8394. Maryland Savings Bank (Baltimore, MD)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
savings bank
Start Date
May 1, 1834*
Location
Baltimore, Maryland (39.290, -76.612)

Metadata

Model
gpt-5-mini
Short Digest
31e756b7

Response Measures

Full suspension

Other: Suspension of receipts and payments announced by directors; cause described as widespread distress and heavy withdrawals by depositors.

Description

Articles (May 1834) report heavy withdrawals/withdrawal demands during a recent period of distress that led the directors to suspend the operations (receipt and payment of deposits). No clear information on permanent failure, receivership, or reopening is given, so outcome is uncertain. The newspaper OCR showed both Maryland Savings Bank and Maryland Savings Institution; contemporary text more often uses Institution, so bank name recorded as Maryland Savings Institution.

Events (2)

1. May 1, 1834* Run
Cause
Macro News
Cause Details
Deposit withdrawals came during a recent period of general distress; depositors suddenly demanded funds leading to heavy withdrawals.
Measures
None listed prior to suspension beyond heavy withdrawals by depositors.
Newspaper Excerpt
During the late period of distress, they were suddenly demanded by the depositors
Source
newspapers
2. May 13, 1834 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors suspended payments because heavy depositor demands exhausted available liquidity after withdrawals during the recent period of distress; suspension announced by directors. (Cause classified as bank-specific adverse outcome following withdrawals.)
Newspaper Excerpt
The Directors of the Maryland Savings Institution have deemed it advisable ... to suspend the operations of that Institution, as relates to the receipt and payment of Deposites for the present.
Source
newspapers

Newspaper Articles (2)

