Schuylkill Bank (Philadelphia, PA)

Episode Information

Episode UID
2487869590449
Episode Type
Suspension โ†’ Closure
Bank Type
state
Bank ID
248786959 hash
Start Date
May 10, 1837
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d988111682451452

Response Measures

None

Description

The articles discuss the Schuylkill Bank as part of the systemic failures in Philadelphia following the 1837 panic, eventually listing it as a 'ruin' and insolvent by 1842.

Events (3)

1. May 10, 1837 Suspension
Cause
Macro News
Cause Details
Systemic financial panic and general suspension of specie payments across the Union.
Newspaper Excerpt
The general suspension of specie payments in 1837
Source
newspapers
2. June 7, 1837 Other
Newspaper Excerpt
Several other banks in Philadelphia are even worse than the Schuylkill Bank. It is confidently stated that the Girard, the Western and the United States-the government depositories- are deemed entirely insolvent.
Source
newspapers
3. March 10, 1842 Receivership
Newspaper Excerpt
Look at the ruins which lay scattered around... Look at the Schuylkill Bank, the Girard Bank and the Bank of Pennsylvania.
Source
newspapers

Newspaper Articles (2)

Article from Morning Herald, June 7, 1837

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Article Text

MONE MARKET. Wednesday, June 7. not perceive much improvement in at the the money market Board of BroWe do Yesterday was a dies non member, Mr. Stebbins, in any In quarter consequence of the death of a little business was done. a kers. young gentleman discussing of the fine value talents, of stocks very or settling now differences privately Instead of brokers and their visitors are phylosophieing contracts, the evidences of Christianity-wisely into the examining the of Egypt-or carafully little that was on the mysteries and galvanism. The on lime truths of geology at a decline. inquiring sub done in stocks States yesterday Bank, in was consequence done of the developements It seems United is getting into rapid disrepute. up that heintention Its only salvation is in the way made to be ment of its condition, aspossible. of the government to break give confidence establish- on be as soon holders and creditors. If they should not of its European recent events in this country, we inselvency.hearing of the the institution wind up in utter his power to surprised to see of Pennsylvania has it entirely the in other banks in Governor will he? Several of Bank.are even worse banks all govPhiladelphia close The its doors-but than the Schuylkill United States the Western and the insolvent. It is The Girard, depositories- are deemed bank entirely has loaned $3,000,000 ernment confidently on fancy stocks, stated which that have the Girard fallen per cent-the other two banks in a like will condition. turn out that the Government in them banks by gen- the We suspect it pay half the deposits placed About twenty erally will never in irredeemable paper. half of millions are now Executive, unless on it be deposite in these institutions, one available. which will that never the be foreign exchange drawn returned by the under Biddles protest. London It.seems for ยฃ40,000 steriing was not The Philadelphia remitted for It was only protested Pennsylva for non-acceptance. Five per cents, non-acceptance, payable in 1856, meet their bills, which, though protested became dne. It is due to the & Co. to make this the agents of Messrs. in Wall street some S. Bank house were honorably set paid Biddle afloat when they the correction. U. of The and of is It statement the Government was banks, out of hostility lamentable to to see such violent but men, the Gothic, family since barbarian the of the Kitchen Biddles. hostilities Cabinet existing came into among life. power, civilized we have been ever degenerating and running assured into savage that there will the be no prohibition meeting of We the are legisiature, now positively nor any Albany attempt financiers to repeal are making an secret issue small bills. with the The Washington clique to procure ON and to begin the game of conflict that removal currency. Every The failures and paper against arrangements of treasury notes, of the body deposites. recollects the speculation by a period bank- suc- the of ceeded the which then took place were succeeded rapidly made forruptcies higher prices, and more this country furnishes. the history of commerce in follow the We are not sure but the like and the United States tunes greater than speculation, government scenes will present of Bank. the struggle between continue the to take place in various parts be the last Failures, indeed, these events may only of the country of as well the revulsion as here, but previous to the developements system. from Boston state that breat who inherited Private letters of a late Senator, a merchant of the Hedges thumps paper suspension land owner has in gone, the son his father. The other portions of the $500,000 from is also said to be heavy. In still taking place. Plymouth, south and north, similar events are agree upon some country, Nor will they stop till that the there banks will generally be a very believe. great issue The of paper system money of issues, soan and we have banks every generally, reason to are in favor but of their State governments, and the of the people are against three it, eleca paper power currency- cannot come mass into action till after two or doctrines may to driven U. S. tions. The general government, the whatever necessity its of specie submitting to Executive destiny. We be now, persuaded will be it is all much affectation about in specie. the There If only they and one motive its associates, among to them talk so that and looks others in that who direction can afford it, of from the could the cities drive to all the the great mechanics west, they We might are not dispose sure but of some this may the At- be land they now A specie have on circular hand. persisted ruins in, trade,and to operate drives on people of a motive. depresses commerce, have Inad to sellto agriculture. course jantic, towns there is a The probability agents of of government selling to those who are ruined the in the Atlantic cities. of foreign trade are still Wolfe, undergeing which arOur various revulsion. branches By the ship Courier, Rio. our correspondent at of this port on Monday, April from 27th-Since our last thus Rio Janeiro, little alteration in our process rived writes had cannot, markets.- reports about from "Miranda," been bought we have up here at a rate, It now which is held at our Coffee last has advices, promise much is nearly profit. all Sugars are been getting prin93 c. per lb.; and our crop Sa.t that the crop has and we Messrs. B.& Co., on on England is now cents on board. accounts from the United States scarce; cipally sales bought up, learn by from Exchange speculation. The last were at negociation. 7) The recent all our speculators, and and Europe, has houses to shake to the very difficult of paralyzed especially centre. coffee to say, our to monopolize all Monster,' who has with a house of your caused the' We regret same of our strongest conjunction American endeavored houses here, more and Europe.- the city, are and sugar crops, in from the United States in your trembling to hear Barings' agent The now immense facilities given had by a very injurious tendency, to city, and rise individuals, have by causing our produce have us many evils, recent dates we above the prices, is evident, that all the owners, of brought certain from upon Europe. warranted It by the actual loss cargoes to shipped it now ceived this port this season, But English will leave credit an stands bills in will the be gap; met and with the same 25 remains per promptness cent. to be seen and whether alacrity, From these at this maturity, we see in the London, baneful in this as effects city they granted credit here." system, recently exploded in the Bra. of the had the most we have arrived at It has already expanded they think injurious that bankruptey. consequences Query. the pitch Will bills zils, and little do but national negotiate their notonly of individual, abroad be able to to pay a preUnited States agents Will they not have Bannerminm? Will not our on our bankrupt government foreigners say of the Star Spangled are Such there goes the a bankrupt effects of flag? having tinkers in high places. is way giving GENERAL MARKETS. gradually reof NEW YORK, June 6th, only P. transaction -Trade today Wilmerding worthy Co, rather Jackened mark warm is the weather. large The sale and of commenced Messrs. Austen, in a spirited passed off manner, much bet but the It was well attended, at the close however, Sales of Western ter Flour-The than last market sale. is without demand change. is rather limited for place at $9.62} a $9.75 Stock the on hand light. a New take York Sales and Southern. take place of 44 barrels 5a6.81; Porto 150 Rico,at5a58 boxes brown, No 5) 51; 250 boxes white, at etc. Sugars 200 bhds. prime Porto Rico, The at demand is moderate. & Austen, Wilmerding Canton Co. Teas. took place yesterday. by It Messra was Olyphant & Co. change. The sale advertised by Messra. the cargo of ship Levant, The they sale


