Bank of Washington (Washington, DC)

Episode Information

Episode UID
5743670290449
Episode Type
Run โ†’ Suspension โ†’ Reopening
Bank Type
trust
Bank ID
574367029 hash
Start Date
May 1, 1837*
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1cd69967030fc2be

Response Measures

None

Description

Bank faced heavy withdrawals in May 1837 during the wider panic; board resolution of Aug 29, 1837 indicates resumption of specie payments on Sept 1.

Events (3)

1. May 1, 1837* Suspension
Cause
Macro News
Cause Details
Yielded to the general suspension of specie payments during the national banking panic of May 1837 after heavy withdrawals exhausted specie resources.
Newspaper Excerpt
the Bank of Washington undertook to continue to pay specie after the other Banks had stopped, backed by the influence of the government but after two or three days experiment ... such was the constant run upon them for specie that they also yielded.
Source
newspapers
2. May 12, 1837 Run
Cause
Macro News
Cause Details
Widespread 1837 financial panic and general suspension of specie payments following bank distress elsewhere.
Measures
Issued printed notices declaring ability to fulfill engagements; officers pledged private fortunes to meet claims.
Newspaper Excerpt
A heavy run has been made on the Bank of the Metropolis today, and one on the Bank of Washington, but to no great amount.
Source
newspapers
3. September 1, 1837 Reopening
Newspaper Excerpt
That on and after the first of September next the notes of this Bank be redeemed in specie. (the same having nearly all been received since the suspension of specie payments.)
Source
newspapers

Newspaper Articles (15)

Article from The Herald, May 15, 1837

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bank suspensions. [Correspondence of the Herald.] WASHINGTON, May 12th, 1837. The whole city is in a state of alarm and confusion. The "Experiment" is beginning to operate at home and the people here have become terrified by the appearance of things. This morning the Patriotic Bank of Washington and the Union Bank of Georgetown have suspended specie payments; the former till it learns what the banks of Baltimore intend to do, and the latter permanently. This IS the second instance of suspension of the Patriotic Bank, and its credit will of course be prostrated. A heavy run has been made on the Bank of the Metropolis today, and one on the Bank of Washington, but to no great amount. The Secretary of the Treasury, in order to sustain the former, being a depository of the Government, has given it a draft OR the Mint at Philadelphia for $200,000, and in one case has become responsible himself, to the amount of $20,000, to an individual of this eity, who made on this bank a demand for specie to that amount. The alarm is nevertheless so great, that the banking house and street in front of it, are crowded with applicants for specie. Both the Bank of the Metrop lis and the Bank of Washington think they can sustain themselves, and have issued printed notices declaring their "ability to fulfil the engagements and liabilities of the banks, having assets to nearly double the amount of their liabilities," and have therefore determined to continue specie payments. The President, Directors and Cashier of the Bank of Washington have, moreover, pledged individually and collectively "their private fortunes for all just claims against the institution." This declaration has restored confidence as to that bank, but the distrust and suspicion in regard to the other still continue, and the rush is unabated. I presume it will be able to sustain itself, aided as it is by the Government, unless a general suspension throughout the country becomes necessary. We are in an awful condition. The notes of the Virginia Banks of the best standing will scarcely be taken at all, and when they are received, even those of the Deposite Banks, they are at from 5 to 10 per cent. discount. Groups of citizens are seen at almost every shop-door, listening to accounts of failures, and awaitthe fate of our city banks.


Article from Vermont Phล“nix, May 19, 1837

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Bank of the Metropolis. -Government drafts came on yesterday, we are told, for specie to be paid by the deposite Banks here, for the purpose of re inforcing the Bank of the Metropolis and the Bank of Washington. These drafts were of course not honored. A counter current started South immediately on the announcement that there were specie paying Banks at Washington, and every dollar of demands upon them which can be mustered any where, will immediately be presented for payment. It willsoon be known, therefore, whether in the midst of a general suspension, one little point can be made an exception. If it can, the effect would be only mischievous, for in order that a Bank under such circumstances should maintain specie payments, it must pay off its debts and stop business. It can have no influence on the state of the currency. It must be like the little bit of meat which they say the Irish at home suspend over their dinnera thing to be pointed at, but not to be used. N. Y. Jour. of Com. May 16.


