2058. Merchants Bank (Washington, DC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 4, 1866
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
f828bac2

Response Measures

None

Description

Newspaper articles from May 1866 report the Merchants' (Merchants) Bank in Washington as having 'failed' or 'failure' and describe heavy defalcations. No explicit mention of depositor runs prior to suspension is present in the clips; the event is best classified as a suspension/failure due to bank-specific adverse information (embezzlement/defalcation) leading to closure/official failure.

Events (2)

1. May 4, 1866 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy defalcations/embezzlements discovered; examiners found the bank failed and government/disbursing deposits were involved or affected leading to its failure/suspension/closure.
Newspaper Excerpt
The circulation of the Merchants National Bank of Washington is failed yesterday ...
Source
newspapers
2. May 15, 1867 Other
Newspaper Excerpt
the official disaster connected with the Merchants' Bank in Washington, appears to have been reproduced.
Source
newspapers

Newspaper Articles (3)

Article from The Daily Mississippi Clarion, May 6, 1866

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Article Text

BY TEI LEGRAPH Reported Expressive for the Daily Clarion CONGRESSIONAL PROCEEDINGS Items Miscellaneous W ashington The President and the Texas Commission PRESS REPORTS FROM WASHINGTON Mrs. Davis at Fortress Monroe East Tennessee Convention Mexican and Austrian News. LATEST MARKET REPORTS. W ASHINGTON May 4 The H onse joint resolution congratulator to the Czar of Russia on his escape from as passed by 124 yeas. no May 4 Gen Sherman with Col. McCov of his staff. left here along vesterdav. the eastern of the Pacific railroad through W to Fort where he organize forts visiting corps. military of head thence the lake Superior. His progress and the prospect of the different roads will be NEW YORK May 4 Thirty of the Virginia the brought the them among fternoon this May The bark SAN Clara for Petrapau Thursday of Co. for the Russia and five cholera reported at quaran 10th country 26th that Hi the of city Coahuila. Bella the therefore the reviving grade Mr Campb Mi Cogge to hall The circulation of the Mere National Bank of Washington Is failed festerday, It by U.S. Bonds that pay-master Spaulding had posit the Merchants Bank upwards of half which of dollars from drawn and tories the chants National Bank general disbursing order from the department The House allowed has the telegram directing defense his The Senate favor the interest the reducing stated that McCulloch It the ported and its The the 81 Count died yesterday In reply the Texas the that hope other the and Texas States would be their to the NEW YORK. Ma Heralds special strength will 3.000 be Senate bill provides for stand 50,000 army Many are favoring the Board of the them and bill the this programme gaini strength. The Commercial says Frank Blair his be is to tion having called out strong expres of feeling M May MONROE FORTRESS Jefferson Davis and arrived with large quantity of bag if as gage designing time Lt Fessenden escorted her into the fortress. The EASTPORT Me. May en Winooski has arrived She did Fenian May The tion met on the 3rd Judge Roge said this adjourned eting the Greenville meeting and an addr was adopted from the Committee Resolutions saying the scheme been long cherished by East Tennes West of the mountains the were rebels. East all ple all Union. ourselves we o protect disfranchise them W desire to live in peace and develope our own sources. James advised the post ponement of the question until Con gress had decided whether State. His resolution was al most unanimously voted down. Col Nelson supported the movement for separate State Government, and


