8436. Union Bank (Baltimore, MD)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
March 24, 1834
Location
Baltimore, Maryland (39.290, -76.612)

Metadata

Model
gpt-5-mini
Short Digest
0a897c4e

Response Measures

None

Description

Contemporary reports (late March 1834) describe a large run on the Union Bank of Maryland triggered by the sudden failure/stop-payment of the Bank of Maryland and related rumors (including that the Treasury Secretary was a stockholder and that Treasury drafts had been advanced). No article states that the Union Bank suspended or closed — only heavy withdrawals and panic in the streets are reported.

Events (1)
1. March 24, 1834 Run
Cause
Local Banks
Cause Details
Failure/stop-payment of the Bank of Maryland (a different Baltimore bank) and resulting connection/rumors about intimate ties between Bank of Maryland and Union Bank.
Newspaper Excerpt
...the sudden failure of the Bank of Maryland... caused a run on the Union Bank ... the streets of Baltimore, in the vicinity of the Bank, were yesterday crowded by People pressing to obtain metallic currency for the paper in their hands.
Source
newspapers

Newspaper Articles (5)
1. March 27, 1834 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, March 27, 1834

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MARYLAND BANKS. In the Senate on Tuesday, Mr. CLAY rose said that he had heard, and he presumed and that every member of the Senate had also heard, that, yesterday, a Bank, chartered by the State of Maryland, and situated in Baltimore, had stopped payment. The evidence of the fact was to be found in the public prints of this morning. He had further heard, as he also presumed most of the Senate had heard, that, in consequence of a connection, supposed or had actual, between the Bank of Maryland, which thus exploded, and the Union Bank of Maryland, one of the Banks selected by the Treasury Department as a depository of the public revenue, there was, yesterday, an immense run on the latter Bank. The information which reached him was, that the streets of Baltimore, in the vicinity of the Bank, were yesterday crowded by People pressing to obtain metallic currency for the paper in their hands. The connection that between the two Banks was so intimate, stabiligreat danger was apprehended as to the ty of the Union Bank. In this Union Bank, it appeared, from the that returns made by the Treasury Department, himself the Secretary of the Treasury was a stockholder. To what extent the Secretary stockholder, did not appear, but his name of was a to be found on the list of the stockholders the was Union Bank, one of the Banks selected by him for the reception and charge of the public deposites. He had heard that the Secretary He a stockholder to a considerable extent. had was heard that the stock held by the Secretary of in that Bank constituted a considerable part time his property, and that he had been for some a Director in that Bank, pevious to his removal to this city. He hoped that it would turn out that the Union Bank was in a safe condition; and that there were no just grounds for the apprehension which seemed to exist, as to its safety. He hoped it would turn out that the Secretary of the Treasury was not a stockholder in this Bank to extent which could authorize an impression enter that any he had suffered his own interests to into the considerations which had led him to se lect this Bank as one of the depositories of the public He had money. also heard this morning, but he would not undertake to vouch for the truth of the ruthat, in consequence of the connexion between mor, the Union Bank and the Bank of Mary lank, a Treasury draft, or Treasury drafts, to the amount of 150,000 dollars, had, in the course of the last few days, been furnished to the Union Bank of Maryland, by the Secretary of the Treasury. He did not know how far this rumor was founded in act, but he did know that it was the official duty of the Senate to inquire into the fact, whether there was any= danger to the public interests which was likely to result from the circumstance of the public money being in that institution. After these remarks he would submit the folresolution, and would ask that it might be at this time, in order an lowing considered the Secretary: that early reply might be received from Resolved, That the Seeretary of the Treasury be directed to report to the Senate what amount of public money is now on deposite in the Union Bank of Maryland, and on what account it was deposited; and whether any Treasury drafts, contingent or other, have been, during the month of March, 1834, farnished to the said Bank enable it to meet any demands which might be made upon it. The motion to consider the resolution requiring the unanimous consent of the SenateMr. FORSYTH rose and said, that if the gentleman from Kentucky had introduced the resolution without any remarks, he would not have interposed any objection to its adoption. But, after what had been said, he thought it was due to the Secretary of the Treasury that he should have an opportunity of seeing the resolution.-The fact of the Secretary of the Treasury being a stockholder in the Union Bank of Maryland, was on record. but the extent to which he was interested was not known. He did not imagine, however, that it would be found. on examination, that the Secretary held sufficient stock to render it an object with him to select this Bank for the custody of any part of the public money. He objected to the consideration of the resolution at this time. Mr. CLAY said he would make one single remark. As he had already stated, he did not know the amount of stock held by the Secretain the Union Bank. He had heard that it ry was a considerable sum, and this he had heard when he was in Baltimore. The fnct, however, was apparent, that he had stock in the institution, and therefore the inquiry was a proper one. The resolution was then laid over.

