13408. Fort Plain Bank (Fort Plain, NY)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
August 27, 1857
Location
Fort Plain, New York (42.931, -74.623)

Metadata

Model
gpt-5-mini
Short Digest
5549f41ab790423b

Response Measures

None

Description

Articles (Aug–Sept 1857) show Fort Plain Bank suffered from rumors/attempts to 'cast suspicion' on its notes (cashier letter Aug 27, 1857) and shortly thereafter appears on lists of suspended/failed banks during the 1857 panic (early Sept 1857). There is no clear evidence in these clippings that the bank permanently closed or later reopened, so I classify as run → suspension but outcome uncertain. The bank is described as organized under the New York Free Bank law (state-level).

Events (3)
1. August 27, 1857 Run
Cause
Rumor Or Misinformation
Cause Details
Cashier's letter (Aug 27, 1857) attributes the bank's temporary suffering to malicious rumors or brokers 'throwing out' its notes to force discounts.
Measures
Cashier wrote a public letter to reassure holders and asked correspondents to contradict rumors to prevent unnecessary return of circulation.
Newspaper Excerpt
I was somewhat surprised to notice ... that the notes of this Bank ... were thrown out by the New York brokers. ... Some malicious scoundrel has done this to injure us ... We have not, in six years, lost one dollar by a bad loan. ... I write you at once, so that if any such rumor ... you may promptly contradict it and save our circulation from being returned upon us unnecessarily. Yours truly, D. F. YOUNG, Cash.
Source
newspapers
2. September 3, 1857 Suspension
Cause
Macro News
Cause Details
Listed among many banks failing or suspending during the widespread 1857 financial 'flurry' / panic; suspension appears tied to the broader market crisis rather than a government closure or voluntary liquidation.
Newspaper Excerpt
The past week has been an exciting one in the money market. Failures of Banks and bankers ... The following is a list of Banks which have failed or suspended during the past ten days: ... Fort Plain Bank ...
Source
newspapers
3. September 28, 1857 Other
Newspaper Excerpt
Corrected list to date, of recent suspended and discredited banks ... Utica, N.Y. Fort Plain Bank ... This Bank which was an old liner ... few of the notes ... in circulation in the west. ... Our readers are cautioned against exercising notes of suspended banks, as some will probably be reinstated, while those finally compelled to close up ... will pay a large proportion of their debt.
Source
newspapers

Newspaper Articles (3)
1. September 3, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, September 3, 1857

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Article Text

Fort Plain Bank. This institution has suffered, temporarily, from the late "flurry," and the attempt of brokers to cast suspicion upon all the banks which it was possible, in order that they might be enabled to buy good notes at a discount. We believed it was suffering unjustly, and we are glad to find the expectation true. The bank is organized under the New York Free Bank law, and the system which that law has created is considered one of the soundest in the country. There is considerable of its currency afloat here, which makes a knowledge of its condition a matter of interest to our people. The following letter from its Cashier, to Messrs. Ford, Gorham & Ford, will doubtless help to restore that confidence which has been somewhat skaken, and gratify bill-holders : , FORT PLAIN BANK, Fort Plain, N. Y., Aug. 27, '57. MESSRS. FORD, GORHAM & FORD- Gents: I was somewhat surprised to notice in a this morning's Albany paper a paragraph to the effect that the notes of this Bank, among several others, were thrown out by the New York brokers. I was surprised, because at this moment our account is good in the Metropolitan Bank for $13,000, and in the N. Y. State Bank, Albany, for $18,000. Some malicious scoundrel has done this to injure us, or the N. Y. brokers have done it to take the advantage of the present panic by redeeming notes at a discount. We have not, in six years, lost one dollar by a bad loan. We have a surplus of $19,000, a moderate line of discounts, and have not in six years been in a sounder condition than now. I write you at once, 80 that if any such rumor as the above should reach you, you may promptly contradict it and save our circulation from being returned upon us unnecessarily. Yours truly, D. F. YOUNG, Cash.

2. September 3, 1857 Kenosha Tribune & Telegraph Kenosha, WI
Article from Kenosha Tribune & Telegraph, September 3, 1857

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Article Text

The past week has been an exciting one in the money market. Failures of Banks and bankers, have followed each other in quick sucseccion. The following is a list of Banks which have failed or suspended during the past ten days: Farmers Bank, Arcade Bank, Tiverton Bank, and R. I. Central Bank, Rhode Island. Woos. ter Bank and Bank of North America, Connecticut. Farmers Bank of Saratoga County, On. tario Bank, Fort Plain Bank, Hollister Bank Reciprocity Bank, and Sackets Harbor Bank New York. Mechanics Banking Ass'n. N. Y City. Warrrn Co. Bank, Farmers & Drovers Bank, Honesdale Bank, and Bank of Middletown, Pennsylvania. Kanawha Bank, Vir ginia. Several of the principal Bankers in N. Y. have also suspended: among others we may mention. The Ohio Life Ins. & Trust Co., John Thompson, Atwood & Co., and Beebe & Co.

3. September 28, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, September 28, 1857

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Article Text

Diecred Manko. The following is a corrected list to date, of recent euepended and discredited banks Nebracks money has been thrown out by our bro here. except the Bank of Florence Bank of the Capitol, Indianapolis, Indiana, e. . do Central Hank, do do Bank of Elgin. III as, email circulation Mechanics Banking Association N IY .. Ohio Life and Truel company, don't leetle notes. Bank of Kanewha, Va Reciprocity Bank Buffalo, N.Y now bank . . Hollister Bank, Buffalo N Y. . . Warren County Bank Pa. Bank of Middletown, Pa. Honeedale Bank. Pa Bank of North America, Conn. Ontario Bank. Utica, N.Y. Fort Plain Bank . . Farmers' Bank of Saratoga N Yee Farmers' and Manufacturere Bank Poughteepsie N Y Farmers' Bank Wickford R I M Vernon Bank, Providence R I Tiverton Bank, Fall River R I Wooster Bank, Dembury Conn. Borgen County Bank, N. Ellaworth Bank, Maine. Bank of the South County. R I Sackett's Harbor Bank N Y. This Bank which was an oid liner. was lately merged into the Recipro city Bank at Buffalo: but few of the notes of either were in circulation in the west. Exeter Bank N H South Royalton Bank, Vt. Chemung County Bank, Horseheads N Y .. Geneca County Bank, Ohio Oliver Lee & Co.'s Bank, Buffalo, N Y reported failed, e.e. Ningara River Bank Tonawanda N Y reported failed, Hancock Bank, Maine Maratime Bank, Maine America Bank, Trenton N J. Bank of New Jersey, New Brunewick; N J Huguenot Bank New Platz N Y . . Bank of South County, Wakefield R I Rock River Bank, Reloit, Wisconein . . Farmers Bank Hudeon. Wis . e. Bank of Colehester, Conn Western Bank Lockport N. Y Niagara Cocunty Bank, Lockport N Y Note means secured by Statestocks Our eubecribere ought to lose nothing by the euepension of these banks The others have but little circule tidn in the west Our readers are cautioned against exercificing notes of occured banks, as some of them will probably be reinstated, while those finally compelled to close up, in the ordinery couree of things, will pay a large proportion of their debt. -- Chicago Tribune 24th To these we may add the following Medius Hank, Medina. N Y Hank of Hallowell, Maine Girard Bank Philadelphia. Bank of Philadelphia Bank of Commerce, Philadelphia