Crescent City Bank (New Orleans, LA)

Episode Information

Episode UID
6782814990741
Episode Type
Suspension โ†’ Reopening
Bank Type
state
Bank ID
678281499 hash
Start Date
September 16, 1861
Location
New Orleans, Louisiana (29.955, -90.075)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7e42ee08033a0df6

Response Measures

None

Description

The bank suspended specie payments in 1861 due to the Civil War and was later ordered into liquidation by Union General Butler in 1862, but 1866 reports indicate it was expected to resume business.

Events (3)

1. September 16, 1861 Suspension
Cause
Government Action
Cause Details
Suspended specie payments following the recommendation of the Governor of Louisiana during the Civil War.
Newspaper Excerpt
In compliance with the recommendation of his Excellency, the Governor of the State, this Bank has suspended specie payments.
Source
newspapers
2. August 23, 1862 Suspension
Cause
Government Action
Cause Details
Ordered into liquidation by Union General Butler (General Order No. 294) for lacking sufficient cash assets under Louisiana law.
Newspaper Excerpt
ordered to go into liquidation, and to suspend all business save the collecting of their own assets.
Source
newspapers
3. December 17, 1866 Reopening
Newspaper Excerpt
the Union Bank and the Crescent City are expected to resume business at an early day.
Source
newspapers

Newspaper Articles (7)

Article from New Orleans Daily Crescent, September 19, 1861

Click image to open full size in new tab

Article Text

CRESCENT CITY BANK, New Orleans, September 16, 1861. In compliance with the recommenda tion of his Excellency, the Governor of the State, this Bank has suspended specie payments. Treasury Notes of the Coufe lerate States are received on deposit and accepted in payment of all collection and d'scount notes. se18 6t JULES CASSARD, Cashier.


Article from New Orleans Daily Crescent, September 23, 1861

Click image to open full size in new tab

Article Text

CRESCENT CITY . BANK, } New Orleans, September 16, 1861. OF In compliance with the recommendation of his Excellency, the Governor of the State, this Bank has suspended specie payments. Treasury Notes of the Confederate States are received on deposit and accepted in payment of all collection and discount notes. se18 6t JULES CASSARD, Cashier.


Article from New Orleans Daily Crescent, September 24, 1861

Click image to open full size in new tab

Article Text

? CRESCENT CITY BANK, } New Orleans, September 16, 1861. In compliance with the recommendation of his Excellency, the Governor of the State, this Bank has suspended specie payments Treasury Notes of the Confederate States are received on deposit and accepted in payment of all collection and discount notes. se18 6t JULES CASSARD, Cashier.


Article from Chicago Daily Tribune, September 10, 1862

Click image to open full size in new tab

Article Text

HEADQUARTERS DEPARTMENT OF THE GULP, NEW ORLEANS, August 23, 1862. GENERAL ORDER No. 294. - The Merchants' Bank and Crescent City Bank having. by their own showing, no such cash assets as under the Jaws of Louisiana would entitle them to contir ue to be banks of issue and deposit, are hereby ordered to go into liquidition, and to suspend all business save the collecting of their own assets. The several boards ot directors are respecitively made a board of trastees to wind up the affairs of the bank. Tuey will issue DO bills, pay no deposits, contract no new obligations. nor cancel any obligation without & fail equivalent in behalf of the bank, and pay no debts without further orders. They will respectively make report under oath of a majority of the board weekly of the


Article from Alexandria Gazette, September 11, 1862

Click image to open full size in new tab

Article Text

Governor Morton, of Indiana, has issued a proclamation exempting from the draft the "people called Quakers," but requiring them to pay an amount of money which shall be deemed an equivalent for such exemption. The weather was SO intensely warm at Cincinnati on the 4th, that many of the volunteers were overpowered by the heat, and compelled to leave the ranks on their march. The London Army and Navy Gazette describes Gen. McCiellan's campaign as the most signal failure seen in this century. The cotton "pinch" in England is beginning to be seriously felt. Only 18,000 bales American left now,--and as that will all be gone before October,-"the question is, what is to be done to feed the empty mouths and hungry stomachs hitherto dependent." Said Pasha lately gave Louis Napoleon a dinner in the Egyptian style. Every+ thing was perfect. There was water from the Nile, but you may be sure that they didn't have to go out of Paris to find their Mrs. Potiphar. Where they secured a Joseph is another matter. It appears that Congress passed an act last session, imposing a heavy tax on Gas. Justice, like Charity, sometimes begins at home. A dispatch to the Granada (Miss.) Appeal states that the Society of Friends in North Carolina has memorialized the Confederate Congress for a modification of the new.conscription act in their favor. New Orleans dates of August 28th say that General Butler had issued an order requiring the Merchants' and Crescent City Banks to go into liquidation.General Beauregard and staff arrived at Mobile on last Saturday a week ago. The general's health is fully restored, and he has been assigned te duty at Charleston. Gen. Buckner has been promoted to be a major general. Governor Curtin, of Penn., has issued an order calling all the able-bodied men of the State to arms to resist the threatened invasion.Harrisburg is being fortified. It is stated that Gen. Heintzleman has been appointed to command the army of Virginia, with headquarters at Alexandria. The Richmond Dispatch says:--"Our loss in the battle of the 30th ult., is estimated at between eight hundred and a thousand killed and wounded. The enemy is known to have been more than double that number." The Richmond Dispatch of the 6th, says:"There are now sixty-eight of General Pope's commissioned officers and one of his surgeons in confinement here. They are not considered prisoners of war. An aid of Gen. Burnside recently captured is, however, placed in that category.' Southern papers say that the armed Confederate steamer Yorktown was totally lost on the 26th ult., while on the way from Mobile to Havana. a


