Citizens Bank (New Orleans, LA)

Episode Information

Episode UID
4210989090509
Episode Type
Run → Suspension → Unsure
Bank Type
state
Bank ID
421098909 hash
Start Date
May 30, 1842
Location
New Orleans, Louisiana (29.955, -90.075)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
89aaf94d3034056e

Response Measures

None

Description

Sources show a run followed by suspension (to Dec. 5) and continued listing as suspended months/years later; final disposition not explicit in these articles.

Events (2)
1. May 30, 1842 Run
Cause
Local Banks
Cause Details
Run triggered by loss of confidence after hesitation/resumption disputes among several New Orleans banks; runs on multiple banks created contagion.
Measures
Noted heavy specie payments; cashiers later announced suspension (see suspension event).
Newspaper Excerpt
There was a run made on the Citizens' Bank yesterday. About 12 o'clock the crowd increased and commenced drawing specie...
Source
newspapers
2. May 31, 1842 Suspension
Cause
Local Banks
Cause Details
Suspension followed heavy run and loss of confidence tied to actions and disagreements among several New Orleans banks.
Newspaper Excerpt
On the 31st May, the Citizens' Bank ... announced their intention to suspend specie payments until the 5th of December next.
Source
newspapers

Newspaper Articles (17)
1. December 20, 1841 The Daily Madisonian Washington, DC
Article from The Daily Madisonian, December 20, 1841

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RESUMPTION IN NEW ORLEANS. The New Orleans Morning Advertiser, of the 9th instant, has an encouraging article on this subject; not only encouraging, but a little threatening, too, towards the conclusion. It commences with saying that "To-day we understand the subject of immediate resumption will be brought up at the Board of Directors of the Commercial Bank, and it is confidently believed that the decision will be to follow t e example of the Bank of Louisiana at once. We know that there are members of the Board favorable to the policy of resumption without delay. They see that every hour it is put off, the danger increases. Whether their advice will be taken, is another thing. If it is, the community will rally around the Bank, and hail with joy her return to the good old path of honesty," The Citizens' Bank is spoken of as "getting ready to come out of the valley of darkness;" the State Bank and Consolidated Association as likely to follow, and the Union Bank as not likely to lag behind. But what, he asks, will become of the other banks? And bids them follow their leaders ; and, if they cannot, tells them to go the way of all flesh; thinking it better they should die now than a year hence, to carry with them the now solvent institutions. The Gas Bank, a editor says, did not vio. late the amnesty of 1838, and is still a specie paying bank, and that the Merchants' Bank has escaped the disgrace of suspension at this late day. This bank had sent money to Mississippi in exchange for cotton, and much of it having been returned upon her, the Directors resolved not to emit the half million they recently contemplated. This is stated however qualifiedly, and not certainly. The editor congratulates the public for having gained by the discussion of these Bank matters two important points-the resumption of specie payments by the Bank of Louisiana, and the abandonment of the proposed issue of broken

2. December 30, 1841 Martinsburg Gazette Martinsburg, WV
Article from Martinsburg Gazette, December 30, 1841

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The Citizens' Bank of New Orleans resumed specie payments on the 13th inst. The Advertiser of the 14th notices a rumor that three other Banks of that city would follow the example on that dav.