Article from Litchfield Enquirer, May 25, 1837

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THE ENQUIRER. LITCHFIELD, MAY 25, 1837. The Legislature.-From this body we learn very little of importance. Week before last on Friday morning the adjourned over to Tuesday afternoon.On then assembling, it was found there was no quorum present and on Wednesday the House was thinly attended. Thus was nearly a week lost, and we suppose the members getting their pay from the Treasury for the whole period. No business of consequence has yet been accomplished. But few committees have reported and no appointments made.We learn that the Litchfie!d county members have had one or two county meetings, but recommended no appointments of consequence. His honor Judge H. P. Welch, we understand, hangs by the gills" in county meeting it is not probable he will be recommended for the office of Judge again, but whether the House will take the responsibility of putting him in remains to be seen. In county meeting he had but 14 votes out of the 33 members. This looks rather squally for His Honor when all his own troops cannot be brought up to the scratch. We learn further, that the small bill petitions-that is, for allowing the Banks to issue bills of $1 and $2-are not likely to be granted. If they should not, the state will probably soon be flooded with either small bills from Massachusetts and Rhode Island, or shinplasters will have to come into use. There is no other alternative. From the little experience we already have had, we imagine the community are satisfied that we cannot get along for change with our present means. KT Since the preceding page, and the above notice were in type, we have received a slip from the Hartford Courier, containing an account of the proceedings of Saturday and Monday, but for which we have not room. Nothing of much consequence was transacted on either day On Saturday, the appointments of County Court and Probate Judges for Middlesex County, and of County Court Judges and Sheriff for Windham were made-Hezekiah Lyon is the Sheriff T'appointed-theothers webelieve same as last vear. Bills repealing the charters of the Stamford, N. Haven City, and Quinebaug Banks, had two readings and referred to committee on Banks. An abstract showing the actual condition of the several Banks in this State, laid on the table, and 2000 copies ordered be to printed. On Monday, the bill relating to settlement of inhabitants in towns, prohibiting their admission by vote of civil authority and selectmen, or by being appointed to civil offices, was read second time, and postponed for a third reading. The answer of the Directors of the City Bank at New-Haven to the Report of the Committee appointed to examine that institution, was presented-and on the motion to print 1000 copies, gave rise to considerab deba Messrs. Raymond, Phelps of Woodbury, Willey, Curtis of Watertown, Carrington and Donaghe in favor and Messrs. Woodruff and Curtis of Monroe prevailed. ficated as We have so crowded our coluought to be to from other papers respecting up of children at failures," legislative record, &c.e country. In a room left for editorial speculationently chargeable, bes in breakings of as CONGRESS is to be er brittle materials Monday of September to meet ad unfortunate heas least weighty considerations" are the which, at is rathPresident deigns to offer in his incerned, jild and equable this step. port Uncommon Occurrence.-A gentleman who started for the West' last week, called and paid up his printer's bill before leaving! So says a western New-York paper. We can tell a little better story than this. A friend and townsman of ours started for Ohio a few days ago; but before going he called upon us, and not only paid up arrearages, but paid for the Enquirer two years and a half in advance ! May health, happiness, and abundance follow in his train. Hear what the government pet-Mr. Van Buren's par excellence organ-the Albany Argus says of the Postmaster General's order to pay for postage in specie. Not one of the lesser lights in the region hereabout dare utter such censure : We understand that an order was received yesterday by the Postmaster of this city, from the department at Washington, directing that all payments for postage should be paid in specie, and that it should be retained in the office, subject to the draft of the general office, or to the payment of contractors, expenses, &c. We regret the supposed necessity for such order ut this moment as it can scarcely fail to lead to much public inconvenience, and to serious loss of revenue to the department.-Albany Argus. The Government Pets.-The Bank of the Metropolis and the Bank of Washington undertook to continue to pay specie after the other Banks had stopped, backed by the influence of the government but after two or three days experiment," such was the constant run upon them for specie that they also yielded. or As the news of the suspension of epecie payments by the New York Banks travels South and West, all the banks follow suit. Proceeding southwardly, the news is met that in Mississippi and Alabama and Louisiana the banks have there anticipated the movement, and also suspended. In New York, they stopped on the 10th, in Natchez on the 8th, and in New Orleans, six of the banks stopped on the 12th, and it was believed the whole would follow in a day or two after. East, West, North and South, we do not hear of a single bank (except the New Haven City Bank) which has not yielded to the force of circumstances, and suspended specie payment. Sogoes Mr. Van Buren's specie humbug! or The report in our last paper, from New Haven, about the breaking of the Bridgeport Bank, turns out to be untrue. The Cashier says no process has been served upon it, and that no bank in the state is in more sound or solvent state. MR. ADAMS-Please inform your readers why it is that the convenience and interests of community should be made tributary to either the EASE or INDOLENCE of Post Masters or their Clerks ? Had not the office better be open bef fore o' clock at this season of the year, and thereby add to the eliances of replying to letters from the south by first return mail Furthermore, is a Clerk in Post Office absolved from or disgraced by an attentive and civil demeanor to the cusACCOMMODATION. tomers of the office? MARRIED. In Torringford, Mr. Eber N. Gibbs, of Farmington, to Miss Abigail W Hudson. In Warren, Mr. Daniel E. Brinsmade, of Washington, to Miss Orphey Sackett, daughter of Benj. Sackett, Esq. In Hartford, Frederick Ellsworth Mather, Esq. of New to Miss Ellen Pomeroy Goodrich, adopted to to Miss Jane daughter Haven, Miss Sarah In Wilton, York, of Elizur Mr. Ann Goodrich, James Lewis, Middlebrook. H. both Esq. Smith, of East Mr. printer, Hartford. Henry of Wright NewIn Mr. Nathan Burwell. of Southbury,


