14759. First National Bank (Attica, NY)

View Charter #199 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
199
Charter Number
199
Start Date
April 1, 1865*
Location
Attica, New York (42.864, -78.280)

Metadata

Model
gpt-5-mini
Short Digest
22e6c64c

Response Measures

None

Receivership Details

Depositor recovery rate
58.0%
Date receivership started
1865-04-14
OCC cause of failure
Losses
Share of assets assessed as good
26.1%
Share of assets assessed as doubtful
14.4%
Share of assets assessed as worthless
59.4%

Description

Contemporary newspapers report the First National Bank of Attica, NY failed and a receiver was appointed. No article describes a depositor run; cause given in one notice as 'outside speculation' (i.e., adverse bank-specific losses). Bank remained closed and was placed in receivership; bonds were sold to redeem circulation.

Events (4)
1. January 14, 1864 Chartered
Source
historical_nic
2. April 1, 1865* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure attributed in a contemporary notice to 'outside speculation' (losses from speculation affecting the bank).
Newspaper Excerpt
The First National Bank of Attica, New York, failed last week. Cause, outside spec ulation.
Source
newspapers
3. April 14, 1865 Receivership
Source
historical_nic
4. December 4, 1865 Receivership
Newspaper Excerpt
The First National bank of Attica, N. Y., has failed, and receiver has been appointed to close up its affairs. Its outstanding circulation ... $44,000 ... secured by ... bonds. (Comptroller report, Dec. 4, 1865).
Source
newspapers

Newspaper Articles (12)
1. April 3, 1865 Dayton Daily Empire Dayton, OH
Article from Dayton Daily Empire, April 3, 1865

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Article Text

Daily Empire. MONDAY, APRIL 3, 1865. Current News Items. Issac A. Marshall, Sutler of the One Hundred and Thirty-fifth regiment, has been arrested and confined in the Soldiers' Home, at Indianapolis, by order of General Hovey, on the charge of general meanness Suspended requisitions are being paid off at the Treasury Department at the rate of $1,500,000 per day. Parties have been arrested in Washington charged with using fraudulent transportation tickets to alarge amount. The Herald correspondent says it is understood that the Count de Montholon, the new French Minister to the United States, is strongly tinctured with sympathy for the rebel Confederacy, but it is not supposed that this fact had any influence upon his appointment. A lady in New York has recovered $2,500 damages for injuries received by being thrown from a Second avenue car in consequence of its being started while she was stepping out, The First National Bank of Attica, New York, failed last week. Cause, outside spec ulation. The International Exhibition, at Dublin Ireland, will be opened by the Prince of Wale's on the 9th of May. Later accounts of the damage by the flood at Oil Creek, Penn., and vicinity estimate it at $5,000,000 instead of $2,000,000. Colonel John H. George sued the city of Concord, New Hampshire, some time ago for the payment of a debt in gold, but the Supreme Court of the State has just decided that he must take his pay in greenbacks. The money order bureau of the Post Office Department will, on the 1st of May, increase the number of money order agencies to five hundred. Most of the new agencies will be established at the West. The bridge for the railroad over the Susquehanna at Havre de Grace, Md., will be finish. ed this year, and then no more delays because of ice. The piers are about done, and they rise through water sixty-five feet deep. It will be the largest and finest bridge on this continent.