Article from Smyrna Times, May 23, 1866

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Article Text

Congress. the week, joint the Senate on Tuesday the importation of was cholera In to prevent A message the bill resolution amended and President, passed. returning to its bewas received from the with his objections to admit Colorado law. message was received had signed from as coming the a House, nouncing a that he act so In amending from corpus a the President the habeas prosecution for the bill Unión officers A bill was passed of to protect during the war. acts of the Territories Washacts deto amend done Nebraska, the Montana. organic Colorado, bill, denial Arizona, as passed, Idaho, This of the elecington clares tive franchise that and there on shall account be Wednesday no of color week, in these a bill Territories. the Senate on the military peace regiments estabwas In introduced to fix of thirty v-seven of cavalry.lishment to consist artillery, and six suspend teminfantry, porarily joint resolution the five collection of was of passed the direct revenue to tax bill in West was Virginia. taken In the up. House and the the price internal hundred of license dollars. for the wholesale bill to distillers fixed on at Thursday passed years imprisonThe by not less than ten shipping on a passen- The punish Senate secretly one glenoin oil. ment any person or amended ger_vessel bill was then second assistant annum. and apdiplomatic passed. nitro-glycerine It provides salary for taken a of up, Academy $3,500 per of State, at Point a Naval and Secretary The bill West was next considered, appointment of as to prohibit the in the any rate amended propriation one army as so or a amended cadet navy in who and any served passed. capacity. was Confede- The read bill was further a communication forth the Lieut. General of the regular forts from of an increase at the different necessity In the House Grant, and setting army passed for the Southern metric system for service in authorize on the plains States. a The House resolution of weights a bill to and also joint to negotiof for the and the with appointment measures: foreten terments of money resolution establishrelating ate ment of Senate. unit system Friday Academy the House was reported. mearelative In the to the Military to metric weights and sures The bill referred. wasadopted lookIn to the was the House, planting a resolution of the public The Senate lands in bill last the to prevent and agreed to. a ing We-t with forest punish trees. diapping. passed resoluthe of levying February The House was has adopted, Reconstruction 73 to 35, ( Committee contion directing into the expediency to defray the expenses tributions to inquire the ebel that States would otherwise entire confiextraordinary on the Government. to have be The imposed House, not seeming of Messrs. Steadman to aphas passed a inquire into the point Joint Freedment S Bureau. a dencein' and Fullerton the of investigations the Committee to resolution late operations STRANGE WILL Wesley Methodist Starr, E-q., Protestant bewealthy member of the has made a strange in that Church in Baltimore, the church bearing his city. quest in his will to The third section is as folthe name lows give and devise, at the my death, Starr Methodist unto kind and trustees Baltimore city, asa yearly Protestant Light city, minister endowment, Church. the rents, in opposite of profits. the lot and on the income of of the wharf purchased by me, H. on B. Litstreet. day in of said January others 1842, of to John be held and all enjoy such 1st trobe, trustee, and church for and during corporate aued by the may said elapse before or the membership of thorities, time as official members. admit any musical instru- voice, said church shall from the human choir the distinguished choir. or ment. the as Sabbath school schools singing. of said church, elseinto rehearsals. or singing church premises or never either on the trust they held where, or shall attempt by the holding- -now will-to raise money eit her in the church fair, or somewhat ashionable- or Newhere, of any or by Sabbath school room. of instrumental music, lecfestival. or concert irr religious or political and sinful the delivery still of any more demoralizing far degeneture. or should the the churches ever so lotteries, d in to adopt it-of balls. raffle-, parties. or the voting stinguiof these rate theatr. as a performances, hed in lividuals when contingen- and upon for the happenings of any property one and ground and rent be cies, theresubject the fall said into whart the residum under hereinafter of my estate, made shall to the disposal the will are Charles of. W. Ridgely The trustees and Wm. Dulaney, Esqs. in Quachita There is town Monroe, in Louisiana, which tries The to recon- be a Parish, Memphis named on small scale. don like Freedtheir structed sort of who dwell therein dislike takes the shape meetof men stones, schools, brickbats and and for bowie school knives. purposes States A re- ofing of the Freedmen under charge of a United Not satisfied cently held attacked and dispersed. chivalry laid ficer was the freedinen, the and suewith dispersing assassinating them, little plan for three and kill one. r so far as to wound U. S. Colored Inceeded Capt. Burnham of the 84th The rebel paper pubfantry was also stabbed. admits that the meeting for was an lished in Monroe that there was no occasion a meeting The freedmen. public in orderly, attack. except and in the fact that opinion it was of the town that fact lay seems of to be unanimous and that that any white teaching man ample provocation, enough to talk about Captain was served Burnham who "niggers' is impudent to read, shall with be a served as knife slash. is at Yankee "Good enough for the damned past and the warning be the verdict on the 'niggers should once future. That the should for the disabled concerns nobody. are not valuable killed Nobody or owns them, protected they by the law; as it? property, nuisances they are trying not to teach themselves they to read. are Monroe and Memphis for 's Bureau beacon lights, ought With doubts that the Freedmen and the blacks reto who be abolished paternal forthwith, care of their old know, masmitted to the understand the nigger, you ters, a great who deal better than the Yankees can's THE MERCHANTS BANK that FAILURE:- the examina- There is good reason for the belief Bank failure in Washington will such large in ing tion officers into the who show Merchants' made that the Government deposits the disburswere induced to do so by Attention payof interest on their ment that to the bank consequences been of this urged deposits. reprehensible in the columns pracfrequently way. tice has It works badly in every of this paper. being paid interest on his balances .


Article from New-York Tribune, May 15, 1867

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Article Text

The Sub-Treasury and a National bank haying been suddenly closed in New-Orleans by Government authority, a financial panic prevails in that city. In both institutions, over one of which Gens. Herron and Granger are directors, heavy defalcations have occurred. The Government is but partially secured, and the official disaster connected with the Merchants' Bank in Washington, appears to have been reproduced.