14886. Canton State Bank (Canton, OH)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
state
Start Date
September 23, 1841
Location
Canton, Ohio (40.799, -81.378)

Metadata

Model
gpt-5-mini
Short Digest
73e9c091d635106b

Response Measures

None

Description

Articles (1841โ€“1842) describe a severe run in Sept 1841 which the bank initially withstood, followed by a failure/suspension announced in Jan 1842 (letter dated Jan 10, 1842 mentioned) and appointment of receivers on 1842-03-24. The bank is referred to in the articles as 'Canton Bank'; the provided name 'Canton State Bank' is consistent with naming conventions and the era, so bank_type set to 'state'. OCR issues corrected (e.g., 'explosion' = failure/sudden collapse; dates inferred from letter and publication dates).

Events (3)

1. September 23, 1841 Run
Cause
Rumor Or Misinformation
Cause Details
Newspaper explicitly cites circulating rumors and a severe run driven by those rumors; bank reported it withstood the pressure and was able to redeem notes.
Measures
Bank withstood withdrawals; reported able to redeem all notes in circulation.
Newspaper Excerpt
Various rumors have been afloat that this Bank would soon go the way of all flesh. A severe run has been made on it, but the Bank has we are informed, withstood the pressure.
Source
newspapers
2. January 10, 1842 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Articles describe specie ($10,000) shipped east immediately before the bank's 'explosion'/failure and accusations of premeditated removal of specie and improper payments to some depositors, indicating bank-specific mismanagement/insolvency.
Newspaper Excerpt
letter from J. A. Saxton, dated Canton Jan 10, stating that the Bank would suspend 'redeeming its notes even in currency when it opens this morning,' and advising the said friend if he had any notes to get them off.
Source
newspapers
3. March 24, 1842 Receivership
Newspaper Excerpt
J.D Brown, E. P. Grant, and O. T. Browning. have been appointed Receivers for the Canton Bank by Judge Belden The two last named are officers of the Bank,
Source
newspapers

Newspaper Articles (5)

Article from The Ohio Democrat, September 23, 1841

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Article Text

CANTON BANK. Various rumors have been afloat that this Bank would soon go the way of all flesh. A severe run has been made on it, but the Bank has we are informed, withstood the pressure. A gentleman from Canton yesterday, says.-"It is able and will redeem all its notes in circulation. There need be no fear of it suspending." Weare: glad to hear it inaamuch as there are a great many of its notes in this county. We make this statement to caution the noteholders from suffering themselves to be shaved, by selling the paper at a discount.


Article from The Ohio Democrat, February 3, 1842

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Article Text

Now, for the benefit of this man, Griswold, we will state the fact to the public, that the explosion of this in. stitution of robber was premeditated and done by a systematic in vement. FACT- On a day or so before the explosion of the Bank was announced at Canton, TEN THOUSAND DOLLARS CF ITS SPECIE was taken out of its vaults and shipped east, leaving but a few dollars behind. Men to guard it were sent along, and we have it from a citizen of Steubenville, that the money and its guard remained there one night, and communicated the fact to the Farmer's Bank of Steubenville one night in advance of others. Next morning after the guard and the $10,000 in specie had left Steubenville, it was announced that the Canton Bank had failed, leaving the people with its lying promises, to whistle for their confidence. What made the matter worse was, that the Farmer's and Mechanics Bank of Steubenville, up to that time, had given currency and credit to the Canton Bank paper, and a vas! deal of it was left unredeemed, not in the hands of the Bank at Steubenville, but in those of the hard laboring people. But this is not all. The Statesman contains a letter from J. A. Saxton, dated Canton Jan 10, to a friend in Lancaster,stating that the Bank would suspend "redeem ing its notes even in currency when it opens this morning,' and advising the said friend if he had any notes to get them off. Such bulletins were no doubt sent to all the friends of the Bank in advance, that they might not be sucked. "And yet these impudent robbers, worse than the highwayman who meets you in the road, have the impudence to demand of us who it was that informed us of their crimes and enormities. But these plunderers of the hard earnings of the people -these chartered pirates upon the industry of the country, have got the wrong person to deal with. It was from this den of iniquity that a certain oath emanated in 1838, to the Ohio Legislature, that it "would resume when the specie circular was repealed!" We know nothing about this Mr Griswold, or who he is, but we just inform him that he has got his head into the wrong noose, and if the spring should fly, and he should find himself dangling in the air, between heaven and earth, he must charge it to a want of discre tion, a thing quite as necessary in highwaymen as cours age and impudence." DJ We can inform the editor of the Statesman some. thing "about this Mr. Griswold' who now puts 'Esqr.' to your name He is the same Griswold who stumped it through Tuscarawas county in 1840, peddling Ogle's speeches, and denouncing Martin Van Buren as a lyrant, a usurper, and a robber of the peoples money. And he is the same Griswold, who in a speech in the Courthouse in Newphiladelphia, smacked his hands, on the desk three times, and each time pronounced "Sam Medary a Thief!' The swindled community can now judge who is the 'Thief!' How is it the commitiee appointed to examine the Bank said nothing about the $10,000 of specie shipped east? Was there no entry made on the books-no mem oranda of it to be found? There is something wrong here, and the swindled note holders should know where the blame lies.


