Planters Bank (Nashville, TN)

Episode Information

Episode UID
7368090434
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
736809 hash
Start Date
February 10, 1836
Location
Nashville, Tennessee (36.166, -86.784)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a89ac0daefdbb393

Response Measures

None

Description

Articles span 1836–1859 with OCR errors; evidence indicates a false hoax in 1836 and a suspension during the 1837 panic with later resumption.

Events (6)
1. February 10, 1836 Run
Cause
Rumor Or Misinformation
Cause Details
A forged/false letter circulating claiming an insurrection and that the Planters' Bank had been forced into (implying closure); described as a hoax by the paper.
Random Run
Yes
Random Run Snippet
Forged letter claimed Planters' Bank was forced into (hoax).
Newspaper Excerpt
Three miles from Nashville, Feb. 10, 6 A. M....the Planters' Bank was forced into - have not heard the particulars.
Source
newspapers
2. January 1, 1837* Suspension
Cause
Macro News
Cause Details
Suspension of specie payments during the broader financial disturbances of 1837 (panic and related deposit-bank suspensions).
Newspaper Excerpt
Their repeated suspension of specie payments establishes it...In their suspension of specie payments they committed a great wrong upon the people.
Source
newspapers
3. January 1, 1838* Reopening
Newspaper Excerpt
The following have claimed the benefit of the act of the 12th of October... Planters' Bank, Nashville, Ten[n.]. (listed among banks availing the act in 1838).
Source
newspapers
4. May 1, 1838* Other
Newspaper Excerpt
Planters' Bank, Nashville, Tenn. ... have claimed the benefit of the act of the 12th of October, and bonds have been sent to them, which are, it is supposed, in the process of execution. (May 1838 report list).
Source
newspapers
5. December 16, 1858 Other
Newspaper Excerpt
their repeated suspension of specie payments establishes it. In their suspension of specie payments they committed a great wrong upon the people.
Source
newspapers
6. November 9, 1859 Other
Newspaper Excerpt
We are informed, on reliable authority, and assured that reference to the books of the bank will verify the statement, that during the suspension of '37, and even since that time, the Planters' Bank charged from eight to ten per cent. for exchange.
Source
newspapers

Newspaper Articles (4)
1. February 22, 1836 The Herald New York, NY
Article from The Herald, February 22, 1836

Click image to open full size in new tab

Article Text

published on Saturday, of a negro insurrection, turns out to have been a wicked boax. From a private source we learn that it was got up by a parcel of stockjobbers in Philadelphia, to knock down certain stocl ks In August and July last, it will be found, by referring to the Sales Record, that large amounts of the stock of the Nashville Banks were sold on time. These contracts are now falling due, but owing to the settlement of the French Question, and the renewal of the U. S. Bank, all stocks, Nashville among the rest, have advanced. The difference between these contracts and the present price is 10 to 12 per cent. A few of these sellers on time, called Beurs in Wall street vernacular, got up it Philadelphia the annexed forgery, and sent it through the Post Office to the editor of the Commercial Herald, he being probably the greatest blockhead connected with the press of that city : Three miles from Nashville, Feb. 10, 6 A. M. Dear Sir,-We have just time to inform you by Mr. Harris, who leaves here for Maysville, that Nashville is in the utmost consternation, owing to an insurrection of the slaves!!!-a 1 o'clock, the Planters' Bank was forced into-have not heard the particulars. If we save our lives, it is all we ask. J. & R. YEATMAN & Co. We remain truly, Half past 6 P. M.-P.S. An express has just arrived-The Union Bank was burnt last night. It was sent to other papers, but they did not bite. A few days previous, a similar attempt was made in the same city to affect the price of U.S. Bank stock by run ning an express down Chestnut street, with the intelligence that Governor Ritner had refused to sign the bank bill. Mr. Coffee, the keeper of the Exchange, a shrewd "'un," was not to be taken in as the Herald fool-so he ascertained from the Bank the truth, and cut up that attempt at hoax. Stock-jobbing has but recently risen to any magnitude in Philadelphia. They are raw and impudent by turns in the art. Such paltry tricks never would be attempted in the classical atmosphere of Wall street, but Chestnut street, notwithstanding the renewal of the Bank, is but a barbarian country, without any fixed principles in stock-jobbing morals. All the great brokers and merchants of Philadelphia, with Thomas Biddle at the head, and General Patterson at their tail, (a distinguished military man, and every inch a gentleman,) have come out with a holy horror, and offer a reward of $1100 for the discovery of the perpetrator. We should not be surprised if the clumsy character in question were to be found wearing coat and doublet stolen from some of their own wardrobes. The whole thing, instead of kicking up an excitement, was only fit to be laughed at, as we would have done in Wall street.That the Seminole war, aided and abetted by the recent movements of the abolitionists, will soon lead to a slave insurrection in some part of the South, we have very little doubt. Nashville, however, will never be the point in which it will break out. We advise the Southern people to look sharp about them. They tread on gunpowder. The abolitionists here are busy-so are the Indians south.