3. May 26, 1842 The Madisonian Washington, DC
Article from The Madisonian, May 26, 1842

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count. Sight exchange on New York par to 1 per cent. premium. HURRA FOR A SOUND CURRENCY Yesterday' sun rose brighter than usual, and looked down upon the broad lands of Louisiana with that the hearts of all good and men were observed to move upon the with lightsome step and smile gladdened heads erect. will dull citizens, be earth reYesterday was a memorable day. It ferred to hereafter as the epoch of honesty" Se- returned to Louisiana after a five years' absence. ven out of the ten surviving banks made a grand effort Reand paid their obligations in the legal money of the public. It was a remarkable day, too, for the signal of piece the of treachery to sacred promises on the part institutions State ank Consolidated Banks. These solemnly agreed on Saturday last to pay coin yester- and day, but the directors reconsidered that promise, refused to " come up to the rack." Nothing daunted by the desertion of these the two George Stanleys, on the morning of the battle City, Commercial, Union, Mechanics', Carrollton, Canal, Banks Louisiana marched out in solid column, and opened their vaults to their creditors. Had the three Banks down town, now known Citi- by significant title of the "State of Consolidated done their duty to the public, would have passed off as an zens," the specie payments resumption ordinary of But it proved otherwise, not in conseof any doubt on the part of the in consequence of a scheme to foot the State of Consolidated notes, occurrence. on quence but by institutions Citizens, said holders which be to set an of the notes of the resulming the of to go up and draw the of replenishing the vaults of the purpose army paid out Faithfuls said cash, in "State, for such &c. The appearance of these gentlemen the numbers alarmed, temporarily, the unwary, and crowd in the Union, City, and Canal Banks increased wind of one o'clock, when people having got and for the up "movement" of the "State, &c.,' fell off, two hours thereafter great indignation was expressed The the bystanders and the citizens generally. by main point of attack was upon the City Bank, "State whose President is regarded with e=pecial horror by of Consolidated Citizens." T he common talk among those citizens was, "Ah, ah, we have got the Bank damne will Yankee; on the hip at last. The Citizens' follow hell to-day, the Consolidated will close give and on the third day the with a "sockdologer." This is 11 his career to-inorrow, Peters whole State affair, will evidently but the feeling at the bottom of this Seven has failed, and will fail most miserably. The ! The Banks will pay their debts, let come what may people are with them, heart and hand. At an early hour, the notes of the "State of and Con- in solidated Citizens' were offered in the streets Actual the brokers' offices, at all sorts of discounts. sales were made as follows: Citizen's Bank notes, 10 to 18 per cent. discount. 10 to 18 Consoididated " " 101015 State They are tending downwards, and at three o' 'clock yesterday they were regarded with great suspicion. Bank committed gross law in out Third yesterday, at her counters, in exchange for own The paying Citizens' Municipality Shinplasters violation Burslups, her of notes. This was the game played by the when they were driven to the wall. They say that the the Citizens' paid out $40,000 of this trash in course of the day, and it is now known by the name of Citizens' Bank currency. The State Bank did a large business. She paid her notes under five do.lara in coin. It was a disgrace and see so wealthy a concern palter in a double sense, treat the public so scurvily. The Consolidated threw herself upon her reserved rights, and refused to redeem her notes in anything. She considered them the as good as wheat, though the holders did not, as above Considerable table will quantities show. of specie, drawn out of the paying Banks, by the inhabiants of the region in coin of "les trois Banques," were deposited, it is said, those institutions, on special deposite. The notes of the "State of Consols. and Citizens," were repudiated by the seven specie-paying Banks, and refused in payment of debts. On a comparison of the best information out dorrs, it appears that some $150,000 in coin were paid and out by the seven Banks, but chiefly by the Union But City, at which a dead set seemed to be made. what are $150,000 to these institutions? They amount. can and will out if called on, ten times that They stand pay on the rock of truth and honesty, and not all the enemies of a sound currency in the world can overthrow them. The amount of coin received on depositi by the seven Banks, we learn, reached $100,000. In two days more, the deposits will exceed all that has been paid out. Public confidence is with the seven Banks, and in their march they will not leave a vestige of irredeemable paper behind them. The Courier of last evening (French side) asserts To " confidence is the basis of human affairs." that be sure it is, but Banking affairs must rest upon the basis before contidence in them can exist.No no argument will sustain the talk, of coin, against their debts Trois Banques" Banks which pay in coin. The Plaquemine Gazette gives the alarm against Consolidated notes. It says that that section of the State is flooded with this paper, and remarks that Bank an enormous flight of Exchange and Atchafalaya paper preceded the destruction of those institutions. seven Banks paid out coin yesterday with hin- the The alacrity and promptitude. No let or but drance utmost was made to bill-holders and depositors, the all were immediately accommodated. This is have Men or Banks who can pay their debts, nothing way. to fear, and the seven Banks are fortunately in this category. Immense quantities of sight Exchange were sold yesterday, on New York, at par to one per cent. premium. To people, abroad, we have but one word to have say, and we think we have a right to say it, for we this been alone in our advocacy for resumption in danand gave warning always, where there was city, Our word is Stand by the seven specie-payger. Banks of New Orleans. If you doubt them, try ing them, and they will dissipate all doubt, by paying you can what they owe you. They resolved to pay, they let come what may. If the three repudiated will pay, Banks, the C. C. S. do not c ome in, their notes Trade at 30 per cent. discount in a week's time. has be already felt the benign influences of resumption. The People breathe freer. Confidence has returned. People of New Orleans have sworn eternal enmity foster irredeemable paper currency, and they will and the to seven honest coin-paying Banks, and the law public opinion will prevent them from ever suspending again." Hurrah, then, for a sound currency ! From the Philadelphia Ledger. DANI

