Canal Bank & Trust Company - New Orleans, LA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: trust company
Start Date: May 15, 1837
Location: New Orleans, Louisiana (29.955, -90.075)

Metadata

Model: gpt-5-mini
Short Digest: 2359a120

Response Measures

None

Description

Articles (May–Aug 1837) report Canal Bank among banks that suspended specie payments in mid-May 1837, and later reports (Aug 1837) indicate the Canal Bank resumed specie payments. There is no clear contemporaneous description of a depositor run on this specific bank in the provided texts; the suspension appears part of the wider 1837 panic (systemic). Dates are taken from article datelines and statements.

Events (3)

1. May 15, 1837 Suspension

Cause: Macro News
Cause Details: Part of the widespread suspension of specie payments during the Panic of 1837; Canal Bank listed among multiple New Orleans banks suspending specie in mid-May 1837.
Newspaper Excerpt: The banks that have suspended specie payments in this city amount to twelve ... *Canal Bank-
Source: newspapers

2. June 3, 1837 Other

Newspaper Excerpt: Before the suspension ... the paper of this bank was ... payments, now; but since that time they ... are stigmatised ... a bank believed its to throws more of it into circulation, Will the calis it giving this wholesale impositien of to people and redeem submit paper, to relief to the community! ... they chartered monopolies?... PICAYUNE. - The northerns ... contain not one item ... the money market has been slightly agitated ... the Canal Bank ... has proclaimed that she will redeem her fives and tens in specie, well knowing there are few or none in circulation.
Source: newspapers

3. August 14, 1837 Reopening

Newspaper Excerpt: the day on which the Canal and all, only ones that of nine banks by an act the was resumed specie charters payments- resumed ... we have passed most of the banks State are the day on which the Canal ... resumed specie payments- resumed and ... the Canal and all, only ones that of nine banks ... were the only ones that redeemed their notes in full (later accounts).
Source: newspapers

Newspaper Articles (5)

1. May 27, 1837 South Branch Intelligencer Romney, WV

Article from South Branch Intelligencer, May 27, 1837

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VERY LATE FROM NEW OKLEANS. From the New Orleans Bee, May 15. The banks that have suspended specie payments in this city amount to twelve, to wit : Mechanics' & Traders'-Carrolton Bank-Orleans Bark--State BankLouisiana Bank-*Improvements Bank -Commercial Bank--Union BankExchange Bank-*Canal Bank-Atchafalaya Bank. The Citizens' Bank, Merchants' Bank, Consolidated Association and Gas Light Bank, were the only institutions that redeemed their notes in full. The banks marked with an asterisk redeemed their $5 and $10 notes. The Collector of the Custom-house, J. W. Breedlove, Esq., gives notice that he will receive the notes of all the City Banks in payment of bonds.

