Atchafalaya Bank - New Orleans, LA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: *
Location: New Orleans, Louisiana (29.955, -90.075)

Metadata

Model: gpt-5-mini
Short Digest: 9346ca00

Response Measures

None

Description

1838 newspaper excerpt describes the Atchafalaya Bank in New Orleans as having 'burst up' and its notes regarded with suspicion; no explicit contemporaneous depositor run is described. OCR errors in the text were corrected (e.g., 'burst up', 'shin plasters'). The article implies failure/closure rather than a mere temporary suspension. Date of failure not given in the excerpt.

Events (1)

1. * Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank management/manœuvring and issuance of dubious notes (shin plasters), misuse of official power by Recorder Joshua Baldwin, leading to loss of confidence and bank collapse.
Newspaper Excerpt: they were always, however, notes garded by the well informed with suspicion, and to in the general panie, this was one of the first banks or burst up.
Source: newspapers

Newspaper Articles (1)

1. September 4, 1838 Morning Herald New York, NY

Article from Morning Herald, September 4, 1838

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Article Text

MORNING HERALD. TUESDAY. SEPTEMBER 4. 1838. Dr In a morning paper yesterday (remarkable fo its stolidity) there was some sublimely superlative nonsense relative to the Atchafalaya Rail Road; amongst other momentous statements this occurred By this way the cotton of the Opelousas country will reach New Orleans in October and November, instead of February, as now the case. A constant this supply of fine cattle will also come to market by road. Now, to all who have ever travelled as we have, over the Atchafayala country-across the Bayou the Sorrel-Bayeu Pigeon, Grand Lake, Lake Chicot, BaBayou Teche, the Atchafayala Bay, the Black you, &c.-the above statement seems the very quintessence of nonsense. For the great grazing country lies south of the Opeleusas, and not in any way near the line of the contemplated rail road from Opelousas church to Point Coupee. Thousands and tens of thousands of the finest cattle are annually brought from the immense prairies that lie between the Bayou Texas Teche and the Sabine river, (as well as from as far as the San Trinidad) to Saint Martinsville, thence by the cow boat to the Bayou Plaqnemine, all and by land to New Orleans. These cattle Indiana are preferred to those from Missouri, Illinois, Ohio; because they travel but a very short disand by water; if necessary they could go the entire distance tance from St. Martinsville to New Orleans by and then ge much quicker than by going round So the water, contemplated rail road line to Point Coupee. that it is perfect nonsense to state that the laying down the rail road from Opeleusas church to Point Coupee, will afford any extra facilities for sending beeves to the New Orleans market. Why in point of fact the contemplated line of rail road will pass through a tract of country in which it would be exceedingly difficult to find fifty head of cattle together at one time, along the entire route. Again, with regard to the cotton of the Opelousas earlier region being sent to the New Orleans market by the rail road, than by the present route. Can any thing be more ridiculous than this statement? Why the entire year's growth of cotton that come from New the " could be disposed of in the Levee in a few hours The cotton, also circumstances. Orleans Opelousas on country" included, under that ordinary comes Marfrom the adjoining districts of Lafayette, St. tin's, St. Mary's, the Plaquemine, the Atchafalaya Bay Plantations, &c. &c., is comparatively unimpor- rail tant when compared to the sugar crops. If a road were laid down for any particular purpose, it should be for the purpose of bringing the sugar to the it New Orleans market. And we hardly know how could be brought quicker than it now is. We have seen no less than eight excellent steambeats running between the sugar and cotton plantations and New Orleans at one time. The Menmouth, Teche, Ajax, Velocipede, Correo, Planet, and two this others, whose names we do not remember at moment. All running between the Opelousas country" as the sapient writer calls it and New-Orleans. Moreover, we have seen sugar and cotton taken on board these steamboats at the plantations and landed and sold on the levee at New Orleans, all within the space of 36 hours ; and yet the learned writer taiks in a way to induce some to believe that it required six months to accomplish this instead of 36 hours. Nay, we have helped to roll hogsheads of sugar and bales of cotton on board a steamboat on the Atehafalaya river, and have landed and sold the same in New Orleans within thirty hours. How ridiculous, then, it is for persons to attempt to write about thatters that they are totally ignorant of. The fact is, that the rail road, if laid down on the contemplated line, terminating at Point Coupee, opposite Bayon Sara, will benefit not more than six scheming specu- a lators. But the fact of the matter is, that there is certain bank in New Orleans called the Atchafalaya the southern people had little or no con. and the Recorder of the Joshua Baldwin, was its pality, fidence Bank, (which in,) President. Second circulate He Munici- made the use of his official power as Recorder, to of notes of the Atchafalaya Bank; the shin plasters Second Municipality were issued there, and the by the this and a good deal more of such manœuvring were circulated they were always, however, notes garded by the well informed with suspicion, and to in the general panie, this was one of the first banks or burst up. Whether the notes are redeemed now obwe have not heard. The Banking Company that tained not, their charter solely upon the atipulation, laid down the rail road within a certain time; iethey this object the company was chartered by the They for gislature of Louisiana with banking privileges. for it obtained their charter, built their bank, paid in notes, sent abroad their trash in the shape their of promises own to pay," and seemed for a time at least to think ne more of the rail road. they at last found, we presume, that Time, Bet, trips up the heels of the stoutest, would lay them who their backs if they did not present at least char- an flat on of complying with the terms af the appearance and now, therefore, we hear that the Atchafalater; road is to be laid down. Pagh! Whether yarail ever begun or ever finished, scarcely six persons, is believe, eares one cent. Its benefits, if it ever confers we can never be felt by the present generation; have but unfertuuately any, the evile conferred by the bank been felt by thousands. SUNDERLAND, THE Patrior.-We stated some shor since that this genius had been set at liberty by time banished, on giving security. Since then, we being learn that the law officers of the crown in England had declared his trial and conviction illegal, consequently that set him at liberty sansceremonic. Now from the Torento paper that a fall pardon to him and he has been set at He is lucky to be set at has on we that learn been ground. granted liberty liberty three times, for doing nothing.