Article Text
The Detroit City Bank has suspended specie payments for sixty days.
9014. Detroit City Bank (Detroit, MI)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- March 9, 1839
- Location
- Detroit, Michigan (42.331, -83.046)
Metadata
- Model
- gpt-5-mini
- Short Digest
94835bcc
Response Measures
None
Description
Contemporary reports (Mar 1839) state the Detroit City Bank has suspended specie payments for sixty days. A report (Rutland Herald) states the Detroit City Bank have all failed recently and that the earlier failure of the Ypsilanti Bank created a bank panic, and was doubtless the cause of the stoppage of the other two, indicating suspension followed by failure/closure. No article describes a depositor run; cause attributed to distress of other local banks (Ypsilanti).
Events (2)
1.
March 9, 1839
Suspension
- Cause
- Local Banks
- Cause Details
- Reports say the Ypsilanti Bank's failure 'created a bank panic' which doubtless caused the stoppage of the Detroit City Bank; suspension of specie payments announced in March 1839.
- Newspaper Excerpt
- The Detroit City Bank has suspended specie payments for sixty days.
- Source
- newspapers
2.
March 19, 1839
Other
- Newspaper Excerpt
- We learn from Michigan that the Ypsilanti Bank, the Michigan State Branch, and the Detroit City Bank, have all failed recently. The former bank ... was the first to tumble to pieces, which created a bank panic, and was doubtless the cause of the stoppage of the other two.
- Source
- newspapers
Newspaper Articles (7)
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Article Text
The Michigan State Bank and the Detroit City Bank have suspended specie payments: the first on Monday, the 25th ultimo, the latter some days earlier.
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Article Text
The Michigan State Bank and the Detroit City Bank have suspended specie payments; the first on Monday, the 25th ult., the latter some days earlier.
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Bank Failures - We learn from Michigan that the Ypsilanti Bank, the Michigan State Branch, and the Detroit Cit y Bank, have all failed recently. The former bank, which had been charged with great frauds, was the first to tumble to pieces, which created a bank panic, and was doubtless the cause of the stoppage of the other two.
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Article Text
The Michigan State Bank and the De troit City Bank have suspended specie payments; the first on Monday, the 25th ultimo, the latter some days earlier. The 4th inst. being the 50th anniversary of the adoption of the constitution of the United States, was celebrated by a public dinner in Washington. Gen. Jones presided, assisted by Mr. Seaton, and others. Mr. Webster, Mr. Southard, and a number of distinguished citizens were present, and several speeches made. It is said that Swartwout had invested most of the money for which he was a defaulter to the Government in Texas lands, and that he has sold them to a company in England for six millions three hundred thousand dollars. Senator Tallmadge had a splendid reception on his return to New York. He addressed the people at Masonic Hall,i explanation of his public course. His speech was warmly applauded. We have news from Texas, that the Government of that country have made a proposition to the liberals in Mexico to aid them in the overthrow of the Cen. tral despotism. They had better let it alone. It is said that John Harvey has writs ten to the British minister at Washingtou, Mr. Fox, that he will withdraw troops from the disputed territory, agreeably to the protocol. The news from Maine is also favorable. Gen. Scott was at Augusta, addressing the people, and making a decided impression. Governor Fairfield had countermanded an order for the march of troops. Maj Joseph Hannah is brought out for the House of Delegates in Botetourt, in opposition to the present worthy delegate, Col. Shanks. A man, to preserve caste with the party, must think as the President dictates. A destructive fire occurred at Norfolk on the 15th, in the block of three story brick warehouses on Newton's wharf. It destroyed the three centre stores occupied by Nash & Co. R. S. Hutchings & Co. and Butler and Camp, leaving the other stores on each side standing. The loss is said to be heavy. A man named Glassner, mattrass,maker, and a nother individual, have been arrested on suspicion of having communicated the fire. A log house near Emmitsburg (Md.) was destroyed by fire on the night of the 8th inst, and a colored girl about fifteen years of age, and two children (blacks,) perished in the flames. Seven houses were burnt in Cumber land (Md.) on the night of the 1st inst. Referring to the warlike attitude which the people of Nova Scotia have assumed in consequence of the Boundary trouble, the New York correspondent of the National In. telligencer remarks with much truthHalifax would be the rendezvous for the army and navy of the British world. Potatoes and herrings would be amazingly high. Cod-fish then would he eaten on other days than Saturdays. Nova Scotia would dance and John Bull would foot the bill. Painful Intelligence from Florida-Extract from a letter dated Tallahassee, (Flo.) February 20"On Monday night last, the house of Capt. White, twelve miles from this city, on the Magnolia road, was attacked by Indians,w killed one man and two children, and wouned a man and woman, and burned the house. The same night, a house near Monticel. lo was also burned by them; and on Thursday of the same week, another on the St. Mark's road, nine miles from Tallahas see,where they murdered a man and his wife, and their children. The inhabitants of St. Mark's and Tallahassee turned out in pursuit, and had a fight with a party of Indians, one of the Tallahassee Goard and one Indian were killed and seven Indiana woun.