Article from New-York Daily Tribune, September 22, 1862

Click image to open full size in new tab

Article Text

FROM NEW-ORLEANS. We have received New-Orleans papers to the 14th instant, which state that the city is quiet and in a tolerably healthful condition. Only one case of yellow fever is noticed. The Delta in an article asking the question, "Shall we have a City Guard," says: Nearly twelve thousand of our citizens have already taken the oath of allegiance. Of that number, it is fair to suppose that one-half, at least, have been influenced by pure motives; and in taking that oath have meant and understood all that it implied. It certainly implies, among other things, that they are to afford the Government not only the moral support of their aid and countenance, but also the physical support of their services, if the occasion should demand them. Not a few, however, of the outspoken Union men of the city, and those not the least influential, seem to consider, that instead of their supporting the Government, the Government is bound to support them. Accordingly, we find these pure patriots very active and zealous in the pursuit of fat offices, but very lukewarm in promoting anything like a military organization, even though its object may be simply the protection of their own firesides from the outrages of mob. In the event of an attack on the city, what do this army of office-holders expect? To repose calmly in their beds, and be protected by the Union soldiers? But those soldiers will all be needed to meet and fight the foe. They cannot be expected to remain behind for the protection of able-bodied men, who are certainly more interested than they are in the preservation of order. Poor fellows, whose worldly wealth finds room enough and to spare within the compass of a knapsack-are they to rally round the palaces of opulent office-holders and keep their inmates from harm? Brave fellows, whose valor on the battle-field might lead to deserved promotion, and send their names blazing with glory in the dispatches of their leaders to cheer the loving hearts at home-is that valor to be expended in the suppression of a vile mob? We think not. If the wealthy Union men of New Orleans desire to be protected from violence in the event of an attack on the city, they had better be prepared to protect themselves. The Delta urges the immediate organization of a Home Guard, and calls upon those who have taken the oath of allegiance to commence the work at once. GEN. BUTLER AND THE BANKS. Gen. Butler, in General Order No. 294 orders the merchants and Crescent City banks to go into liquidation and to suspend all business save the collection of their own assets, in consequence of their having by their own showing not such cash assets as would enable them to continue to be banks of issue and deposit. They are required respectively to make weekly reports under oath of a majority of the Board, the exact condition of the banks and the changes from each report. The order says: In order that the public may be assured in their confidence in the final redemption of the liabilities of the bank, it is further ordered that the slightest breach of good faith in the officers of the bank, or in winding up the affairs of the bank, will be summarily and exemplarily punished. THE NATIVE GUARDS. In General Order No. 63, Gen. Butler pays a high compliment to the Native Guards, composed of the free colored population of New-Orleans. After citing the commission given to its officers, the order says: And whereas, Such military organization elicited praise and respect, and was complimented in General Orders for its patriotism and loyalty, and was ordered to continue during the war in the words following: HEADQUARTERS LOUISIANA MILITIA, ADJUTANT GENERAL'S OFFICE, March 24, 1862. ORDER NO. 426.-1. The Governor and Commander-in-Chief, relying implicitly upon the loyalty of the free colored population of the city and State, for the protection of their homes, their property, and for Southern rights, from the pollution of a ruthless invader, and believing that the military organization which existed prior to the 15th February, 1862, and elicited praise and respect for the patriotic motives which prompted it, should exist for and during the war, calls upon them to maintain their organization, and to hold themselves prepared for such orders as may be transmitted to them. II. The Colonel Commanding will report without delay to Major-General Lewis, commanding State Militia. By order of THOMAS O. MOORE, Governor. M. GRIVOT. Adjutant-General. And Whereas, said military organization by the same order was directed to report to Major-General Lewis for service, but did not leave the city of New-Orleans when he did, Now, therefore, the Commanding-General, believing that a large portion of this militia force of the State of Louisiana are willing to take service in the volunteer forces of the United States and beenrolled and organized to "defend their homes from ruthless invaders;" to protect their wives and children and kindred from wrong and outrage, to shield their property from being seized by bad men; and to defend the flag of their native country as their fathers did under Jackson at Chalmette against Pakenham and his myrmidons carrying the black flag of "beauty and booty:" Appreciating their motives, relying on their "well-known loyalty and patriotism," and with "praise and respect" for these brave men, it is ordered that all the members of the "Native Guards" aforesaid, and all other free colored citizens recognized by the first and late Governor and authorities of the State of Louisiana as a portion of the Militia of the State, who shall enlist in the volunteer service of the United States, shall be duly organized by the appointment of proper officers, and accepted, paid, equipped, armed, and rationed as other volunteer troops of the United States, subject to the approval of the President of the United States. All such persons are required at once to report themselves at the Touro Charity Building, Front Levee street, New-Orleans, where proper officers will muster them into the service of the United States. By command of Major-Gen. BUTLER. R. S. Davis, Captain and A. A. A. G. COMPLIMENTED FOR MERITORIOUS SERVICES. The following order speaks for itself: HEADQUARTERS DEPARTMENT OF THE GULF,) NEW-ORLEANS, Aug 25, 1862 GENERAL ORDER, No. 62-The Commanding General has carefully revised the official reports of the action of Aug 5, at Baton Rouge, to collect the evidence of the gallant deeds and meritorious services of those engaged in that brilliant victory. The name of the lamented and gallant Gen. Williams has already passed into history. Col. Roberts of the 7th Vermont Volunteers fell mortally wounded, while rallying his men. He was worthy of a better disciplined regiment and a better fate. Glorious as it is to die for one's country, yet his regiment gave him the inexpressible pain of seeing it break in confusion when not pressed by the enemy, and refuse to march to the aid of the outnumbered and almost overwhelmed Indienians. The 7th Vermont Regiment, by a fatal mistake, had already fired into the same regiment they had refused to support-killing and wounding several. The Commanding General therefore excepts the 7th Vermont from General order No. 57, and will not permit their colors to be inscribed with a name which could bring to its officer and men no proud thought. It is further ordered, that the colors of that regiment be not borne by them until such time as they shall have earned the right to them, and the earliest opportunity will be given this regiment to show whether they are worthy descendants of those who fought bad, Allen and with Stark at Bennington. The men of the 9th Connecticut, who were detailed to man Nim's Battery, deserve special commendation. The 14th Maine Volunteers have credit for their gallant conduct throughout the day. Col Nickerson deserves well of his country, not more for his daring and cool courage displayed on the field when his


