Bank of the Union (Nashville, TN)

Episode Information

Episode UID
6669926790694
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
666992679 hash
Start Date
October 20, 1857
Location
Nashville, Tennessee (36.166, -86.784)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9ba921337870d237

Response Measures

None

Description

Suspension described as a policy response to broader financial distress, notes remained current.

Events (1)
1. October 20, 1857 Suspension
Cause
Macro News
Cause Details
General suspension of specie payments across Tennessee amid the financial crisis/depression of trade in October 1857; banks suspended as policy rather than inability.
Newspaper Excerpt
In view of the general suspension of specie payment of the Banks of Tennessee and other States, the undersigned have to-day deemed it unadvisable longer to continue specie payment.
Source
newspapers

Newspaper Articles (5)
1. October 20, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 20, 1857

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Article Text

A CARD. In view of the general suspension of specie payment 0 the Banks of Tennessee and other States, the undersigned have to-day deemed it unadvisable longer to continue specie payment. The holders of our notes who may prefer the notes of the Ban of Tennessee, can at all times receive them in exchange for ours. DYER PEARL, res't of the City Bank. A. R. CROZIER, " " Traders' Bank. " " Merchants' " W, B SHAPARD, " " J. D. JAMES, Bank of Commerce. " " " of the Union. D F. CARTER, Oct20 d waw2t

2. October 23, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 23, 1857

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Article Text

Rags! Rags!! WING to the financial condition of the country, and 0 the great depression of trade, I find it neces ry to reduce the price of R gs to 3c per lb., to take effect f om and after the first day of November, 1857 After the 1st da of November I will pay Se cash for good rag ; and I hope the trade will see the necessity of thi course at this try ng time on manufacturers, W. S. WHITEMAN. Oct16-1m. A CARD. In view of the general 'suspension of specie payment 0 the Banks of Tennessee and other States, the under igned have to-day deemed it unadvisable longer to continue specie payment. The holders of our notes who may prefer the notes of the Bank of Tennessee, can at all times receive them in exchange for ours. DYER PEARL, res't of the City Bank. " " A. R CROZIER Traders' Bank. 46 " Merchants' " W, B SH PARD, " " Bank of Commerce. J.D. JAMES, " " " of the Union. D.F. CARTER, Oct20 d2waw2t. Wheat! Wheat!! E will pay the highest market pr ce in cash for prime red or hite wheat for imme diate del very. oct22-daw1m. JOHNSON, WEAVER & CO. NOTICE.

3. October 23, 1857 Weekly Clarksville Chronicle Clarksville, TN
Article from Weekly Clarksville Chronicle, October 23, 1857

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Article Text

SINCE our last issue, the Union and the Planters', and all the Free Banks in Nashville,-namely, the Merchants, City, Traders, Bank of Commerce, Bank of the Union, and the Bank of Middle Tennessee, at Lebanon, have suspended specie payment. The notes of all of them though are still current as before, and are all good. They suspended specie payment as a matter of policy, as the three old Banks did, and not from any inability to sustain themselves. We have not heard what course the Free Banks in Memphis, will pursue when advised of the action of those at Nashville; but we think it probable that they and all other Banks in the State, will also suspend from like motives of prudence and policy. The Bank of America and the Northern Bank, both located here, are still paying specie, and we do not know whether they will suspend or not. If they do, it will be only because all the other Banks have done so, and in consideration of the policy that moved them to do it. They have certainly proved that they are entitled to the highest confidence.

4. October 27, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 27, 1857

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Article Text

BOARDING.-A No. 1 room and Boarding can be had by applying Oct22-tf. at No. 34, Market street. A CARD. In view of the general suspension of specie payment 0 the Banks of Tennessee and other States, the undersigned have to-day deemed it unadvisable longer to continue specie payment. The holders of our notes who may prefer the notes of the Bank of Tennessee, can at all times receive them in exchange for ours, DYER PEARL, Pres't of the City Bank. A. R. CROZIER, " " Traders' Bank. W, B. SH PARD, " 45 Merchants' " " " Bank of Commerce. J.D. JAMES, " " " of the Union, D F. CARTER, Oct20 - d?waw2t.

5. October 28, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 28, 1857

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Article Text

ANEW BOOK, By the author of the LAMPLIGTER. "Mabel Vaughan." Just received by [oct.20] CHARLES W. SMITH.. A CRRD. 10 In view of the general Suspension of Specie Payment of the Banks of Tennessee and ther States the und. reigned have to-day, deemed it unadvisable longer to continue Specie payment The holders of our notes who prefer the notes of the Bank of T. Rnessee, can at all time receive them in exchange for ours. DVER PEARL, President of City Bank. A. R CROZIER. President of Trader' Bank. W. B SHEPPARD, Presider t Merchants' Bank J. D. JAMES, President of Bank of Commerce. D'L CARTER, Prest of the Bank of the Unio oct20-dw2w.