2. May 16, 1838 The Rhode-Island Republican Newport, RI
Article from The Rhode-Island Republican, May 16, 1838

Click image to open full size in new tab

Article Text

$32,126,058 the Total, ova made to the House of dated 26th appears ber resentatives, By report March, it Repof these eighty-eight banks, forty-six ssthe entire ase them. That of enhad that, discharged twenty-eight others, balances due of the them. from e-1in twenty 88had that date been drawn the by the (abalances tire balances at owing remaining remaining for, eight, and m. half H million as appears by a report to the 29th March,) were arfor the public made bout available service, considered and subnject to draft." '8The following banks have availed themhe selves of the act of the 12th of October last, d by giving bond with the requisite security ay $24,870 Buffalo, N. Y. Commercial Bank, to 781,316 Natchez, Miss. Agricultural Bank, Union Bank, 87,519 Nashville, Tenn. e 529,820 Louisvilla, Ky. Bank of Kentucky, 12,935 Bank of Wooster, Wooster, Ohio, 489,039 Detroit, Miche Bank of Michigan, of The following have claimed the benefit of the act of the 12th of October, " and bonds have been sent to them, which are, it is supposed, in the process of execution." $853,891 Branch Bank of Ala. Mobile, Ala. 864,409 Natchez, Miss. Planters' Bank, 10,304 Planters' Bank, Nashville, Ten. Franklin Bank, Cincinnati, Ohio, 328,924 377,762 Indiana, State Bank of Ind. 243,930 Farmers' & Mee. Bank, Detroit, Mich. The following banks have been sued: $39,636 Boston, Commonwealth Bank, do. Franklin Bank, 16,800 the same the several of the banks still " lil that, In report, Secretary held balan. states credit of officers," were in the course of paid out time to time, as which ces from at the disbursing needed." being is the history of the much abused banks. Of which held at the deposite This they period thirty-two of suspension, millions about them about a been twenty-seven by millions four have and already of half beand in the progress secured under the act Conand about fifty doling millions already gress, amply only thousand $16,800 of in suit. Of this sum, bank selected in 1836, under stances as elicited in in lars a placed lately the investiga- circumtions Boston, of not a very reputable and the entire to have been character, other at appears balance placed due there from 1st of October last, as at reported the bank to overto the amount of since the the Secretary the $2,600 therefore, that be date if shall be ultimately these common justice drawn of any thing banks, lost could by either hardly it to defect in the system. it is shown by the of e the own report, all Thus, attribute Treasury's that Secretary after the which has been not one will be lost by the banks, by the last mentioned dollar outery -Madisonian. made, unless inserted the above at the request of respected subscriber, we Having highly which would apoffer a few comments upon it, in pi pear to us necessary to place the subject in M its true position. [E: The above statement has reference solely to the liquidation of the debts due to the Government by the late Deposite Banks, and we are happy to perceive that a sum is considered liable to be ullost. That this is timately 60 small favorable eareful result manner mainly owing to the in which the government funds have been withdrawn from some of the Banks, and We time allowed to others in which to pay, we presume will not be denied. But the attempt to draw from the circumstances of cop the ultimate liquidation of all the governriot in the banks, an argument renewal of the ment in favor deposites of a connection beand them and the government, does not iss the at issue peoap tween meet question before the they The plain facts of the case, as par to us, are these-the ticl appear ple. government its equivadeposited in the bank specie or not lent, with the express stipulation of its repayment, when called for, in the same medium.-The banks suspended specie payments, and refused to pay the government er and other creditors, in any thing but irreto deemablepaper.-The governmentis bound the laws to offer nothing in payment to its but specie or its by creditors equivalent, banks, was and by this act of its agents, the tion thus rendered almost totally unable to comcon the ply with the requisitions of the laws; but drafts were as usual given on many of the full deposite banks, and the government creditor had the option of receiving depreciated bank paper in payment, or of protesting tha is draft, and waiting an uncertain period to his dues from the government, Most of these obtain legal currency. creditors in the preferred the first course, and in this way Me many of the deposite banks paid all their Ne debts to the government, while others have been unable even so to pay, and, on the the recommendation of the President, have been allowed several months to meet the demands ped of the Government upon them. We have thus briefly stated the facts, and So it remains for the people to decide if a syscou tem, which has brought discredit and emparrassment on the Government, and loss Ch the public creditor, is worthy of renewal fort even if no loss is ultimately sustained by the Government from its connection with tain he banks. the the the A water spout passed over Sullivan's

3. December 16, 1858 Nashville Union and American Nashville, TN
Article from Nashville Union and American, December 16, 1858

