Mississippi Union Bank (Jackson, MS)

Episode Information

Episode UID
5139270590484
Episode Type
Suspension โ†’ Closure
Bank Type
state
Bank ID
513927059 hash
Start Date
April 14, 1840
Location
Jackson, Mississippi (32.299, -90.185)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7108f69a307d3932

Response Measures

None

Description

Governor McNutt issued a proclamation (July 10, 1840) declaring the bank had forfeited its powers; later assignment to trustees in Oct 1841.

Events (4)

1. April 14, 1840 Other
Newspaper Excerpt
the Directors the Union Bank passed a resolution on the 14th instant, requesting the stockholders to assemble and surrender the charter of the Bank.
Source
newspapers
2. July 10, 1840 Suspension
Cause
Government Action
Cause Details
Governor issued proclamation after affidavit that the bank refused to pay specie on a presented note (July 10, 1840).
Newspaper Excerpt
presented 10th July, 1840 ... payment thereof in specie, which was refused ... issue this my Proclamation, declaring that the MISSISSIPPI UNION BANK has forfeited all its banking powers and privileges.
Source
newspapers
3. May 12, 1841 Other
Newspaper Excerpt
the Board of Directors of the Mississippi Union Bank have resolved that is essential to the interests of the bank, that its affairs be put into the most speedy train of liquidation
Source
newspapers
4. October 23, 1841 Receivership
Newspaper Excerpt
the Mississippi Union Bank has made an assignment of all its property and effects to the undersigned trustees for the benefit of its creditors generally, which deed bears date the 23th of October, 1841
Source
newspapers

Newspaper Articles (9)

Article from Columbus Democrat, April 25, 1840

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THE MISSISSIPPI UNION BANK. We learn by a letter from Jackson, from a source to be relied upon, that the Directors the Union Bank passed a resolution on the 14th instant, requesting the stockholders to assemble and surrender the charter of the Bank. This resolution was opposed by President Runnels.The operation of losing so lucrative an office as that which he has had the honor to hold, and the capacity to fill, is not quite so agreeable as the acceptance of it. The residue of the directors having taken their share of the spoils, and but little prospect ahead of another dividend, are therefore willing to give the shell to the people, after having sucked the egg. The appetite of President Runnels, however, is not so easily appeased. What a sad commentary on the banking sys. item, does this hopeful institution present. Two years have only elapsed since it commenced opetions with an actual capital of nearly five millions of dollars. and now the very men that have managed the institution since its commencement, de clare by their acts, that it is hopelessly insolvent! It takes a dozen Mississippi "boys" to discm bowel "a monster" of this magnitude in such short order.


Article from Lexington Union, July 18, 1840

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A PROCLAMATION, By G. McNutt, Governor of Alexander of the State Mississippi, it is section of HEREAS, eight banks "An net team provided in ing the several of this State to -pecie, and for other purposes," February 21st, 1840. That from k approve after the first day of July ext (thereafum (all the banks and moneyed corporation in this State) shall be required specie at their counters, respectively. to notes or liabilities, of ten dollars is further all the ninth And doomination their whereas, of it provided then and unite dur in section said act sb any or the times State the bank from preceding and moneyed after corporation That prescribe in shoul in section of this pay on respective and in the therein to therein specie prescribed, specified, its liabilities act, manne refu If shall i.e the duty the President, Cashier, or Telter, to name bank date, place the back his of together with on such note orevidence of liability, on presentation thereof, which said endorsement shall be field and derme sufficient evidence of protest and refuse of the back to pay specie." And, whe ns, it is further provided the the tent section of Faid act, " That "henever if Governor, either from the certificate t the President. Cashier, or Teller, as afore said, or by affidavit of the holder of any e such note, bill, or other evidence of debt. e shall be satisfied that such presentmen S has been duly made and payment refuse o he shall forthwith issue his Proelamation declaring that said corporation has forfeit ed all its banking powers and privileges y And, whereas. it appears by the affidavi S of James F. Fall, that be did on the le day of July, A. D. 1840, present no in the words and figures following, low n ("Faith of the State pledged, No. t Twelve months after the 1st of di 1839. The Mississippi Union Bank promises to pay ten dollars to the bearer e on demand-Jackson, April 1, 1839, w interest till due, al five per cent. e, annum. II. G. Runnels, President 1. Wm. P. Grayson, Cushier,) to Wm. y Wynn, Teller of the Mississippi Unio e Bank, and demanded payment thereof e specie, which was refused, and that said Teller did then and there endors a thereon Presented 10th July, 1840, We r T. Wynn, Teller." Now know ye, that being satisfied th: presentmet of said mote has Icea dul e made end payment thereof ro tused, dol virtue of authority in me vested by th e Constitution and Laws of this State issue this my proclamation, declaring the 11 the MISSISSIPPI UNION BAN has forfeited all its banking powers 80 privileges," y In testimony whereof, I. ALEXAN S DER G. McNUTT, G vernor of th e stile aforesaid, have caused these letter it to be mode patent, and the great seal the state to hereunto aflixed. e Given under hand at the rily Jackson, this tenth July, in the year of 0 e Lord one thousand eig I (L.S.) hundred and forty, and the Forreignty of the sta of Mississippi the twent third, By the Governor: A. G. MeNUTT, h THOMAS B. WOODWARD : Secretary of State. , 36 July 18, e SALE