2. September 29, 1865 The New York Herald New York, NY
Article from The New York Herald, September 29, 1865

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FINANCIAL AND COMMERCIAL. THURSDAY, Sept. 28-6 P. M. The STOCK market showed signs of yielding at the commoncement of business this morning, and at the first board it was manifestly "top-heavy." Reading closed % lower than at the second board yesterday, Northwestern %, Rock Island 14. Fort Wayne ½, Ohio and Mississippi certificates Hudson River was 1½ higher, Michigan Southern 1/4, Cleveland and Pittsburg %, Cumberland %, Quicksilver %. Erie closed dull at 87% Pacific Mail scrip sold at 202. Government securities were heavy, partly in consequence of the anticipated issue of bonds for funding interest bearing notes and certificates of indebtedness. The board passed a resolution to call coupon five-twenties, ex the November coupon, on and after Monday, the 24 of October, which will have some effect in inducing holders to draw their interest. At the open board at one o'clock the market was lower on a portion of the list and steady on the remainder. At the second regular board it was dull, and New York Central closed ½ lower than at the first board, Erie % Michigan Southern %, Ohio and Mississippi certificates 1/2, Quicksilver 1/4, Cumberland %. Government securities were steady. Coupon ten-forties advanced 3/8. At the open board at half-past three the market was slightly irregular. Michigan Central advanced to 115, Ohio and Mississippi certificates to 28 1/2. New York Central sold at 95% (b. 3), Eric 87%, Hudson River (b. 3) 110%, Reading 113%, Michigan Southern 69 1/2, Cleve. land and Pittsburg (s. 3) 73, Cleveland and Toledo 108 ½, Rock Island 1113/2, Northwestern preferred 62%, McGre: gor Western (s. 3) 19½, Ohio and Mississippi certificates 28%. Cumberland 461/2, Central Coal (b. 611/4. Government securites were dull on the street, and there was a fair business done over the counter in buying from outside parties. The buying quotations for compound interest notes were-June, 1053/4; July, 1041/2; August, 104; October, 103 December, 102. The brokers' speculation for a rise appears to have suffered a check, and the Indications favor lower prices. Nearly the whole "street" is "long" and overioaded, and it is evident that its capacity to carry more is limited. The market under such circumstances is likely to sink of its own weight. Added to this there is an uneasy feeling of apprehension prevailing as to what may be the effect of the action of the banks with regard to the interior national bank currency, combined with the expected funding of interest-bearing notes into five-twenty bonds. This is inducing increased caution among the banks, and there is more reluctance shown to accept commercial paper at sixty and ninety days. Short dates are much preferred at lower rates, and there is a still more decided preference of course for loans at call at a 6 per cent. The supply of funds for the latter purpose is abundant, but the discount line is active, and there is more paper of all kinds offering. The best grade passes at per cent, and the second at 9 10. It is not probable, however, that the decline in stocks will be very considerable, nor that it will be uncontested by the "bull" element, which includes nearly all the "rag, tag and bobtail" of the street and several influential houses, the prevailing disposition of the great majority being to speculate for: rise. The petroleum stock market partially recovered from the extreme dulness of yesterday. At the first board Webster sold at $1 27, or 7c. higher than at the same time yesterday; Buchanan Farm $1 06, or 2c. higher; Oil Creek 81 90, or 10c. lower. At the second board prices wore 3c. a 9c. higher, Oil Creek excepted, which declined 25c., closing at $1 90; Webster sold at $1 28, Montana $8 50, Buchanan Farm $1 17. Pithole Creek $8 15, Excelsior 68c., Germania 34c., First National 22c, United States $27 25. Gold was firm, but the supply was easier, owing the Sub-Treasury disbursements, and loans were made at 1-32 per day. The opening price was 144½, from which there was drop to 143%, between which and 144 the market vibrated during the rest of the day, closing at 144. The steamer Cuba, it is reported, brings £20,000 in specie-a rather anomalous importation at the present time, and probably designed for some special purpose. Foreign exchange was inactive and heavy. The leading drawers continue to ask 109% but there are no transactions for considerable sums above 109%. An argument is furnished in favor of the national currency redemption scheme now under consideration by the failure of the First National Bank of Attica, New York, and the American National Bank of Hallowell, Maine, each with a capital of fifty thousand dollars. The notes or these insolvent institutions are worthless for circulation, but the National Currency act provides for their payment at the Treasury when the bank issuing the same fails to redeem them in legal tender notes on presentation. The Comptroller of the Currency is required, within thirty days after he has received notice of a failure, to declare the bonds and securities pledged by the defaulting bank forfeited to the United States. "And," continues the act, "thereupon the Comptroller shall immediately give notice, in such manner as the Secretary of the Treasury shall by general rules or otherwise direct, to the holders of the circulating notes of such association to present them for payment at the Treasury of the United States, and the same shall be paid, as presented, in lawful money of the United States; whereupon said Comptroller may, in his discretion, cancel an amount of bonds pledged by such association equal at current market rates not exceeding par to the notes paid. And it shall be lawful for the Secretary of the Treasury from time,to time to make such regulations respecting the disposition to be made of such circulating notes after presentation thereof for payment as aforesaid, and respecting the perpetuation of the evidence of the payment thereof, as may seem to him proper but all such notes on being paid shall be cancelled. And for any deficiency in the proceeds of the bonds pledged by such association, when disposed of as hereinafter specified, to reimburse to the United States the amount SO expended in paying the circulating notes of such association, the United States shall have a first and paramount lion upon all the assets of such association, and such deficiency shall be made good out of such assets in preference to any and all other claims whatsoever, except the necessary costs and expenses of administering the same. It is, however, clear that in the interval between the failure of a bank and the payment of its notes by the Treasury the holders of the same would be saddled with So much unproductive property, and that more or less inconvenience and loss to themselves would be the result. But a bank accustomed to redeem its notes at some central point would be likely even in the event of failure to have a reserve sufficient to pay off its notes, however badly its depositors might fare, and the fact of its having to keep its notes in good credit at the financlal centres would prevent its affairs running without discovery to that extremity of hopeless insolvency which, in the absence of the redemption system, it might easily reach. The coupons of the second mortgage bonds of the Milwaukee and St. Paul Railway Company, due October 1, 1865, will be paid on and after that date at the office of the company, 25 William street. In our reference to the tax on promissory notes, in Wednesday's issue, we were made to state the tax at fifty cents per thousand, instead of ten thousand dollars. The business at the Sub-Treasury to-day was as follows:$362,000 Receipts for customs. 1,080,042 Total receipts 1,536,997 Payments 70,437,173 Balance. 204,000 Subscriptions to government loan The following table shows the amount of coal shipped by three different routes' this season compared with