4. May 28, 1842 The Madisonian Washington, DC
Article from The Madisonian, May 28, 1842

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From the New Orleans Advertiser. RESUMPTION TRIUMPHANT. All opposition knocked down Resignation of President Lavergne -Public opinion stamps with approbation the seven resuming Banks ! Yesterday, the glory of the day before was consummated. The city saw the sun of specie-payments shed its beneficent light over her vast extent, and confidence sprang up, like a new grown plant, in every man's bosom. The seven Banks did not lose over twenty thousand dollars. In the aggregate, they received over sixty thousand. Many of the unwary who had drawn coin the day previous, deposited their precious treasure in the vaults whence they had taken it in alarm, and hundreds of new accounts were opened by men, who, for months past, looked very properly with suspicion on all Banks which did not pay their debts. So completely has all opposition to resumption been knocked down, that they who presumed to offer any on Monday, were among the absentees from their usual haunts. When they were seen, here and there, flitting to and fro, the shout of laughter at their folly was sent after them by the rejoicing people. President Lavergne, of the Consolidated Bank, seeing that public opinion so triumphantly sustained him (for he went for resumption) and the resuming Banks, and reflecting that he occupied a false position, sent in his resignation to the Directors, yesterday. They refused, we learn, to accept it. He told them that he would not take it back, unless they agreed to resume at once. It was a sine qua non with him. What the Board decided in the matter we do not know, but this we know,-Mr. L. acted in a most praiseworthy manner. It is rumored that the State and Consolidated intend to pay coin to-day. We do not see how they can do otherwise. If they do not, they will be guity of treachery to the State and the tockholders, and will inflict an injury upon the note-holders that ought to be punished with the utmost severity of law, and met, far and near, with the most decided reprobation. As to the Citizens' Bank, a variety of reports are float about her. One is, that she has $800,000 in her vaults. If she has, she ought to be punished for not opening them and making her paper equal to coin. Another is, that the 12th section of the Bank Law is to be put in force against her for violating it, by paying out municipal shin-plasters. There is great curiosity to know how she came by that trash. The general impression seems to be that the State and Consolidated will be forced into resumption, and that the Citizens will persevere in her blundering course until a premature death overtakes her. Confidence in her ultimate ability to pay, is beginning to be disturbed, and all too by her own foolish policy. She will, we hope, take the alarm, before it is too late, and return to the path of honesty. Taken all in all we have cause to rejoice. There is now no United States Bank to terrify State Banks, and drive them from their propriety, no "better currency" to buy for circulation, no Nicholas Biddle to look up to as a Neckar, but our leading men have become convinced, by the discussion of the subject, that suspension is a dire evil, is worse than a hundred wars, that no Bank has any right to refuse to pay its is pais useful when at debts, per only that nothing money convertible but specie, cash all and times that into coin, and hence the prompt return to payments, sought so eagerly by men of all pursuits, as the only means of escaping from utter ruin. A better state of feeling exists now than has existed in this city for ten Suspension can never take place again. The will never years people past. permit the Bank that shall dare it to stand, but it will be consigned over to the tender mercies of the laws.