Click image to open full size in new tab

Article Text

brought into life the stock banks of the Eastern and Western portions of the State, but the central and selfish power of the Union and Planters Banks at Nashville? Again we confidently appeal to the obs servation and experience of the people residing in the neightorhood of their branches to tell whether they have been managed for the public good, or to subserve selfish, central and local favoritism. (As to the Union Bank, see legislative proceedings of 1855-6, in regard to complaints of citizens of noxville.) So far as accomodations are 00 .cerned, from these banks, the great body of the people have been than off Lazarus. worse But it is replied here, that the people need not accomodations; it is only the trading end mercantile classes; that all the people desire is a sound circulating medium. Only stops ping to say, that it is not one class, from whom they derive their privileges, but the whole body, we pass on, to ask, if istrue, that they supply thetrading and mercantile classes, or isit only a select circle that happen to be directors, or kinsmen and favorites thereof? It is certainly true that the great body of the trading and mercantile community do not feel that there is certainty in their discounts or security in their continuance, and hence the disasters and dangers attending these pursuits. But still passing on, we deny that they. have furnished the people with a sound circulating medium. Their mountain-ki!enote system proves this. Their repeated suspension of specie payments establishes it. In their suspension of specie payments they committed a great wrong upon the people. For the large grant of power they enjoyed at the hands of the people, they owed them by contract, by every consideration of good faith, by every high principle, a circulating medium, sound, equal to specie, above suspicion. Did they make any sacrifices to do this? or, as in '38, '39, '40, and 41, did they make "a season of suspension a season of profit?" Though by suspension they depressed the price of property, and thereby the ability of their debtors to pay, did they hasten to repair the injury done them by restoring specie payments? No! On the contrary, by continued suspension they destroyed public confidence and private credit, depressed laber, brought the price of property, and whilst growing fat upon the ruins they had made, who ever heard or read of their making a single sacrifice, returning & single dividend, or refusing to receive it, for the benefit of those who were their makers and benefactors-the people But with their oppressions upon the people we are not yet done. With a very large body of them the attacks of these institutions upon the Bank of Tens nessee is a cause of serious complaint. Without be ing governed by motives of public good, it seems that they have persistently made war upon the State Bank. And whilst I have no particular sympathy with that Bank, and admit much that is said against it, and would be glad to see the State dissolve her connexion with banking-believing that in almost every point of view it is wrong, yet it is not to be denied tbat whilst the "war of the banks" has been going on the people have been the sufferers, and for which they hold the Union and Planters Banks reTinnessee. sponsible.

4. November 9, 1859 Nashville Union and American Nashville, TN
Article from Nashville Union and American, November 9, 1859