Article from The Wheeling Daily Register, December 17, 1866

Click image to open full size in new tab

Article Text

ington Correspondence of the New York Herald, 10th. One House of the Tennessee Legislature has passed a bill loaning $300,000 of State bonds, to the East Tennessee and Virginia Railroad Company. During the progress of a ladies fair at Library Hall, Petersburg, on Tuesday night, Mr. George Woody was badly shot in the neck by a pistol which was being carelessly handled by a young man named Leath. At last accounts the bullet had not been extracted. It is difficult to imagine why a young man "or any other man" should be handling a pistol at a ladies' fair. DISTRESSING SUICIDE.-The Lynchburg News learns that a Mr. Cheatwood, from Lewis county, W. Va., committed suicide at Ronsack's in Roanoke county, on Monday morning last, by cutting his throat from ear to ear, death ensuing almost instantly. The deceased was on a visit to his brother, who has resided for a great while at Bonsack's, and whom he had not seen for twenty years. He was a man of family, and separation from them is believed to have been the cause of his self-destruction. NEW ORLEANS BANKS.-We observe that the old banks of New Orleans are making great progress in the work of reconstruction. Three New Orleans banks have never reduced their capitals; the Southern Bank never suspended specie payments; the Union Bank and the Crescent City are expected to resume business at an early day. The Bank of Louisiana, the leading bank in the State, is still some distance in the back ground, but arrangements for its re-establishments are expected. BEAU HICKMAN.-Colonel Hickman authorizes us to deny that he is a native of North Carolina. Like. Henry Clay and Patrick Henry, he was born at the Slashes of Hanover. The Colonel says that it is preposterous for a State that produces nothing but tar and turpentiue to claim the parentage of the greatest financier of theage. North Carolina can tnrn out Badgers, Grahams, and Clingmans, but never a Hickman.Star.