5. June 4, 1842 Baton-Rouge Gazette Baton Rouge, LA
Article from Baton-Rouge Gazette, June 4, 1842

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BATON ROUGE. SATURDAY, June 4, 1812. THE BANKS.-A desperate rith was commenced last Monday on the Citizen's and sore other banks in New Origans. Thissoon occasioned suspension on the part of the pressed banks, and their suspension creating doubts of certain others, the run was continued from day to day against all the banks. until all suspended except the Bank of Louisiana, the Carrolton, and the Mechanics and Traders. These three have comparatively little to pay out, and may, perhaps, all keep on paying specie, if 80 disposed. Their course is, no. vertheless, doubtful. The sums paid out by the City bank and some others were very large; and the drain this made will probably have the effect of preventing resumption by those banks in December, as the law directs. On this result the Bee remarks, We are now reaping the blessings of locofeco tampering with the currency. Those blessings (1) we have been reaping from year to year since 1833; but we cannot agree with our friends of the Bee, that the democrats are responsible for this catastrophe. The banks brought it on themselves, by presuming too much on the credality of the people. They did wrong to resume at the time. They should have abided the issue of the law; or by joining issue with (as we think could be most properly and constitutionally done), have contested its anthority in every particular. As it now is, the banks have contributed largely to bring about the very objects aimed at by the framers of that law, namely, distress, miscry, and want, among the people! So much for the bank reformers 111 the last legislature! What blessings some men might confer on their fellow citizens, by minding their own business, and remaining in that happy obserurity for which nature designed them, and out of which only their own impudence and the enjoyment of a little un-earned wealth could extract them! POLICE Jest.-The Police Jury for this pa. rish, and also for that of West Baton Rouge, meets on Monday next. A subject we would respectfully recommend to the attention of the members, is the new law relative to public instruction. Under this law, it is known, the amount to be paid the parishes by the state, is graduated on the sum voted by the Police Jury. This is done with the hope of interesting the chief citizens of each parish, more deeply in the cause of education than they have yet appeared to be. We earnestly desire it may have this effect; and with this view respectfully urge upon the Police Jury of this parish. and her sister, West Baton Rouge, the most mature and sincere devotion to the subject.

6. June 13, 1842 The New York Herald New York, NY
Article from The New York Herald, June 13, 1842

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BY THE SOUTHERN MAIL. OCT The Southern Mail had not arrived at the time of our going to press. LATEST FROM NEW ORLEANS-PROGRESS OF THE REVULSION.-Our accounts last evening came down to the 4th inst. The confusion, paralysis, and com mercial fright, was beyond all precedent. The following are extracts:NEW ORLEANS, JUNE 1.-The specie paying banks sustained themselves well yesterday-indeed there was no run upon any but the Union, and that was a slight one. Our citizens seem to have become convinced that the banks that have held out thus far are sound, and no depositors were disposed to draw out specie further than their business wants required. The consequence was, that no run was made yesterday, and the five specie banks remained sound and undisturbed. Should these five institutions prove themselves able to maintain their specie paying stand, our city would be able to boast that pecie was the standard of some of her banks, even if the same banks had no promises to pay affoat? The Union Bank is now believed to be established in her specie-paying position. For the honor of our city it is hoped that she and the other four banks will hold out the hard money flag-though we the people must suffer greatly from being driven to the use of a currency (the only one obtainable for daily use) greatly below par.-Bulletin. REMARKS ON THE MARKET FOR THE LAST THREE DAYS.-Once again is our currency thrown into chaos, and trade may be said to be almost completely paralysed in consequence. In our last Wednesday's report we noticed the suspension of specie payments by the Citizen's and Louisiana State Banks, but strong hopes were entertained that all the others would maintain their position. These hopes, however, have been disappointed. A panic seemed to have seized upon both billholders and depositors, and on Wednesday and Thursday four others, viz : the Consolidated, Canal, Commercial, and City, declared another suspension. The banks which still maintain their payments in specie are the Union, Mechanics and Traders, Bank of Louisiana and Carrollton. We have thus emphatically and literally a "mixed currency," and prices of merchandize partake so much of a similar variety that we find it almost impossible to arrive at correct quotations until matters become more settled. -N. O. Price Current. GEORGIA GOLD MINES.-The Milledgeville Journal states that persons who follow the pursuit of digging for gold in that vicinity, have of late been much stimulated in their labor in consequence of the handsome profits they have in many instances realized. It is said that in the neighborhood of Dahlonga, there are from fifteen hundred to two thousand pennyweights found daily. At one mine, on Battle Branch, there was lately found one lump worth, it is said, one hundred and twenty-eight dollars. It is supposed, from present prospects, that there will be at least from $300,000 to $400,000 realized in that section from the pursuit within the present year. The late success in this business is drawing the attention of many others to it.

7. June 13, 1842 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, June 13, 1842

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Iaised Bills are will We quote disc. Apalachicola 11 a Philadelphia Mobile 25 a 251 Baltimore par a 24 a 27 251 a 2. Montgomery Virginia Tuscaloosa 2/a 3 25) a 26 N Carolina - a New.Orleaus 1:a 1. Charleston 12 a 13 Nashville 12 a 2 Savannah Lonisville 2) a 21 13 a 2 Augusta 9 2 10 St. Lou 20 a 221 Columbus 20 Cinclunati 3) a 4 Macon There is some inquiry for Treasury Notes for investment, at par and t premi. A dividend of five per cent. will be paid by the Auburn and Rochester Railroad on the 1st proximo. We understand that arrangements have been made to redeem the notes of the broken James Bank on and after the 15th instant at par. The Etna fire Insurance Company have declared a div. idend of eight per cent. The attempt to resume specie payments in New-Orleaus has virtually exploded. In consequence of the hesitation of the Citizens', State and Consolidated Banks to resume on the day the other Banks resumed, confidence was impaired. and a run was kept up. The consequence was the suspension of the Consolidated. State and Citizens'. followed by the City, Commercial and Canal Banks, until 5th December next, the day fixed by the law. The Banks which pay spe. cie are the Mechanics and Traders', Carrolton, Union and Bank of Louisiana. On the Union there had been a runThe City Bank lost $160,000 Specie in one day. Therewas a most intense panic prevailing, and such were the crowds in the banking rooms that several persons fainted, and two were reported to have died. The following was the state of three of the banks on Saturday, May 28: Circulation. Specie. $294,245 $112,554 Citizens' Bank 419,390 170,025 Consolidated Bank 387,645 227,527 State Bank $1,101,280 $510,106 There are due to the three Banks, payable within 90 days, nearly a million dollars: $144,729.57 Citizens' Bank 136,355 24 Connsolidated 325,029 95 Louisiana State Bank $906,114.76 The above six banks suspended on the 30th of May and 1st of June. The v-Orleans Bulletin of the 3d instant

8. June 15, 1842 The New York Herald New York, NY
Article from The New York Herald, June 15, 1842

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The examination by the board of currency into the affairs of the Citizens Bank, New Orleans, on the 21st May, three days before its suspension, presented the following results :-

