Farmers & Mechanics Bank of Michigan (Detroit, MI)

Episode Information

Episode UID
7505896790615
Episode Type
Run Only
Bank Type
state
Bank ID
750589679 hash
Start Date
March 22, 1851
Location
Detroit, Michigan (42.331, -83.046)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
fc9db56c5e270eb6

Response Measures

None

Events (1)
1. March 22, 1851 Run
Cause
Rumor Or Misinformation
Cause Details
Reports circulated that the bank had failed; press and telegrams indicate panic-level rumors though payments were redeemed.
Measures
Bills presented were redeemed; Peninsular Bank received/refunded bills; capitalists (Charles Seymour and others) sent telegraphic assurances that drafts for redemption would be accepted and paid.
Newspaper Excerpt
A good deal of excitement existed yesterday in reference to the Farmers and Mechanics' Bank, and a heavy run was made upon it.
Source
newspapers

Newspaper Articles (2)
1. March 28, 1851 Kenosha Telegraph Kenosha, WI
Article from Kenosha Telegraph, March 28, 1851

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Article Text

Farmers and Mechanic's Bank.-The Detroit Free Press of the 22d says : "A good deal of excitement existed yesterday in reference to the Farmers and Mechanics' Bank, and a heavy run was made upon it. Some of the banks and brokers refused their bills.The Peninsular Bank received them. All bills presented at the counter were we believe, promptly redeemed. A telegraphic dispatch was received from Charles Seymour, Esq., and other capitalists, stating that all drafts drawn by the bank for the redemption of its notes would be accepted and paid."

2. April 11, 1851 The Kalida Venture Kalida, OH
Article from The Kalida Venture, April 11, 1851

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Article Text

LOOK OUT FOR A BURST - We find the following in the Toledo, Republcan of Monday. We have no further particulars. and publish this in order that people may be prepared for a probable explos. ion. POSTSCRIPT.-A report was in this city yesterday, that the Farmers' and Mechan ics' Bank at Detroit has failed. We learn that, in reply to inquiries by Telegraph to Detroit, it was stated that the Bank was hard run, but had not quite bursted.