23135. Banks of Wheeling (Wheeling, WV)

Bank Information

Episode Type
Suspension โ†’ Reopening
Bank Type
state
Start Date
November 22, 1860
Location
Wheeling, West Virginia (40.064, -80.721)

Metadata

Model
gpt-5-mini
Short Digest
b82ae090

Response Measures

None

Description

Multiple contemporary papers report that the banks of Wheeling suspended specie payment on Nov. 22, 1860 as a precaution amid financial pressure around Lincoln's election and Southern secession talk. Reports indicate the suspension was understood to be temporary; no articles report a permanent closure, receivership, or a prior run on the banks.

Events (1)

1. November 22, 1860 Suspension
Cause
Macro News
Cause Details
Suspension of specie payments as precautionary measure amid financial pressure following the election of Abraham Lincoln and secession-related unrest (widespread bank suspensions reported Nov. 22, 1860).
Newspaper Excerpt
The banks of this city suspended specie payment this morning.
Source
newspapers

Newspaper Articles (10)

Article from East Saginaw Courier, November 22, 1860

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character were almost unanimonsly adopted. They nrge the call of a State convention of all parties, to calmly con sider the evils threatbning the destruetion of the National Union, appealing to the people of the Union to diseard the counsels of agitating politicians and demagogues of all sections, and rally to the support of our imperiled government.They say the politicians, instead of allay ing the excitement, have stirred it up; instead of repressing national distrust and/dislike, they have promotedit instead of removing causes of dispute, they have created them for the sake of power and office. In both sections they have pandered to the passions and prejudices of the people at home, keeping each seetion ignorant of the patriotic, conservative, catholic feelings of the other, until, inatually exasperated by the incendiary and disorganizing representations of hungry office seekers, both sections find themselves engaged in a fieree contro versy which they had no hand in bring. ing on. A large meeting in Hancock county on Saturday adopted unanimonsly firm conservative resolutions, denying that the mere election of Lincoln was cause for disanion, but declaring the unfriently legislation of many of the free States an outrage on the emity of the Union, demanding resista ice. A majority of the counties in the State have held meetings in favor of secession. Many, however, were strongly conservative, while some were in tavor of retaliatory leg islation, but all favor a State convention, and all oppose coercion of the seeeding States. A meeting in Bryan county declared that no northern fisherman or hunter should hereafter operate in that section, and that those at present hunting and fishing be notified to leave. PHILADELPHIA, Nov. 22 The bank Presidents meet at moon today to consider the propriety of suspension. Washington, Nov. 22. The Washington banks suspended this morning. NEW YORK, Nov. 22 The association of banks yesterday agreed to issue certificates of deposit in denominations of $50,000 and $10,000, bearing 7 per cent. interest, and passed on bills receivable, U. S. stocks, Preasary notes, or stocks of the State of New York; said certificates not to be exceed five million dollars, and to be used in the settlement of balances at the clearing house for thirty days, and to be received by creditor banks daily in the same proportion as they bear to the aggregate amount of the debtor balances paid at the clearing house. They also resolved that the specie in all banks, amounting to about $2,000,000, be treated as common funds for natual and and protection, in view of liberal expansion; also that, after the 1st of February next, every bank in the association shall have on hand at all times an amount of specie equal to onefourth of its net liabilities, and any bank falling below that proportion shall not make loans or discounts until its position IS re-established. NEW York, Nov. 22. A Tribune dispatch says " Judge Greenwood, Commissioner of Indian Affairs, has returned from a trip to Ar kausas. He states that three fourths of the people there are opposed to any disunion movement until some unconstitutional act has been committed to justify resistance." A Herald dispatch says that "Senator Chandler does not desire a sent in Lincolu's Cabinet ;" also that Secretary Thompson had a free consultation with Mr. Corwin as to the measures by the present and coming administrations to avert the impending danger The same correspondent says: " Anthentie information has been received here that nineteen twentieths of the hargest slaveholders of the cotton States, who do not, however, compose a tenth of the voters there, deprecate the secssion movement.' NEW YORK, Nov. 22. Stocks are more active, in many in stances much better. The feeling in the street has improved decidedly. In money a much calmer feeling prevails, and though rates are unchanged, there is more ease. Sterling exchange opens quiet, but a little firmer. AV ASHINGTON, Nov. 22. The District of Columbia banks 8:14 pended specie payment to-day. There is no panic. Wheeling, Va, Nov. 22. The banks of this suspended specie payment this morning. They are in 00 doubted condition, and will keep their has notes good currency. MILLEDGEVILLE, Ga., Nov. 22 Gov. Brown, in a special message in view of the election of Lincoln, and t. il promote a union of sentiment in the State, incidentally advises the Legisla ture to elect electors on Saturday, which was adopted. R. Barnwell Rhett, E Ruflin, and Gen. Pillow have been invited to seats on the floor of the Senate. Ex k Governor McDonald is quite feeble at Marietta, and could not go to Milledge


