National Bank (Augusta, GA)

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Episode Information

Episode UID
161300885
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
16130 national
Charter Number
1613
Start Date
September 25, 1873
Location
Augusta, Georgia (33.471, -81.975)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
afc77cd993dad64a

Response Measures

None

Events (4)
1. December 1, 1865 Chartered
Source
historical_nic
2. September 25, 1873 Suspension
Cause
Macro News
Cause Details
Suspension tied to the wider financial panic of 1873 and shortage/hoarding of greenbacks; banks refused to pay out legal tenders for checks.
Newspaper Excerpt
the banks here have suspended currency payments
Source
newspapers
3. September 29, 1873 Reopening
Newspaper Excerpt
All the banks have partially resumed currency payments; the banks of Augusta, Ga., have resumed payment.
Source
newspapers
4. July 1, 1912 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (6)
1. September 30, 1873 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, September 30, 1873

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are nearly all held in this country. The President of the First National Bank urges the immediate resumption of specie payment.ru the ground that such action will immediately add 880.000,000 of positive relief to the currency of the conntry. The United States coupons, maturing in November, will be paid on and after Monday, September 29, upon a rebate of interest at the rate of six per cent. per ponum. The bank officers and private backers held 12 musting to-night and confirmed the action of last night. A committee of six were appointed who will certify the checks of each. The banks holding aloof are the Bank of Washington, the Bank of the Republic, the Farmers' and Mechanics' Bank of Georgetown, and Riggs' Bank. The members of the combination are confideut that the above banks will be forced into compromise before Monday night. MEMPHIS, September 28.-Twentytwo yellow fever interments yesterday. Total for the week ninety-eight, against 128 the week previous. CAIRO, September 28 -Considerable neesiness is manifested at the prevalence of what has heretofore been denominated congestive bilious fever, but which physiciaus now pronounce yellow fever, modified by the Northern climate. There have been only six or eight fatal cases so far. The city is more unhealthy than for many years. Sr. Louis, September 29.-Curry & Kerley. at Jefferson City, and two bank ing houses at Chillieothe, have sugpended. PHILADELPHIA, September 29.-Janies Gibbone, late President of the Fenian Brotherhood, is dead; aged seventy.tive CHARLOTTESVILLE, V.1, September 25 In consequence of the money crisis in the cities, the University of Virginia has made arrangements for credits to all students temporarily embarrassed by the same NEW HAVEN, September 29.-Severai large factories. usable to get curreney to pay their hunds, have stopped work. HARRISBURG, September 29.-The tional and savings banks have suspended curreucy payments. The Cauton, Ill banks have also suspended. SAVANNAH, September 20.-There a panicky feeling here among bankers and merchants. MEMPHIS, September 29.-Sixteen yellow fever deaths yesterday. PHILADELPHIA, September 29.-Benj Bullock & Soes, wool dealers, have failed. NEW YORK, Sept inber 20.-An illicit distillery has been discovered in SingSing prison. The conviet distiller says the keepers of the prison were among bis best customers. Jay Gould thinks the panic is over. SAVANNAH, September 29.-The Merchants', National and Anderson Banks continue to pay currency. CHARLOTTE, N. C., September 29.The banks are paying as usual to move cotton. MONTGOMERT September 29.-One death from yellow fever and five cases in the last orty-eight hours. PATTERSON, N. J., September 29.The Grant Locomotive Works have discharged 175 men; the Danforth Works 100. CAIRO, September 20.-The banks have suspended specie payments. WASHINGTON, September 29.-Gov. Kellogg, of Louisiana, and Collector Casey, of New Orleans, are here. Secretary Richardsou declines the advice of a New York financier, that he should drown himself. A special agent of the Post Office De. partment is in charge of the Pittsburg office. Hon. Thomas Parkin Scott, Chief at Baltimore, contracted Judge is of dying the Supreme from disease Bench, by in Warren. to the Judge long Seott imprisonment President refused give Fort parole required by Lincolu's order No. 1, regarding State prisoners, and remained long after many of his fellows left. Probabilities-For the South Atlantic States, partly cloudy weather, lower temperature, winds veering to Southwest and North-west, and rain areas. AUGUSTA, Septemper 29.-All tue banks have partially resumed currency payments, but the cotton market continues dull and nomical; only 52 bales sold to-day. BOSTON, September 20.-$40.000 defalcation in the Bingham National Bank. CHARLESTON, September 29.-At A meeting of the Chamber of Commerce business assemblage this morning, of which bankers included aud the largest men that has met in Charleston for

