8478. Farmers & Mechanics Bank of Kent County (Chestertown, MD)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
September 8, 1854
Location
Chestertown, Maryland (39.209, -76.067)

Metadata

Model
gpt-5-mini
Short Digest
456808b0

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Full suspension

Other: Bank solicited remittance from Springfield Bank; directors collected assets and promised to make liabilities good.

Description

Newspapers report heavy redemptions (about $60,000) and that the bank suspended payment in early September 1854. A remittance of $20,000 from the Springfield Bank was reported and a planned resumption on Sept 21 was announced, but later reports (Sept 23) state the bank could not resume on the 21st and would need until October/November to realize assets. No actual reopening is reported in the provided clippings, so outcome is uncertain. Cause of the initial withdrawals is not specified in the articles (no explicit rumor, scandal, or correspondent failure described), so classified as other.

Events (4)

1. September 8, 1854 Run
Cause Details
Heavy redemptions presented at the counter (about $60,000); no explicit cause (rumor or specific adverse information) given in the articles.
Measures
Redeemed every dollar presented at the counter up to suspension.
Newspaper Excerpt
it having up to that hour redeemed every dollar that was presented at the counter, which was some $60,000.
Source
newspapers
2. September 8, 1854 Suspension
Cause Details
Suspension following heavy withdrawals and the bank's inability to continue meeting payments immediately; officers stated determination to pay liabilities.
Newspaper Excerpt
The Farmers' and Mechanics' Bank of Chestertown suspended payment on Thursday at 3 o'clock
Source
newspapers
3. September 9, 1854 Other
Newspaper Excerpt
received a remittance of twenty thousand dollars from the Springfield Bank of Illinois... and that she will resume payment on the 21st instant.
Source
newspapers
4. September 23, 1854 Other
Newspaper Excerpt
will not resume operations on the 21st inst., as was intended... they have taken the most active measures to collect their assets... believe that they can be made available during the months of October and November.
Source
newspapers

Newspaper Articles (8)

Article from Washington Sentinel, September 12, 1854

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Article Text

THE BANK EXCITEMENT AT CHESTERTOWN.-A letter in the Cecil Whig, dated Chestertown, Md., September 8, says: "The Farmers' and Mechanics' Bank of Chestertown suspended payment on Thursday at 3 o'clock for a few days, it having up to that hour redeemed every dollar that was presented at the counter, which was some $60,000. The president and directors have expressed their determination to pay every dollar should they close. It is generally supposed they will resume operations in a few days." THE PROTECTION INSURANCE COMPANY of Hartford, Connecticut, has failed in consequence of the numerous losses it has lately sustained by extensive fires in various parts of the country.


Article from Port Tobacco Times, and Charles County Advertiser, September 14, 1854

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THE WHEAT CROP IN GREAT BRITAIN. Gen. Webb, in a letter from England to the New York Courier and Enquirer, writes "that the wheat crop now being rapidly secured without the slightest injury from the occasional showers which have fallen in certain districts and slightly retarded the work, is not only thegreatest in extent, but the most productive per acre that has ever been produced in the United Kingdom." THE BANK EXCITEMENT AT CHESTERTOWN.-A letter in the Cecil Whig, dated Chestertown, Md., September 8, says: "The Farmers' and Mechanics' Bank of Chestertown suspended payment on Thursday at 3 o'clock for a few days, it having up to that hour redeemed every dollar that was presented at the counter, which was some $60,000. The President and Directors have expressed their determination to pay every dollar should they close. It is generally supposed they will resume operations in a few days."


Article from St. Mary's Beacon, September 14, 1854

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Article Text

Bank SUSPENDED.-The Farmers and Mechanics' Bank of Kent county, at Chestertown, Md, has suspended payment. The Baltimore Patriot of the 6th inst., says, however, "that it is the opinion of good and true men at Chestertown, that the bill holders will lose nothing, 80 that, perhaps, it will be best for them not to be panic-striken, and dispose of the 08 bills at a heavy discount.