2. June 12, 1837 Morning Herald New York, NY

Article from Morning Herald, June 12, 1837

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By Express Mail. NEW ORLEANS, SATURDAY, June 3--There a tolerably fair business doing since sales been some of Western produce, though the were on a small scale, and to In other departments of as at wants. mostly articles supply trade, degree however, immediate continues to prevail in as great As it regards is no The weather any dullness there time previously. improvement. transactions financial has been matters all plea the and favorable to out door inches week. sant The Mississippi is within 6 feet 4 of high water mark and of the rising. active demand for Cotton were In consequence and in the beginning of this, holders buyers last week, to ask such high rates that most three days, encouraged and the market for the last The sales quiet, dull appearance. amount to about 4500 for on previous prices. has quit small the operating, worn week advance a very bales, Louisianas We generally quote and at a as the extreme rates for 111 to 12 to 14 cents making fair Cotton cost Alabama from have Mississippis, few choice crops of North which cents. but 8 to 9 cents are the held. Our receipts continue are and the stock on sale is now round from brought all lots A quarters, 11, rates very at reduc- light ed extremely The low. evils of a paper money circulation, themselves irRAGS.- in specie, are daily manifesting Confidence is entirely in economy have disapp ared- field. dence of its reward, has retired from the deprived redeemable this and city. tomorrow destroyed- -and industry, perfect- hand The that circulates today may be iton paper worthless; and no one is willing to keep will therely the probable loss; the buyer what he does not really want; enorhimself against risk, for his commodities. a mad our entire population the mous seller, fore and with purchase sustain price to secure plague, Like charges seems city an infested and future. the to the the present, fearful of the disasters neighbor, of and enjoy man is striving to overreach his banished from uprightness Every and morality state of are things almost continues long, the it the land. If to this vitiate the manners, and which corrupt could will morals do of more the community, than any thing be invented.-Com. - Her. SEPULCHRES.- esterday noon we no WHITENED that they have been inte-washing, water-washing yel ticed that brown-washing, and Canal Bank low-washing and over the outside of the like the follow ing, all round hourafter wards.fv read something the outside, An "Ye hypocrites, ye make clean &c.-Ib. have information from a source entitled June, For- to We reliance, that after the 4th of some little to rent the St. Charles Theatre upon out nasari intends responsibility for four weeks, and bring may several his own new Italian operas. We hope the report turn out to be true.-Ib. CHECKED HATS Some of the most fashionable a new kind fellows in this city have introduced and the young checked hats, with a round crown Several nigger of yellow turned up 'all round the hat. weather) disbrim (in consequence of the warm new fashioned gals have frock, and introduced a superbly. checked with a petticoat, which they sport and petticoats look BANK. Before the suspension about as scarce pensed yellow Both EXCHANGE hats unique.-lb. of specie the paper of this bank was have litepayments, now; but since that time they A merchant rally as silver flooded is our city with debts their rags. is stigmatised as a who swindler, is unable if he involves to be pay insolvent his himself and more avowedly deeply; unable but a bank believed its to throws more of it into circulation, Will the calis it giving this wholesale impositien of to people and redeem submit paper, to relief to the community! abject slaves Will themselves the see.-Ib. they chartered monopolies? We these acknowledge shali day asked City.-We are every ?" So far, HEALTH OF r'-" THE is it going to be sickly be, or we is can it sickly answer, the cannot city is tell. healthy It is what rumored, may how- the what that will be, yellow we jacket,' in suspending" accordance with his visit of the times, who cares if custom ever, Orleans, for this intends year. Well, sufferers he by to New but the M. D.'s will be the doctor's this suspension. does? None Great bores are these same bills. Picayune. - TAT- The northerns ips received of any yesterday thing TIT FOR enail, contain not one item send them back, by express of news; in return we Diligently have in the shape " the same sauce.' to lay before as the boy said, for something of interest ineffectual.we searched but our efforts have been and market men seem Our a brisk business. people people our readers, butchers who drive way for They to the be have things, the There only are and prices all their own and must live. the re-cannot well get away up the chickens at are ontskirts speculators of the who town, less, purchase as they a piece, are brought and take in, them for sev- less to enty-five cents, or refuse utterly to take one cent market dollar and there for them.-Mobile Advertiser. than a We learn that CaptainIsaac to McKeeverhas take comNAVAL from the Department orders of war Falmouth, mand received United States sloop the Panow cific, at as of Norfolk, soon the as and the to necessary proceed with preparation her to can be made. QUICK PASSAGE The Baltimore ship Richard last summer, Anderson, by Captain Lucas, (built in 2d Mav. in 22 days Mr. Dancan,)arrived at Liverpool, from Cape Hatie is from Mobile, and board. 15 days This, it is stated, of one passage ras, till the a pilot came shortest passages on between those places on record. Extract of a letter received dated, by a gentleman in this city Co. May will be after Indians. house, of "You JEFFERSON, surprised excursion to (Camden hear that I from have my Three not long them returned were from captured an that about some two hundreds miles are to in this the neigh- Oaka it is believed were conducted a runaway negro a great villain he well known to me, and in that direction, fanoke. and borhood negrois by The Indians Oakafanoke or from this section. the next The and fled to the he may conduct he is entertained that A family of fifteen fears are a much greater number. Monticello a few days ago, bobeen murdered war near is only beginning. and some that the young warriors then are intend renewing aged heved time, have men and think women, the and than ever. sending away It is the the and the rumors war "I with do not greater like the vigor state of things of war at will all: appearances not cease it to Florida are gloomy, for many days that states continues The Wheeling Gazette favorable reports from and the fruit surreceive country in reference The late rains rounding the most of the latter. to alteration the grain in the seem ap- is crops, particularly a most happy There to of the whole of the verdant richness vales, that chases checks the bitter pearanca a productive have produced in the aspect vegetable and away kingdom even hills, the and gloomy execu- mur- the tive folly. murings forebodings of those of hard who times, feel the heavy stroke of