Article from Democratic Standard, April 5, 1842

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Article Text

Galveston, March 10, 1842. [From Kendalls Expositor.] THE BANKING SYSTEM. No. 1. Experience, that ever safe though severe teacher, is fast opening the eyes of the people in relation to the vices and evils of the Banking System. Never was there a time when the minds of men were in a better condition to give heed to sound argument or more ready to concur in conclusions in reference to a subright which deeply involves the rights, ject interests and morals of the whole community Look at the ruins which lay scattered specie Banks around. payments The in general 1837, suspension when the of had in circulation about two hundred millions of dollars in promises to pay, de preciated the whole mass about ten per a some fifteen cent., and millions was equivalent of dollars to upon tax the of people, the second over more was its instantaneously than half suspension, the Union, laid and extening collected.- within scope a repetition of the same species of tax to the amount of eight or ten mill ions. All this was born patiently by the people; for the banks having most of the presses and political men in their interest or in their power, persuaded the was to the nocessary sufferers the public that good. this step In all d States, the Banks took the government d into their hands, and through the Legislatures granted themselves all the indulwas of threatened, gences they because desired. the Revolution Departments the General Government resisted this Bank usurpation, and insisted upon obedience to the constitution and laws in its pecuniary transactions. This stand, as every observing man now knows, by ar raying against it the army of banks and bankrupts, was the principal cause of the overthrow of the late administration in 1840. Year after year have the banks obtained sometimes indulgencies bargaining from the State for them Legislatures, with raco of Statesmen who dared not attempt to raise by honest means, the funds to meet State liabilities, but more often ex. acting them without pretence of an equiv. alent. To what consequences has this surrender of the government to the banks led? The were 10 susto exscenes swinplude,exhibiting pend Missippi payment Banks and the first of the fraud totally first and dling never before exceeded. Not warned by this example, the other states still to giving quietly fraud acquiesced time in the mature Bank dominion, its plans, and leaving the Banks to blow up at their leisure, when their managers should have swindled to the utmost both the people and the stockholders. Look at that tremendous ruin, fearful to enough United States. be sublime, If widows the lateBank and orphans of the a from they have have not the blackened been been driven left starving wall by of their foreign within dwellings enemy them. Look at the Schuylkill Bank, the Girard Bank and the Bank of Pennsylvania. In addition to the plunder of the people by the depreciation of millions of dollars in circulation, there has been lost to the more stockholders alone, than in the forty city millions of Philadelphia of dollars. scenes are on a In every portion presented of the Union smaller similar scale. It our people fraud cannot and and ce mismanagement, stockholders doubted that of the in banks,through losses Repub- of the have within a few years past, amounted to more than NE HUNDRED MIL. LIONS OF DOLLARS. To this conclusion any man will be led who reflects a moment on upon notes and of but about by bank the suspension in the their losses hands, of breaking the brought people and utter hilation Banks, and of Bank the impairing anniStocks, produced by similar callses. But this is not all They increased the currency of the to about t of dollars in while at we an unusual hundred the same time millions country had paper, quaning the money specie cheap in circulation, and increasing thereby price makof all reasonable at dred Now, property millions they have beyond of withdrawn dollars least bounds. a hunof the cur rency, at same more than half and the Union, the have, time, by paper continued in circulaof this tion suspension, tremendous altogether. banished reduction The specie natural of from effect cy as raised low is the the proper reduction level of prices they so were the much curren- be above, a annihiating the fortunes of men who are somewhat in debt and embarrassing all kinds of business.