Article from Washington Sentinel, September 14, 1854

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navy, who was cently tried by a naval general court-martial, at Philadelphia, was found guilty of all the charges preferred against him, with the exception of the charge of " disobedience of orders," and sentenced to be cashiered. The finding and sentence of the court has been approved by the President dent of the United States. SLAVE RIOT AT CHICAGO.-A telegraphic dispatch of the 12th announces an attempted arrest of a fugitive slave by three citizens of St. Louis, in the street, without the assistance of officers. An immense crowd soon assembled, and rescued the fugitive from their possession. The captors instantly attacked the crowd and re-took the fugitive, firing pistols and wounding one of the mob. The three were then arrested, and are now being examined before Justice Pearce. An excited crowd is gathered around the office. THE BANK SUSPENSION AT CHESTERTOWN.-The Centreville Times states that the Farmers' and Mechanics' Bank at Chestertown, Maryland, on Friday last received a remittance of twenty thousand dollars from the Springfield Bank of Illinois, which bank is indebted to her largely, the indebtedness being firmly secured, and that she will resume payment on the 21st instant. The Times, however, doubts whether the bank will ever regain public confidence. YELLOW FEVER AT Savannah.-Although Savannah was visited by a violent gale on Thursday and Friday the yellow fever shows no abatement. There were 20 fever deaths on Thursday, and 13 on Friday. Among the victims are S. T. Chapman, esq., editor of the Journal and Courier, and Captain Trefethen, of Portsmouth, N. H. Mayor Ward, and R. B. Hilton, esq., editor of the Georgian, are down with the disease. At Augusta they are taking subscriptions in aid of the sufferers at Savannah. THE PARKER VEIN STEAMSHIP COMPANY.-It is stated that this company has made an assignment of its property to Charles S. Darrow, esq., for the benefit of the creditors and bond-holders. Mr. Darrow will continue to run the line, without interruption, until an advantageous sale of the ships can be had. He is a gentleman of large experience in shipping, having been engaged in that business in Boston for twenty years. AGRICULTURAL DELEGATES.-At a meeting of the New Castle Co., Del., Agricultural Society, held on Saturday last, Messrs C. P. Holcomb, John A. Griffin, Bryan Jackson, John C. Clark and Wm. Reybold were appointed delegates to attend the xhibition of the Agricultural State Fair at Baltimore. Mr. J. B. MOSELEY, formerly of Richmond, Va., has purchased the entire interest of J. G. Finnie in the Memphis Eagle and Enquirer, and is now sole publisher of the paper. Mr. Moseley is a man of energy, and is, we have reason to believe, reaping the reward of his well-directed industry. TREMENDOUS DEATH ENGINE.-Shells weighing one hundred pounds were fired from Lancaster's long range gun the other day, on board a vessel near the Isle of Wight, with a surpassing result. One was sent 4,000 yards distance, and reached the top of a cliff 500 feet high. It was calculated that in a tranguil sea, so that good aim could be taken, a mark 7,000 yards distant might be hit by this gun. MR. T. STANFORD, for more than twenty-five years editor of the Mobile Register, has resigned his editorial chair to Mr. John Forsyth, and has taken leave of his readers in a long address, in which he reviews his whole course from the moment that he assumed the editorship of the Register. THREE BRIGS and eleven schooners were driven ashore at Holmes' Hole during the northwest gale on Saturday night It is thought that most of them will be got off after discharging. No lives were lost. UNITED STATES BRANCH MINT-The coinage of the mint at San Francisco on Wednesday, says the Sun, exceeded that of any other day since the establishment went into operation. It amounted to $60,000. Total amount for July $528,000. No DEARTH OF NEWSPAPERS.-Of newspapers in San Francisco 'the cry is still they come. , There are now nine daily papers, two tri-weekly and seven weeklies. The Alta says that two more daily papers are shortly to be issued. RAILROAD BRIDGE HAVRE-DE-GRACE.-Piles are now being driven in the Susquehanna river where the railroad company have determined to bridge it. The location fixed on is from near the present reileced the Cecil side, to near


Article from Washington Sentinel, September 14, 1854

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Article Text

THE BANK SUSPENSION AT CHESTERTOWN.-The Centreville Times states that the Farmers' and Mechanics' Bank at Chestertown, Maryland, on Friday last received a remittance of twenty thousand dollars from the Springfield Bank of Illinois, which bank is indebted to her largely, the indebtedness being firmly secured, and that she will resume payment on the 21st instant. The Times, however, doubts whether the bank will ever regain public confidence.


Article from The Cecil Whig, September 23, 1854

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Article Text

FARMERS' AND MECHANICS' BANK.-This bank which suspended business at Chestertown, Md., recently, will not resuine operations on the 21st inst., as was intended, the time, it is said, being too limited to enable it to realize its assets. The president and directors announce. however, through the Kent News, that they have taken the most active measures to collect their assets, and have reason to believe that they can be made available during the months of October and November, and they advise note holders to make no sacrifices, as they "have no reason to doubt that every liability will be paid to the last dollar." The News adds that it is the intention of the friends of the Bank in Kent and Queen Ann's counties, as soon as its affairs are settled, to purchase its stock and have it conducted as a local bank.


Article from Republican Vindicator, September 25, 1854

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Article Text

The Farmers' and Mechanics Bank of Chestertown, Md., has suspended payment.


Article from The New York Herald, September 25, 1854

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The Kent News publishes a communication received from the officers of the Farmers' and Mechanics' Bank, Chestertown, Md., which states that it will be impossible to realize assets of the bank before October and No. vember, so that operations cannot be resumed before that time. Note holders are advised "to make no sacrifices, as every liability, the officers promise, will be paid to the last dollar." The Bank of North America, located at Flemington, Husterdon county, N J., is winding up its affairs. All notes must be presented to the State Treasurer within two years. The Treasurer of the State of North Carolina has ad. vertised for proposals for $130,000 of State bonds, having thirty years to run, and for $152,000, having ten years to run. Both draw interest at the rate of six per cent. per annum, payable semi-annually in New York, where the principal is redeemable. Bids will be received at Raleigh until the 20th of October next. The annexed statement exhibits the quantity and value of certain articles exported from this port during the week ending and including Friday, September 22, 1854, distinguishing the destination and extent of exports to each place:COMMERCE OF THE PORT OF NEW YORK-WEEKLY EXPORTS.