9. June 16, 1842 Lynchburg Virginian Lynchburg, VA
Article from Lynchburg Virginian, June 16, 1842

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NEW ORLEANS BANK SUSPENSIONS. There has been a panic created in New Orleans, in consequence of some disagreement in matters of policy among the Banks of that city, and a heavy run was made upon them. followed by the suspension of specie payments on the part of several of the Banks. On the 31st May, the Citizens' Bank and the Louisi ana State Bank announced their intention to suspend specie payments until the 5th of December next. On the 1st instant the Commercial Bank, the Canal Bank and the Consolidated Association Bank also sus pended. The suspension of the City Bank was announced on the 2d instant. The New Orleans Bulletin of the 2d instant, speaking of the suspension of the City Bank, says-"This fact, we feel warranted in saying, settles the question of specie payments in New Orleans for the present. No Bank in the city, that issues notes will redeem them in specie before autumn at least." The Picayune of the 3d instant says "The present specie paying banks are the Mechanics' and Traders," the Carrollton, the Union, and the Bank of Louisiana. All these banks, except the Union, have but a nominal existence. They are neither issuing their own notes, nor discounting those of others; so that their position is a matter of little consequence to the public.Their liabilities are but small, and they are known to have means to meet them: there is, therefore, no anxiety-no excitement regarding them. It was not so yesterday with the Union Bank. There was a brisk run on her in the morning, but she promptly aswered all demands with silver.--Thiscreated confidence in her behalf, and long before the time for closing her doors the "run" declined to a very easy "walk," her counter in the meantime being filled with specie." It is said that two persons had died from injuries received in the crowd at one of the Banks. The New Orleans Courier of the 1st says "More than six hundred thousand dollars, !in specie, it is said. will have been exported from New Orleans during the fortnight ending Jane 4." The following are extracts from letters. New Orleans, May 31. "There was a run made on the Citizens' Bank yesterday. About 12 o'clock the crowd increased and commenced drawing specie from the State Bank and the Consolidated Bank. This morning the Cashiers of the Citizens' and State Banks have announced that they have suspended until the 5th December next. the time given by the Legislature. It is said that the Citizens' Bank has $500,000 in sterling exchange, which she has not been able to sell. No person appears to know what caused the run on the Banks. The Consolidated Bank has not suspended." "June 1. "The Consolidated Bank has suspended specie payments. The holders of her notes having lost confidence, owing to the suspension of the Citizens' and State Bank, made a run on her yesterday. The crowd was great, and the day being very warm. several persons fainted. and were carried cut of the Bank apparently lifeless.The run continued from 9 until 2 o'clock, and amounted almost to an impossibility to reach the paying teller's counter. Men were seen coming cutas wet from pers.

10. June 16, 1842 Martinsburg Gazette Martinsburg, WV
Article from Martinsburg Gazette, June 16, 1842

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From the National Intelligencer. THE NEW ORLEANS BANKS AGAIN SUSPENDED. We received last evening, three or four mails together from New Orleans. On the 30th of May a run upon the Banks for specie appears to have begun, and lasted for several days, which has obliged the New Orleans Banks generally again to suspend specie payments. The following extracts of letters taken from the Charleston Courier, give a more condensed and intelligible account of the matter than the newspapers: NEW ORLEANS, May 31. There was a run made on the Citizens' Bank yesterday. About 12 o'clock the crowd increased, and commenced drawing specie from the State Bank and the Consolidated Bank. This morning, the Cashiers of the Citizens' and State Banks have announced that they have suspended until the 5th of December next, the time given by the Legislature. It is said, that the Citizens' Bank has $500, 000 in sterling exchange, which she has not been able to sell. No person appears to know what caused the run on the banks. The Consolidated Bank has not suspended." JUNE 1. The Consolidated Bank has suspend. ed specie payments. The holders of her notes having lost confidence, owing to the suspension of the Citizens' and State Banks, made a run on her yesterday.The crowd was great, and the day being very warm, several persons fainted, and were carried out of the bank apparently lifeless. The run continued from nine until three o'clock, and it amounted almost to an impossibility to reach the paying teller's counter. Men were seen coming out as wet from perspiration as if they had been taking a bath with their clothes on. The Consolidated Bank is a solvent one, but the directors do not understand how to manage it well." "JUNE 2. The Canal and Commercial Banks did not resume yesterday. The run on the City Bank was very great yesterday. At 12 o'clock she had paid out $70,000, and up to 3 o'clock, the amount drawn (as reported) was $160,000. They will all doubtless suspend before the week is out." From the New Orleans Bulletin, June 3. We repeat, that suspension of specie payments by the Banks of New Orleans, is real-and any pretension to the contrary is illusory. " No Bank that issues notes can pay them in specie. From the Baltimore American, June 14. LOUISIANA BANKS. The excitement in New Orleans has subsided, and the run on the Banks was over on the 4th inst. The Union Bank continued to pay specie for all demands upon it.

