15170. Tompkins County Bank (Ithaca, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 1, 1857*
Location
Ithaca, New York (42.441, -76.497)

Metadata

Model
gpt-5-mini
Short Digest
8271ce4c

Response Measures

None

Description

Contemporary newspapers (Oct 1857) list Tompkins County Bank, Ithaca among banks that suspended during the 1857 money crisis. A May 5, 1858 report describes the cashier's suicide after the general suspension and his requested resignation, implying prolonged suspension and serious distress. There is no article evidence of a depositor run or of a reopening; permanent closure is not explicitly stated but the bank remained suspended and distressed into 1858. Classified as suspension_closure because suspension is clear and no reopening is reported.

Events (2)
1. October 1, 1857* Suspension
Cause
Macro News
Cause Details
General money crisis of October 1857; widespread suspensions of New York and other banks during the 1857 panic.
Newspaper Excerpt
Now the bills of all the banks in the State are current with the exception of the following: ... Tompkins county Bank, Ithica.
Source
newspapers
2. May 5, 1858 Other
Newspaper Excerpt
Last night about 6 o'clock, our town was exceedingly excited by the news that Mr. N. T. Williams had committed suicide. ... After the general suspension he was granted a furlough until May 1, at which time, I understand, the Board of Directors requested him to resign.
Source
newspapers

Newspaper Articles (3)
1. October 22, 1857 The Weekly Portage Sentinel Ravenna, OH
Article from The Weekly Portage Sentinel, October 22, 1857

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Article Text

The Money Crisis-Affairs brightening Up. Money matters have witnessed a material improvement since our last issue. Very much of the paper which ten days ago was pronounced worthless on account of the sus pension of the institutions issuing the same, is again current, and is circulating 4 medium of business. The demand for specie has materially decreased. When sold and silver had 80 risen as to command ten and in some instances twenty per cel.t. the people who hold the notes, deliberately to concluded they would do without it. The sus pension of the banks not only FII pended specie payment, but it suspended the collection of notes and bills falling can, and while it lessened the current funds and incredit the rate of exchange and 11 premium on gold and silver, it lessened the demand for money -put off the days of payment. These evils are working their own cure. Two or three days ago, the news came that all the New York City Banks and most of the country banks had suspended. Eve. rybody was startled. Hard'y anything in the shape of Bank paper from that State was current. Now the bills of all the banks in the State are current with the exception of the following: Niagara River Bank, Tonawanda. Agricultural Bank, Herkimer county. Dairyman's Bank, Newport. Hollister Bank, Buffalo. Ontario Bank, Utica. O. Lee & Co.'s Bank, Buffalo. Bank of Orleans, Albion. Reciprocity Bank, Buffalo. Yates County Bank, Penn Yan. Tompkins county Bank, Ithica. Huguenot Bank, New Paltz. Medina Bank, Medina. Troy City Bank, Troy. Central Bank of New York, of Utics. Hamilton Exchange Bank, Greene. The Cleveland Board of Trade have met and resolved that in their judgment the State Bank of Chio and Independent Banks are all solvent, and deserving of confidence and that they will receive their bills at par in all business transactions. The private bankers have also taken similar ground. The Cincinnations have resolved to re. ceive all the notes of New Orleans and all other Banks that are bankable at Boston, Philadelphia, Pittsburgh and Baltimore. The prospect is brighter. When the present storm has gone by and the reign of money terror is over it would be well for the people to make some inquiries into the securities which they have for the p-per promises with which the country is flooded. In days of prosperity let us m.ke ourselves secure, that when the storm comes, we may be prepared for it.