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Another Suspension -The Michigan State Bank has followed the e xample of the Detroit City Bank, and suspen. ed specie payments. Both Houses of the Legi-lature of Ohio. determined P
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The Secretary of the State of Pennsylvania has given notice that preposals will be received until two o'clock, P.M. Thursday, the 25th of April, instant, for a loan of $570,000,at 5 per cent, $100,000 to be appropriated to the Franklin Rail Road; reimbursable by the State, at any time after 1st July, 6864. On the subject of the banking, currency and resources of : Michigan, we received by last night's mail the following DETROIT, April 8, 1839. JAMES GORDON BENNETT, Dear Sir,-Your recent statement of the Miehigan Banks conveys a wrong impression as to the true situation and standing of three of the soundest banking institutions in the western world. I venture to correct it. The injunction OR the Michigan Bank, alluded to by you, was an attachment issued by some person in New York upon a small certificate given by the bank some time since, payabls in country chartered money. It was first presented at the bank and specie demanded, which they refused to pay, but at the same time a tender was made of " Country Chartered money," such as the certificate called for. The holder declined receiving this, and returned to New York, when the attachment was issued, but was dissolved the next day. This bank, with the Farmers' & Mechanics' bank never stood in better repute than at this day, and the failure of the State Bank, a rotten Locofoco, and the Detroit City Bank, a mis-managed "Wild Cat," has only served to give renewed confidence to these institutions. The failure of the State bank you will readily understand by looking at the statement furnished the Investigating Committee. Its capital paid in was about $120,000; discounted bills $350,000; over drafts of its hard political customers $147,000; advances to contractors and others (meaning the officers of the locofoco government) $77,000; debt to the State $620,000.The truth is, it was managed by a little seven-by-nine locofoce, who knew just enough to comb his black whiskers, dance attendance on Gov. Mason, and help himself whenever a good chance offered. The Bank of Michigan, since the failure of the State Bank, has purchased of the state, drafts drawn against the $500,000 loan for $750,000, and they are paying specie, Ohio notes, and their OWN. Their coin, since the 1st of January, has constantly increased, and they have now about $60,000, whilst their circulation has rundown to almost nothing. You may rest assured that nothing but war will cause these two old banks to suspend, and then it must be a general war of the world. They have lived through two patriot wars, a wild cat war, and a great locofoco war, in which that renowned financier, Governor Mason, declared that he could break them both, and he'd be d- if he would not." He made the effort, broke himself, John Nortou, the State Bank, and the locofoco party. So much for the banks. You have doubtless seen a notice in the papers of a new locofoco lawyer in our senate, to make real estate a tender in payment of debts. Please say to the mercantile community that this rascally law, introduced by a locofoco speculator to get himself out of difficulty, is forever knocked on the head." The only change made in our collection laws, consists in a simple postponement of one or two terms of our spring courts, where some of the members of the legislature were parties defendants. As soon as the war fever settles down, Michigan, although degraded and crushed to the earth, will stand on her feet. We have agricultural resources unequalled, and free us once from rascally locofoco legislaters, and we will conviace you Yorkers that we are not to be sneezed at. If you like, peblish the facts, and if you desire to know what is going on here I will advise you, from week to week, if you will pay postage. Certainly. I'll pay postage.-Ed Her. Sales at the Stock Exchange. 14 US Bank 1151-22 Bank of N York 126-2 do 126}do 1261-36 Merchants 101-150 Dry Dock 103-35 do 1034 -150 do 1031-50 do 104-100 do 1034-200 do 1041b30-100 Atlantic 96-130 Mechanics' Bank Asso -70 Del & Hudson 781-40 78 15ad-25 do 784-50 do 78}tw-50 do 78}-25 do 781-75 do 79-75 do 79:30-50 do 79153-50 do 791-3-175 do 794b30-10 do 794-100 do 79nw-125 do 791-126 do 79 -50 do 79snw-37 Morris Canal 54-120 do 541 do 541170 Bank of Commerce 1031-100 104 60ds-25de 1031-300 do 103-10 American L & T 100-30 Ohio L & T 1061-100 Ken. tucky 89b3-25 do 851.30-60 do 89bnw-25 881-5 Illinois 90 -10 Vicksburg 66-25 do 65uw-100 do 66b10-20 do 66-50 651-50 de 651-30-25 651-50 Americon Marina Ins Co 80 -30 Union Marine Ins Co60-10 Washington 76-12 Equitable 102). Right Ward 80-25 Merehants' Ex 74-25 do 731-25 Paterson 651-50 do 651-50 do 65 nw-50 Harlem 57-100 da 58-50 do 58tw-50 do 68-50 do 581660-150 do 571-150 do 59b60-50 do 581nw-50 do 574-100 do 59b60-50 do 57.2090 Boston & Providence 105-100 New Jersey RR 103b10-100 do 103b15-65 Stonington 34c-6 Utica 120-5 Canton 45}50 do 46. State of Trade. Trade must now shortly begin to revive, and from the number of strangers daily arriving in the various steamboats, we are led to infer that we shall yet have a good business before the languor of summer overtakes us. The navigation of Lake Erie is now open; the canal will this week be open, and the altered prospects of financial affairs all lead us to believe in a revival of the spring trade; shipping business is also becoming more brisk. The following is a comparative view of vessels loading in the United Foreign Ports: