14596. Bank of Sing Sing (Ossining, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 17, 1916
Location
Ossining, New York (41.163, -73.862)

Metadata

Model
gpt-5-mini
Short Digest
7f99f26bfa7c40b8

Response Measures

None

Description

The articles describe the Bank of Sing Sing (a prison/internal bank at Sing Sing prison) closing its doors and going out of business in mid-June 1916 after the prison token-coin system collapsed and the Superintendent ordered its abolition. No depositor run is mentioned; the closure appears to be permanent.

Events (1)
1. June 17, 1916 Suspension
Cause
Government Action
Cause Details
Superintendent Carter ordered end of the prison's token-coin monetary system after shortage/abuse of token coin; suspension of the Bank of Sing Sing preceded collapse of the system.
Newspaper Excerpt
SING SING IS EXCITED WHEN BANK GOES BROKE Ossining, N. Y., June 17.-Sing Sing populace was all agog today over a money panic. The Bank of Sing Sing, according to prison attaches, closed its doors and went out of business
Source
newspapers

Newspaper Articles (2)
1. June 18, 1916 The Washington Herald Washington, DC
Article from The Washington Herald, June 18, 1916

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Article Text

SING SING IS EXCITED WHEN BANK GOES BROKE Ossining, N. Y., June 17.-Sing Sing populace was all agog today over a money panic. The Bank of Sing Sing, according to prison attaches, closed its doors and went out of business A shortage of token coin, it is said, forced the bank to bust. The bank was found by Warden T. M. Osborne to encourage inmates to save their earnings in token coin. For some time, inmates have been passing out the metal coin to their friends outside of prison for souvenirg and to work slot machines, until there was not enough of. metal coin inside the prison to do business. Some time ago the bank declared a dividend of 13 cents in American money to redeem one dollar in token coin, but the dividend was never paid.

2. June 19, 1916 The Sun New York, NY
Article from The Sun, June 19, 1916

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Article Text

SING SING COIN ABOLISHED. Supt. Carter Orders an End to Osborne's Token Money System. OSSINING. June 18.-Sing Sing prison's token coin, an innovation established by Warden Osborne, so prison employees reported to-day. is to be done away with The suspension of the Bank of Sing Sing was the forerunner of the collapse of the prison monetary system. A story is going around the institution that Superintendent of Prisons Car. ter. in his last inspection of the place. sounded the death knell of token con in a talk with one of Warden Kirchwey's assistants. "Isn't it like giving a boy a tin dollar when he is small," Supt. Carter is quoted as having asked, "and telling him if he'll be good when he grows up he'll get a real dollar for it?"