3. December 6, 1865 The New York Herald New York, NY
Article from The New York Herald, December 6, 1865

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A Speedy Return to Specie Payments Required. Compulsory Redemption of the Currency Recommended. A Tax of Eight or Ten Per Cent on Cotton Recommended. Proposed Removal of the Currency Bureau to New York. &c. &c. ac. OFFICE OF THE COMPTROLLER OF THE CURRENCY, WASHINGTON, Dec. 4, 1865. SIR:-I have the honor to transmit to the House of Representatives the annual report of the Comptroller of the Currency, as required by the sixty first section of the National Currency act. I have the honor to be, very respectfully, your obeFREEMAN CLARKE, dient servant, Comptrolic of the Currency. Hon SCHUYLER COLFAX, Speaker of the House of Reves. preser ORGANIZATION OF NATIONAL BANKS. Since the last annual report from this office two hundred and eighty-three new banks have been organized, and seven hundred and thirty -one State banks converted into national associations, making the total number organized to Nevember 1 sixteen hundred and one; of which six hundred and seventy nine were new banks, and nine hundred and twenty-two conversions from State banks. A statement of the respective States and Territories in which each bank is located, the paid in capital, the currency delivered to each, and the bonds deposited with the Treasurer to secure their notes is herewith submitted also a detailed statement of the affairs of each bank on the first Monday of October last, with an abstract of their condition on that day, an abstract of the condition of all the banks on the first days of January, April and July, 1865 together with the names and com pensation of the clerks and other employes, and the total expenses of the bureau, for the fiscal year ending June 30, 1865 BANKS CLOSED AND FAILED. One bank has voluntarily gone into liquidation and has been closed under the provisions of the law, viz. First National Bank, Columbia, Mo. :$11,990 Circulat on outstanding 78,010 Circulation redeemed Lawful money has been deposited with the treasurer for the redemption of the outstanding notes of the above named bank, and the bonds withdrawn. The First National ank of Attica, N. Y., has failed, and receiver has been appointed to close up its affairs Its outstanding circulation, none of which has been pre sented for redemption, is $44,000 secured by $31,500 of six per cent and 500 of five per cent bonds. CHANGE OF THE STATE TO NATIONAL BANKS. By section forty four of the National Currency act any bank incorporated by special law. or banking institution organized under general law of any State, is permitted, on the performance of certain specified requirements, to be converted into a national association, with the same powers and privileges, and subject to the same duties, responsibilities and rules as are prescribed for the asso. ciations originally organized under that law. By the seventh section of the act amending the 'Act to Provide Internal Revenue to Support the Govern. ment, approved March 1865, the privilege of conversion on the part of State banks was extended so as to give ference those which should apply prior to the 1st day of July, 1865, over new associations applying for the ileges of the National Currency act. The result has been that nearly all of the S ate banks have voluntarily changed into national associations, and it is a gratifying fact that this transformation has been accomplished without deranging the business of these institutions or affecting essentially the volume of bank note circulation Since the amendment of the act, no national currency has been delivered to converted State bank until the circulation issued by it under State laws had been reduced below the amount to which its capital as national bank would have entitled it under the law and, as many of the converted banks had greater amount of State notes in circulation than they were entitled to under the national act, the result has been to diminish rather than increase the volume of bank note circulation. STATE BANK CIRCULATION. This restrictive course in reference to State bank circulation has been the cause of great complaint on the part of many or the banks- -more so, perhaps, for the reason that in several States the enabling acts ing consent to the conversion of the State banks to national associations, contain provisions nominally giving the right to erted banks to continue the issue of their State circulation for a limited time after the conversion completed. is It is, however, very clear that it is not the spirit or intent of the law to allow any national bank to have greater circulation than the amount prescribed in the act, and that after bank becomes national associat it 18, as provided in the forty fourth section of the law, subject to and bound to observe all its prov isions. À converted State bank unquestionably bound to redeom its State reulation and discharge all the obligations of the State institution, while any State enactments grant ing privileges or imposing restrictions in conflict with or repugnant to the United States laws are necessarily void. The national currency act permits the conversion of State into national institutions without reference to State laws, and it must be conceded that the laws of the United States are paramount to State tments The twenty third section of the act prohibits national banks from issuing or circulating as money any notes other than such as are authorized by the pro isions of the national currency act. If a national bank converted from State institution pays out and circulates the notes of the State bank which it is bound to redeem, it certainly issues notes prohibited by the act. If the ghts of converted banks to reissue the notes of the State Bank and also to receive national notes to the amount that their capital entitled them to were recognized, they would have had double circulati and the aggre gate at this time would probably have been two fold the amounts of their present issues. NATIONAL BANK CIRCULATION. The amount of national bank notes in actual circulation on the 1st day of October $171,321,903 last, was. The amount of State bank notes in circulation the same date, as appears by returns to the Commissioner of Internal 78,867,575 Revenue, was Making the bank circulation on the 1st day of last October 250,189,478 The amount of legal tender notes and fractional currency issued and outstanding on 704,584,658 the 1st of October, 1865, was National bank notes in the hands of banks 19,525,152 not yet issued. 109,152,945 National currency yet to be issued to banks Making the aggregate amount of legal ten. der and bank notes in circulation as au. thorized to be issued to and by the banks* $1,083,452,233 From which sum should be deducted, 8 ate bank circulation now outstanding that will be retired about as fast as na. tional currency is issued to converted banks. $78,867,575 Also the amount of "compound interest notes' converted into 5-20 bonds since the 1st of Oc44,417,329 tober last 123,284,904 The amount then left as the available cur. $960,167,326 rency of the country is. In order to ascertain the amount of actual active circulation on the 1st day of October last there should be deducted from the last mentioned sum The amount of national currency delivered tobanks, and not then in circulation. $19,525,162 National circulation not delivered to banks 109,152,945 Amount of legal tender notes held by banks, including $74,in compound interest notes 193,094,36 Compound interest notes, other than those held by banks, mostly held as investments by insurance and trust companies and savings banks, less say in actual circulation 121,314,195 Currency in the Treasury of the United States 56,236,440 Total $499,323,097 Which show the actual circulation to be. 844. 229 This favorable exhibit of the amount of paper in actual circulation owing in great degree to the accumula. tion of currency in the bands of the banks, in the ab-

4. December 12, 1865 The Evening Argus Rock Island, IL
Article from The Evening Argus, December 12, 1865

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DISTRICT OF COLUMBIA. The remainder of the secretary's report is devoted to the internal affairs of the District of Columbia and the attention of congress is called to the duty-resulting from its power of exclusive legislation-of making just and adequate provisions for its welfare, and for the improvement of streets and squares, the property of the United States. The Insane Hospital and Deaf and Dumb Asylum are stated to be under excellent management and conducted in a manner to deserve public confidence. A strong appeal is made for the erection of a house of refuge for youthful of. fenders. Comptroller of the Currency. The comptroller of the currency presented his annual report at the opening of congress. Since the report of last year, two hundred and eighty three new banks have been organized, and seven hundred and thirty-one state banks converted in. to national associations-making the total number organized to November 1st, sixteen hundred and one; of which six hundred and seventy-nine were new banks, and nine hundred and twenty-two were conversions from state banks. The first national bank of Columbia, Mo., has voluntarily gone into liquidation, and the first national bank of Attica, N. Y., has failed, and a receiver has been appointed to settle up its agairs. Nearly all the banks organized under state laws have voluntarily changed into national associations, and this transformation has been accomplished without deranging the business of these institutions or affecting essentially the amount of bank note circulation. No national currency has been deliyered to a re-organized state bank, until its former circulation had been reduced below the amount to which its capital as a national bank would have entitled it under the lawand as many of the banks had a greater am ount of state notes in circulation than they were entitled to under the national acts, the result has been to diminish rather than increase the volume of bank note circulation. The amount of national bank notes in actual circulation on the first $171,321,903 day of October last, was The amount of state bank notes in circulation at the same date, as appears by returns to the commissioner of Internal Revenue, was 78,867,575 Making the bank circulation on the 1st day of October last 250,189,478 The amount of legal tender notes and fractional currency issued, and outstanding on the 1st of Oct. 1865, was 704,584,658 National bank notes in the hands of 19,525,152 banks not yet issued National currency yet to be issued to banks 109,152,945 Making the aggregate amount of legal tender and bank notes in circulation as authorized to be issued to and by the banks 1,083,452,233 From which sum should be deducted state bank circulation now outstanding that will be retired about as fast as national currency is issued to converted banks $78,867,575 Also the amount of "compound interest notes" converted into 5-20 bonds since the 1st of October last 44,417,329 123,284,904 s

