Hagerstown Bank Collection

The Hagerstown Bank Collection consists primarily of correspondence directed to Elie Beatty, the institution's cashier and president. Beatty was a prominent citizen of Hagerstown, Maryland, having served as assistant postmaster, bank president, and a member of the Hagerstown Academy's board of directors.

The historical significance of the collection lies primarily in the insights it offers to the operations of a prosperous regional bank during a tumultuous period in United States banking history. The antebellum decades witnessed a series of banking crises, most notably the Panics of 1819 and 1839, recurring recessions and depressions, and the famous "Bank Wars." The financial and political upheaval, combined with disastrous harvests during the 1830s, wreaked havoc on Washington County, Maryland, and caused the Williamsport Bank to suspend specie payments in 1839. Despite the prevailing economic climate, the Hagerstown Bank emerged as a stable financial institution with considerable holdings.

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