Article from Lexington Union, July 25, 1840

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A PROCLAMATION, By Alexander G. McNutt, Governer of the State of Mississippi, HEREAS, it is provided in the W eight section of "An act requiring the several banks of this State to pay specie, and for other purposes," approved February 21st, 1840. That from and after the first day of July rext (thereafier,) (ill the banks and moneyed corporations 10 this State) shall be required to pay specie at their counters, respectively, for all their notes or liabilities, then due, ol the dnomination of ten dollars and under." And whereas, it is further provided in the ninth section of said act 06 That should any bank or moneyed corporation in this State from and after the times prescribed in the preceding section of this act, refuse 10 pay specie on its respective liabilities as therein specified, and in the manner therein prescribed, it shall be the duty of the President, Cashier, or Teller, of such bank to place his name together with the date, on the back of such able or evidence of liability, on present atioa thereof, which said endorsement shall be held and deemed sufficient evidence of protest and refusal of the bank to pay specie." Acd, whereas, it is further provided in the ten:b section of said act, " That whenever the 1Governor, either from the certificate of e the President, Cashier, or Teller, as aforeit or affidavit of the e said, by evidence Holder of of debt, any such note, bill, or other shall be satisfied that such presentment of has been duly made and payment refused, 1. he shall forthwith issue his Proclamation er declaring that said corporation has forfeittix ed all its banking powers and privileges." in And, whereas, it appeats by the affidavit st of James F. Fall, that he did on the tenth -t day of July, A. D. 1840, present a note 2 in the words and figures following, to wit er, ("Faith of the State pledged, No. 376 Twelve months after the 1st of April d. 1839. The Mississippi Union Bank a to pay ten dollars to promises the hearer uon demrnd-Jackson, April 1, 1839, with interest till due, at five per cent. pc annum. II. G. Runnels, President Wm. P. Grayson, Cashier,) to Wm. T Wyun, Teller of the Mississippi Unio 50 Bank, and demanded payment thereof i Post specie, which was refused, and that th said Teller did then and there endors y of 1st thereon Presented 10th July, 1840, Wn Post T. Wyon, Teller." Now know ye, that being satisfied the presentmet of said mote has been dul male und payment thereof refused, I do virtue of authority in me vested by t Constitution and Laws of this Stat issue this my proclamation, declaring th the MISSISSIPPI UNION BAN has forfeited all its banking powers a privileges," In testimony whereof, I, ALEXA DER G. McNUTT, Governor of 1 state aforesaid, have caused these lette to be made patent, and the great seal the state to be hereunto affixed. Given under mv hand at the city Jackson, this tenth day July, in the year of o Lord one thousand eig ..S.] hundred and forty, and the sovreignty of the sta of Mississippi the twent third. By the Governor: A. G. MeNUTT, THOMAS B. WOODWARD. Secretary of State. July 18,


