15336. Bank of Sandusky (Sandusky, OH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 5, 1849
Location
Sandusky, Ohio (41.449, -82.708)

Metadata

Model
gpt-5-mini
Short Digest
ebdcb2e07be5b541

Response Measures

None

Description

Contemporary newspaper reports (Jan–Jun 1849 and later) describe the Bank of Sandusky as having failed or broken, its circulation run in, and its bills trading at a heavy discount (37¢). Article 1 explicitly notes failure and that the bank's charter was nearly run out, indicating closure related to charter expiration/voluntary winding up. No run on the bank is described in these articles; the coverage treats it as a broken/failed bank. OCR corrected minor errors (e.g., Sandusdy -> Sandusky).

Events (3)
1. January 5, 1849 Suspension
Cause
Voluntary Liquidation
Cause Details
Article states the bank's charter was nearly run out; failure/closure associated with charter expiration and winding up rather than an acute depositor run.
Newspaper Excerpt
A slip from Thompson's Bank Note Reporter announces the failure of the Banks of Sandusky and Nor. walk, Ohio. ... The Sandusky and Norwalk are two of the seven remaining chartered institutions, and their char ters are nearly run out.
Source
newspapers
2. June 14, 1849 Other
Newspaper Excerpt
The bills of the Banks which have broken during the last year are selling as follows: ... Bank of Sandusky, Ohio, 37 cts.; ...
Source
newspapers
3. April 16, 1851 Other
Newspaper Excerpt
BROKEN BANKS. ... Bank of Sandusky 80 dis ... Sandusdy City Bank-3's letter A. Description about the same the description of the counter: feit 3's ... (listed among broken banks).
Source
newspapers

Newspaper Articles (4)
1. January 6, 1849 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, January 6, 1849

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Article Text

COMMERCIAL AND MONEY MATTERS For sales of Stocks, &c. see Fourth Page FRIDAY, Jan. 5-P.M. The Stock market was heavy to-day, and all descriptions fell off at the First Board. After the session, and at the Second Board, there was a better feeling, and the quotations advanced Treasury Notes recov. ered from 74 to 8. New Haven sold at 944, and Erie at 614. In Sterling there is as yet no movement, and the rates are-Sterling 8j @9. France 5 261@5 25, Guilders 404@404 Rix Dols 78f@79. Marks Banco 35 a 35). There is but little doing to day in Freights Grain is 71@71. Flour 2s 6d nominally. Engagements of Corn, in bags, at 6jd; 500 bales Cotton at 5-32d, Id asked Heavy freight 27s 6d. To Glaegow Cotton was engaged at Id, and to Autwerp. de ₽ lb. A slip from Thompson's Bank Note Reporter announces the failure of the Banks of Sandusky and Nor. walk, Ohio. Apprehensions have been felt for some time that these failures would occur, and the circula. tion has been run in within a short time to the amount of 8275,000. The Sandusky and Norwalk are two of the seven remaining chartered institutions, and their char ters are nearly run out. Their condition in November last W88 as follows:

