7761. banks of New Orleans (New Orleans, LA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 1, 1857*
Location
New Orleans, Louisiana (29.955, -90.075)

Metadata

Model
gpt-5-mini
Short Digest
1f040e52

Response Measures

None

Description

Newspaper clippings indicate the banks of New Orleans had closed/suspended payments during the 1857 panic and subsequently resumed specie payments in late November 1857. The references speak of the group banks of New Orleans rather than a single named institution, so I mark bank_name_unsure true and bank_type unknown.

Events (2)
1. October 1, 1857* Suspension
Cause
Macro News
Cause Details
Part of the nationwide financial pressure / Panic of 1857 that caused multiple city bank suspensions.
Newspaper Excerpt
Quick upon the suspensions of Philadelphia, while yet the banks of New York continued to pay specie, followed the bank suspensions of Charleston, Savannah, and all the chief Southern cities; and the banks of New Orleans and New York closed simultaneously.
Source
newspapers
2. November 23, 1857 Reopening
Newspaper Excerpt
Resuming. The banks of New Orleans resumed specie payments on Tuesday of last week.
Source
newspapers

Newspaper Articles (4)
1. October 23, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, October 23, 1857

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Affairs South. At the commencement of the pressure, the Southern papers werefull of exultation that their portion of the country had escaped the shock, and was sailing along 80 grandly and serenely in the midst of a sea of difficulties. The reason was attributed to their peculiar institution. Commercial affairs were steadied by it. Industry and all things dependent upon it were preserved in steady equipoise by the conservative influence of Slavery. They had little of the bustling industry of the North, it was true, but they had also little of the unhealthy excitement and reckless speculation consequent upon the display of such boundless energies, and the rapid development of material resources and enhancement of values. Their progress was slow, but uniform and certain, The non-excitable character of their population, and the unvarying amount and value of production, secured them against the consequences of feverish excitement and commercial disaster. In the midst of danger, more than ever did Cotton prove itself King, and, sitting upon their big bales, the lords of a servile race could laugh to scorn the perils that surrounded them. This sort of thing had some plausibility to a superficial thinker and a hasty observer, though it never was supported, in fact, by even temporary evidence, and its sole foundation was local vanity. If Baltimore, Washington, Richmond, and St. Louis are Southern cities, the argument is certainly fallacious, for they were among the first to feel the pressure of the times,-Baltimore and St. Louis being among the very first, and among the number that have been the most severely distressed. If it be replied that they are in some sense Northern towns, observe how rapidly the troubles spread to the extreme Southwest, to the very midst of the profoundest repose with which a brutish industry has blessed the land. Quick upon the suspensions of Philadelphia, while yet the banks of New York continued to pay specie, followed the bank suspensions of Charleston, Savannah, and all the chief Southern cities; and the banks of New Orleans and New York closed simultaneously. Three weeks ago New Orleans was wallowing in gold. Now money is worth two per cent. a month in the Crescent city, and Savannah and Charleston are almost as "hard up" as a paper town OR the Western frontier. The South, as a section, taken together, felt the pressure as soon and as severely as the North. It will feel it for a longer time, for it has not the recuperative energy that the North enjoys in its unfettered industry, in its Intelligent and skillful laborers, free to change the charaeter of their employment and to flock to any any field that promises remuneration. And they have yet one blow to feel, the first force of which will be spent upon them, and which will affect us only through their distress. Cotton is a good crop. It commands a certain market, specie funds, and a high price. But the South lives full up to the average value of its great staple, and cannot afford to see the demand diminished or the price reduced. It has got to see both. Wait till cotton falls, and the demand is cut off one-quarter to one-third, and you will see sights." CONCERT POSTPONED.-In consequence of the inclement weather, the concert of the