Article from The Madisonian, September 2, 1837

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BANK OF WASHINGTON. 29TH AUGUST, 1837. T the regular meeting of the Board this day, present, A the President and nine of the Directors, it was unamimously Resolved. 1st. That on and after the first of September next the notes of this Bank be redecmed in specie. 2d. That all deposites remaining undrawn. (the same having nearly all been received since the suspension of specie payments.) and all future deposites, other than such as may be made in specie, and be at the time so entered, be payable in notes current in the District of Columbia. 3d. That all collections for Banks and individuals, and all curtails. be received in notes current as above; and that all sums so collected be paid in like funds. W. GUNTON, President. Gteod6 JAS. ADAMS, Cashier.


Article from The Madisonian, September 6, 1837

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BANK OF WASHINGTON. 29TH AUGUST, 1837. T the regular meeting of the Board this day, present, A the President and nine of the Directors, it was unanimously Resolved, 1st. That on and after the first of September next the notes of this Bank be redeemed in specie. 2d. That all deposites remaining undrawn, (the same having nearly all been received since the suspension of specie payments,) and all future deposites, other than such as may be made in specie, and be at the time so entered, be payable in notes current in the District of Columbia. 3d. That all collections for Banks and individuals, and all curtails. be received in notes current as above; and that all sums so collected be paid in like funds. W. GUNTON, President. 6teod6 JAS. ADAMS, Cashier.


Article from The Madisonian, September 9, 1837

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BANK OF WASHINGTON. 29TH AUGUST, 1837. T the regular meeting of the Board this day, present, A the President and nine of the Directors, it was unanimously Resolved, 1st. That on and after the first of September next the notes of this Bank be redeemed in specie. 2d. That all deposites remaining undrawn, (the same having nearly all been received since the suspension of specie payments,) and all future deposites, other than such as may be made in specie, and be at the time so entered, be payable in notes current in the District of Columbia. 3d. That all collections for Banks and individuals, and all curtails, be received in notes current as above; and that all sums so collected be paid in like funds. W. GUNTON, President. 6teod6 JAS. ADAMS, Cashier.


Article from The Madisonian, September 12, 1837

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BANK OF WASHINGTON. 29TH AUGUST, 1837. T the regular meeting of the Board this day, present, A the President and nine of the Directors, it was unanimously Resolved, 1st. That on and after the first of September next the notes of this Bank be redeemed in specie. 2d. That all deposites remaining undrawn, (the same having nearly all been received since the suspension of specie payments,) and all future deposites, other than such as may be made in specie, and be at the time so entered, be payable in notes current in the District of Columbia. 3d. That all collections for Banks and individuals, and all curtails, be received in notes current as above; and that all sums so collected be paid in like funds. W. GUNTON, President. 6teod6 JAS. ADAMS, Cashier.


Article from The Madisonian, September 14, 1837

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BANK OF WASHINGTON. 29TH AUGUST, 1837. T the regular meeting of the Board this day, present, A the President and nine of the Directors, it was unanimously Resolved, 1st. That on and after the first of September next the notes of this Bank be redeemed in specie. 2d. That all deposites remaining undrawn, (the same having nearly all been received since the suspension of specie payments,) and all future deposites, other than such as may be made in specie, and be at the time so entered, be payable in notes current in the District of Columbia. 3d. That all collections for Banks and individuals, and all curtails. be received in notes current as above; and that all sums so collected be paid in like funds. W. GUNTON, President. 6teod6 JAS. ADAMS, Cashier.