11. June 17, 1842 The Illinois Free Trader and Lasalle County Commercial Advertiser Ottawa, IL
Article from The Illinois Free Trader and Lasalle County Commercial Advertiser, June 17, 1842

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Latest from New Orleans. Last week we had the pleasure of informing our readers that all the banks of New Orleans had resumed specie payments, and that there was scareely a doubt of their solidity. This week, we are sorry to say, our information from that city is not so favorable. The N. O. correspondent of the St. Louis New Era of the 31st ultimo. says: "At an early hour yesterday, reports were rife, in most parts of the city, discreditable to the standing and solidity ofsome of our Banking institutions. The consequences were that a run was made on them all, and keptup with spirit throughout the day. The Citizens and Louisiana State Bank were, it seems, unable to meet the crisis, and have therefore been compelled again to suspend specie payments until December next. This was unlooked for, and has, I am most sorry to say, cast a gloom over our community, which will not easily be removed. The run on the other Banks has been renewed this morning, and kept up to the present moment, 2 o'clock, without, however, any show of reluctance on the part of their officers to meet every demand promptly. How all this is to end, seems difficult at present to conjecture."

12. June 17, 1842 Carroll Free Press Carrollton, OH
Article from Carroll Free Press, June 17, 1842

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NEW OLLEANS BANKS-MORE SUSPENSION. We have advices from New Orleans, per steamer Mazeppa, to the 31st ult. It will be seen from the following ex. tract of a letter received by a Commis sion House. of our city, that the State Bank of Louisiana and the Citizens Bank, have again suspended:- Louis. ville paper. "We have to inform you that the State Bank of Louisiana and Citizens Bank have officially announced, in the morning papers, that they will not re. deem any more of their notes in coin till the 5th December next-the time named by the Legislature for resumption. This has caused no small excite ment. and their refusal will, no doubt, occasion a severe run upon the other Banks; but the general belief is that they will get through."

13. June 18, 1842 Richmond Palladium Richmond, IN
Article from Richmond Palladium, June 18, 1842

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Suspension of Specie Payments in N. Orleans We learn from the N, O. Picayone of the 31st ult., that in consequence of the paper of the Cit. izens' bank of that city being refused by the oth er banks, and distrust in others thereby revived, that a severe run was made on the Citizens', Con solidated and Louisiana banks, in consequence of which the Citizens' Bank, together with the Lou isiana State Banks all suspended the payment of specie on their notes until December next. The same paper of the 3₫ inst. says:-The present specie-paying banks are the Machanics' and Traders', the Carrolton, the Union, and the Bank of Louisiana. All these banks, except the Union have but a nominal existence. They are neither issuing their own notes, nor discounting those of others; so that their position is a matter of little consequence to the public. Their liabilities are but little, and they are known to have means to meet them; there is, therefore, no anx: iety - no excitement regarding them. 1: was not so yesterday with the Union Bank. There was a brisk run on her in the morning, butsite prompt ly answered all demands with silver. This created confidence in their behalf, and long before the time for closing her doors the "run" declined to a very easy walk, her counter in the meantime being filled with specie.-Balt. Clipper.

14. June 23, 1842 The Charlotte Journal Charlotte, NC
Article from The Charlotte Journal, June 23, 1842

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The Banks of New Orleans have all suspended again. It has been but a short time since they resumed. The run commenced on the 30th of May and lasted for several days-no cause is assigned for this run on the Banks. The citizens' Bank has suspended until the 5th of December next, the time given by the Legislature. The other Banks no doubt will adopt the same course.

15. August 26, 1842 The Yazoo Whig and Political Register Yazoo City, MS
Article from The Yazoo Whig and Political Register, August 26, 1842

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Bank Note Table, Corrected Weekly, NEW-ORLEANS MONEY MARKET. Adapted for Yasoo City Market. Gas Light and Banking Company, par. Bank of Louisiana, par. SUSPENDED BANKS. 25 dis. City Bank of New Orleans, 8 Mechanics and Traders', " Union Bank, 12 " 18 State Bank, " 30 Canal Bank, " 20 Commercial Bank, " Consolidated Bank 35 u 25 Carrollton Bank, " 45 Citizens' Bank, REPUDIATED BANKS, Exchange Bank, 25 c per dol. 30 c dob Improvement do. 25 c Bank of Orleans, 15 c do. Atchafalaya, Blue Backs, 60 to 55 pr d. MUNICIPALITY NOTES. Municipality No. 1, 8 pr ct. dis. " 8 No. 2, sb No. 3 50 40 Alabama, n 8 Tennessee, South Carolina, par. Kentucky, par.