2. October 2, 1873 Edgefield Advertiser Edgefield, SC
Article from Edgefield Advertiser, October 2, 1873

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The Situation in Augusta. There were very perceptible indications yesterday of a continued diminution of the panicky feeling created in commercial circles in Augusta on Thursday by the suspension of currency payments by several of our banking institutions. Depositors, where assured of the solvency of the institutions with which they were doing business, begin to appreciate the utter fol. ly of lashing themselves into a mid-summer perspiration simply because they can not get possession of their entire deposits in so that they may lock it up in their own a every coutingency currency, that strong they boxes will against require remote dollar for business purposes They begin to realize that upon just such food panics and increase and their grow have strong made up minds their tobe breadth, to satis an fied with a sufficiency of currency swer their most exhibition of of this pressing disposition demands. has been The incalculable financial relief. throughout the city and adjacent country, in encouraging our suspended banking institutions to resume and continue the payment of small checks, affording 111 the aggregate great relief to a class of depositors which otherwise must have experienced severe deprivations, from lack of money to purchase food supplies and seasonable clothThe even payments ing. permeate benefits the of whole these community, small and gradually find their wav back to the individual or institution making them. A MOST GRATIFYING SHOWING. The National Bank of Augusta, W.E. Jackson, President, throughout yesterday stood the pressure just as if it were veritable financial " Stonewall"-meeting all demands of depositors Among its heaviest payments were $8,300 to the Augusta Factory, to pay the operators of that establishment; between $5,000 and $6,000 to the city of Augusta, to pay th canal hands; and $1,200 on a check of the Orphan Asylum in favor of W. H. Goodrich. In addition, a number of checks for smaller amounts were paid to merchants and other depositors. And yet, at the its of were the close currency of day's business, $7,000 to the $8,000 depos- in excess of the amount of currency with which the bank commenced business the morning. The Georgia Railroad Bank remained firm and unyielding as Gibralter," waxall ing while still honoring stronger in checks its currency of depositors. supply, This institution is a recognized king of the present monetary crisis, and just about as safe and stroug as human institutions get to be. The Merchants and Planters National Bank, ex-Gov. C.J Jenkins, President, resumed the vent in currency of small checks yesterday, and effected settlement of larger amounts by certified checks, now current in the city. This institution expects to be firmly on its legs next week, doing busines as usual. The National Exchange Bank, Alfred Baker President, continued to pay small checks in currency yesterday, and make settlements with depositors desiring to accept first class securities. Messrs. John J. Cohen & Son, bankers, paid. in currency all demands made on them yesterday, and will gradually be to currency to dollar for prepared dollar pay deposited with depositors them. They will resume business on Monday under the same schedule as run yesterday. will be arrangements Deposits having received been and made checks by them sold, for the same. The Commercial Insurance and Banking Company continued to meet all demands of depositors The Freedman's Savings Bank remains in currency, under possession the sixty of its days' supply notice of rule. But few notices have been filed by depositors, and by the time the sixty days. run out, they will doubtless be fully satisfied to leave their deposits where they are. Commercial circles promise to weather the storm, and our merchants are heroi cally addressing themselves to the labor of the the can. trade-doing turning poorly very greased best they wheels of local The aspect of affairs is certainly encouraging and hopeful. Money is expected from New York by some of our cotton men about the middle of the present week, with which to purchase cotton, when general contraction of lengthened countenances will follow.-Constitutionalist,