2. March 28, 1834 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, March 28, 1834

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THE BANK OF MARYLAND. The following extract of a letter, received on Wednesday morning, by a gentleman in this city, from Baltimore, March 24, announces an event which has excited some interest in the community "We were all thrown into consternation this morning, by the sudden failure of the Bank of Maryland. That Bank closed is doors this morning, which created a pauic and a very great exciten eut, and caused a run on the Union Bank (pet Bank) through the day, as well hB many calls on the other Banks." The following is the official annunciation, which the Baltimore papers give us : "TO THE PUBLIC.

3. April 1, 1834 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, April 1, 1834

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[Remainder in our next.] IN SENATE. Tuesday, March 25, 1834. MARYLAND BANKS. Mr. Clay rose and said that he had heard, and he presumed that every member of the Senate had also heard, that, yesterday, a Bank, chartered by the State of Maryland, and situated in Baltimore, 'had stopped payment. The evidence of the fact was to be found in the public prints of this morning. He had further heard, as he also presumed most of the Senate had heard, that, in consequence of a connection, supposed or actual, between the Bank of Maryland, which had thus exploded, and the Union Bank of Maryland, one of the Banks selected by the Treasury Department as a depository of the public revenue, there was, yest rday, an immense run on the latter Bank. The information which reached him was, that the streets of Baltimore, in the vicinity of the Bank, were yesterday crowded by People pressing 10.obtain metallic currency for the paper in their hands. The connection between the two Banks was so intimate, that great dan. ger was apprehended as to the stability of the Union Bank. In this Union Bank, it appeared, from the returns made by the Treasury Department, that the Secretary of the Treasury was himself a stockholder. To what extent the was a but his name Secretary stockholder, did not-appear, was to be found on the list of the stockholders of he-Union Bank, one of the Banks selected by him for the reception and charge of the public deposites. Re had heardithat the Secretary was a stockholder to a considerable extent He had heard that the stock held by the Secretary in that Bank constituted a considerable part of his property, and that he had been for some time a Director the Bank, previous to his removal to this city. He hoped that it would turn out that the Union Bank was in a safe condition; and that there were no just grounds for the apprehension which seemed to exist, as to safety. He hoped it would were out that the Secretary of the Treasury was not a stockholder in this Bank to any extent which could authorise an impression that he had suffered his own interests to enter into the considerations which led him to select this Bank as one of the depositories of the public money. He had also heard this morning, but he would not un. dertake to vouch for the (ruth of the rumor, that, in consequence of the connexion between the Union Bank and the Bank of Maryland, a Treasury draft, or Treasury drafts, to the amount of 150,000 dollars, had, in the course of the last few days, been fornished to the Union Bank of Maryland, by the Secretary of the Treasury. He did not know how far this remor was founded in fact, but he did know that it was the official duty of the Senate la inquire into the fact, whether there was any danger to the public interests which was likely to result from the circumstance of the public money being in that institution. After these remarks he would submit the following resolution, and would ask that it might be consideréd at this time in order that an early reply might be received from the Secretary: Resolved, That the Secretary of the Treasury be directed to report to the Senate what amount of public money is now on deposite in the Union Bank of Maryland, and on what account it was deposited; and whether any Treasury drafts, contingentor other, have been, during the month of March, 1834, furnished to the said Bank to enable it to meet any demands which might be made upon it. This motion to consider the resolution requiring the unanimous consent of the SenateMr. Forsylh rose and said, that if the gentleman from Kentucky had introduced the resolution without any remarks, he would not have interposed any objection to its adoption. But, after what had been said, he thought it was due to the|Secretary of the Treasury, that he should have an opportunity of seeing the resolution. The fact of the Secretary of the Treasury being a stockholder in the Union Bank of Maryland, was on record, but the ex. tent to which he was interested was not known. He did not imagine, however, that it would be found on exami nation, that the Secretary held sufficient stock to render " an object with him to select this Bank for the custody of any past of the public money. He objected to the consideration of i resolution at this time. Mr. Clay said he would make one single remark. As he had already stated, he did not know the amount of stock held by the Secretary in the Union Bank. He had heard new