Article from Columbus Democrat, July 25, 1840

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A Proclamation By Alexander G. M'Nutt. Governor of the State of Mississippi. HEREAS, it is provided in the 18th section W of "An act requiring the several banks of this State to pay specie, and for other purposes," approved February 21st, 1840, "that from and after the 1st day of July next (therealter,) (all the banks and moneyed corporations in this State) shall be required to pay specie at their counters, respectively, for all their notes or liabilities, then due, of the denomination of ten dollars and under." And, whereas, it is further provided in the 9th section of said act, "that should any bank or moneyed corporation in this State from and after the times prescribed in the preceding section of this act, refuse to pay specie on its respective liabilities, as therein specified. and in the manner therein prescribed. it shall be the duty of the President, Cashier, or Teller, of such bank, to place his name, together with the date, on the back of such note or evidence of liability, on presentation thereof, which said endorsement shall be held and deemed sufficient evidence of protest and refusal of the bank to pay specie." And, whereas, it is further provided in the tenth section of said act, "that whenever the Governor, either e from the certificate of the President, Cashier, or teller, 68 aforesaid, or by affidavit of the holder of any such note, bill, or other evidence of debt, shall be satisfied that such presentment had been duly made , and payment refused, he shall forthwith issue his Proclamation declaring that said corporation has forfeited all its banking powers and privileges." And, whereas, it appears by the affidavit of James S. Fall that he did, on the tenth day of July, A. D. 1840, present a note in the words and figures following, to wit: (" Faith of the State pledged, No. 376, Twelve months after the 1st of April, 1839. The Misaissippi Union Bank premises to pay ten dollars to the bearer on demand-Jackson, April 1, 1839, with interest till due, el five per cent. per annum. 11. G. 8 Runnels, President. Wm. P. Grayson, Cashier,") II to Wm. T. Wynn, Teller of the Mississippi Union Bank, and demanded payment thereof in specie, D which was refused, and that the said Teller did then and there endorse thereon Presented 10th July, 1840, Wm. . Wynn, Teiler." Now know ye, that being satisfied that present ment of said note has been duly made and payment thereof refused, I do, by virtne of the authority in me vested by the Constitution and Laws of this State, issue this my Proclamation, declaring that the MISSISSIPPI UNION BANK has forfeited all its banking powers and privileges. In testimony whereof, I, ALEXANDER G. o McNUTT, Governor of the state aforesaid, have caused these letters to be made patent, and the great seal of the state to be hereunto affixed. Given under my hand at the city of Jackson, this tenth day of July, in the year of our Lord one thousand eight hundred and e (L.S.) forty, and of the sovereignty of the state D of Mississippi the twenty third. A. G. McNUTT. By the Governor: THO'S. B. WOODWARD, Secretary of State. 3w3 July 10, 1840


Article from Lexington Union, August 1, 1840

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A PROCLAMATION, By Alexunder G. McNutt, Governor of the State of Mississippi. HEREAS, it is provided in the W eight section of An act requiring the several banks of this State to pay I specie, and for other purposes," approved February 21st, 1840. " That from and after the first day of July cext (thereafter,) (all the banks and moneyed corporations in this State) shall be required to pay i specie at their counters, respectively, for all their notes or liabilities, then due, of the dnomination of ten dollars and under." And whereas, it is further provided in the ninth section of said act 06 That should any bank or moneyed corporation in this State from and after the times prescribed in the preceding section of this act, refuse to pay specie on its respective liabilities as therein specified, and in the manner therein prescribed, it shall be the duty of the President, Cashier, or Teller, of such bank to place his name together with the date, on the back of such note or evidence of liability, on presentation thereof, which said endorsement shall be held and deemed sufficient evidence of protest and refusal of the bank to pay specie." And, whereas, it is further provided in the tenth section of said act, " That whenever the Governor, either from the certificate of the President, Cashier, or Teller, as aforesaid, or by affidavit of the holder of any D such note, bill, or other evidence of debt, shall be satisfied that such presentment has been duly made and payment refused, he shall forthwith issue his Proclamation declaring that said corporation has forfeit. ed all its banking powers and privileges." And, whereas, it appears by the affidavit of James F. Fall, that he did on the tenth k day of July, A. D. 1840, present a note in the words and figures following, to wit: ("Faith of the State pledged, No. 376, Twelve months after the 1st of April, 1839. The Mississippi Union Bank to promises to pay ten dollars to the bearer, on demand-Jackson, April 1, 1839, with interest till due, at five per cent. per y annum. H. G. Runnels, President, 1. Wm. P. Grayson, Cashier,) to Wm. T. e Wynn, Teller of the Mississippi Union of Bank, and demanded payment thereof in n specie, which was refused, and that the 1, said Teller did then and there endorse a thereon" Presented 10th July, 1840, Wm. d T. Wynn, Teller." a Now know ye, that being satisfied that nt presentmet of said note has been duly se made end payment thereof refused, I do by i virtue of authority in me vested by the !d Constitution and Laws of this State n. issue this my proclamation, declaring that n. the MISSISSIPPI UNION BANK r. has forfeited all its banking powers and y privileges," SS In testimony whereof, I, ALEXAN ir DER G. McNUTT, Governor of the of state aforesaid, have caused these letters n to be made patent, and the great seal of a the state to be hereunto affixed. Given under mv hand at the city of Jackson, this tenth day of July, in the year of our th, Lord one thousand eight o, hundred and forty, and of (L.S.) en the sovreignty of the state of Mississippi the twenty third. ly ai By the Governor: A. G. McNUTT, VTHOMAS B. WOODWARD. en Secretary of State. 36-3w. July 18,


