Banks in Savannah - Savannah, GA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: January 7, 1840
Location: Savannah, Georgia (32.084, -81.100)

Metadata

Model: gpt-5-mini
Short Digest: 9f21434b

Response Measures

None

Description

Multiple newspapers report that banks in Savannah 'have stopped specie payments' in early January 1840. These are suspensions (not described as runs). The articles give no information on permanent closure or receivership; historically such suspensions were often temporary, so I classify as suspension_reopening but this is somewhat uncertain because the sources do not state subsequent reopening.

Events (1)

1. January 7, 1840 Suspension

Cause: Macro News
Cause Details: Part of a wider wave of banks in Georgia suspending specie payments in January 1840; likely systemic regional banking distress rather than a run on a single bank.
Newspaper Excerpt: The Banks in Savannah have stopped specie payments.
Source: newspapers

Newspaper Articles (3)

1. January 16, 1840 Richmond Enquirer Richmond, VA

Article from Richmond Enquirer, January 16, 1840

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Article Text

[Phil. Spirit of the Times. The Banks in Savannah have stopped specie payments. We understand the Mechanics Bank of Augusta has also suspended. We believe now all the Banks in Georgia, with the exception of the Insurance Bank of Macon, have suspended. The Charleston Banks, those we mean which have not done SO already, we presume will next follow suit. Milledgerille Recorder.

2. January 20, 1840 Lynchburg Virginian Lynchburg, VA

Article from Lynchburg Virginian, January 20, 1840

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Article Text

From the Milledgeville Recorder Jan. 7. The Banks in Savannah have stopped specie payments. We understand the Mechanics' Bank of Augusta has also suspended. We believe now all the Banks in Georgia, with the exception of the Insurance Bank of Macon, have suspended. The Charleston Banks, those we mean which have not done already. we presume will next follow suit.

3. February 1, 1840 Piney Woods Planter Liberty, MS

Article from Piney Woods Planter, February 1, 1840

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Article Text

RATHER GLOOMY. - Our late papers show clearly that it is the intention of more than two thirds of the banks in the South, that have not already suspended specie payments, to follow in the footsteps of their illustrious sister Banks, and suspend also. The Banks in Navanah have suspended, and the Bank 01 Augusta has also stooped. It is said that the insurance Bank of Macon is the only specie paying Bankin Georgia. The Bank of Wisconsin is sowed up entirely, the Sheriff of Green Bay has taken the keye in his prossession and sent the cashier, clerks, and all to seek sustenance in some more honorable business.--Tb. -