4614. State Bank of Illinois (Springfield, IL)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
December 2, 1840
Location
Springfield, Illinois (39.802, -89.644)

Metadata

Model
gpt-5-mini
Short Digest
4ba4f7b3f5b3a83f

Response Measures

None

Description

Articles (Dec 1840) state the State Bank of Illinois had suspended specie payments and that the legislature passed/considered acts legalizing the suspension; the bank reported it was ready to resume specie payments when leading banks resumed. No run is mentioned. Classified as suspension with eventual/anticipated reopening.

Events (2)
1. December 2, 1840 Other
Newspaper Excerpt
THE STATE BANK OF ILLINOIS READY TO RESUME SPECIE PAYMENTS. ... The Directors state that the Bank is ready to resume specie payments whenever such payments shall be resumed by the Banks which led the way in the suspension.
Source
newspapers
2. December 2, 1840 Suspension
Cause
Government Action
Cause Details
Legislature passed an act legalizing the suspension of specie payments and extended its provisions to the State Bank of Illinois.
Newspaper Excerpt
a bill ... legalizing the suspension of specie payment by the State Bank of Illinois. It declares that the last act of the Legislature extends its benefits and provisions to the State Bank until the close of the second Session of the 12th General Assembly.
Source
newspapers

Newspaper Articles (2)
1. December 12, 1840 Boon's Lick Times Fayette, MO
Article from Boon's Lick Times, December 12, 1840

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Article Text

THE STATE BANK OF ILLINOIS REA. DY TO RESUME SPECIE PAYMENTS. Correspondence of the New Era. SPRINGFIELD, ILL. Dec. 2. Sir. A letter was this day laid before the Sen. ate from the President and Directors of the State Bank of Illinois, giving a statement of the present condition of that institution. The Directors state that the Bauk is ready to resume specie payments whenever such payments shall be res umed by the Banks which led the way in the suspension. The amount of specie on hand is $529, 640. A letter was received from the Governor, and another from the Fund Commissioner, in reply to resolutions of inquiry which had been adoptedby the Senate. A bill to make school commissioners for coun. ties, elective by the people, instead of being ap. pointed by the county commissioner's courts, was ordered to be engrossed for a third reading. The Senate refused, 19 to 15, to pass a joint resolution from the House af Representatives for the appointment of a joiut committee to inquire into the expediency of removing the seat of Gov. ernment to Vandalia.

2. December 29, 1840 The Pilot and Transcript Baltimore, MD
Article from The Pilot and Transcript, December 29, 1840

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Article Text

ILLINOIS. The correspondent of the St. Louis Republican writes from the seat of government of Illinois. "Mr. Hicks of Jefferson, introduced another bill this afternoon to provide for the payment of interest due on the Internal Improvement bonds alone, excluding the State House bonds and Canal bonds; it had the same feature in as the previous bills, which cut off all bonds in the hands of innocent holders where the consideration had not been received by the State. It was read the first time; the rules of the House unanimously dispensed with, and read the second time by its title; the question then was on ordering the bill to be engrossed for a third reading, and it was decided in the negative; the Yeas and Nays being demanded by a vote of 40 Yeas to 45 Nays. This is the fourth attempt to pass a bill through the House containing the obnexious clause above referred to, and it has been invariably rejected. Such a proposition never can and never should receive the sanction of the Whigs so long, as they have any regard for the well established principles of law, equity or moral obligation. A bill was ordered to be engrossed for a third reading in the Senate, providing for the hypothecation of bonds to pay all the interest due by our State debt without providing any fund to redeem the bonds. It will finally pass the Senate on to-morrow; but will most assuredly be rejected in the House, unless the destructives abandon the ground they have thus far assumed. "A bill was also introduced in the Senate explanatory of the act passed at the last session of the Legislature legalizing the suspension of specie paymentby the State Bank of Illinois. It declares that the last act of the Legislature extends its benefits and provisions to the State Bank until the close of the second Session of the 12th General Assembly. This is as com-