2. November 28, 1857 Keowee Courier Walhalla, Pickens, SC
Article from Keowee Courier, November 28, 1857

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was blown down and wife killed. Her moth er was also fatally injured. The tornado did a great deal of damage to farm houses. ### LOSS OF LIFE Eight persons were killed instantly, at Detroit, on the 14th instant, by the explosion and sinking of the boiler of the steamtug, Sprague. ### POST OFFICES At the commencement of President Pierce's Administration in 1853, there were 22,300 Post Offices. There are now about 26,000, and the average net in- crease is one hundred per month. PIGEONS. Wild pigeons, in greatnumbers, made their appearance in Randolph county, N. C. last week. A few have ventured this far; and the wonder is more do not follow, as the mast is good. ST. LOUIS, Nov. 20. The steamboat Cata- ract burst her boiler at Lisbon, on the Mis- souri River, on the 17th, killing five persons and scalding fifteen others. ### A CHANCE FOR SOMEBODY A needy ad- venturer advertises that any good looking young lady can have him by applying soon, provided she can support him in the style to which he has been accustomed-three meals a day, cigars ad libitum, and a clean shirt for Sundays. MOBILE, NOV. 20. A fire occurred in this city last night, which destroyed several resi- dences and stores in Commerce and Canal streets. The loss is estimated at $150,000. CAMPHENE ACCIDENT. A lady of N. York, Catharine Merrine, in retiring to her room broke the camphene lamp in her hand, which fired her dress and burned her so badly that she died in a few hours. SNOW IN VIRGINIA. At Staunton, on the afternoon of the 19th inst., it was snowing ve- ry fast. At Wayesboro', at the same time, the ground was covered with snow. At Char- lottesville it was also snowing very hard. WESTWARD THEY Go. The Selma (Ala.) Sentinel of the 21st, notices a large number of persons moving through that city on their way to the West-some for Texas, some for Mississippi, but most of them going to North Louisiana. They are from North and South Carolina, and Georgia; mostly, however, from Georgia. Within the week, it says, at least 1,000 negroes passed through the city. GONE OUT. The Philadelphia Sun has ceased to shine. The North American (says the Philadelphia Argus) is the sole surviv- ing daily in that city which supported Fre- mont last fall. RESUMING. The banks of New Orleans re- sumed specie payments on Tuesday of last week. ### THE SLAVE TRADE Advices from Sierra Leone, Africa, to September 21st, have been received. The Slave trade seemed to be flour- ishing, and the Emperor of France was ac- cused of attempting to revive it. British cru- isers had seized several slavers, under the American and Spanish flags. ELECTED.-W. S. Mullins, Esq. has been elected President of the Wilmington and Man chester Railroad. BALTIMORE, Nov. 19.-On Wednesday night, the Ellicott's Mills train run over Wm. Essler, between Ilchester and the Relay House, on the Baltimore and Ohio railroad, breaking his skull open, and kill- ing him. It is thought he was intoxicated at the time. He was a single man, 27 years of age, and resided near Ellicott's Mills. This afternoon, a laboring man, named Burns, was killed at the Mount Cla Sta- tion of the Baltimore and Ohio Rai road, by a sand bank caving in upon him. A portion of rock struck his skull, crushing it to atoms. His only relative is a mother, in Philadelphia. J. Tobin, au engineer, was killed at the Broad Tree tunnel, on the same road, by a collision which occurred between two en- gines. ### WON'T LET 'EM PARADE The Boston papers state that a military organization, composed of colored residents of that city, commanded by Louis Gaul, and entitled the "Liberty Guard," made their first public appearance on Monday with 29 muskets and a cornet band. Their appear- ance is said to have given great dissatisfac- tion to the people of Boston, a large crowd hissing, hooting and yelling at them as they passed through the streets. At some points they were so closely pressed that the police were compelled to interfore. The parade wound up in a general row in which sever- al of the "colored soldiers" came off second best. Tho Lieutenant of the company, a negro named Williams, was severely hurt by a missile thrown at his head. ### MARVELLOUS GROWTH OF VEGETATION IN THE HIGH LATITUDES Bayard Tay- lor, retracing his steps along the coast of

