Bank of Chattanooga (Chattanooga, TN)

Episode Information

Episode UID
2200766390684
Episode Type
Run Only
Bank Type
state
Bank ID
220076639 hash
Start Date
December 12, 1856
Location
Chattanooga, Tennessee (35.046, -85.310)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ed5f559b0959f8a1

Response Measures

None

Events (1)
1. December 12, 1856 Run
Cause
Rumor Or Misinformation
Cause Details
Panic and loss of confidence in Tennessee free-bank notes led to heavy presentation of Bank of Chattanooga notes to brokers for redemption
Measures
Brokers and the Union Bank redeemed Bank of Chattanooga notes at a discount; Hutchings & Co. offered redemption arrangements
Newspaper Excerpt
The Bank of Chattanooga has been cried down and thrown out of circulation
Source
newspapers

Newspaper Articles (5)
1. December 16, 1856 Nashville Union and American Nashville, TN
Article from Nashville Union and American, December 16, 1856

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Article Text

From the Louisville Democrat. TENNESSEE MONEY. There is considerable interest felt just now in relation to the Tennessee free bank money. It is possible that there may be a wild-cat concern among the number of free banks in that State, but it is also possible that all are sound. The Bank of Chattanooga has been cried down and thrown out of circulation, and others have been affected by the run made upon the Bank of East Tennessee; but it will be seen by the dispatch we copy below, and by the card of Hutchings & Co., in our columns this morning, that Chattanooga money is as good as any in that State, and will be redeemed by them at one per cent. discount, which is the usual rate. They are redeeming the notes of the other free banks secured by State stock, at 21 per cent discont: To Hutchings & Co.: NASHVILLE, Dec. 12, 1856. The Union Bank will take up all the notes of the Bank of Chattanooga you may send us. There is no shadow of & doubt about the bank in any way. Mr. Williams begs that you will in no event receive more than the usual rate of discount on Tennessee paper. J. CORRY, Cashier of Union Bank.

2. December 18, 1856 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, December 18, 1856

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Article Text

TENNESSEE FREE BANKS -The panic in regard to the Tennessee free banks, says the Louisville Journal, is subsiding, the brokers have been and will continue to redeem the notes of the Bank of Chattanooga and other free banks secured by State stocks at2} per cent. discount, and those of the banks not secured by State stock at 5 per cent. discount.

3. December 19, 1856 The Athens Post Athens, TN
Article from The Athens Post, December 19, 1856

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Article Text

The Louisville Journal of Thursday has the following article: Another Bank Excitement.-For the last two days there has been a eonsiderable run on the brokers with the notes of the free banks of Tennessee, and especially those of the Bank of Chattanooga. There is a good deal of Tennessee free bank money in circulation here, but we have heard of no earthly reason why it should be discredited. Of course, the run results in a loss to the masses, while a few reap a rich harvest from it. One banking house was redeeming yesterday the notes of the Bank of Chattanooga at 1 per cent. and those of other banks at 21 to 5 per cent. Others did not take them at all. A third class charged from 10 to 20 per cent.

4. December 19, 1856 The Athens Post Athens, TN
Article from The Athens Post, December 19, 1856

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Article Text

The Louisville Journal of Thursday has the following article: Another Bank Excitement.-For the last two days there has been a considerable run on the brokers with the notes of the free banks of Tennessee, and especially those of the Bank of Chattanooga. There is a good deal of Tennessee free bank money in cireulation here, but we have heard of no earthly reason why it should be discredited. Of course, the run results in a loss to the masses, while a few reap a rich harvest from it. One banking house was redeeming yesterday the notes of the Bank of Chattanooga at 1 per cent. and those of other banks at 21 to 5 per cent. Others did not take them at all. A third class charged from 10 to 20 per cent.

5. December 19, 1856 The Winchester Weekly Appeal Winchester, TN
Article from The Winchester Weekly Appeal, December 19, 1856

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Article Text

BANKS.-The bills on the Bank of East Tennessee are now offered at almost any price. A severe run on the Occoe Bank was reported here a day or two since, and a similar report relative to the Bank of Chattanooga. It is presumed that both of the last mentioned banks are perfectly good.