United States Bank of Pennsylvania (Philadelphia, PA)

Episode Information

Episode UID
4026293690497
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
402629369 hash
Start Date
May 1, 1841*
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
12ae656249757bcb

Response Measures

None

Description

Articles describe the Bank of the United States (Philadelphia) suspending in 1841 and being wound up with final dividend in 1855.

Events (3)

1. May 1, 1841* Suspension
Cause
Government Action
Cause Details
Reference to the act of 5 May 1841 and related legislative/legal actions tied to cessation of corporate powers and suspension of operations.
Newspaper Excerpt
since the act of 5th May, 1841...when the bank finally suspended operations.
Source
newspapers
2. February 18, 1852 Other
Newspaper Excerpt
resolutions deem it inexpedient, at the present time, to make a general assignment of the remaining assets...the bank finally suspended operations.
Source
newspapers
3. September 20, 1855 Other
Newspaper Excerpt
the trustees of the Bank of the United States will make their final dividend on the 20th of September, when the concern will cease in any shape to exist.
Source
newspapers

Newspaper Articles (5)

Article from The New York Herald, February 18, 1852

Click image to open full size in new tab

Article Text

will take out nearly three hundred thousand dollars in specie, the bulk of which will be American gold. This to pretty large shipment for Boston, and shows the pres sure of precious metals outwards. The Pacific, from this port for Liverpool, on Saturday, the 21st last, will take out upwards of a million in specie. There have been several failures among the dry goods trade within the past week. and we believe, in every instance, it appeared that California operations was the cause. During the past year more than one hundred failures in this and other Northern cities have been caused entirely by losses incurred in the California trade There are doubtless many more left tottering, who will go down almost any day. These explasions have no effect upon general business, and are soon forgotten. An adjoursed meeting of the stockholders of the Bank of the United States was held in Philadelphia on Mon. day, the 16th inst. The report of the committee previcusly appointed was read and adopted The resolu tions deem it inexpedient, at the present time, to make a general assignment of the remaining assets of the institution, and euggest the propriety of asking the Legisla* ture to relieve the corporation from the liability of the payment of the annual bonus due the State. A committee of seven was appointed to carry the resolutions into effect, and the meeting adjourned to some evening in the first week of March. It appears, from the report read at the meeting, thatThe original charter provides that during the first 20 years. the bank, in addition to the other aums. shall pay $100,000 per annum to the commonwealth for the school fund. amounting in the whole to two millions of dollars. The bank has in its corporate capacity, made three assignments, but they do not, separately or together. constitute a general assignment. and since the act of 5th May, 1841. perhapsnone but the stockholders could execute such an assignment By the 8th section of the act (if the 5th May, 1841. it is provided that the stockholders may, at any regular meeting, make a general assignment, and from that time the corporate powers of the said bank shall cease and determine Of the two millions, four instalments, amounting to $400.000, yet remain due. It is supposed that the right to exact the last mentioned sum will cease if the bank shall surrender its corporate privileges It is admitted that some doubt may exist; but this consequence seems to be equitable, and most probably is law. By the charter. the bank agrees to pay a bonus equal to about $9.000,000. If they had obtained their charter on the same terms which were granted to other banks, the sum of $168000 per annum would have been the utmost extent of the bonus they should have paid for their charter. Notwithstanding the exorbitant amount the commonwealth have already received to the damage of the creditors and stock. holders of the bank, Fundry officers of the commonwealth have employed private counted to recover the annual instalments of $100.000, with interest, which have become due since the year 1841, when the bank finally suspended eperations. This sum will amount to $2,000,000 and upward.