Article from The Ohio Democrat, February 10, 1842

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Article Text

COMMUNICATION. For the Democrat. To George W. Belden, D. A. Starkweather, and J, D. Brown. GENTS: -I have read your report on the affairs of the Canton Bank, and also Mr. President Griswold's letter to the editors of the Massillon Gazette, dated Jan. 29th, 1842. 1 solicit a public answer to the following questions, not from idle curiosity or any desire to make matters worse but to satisfyithe public so far as practicable as to the solvency of that institution, that its dealings have been fair and its final failure unavoidable. Among the bills discounted amounting in the whole to $89,443 09 did you count and report those "against a few stockholders who live in or near Massillon" which Mr. President Griswold more than intimates are not safel 2d How large a proportion of this amount of "bills dis-counted' is against the Directors or stockholders? 3d were these "stock bonds counted by you or have they heen heretofore counted by the officers of the bank as stock paid in? 4th who are the signers of these 'stock bonde,' and is there any security to them other the names of the stockholders?' 5th Are these stockholders or any of them indebted to the bank otherwise than by those "stock bonds," and have they or any of them ever paid any money on account of their stock? 6th. Please explain the transaction of the $10,000 in specie said to be shipped to the east just before the explosion? Is there any entry of it on the trooks of the bank? 7th. Did or did not the officers pay off all or a greater portion of deposites in par or other good funds just before the bank stopped. How much and in what funds did they pay to depositors-say within a month previous to stopping payments Who were the depositors of the $22,575.78! Was not this the amount due on that day to the treasurer of Stark County? Why were not the following items applied in payment of recurring liabilities, and had they been so applied would they not have been sufficient to have prevented the suspension, viz: "Stock bonds 7361,58 "Bihs of Exchange 3500,00 "Notes of other banks 12,190,00 "Checks 94,00 "Specie 894,12


Article from The Ohio Democrat, March 24, 1842

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Article Text

J.D Brown, E. P. Grant, and O. T. Browning. have been appointed Receivers for the Canton Bank by Judge Belden The two last named are officers of the Bank,


Article from The Kalida Venture, June 6, 1845

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Article Text

The Stark County Democrat has the following in relation to the Bank of Wooster. BANK OF WOOSTER. The Standard" says it has enquired of the bank, and it is not true that the bank is broke or hard run. We hope this is a fact; but then we have no confidence in what a banker may say under such circumstances, since, at the request of a friend who wrote to us from a distant part of the State, for information, we went to the officers of the Canton Bank with our letter, stating the fac's and desiring correct information that we might write the truth in answer. We were then informed that the bank was in a sound condition, and able to redeem all its circulation in a short time-so we wrote to our friend -and, in a short time the bank bursted outright. lowa REPUDIATING DISMONEST BANKING.-The following from a disinterested citizen of Ohio now in Iowa, shows that the last vestige of dishonest banking has been driven from the soil of that noble territory: IOWA CITY, May 13th, 1845. My DEAR COL.-It offords me great pleasure to be able to inform you, that on this day, the young and lion-hearted democracy of this Territory, repealed the charter of the Miner's Bank of Dubuque, the only one which pulluted her virgin soil. In the Assembly the vote was unanimous; in the Council it was 12 to 1.! It is expected that Gov. Chambers will veto the bill, but should he it can be passed hv third vote