3. July 26, 1837 Morning Herald New York, NY

Article from Morning Herald, July 26, 1837

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By the Southern Express. Dates from New Orleans to the 18th have been received. A fatal duel had been fought at Houston, Texas, between a Mr. Laurens and a Dr. Chancery. Laurens fell. G eat grief was manifested at his death. Towell, one of Deaf Smith's men, and known as the Spy of Texas, was killed at Columbia, Texas, on the 27th of June, in a dispute with a Doctor Humphries. The crops in Texas are very fine. About 1200 of the Texian army had been furloughed. Flour was $30 a barrel. Nothing new in any of the southern cities. [From our Special Correspendent.] NEW ORLEANS, 18th July, 1837. Our money market has been slightly agitated for this day or two, by a partial resumption in one or two of our banks. The State Bank has announced its intention to pay specie for their notes of 5, 10, 20 and 350-together with $50 on the hundred dollar notes, and one- fith on their $500 and $1000 notes. But this is a ruse! They have few or none of these denominations afloat, and can therefore afford to make a small sacrifice in procuring specie for those, in order to blind the publie and the legislature. But it will not do.The whole of the banks pledged themselves, at the time of the suspension, to make monthly statements of their affairs! They have not done so. They undertook to act in concert. They have not done so. They dropped the Atehafalaya Bank, and thought to shut her up; and now, without caring for the others, the Canal Bank, after attempting to issue her notes payable after August, 1838, has proclaimed that she will redeem her fives and tens in specie, well knowing there are few or none in circulation. This of course is intended for parade and effect. Specie has fallen here to 8 or 10 per cent, but I am inelined to think it will rise again." Our city is fuller than usual at this season of the year, and perfectly healthy, although the thermometer stands about 95 or 96 habitually. A fatal duel took place here on Sunday last, between Mr. T. Bines and Mr. W. A. Cornell, in which the latter was shot through the heart. A quarrel had previously taken place, in which blows and abuse passed freely between them, the first being struck by the unhappy sufferer. They fought with rifles, and after two ineffectual discharges, an offer was made to receive the very slightest acknowledgment in order to terminate the contest-but all attempts to induce the deceased to advance, unhappily failed. The rifles were accordingly loaded a third time, and Mr. Cornell was shot through the heart. But matters of this kind are little heeded here, and nothing seems to be said or thought about it, except for an hour's gossip. The steamer "Nick Biddle" was snagged on the 14th instant, about fifty miles above Vicksburg, and ten of her deck passengers went down with her.Five others are thought to have suffered the same fate, as they have not been heard of.*