Click image to open full size in new tab

Article Text

'MAVa 3HL In referring, few dayssince, to the extraordinary Jo Banks 2018 om eq Avm which should this State. under charters like those of the Planters' -0q OM yorqu порвшлоји! uo ostimated am Rung queq Aue Jo streements the SB relible SW eq 04 live -xә uo program their 1941 offects JO SUBSIO change had amounted to forty cr fifty per cent. on their capital invested in bills. In this estimate, as 01 puotend you pip 9M 'smoqs uno matical accuracy, but we merely intended to give an the which profits am Jo statement Planter's Bank had realized, by reason of the powbeen peq прим quin Privides puu sua It is sufficient for our argument against the extenmons dank Planters atp 01 privides hous Jo 1018 that its prefits in the exchange business have at any -!xoadds masand 87! to роздаб an buying aus mated the amount stated. очм asoup Jo require out 01 Buoleq you op am "$ frequent the parlors of banks and bask in the sunshine of their royal favor, we have not been favor am Jo Ammanddo uu чтт per of the system of legerdemain by which those institutions realize their profits. What those profits: шолу ascritance Auo use OM "oun particular Aue 18 the nature of transactions in which they are known JOING being Abut OM have 01 with regard to the precise amounts which the Planters' Bank made from exchange during the last SLSmost upp been DABQ am persion which we can estimate its profits at an earlier peri-Jod.100m JO 108 present 81! Japun 811 Jo po ation. It will not avail the officers of that institution, then, to attempt to invalidate our statement, as the Nashville News professes to do by their authority by quibbling about dates. Such course is unPM pur Surpurts Jo gentement Jo work can scarcely believe that they would authorise the Editor of the News to deceive and mislead the peoB upons 01 Suprosed in uogsanb industrial THE uo ple miserable subterfuge. The material point, is what amount of pro+0.1 01 en been Bank Planters the lass sign -0J charter the to suotstaod the Japun alize newal of which is now asked for? We are informed, on reliable authority, and assured that reference to the books of the bank will verify the statement, that during the suspension of 37, and even since that time, the Planters' Bank charged from eight to ten per cent. for exchange. Buying sixty days bills at discount of one and half per cent., as is constantly done by the Planters' and other Banks, and re-investing the proceeds at a discount of three per cent the Bank realizes four and half per eent. on the transaction. Selling the exchange, then, at eight per cent. we have twelve 101 Bank the Jo signts the SU and Hot uptie four months, or thirty seven and a half percent.per annum. When the price of exchange was as high 01 eq pinom should the canth and tea SW forty-three and a half per cent. We do not know for how long these enormous rates continued, but single instance of such extortion is sufficient argument against a renewal of the charter which permits " But the News has not only been "authorized" as it says, by the President and Cashier of the Bank, to say that our statement, which is substantially verified above, "is totally unfounded in fact," but the same fortunate and favored organ has been furnished with astatement from which it learns that the average annual dividend paid by the Planters Bank to its stockholders on the share of $100 is only 5.75, Benevolent stockholders! Disinterested bankers! They have absolutely been furnishing a currency to the people of Tennessee, without realizing enough to pay their bonus to the State, according to the confiding and credulous News. astonishing that the News did not find out from this statement, in addition to the information which it imparts, that the Planters' Bank has accumulated surplus profits, not distributed to the amount of $493,186 80, more than one-third of its capital- all realized we learn since 1844 and that its dividends from the first of January 1857. to this time. including a di idend of five per cent last October, not mentioned in the statement amount toforty dollars on the hundred a pretty large tax levied on the productive labor of State the The News saw none of these things. It was oeeupied with its attempts to humbug the people by leading them to believe that the capitalists of the Planters Bank had been losing money in their benevolent exertions to furnish them with currency Let us look back to the early history of the Bank, and see whether its stockholders have actually been and W 18 capital now mo 01 48noua cent That most careful and exact statesman and public goods sin III "saxof M on the Sub-Treasury in Congress, April 1st, 1846. says, in regard to the organization of stock banks in Tennessee, (the Union and Planters' were the only ones.) that "I have never voted for Bank charter. But in the State of Tennessee they made banks some stock banks. They were an improvement on the old stock note system which exploded in 17. 18: and they required that the stock should be paid in my :ON jouop sign SEM puw plan -qns uosand puu poudo atom shood you DABY "Aus pToM att stop am Joj seribe brought any gold and silver. Those having the you soopit pinom urage am 10 make any difference subscribe. The managers at Nashville say that gold and silver not necessary. Pay us in the notes of specie-paying banks and if our bank, when it goes into operation, should require specie, she can call on the bank in whose notes you pay and get specie for them. In this way the first instalment on the stock of these banks "III pred SUM U ponss! JUL 1! SUM MoH. u! pred instruction 1841 SUM instruction us 401 e other uI chanter am SW pus plog Suvan ut mg :08 been DABY ABUL BOSED the stockholders got their notes ounted in banks: the proceeds of these notes were passed to their credit on the discount books of the banks: and then am uo clear oup 01 check JARS am элам Toup 1unours aig JOJ шоол our Jo apis am 1001 The 2018 our uo And 01 nodn colled yonut 08 JOJ the DARD am or state them uo pred book and there charged them with the amount of area shooq am snift pus Aup sup prud check am balanced Others paid in the notes of the bank And the people found two dollars of this paper cur oup Jo pollar блода 103 u! md About stockholders notes and bank notes paid in as capital The stock. statement of Mr. JONES has never been denied from 1846, when it was delivered, until the present time. It cannot, we presume. be truthfully denied So it appears that during the early periods of the Bank existence the stockholders were charging the people of Tennessee for their currency. based upon U uodn signed puu credit of which they issued tiro dollars for every one dollar that an Bank. they oured We hope the Legislature will be becomingly gratejo and and uo 10 sup 40J ["] the Planters Bank. our 10 Boddet THE The Daily News comes to the aid of the Nashville Banner and asserts that the repeal of the Missouri -Low STATES on: Jo Sujuado-aa SUM to 1.1ud Aue useq JOAJU If uonst JABQ am 1011 Kuop 01 owdand ano Mossing the Jo reder on UPM They heart punof Compromise line. What we say is this that the Jo our up!" punoj the line that with more or less bitterness they opposed the addmission of slave States before the repeal of the law establishing that line that, in 1850 they refused to extend that line to the Pacific that an Jo on poMoHoΓ exchement aug fugitive slave law in 1856, was asgreat as that which followed the repeal of the Missouri line and from 12th 01 U ponSus area JM facts asses tate, on the part of Northern Abolitionists. which no compromise short of the entire abolition of asseddu pmon 1 sr 1847 If 811 Jo LIOUS Surgiou pue 03 will satisfy the agitators. For Southern men to exSTM 1! 1041 punoas our uo a smp cuse sioned by the repeal of the Missouri compromise is a partext SEM 11 history JO story am Jo