16. April 26, 1844 The Yazoo City Whig and Political Register Yazoo City, MS
Article from The Yazoo City Whig and Political Register, April 26, 1844

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Bank Note Table, Corrected Weekly. NEW-ORLEANS MONEY MARKET. Adapted for Yazoo City Market. STANDARD SPECIE. par. Gas Light and Banking Company, Bank of Louisiana, par. Mechanics and Traders', par. par. City-Bank of New Orleans, parUnion Bank, par. State Bank, " Canal Bank, " Carrollton Bank, SUSPENDED BANKS 30 dis Citizens' Bank, 35 66 Consolidated Bank, 25 6.66 Commercial Bank, REPUDIATED BANKS. 30 c per dol. Exchange Bank, 30 c do. Improvement, 25 c do. Bank of Orleans, 20 c do. Atchafalaya, 87 c do. Blue Backe, MUNICIPALITY NOTES. 20 pr ct. dis Municipality No. 1, " " 35 " 66 No. 2, " " 75 No. 3 " 20 Alabama, " 3 Tennessee, w South Carolina, 3 , 31 LEGAL VALUE OF COINS. Eagle before 1834, $10,66 Forty Francs, $7,50 10,00 " since 1834, Georgia $5 br.m't5.00 4,86 Sovereign, N. Carolina do 5,00 ₽ 10 Napoleon, 3,85 Pistareen, is Guina 5,00 Doubloons, Spanish before 1782 Ducat 16,25 2,00 after 1782 German 15,53 1,00 Patriot French 1,00 15,55 Louis d'Or. 3,00 2,9 1th pieces d X Guilders X Thalers 7,87 3,64

17. August 19, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, August 19, 1857

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PROFITABLE BANKING.-The Citizens Bank of New Orleans, on the 6th inst., declared a dividend of 9 per cent. on the earnings of the last six months; this with 6 per cent. divided in February last, makes 15 per cent. for .the last year besides a balance of the profits, to go to the reserve fund and profit and loss of two hundred and eight thousand dollars. The net profits of the bank for the last twelve months are 28½ per cent. This bank was originally founded upon the Real Estate plan. Its Capital was made up of mortgages on Real Estate, and it. capital borrowed on a pledge of the mortgages in Europe, at a low rate of interest. As the mortgages were paid up, the mortgagors became the actual stockholders. The Bank failed in 1840. and was placed in the hands of trustees, who collected the mortgages. paid the European lean, and by gathering in what was available of its former loans on Bills receivable, realized therefrom an actual cash capital. The charter was renewed in 1854, after fourteen year's suspension; its capital was increased and new stock issued and paid up, and in the hands of efficient managers it has become the largest and most profitable Bank in the country. A great portion of the old stock was obtained by its holders with out any actual cost. The mortgaged estates were sold for and subject to the mortgages to the Bank, with the right to the stock in the Bank to the amount of the mortgage. As the capital was considered sunk and worthless, the right to it was deemed of no value, and in buying the estates, the purchasers gave no additional price in consideration of it. But in the course of years, the collections of old debts and the payment of original loan, began to show there would be a large surplus, and in the final closing of its affairs by the Trustees, there was found to be a handsome capital to start anew upon;which with the addition of new capital of a million has made it the largest and best bank in the Southern States, and its Stock is now worth $160 for $100 par. It has proved one of the most fortunate financial operations of the day, and its success has been attained by an adherence to the soundest principles of banking-by a most generous course to its customers, and by sustaining and fostering the commerce of its own city, as its first duty in the use of its means.