5. December 4, 1866 New-York Tribune New York, NY
Article from New-York Tribune, December 4, 1866

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banks to be excluded are the following COMTO NEVER COMPLETED THEIR ORGANIZATION so AS MENCE BUSINESS The First National Bank of Lansing Michigan. The First National Bank of Penn Yan New York. Second National Bank of Canton. Ohio, National Bank of Ottumwa, Iowa. SUPERSEDED BY SUBSEQU ENT FORGANIZATIONSWITHTHESAME TITLES. The First National Bank of Norwich. Connecticut. The First Bank of Utica New-York. IN THE HANDS OF RECEIVERS. The First National Bank Attica, New York. Venango National Bank of Franklin Pennsylvania. The Merchants National Bank of W Tashington, District of CLOSED AND CLOSING UNDER THE PROVISIONS OF SECTION 42 OF THE ACT. The First National Bank of Columbia. Missonri. The First National Bank of Carondelet. Missouri First National Bank of Leonardsvill New. York. National Union Bank of Rochester New-York. Pittston National Bank of Pittston Pennsylvania. con solidated with the First National Bank of Pittston, Pennsyl The Berkshire National Bank of Adams Massachusetts conolidated with the First National Bank of Adams, Massachus etts The Fourth National Bank of Indianapoli Indiana. con volidated with the Citizens National Bank of Indianapolis, In abstract by States. ot the quarterly returns made to this ending January April July and of of the condition state bank at the close of the last quarter, is herewith sub showing the names and compensation of the the total of the bureau for also is 1866, appended, into liquidation of going of date the last to the report the prior the Treasury of the United States the amount taken and oney lawful in with the Treasurer for the National Bank of Columbia Missonri. $11,990. Bank of Carondelet, Missouri, $20 500. year the First National Bank of Leonards Rochester of Bank Union National notice of going into liquida Bank of has a 850,500 $50,000 Bonds deposited $45,000 of Bank $250,000 Bonds deposited the Washington Bank of failed that of these failure of by during the last session of Con the First National Bank of Attica N. Y. on about 1st or the cent York on the from for of national has circulation State about of only currency the minds the system States four millions of dollars. distributed 81 1000.000 States returns no further of of the State The banks. upon for miscellasustaining toward preventing distr and possible financial REDEMPTIONS. of the for na redemption Chicago Louisy Pitts leveland. A New Ibanv York. Boston last the session New in Boston, either ses until the present as and Under the existing require York New redeem in $240. These represent in New ork redeemed of logical their conclusion. to obliged York New account idence that New York is the great center. in all sections of the Union is of strial indus interand the to design be of may and notes uniform these though view the end in pass direction, debts for of the payment financial system reoogthe by Gover ninent for ferred be should they the of ands trade. that debts will pay furnish of be their issues depreof the fall the country. this tax shall be borne by the people, the shall banks the reap be shall by furnishing duty and for thus This for uniform value. of grow ring importance, and one that presses for early banks in Boston New York and Philadelphia re in meet obligations United States. whether it gold and silver or legal tender notes, They are obliged by law to receive in of debts the notes of every other National bank: but they can compe their customers the same notes for their balances due from the banks and here lies a difficulty which will subject the banks in those cities periodically to very great The tendency of money to accumulate in these centers of trad except at certain seasons of the year when it needed to bring forward the products of the Middle Western. and Southern States- fact which cannot be stioned. These banks are obliged to all that offered. but cannot pay out. An escape from this may be found in either three different ways First, the banks may be reliev ed from the obligation to receive this currency in pay vment of debts or, secondly National currency notes may be made legal tender from the bank to its customers or else, thirdly, National cur rency may be kept at par by redemption at the great centers