Article from Fayetteville Observer, March 25, 1852

Click image to open full size in new tab

Article Text

more common every day. There is scarcely a pound of good tea to be found; it is adulterated first in China, then it undergoes a finishing process when it comes here. # A CAT IN THE MEAL Two barrels of 'new corn meal,' came into the depot in Augusta, Maine, by Carpenter's express, directed to no one. Marshal Jones, happening to be round, thought that it looked like a suspicious heap. 'It may be meal,' said he, 'but there can be no harm in examining into it.' Accordingly, he waited upon the express man, and took the barrels into his own custody. On opening them, each one contained another barrel, surrounded by a little 'new corn meal'—one of them full of rum, and the other full of brandy. The amount of California gold dust received at the Philadelphia Mint from New York during the year 1851, was about ninety tons! The mint consumes annually about seven hundred tons of nitric and sulphuric acids in its operations. There was in the several U. S. depositories, on the 28th ult., subject to draft, the sum of $13,696,104. # THE UNITED STATES BANK The Court of Common Pleas of Philadelphia has decided that not only the heavy assets in the hands of the several trusts created by the Bank of the United States, amounting to $15,000,000, but all the property whatever, assigned for the benefit of creditors, are liable to taxation for State and county purposes. MR. CLAY, says the Baltimore Sun, it is now stated, has no expectation of again addressing the U. S. Senate. He is said to be utterly unable to do so, if he desired, as his health has but very slightly improved. The New York Express says another expedition is in organization against Cuba. Interesting to many persons.—A correspondent of the Baltimore Sun communicates the following simple rule for expeditiously calculating interest for any number of days at six per cent. per annum: Divide the number of days by 6 and multiply the dollars by the dividend; the result is the interest in decimals; cut off the right hand figure, and you have it in dollars and cents. Thus: What is the interest on $100 for 21 days? 21 divided by 6 is 3½; 100 multiplied by 3½ is 350—or 35 cents. Again: What is the interest on $378 for 93 days? 93 divided by 6=15½: 378x15½=5,859, or $5.85 9-10. In Alstead, N. H., there is a girl of 17, who weighs only 450 pounds—that's all! Some Gal! A flying machine, with six Frenchmen to operate it, has arrived at Boston, from Havre. The French government refused the inventor permission to fly it in France. The grand jury at New Orleans have prevented the sale of lottery tickets. In Paris, there is the astonishing number of twenty-eight thousand public vehicles, and the daily number of passengers in them is two hundred thousand. The Austrian Government have ordered a levy of 80,000 men to reinforce the army. At Marlborough, in Stark county, Ohio, a strong abolition community, William Anderson and Harriet Smith were married on the 15th ult. The former was of the black color, the latter of the white. We learn, says the Nashville Banner, from the Macon (Ga.) Herald, that the South-Western Railroad may easily declare a dividend of 8 per cent. at the end of the year. The number of passengers averages 150 per day. This roads extends from Macon towards the great cotton growing region of south-western Geo. A bill to authorize a system of Free Banking has been defeated in the Pennsylvania Legislature.


