Commercial & Farmers Bank

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: February 1, 1841
Location: Baltimore, Maryland (39.290, -76.612)

Metadata

Model: gpt-5-mini
Short Digest: a8e6404756398938

Response Measures

None

Description

Article (The Pilot and Transcript, 1841-01-22) describes Maryland banks, including the Commercial and Farmers' Bank of Baltimore, having suspended specie payments earlier (in consequence of Philadelphia banks) and the legislature urging resumption. No explicit run is described; the piece sets a resumption date of Feb 1. OCR corrected the bank name punctuation to a conventional rendering.

Events (2)

1. February 1, 1841 Reopening

Newspaper Excerpt: Resolved ... be, and they are hereby required to resume the payment of their notes and other liabilities on or before Monday, the first day of February.
Source: newspapers

2. * Suspension

Cause: Correspondent
Cause Details: Banks of Maryland suspended specie payments because Philadelphia banks had previously suspended, prompting Maryland banks to follow suit.
Newspaper Excerpt: the Banks of this State had been compelled to suspend specie payments in consequence of the Philadelphia Banks having previously adopted that course
Source: newspapers

Newspaper Articles (1)

1. January 22, 1841 The Pilot and Transcript Baltimore, MD

Article from The Pilot and Transcript, January 22, 1841

Click image to open full size in new tab

Article Text

MARYLAND LEGISLATURE The subject of resumption came up before the House yesterday. Mr. GALLAGHER, after a preamble, stating that as the Banks of this State had been compelled to suspend specie payments in consequence of the Philadelphia Banks having previously adopted that course; and, as the Philadelphia Banks were now Iedeeming their notes in specie, and the Virginia Banks had declared their willingness to resuine as soon as the Baltimore Banks were ready, therefore: That the several Banking instituState be, and they are tions Resolved, of this in specie hereby of re- all quired to resume the payment their notes and other liabilities on or before Monday, the first day of February. Mr. E. A. LYNCH offered as a substitute for said resolution the following: Resolved, That as the Banks of Maryland have been at all times prepared to resume specie payments when the Banks of other States were able to unite with them in doing so perthis and readiness dence manently, in the ability Legislature have of entire the Banks confiof this State to resume whenever the true interest of the community require it. Mr. GRAVES offered as a substitute for the whole, the following:Resolved, That as the Mechanic's Bank of Baltimore, the Merchants' Bank of Baltimore, and the Commercial and Farmers' Bank of Baltimore, by their action, have decided that the of their officers the interest of the community immediate of specie in true opinion resumption payments, and require directors, that an therefore this Legislature have good reason to believe that such resumption should at once take place, and so most solemnly express their opinion, and are prepared to take action to enforce the same. On motion of Mr. GANTT, the preamble, resolution and substitutes were made the order of the day for Thursday next, the 28th inst. The consideration of the bill to authorize the Banks to receive and pay out the orders drawn by the Baltimore and Ohio Rail RoadCompany on the stock of the city, was then re sumed, but no definite action was taken. Mr. CAUSIN made a report from the Select Committee, to whom was referred so much of the Message of the Governor as relates to the public lands. He took the ground that as the public debt had been paid, the proceeds of the public lands should be distributed to the States in just proportions, to be by them applied to such objects of expenditures within the limits of the States, as may most truly tend in their results "to the common use and benefit of the States."