Article from East Saginaw Courier, November 22, 1860

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specie payment. The Farmers' Bank of Norfolk has also suspended. Boston, Nov. 22. No serious results have yet attended the financial pressure, and remittances from the hottest part of the South con tinue to come in as usuul. The statements of repudiation by southern creditors are untrue NO far as this city is concerned. Should the emergency require it, the Directors of all the Boston banks propose to disconnt to the amount of five million dollars, which will speedily niake money easy in this city. WHEELING, Va., Nov. 22. The banks of this city suspended specie payment this morning, WASHINGTON, Nov. 22. There have been no special meetings of the Cabinet to consider the questions growing out of the secession movement. Harmony has hitherto characterized their proceedings. Tt was to-day anthentically stated that nothing has recently occurred in their deliberations to produce distraction. The resignation of the U.S. Marshal for South Carolina was received by the President to-day. A. Armistong, of Ga., has resigned as a Lieutenant in the navv.


Article from Evening Star, November 23, 1860

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The Financial Pressure. Philadelphia, Nov. 22 -The action of the Bank Presidents suspending specie payments during the present exigency is generally regarded with favor by our business men and the press, having been determined on as a precautionary measure to enable the banks to expand their discounts and preventive of a panic like that of 1857. An immediate meeting of the Legislature has been suggested for the double purpose of relieving banks from the operation of the banking laws and considering the legislation of the State on the Fugitive Slave law. The Bank of Chester County will suspend to. morrow, and all the country banks of this State will probably takethe same course. NORFOLK, Nov 22 -The Branches of the Vir. ginia Banks at Norfolk and Portsmouth and the Farmers' Bank of Norfolk have suspended specie papment. WHEELING, Nov. 22.-The Banks of this city all suspended specie payments this morning. NEW ORLEANS, La., Nov. 22.-It is reported that several produce firms of this city have suspended payment to-day. NEW YORK, Nov. 22.-Our financial editors express the opinion that the condition of affairs this afternoon evidence a healthy state of trade. There is more cheerfulness among business men, and there has been more discounting to-day than any day for two weeks past, The Banks are manifesting every disposition to accommodate and no failures are reported. The quotations for specie are unsettled, but they may be rated at 3 to 5 per cent. The latter for small purchases. AUGUSTA, Nov. 22.-It is reported in bank circles to day, that Gov. Brown will veto any law sanctioning the suspension of banks, unless the State of Georgia secedes. There are rumors also, that one or more Charlestou banks have suspended, and also a large cotton house. The names are not given, but the report needs confirmation.


Article from New-York Daily Tribune, November 23, 1860

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[By Telegraph.] VIRGINIA. NORFOLK, Va., Thursday, Nov. 22, 1860. The branches of the Virginia Bank at Norfolk and Portsmouth have suspended specie payment. The Farmers' Bank of Norfolk has also suspended specie payment. WHEELING, Va., Thursday, Nov. 22, 1860. The banks of this city suspended specie payment this morning.


Article from Chicago Daily Tribune, November 23, 1860

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The Virginia Banks Suspend. NORFOLK, Va., Nov. 22.-The branches of the Virginia Bank at Norfolk and Portsmouth have suspended specie payment. The Farmers' Bank of Norfolk has also suspended. WHEELING, Va, Nov. 22-The Banks ofthis city suspended specie payment this morning.


Article from The Iowa Transcript, November 29, 1860

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ITEMS. THE American Express Company offer to carry free of transportation, money and clothing to the people of Kansas. In Alabama, Breckinridge's maj. ove Bell and Douglas is about 10,000.Douglas received 13,000 and Bell 25,000. THERE are now confined in the Ohio Penitentiary 950 convicts, and the humber is daily increasing. The largest number ever confined at.one time was 965. BALTIMORE. Nov. 21. The Bank Presidents of this city held a meeting this afternoon, and resolved to sus end specie payments to-morrow morning. PHILDELPHIA, Nov. 22. The Bank Presidents meet at noon to-day to consider the propriety of sus. pending. WHEELING, Nov. 22. The banks in this city have suspended specie payment this morning. They are in an undoubted condition, and will keep their notes good currency. WASHINGTON, Nov. 22. The District of Columbia banks suspended specie payment to-day. There is no panic. The father of Gen. Walbridge, of N. Y., died this morning, after a suffering illness of several weeks. THE division in the electoral vote of New Jersey-four for Lincoln and three for Douglas-will be an event not unusual in the earlier history of the country, but which has not occurred since 1832, when Maryland gaveClay five votes and Jackson three.