Article from The Madisonian, September 21, 1837

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BANK OF WASHINGTON. 29TH AUGUST, 1837. T the regular meeting of the Board this day, present, A the President and nine of the Directors, it was unanimously Resolved. 1st. That on and after the first of September next the notes of this Bank be redeemed in specie. 2d. That all deposites remaining undrawn, (the same having nearly all been received since the suspension of specie payments,) and all future deposites, other than such as may be made in specie, and be at the time so entered, be payable in notes current in the District of Columbia. 3d. That all collections for Banks and individuals, and all curtails. be received in notes current as above; and that all sums so collected be paid in like funds. W. GUNTON, President. 6teod5 JAS. ADAMS, Cashier.


Article from The Madisonian, September 23, 1837

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BANK OF WASHINGTON. 29TH AUGUST, 1837. T the regular meeting of the Board this day, present, A the President and nine of the Directors, it was unanimously Resolved, 1st. That on and after the first of September next the notes of this Bank be redeemed in specie. 2d. That all deposites remaining undrawn, (the same having nearly all been received since the suspension of specie payments,) and all future deposites, other than such as may be made in specie, and be at the time so entered, be payable in notes current in the District of Columbia. 3d. That all collections for Banks and individuals, and all curtails. be received in notes current as above; and that all sums NO collected be paid in like funds. W. GUNTON, President. 6teod6 JAS. ADAMS, Cashier.


Article from The Madisonian, September 26, 1837

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BANK OF WASHINGTON. 29TH AUGUST, 1837. T the regular meeting of the Board this day, present, A the President and nine of the Directors, it was unanimously Resolved, 1st. That on and after the first of September next the notes of this Bank be redeemed in specie. 2d. That all deposites remaining undrawn, (the same having nearly all been received since the suspension of specie payments,) and all future deposites, other than such as may be made in specie, and be at the time so entered, be payable in notes current in the District of Columbia. 3d. That all collections for Banks and individuals, and all curtails, be received in notes current as above; and that all sums so collected be paid in like funds. W. GUNTON, President. 6teod6 JAS. ADAMS, Cashier.


Article from The Madisonian, September 28, 1837

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BANK OF WASHINGTON. 29TH AUGUST, 1837. T the regular meeting of the Board this day, present, A the President and nine of the Directors, it was unanimously Resolved, 1st. That on and after the first of September next the notes of this Bank be redeemed in specie. 2d. That all deposites remaining undrawn, (the same having nearly all been received since the suspension of specie payments,) and all future deposites, other than such as may be made in specie, and be at the time so entered, be payable in notes current in the District of Columbia. 3d. That all collections for Banks and individuals, and all curtails. be received in notes current as above; and that all sums so collected be paid in like funds. W. GUNTON, President. 6teod6 JAS. ADAMS, Cashier.


Article from The Madisonian, October 3, 1837

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BANK OF WASHINGTON. 29TH AUGUST, 1837. T the regular meeting of the Board this day, present, A the President and nine of the Directors, it was unanimously Resolved, 1st. That on and after the first of September next the notes of this Bank be redeemed in specie. 2d. That all deposites remaining undrawn, (the same having nearly all been received since the suspension of specie payments,) and all future deposites, other than such as may be made in specie, and be at the time so entered, be payable in notes current in the District of Columbia. 3d. That all collections for Banks and individuals, and all curtails. be received in notes current as above; and that all sums so collected be paid in like funds. W. GUNTON, President. 6teod6 JAS. ADAMS, Cashier.


Article from The Madisonian, October 7, 1837

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BANK OF WASHINGTON. 29TH AUGUST, 1837. T the regular meeting of the Board this day, present, A the President and nine of the Directors, it was unanimously Resolved, 1st. That on and after the first of September next the notes of this Bank be redeemed in specie. 2d. That all deposites remaining undrawn, (the same having nearly all been received since the suspension of specie payments,) and all future deposites, other than such as may be made in specie, and be at the time so entered, be payable in notes current in the District of Columbia. 3d. That all collections for Banks and individuals, and all curtails. be received in notes current as above; and that all sums so collected be paid in like funds. W. GUNTON, President. 6teod6 JAS. ADAMS, Cashier.


Article from The Madisonian, October 12, 1837

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BANK OF WASHINGTON 29TH AUGUST, 1837. T the regular meeting of the Board this day, present, A the President and nine of the Directors, it was unanimously Resolved, 1st. That on and after the first of September next the notes of this Bank be redeemed in specie. 2d. That all deposites remaining undrawn, (the same having nearly all been received since the suspension of specie payments,) and all future deposites, other than such as may be made in specie, and be at the time so entered, be payable in notes current in the District of Columbia. 3d. That all collections for Banks and individuals, and all curtails. be received in notes current as above; and that all sums so collected be paid in like funds. W. GUNTON, President. 6teod6 JAS. ADAMS, Cashier.