Miners & Manufacturers Bank of Tennessee (Knoxville, TN)

Episode Information

Episode UID
7454802390684
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
745480239 hash
Start Date
December 31, 1856
Location
Knoxville, Tennessee (35.961, -83.921)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
60e5b219870d3d66

Response Measures

None

Description

Sources state the bank 'suspended' in an 1856 summary and elsewhere list it among failed banks; permanent disposition is not fully detailed.

Events (1)
1. December 31, 1856 Suspension
Cause Details
Article lists suspension among 1856 bank failures/suspensions without specifying cause or government action.
Newspaper Excerpt
Of the suspension of the MINERS' AND MANUFACTURERS' BANK, at Knoxville, Tenn., we know nothing definite.
Source
newspapers

Newspaper Articles (2)
1. January 31, 1857 Grant County Herald Lancaster, WI
Article from Grant County Herald, January 31, 1857

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Article Text

Bank Failures and Suspensions of 1856. Jan. 8th-BaNK OF THE OHTo SAVINGS' INSTITUTE, at Tiffin, Ohio; failed. Affairs not yet closed up. Circulation, $500,000. Notes not bought. March 1st.-CENTRAL BANK OF TENNESSEE, at Knoxville, failed. Circulation about $100,000. Affairs yet unsettled.No sales for notes. Aug. 1st.-VALLEY BANK, of Maryland, at Hagerstown, failed: Circulation $190,000. Receiver has not yet made & report. Owned by Simeon Leland & Co., Metropolitan Hotel, N. Y. Notes not purchased by brokers. Sept. 3d-STATE BANK, at Sacketts' Harbor, N. Y., failed. Circulation $50,000. Affairs promptly wound up, and notes redeemed at par. PLANTERS' AND MECHANICS' BANK, Dalton, Ga., failed. Small concern, and nothing known about it. Oct, 27th-Bank OF THE REPUBLIC, Providence, R.I., failed. Circulation $80,000. Affairs in hands of Bank Commissioners, and not yet wound up. Notes bought at thirty cents on the dollar. Nov. 1--MANUFÁCTURERS & MECHANICS BANK, Columbus, Ga., failed. Circulation, $50,000. Not wound up, notes not bought, and prospects bad. Nov. 18th-LANCASTER BANK, Lancaster, Pa.; failed. Circulation $700,000.There is a movement on foot, which will probably be successful, to resuscitate this bank, and if so, the notes will be good again; if not, the assets are sufficient to pay a large dividend on them. Notes bought at sixty cents on the dollar. Nov. 18th-CANTON BANK, South China, Me., closed by State Commissioners.Circulation small. Notes not purchased. Dec. 18th-Exchange BANK, Bangor, Me., enjoined by State Commissioners.Circulation supposed not to exceed $40,000. Will probably go on again: Notes bought at 62 cents. Dec. 31st-ERIE COUNTY BANK, Erie, Pa., suspended: Circulation $300,000:e Notes bought at 50 cents. Of the suspension of the MINERS' AND e MANUFACTURERS' BANK, at Knoxville, Tenn., we know nothing definite. On the 20th ult., the BANK OF EAST TENNESSEE, Knoxville, closed its doors— probably forever. We hear the President has made an assignment of his property to the bank, and that all its assets are in the hands of Trustees for the benefit of d the billholders. There is no sale, here, for the notes. At Knoxville, those indebted to the Bank, pay thirty cents on the dols lar. Many of the above may not be wound up in years, while in this State, as in the case of the State Bank at Sackett's Hare bor, they are closed up and billholders paid n in a few months. e Altogether the past year has been very moderate in bank failures, and with one or two exceptions, there has been no great loss to the public.-[Thompsons] Reporter.