Article from Columbus Democrat, August 8, 1840

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A Proclamation By Alexander G. M'Nutt. Governor of the State of Mississippi. HEREAS, it is provided In the 18th section W of "An act requiring the several banks of this State to pay specie, and for other purposes," approved February 21st, 1849, that from and after the 1st day of July next (therealter.) (all the banks and moneyed corporations in this State) shall be required to pay specie at their counters, respectively, for all their notes or liabilities, then due, of the denomination of ten dollars and under." And, whereas, it is further provided iii the 9th section of said act, "that should any bank or moneyed corporation in this State from and after the times prescribed in the preceding section of this act, refune to pay specie on its respective liabilities, as therein specified, and in the manner therein prescribed, it shall be the duty of the President, Cashier, or Teller, of such bank, to place his name, together with the date, on the back of such note or evidence of Liability, on presentation thereof, which said eadorsement shall be held and deemed sufficient evidence of protest and refusal of the bank to pay specie." And, whereas, it is further provided in the tenth section of said aci, "that whenever the Governor, either from the certificate of the President, Cashier, or teller, as aforesaid, or by effidavit of the holder of any such note, bill, or other evidence of debt, shall be satisfied that such presentment has been duly made and payment refused, he shall forthwith issue his Proclamation declaring that said corporation haef forfeited all its banking powers and privileges." And, whereas, it appears by the affi davit of James S. Fall that he did, on the tenth day of July, A. D. 1840, present a note in the words and figures following. to WII: (** Faith of the State pledged, No. 376, Twelve months after the 18t 0 April, 1839. The Mississipp Union Bank promises to pay ten dollars to the bearer on demand-Jackson, April 1, 1839, with interes till due, at five per cent. per annum H.G Runnels, President. Wm. P. Grayson, Cashier,") to Wm. T. Wynn, Teller of the Mi-missippi Union Bank, and demanded payment thereof in specie, which was refused, and that the said Teller did then and there endorse thereon Presented 10th July, 1840, Wm. . Wyon, Teller." Now know ye, that being satisfied that presentment of said note has been duly made and payment thereof refused, I do, by virtue of the authority in me vested by the Constitution and Laws of this State, issue this my Proclamation, declaring that the MISSISSIPPI UNION BANK has forfeited all its banking powers and privileges. In testimony whereof, I, ALEXANDER G. McNUTT, Governor of the state aforesaid, have caused these letters to be made patent, and the great seal of the state to be hereunto affixed. Given under my hand at the city of Jackson, this tenth day of July, in the year of our Lord one thousand eight hundred and [L.S.] forty, and of the sovereignty of the state n of Mississippi the twenty third. A. G. McNUTT. g By the Governor: . THO'S. B. WOODWARD, Secretary of State. 3w3 July 10, 1940 e e inn West : Devide