Article from Richmond Enquirer, May 13, 1834

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Article Text

Mr. Richard Rush has resigned missituation as Secreta. ry of the Bank Committee account of the personal i convenience which it devolved upon him. In bis letter to Mr. Thomas, the Chairman of the Committee, Mr. Rush says: Its objects I considered to be momentous; nothing less than enquiring, under the high precept of the representatives of the whole American people, it further illegal ac had been committed by a corporation that had avowed dueand trines, and defended committed the last to practices, degreeunwarrantable and dangerous; doctrines and practices which, if sanctioned, would, in my belief, end in laying the course and policy of our highest affairs our laws all the most active operations of business and trade throughout the country the freedom and purity of electionsthe public administration the ress-tinally, public liberty itself, at the footstool of this corporation. These were considerations to excite any man to the duty of co-operation in your work, however small was to be his part in it. II, before you came, regarded this corporato tion as standing self-convicted of transactions sufficient consign it to universal condemnation, and yet saw that was able by the potency of its money, directly applied, or sciently felt through vast and multifarious channels of insquence, to rear up thousands and tens of thousands of champions ready to light its battles as if it were utterly in- geent, and had even been aggrieved, if I thought thus X Bank, as I did, had 1 read nothing more than its own thre rantfesto, I must needs think the work that brought you . Pri Here et the deepest concern to millions of freemen, living And unborn, of this young and, as yet, uncorrupted Republic. I considered it probable that the new proofs of offending which your work might, not irrationally, be expected to evolve, would do something towards Opening the eyes of the blind, and rousing the sensibilities of the torpid, towards a true estimate of the pub. 5) dangers incident to the longer existence of such a or poration; which, whether through design or the erme eeous use of its frightful power, is capable of stirring evil. from the centre to every extremity of the land, and passions worse than those of war. I beheld almost hunt-phere convulsed. SAW every thing else at a pause -every thing swept into one ingulfing vorlex. 1 felt hashed for our common country, full as much as slarmed, jl a banking company could do all this I felt that barely to it by whilst, as the chosen agents of a great people, , you carried your inquest into the causes of such transcendent indications and events, would be a privilege as well Ba aduly. even ambitious to hold the recording pen o in the scene." ties Some of the Southern papers, catching the cue from be Washington letters, are reporting that Govern or Tazewell will call the Legislature of Virginia immediately, "that the " opinion of the State may be expressed on the great politiopcal questions of the day. "-This is all news to us. We have not heard any whisper of such a thing. Mr. Walsh, one of the great oracles of he Bank, is clear for -And as it he were the private council of the Go. vernor and the Legislature, as he is of the Bank, thus ad. vises what course they are to take: "The part which Virginia has acted in respect to the theory and administration of a republican, and of our Ge. neral Government in particular, renders the supposed in. ten ion and object of Governor Tazewell peculiarly congritous and opportune. If the Governor and Legislature will avoid xtraneousandextremetopics-the olddebatable matters of speculation-coulining themselves to the a heresies and excesses et Jacksonism, they may make deep and salutary impression on the whole country." That is to say, if they would content themselves with denouncing Gen. Jackson, without saying one word against the Bank-whose unconstitutional origin and character are to pass as "extraneous and extreme topics"-w then all would be well!-But the People of Virginia will pearcely take such advice from such a quarter. Let the Legislature come when they will, they will go against this uncoustitutional and dangerous Bank. We regiet to see that the N. Standard, one of the best Democratic presses in the Union, has been discontinued. The Proprietor stated that he has "used every exertion to prevent this result, but after having made great sacrifices, his efforts have proved unavailing. It is since announce ed that the Standard is "to be again upreared in a few of days, under the title of the New York Times." Two the New firm "have had the principal management of the Editorial department of the Standard.' The New York Legislature adjourned on Tuesday last. The whole number of acts passed is 320, among which.are eight to incorporate new Banks, and one to increase, with an aggregate augmented capital of $3,. 800,000-thirty four, incorporating Joint Stock Companies; ten, renewing or extending privileges of existing Joint Stock Companies, such as manufacturing rail-road, bridge and turnpike companies, &c., and upwards of thirty actscreating corporations of other kinds! The Albany Agus observes, that "Unquestionably the most important law of the Session. (of the Legislature,) is the Relief Law, by which the State has interposed its credit and its means for the protection of the People against the oppressive measures of the U. S. Bank, and its political abetiors." Mr. Clay is fond of a revolution of names. The Fe. raliets, alias National Republicans, are to take the alias Whigs and 40 also are the Nullifiers. How far is Mr. Clay and his allies to proceed in this absordity? He calls the monstrous Bank of the U. S. a a Whig Bank"-Next we presume we are to have Whig Tariff'- system of Internal Improvements" Whig candidate for Presidency in the person of Mr. Clay and other things, equally appropriate. Cannot Mr. Clay give us a new political Dictionary throughout The Directors of the Maryland Savings Institution have "deemed it advisable, under existing circumstances, to suspend the operations of that Institution, as relates to the receipt and payment of Deposites for the present." The Institution had been in operation about seven years, and its suspension has caused much excitement in Baltimore. A bill has passed the Senate for extending the CumberJand Road, at an enormousexpence.-We are sorry to see Benton and Grundy voting for it-Judge White did DO He controverted it on constitutional grounds- and he spake the truth. The Constitution gives no such powerand we still dare to hope, that if the bill should pass the 11. of R., the President will stop it. Our Delegate, Mr. John M. Botts, is not so much op. posed to the removal of those Deposites from N. Yo We congratulate him on his success. His Rosalie So. mers won the Sweep Stakes Long Island, the first day, bearing six started horses, entrance $200, and 4 others paying forfeit of 50. And on the 3d day, his Tobacconist won the $400 purse, 3 miles and repeat, beating others. The tolls received on the N. York Canals, in April, 000. fourteen days only, were estimated at little short of $100,THE MARKET-TOBACCO. A crop really good, fine, dry, rich Tobacco, sold yes. terday at Shock Warehouse at the following prices, viz 9 Hhds. at $9.50 2 do do. 6 50 Virginia Elections. " MONONGALIA COUNTY-(2 DEL)


Article from Herald of the Times, May 22, 1834

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Article Text

MARYLAND SAVINGS INSTITUTION.--We are glad to learn that this institution whose failure was recently noticed, bore no resemblance to the banks which bear the same name elsewhere. There is a Savings Bank at Baltimore, established on principles and for purposes similar to those which exist in other commercial cities, the credit of which remains unimpaired. It has been in operation for sixteen years, during which period it has not sustained the loss of a single dollar. The Maryland Savings Bank Institution was restricted from issuing notes; but in other respects transacted business like ordinary banks. It had about half a million of dóllars in amount of weekly deposites, bearing an interest of five per cent. These deposites have been freely made in it, in prosperous times, and have been loaned to individuals. During the late period of distress, they were suddenly dempanded by the depositors, and the result was an entire suspension [Ibid. of payment.