6. December 5, 1866 The New York Herald New York, NY
Article from The New York Herald, December 5, 1866

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200.000 Arkansas Alabama Utah 100,000 100,000 Oregon 548,700 403,500 837,750 Nevada and 2 235,000 166.000 195.000 Montana Total 1,663 16 1,647 $417,245,154 $332,467,700 $293,671,753 From the number of banks organized, heretofore stated to be 1,663, should be deducted 16, leaving the number in active operation 1,647. The banks to be excluded are the following: NEVER COMPLETED THEIR ORGANIZATION so AS TO COMMENCE BUSINESS. The First National Bank of Lansing Michigan The First National Bank of Penn Yan, New York. The Second National Bank of Canton, Ohio. The Eecond National Bank of Ottutowa, Iowa. SUPERSEDED RY SUBSEQUENT ORGANIZATIONS WITH THE TITLES. The First National Bank of Norwich, Connecticut. The First National Bank of Utica, New York. RECEIVERS THE HANDS OF IN The First National Bank of Attica, New York, The Venango National Bank of Franklin, Pennsyl vania. The Merchants' National Bank of Washington, District of Columbia OLOSED AND CLOBING UNDER THE PROVISIONS OF SECTION 42 OF ACT The First National Bank of Columbia, Missouri The First National Bank of Carondelet, Missouri The First National Bank of Leonardsville New York The National Union Bank of Rochester New York The Pittston National Bank of Pittston, Pennsylvania, consolidated with the First National Bank of Pittston, Pennsylvania. The Berkshire National Bank of Adams Massachusetts, consolidated with the First National Bank of Adams, Masanchusetts The Fourth National Bank of Indianapolis, Indiana consolidated with the Citizens' National Bank of Indianapolis, Indiana An abstract, by States. of the quarterly returns made to this office for the quarters ending January 1, April 2. July 2 and October 1. 1866, with detailed statement of the condition of each bank at the close of the last quar ter, is herewith submitted, A statement showing the names and compensation of the clerks and employés and the total expenses of the bureau for the fiscal year ending June 30, 1866, is also appended. Two banks which had given notice of going into ligut. dation under section fortv two of the act, prior to the date of the lest report. have paid over to the Treasury of the United States the amount of their outstanding. circulation in lawful money and taken up the bonds which they had on deposit with the Treasurer for the security of such ne follows notes, The First National Bank of Columbia, Missouri, $11,990 The First National Bank of Carondelet, Missouri, $25,500. These banks are now closed. During the year the First National Bank of Leonardsville, New York, and the National Union Bank of Rochester. New York have voluntarily given notice of going into liquidation as required by law. The First National Bank of Leonardsvi has Capital of Circulation $50,000 $45,000 50,500 Bonds deposited The National Union Bank of Rochester has $400,000 Circulation Capital of $192,500 250,000 Bonds deposited The Merchants National Bank of Washington and the Venango National Bank of Franklin Pennsylv ing failed to redeem their circulating notes when presented for that purpose. have been placed in the hands of receivers, as required by law. The circumstances attending the failure of these two banks were fully investigated and reported by a committee of the House of Representatives during the last session of Congress The receiver of the First National Bank of Attica, N Y. has brought his labors nearly to close, and a dividend will be declared to the general of the bank on or about the Ist of January, 1867. The bonds deposited to secure its circulating notes $31,600 of six per cent and $18,500 of five per cent bonds, were sold at public acction in the city of New York, on the 8th day of October last, in accordance with the provisions section 48 of the Currency act The net amount real. ized from the sale was $51,556. Of this sum, $44,000 in lawful money was deposited with the Treasurer of the United States. for the redemption o: the outstanding circulation of the bank, and, under Instructions of the receiver, $7. 550 was paid into the treasury, according to the provisions of section 50 of the act for the benefit of the general creditors of the bank. The amount of out standing circulation redeemed to October 1 was $5,220. With these exceptions, the national banks throughout the United States seem to be in sound and healthy condition, as evide need by their quarterly to office, verified by carefo examinations made by agente appointed for that purpose Their total the of October last were $1,525,493,960 their liabilities to the public for circulation and deposits were $1,024,374,886, leaving a surplus of $501,221,574 for capital and earnings, which are llkewise a pledge for the payment of all debta to the public The increase of capital, bonds and circulation of na tional banks for the year ending October 1, 1866, has been as follows Increase of capital paid in $21,515,557 Increase in bonds deposited to secure circulation 56,247,750 Increase of circulation issued 101.824.698 This statement shows an increase of something more than one hundred millions of national currency but during the same period national banks which have been converted from State banks have retired fully fifty mil lions of their state circulation. making the actual Increase in the volume of currency only about fifty millions To correct a misapprehension which exists in the minds of many that the entire amount of national circu. lation issued has been added to the of currency it may be well to take into consideration the amount of State bank circulation a period just prior to the in of the national system. The bank circula tion of the United States in January 1862, was one hun dred and eighty four millions of dollars, distributed as follows:Northern and Western States $144,000,000 Southern States 40,000,000 Substquent to this date no further returns were celved from the Southern States. Immediately following the suspension of specie pay ments there WAR an expansion of bank note circulation. which reached in January. 1863, in the Northern States aloue $200,000,000, making an increase in one year of $56,000,000. Relieved of all liability to redeem. the evident tendency of the banks was to still greater expan sion. No trustworthy returns later than January, 1863. are accessible; but the prevailing tendency of the times toward inflation, and the great temptation to banks to avail themaelves of the opportuntty to put in circula. tion very large amounts of their notes, without any re straints in the way of redemptions, would favor the opinion that this was not the highest point reached by the circulation of State banks. The $40,000,000 of currency in the Southern States mar now be added, giving an aggregate of $240,000,000 State bank circulation. which has been in great part replaced by national currency Without making any invidious comparisons, it injustion to MAY that the substitution of a currency based upon United States bonds, secure beyond any contingency, for the miscellaneous taxuer of State banks, has done much toward sustaining public confidence preventing distrust and possible financial disaster. EDEMPTIONS The law as " now stands provides for the redemption of national currency in the cities of St. Louis, Louisville, Chicago, Detroit, Milwaukee, New Orieans, Cincinnati Cleveland, Pittaburg, Baltimore, Philadelphia, Boston, New York, Albany, Leavenworth San Francisco and Washington An amendment to the law was proposed during the last session of Congress, requiring all national banks to redeem either in Boston, New York or PhHs. delphia, but was postponed until the present SESSION Some system of practical and effective redemptions is desirable for the preservation of a healthy currency and safeguard against redundancy Under the existing requirements 1,320 banks out of 1,647 voluntarly deem in New York, Boston and Philadelphia These banks represent $240,000,000 currency. of which three fourths are redeemed in New York The same argtments urged in favor of requiring re demptions in these three cities would, if carried to their logical conclusion, establish the expediency of requiring redemotions at one central point Every national bank in the United States obliged by the necessities of boei. near to keep an account in New York city clearly show ing current of trade and the tendency of money, and affording evidence that New York is the great commer eta! and Annual centre

