1851 newspaper accounts report a heavy run on the Farmers & Mechanics' Bank in Detroit; bills presented were promptly redeemed and capitalists telegraphed support. No suspension or closure is mentioned, so this is a run-only episode. Date inferred from cited Free Press item (March 22, 1851).
Events (2)
1.March 22, 1851Run
Cause
Rumor Or Misinformation
Cause Details
Accounts cite excitement and a heavy run but no bank-specific insolvency; capitalists telegraphed backing, suggesting panic/rumor rather than disclosed failure.
Measures
Bills presented were redeemed at the counter; telegraphic assurances from capitalists that drafts for redemption of notes 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...All bills presented at the counter were we believe, promptly redeemed.
Source
newspapers
2.April 1, 1851*Other
Newspaper Excerpt
Report: Farmers' and Mechanics' Bank at Detroit has failed. ... it was stated that the Bank was hard run, but had not quite bursted. (newspaper noted as rumor/uncertain).
Source
newspapers
Newspaper Articles (2)
1.March 28, 1851Kenosha TelegraphKenosha, WI
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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, 1851The Kalida VentureKalida, OH
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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.