Article from The New York Herald, March 25, 1852

Click image to open full size in new tab

Article Text

Bank of the United States. An adjourned meeting of the stockholders of the Bank of the United States was held on the 17th inst. at the Merchants Exchange, Philadelphia, for the purpose of receiving the report of the committee appointed at the last meeting. and for the transaction of other business in relation to the institution. The attendance was unusually large. and deep interest was evidently felt in all the proceedings. On motion of Mr. WM. L. HIRST. Mr. Macalister was elected to the chair, and Mr. E. D. Ingraham was chosen secretary. The SECRETARY then read the report of the committee. recommending that application should be made to the Legislature to relieve the bank from all liability to the commonwealth: that they had prepared an act of assembly for the purpose of closing the trusts and effecting a speedy distribution of the assets of the bank. and that a committee of seven be appointed to proceed to Harrisburg for that purpose. Mr. RANDALL moved that the report be adopted. This motion was seconded. and carried unanimously Mr. RANDALL then offered a resolution to the effect that it WAS expedient for the stockholders of the Bank of the United States to make a general assignment of its assets to trustees. and that the stockholders now present. represented. do now decide on that question, according the scale of votes allowed in elections of directors Pending this question considerable discussion arose between different parties. and particularly in reply to some remarks in reference to the charter. Mr. SCHWAB. of the committee. observed that. though be now. and formerly. supported Mr. Randall's resolutions. be did not fully agree with him in his present remarks on corporated rights. which. at the present stage of matters. were entirely irrelevant. and had nothing to do with the object of this meeting Representing 110.000 shares held in Holland. 10.000 in Great Britain. and over 8.000 owned in New York and South Carolina. Mr. Schwab wanted the Legislature to do justice-that they should be told. if you had fulfilled your contract with the bank. by paying the interest of $300.000 per annum due on State stocks, the bank would have fulfilled her's with the Commonwealth. It was surprising to him. that when the recent claims of the Commonwealth were not an no Philadelphia lawyer. generally 80 tamous for shrewdness and ingenuity. was to be found hoavailed himself of that defence. Mr. S. complained that the trustees were eating up the means of the bank. and thus the property of the foreign stockholders who had trusted to American honor. He was adverse to any cessation of corporate powers, and in favor of a general assignment; but relying. at the same time. on the honor and integrity of the Legislature. to do what was right under the circumstancesremembering that the State was partly the cause of the suspension of the bank. Ten years ago it was known from the books of the bank. that 197.551 shares. or nearly two-thirds of the capital stock. was held by foreigners. and that over thirteen millions of dollars were due to creditors in Europe. for which depreciated and repudiated State stocks were pledged. Yet their opinion, on any subject referring to the affairs of the bank. was never consulted. and consequently the best assets of the institution were set aside for the benefit of the Philadelphia banks. and other preferred creditors in this country. At former meetings. by distributing the stock amongst the partisans of the latter. Mr. Schwab's efforte were always defeated. particularly by a motion of Mr. Gibbons. who held full four shares since the 6th of April. 1841. in his name. and who then pretended to proteet the best interests of the bank. The same gentleman is now acting as counsel for the commonwealth. in direct opposition to the very same interest he once so zealously defended. Mr S. complained that sufficient notice of meetings or of dividend= due to creditors was not given to foreign creditors or stockholders. in order that their interests might be protected. and also that. in relation to a certain eight millions of dollars in property. held by the bank. Measrs Hope & Co. of Amsterdam. and others. had. for the last nine years. not been able to get any information. The impression generally prevailing. that the interests of the creditors and those of the stockholders were opposed to each other. did not appear to him correctly taken. The stockholders assistance to the creditors is perhaps more needed than the latter are aware of Yet. as representative of the former. he was willing to give it as much as it was in his power, considering it far preferable to trust in the good feelings and equity of those creditors. with some of whom he was personally acquainted. than in the exertions of the present trustees. whose only object it was to perpetuate their salaries In conclusion. Mr. S. remarked that if it was the object of people to depreciate the supposed value of the assets of the bank. with aview thereby to escape further investigation, he would assure those parties that whether the value of the stock was twenty dollars per share. or that of blank paper, neither would prevent him from publishing to the world an account of one of the greatest robberies ever recorded in the annals of history Mr. Randall's resolution in favor of a general assignment. was then put to a vote. and resultedAyes-730 voter representing 9.604 shares Naus-126 votes. representing 3.160 shares. So Mr. Randall's resolution was passed. On motion of Mr. RANDALL. an election was gone into for five trusteer under the general assignment The following gentlemen were elected:-Authory F Schwab. Moiton C. Rogers. James Cooper (of Pottsville), Charles Macalister. and Daniel L. Miller. Jr Several resolutions. in reference to the power of said trustees. &c. were proposed by Mr. Randall. which were unanimously carried Mr. SCHWAI offered a resolution that anotice of stockholders' meetings. or whenever a dividend out of the assets of the bank should be declared. should be published in two Philadelphia daily newspapers. the NEW YORK HERALD. the London Times. and the Amsterdamer Handelsbled. at least three callendar months previous to such meeting being held or such dividend being payable. which was unauimously adopted. On motion of Mr. WALLON. it was Resolved. That when this meeting adjourn. it do ad. journ to meet on the first Monday in May. Adjourned