4. April 1, 1834 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, April 1, 1834

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SPEECHES IN CONGRESS. Washington correspondent of the Harri-burg who is opposed Reporterstates, The that Mr. Gilmer of very Georgia, able and statesman- the to the Administration, against the res'oration made a of the deposites, great deal and of the like speech of the bank. He attributes a of the discounts re-charter country to the enlargement President, for the distress of the after the Veto Message of the instead of curtailing of purpose of buying up to have public done. opinion, Mr. Schley, speech on another them, as it ought Iroin Georgia, has made Jones strong and Wayne the Representative same side of the question. and Messrs. the restoration. all also go against the re-charter, len. has disclaimed in the Senate, Judge knowledge White and of approbation of The any Judge plan of went a Bank, further, to and, be submitted as the Washington "the Mr. most Calhour. Correspondent of ultra-constitutional New extent. grounds. York pa- He asper sumed says, by took Mr. at length, Wright the and arguiken's to their Bank furthest of Mr. unconstitutional." Calboun, adcombatted dressed to hite those goes who against deemed any the National Bank whatsoever. such a subJudge of such man ight, Calhouns. upon The authority Websters, Clays, and Mr. The Philadelphia jeet, a host Calbouu's of *peer b is winning golden Inquirer opinions from prothe allies of to the be Bank. the effort of master spirit of and the philoso- age. nounces it the views of statesman, patriot are anxious to cle " It unfolds and should be studied knowledge. by all " he The Bank oraof the public drink pher, beepeaks at the fouutain for it" the of true calm, coul, and careful attention" hall of Mr. Webster's the speech Bauk. on his It We give to-day, in a bill for elongating all histavorite motion to usual bring force- though it preserves We shall wants his National Government.- at the features of high-toned with Mr. Leigh's Speech-and upon follow it alongside up of it, the critical communication Mr. L. admits, alternatives, same, lay it, which has been placed in our bands that he may vote for as one of the disclaim "awful a.l such alternatives we apprehend ney-no Bank.-We will pursue no such continge ourcal. none such-W We admit no such phantom luco N. York such culation possibility. neither an Executive whatever-nor Bank-nor a any league Bank-1 any " National hich may Bank be wielded solely which by the we Piesi- pub. of lish to-day. dential power.- Sta'e Banks under The the head of article in what from Reported the we Globe, had before tersations tiken made the for President," confism he wishes us "the State Banks to be and use. under safe granted, depositories that for the funds suitable of the regulations governine nt, prescribed place ful by Congress, instruments, transmitting solvency the and public uniformity money to from the have curto place, and country. securing Authat whatever measures the discontirency contemplated of the by him as necessary, the United after States, they been nuance of the present been considered Bank of as subordinate to the of ge- the have ral uniformly authority of Congress over the " hole subject revenue.' corrections of the reports of the President's asserted to con. be These us, by the by, in that we Mr. Forsyth versa ionsconfide of the m Philadelphia Committee. Senate, his scepthe wistakes declared in place in the the conections had ticisin previously as to the truth of this report. McKim And nd thought their the satisfied which Messrs. Taney reportsul nd Isaac the Baltimore Committee, have duty togive of public the of the necessi y of receiving We deemed such it our ports with many particularly grains of allowance. into that part of "that the Philadel- not even duty to enquire which makes the President say, the Legi-laphia Report, of the People, nor the of We underthe opinions shake his fixed determination." untrue. stand ture, could positively, that the President says it is Senate. EveRu triAgitation watched-i is the order be of used the Day for in political the effect. high ry thing is caught and propagated from that people. Mr. to mours are produce excitement among