Article from New-York Tribune, May 12, 1841

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Commercial and Money Matters. Tuesday. P.M. A: the Board to day the transactions were not heavy. Most scriptions improved somewhat. 5 S Bank went up 1/4 per cent. N.t Trust, 3 do. Stonington :- Harlem 1. New Jersey 3. Mechanics Banking Association 1. American Exchange Bank 1. Long Island fell off 1, and Paterson 2. The demand for State Stocks was not very large to-day, and the change in rates not material. $1,400 Corporation Water Loan, 1870, at 86. $2,000 Indiana Sterling Bonds, at 581. 583. do $9,000 do 584. Dollars, do 84,000 588. de $2,000 do The sales show a decline in Sterling Bonds of 1 per cells, and an imprevement in Dollar Bonds of 1/4 per cent. from yesterday's quotatiens. There was a sale of 813,306 of Exchange on Philadelphia as the Board to-day at 954. We quote the Demestic Exchanges as follows Domestic Exchanges. 53 a 6 Richmond it a Philadelphia la ! Charleston 41 a 43 Baltimore 10 a 12 Augusta 31 a 33 Savannah 7 a 71 10 a 11 N. Orlean Mobile 83 a 9 81 a 9 Louisville Cincinnati, At sale of Teas to-day by Austin, Wilmerding & Co., several in voices were offered. There was no animation exhibited. and the prices show quite a decline on the last sales. Teas are now as low as before the promulgation of "wars and rumors of wars," between the Celestials and our neighbors across the water. There appears to be considerable difference of opinion at Philadelphia in regard to the acceptance by the Banks of the provisions of the relief bill recently passed by the Legislature of that State. In relation to this question, Bicknell's Reporter says--" It is said that the Commercial Bank of this city-the Philadelphia Bank-the Southwark Bank-and one or two other institutions will not: but the opinion prevails that the majority of our banks will yield as a measure of necessity rather than of choice-that the loan will be taken and the Small notes issued." The Tremont Insurance Company of Boston has declared a semi-annual dividend of ton per ceat. The Charleston Courier says that the Stockholders of the Camden Bank have again rejected the act of the last session of the Legisla. ture in relation to bank suspensions. The Branch Bank of Darien at Dahlenega is said to be paying its bills in coin whenever presented. By an advertisement pablished in the Jackson (Miss.) paper, we learn that the Board of Directors of the Mississippi Union Bank have resolved that is essential to the interests of the bank, that its affairs be put into the most speedy train of liquidation, consistent with the present condition of the country. The Albany Argus says- The Collector in this city received on Saturday the largest amount ever collected for Canal tolls in a single day at this office, viz: $6,904 34. "For the week ending on Friday, the amount of tolls received at the Albany office, was $17,418 88. An official statement of the Debt and Revenue of the State of Ohio shows the following totals: $12,938,401.85 Total State Debt, Nov. 15, 1840 $626,804.10 Interest chargeable on revenue for current year Revenue (estimated) for 1841, applicable to pay$33,090.90 ment of interest on State State Debt $87,713.20 Deficiency Wool-The supply of Foreign Wool at this market is larger than any period for several years past, and the sales dull. In Domestic there is little doing, and the market is well supplied. The following are the quoted rates: American Saxony, fiecce, 471 a 52; American Full-blooded Merine 35 a 40; American Native, half-blooded, 25 a 30: Superfine, pulled, 32 a 35; No. 1, 30 a 32; No. 2, 18 a 20.