3. October 10, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, October 10, 1873

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FINANCIAL. Banks Resume Greenback PaymentsHeavy Grain Receipts, etc. NEW YORK, Oct. 9.-The down town banks virtually resumed the payment of greenbacks yesterday. The step was mainly taken in consequence of the fiattering exhibit of legal ten ders made at the clearing house yesterday morning. Mr. Camp, manager of the clearing house, said that since the issue of the loan cer titicates there has not been so many greenbacks as were seen in the morning when clearances were made. All grains received from the west during the week, aggregating over a million bushels, more than any week in the history of the country, have been paid for in legal tenders. It is onderstood that measures have been taken by the managers of the Unlon Trust Company, whereby loans which were made to delinguent customers will be taken up and the company be enabled to resume business be fore the 15th. NEW YORK, Oct. 9. - Mr. Camp, manager of the clearing house, says he cannot give his opinion as to when there will be a resumption of currency payments by the banks, because he is not prepared to admit that the banks have suspended currency payments. They have, he says, only refused to pay out legal tenders for checks. Legal tenders are rapidly increasing in the banks of this city and the banks are now paying all regular and legitimate demands upon them. AUGUSTA, Ga., Oct 9. -The banks here have resumed currency payments. There have been heavy receipts of cotton, but money is too scarce to save the crops. About $500 hve been forwarded for the relief of Shreveport and Memphis. There has been a light frost throughout this section. CINCINNATI, Oct. 9. - -The Clearing House Association to day decided to issue no additional clearing house certificates, and also returned 50,000 already issued, thus reducing the aggregate to 450,000. President Cook was instructed to correspond with cities in the West and South relative to the mode and time of currency resumption. CHICAGO, Oct. 9.-The Third National Bank, which suspended September 7th, resumed business yesterday. with gratifying results to the officers. ST. LOUIS, Oct. 9.-The directors of the Union National Bank of this city have decided to go into liquidation. The assets are said to be largely in excess of the liabilities and nobody will lose anything. The cause assigned for the action of the directors is the scarcity of currency.

4. October 10, 1873 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, October 10, 1873

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Business and Commercial Items. -The banks of Augusta. Ga., have resumed payment. The receipts of cotton in Augusta are large, but money is still too scarce to move the crops. -The Third National Bank of Chicago, which suspended on the 27th ult., resumed business on Wednesday. -It is announced from Washington that the Treasury reserves are drawn upon only to pay the actual expenses of the Government, and the outstanding legal tenders will be reduced again to three hundred and fifty-six millions at the earliest possible momont-ti may be before the issue of the next debt statement" The draft on the reserves 18 caused by the smallness of the revenue receipts. -The Cincinnati Clearing House Association decided, yesterday, to retire enough of the certiticates issued to make the aggregata only $45.000, and to issue no more certificates. They al80 instructed their President to correspond with the Clearing Houses of other cities concerning the mode and time of currency resumption. -The Biltimore and Ohio Railroad Company announces a semi-annual dividend of 5 per cant on the main stem. payable November 15. and 5 per cent on the Washington Branch, payable October 31. -The amount of currency coming Eastward to the large cities from the West is said to be double the amount moving in an opposite direction. This, if true, will soon relieve the difli sulties experienced in all the Atlantic seaboard cities arising from a want of currency. --As an evidence of the stringency at New York one of the largest dry goods houses there offered by a circular to allow two per cent. a month discount on all notes due them for cash in band. As high as four per cent. a month was also paid.