the being sent on bunal, hears to a report about transfer the Dratts late panic of Baltiwithout more-and, and housetopsrelieve Clay the Union Bank, waiting against to ascertain the the facts, rumour proclaims the rumour false. from Mr. the Prestor electrifies in the political Senate, turns out to be the death of Mr. arz, that a the Reby bringing at Philadelphia. forward The Orator But proclaims it turns out, that Mr. the object. volution K. tray is not is dead. no longer Thus bloodless. we go! Agitation-agitation is Address has been ushered voice with of the much mapomp The before Majority the public-as It speaking has been the re-published in the land.Opposition jority of the prints, Legislature. and sent character forth in of ex.ras this anomalous over the produc- onesNow, what is it the from real the lips of one of the of knowing the cullar Ediof the Bank: the lion Editor Hear of the Norfolk Herald one this piece over tors "We find that we fell into last, mistake the Address in calling of the the submitted Majority to of them the signature, Legislature; published in in point our fact cannot was be considered never authority; as theirs. and Inwe late their sanction, itself and, pretend of course, pub ished of by the their Author only, who suppose must. de d, therefore, does not be regarded us on his the Address own responsibility, though very possibly has uttered by the it, request of friends. The Philadelphia PENNSYLVANIA. Sentinel says of Pennsylvania "The gloom will is passing not ta- be offer also has away' and the The Improvements who'e-loan of Philadelphia, $729,354 44 at has par. been An arrested." ken by JOHN Moss, been Esq., made of for the $2,000,000 loan at small advance. are making to procure from the of Legis. $10, Active a charter exertions for a State Bank, with note under capital $10 after 1850, &.c. &c. 000,000. lature 1840-under The $15 Bank alter not to issue 5-under any $20 after the year SeDeposite Resolutions have passed But the had 5 Mr. Clay's last of them by vote of 26 to 20. sentiments of nate-the factitious majority represented of the Alabama of this they voted, as Moore but those of their States-had express their own wishes, 25 against ally voted, not to this vote would have been the Senate of their resolution, constituer and only 21 for it. Such constituted, is and thus the the U. States! And it constitueate, is body, thus which expects to thwart the representatives misrepresenting their of the People, as well as the People themselves! Baltimore has The have Amer:- died met, The Panic "that in on Wednesday last with appears which to the demands for the can away entirely. says, and The the known promptitude ability of the Banks compa to atively cash limited their were notes, operation will at of once the panic, account and its early and complete who cession." By way of refreshing the memory themsel of ves two Ignorant persons, Subscribers," are modestly we pleased beg leave to to term ask, whether against the Thomas can titutionali- Jeflerson did of not the enter U. S. his Bank, solemn (under opini Gen. n Madison Washington's did not deliver adminisSpeech that man himself to answe ty ration) against and whether this same James Bank- bich it would puzzle thy of notice. The great hits of the " Charlottesvi ille Advocate" are unworhas Old Petersburg appear Republican" on Friday or To too late CORRESPONDENTS for this day's paper, viz and Philo will Jastice" and Publius next. The arrived articles from Halifax, are una voidably postponed the Communica our ion on in reply to Justice,' from Louisa, in reply lie to over One of the Coin- Peo. An subject Observer," of the Substitute, must also virtually superseded by the ple," on Mr munication the of Bou'din's Mr. Worsham, Election in our last. FOR THE ENQUIRER. THE CRISIS!-THE ELECTIONS united there were a period when Constitution, the to the persever- Union ing and If efforts to ever Liberty, of every ought friend to The to be the brought occurrences into requisition, of the last it few is to the future. months, peculiarly have the caused present. many of We us have to look seen with a monied trembling cor- asdisappointed poration, apprehensions brants, endeavouring aided by a band to undermine of desperate our and Republican insti-