Article from The Daily Union, July 31, 1855

Click image to open full size in new tab

Article Text

WASHINGTON, July 27, 1855. From the Albany Atias, July 16. THE UNITED STATES bank. The Philadeiphia papers announce that the trustees of the Bank of the United States will make their final dividend on the 20th of September, when the concern will cease in any shape to exist. It has taken fourteen years to wind up the concern; and at the end the stockholders lose all and the other creditors get little. The bank was originally chartered at a period of great financial depression and distress; when the failure of the State Bank, after the war, had deprived the people of a currency. The constitutional objections to its existence were lost sight of in the desire to secure its advantages. The government became a holder of the stock to the amount of one-fifth of the capital; and it received the deposites of the custom-house and the Land Office. When the question of its recharter came up, the exigencies which had called it into existence had ceased, and the objections to it subsisted. The old democrats, who never believed that such an institution was embraced in the objects of the confederation, or was to be endured under a democratic interpretation of the constitution, renewed their objections to its recharter. Gen. Jackson believed, rightly, that all the public service required could be rendered by an agency, more purely governmental, and which would not interfere with or "regulate" the monetary affairs of the people. The bank had assumed the function of a "regulator" of the credits of the country, and assumed to hold a national jurisdiction over State banks; while its own administration was based on the same vicious system which made the local banks so often a delusion and a nuisance. How Mr. Biddle undertook to perpetuate his character by the purchase of presses and the bribery of politicians is well known. With as much folly as wickedness, he contended that the bank had a right to expend the money of the institution in a warfare and upon the government, its leading stockholder. The panic, the distress committees, the suspension, the revolution, bloodless as yet," the attempt to control the cotton market, the immense speculations of the bank, followed. The energy and wisdom of Jackson and Van Buren were successful, and the monster was prostrated; though, in its fall, it brought down State credit, and cast the deep stain, not yet eradicated, upon the American name. But, though thus defeated, it managed to perpetuate its infamy by a new phase of corruption. Under the pretence of improving the common schools and assisting the internal improvements of Pennsylvania," the old bank was rechartered as a State institution, upon condition of immense largesses to the State, and after a well-known expenditure of money among the members of the two houses. But this concern could not corrupt others without becoming corrupt itself. There is a law that regulates the intercourse of vice, and threatens it with dreadful punishment, having their source of mental foulness. The old mother of abominations was rotten to the bone. Patches and paint could not conceal the internal ravages, and, after waddling about a few years in bloated vice, she rolled over and died. There were gay young politicians that haunted the house she lived in. What are they ? What did they become? The story has a moral in it, which time has not failed to engrave deeply on the history of the country, where politicians may gather future instruction. It is, that no accumulation of wealth, however great, can hold an even contest with a free people; that corruption cannot reach the masses; and that politicians who ally themselves in a contest on the side of associated wealth and monopoly, against ideas of popular liberty, become suspected by the people, and no talents or virtue can outweigh the burden of this suspicion.


