Banks of New York City - New York, NY

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: November 22, 1860
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: f7b8858f

Response Measures

None

Description

Article (New Orleans Daily Crescent, 1860-11-23) reports that all New York banks suspended specie payments Nov 22, 1860 and agreed to pool specie and settle balances by certificates. No explicit mention of subsequent permanent closure or receivership in these excerpts. Historically such coordinated suspensions were temporary; I classify as suspension_reopening but note the article does not state a reopening.

Events (1)

1. November 22, 1860 Suspension

Cause: Macro News
Cause Details: Political/financial crisis around the election of Abraham Lincoln and widespread panic leading banks to suspend specie payments and pool specie; coordinated city-wide suspension of payments Nov. 22, 1860 based on reports in the paper (also mentions suspensions in Washington and Baltimore).
Newspaper Excerpt: The banks of this city have unanimously resolved to make common stock of their specie as long as it lasts, and if insufficient to meet the demand of all, to suspend together.
Source: newspapers

Newspaper Articles (1)

1. November 23, 1860 New Orleans Daily Crescent New Orleans, LA

Article from New Orleans Daily Crescent, November 23, 1860

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Article Text

DOMESTIC INTELLIGENCE Later from Georgia. MILLEDGEVILLE, Nov. 22.-Gov. Brown, in a special message, in view of the election of Lincoln, and to promote unity of sentiment in the State, incidentally advises the Legislature not to vote for President and Vice-President. A motion in the Senate that the Legislature elect Electors on Saturday was adopted. Messrs. R. B. Rhett, E. Ruffin and Gen. Pillow were invited to seats on the floor of the Senate chamber. Benj. McCulloch is also in Milledgeville. Ex-Governor McDonald, who is in quite a feeble state of health at Marietta, could not go to Milledgeville to vote as a Breckinridge elector. If the Legislature selects him, it is probable that both branches will take a recess after the 1st of December. Some think that the Legislature will adjourn sine die, others to a fixed time, and others subject to a call of the Governor. Bank Suspensions. WASHINGTON, Nov. 22.-All the banks of this city, none excepted, suspended specie payments this morning. PHILADELPHIA, Nov. 22.-There is a probability that before the close of business to-day all the banks will suspend. Action of the New York Banks. NEW YORK, Nov. 22.-The banks of this city have unanimously resolved to make common stock of their specie as long as it lasts, and if insufficient to meet the demand of all, to suspend together. Balances between banks will be settled by certificates based on National and State securities. Killing Frost in Augusta. AUGUSTA, Nov. 22.-The weather yesterday was quite cold, and this morning there was a killing frost. The Abolitionists Commencing their Work. WASHINGTON, Nov. 22.-Official dispatches have just been received here stating that Montgomery and his followers have commenced making war on the Federal officers in Kansas Territory. Gen. Harney has received orders to proceed immediately to Kansas to suppreas the disturbances. Later from Kansas. CLINTON, Mo., Nov. 21.-United States Territorial Judge Williams has telegraphed the Administration, that from 300 to 500 Abolitionists, recently arrived from the East, fully armed, under the command of Captain Montgomery, had attacked Fort Scott, broken up the United States Court, compelling Williams and all District Court officers to fly for life; besides taking towns on the Missouri line, the Fort Scott land office, etc. Suspension of Specie Payments in Baltimore. BALTIMORE, Nov. 22.-The presidents and cashiers of all the banks of this city have unanimously resolved to suspend specie payments to-day. The steamer which sailed for Charleston took S down a large cargo of goods from Baltimore manufactories for the Macon, Ga., fair. The Financial Crisis in New York. NEW YORK, Nov. 21.-The New York Post says the presidents of the leading banks are discussing the project of issuing scrip, based on bills bearing 7 per cent. interest. The expansion of several millions is looked for this week. Messrs. Thompson & Bros. say the currency of the panic to-day equals that of 1857. They quote 1, bills South of Washington at 20 to 25 per cent. disA count. S, Official Vote of Alabama. L J MOBILE, Nov. 22.-The official election returns