5. April 17, 1834 Vandalia Whig and Illinois Intelligencer Vandalia, IL
Article from Vandalia Whig and Illinois Intelligencer, April 17, 1834

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CONGRESSION AL. 1. SENATE-MARCH 25, 1834. Mr. CLAY S said he had just heard through he public prints, that one of the incorpo banks of Maryland, situate had failed. He a.so rated hat heard connexion in Baiti- that in of a more, consequence supposed Union bank that bank and the of one of the banks of the tretsury as a of the money in a made on that run between Maryland, ry the secretary was public selected that bank city, selected deposito- vester- great by for He hat teen informed that the of treasury was a to some extent, e not how in the Union be danger to public moneys day, stockholder might much, great secretary specie. the the bank did and know there now on there. He hopel it would the Union bank was turn out deposite sife and such that the secretary was not H stockh de to an amount that his interest coud be supto have induced him to selet hat a of posed bank as depository the public toney. of He had also heard that in apprehenson the Union bank, a treasury issued in its favor for and it was the other to look into it. He senate to had a run that been on bank, had dury $150000 therefre which Iraft prepared the following resolution, hoped no gentleman would object to being adopted immediately: Resolved, That the secretary of the treasury be directed to report to the senate, what amount of public money is now on deposite in the Union bank of Maryland what account it was deposited, and drafts, or have during furnished to it to meet any March, other, to on whother enable 1834, any treasury been, demands the the contingent said month which bank, of might be made upon it. Mr. FORSYTH said, if the gentleman had introduced the resolution without any remarks, he could have had no objection to after what had been he thought we to see the gentleman, some was was the of said it. But that time secretary resolution. the ought treasury said to by' It knew have the in the Union bank-he to what extent. in that the whatever it be, secretary, a nothing hesitation stockholder saying might But interest he had had select- of not the 00 had the slightest effec: on him in ing the bank as one of the public deposi tories. The resolution lies one day. BANK OF THE UNITED STATES. The VICE PRESIDENT having announced the special order to be Mr. Webster's motion for leave to bring in a bill to recharter the bank of the United States for six years: Mr. WHITE resumed, and concluded his argument against the bill. Mr. WEBSTER then took the floor, and said that he had not expected that on a motion for leave to bring in is bill, such a protracted debate would have ensued. had foreseen it, he would have been refrom interfering with the resolutions of sion strained he upon the the gentieman discus from Kentucky. in his judgment, any refor the distresses of the coun must be carried through congress of opinion out h was the distracted state comr try lief the Such action present public of of the expected doors. by munity, that no relief could be to sentiment gives a direction d measures. till some public specific And with introduce this object he had moved for leave to in with a view to action upon it t hereafter. But it of debate, and motion for leave, due this the on a season bill, subject other if had it topics It went become were with on to be introduced into it. was reluctance he of could not consent to a SO believed it was of likely great traordinary-he but he interrupted thing the the debate firs ex time such a thing had ever occurred.there had been nothing like it since he ha g 18 been in the senate. He was constrained therefore, to endeavor to make a disposi th tion of it. His object was to place y I proposition for relief before the country He therefore moved to lay the subject cal the table, and intimated his intention to