3. December 3, 1857 Green-Mountain Freeman Montpelier, VT
Article from Green-Mountain Freeman, December 3, 1857

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The exact amount of the British loss is not known, but it is believed to be 1150 killed and wounded, including 64 officers. ### NEW SUBSCRIBERS During the last two weeks we have added some hundred new subscribers to our list, notwithstanding the hard times, which are now getting easier, and we see no good reason why we shall not now have five hundred new ones to commence with the new story, January Ist. Many of our subscribers have paid two years subscription by procuring new subscribers. We will allow twenty-five cents each, for every new name sent us. Let each subscriber see if he cannot pay a part towards his next years' paper in that way. ADVANCE PAY. The _Phenix_ has adopted the plan of sending no paper unless paid for in advance. We do not require strict advance, but no account can be allowed to run over one year. ### MORE DECREASE OF NEWSPAPERS During the year last passed, we have chronicled the discontinuance of twelve newspapers in this State; and now we learn that the _Journal_, published at Swanton, has been discontinued, making thirteen during the past year. The rage for newspaper publication has increased the number in the State far beyond what could be supported; and now there must either be a better support or a further decrease of those still remaining. The Orleans County _Standard_, started in 1856, printed at Irasburgh, is advertised for sale. ### BETTER TIMES The banks of New Orleans have resumed specie payment and there is a prospect of New York and Boston banks so doing in a few days. This will bring very favorable results to the country banks. We see indications of less difficulty in money matters, in the country, and there is a very much better feeling among business men. Everybody seems to have a good supply of pocket change to meet immediate wants. Almost everything was extremely high, and with the hard times prices have fallen materially. LAWS. To the exclusion of almost everything else, and for the convenience of our readers who wish to preserve them for reference, we publish the laws entire in this paper. ### FIRE AT THETFORD A correspondent at Thetford, informs us that on Saturday evening, 21st inst., three barns and three sheds, filled with hay and grain, together with a lot of farming tools the property of Buckley Holton, Jr., were destroyed by fire in that town. The loss will not probably fall much short of $1700; insured for about $500. The fire was the work of an incendiary. STAYING AT HOME. During the recent State elections nearly 400,000 voters who came out in 1856 have remained at home in 1857. The revulsion and other causes have diminished sadly political excitement. Mr. Tieman, the people's candidate for Mayor of New York, is said to be an out-and-out teetotaler. The latest accounts from Wisconsin elect Randall, Republican, for Governor. The Legislature will stand as follows: Senate - Republicans, 18; Democrats, 12. Assembly - Republicans, 51; Democrats, 46. This gives a Republicans majority in both branches, and a majority of 11 on joint ballot. The New Hampshire Republican State Central Committee have called a Convention to be held at Concord, Jan. 7, for nomination of candidates for Governor and Railroad Commissioner, Gardner Gage, of West Charleston, committed suicide on Monday, by hanging himself. Robert Vance, of Barnet, had his arm caught in a threshing machine, and it was so badly mangled as to render amputation necessary. CANADA. The Hamilton _Spectator_ of the 21st inst., says a ministerial crisis is now impending, and the dissolution of Parliament may be looked for in a few days. The Republicans and Americans of Connecticut have called a union convention at Hartford, January 13, to nominate State officers. An assessment of city property in Leavenworth, Kansas, has just been made. Total valuation, $3,145,952. The number of slaves is 33, valued at 16000. There were seven murders committed in New York City last week. From the Burlington papers we learn of the successful breaking up of a gang of thieves at that place. Six rogues were arrested, and a large quantity of goods recovered. The steamboat Rainbow was burned on the Ohio River, Nov. 21st, and seventy-five lives lost. AN OFFENSIVE BREATH. There is no malady more disgusting than an offensive breath. Many persons are not aware their breath is bad and it is a delicate subject to mention. All may be positively free from this disgusting malady by using the "PERSIAN BALM," as a Dentifrice. Wet your brush in water, pour on it one drop of the Persian Balm, and wash your Teeth night and morning. It neutralizes the acids of the mouth, and restores to the breath a delicious fragrance and freshness. A CURE FOR INFLUENZA. This troublesome malady can be cured in two or three days, by using half a bottle of Dr. Wistar's Balsam of Wild Cherry. All irritation of the throat and

4. January 22, 1858 The Athens Post Athens, TN
Article from The Athens Post, January 22, 1858

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he Senate's Bank Bill which nau DEED amended by the House, came up in the Senate on the 12th. We subjoin the proceedings thereon On motion of Mr. Travis the Senate took up the Bank Bill, known as the "conference bill" for the purpose of considering House amendments thereto. Mr. Bullen moved to non-coneur in the first amendment, striking out the first of July and inserting the first of January, 1859, for the resumption of specie payment by the banks. Mr. Whitthorr.e hoped that the gentleman from Greene (Mr. Bullen,) would withhold his motion, as he desired to move a non con currence in all of House amendments, so that a committee of conference may be raised, in the event that the House refused to recede, and that thus the bill might be put in a shape in which it would pass both Houses. Mr. Harris desired to offer an amendment providing for the immediate resumption of specie payment by the banks, as the cause for suspension had been removed by the resump. tion of the banks of New York and New Orleans, and that all banks which do not resume shall forfeit their charters. Mr. Ross moved to amend the bill by providing that the banks resume specie payment on all notes of five dollars and under on the first day of July next, and on notes of all denominations on the first day of January, 1859. After some discussion upon the amendment of Mr. Ross, Mr. Bullen moved to lay the amendment of the Senator from Henderson on the table, which failed, and the question recurring on the amendment, it was adopted. Mr. Whitthorne moved to strike out January, 1859, and insert September, 1858. Mr. Harris moved to amend by inserting the 1st of February next. Withdrawn. The amendment of Mr. Whitthorne, was rejected. The first amendment of the House to the bill, was non-concurred in-ayes 10, noes 14. The second amendment of the House in relation to paying out the notes of the banks of other States by the Tennessee Banks, coming up. Mr. Travis moved to amend, by attaching a penalty to the violation of this provision. Mr. Bureh, (Mr. Jones in the chair,) moved to amend House amendment by striking out all after the words "this set" and inserting the following: "No bank, agent, person or corporation, licensed or chartered to do a banking or brokerage business, shall be permitted to pay out for circulation, the note of any corporation or association of individuals, which has not been chartered by the State of Tennessee; a violation of this provision shall be a misdemeanor, and any person or corporation convicted thereof, shall be fined not less than five hundred dollars, and not more than two thousand dollars.' The amendment of Mr. Burch was concurred in. The third House amendment, allowing the State Bank to pay out the notes of its branches, was non-concurred in. The fourth amendment, which permits the Free Banks to wind up their affairs, by withdrawing their circulation and redeeming their bonds deposited with the Comptroller, to an amount equal to the amount of notes redeemed, was amended as follows, on motion of Mr. Heiskell Provided, that no bank which has failed to deposite the second call of 10 per cent additional bonds, shall withdraw more than 80 per cent in bonds of the amount of notes withdrawn from circulation and deposited with the Comptroller." House amendment, No. 5, in relation to re apportioning the capital of the State Bank, among her branches, was taken up. Mr. Whitthorne moved to strike out as follows: Provided, such re-apportionment the shall not take place until the stocks of State in the Union and Planter's Banks, transferred to the State of Tennessee is sold and its proceeds received, but". -and to insert,"Provided further, that whenever the stock of the State in the Union and Planter's Banks is sold, or the proceeds thereof is in any manuer realized by the Bank of Tennessee, the same shall be divided and apportioned among the branches of said bank, according to the proportion directed to be observed by said Bank in dividing her original capital."I he amendment was adopted. Mr. MeDougal moved to amend the seventh section by providing that all the banks in the State shall be authorized to pay out the notes of the Bank of Tennessee and its branches. Mr. Manees moved to amend the amendment by providing that the suspended banks accept it as a portion of their charters, which as lost. And the amendment of Mr. McDougal, was then adopted. Mr. Heiskell moved that the words "no parent Bank shall"- the seventh section be stricken out, and insert, "the Bank of Tennessee and branches shall pay out each others notes," which was adopted. Mr. Burch, (Mr. Bullen in the chair,) took ground against the House proviso to the seventh section. He introduced the counter, note provision into the original bill and thought it worth more than all the rest. It is true he voted against the bill after the counter, note provision as adopted because there were insurmountable objections to the bill in other sections. He could in no event surrender the counter, note proposition. The question being taken on concurring in the seventh section as amended, it was rejeeted. The bill was ordered to be immediately transmitted to the House. WASHINGTON, January 13.-In the Senate the Hon. Jas. R. Doolittle, one of the members from to-day Black Republican Wisconsin, Comintroduced a resolution extending to modore H Paulding the thanks of the coun-