Article from The New York Herald, February 11, 1860

Click image to open full size in new tab

Article Text

OBITUARY. ### William Evans Burton, Comedian. The artistic and literary world has met with a severe loss in the decease of Mr. William E. Burton, the well known actor, author and manager. The event was not altogether unexpected by the friends of Mr. Burton. For several years past he has been laboring under a chronic disease-enlargement of the heart-brought on no doubt by intense and unceasing application to the duties of his profession, to which was added the care of a large landed estate. Mr. Burton had been advised by his physicians, some time since, to retire altogether from the stage; but his love for his art overbalanced everything else, and he continued to act until about the 1st of January, when he was obliged to relinquish his provincial engagements, and to return to the metropolis. Superadded to his former ailment, dropsical symptoms appeared, and he gradually sank until half-past ten o'clock yesterday morning, when he died. The career of Mr. Burton has been an exceedingly interesting one, and we therefore present a brief sketch of it. He was born in the city of London, in September, 1802. His father was a printer and publisher, and likewise an author. The son was bred to the business of the father, and after receiving a good elementary education, mastered all the mechanical details of the typographical art. One of the specialities of the business of the elder Burton was the printing of classical works, and the son at a very early age acquired a knowledge of the Greek and Latin languages for the purpose of proof reading. His knowledge of the English classics, and especially of the dramatic authors, was also thorough and profound. The elder Burton died when the subject of our sketch had scarcely attained his majority, and the business was conducted by William in the name of his mother. Like many of his craft, Mr. Burton was passionately fond of the theatre, and cultivated the acquaintance of the actors, with whom he was brought in daily contact by his business. Thence the transition to the stage was easy. He acted as an amateur, playing for his first character Hamlet, and for a long time believed tragedy was his forte. He finally entered a company on what is called the Norwich circuit, and in 1832 appeared at the Haymarket, and made his début there in 1838, as Wormwood, in the farce of "The Lottery Ticket." For years afterwards he was compelled to undergo the usual vicissitudes, privations and disappointments which beset a novice upon the stage. He played anything and everything, and was content to take up with the leavings of other men who had attained a position with the public. By an accident he secured the part of "Paul Pry," and made an encouraging success in it. In 1834 he resolved to come to America, and he arrived in Philadelphia, to which place he came without the advance which is usually given to artists. It was a matter of pride with Mr. B., that he was one of the very few Europeans artists who have come to the United States at their own expense. He made his début in September of the year before named, at the Arch street theatre, as Cornet Ollapod, in "The Poor Gentleman." He remained in Philadelphia several years, acting and writing for the press, and speedily obtained an extended reputation in art and letters. He conducted at this time "The Gentleman's Magazine," and published two volumes of fugitive pieces, generally humorous sketches, which had an extended sale. His magazine articles attracted a great deal of attention and admiration. In his own profession he was recognized as a "star," and as such made a tour through the United States. His first essay in the metropolis was made at the old National theatre in Leonard street, then (1889) under the management of Mr. James Wallack. Mr. Burton played, for a complimentary benefit given to Mr. Wallack, Sir Simon Slack, in "Spring and Autumn." The first piece on this night was the opera of "Amilie," in which the Seguins, Miss Shireff, and Wilson, the tenor assisted. Such an entertainment could not be matched a the present day. When the theatre was burned, Mr. Burton was connected with the management. He returned to Philadelphia in 1840, and fitted up Cooke's circus building, in Chestnut street, for theatrical representation, and called it the National Theatre. He had a very fine company, which at various times included Misses Charlotte and Susan Cushman, Henry and Thomas Placide, and other noted performers. The famous fairy piece the "Naiad Queen" was produced here for the first time in the United States, and netted a small fortune for the manager; he invested the larger amount of his earnings in his friend Nick Biddle's famous United States Bank of Pennsylvania, and suffered severely by the smashing up of that institution. In 1841 he leased the theatre corner of Leonard and Church streets, in this city, and brought his Philadelphia company on here, together with all the beautiful scenery, for the prosecution of the "Naiad Queen." The piece had a fine run, and whilst in the midst of success the building caught fire and was again burned, destroying also all of Mr. Burton's splendid scenery. The building was first burned in 1839, while under the management of Mr. James Wallack. We next find Mr. Burton, nothing daunted by misfortune, the manager o the Arch street theatre, Philadelphia, the theatre at Washington, and the Front street in Baltimore. Next after the Park he had the best company in the country, and was distinguished for the liberal way in which he mounted new pieces. He did "London Assurance" with a real aviary and real fountains, but that the birds wouldn't sing and the fountains wouldn't play. The result of Mr. Burton's managerial speculations in the provinces was not pecuniarily magnificent, and he resolved, in 1848, to have a dash at the metropolis. He selected a spot between the Park and Bowery fires, namely, Palmo's old Opera House in Chambers street. Palmo had made a fortune in a café in Broadway, and lost it in trying to manage Italian Opera. The theatre was afterwards used for model artist exhibitions and travelling shows of all sorts. It was considered as terribly low, and Mr. Burton's speculation was regarded as a suicidal affair. He opened, however, in September, '48, and during the first part of his season lost money nearly every night. He worked on unceasingly, and was almost ubiquitous. He acted one night here, another in Philadelphia, and another in Baltimore, and then repeated the operation for week in and week out. The first hit made at Chambers street was Mr. Brougham's adaptation of "Dombey and Son," cleverly adapted, and admirably acted. (Who that saw the play can forget Burton's "Cuttle," Brougham's "Bunsby," or Raymond's "Toot's.") "Dombey and Son" hai a great run, and may be fairly considered as the foundation of the manager's fortune. The burning of the Park a year after the opening of the new theatre left Mr. Burton master of the fleia. He speedily gathered around him a fine company, aud produced all the new London plays in rapid succession. Above all others, "The Serious Family" took the town by storm. Mr. Barton created the part of Aminidab Sleek, and played it altogether over six hundred times. "The Toodles," altered from an old fashioned domestic drama, "A Farmer's Story," was likewise a terrific hit. Mr. Burton was now rich again. He bought the theatre for the sum of fifty thousand dollars, built a fine town house in Hudson street and a splendid country residence at Glen Cove, Long Island. He felt, too, that he could do something in the way of illustrating the Shaksperean drama, of which he had a thorough knowledge, and for which he felt the most fervent adoration. He produced several of the great master's plays, and placed them on the stage with a degree of attention to detail and a perfection of ensemble which have never been equalled in this country. "Twelfth Night," "A Midsummer Night's Dream," "The Tempest," "The Merry Wives of Windsor," and "A Winter's Tale," were among these revivals. In 1856, Mr. Burton, after a most prosperous career in Chambers street, succumbed to the uptown movement, and purchased the theatre upon the Lafarge estate, Broadway, opposite Bond street, which he opened in September of the year above named, with a powerful array of popular artists. His audience followed him, and the profits of the theatre during the first months of the season were very great. It was at this time that his health began to fail, and the interests of the theatre suffered in consequence. After the first season he retired from the active duties of management, and