2. April 14, 1857 The True Democrat Little Rock, AR
Article from The True Democrat, April 14, 1857

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Article Text

11. nature gave every body the pri vilege to flooded bank, d soon thereafter the country was Kincannon tickets, ith others of like material. inplassers, and Chaffin, became worth- Kirk & Co., All the morus multicalis, fuel to kindle a the Farmers' and as chartered. came hese, ss, ank subsequently except of like Memphis as The morning Then Merchants' next birth e Bank of East Tennessee. bank family was named the 'LawrenceBank." The legislature of 1851-2 charred urg the Citizens' Bank, and passed general who W allowing any person baking privileges ould deposit $50,000 in bonds with the comp looked oller. If the legislature following had by ck to the condition of the banks chartered eir illustrious predecessors, and made working unestiate of the loss sustained by the hard in consequence of bank what would have waited a while could stand before was with more banks. But eople em ey x the people any failures, to burthening there see surely stopping place. After the adjournot yet a of the legislature of 1853-4, (the same find ent dy that made JOHN BELL senator,) we new the statutes, charters for eight more Mechanics banks. Three of them--the Nashank tock at Memphis, the Central Bank at Bank ille, and the Miners' and Manufacturers' others-the Knoxville, have failed. Two and ank of West Tennessee, at Memphis, are said Agricultural Bank at Brownsvi e shivering in the chilly breeze of adversity. here be was yet no stopping place. Although three ohn Bell had failed politically and the above named had failed pecumiarily, the vet ith all these evils staring them in the face, of of 1855-6 chartered the Bank two egislature merica, with the power to establish its ranches and the privilege of increasing thousand apital to one million two hundred of ollars, and to issue two dollars for one capi- by il paid. This same legislature seemed, had of loose way heir action, to be of the opinion banking that in there Tenneseen and rather they passed an act requiring all the reanks ee, and branches to make semi-annual branch orts to the Governor, and that the distinct ank reports should be separate and But not the return of the mother bank.' rom single branch has complied with this the act. act ne It be proper here to remark that Bank, and may exception as to the State and makes at the an Bank of America, Union, Planters' Banks, are all that have branch Even tizens' the Bank of America, chartered at the ane session which required branches to to report this the Governor, had paid no attention bank or et. The same act also prohibits any which ranch bank from having circulation $2,000." "exceed its discounts more than hall the branches had made reports as understand required the people could see and of their y law, practice of dodging the payment notes he by giving the people of Clarksvi lle givof notes Nashville ebts vable at Rogersv lle or Dresden, and payable by at g the Pulaski, people Jackson or Knoxville. banks Now thens, ask the reader to over the list of the amed e this estimate if he can conse. tax sustained by the people in our eavy of the failure of banks created by mence egislature from the of Kincannon loss fallen? to the has this of the wounding the feelings commercial hat, the great injury done by the the and You mechanic reaking bank done to the farmer, rarely bank broken money n his hands. He is right the door of some will where he can deposit such funds northern as or he can deposit ank ot get him exchange to pay his every day, and outhern he next debt day the meanest money he has farmer deosited is paid out on his check to the of trade, or his cottou, corn, or other articles his But steamboat. nd to the mechanic for labor done the on bank suppose ouse ks where the keeps red, oftener makes ccount: don't he lose then? In by the failre; f ten, for he generally has note he for the checks deposit ank, lied and to the of the note notes of the ften has chance to buy up the If cavy discount take up his own paper. of note of he knows has and he will work in his broken ban ho eposite. has, The only way these belose by bank failures is when bank they notes too knowing and buy up and are then the the bank going down hill speculation. aught it clear that banks have greatly pecuniarily. Wego further jured the single exception of a hypoeritical Vith now-nothing elergy, think banks community g are far ahead of any thing They in injuring orals in their of the power to avoid paying their New his Orleans hing or instance: A cotton speculator for $10,000. On bill. the the ank discounts for his bill he finds honey or Pulaski, or of these points so en. that by paying he The coin. ranch he had he redeemed he and parent presented them. When this letter an bank, there parent president, cashier and teller, and the Do you ty of Mr Cotton speculator fixed uppose he could again? ever Not get bit of Why hat bank that bill he drew not paid? Oh yes, the but Vas otton speculator's was met promptly; the bank was not he bank did expect to pay their in and becaus the payment of its notes, it will it voiding o dealing with the man that makes of pay. the But again: Banks injure the morals of other to believe people by giving character to the be paper unsound and banks which can do they this thing, the example general. is apt 0 f be followed and the fraud become without 'or instance: bank is started circuapital. The first object is to get out its eyesation. The little kitten has opened ma arrange. begins to Knoxville, craw Nashville Has and Memphis, nents whenever at the youthful varmint" be gets hat either of these large cities it shall pro- that to The farmer and mechanic let it all ected. is protected by through bankers, conclude the State-it to has pass-it to goes be large wildcat. Its owner meets berown day, huge, bristling monster-it The owner every exceedingly troublesome. "protect" any omes nds it has grown too large; its longer, claws and are too he ong concluded for him to to "let her rip." The protectors conseis, that the owner and its to the neuce riveit away and continues its rambles his friends and neither the owner nor rambling country, by the depredations of the of re injured Such was pretty much the history that late Central bank. Bankers in owner had been largely in bank principal he ildeat. stated know engaged the banks, and it was rthwestern that every bank with which he to ote had failed. Yet all he then he bought Tennessee in connected Reporters charter protected was had arrangements to have his issues written to us ur principal cities. Letters were and our re.