4. August 23, 1837 Morning Herald New York, NY

Article from Morning Herald, August 23, 1837

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By the Southern Express. We have dates New Orleans August 15th, Augusta 18th. Charleston 18th, Mobile 16th, Tennessee CANAL BANK.-I gives us great has reaumour readers that the Canal to to in specie of her notes. the ad18th, THE inform the payment institutions Bank We hope satisfaction see ed followed by the other as to of whose affairs have ministration the example been public such credit so, as individual and demanda this at their hands. the of doubtful policy and our has developed its pernicious under of the present imperiously sion ginning, permit of their specie suffering doing epayment its crueleffects. influence, from The Withouten- suspeninto a discussion of the contradiction citizens are bankingsystem, tering without defects fear of banks, weassert have injured of the the essays public opinion, than all of more in the, fruitful discussion existence been the theme. With of the counthem their that theimpolitieproceeding opponents during their credit own which with the natural to expect that try be have abandoned jeopardized, they have prostrated, it was industry and this mea- they even have come either to the affairs, and sure, and basis, or of winding up went. by ing creditors as far as is not just, that the would, paying their the specie before this, their resolution their means of restor- whole intertheir property. It subserve the should besacrificed to have a few persons, who have no gets of comparatively community the sale of who been their own misfortunes, and assistance. claim the cause to our of sympathy, much less to our -Bee. The editors had been much edified by seeing the Indians at Pass Christian play ball. Tuscanutchy-e-Math classically styled is Jim in New Boy, the principal warrior of the friendly Indians, Orleans to see the "lions." ult. of the Houston Telegraph to the 29th to Files received. The books for subscription Comhave be Railroad, Navigation and Banking on the 15th be in the capitol remains tranquil. is still the pany Texas were The to country opened The crops, at especially inst. corn, are promising. The army La The Baca, Brasos in good river, health Texas, and has spirits. been forded as high as Marion by a New Orleans steamer. Mexican prisoner Hon. Wm. H. Wharton is a in a very small The Matamorae, where he is confined devoured by fleas, at bristling with bayonets, half plundered by room the heat, continually when denied even medical guard, and is a return for the leniency Santa Anna. half sick. the suffocated This by assistance shown to EXPLOSION. The Caroline, city, burst on her her from New Orleans to in Mobile Bay, passage the mouth of Dog some six or eight boiler, STEAMBOAT near loss of three lives and able river, this to learn the the cause wounded. with We have not the been absence of all information, the long feel inclined have of the explosion. to In attribute the calamity been to defective of the boilers, was on the age. years, and could and two negroes jumped for many was killed, The wounded who were James use Smith, from we the pilot, The Caroline which drowned. must scarcely be Alabama seaworthy. McCarthy, were river of ship Wm. Crawley Capt. Clintock, John towed up by the overboard, Daniel Knight, wreck Colchis, Harks, Chron. steam- and Corn. The from Pensacola.-Mobile Champion, are making liberal which The property holders Mobile. Tenements last er James in reductions in the rates of rents two to three thousand dollars thousand. commanded now from offering for one and its proper two channel. year, are like water, is seeking its equitable Money, Property seeking and value. comHigh time. time. And people returning to reason High mon sense. High has time been again. produced the at author Cincinnati. may The A new editor tragedy of the Republican says ' write himself down de an Janetro ria Baltimore. month- Much Dates has from prevailed Rio there throughout i.e distress business has been inactive. for inwith from England was on looked the 17th with betThe packet and her arrival markets of England, ter advices from far to allay the London, of the drafts ten-e interest; have gone the money in fears of our business capitalwould but the non-acceptance of this whose that they large rendering it shock was given was suspend payment, The disinclination to ruled ists; of should much confidence. English extended, house a fresh specie necessary having take high bills to have houses reviving England continues; with bills, and several of coffee. our remitting on in comparison turned their attention to From our Correspondent. NEW ORLEANS, Aug. 14, the 1837. dull through DEAR Best has been one of thus the far dullest I have ever which has like a Sabbath thankful for the with. We have, to season, seen-every should be goodly day appears city is blest continued but good we weather yet always we be which our of fever (yellow,) community. had some which cases does not alarm the begin a few, sickness- now this This is the season destroyer for (yellow fever) has been for season. an important should expect sure, ed think the fell week. The avert- have 11th to We have passed most of the banks State are the day on which the Canal and all, only ones that of nine banks by an and act the was resumed specie charters payments- resumed and null paid void-the of deposit, conse- legisquently the become ip80 facto government lation, these a names of now Commercial,government & Traders', Presi tremendous pile of the stock is held its make do.-Orleane, most of who will, no doubt, deAndrew Hodge, Union Bank, government Louisiana, dent, bank of it, insolvent-Bank of to be thought Gas and it is thought she ter the general the expiration of good-Improvement good-The private posit, uncertain- suspension, City, badly continued 90 days. managed, to pay some time will will afLegislatare resume at is much talk about what but the if they only act as do There with respect to least the banks, bree-fourths of of these them licensed wish, the they people, will never or at centinue cannot, the nor charters ever the will people be able know to re- it. their promises to pay, our legislature renew The say robbers. deem question They arises people dare and no they cannot, their the charters when are the in a deplorable to a single dollar in 60 nor The do banks not of assist discount the merchants they continue to renew at abane

5. September 28, 1837 The Madisonian Washington, DC

Article from The Madisonian, September 28, 1837

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SPECIE-PAYING BANKS.-The following list of banks that were paying specie at the last advices, has been compiled by a friend from the recent statement made in various newspapers. It holds out great encouragement to others to go on and do likewise, now the panic is so much over. People's Bank, at Bangor, Maine ; Waldo Bank, at Belfast, do.; Belfast Bank, do. do.; Mequinticook Bank, at Camden, do.; Lime Rock Bank, at Thomaston, do.; Connecticut River Bank, at Roxbury, Massachusetts Yarmouth Bank, at Barnstable, do.; City Bank of New Haven, Conn; Brooklyn Bank, at Brooklyn, New York ; Bank of Rome, at Rome, do.; Patterson Bank, at Patterson, New Jersey ; Franklin Bank, at Washington, Penn.; Northwestern Bank of Virginia, at Wheeling, Va.; Insurance Bank, at Columbus, Ga.; Bank of Columbus, do. do.; Commercial Bank of Macon, do.; Central Bank, at Milledgeville, do.; Citizen's Bank, at New Orleans, La.; Consolidated Association Bank, do. do.; Louisville Savings Institution, at Louisville, Ky.; Shawneetown Bank, at Shawneetown, Illinois; Dayton Bank, at Dayton, Ohio ; Dank of Marietta, at Marietta, do.; Bank of Xenia, at Xenia, do.; Ohio Trust Company, at Cincinnati, do.; Pontiac Bank, at Pontiac, Michigan.-Globe To which may be added, the Tradesmen's Bank, at New York ; the Canal lank, at New Orleans ; and the Bank of Wasington, in this City.