Back to top

Financial disruption verges on panic and Virginia banks suspend specie payments

Banking, iconic image
11/21/1860 to 11/22/1860
Following the election of Abraham Lincoln, financial excitement grew as Southerners repudiated their debts and cancelled orders.  New York banks were powerful enough to act in concert to keep business going but smaller centers were not. In Richmond, on this day, the powerful Farmer's Bank of Virginia suspended payments in specie. The next day almost all other banks in the state followed. (By John Osborne)
Source Citation: 
William Walker Swanson, "The Crisis of 1860 and the First Issue of Clearing Certificates," Journal of Political Economy 16 (April 1908): 222. 

Tabs

How to Cite This Page: "Financial disruption verges on panic and Virginia banks suspend specie payments," House Divided: The Civil War Research Engine at Dickinson College, http://hd.housedivided.dickinson.edu/node/34498.