8034. banks of Boston (Boston, MA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
May 11, 1837
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
308277e7

Response Measures

None

Description

Articles describe the general suspension of specie payments in 1837: New York suspended May 10, 1837 and the next day the banks of Boston... followed. This is a systemic (macro) suspension; later resumption is noted (universal resumption by 1843-44). The item refers to the banks of Boston collectively rather than a single chartered bank, so bank type is unclear.

Events (2)
1. May 11, 1837 Suspension
Cause
Macro News
Cause Details
Part of the general 1837 suspension of specie payments following commercial distress and the New York suspension on May 10, 1837.
Newspaper Excerpt
The general suspension in 1837, began at New York, May 10, and the next day the banks of Boston, Philadelphia and Baltimore followed.
Source
newspapers
2. January 1, 1843* Other
Newspaper Excerpt
A general resumption of specie payments was attempted in 1839... a universal resumption was not effected until 1843 and 1844.
Source
newspapers

Newspaper Articles (4)
1. August 9, 1837 Cheraw Gazette Cheraw, SC
Article from Cheraw Gazette, August 9, 1837

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Article Text

Shff's. Office, 30-3t. 1st Aug. 1837. PROSPECTUS Of the Financial Register of the United States. The recent suspension of specie payments by the banks of New York, Philadelphia, Bos ton and Baltimore, which cannot fail to be come general throughout the United States, presents a state of things, which may, if publie opinion be not led in a proper direction, involve the most fatal and disasterous results. The country will shortly be divided into three great parties-one advocating the destruction of all banks, and the scheme of a currency solely metalic; and the second supporting the doctrine of a permanent incontrovertible paper system, and a third, urging the restoration of specie payments by the banks at the earliest possible period at which it can be effected, with the least injury to the public. Of these plans, the first is impracticable, and the second would be ruinous to the industry, cap. ital, and morals of the country. The third is the only one that is both practicable and expedient, and the one that calls for the united energies of all the advocates of conservative princip'es and of all wlo res ects the rights of industry, the rights of property, and the laws of moral obligation. E intertaining those sentiments, the advertiser proposes to publish a semi-monthly journal, to be mainly devoted, for the present, to the accomplishment of this greatend; and he contidently relies upon the patronage of a large number of his fellow citizens to sustain him in the effort. All who unite with him in sentiment must be aware of the importance of prompt and energetic ac. tion, and of the immediate and wide diffusion of knowledge upon the principles of currency. Ignorance on this subject has brought us to our present bankrupt condition, and nothing can save us from deeper and more lasting dis. tress, but the dissemination of the important reason and experience have truths

2. August 16, 1837 Cheraw Gazette Cheraw, SC
Article from Cheraw Gazette, August 16, 1837

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Article Text

PROSPECTUS of the Financial Register of the United States. The recent suspension of specie payments by the banks of New York, Philadelphia Bos ton and Baltimore, which cannot fail to be come general throughout the United States, presents a state of things, which may, if public opinion be not led in a proper direction, involve the most fatal and disasterous results.. The country will shortly be divided into three great parties-one advocating the destruction of all banks, and the scheme of a currency solely metalic; and the second supporting the doctrine of a permanent incontrovertible paper system, and a third, urging the restoration of specio payments by the banks at the earliest possible period at which it can be ef. Of fected, with the least injury to the public, these plans, the first is impracticable, and the second would be ruinous to the industry cap. ital, and morals of the country. The third is the only one that is both practicable and expedient, and the one that calls for the united energies of all the advocates of conservative principles, 2nd of all who respects the rights of industry, the rights of property, and the laws of moral obligation. Entertaining those sentiments, the advertiser proposés to publish a semi-monthly journal, to be mamly devoted, for the present, to the accomplishment of this great end; and he confidently relies upon the patronage of a large number of his fellow citizens to sustain him in the effort. All who unite with him in sentiment must be aware of the importance of prompt and energetic action, and of the immediate and wide diffusion of knowledge upon the principles of currency. Ignorance on this subject has brought us to our present bankrupt condition, and nothing can save us from deeper and more lasting distress, but the dissemination of the important truths which reason and experience have taught reference to banking, currency and

3. October 20, 1857 The Western Democrat Charlotte, NC
Article from The Western Democrat, October 20, 1857

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Article Text

FORMER BANK SUSPENSIONS.-The first general suspension of specie payments by banks, occurred in 1814, immediately after the capture of the city of Washington by the British. The banks of New York and all South and West suspended, and did not resume for three or four years. The general suspension, in 1837, began at New York, May 10, and the next day the banks of Boston, Philadelphia and Baltimore followed. The banks of Cincinnati suspended on the 17th. A general resumption of specie payments was attempted in 1839, but a large proportion of the banks did not succeed in the operation, and a universal resumption was not effected until 1843 and 1844. The suspension in New York, in 1837, was preceded by a period of unprecedented commercial distress. Three hundred heavy firms failed there that spring, with liabilities estimated at forty millions of dollars, and it was said that two thousand men, dependent on their daily labor for their support, were thrown of employment. The pressure was equally severe in other places -one hundred and sixty-eight firms failed in Boston during the six months preceding the suspension.-Er. Paper.

4. October 28, 1857 Smyrna Times Smyrna, DE
Article from Smyrna Times, October 28, 1857

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Article Text

TORMER BANK SUSPENSIONS.--The - first general suspension of specie payments by banks occurred III 1814, immediately after the capture of the city of Washington by the British. The banks of New York and all South and West suspended, and did not resumre for three or four years. The general suspension in 1837, began at New York, May 10th, and the next day the banks of Boston, Philadelphia and Baltimore followed. The banks of.Cincinnati suspended on the 17th. A general resumption of specie payments Wa attempted in 1839, but a large proportion of the banks did not succeed in the operation. and a universal resumption was not effected until 1843 and 1844. The suspension in New York in 1837 was preceded by u period of unprecedented commercial distress. Three hundred heavy firms failed there that spring. with liabilities estima. ted at $40,000,000, and it was said that 2000 men, dependent on their daily labor for their support, were thrown out of employment. The pressure was equally severe in other places; one hundred and sixty firms failed in Boston during the six months preceding the suspension.-Ex. Paper.