Article from Staunton Spectator, and General Advertiser, December 9, 1841

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From the Richmond Enquirer. To the Editor of the Enquirer. JACKSON, (Miss.) Nov. 10th, 1841. "Sir-The election for State and County Offitook in this State on the of this month. The cond cers, days place been result first heard is and known from sehere, and all the counties have six. The anti-bond ticket has succeeded majority of near M. Tucker is except by votes. an average Tilghman elected three thousand Governor-Wm. Mckendree Gwin, and Jacob Thompson, Representatives in Congress-Augustus B. Saunders, Auditor of Public Accounts-Richard S. Graves, State Treasurer-and John D. FreeWe have man, Attorney General. These gentlemen are of State by running two Secretary all Democrats. probably The Legislature candidates, lost our (Woodwards and Williams.) of 21 or 22 anti-bondmen from 58 to 62 ate; will consist and Representatives in the in Sen- the House. The Bondmen will have from 10 to 11 Senators, and from 36 to 40 Representatives. It is quite certain, that the anti-bondmen will have a majority of two-thirds in each branch of the Legislature. This result will astound many persons abroad, who are ignorant of the grounds on which the State resists the payment of the five millions of dollars in State Bonds, delivered to the Mississippi Union Bank, and negotiated by I send you a copy of my letter & Co. and request you to to that Hope Institution. publish Robert the J. in the Enquirer. Our Senator, and our Representatives, sustain me in the Thompson, same Walker, positions made Gwin I have and the taken. A demand will probably be on Government of the United States, for the payBonds referred to. and ment an exciting of the perplexing question. This maintain This will it State raise be has defined her position, and will what they may. I firmly bethat four-fifths of the going to war to lieve, prefer the consequences paying people the bonds. of this State "The Whig candidates for Governor, and memthe generally, to any bill to selves bers of oppose Legislature intended and p'edged tax interest the them- peo- of ple, to pay either the principal But for this, and national politics, would have been almost in those the State Bonds. of the Bonds. unanimous opposing the payment "The Mississippi Union Bank is hopelessly and has made an her (Elliot,) effects insolvent, to President, assignment Cashier, of (Clop- all her for ton,) and Attorney (Scott.) This was done the benefit of all her creditors, and to save the wreck of her fortunes. She was sued in the Federal Court for about $300,000. Her circulation is two million two thousand dollars. She each $4,000 per annum its With good circulation may eventually be gives or near equivalent. assignee paid. management, The in specie whole her stock is sunk. Her paper is now selling at 35 cents to the dollar. "I have been a subscriber to your paper for than 20 I am a native of Virginia. never have been a of the Union I more debtor am not, and Mississippi years. myself Bank. stockholder I friends. never or requested it to loan money to or I voted against its charter, and alhave pledging the for At the my ways As Senator, banking opposed purposes. risk faith of of the State life, and aspirations, I prevented the sale of of Bonds authorized to Union Bank. It is true Gwin 101 millions political to the be given I signed by as Governor the charter of the Bank. I did so in obedience to the public will. I warned the people of the evil consequences of engaging the State as security for reckless speculators. The action of this State, I earnestly hope, will forever destroy the ruinous system of borrowing money abroad, to be wasted in Banking and visionary systems of Internal Improvement. Two squares of the Town of Vicksburg were destroyed by fire night before last. Yours truly," A. G. McNUTT.


Article from Daily Richmond Whig, March 4, 1842

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TO THE CREDITORS OF THE MISSISSIPL UNION BANK. W HEREAS, the Mississippi Union Bank has made an assignment of all its property and effects to the un. dersignedirustees for the benefit of its creditois general. ly, which deed bears date the 23th of October, 1841, and was recorded in the proper office in the county of Hinda, and State of Mississippi, on the 30th October, 1841; and, whereas, it is provided in said deed of assignment that all creditors of said bank, who shall file their claim or claims within eight months from the registration of said deed, with the said trustees, shall be considered as preferred creditors. (except as in said deed provided. to wit. a fund sufficient to pay the necessary expences of carrying into effect asid assignment.) and as relinquishing all claim for more than 7 per cent. interest on the debt or claim so filed from and after the registration of said deed, in the said county of Hinds; that is, the principal and all the interest at the rate allowed by the charter due on the claim so filed, shall be added together, and 2 certificate be Issued for the whole amount, which certificate shall state on its face that it bears interest at the rate of7 per cent. per ann. from the time saiddeed is registered 18 aloresaid:-and wheress It is made the duty of the undersigned trustees by publication. &c. to notify the creditors of paid Bank, of the above pro+ visions-therefore, all the creditors of the Missis Appi Union Bank are hereby notified to file their claim or claims with the undersigned trustees, within eight months from the date of the registration of said deed of assignment in said county of Hinds, if they intend to enjoy the advanta. ges allowed to preferred creditors. or to such who file their claim or claims in accordance with the provisions of said deed of assignment. JAMES ELLIOT. CHARLES W. CLIFTON, CHARLES SCOTT. Jackson, November 3. 1841. no 26 wim