BANKS OF Arthur. UPPER C NACA by the Board by of the Banks resumed of Jpper on not had made they Friday; the A by sprcie general resumption of the by spoken Tennessee confidently parties political smaller perhaps Banks papers of of that State State of both is only $2,000, in the The debt of that State in the Union. Banks enumerated their when "Mississippi and the will expirethan Ohio any Banks other Valley, Of the 25 36 will remainder 10 1843, 10 future years have Revers lately the to revive question is of them by taken some charters Strange Report part We of the whig ostenrible ground our alance now the and with England. enpercede necessity attempts of on the the Tariff; and that the it will reduce of exporting of and the unvulsing specie, disturbing currency. is but the the pretext only; community will The never South utterly fallacious. of The maxims soundest Political Constitution, follow argument be gulled in is this way the true principles shallow phistries. our the But the ing relative report South Carolina: of Gen. South are Economy not to be most and upset amusing by such of the of the most story distinguished is citi Hamilton Carolina of been come convention late Julin that credit zens The of Tariff in Rumor favor High Tariff, We do not know what the has c. Calhous necessity his come is 10 attached to these of Procidence this matter, Journal than this Providence We will if he cinvs. Even degree Without of knowing Journal, any thing we not more believe, prenounce that Mr. has, Cal we his error of We are shall enclose of he subject. hour Rumor satisfied. has unfounded come that into the this any South No. such to will Mr. not Calhoun, imbibe and ask a for nomination in this wealth. him some indebted notice to a political to friend high to office its libera in We the are columns We the are Globe; also indebted which also he to pub ac Common for a very handsome We ought, of perhaps. the Whig paper of the Petersburg lishes Editor on the our occasion. obligations which to some they have taken Intelliger (the knowledge for the various especially notices to Ritchie the **is the the last very man obvious in that he subject-and which says. that would choose, to for the party while doing cer. Loco Foco party) he is more probably useful would be while However to that reason. his arm chair. of the than Gubernature the chair-and. the save further we not accept the honors be, we can assure leave our ink, arm WP may any con- at once. would the and ferred cannot upon this may we have no shedding design Whig the office, if were have Legislature We not are most qua thing distant intention to for the We lified it poor accept office-we to time neither have devote pretenIn nor sions word, distinction. aspirations if the the Tailor may repeat French in we not made city, pantaloon as of the The Louisa famous county good becoming of the First Dinner ground parties great contending Mr a to Mr Roan dinner is to on be Wise one now next given Saturday of 4th that and The Whigs county; constitute the the comwe return ultra presume of the in out and assist landeking number pliment, guests if your Whig magnificent and other Hain entertain lords Eat or of you as good witnessed Mutton and no will you cause 100, Drink Sirsaway. of do. will The not People provider give WP have complain your war Virginia to the all the ferrivals the of supporters Clay. in the The Little of 1840. knife-bu will stand world firm it cannot to their convert Magician principles them will into distance him at the I is trust next H To great a Genilemnn sweepetakes "ST in AUGUSTINE, this City- under E. 25th the pestilence; Oct only 1839. to list on his day. P Dr whose health "Our city abating has been as suffering my There hesband are however mentions does three not other of room make him bed his chamber our of down being number to of but, thanks them past almost hope; cases physicians; to and night, My distress has to has the been game time, an ever and kind are all and now been have they Providence, last died Episcopal Clergyman. Church, who Gen Smith day convalescent Mr Henderson Dualop. the of was the taken Presbyterian is the better nex! to best that of the week, 'llended and Mr. his Funeral, attacked, bat the Gene pubit been the submit our before cation We in extenso advised Question. the opinions But shall lay have Sketch of them ted ral, to on the Logislature readers, in next. Not 2) Floridian, for Est Mercer. UNION BANK has member 0 (From the Charles Tallahasseen of Congress from Virginia.


Article from Morning Herald, November 18, 1839

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Article Text

Bank of Darien and branches on the 7th of October as compared with the 1st April, 1839 Oct. 1839. Decrease. A; ril, 1839. 670.376 605,719 Loans, 64,657 47,458 170,576 23,118 Exchange 32 449 21,724 54,173 Specie, 440 993 293,720 Circulation, 147.273 25,085 32,139 7,054 Deposites This is one of the suspended banks of Georgia, an its bills are at 25 per cout discount at Augusta. The Oemulgee Bank at Macon has also suspended. United States Bank notes are at 5 per cent discount, and Savannah city notes at 1 per cent premium, and specie 6 per cent premium. Sight checks on New York at 10 per cent premium. It will be recollected that on Tuesday last we published a circular containing a new arrangement proposed by the Safety Fund Banks for the redemption of their bills in Albany. An in vitation was extended by the same circu'ar to the associations under the general Banking Law, to join the plan. By a refereace to the letter of our correspondent at Rochester, published in another column, it will be seen that this invitation has been accepted. The arrangement, as it now stand is very imper fect, and will by no means effect the desired object of making their bills available in New York. A merchant here, in possession of Safety Fund money remitted him in payment of notes, does not want a draft on Albany for the money, and to negociate them will cost at least 11 per cent. or all the difficulties with which our state currency has had to contend, the miserable bungling in the exchange system 18 the worst. The evil is now of so great maguitude that it calls imperatively upon the Legislature to interfere and set it right. Much of the difficulty during the past summer has arisen from the conflict of the two systems of banking, each of which is struggling for the mastery. There are fo England, Scotland, Ireland, and New England, four different modes by which the exchange of bills among the country banks is regulated, each of which works with perfect harmony and preserves the recipients of the bills from loss. There are in England, 670 private country banks, and 274 joint stock banks, making 904 banks, which issue either their owa notes or those of the Bank of England. The Bank of England is not professedly a bank of discount; they avoid discounting prirate bills as much as possible, and design only to furnish a cir. culating medium by the purchase of public securities, leaving the discounting of private paper to the bankers of Louach. To do this, the bank uniformly keeps the rate of interest a little higher than the market rate. It is only in times of severe pressure that they discount commercial paper. When the rate of intere*t was kept at five per cent by law, and the market rate rose above it, every one applied to the bank: but now the institution raises the rate to any amount. Thereiore the cireulation for sixty-five miles round London, is in the notes ex* clusively furnished through the medium of bankers. There are many of the country banks which, although entitled to issue notes of their own, prefer to issue these of the bank.These oanks, in particular circles, meet on Tuesdays and Fri days of each week and exchange the notes they hold of each other's issue, and the debtor banks give a draft on the London banker who is their particular agen', for the balance. The arerage sum ou deposite in London for each of these banks is £6,000, making £4,520,000; the interest of which at three per cent. is £135,600 per ensum-which, added to an avera commission of £300 paid by each. is the remoneration of the London banker. This system has been proposed to be altered by establishing a joint agency in Londen, which will reduce the expense nearly half.