2. October 23, 1857 Indiana American Brookville, Indianapolis, IN
Article from Indiana American, October 23, 1857

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Article Text

folks can only realize six, except in times like these when they can realize from five to a hundred, OVER THE LEFT. But says the friend of banks, "well regulated banks are useful"-so, we add would be a well regulated whirlwind,-take the twists out of it, and "regulate" its speed to about five miles an hour, and it would not only be harmless but very pleasant ; but it would no longer be a whirlwind, that is all() Take away from banks the power to shave-the right to take all the interest it wants-the right to"issue notes, and the right to break with those notes in the hands of poor people, and it would no longer be a bank. Some of our readers want us to give a tlist of bad banks, That would require about twice large a sheet as ours, devoted to banks alone. The New York banks are all suspended. The following are considered too bad to take, all others are current: Ingra River bank, Tonawanda. Agricultural bank, Herkimer County, Dairyman's bank, Newport, Hollister bank, Buffalo, Ontario bank, Utica. O. Lee & Co's bank, Buffalo. Bank of Orleans, Albion. Reciprocity bank, Buffalo. Sackett's Harbor bank, Buffalo, Yates County bank, Penn Yan. Tompkin's County bank, Ithaca. Huguenot bank, New Paltz, Medina bank, Medina. Troy City bank Troy. Central bank of New York, of Utica. Hamilton Exchange bank. Greene. The following Illinois banks have increased their securities, and are current: Agricultural bank: Alton bank; Bloomington bank; Central (Peoria) bank : City (of Ottawa) bank; Chicago bank; Citizen bank; Elgin bank; Edgar County bank: Farmers' and Traders' bank; Frontier bank; Galena bank: Grayv Ille bank; In. ternational bank; Lafayette bank: Marion bank; McLean County bank; Merchants' and (Drovers bank; National bank: Northern Illinois bank; Na. pierville bank; Prairie Sta to bank; Bank of Peru; Pike County bank; Quincy bank; Railroad bank: Southern (Gravville) bank; State (Shawneetown) bank; E. 1. Tinkham & Co's bank; Warren County bank. The Ohio State Banks except the following, are current now, but may not be by the time our paper reaches its readers. Dayton Bank. Sandusky City do. Clinton do. Columbus. Miami Valley do. do. Columbus. City Franklin do. Columbus. The Kentucky Banks are yet current The following Free Banks in Indiana have increased their securities and are re" garded safe. There surplus of securities, over issues of 114,999: Bank of Goshen " Gosport. Mt. Vernon. Indiana. " Paoll. " Rockville. " Salem, New Albany. : Salem, Salem. Bloomington Bank. Cambridge City do. Canal do do Crescent City do Exchange do Westfield. Farmers' do Indiana Indiana Farmsrs' de Kentucky Stock do do Lagrange do Parke County do Prairie City Salem do Goshen. Southern do of Indiana. Thy following banks are closing, but their securities are good, amounting to 7,565 above issues: Central Bank. Brookville do Bank of the Capitol. " of Elkhart. of Monticello. of Syracuse Hoosier do Indiana Stock do Huntington County do Indiana Reserve do Fayette County do Merchants & Mechanics' do The Tippecanoe Bank is under protest.

3. May 8, 1858 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, May 8, 1858

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Article Text

DISTRESSINC SUICIDE. Correspendence of The Y. Tribune. ITHACA, May 5, 1858. Last night about 6 o'clock, our town was exceedingly excited by the news that Mr. N. T. Williams had committed suicide. Mr. Williams was a highly esteemed and influential citizen, who had occupied the position of Cashier of the Tompkins County Bank for many years with marked ability and honor as well as profit to the bank, but, like many other able and influential men, he had his weak points. He had contracted a habit of using intoxicating liquors to his great injury, as the sequel shows. After the general suspension he was granted & furlough until May 1, at which time, I understand, the Board of Directors requested him to resign. He told his wife in the morning that his business in this world was ended, and that he was going to the very spot where the body was found, to destroy himself; but as he had not shown the least symptoms of insanity previously, and during the day was about town talking to friends as usual, she had not the least idea that he would do as he said. Still she kept watch over him until a short time before his death, when she left him lying asleep on the sofs, and stepped out for & fe w moments. On ber return he was gone, and she saw him no more until about an hour afterward, when his body was brought home. He selected the most beautiful spet in the cemetery, overlooking the whole town, lake and surrounding country. Sitting on 8 bench under a large tree he took the fatal draught. A vial was found near him, which had just been emptied of its contents (1) oz. of prussie acid), which apparently killed him in five minutes.