7. June 4, 1867 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, June 4, 1867

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receiver or money ceipt and to furnish for it the proper stamp. This obligation, however, like that of returning a civil answer to proper question, is governed by the laws of courtesy, and sanctioned by custom instead of statute. The undermentioned national banks have failed or are in proceess of liquidation, but their notes, being secured by Government bonds, are still at par, and in some instances a premium is paid for them by banks which have in view the sanction of an increase of their own circulation, and think that by holding the notes of a suspended bank they can secure an equivalent; but this is, or at least should be, founded on erroneous supposition: Venango National Bank, Franklin, Pa.; Tennessee National Bank, Memphis, Tenn.; First National Bank, Attica, N. Y.; First National Bank, Medina, N. Y.; First National Bank, Columbia, Mo.; First National Bank, Carendelet, Mo.; Merchants' National Bank, Washington, D.C. The Journal of Commerce referring to the status of business affairs says: The month closes amida general depression in nearly all branches of trade and commerce. It is probable that never before, during this quarter of the century, was there such a nniversal suspension of business engagements and business activity, except in connection with a monetary panic or a financial crisis. We do not regard this pause as utterly useless, and we are not without hope that it may be productive of great good to the country. While the expansion continued, and all classes of values seemed to be thereby enhanced, counsel was wasted, even warnings were disregarded, and lessons of wisdom fell upon listless ears. "To-morrow shall be as this day and much more abundant," was the thought in most hearts, if the sentence was not heard on the lip, and the whirl was too rapid for consideration or sober reflection. The revolving wheel runs more slowly now, and threatens to stop altogether. Those who were maddest in the day of excitement now question if their prosperity was real. Not a few would be glad to have as much of their supposed gains now in hand as would pay the tax on what was reckoned as last year's income; and those whose apparent increase still remains intact are restless and troubled about the future. We recall this description with a view of encouraging the despondent. Surely there must come no little good to the coun try out of the sober thought born of such an hour of quiet and freedom from specnlative excitement. Sensible men of all parties are drawn much closer together in such a season; and measures in which all but the unprincipled or fanatical can agree, rise in importan ce as it is seen that great material interests depend on the issue, while mere partisan questions shrink toward their proper insignificance. If this opportunity for sober thought is not wasted, the day of unity, and consequent peace and prosperity, will be all the nearer for the interruption. The money market continues moderately active, but the demand for capital is little less urgent than yesterday, and temporary loans are made upon acceptable securities at 5a7 per cent., mostly 5a6 per cent. for new contracts. Firstclass commercial paper is taken at 7 per cent. per annum discount, with but few exceptions above and below this rate.

8. June 11, 1867 The New York Herald New York, NY
Article from The New York Herald, June 11, 1867

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Steward. Cornelius Vanof Smith Barker, Jr., and John H. Vanderbilt, Vice derbilt was re-elected President, W. ary. President, and Augustus Scheil, Secre banks that have The following is a list of national rs, with the Bive failed and are now in the bands of rec. First Na. amount of circulating notes issued to eac National, tional, Attica, N. Y., $45,000; Merchants FrankWashington, D. C., $180,000; Venango Nationa Tenn., lin, Pa., $85,000; Tennessee National, Memphis, 200; $90,000; First National, Newton, Mass., $130, First National, Selma, Ala., $85,000; First N tional, New Orleans, La, $180,000. In addition to these two banks have taken up their bonds and deposited lawful money in the United States Treasury to the amount of outstanding circulation, viz:-First National Carondolet, New Orleans, $25,500; First National Columbia, New Orleans, $11,990-making a total of $832,490 reverting to the government, upon the return and destruction of which an equal amount of circulation will be at the disposal of the Comptroller of the Currency for distribution. The Sub-Treasurer in this city reports:Total receipts $1,465,816 Total payments. $1,563,316 For customs. 229,000 Balance 134,015,419 495,000 For gold notes The Chicago Clearing House statements of the past two weeks compare as follows:Balances. Clearings. $11,540,292 Week ending June 8 $1,002,558 9,207,614 Week previous 992,819 The following is a statement of the value of the imports entered at the port of Boston during the month of May:Value. Species of Goods, Wares and Merchandise. Imports-Dutiable, entered tor consumption $1,411,579 2,544,749 Imports-Dutiable, warehoused $3,956,328 Total paying duty Free 289,188 Total imports $4,245,516 Merchandise withdrawn from warehouse for $1,727,877 consumption The earnings of the undermentioned railroads during May of this and last year compare as follows:1867. 1866. $329,078 $316,432 Toledo, Wabash and Western 365,196 333,952 Michigan Central Cleveland and Toledo 210,783 180,675 51,710 55,133 Virginia and Tennessee Atlantic and Great Western 451,447 459,370 A St. Louis journal says:or the notes of the old "Bank of the State of Missouri, " which went out existence in 1857, and whose currency was barred in 1860, there 18 still afloat about $60,000 worth. The now existing Bank of the State of Missouri, lately organized as the "National Bank of the State of Missouri" agree to redeem this issue together with all of their own afloat, now amounting to about $50,000. The receiver of the Cataract City Bank of Paterson, N. J., notifies holders of the notes of that bank that all such notes must be presented for redemption to the Treasurer of the State of New Jersey, at Trenton, on or before November 30, 1867, and that holders and owners thereof who fail to present the same will be barred from all right to have the notes redeemed.