5. October 10, 1873 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 10, 1873

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FINANCIAL New York Begins to Talk of Resumption. The Banks Shutting Down on the Gambiers Producing a Healthy Depression If the Government Don't Spoil it All. NEW YORK, Oct. 19-Some banks have virtually resumed payment of greenbacks. Mr. Camp, manager of the clearing house, said that since the issue of loan certificates there has not been seen so many greenbacks as were seen yesterday when the clearances were made. Mr. Camp was or dered to-day to give his opinion as to when there will be a resumption of currency paymente by the banks, and said he could not, because he was not prepared to admit that the banks had suspended currency payments. They had only refused to pay out legal tenders for checks. Legal tenders, he added, are increasing in the banks of the city, and the banks are now paying all regular and legitimate demands upon them. A Wall street bank president, spoken to on the subject, said he thought greenbacks had become sufficiently numerous to allow of resumption. In case, however, the pressure became too great, the banks would no doubt fall back to the plan followed during the past two weeks, as a matter of safety. There seemed no reason, he said, why the payments of legal-tenders should not go on. Trade was prosperous. The produce men were paying for and receiving larger quantities of grain than had been received at any time before. The shipments of grain from the West had been faily 1,000,000 bushels more the past week than during any week in the history of the country. All this had been paid for in legaltenders. William Orton was to-day re-elected President of the Western Union Telegraph Company. s Failure. The failure of Gibson, Cassandra & Co., and J. B. Head, is announced on the Stock Exchange. They say their suspension is one of the results of the recent panic. Depositors drew out their funds, and the se curities became unavailable. People indebted to the house were unable to pay, and in some cases failed. Added to this a large amount of capital was locked up in fa new railroad. They express belief in their ability to pay in fuil. Wall Street Depressed The day opened in Wall street with a feeling of depression under which there was a decline in gold,foreign exchange, government bonds, railroad and miscellaneous shares. Soon after the inauguration of business there were rumors of mercantile failures, money became close and banks pressed brokers to take up loans which had been standing since the panic. This started a selling movement at the Exchange, chiefly for cash, and the general share list dropped defrom 10 10 per cent. The greatest cline was in Western Union, which was pressed on the market for cash, by the difficulty in making loans. This heavy decline dragged down the entire list. Late in the day the mercantile failures were denied, the Rock Island dividend was declared and Washington advices stated that the government would encroach on the $44,000,000 reserve this month to the extent of $9,00,000. On all these things the feeling changed somewhat and matters improved, Stock Exchange speculation rising from 1 to 42 per cent while foreign exchanges were steadier and gold advanced to per cent from the lowest point. In bank circles an increased supply of legal tenders was reported again, but notwithstanding this, the premium remains at 1@1 per cent. There is still considerable business doing over the counters of brokers on Wall street Some banks are pursuing a more liberal policy in regard to paying currency and are cashing larger checks than of late. It is reported that the National Trust Company will resume on Monday next and the Union Trust Company between Oct. 15 and Nov. 1. The directors of both companies were in session this evening. Cincinnati Resuming. CINCINNATI, O., Oct 9.-The Clearing House Association, at a meeting this P. M., decided to issue no additional clearing house certificates, and also retired $50,000 already issued, thus reducing the aggregate to $450,000. They also appointed a committee to devise a plan for settlement between the banks while the process of retiring certificates shall be proceeding, and instructed President Cook to correspond with the clearing houses of New York and of the cities in the West and South, in relation to the mode and time of currency resumption. New Orleans NEW ORLEANS, Oct. 9.-Gold 112. Carrency 4@5. Sterling nominal, bank 191/4 Light 1@1 premium. Suspension at Reading. & READING, PA., Oct. -Bushong Brothers, bankers, suspended this morning. The bank will remain open for the adjustment of accounts. Its assets will meet all liabilities. "Docked" Women on the Strike, PHILADELPHIA, Oct. 9.-A number of female operatives in Campbell's mill, Mo noyunk have struck in consequence of areduction of wages and five days work in a week. They are visiting the mills to induce a general strike. Resumed. AUGUSTA, Ga., Oct. -The banks resumed currency payments to-day. Cotton receipts heavy, but money too scarce to move crops. Light frost throughout this section to-day.

6. October 10, 1873 Elizabeth Daily Monitor Elizabeth, NJ
Article from Elizabeth Daily Monitor, October 10, 1873

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s'eard NEW , ITEMS The Chicago Third National Bank, which suspended Sept. 27, has resumed. The issue of the currency reserve in the United States Treasury has reached about five million dollars. The First Controller decides that back pay and salaries not drawn within two years revert to the treasury as unexpended balances. The Boston and Washington base ball clubs played in Boston yesterday. The game resulted in a victory for the Bostons, twenty-five to six. Charles Boyd, a colored convict, who escaped from Snake hill penitentiary on Saturday, was recaptured in Jersey City yesterday, and sent back to prison. The Augusta, Ga., banks have resumed currency payments. There have been heavy receipts of cotton, but money is too scarce to move the crops,