Article from Marshall County Republican, November 29, 1860

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The Virginia Banks Suspend. NORFOLK, Va., Nov. 22. The branches of the Virginia Bank at Norfolk and Portsmoth have suspen led specie payment. The Farmers' Bank of Norfolk has also suspended. WHEELING, Va., Nov. 22. The Banks of this city suspended specie payment this morning.


Article from Kanawha Valley Star, December 4, 1860

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Suspension of Banks. Washington, Nov. 22.-The Banks of this city suspended specie payment this morning. WHEELING, Nov. 22.-The Banks suspended specie payment this morning. Philadelphia, Nov. 23.-The Trenton, New Jersey, Banks suspended specie payment to-day. BALTIMORE, Nov. 23.-Samuel Harris & Sons, bankers, suspended to-day. It is understood that the suspension will be only temporary.


Article from Belmont Chronicle, December 6, 1860

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Heaton on the Panic. A deplorable penic has indeed spread all over the country, but that it should get into our town and be so personal as to creep into the private sanctum of our good natured neighbor of the Gazette is too bad. It has even had the effect of making him dream dreams; for never will hold him responsible for such wild visions as he put forth inghis last issue. Get out your bandkerchiefs and weep with the Captain while you read his doleful lament. He says: 05 Banks of New York, (not true) Philadelphia, Baltimore, Wheeling, and other places have suspended specie payment. A general panic perv ades the Eastorn cities,-(a phansy) thousands of male and female workmen have been thrown out of employment (we would like to know where). Glorious results are following the Republican victory (the gloom of the Democratic funeral). If the mere election of Lincoln causes such a terrible state of things, what must we expect when this party takes control of the Government (that peace and qiuet will prevail). General distrust is now stalking abroad in the land (General Democracy on the rogues march, he means). Civil war has already commenced in Kansas, and the drums are beating to arms in Misssouri (magnified view of about 30 robbers who never contemplated war). Thrilling accounts of burning towns and cities will soon greet our ears (that's the place to cry);all the work of (the Captains's dream) the (rrepressible dogmas that have been preached by the ultra men who have control of the Republican organization. The people have been warned of these things, but they (had more sense than to believe in dreams) would not heed the warnings-and have suffered fanaticism to plunge the country headlong to ruin, that a few miserable creatures might be gratified, without any practical good resulting to the country-but poverty, misery, want and wret chedness to thousands of operatives who will necessarily be thrown out of employment, (the thousand operatives are the Democratic office-holdors) that a few hungry politicians may get office."


Article from Weekly Trinity Journal, December 8, 1860

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Late Pony News. The Pony is in with dates up to the 23d of November. We compile from the Union's dispatch the following news items : LINCOLN'S POSITION DEFINED.-A great Republican demonstration was held on Nov. 21st, at Springfield, Ill. Lincoln briefly returned his thanks to the immense multitude. Senator Trumbull, in a lengthy speech, defined Lincoln's position. He said Mr. Lincoln though elected by the Republicans would be neither the President of that, or any other party, or of any section or State. but of the whole country. He stated that disunionists must urge secession now or never, for if they waited till Lincoln was inaugurated they would have no cause for such action. GENERAL INTELLIGENCE.-A better feeling prevailed in Georgia. Large meetings were held over the State, but the sentiment was much more conservative. All opposed coercion, and some declared that the election of Lincoln was no cause for secession, but unfriendly legislation was an ontrage demanding resistance. Several persons have been arrested. including State officials. in Chicago, for a violation of the Fagitive Slave Law. The parties were indicted in the United States District Court. A rupture in the Cabinet is impending. Cobb, and Thompson threaten to resign on account of the President's position in regard to secession. There is another Kansas war. Fort Scott is taken by Montgomery. Great outrages by free States men are reported The United States Judge and other officers. driven ont of the Territory, had arrived in Missouri, threatened by the outlaws. General Harney has been ordered to the KanFas border to exterminate Montgomery's band. Nearly the whole business portion of Franconia, New Hampshire. was destroyed by fire on the night of November 20th. The District of Columbia, Norfolk, Portsmouth and Wheeling banks had suspended. Philadelphia banks of considerable property enspended. The Baltimore banks to-day discounted a million, which afforded much relief to the merchants. There was no special demand for specie. The Richmond and Pittsburg banks suspended yesterday. The Baltimore banks were to follow in day by universal agreement. Several produce houses at New Orleans suspended yesterday. Philadelphia brokers refused yesterday notes on their banks. FOREIGN NEWS.-Victor - Emanuel arrived at Naples, November 5th, in company with Garibaldi. There were great festivities. The dissolution of the Pope's general army was positive. IIe will have left only a simple guard of 3,000 men. Victor Emannel has formally accepted the sovereignty of Naples. Garibaldi has resigned the dictatorship and departed for his Island home."