9. June 12, 1867 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, June 12, 1867

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FAILURES OF NATIONAL BANKS.-The followis a list of national banks that have and are now in the hands of receivers, the amount of circulating notes issued each The First National Bank of Attica, Y., 845,000; the Merchants National Bank Washington, D. C. $180,000; the Venango National Bank of Franklin, Penn., $35,000; Tennessee National Bank of Memphis, Tenn $90,000; the First National Bank of Newton Mass., $130,000; the First National of Selma, Ala. $85,000; the First NaBank tional Bank of New Orleans, La., $180,000. In addition to these, two banks have taken up their bonds and deposited lawful money in the Treasury 01 the United States to the amount of their outstanding circulation-viz. : The First National Bank of Carondelet, New Orleans. $25,500 the First National Bank of Co. lumbia. New Orleans, $11,990; making a total $582,490 which has reverted to the Governupon the return and destruction of equal amount of circulation will be althe disposal of the Comptroller of the Currency for distribution, according to the terms and conditions prescribed in the national currency net. subject to the same rules that governed the distribution of the amount origimally authorized by the act of Congress.-New 1 to

10. June 15, 1867 The Tri-Weekly Standard Raleigh, NC
Article from The Tri-Weekly Standard, June 15, 1867

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FAILURES OF NATIONAL BANKS-The following is a list of national banks that have failed and are now in the hands of receivers, with the amount of circulating notes issued to each : The first National Bank of Attica, N. Y., $45,000; the Merchants National Bank of Washington, D. C., $180,000; the Venango National Bank of Franklin, Penn., $35,000; the Tennessee National Bank of Memphis, Tenn., $90,000; the First National Bank of Newton, Mass., $130,000; the First National Bank of Selma, Ala., $85,000; the First National Bank of New Orleans, La., $180,000. In addition to these, two banks have taken up their bonds and deposited lawful money in the Treasury of the United States to the amount of their outstanding circulation-viz.: The First National Bank of Carondelet, New Orleans, $25,500; the First National Bank of Columbia, New Orleans, $11,990; making a total of $832,490 which has reverted to the Government; upon the return and distruction of which an equal amount of circulation will be at the disposal of the Comptroller of the Currency for distribution, according to the terms and conditions prescribed in the national currency act, subject to the same rules that governed the distribution of the amount originally authorized by the act of Congress.New York Times.

11. June 17, 1867 The New York Herald New York, NY
Article from The New York Herald, June 17, 1867

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The National Bank Currency. (Washington correspondence Boston Advertiser, June 9.] The story that a secret arrangement had been made between the Secretary of the Treasury and certain national banks, under which the banks are to receive new circulating notes in place of broken bank bills that they may redeem and present at the Department, is denied by authority. If any banks are buying up bills of defunct national banks they do it of their own motion and at their own risk, and speculation in these bills is not countenanced by the Department. The following is a list of the national banks that have failed and are now in the bands of receivers, with the amount of circu lating notes issued to each:Circulation. $45,000 First National Bank, Attica, N. Y Merchants' National Bank, Washington, D. C 180,000 85.000 Venango National Bank, Franklin, Pa 90.000 Tennessee National Bank, Memphis 130.000 First National Bank, Newton, Mass. 85,000 First National Bank, Selma, Ala. 180,000 First National Bank, New Orleans, La In addition to these the First National Bank of Carondelet, Mo., with a circulation of $25,500. and the First National Bank of Columbia, Mo., with a circulation of $11,999, have taken up their bonds and deposited lawful money in the United States Treasury to the amount of their outstanding circulation. Here is an aggregate of $832,499, which has reverted to the government, upon the return and destruction of which an equal amount of circulation will be at the disposal of the Comptroller of the Currency, for distribution according to the terms and conditions prescribed in the national currency act, subject to the same rules as governed the distribution of the amount originalty authorized by Congress. Quite a number of national banks have been organized to which the Comptroller has not yet given any circulation, because the amount provided for by law is already out, and there are many others that have received only part of the amount to which they would under other circumstances be entitled.

12. June 20, 1867 Baton Rouge Tri-Weekly Gazette & Comet Baton Rouge, LA
Article from Baton Rouge Tri-Weekly Gazette & Comet, June 20, 1867

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LIST OF SUSPENDED NATIONAL BANKS.-The following is a list of national banks that have failed are now in the hands of the receiver, with amount of circulating notes is sued to each : First National Bank, Attica, New York, circulation $45,000; Merchants' National Bank Washington, D. C., $150,000; Venango National Bank Franklin, Pa., $85, 000; Teonessee National Bank, Memphis, $90,000; First National Bank, Newton, Mass., $130,000; First National Bank, New Orleans, $180,000. In addition to these, the First Na. tional of Carondelet, Missouri, with a circulation of $25,000, and First National of Columbia, with a circulation of $11,990, have taken up their bonds and deposited lawful money in the United State Treasury to the amount of their outstanding circula tion. Here is an aggregate of $832,490 which has reverted to the Government, upon the return and destruction of which an equal amount of circulation will be at the disposal of the currency for the currency for distribution according to the terms and conditions prescribed in the National Currency act, subject to the same rules as governed the distribution of the amount originally authorized by Congress. Banks Without Circulation.-Quite a number of national banks have been organized, to which the Controller has not yet given any circulation because the amount provided for by law is already out, and there are many others that have received only part of the amount to which they would, un der other circumstances, be entitled. There is a pressing demand for more currency west of the Mississippi, and more particularly in Kansas, which he is anxious to meet, and he will do 80 as soon as a sufficient amount of these broken banks have been restored.