Bank of Kentucky - Louisville, KY

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: December 25, 1837
Location: Louisville, Kentucky (38.254, -85.759)

Metadata

Model: gpt-5-mini
Short Digest: 23b9d422ffd9b2e6

Response Measures

None

Description

Article (Dec 25, 1837) refers to the suspension of specie payments by the banks of Kentucky, specifically naming the Louisville Bank of Kentucky. The piece discusses statewide suspension in the aftermath of the Panic of 1837. The article does not describe a depositor run or a permanent failure; historically these suspensions were temporary, so I classify this as a suspension with likely later resumption. No explicit reopening date or receivership is given.

Events (1)

1. December 25, 1837 Suspension

Cause: Macro News
Cause Details: Statewide suspension of specie payments in Kentucky following the Panic of 1837; banks placed under legislative control.
Newspaper Excerpt: the suspension of specie payments having placed the banks of the State under Legislative control, the Governor recommends that such laws be enacted as will continue in existence the State Banks of Kenturky, the Louisville Bank of Kentucky
Source: newspapers

Newspaper Articles (1)

1. December 25, 1837 The Madisonian Washington, DC

Article from The Madisonian, December 25, 1837

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Article Text

BANK STATISTICS. Tennessee. The private bank of Messrs. Yeatman, Woods & Co., of Nashville, has been incorporated by the Legislature of Tennessee. Capital $1,000,000. The bill conferring banking privileges upon the Charleston and Cincinnati Rail Road Company, has passed both branches of the Tennessee Legislature, and will, doubtless, receive the signature of the Governor. Kentucky. Gov. Clark's message to the Legislature of Kentucky is principally devoted to the domestic affairs of that State, though the currency question is elaborately, and, we may add, ably discussed. His views on the usefulness and necessity of State Banks are sound, and the impracticability of a metallic currency and the evils which are attendant on every attempt to introduce it, very clearly set forth. The suspension of specie payments having placed the banks of the State under Legislative control, the Governor recommends that such laws be enacted as will continue in existence the State Banks of Kenturky, the Louisville Bank of Kentucky, and at the same time effectually guard against their doing wrong. From a statement appended to the annual Treasury Report, we learn that the whole number of Banks in the United States, (country branches as well as principal Banks,) was on the 1st of January, 1836, seven hundred and thirteen; and on or near the 1st July, 1837, seven hundred and ninety-four; the whole aggregate "capital paid in" at the latter period being stated at three hundred millions, with a fraction of about $200,000. Branch Mint in North Carolina. The North Carolina Branch Mint has commenced coining gold and silver. It is expected that the branches at New Orleans and Georgia, will soon commence operations. We learn that the new branch mints will be instructed to make an ample coinage of the several pieces of gold and silver most proper for common circulation, viz. quarter eagles in gold, and twenty-five cent, ten cent, and five cent pieces in silver.