2. June 14, 1849 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, June 14, 1849

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Article Text

The main increase is in local travel, a portion of which is to be ascribed to the opening of the Nashua connection. The freight item has also improved—all of which is evidence of a sound improvement in the condition of the Company. The sale of surplus dépôt lands at Worcester to the Worcester and Boston Road for $58,000 has enabled the Company to pay off a considerable amount of debt. The bills of the Banks which have broken during the last year are selling as follows: Bank of Norwalk, Ohio, 50 cts; Bank of Sandusky, Ohio, 37 cts.; Canal Bank, Albany, 90 cts.; Bank of Wooster, Ohio, 20 cts.; New Hope Delaware Bridge, 20 cts; Atlas Bank, real estate notes, 70 cts. N. Y. stock notes, 95 cts; Erie Bank, Pa. 85 cts.; Hamilton, R. I. 25c. We annex a list of the latest counterfeits, from Thompson's Bank-Note Reporter: Threes, on the Mechanics' Bank, of New-Haven—vignette, three female; Tens, on the Bank of Waterville, N Y—vignette, Declaration of Independence; Tens, on the Camden Bank, N J; Tens on the Tolland County Bank, Conn; Fives, on the Troy City Bank, Threes, on the Camden Bank, N Y; Threes, on the Bank of Westfield, N Y; Tens, on the Claremont Bank, N H; Threes, on the Stamford Bank, Mass; Threes, on the Otego County Bank; Fifties, on the State Bank, Newark; Twenties, on the Cumberland Bank, Md; Fives, on the Troy City Bank; Twenties, on the Stark Bank, East Bennington, Vt; Fives, on the Franklin County Bank, Malone, N Y—altered from Ones, by the pasting operation. Hon. Jas. K. Moorhead has been elected President of the Cincinnati and Louisville Telegraph Co. The Stock market is running upward at Philadelphia as well as here. Almost all descriptions are in speculative demand. The Governor of Connecticut has signed the bill chartering the Hartford County Bank. The Farmers' Bank of Bridgeport has passed both Houses.

3. January 31, 1850 Burlington Hawk-Eye Burlington, IA
Article from Burlington Hawk-Eye, January 31, 1850

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Article Text

Just as we expected!!! When our Low Water neighbers turned out Financiers, and made a futile effort to run a tilt gainst Clark's paper, and read puerile lectures on currency to their readers, we knew they must render themselves, and the whig party even, in a measure, ridiculous. The aim of the Whig party should be to establish in our State a banking system, with all checks and safeguards necessary to secure entire solvency and proper management. As the experiments heretofore made seem to indicate, all expedients have failed, and the solvency of banks has seemed to be the result of honest and judicious management, and not legislative restriction. If there be any exception, it is in New York. The State Branch system of Ohio never has and never will have the entire confidence of financiers. Whether the banks of that State are good or not, nobody can tell here or there. If any one personally knows the managers he can form an opinion satisfactory to his own mind, but after all, actually knows nothing. And yet the bulk of the currency of Iowa is Ohio paper. How much tter-would be a currency of our own, under our own control? The Keokuk Register published a statement of the condition of the Ohio Banks-as they said-to "head the advocates of Clark's paper !" This statement shows that the immediate liabilities of those banks exceed their immediate means $7,022,131, and that neither the editors at Keokuk nor the people of Ohio know any thing about the actual value of Ohio Bank paper. They show by their statement that their immediate means are not sufficient to meet their liabilities. But say these astute financiers of the Keokuk Register-we took our statement "from the Cincinnati Gazette-the oldest and most influential Whig paper in the State-the editor of which remarks, 'that the Banks of no State in the Union are stronger and more impregnable.' The fact that their immediate liabilities exceed their immediate means seven millions and more, does not prove to be true, what the Gazette says as to the solvency of these banks; but the fact that the oldest Whig paper in Ohio says so, satisfies the financiers of the Regis. ter, that such is the fact. Now weare pretty much of the same opinion-but for a very different reason. We do not think, with the Register, that the statement proves anything, except the inability of the Ohio Banks to pay; but when the editors of the Cincinnati Gazette assure us that we may have confidence in Ohio Banks-we are disposed to contide in the editors of that paper, because we believe they are honest and well informed. So in regard to Clark's paper. Men, as honest and well informed, assure us, and give us confidence. We cannot descend to the slang of the Register. We desire to reason and be met in the same way.If "billingsgate" suits better the appetites of the readers of the Register, we can forgive it. But in justice to Clark & Co., we must copy one remark of the Register, as follows make no objection whatever to the regular business of Clark & Co., in the Exchange and Broker line; that is entirely legitimate, and had they confined their operations to that, no one would have just cause of complaint." So far as we have been able to ascertain, the business of Clark s Co. in this place, has been, wholly confined to the business of buying and selling, of exchange, and to notes of foreign banks. We do not know of a single loan-nor, do we believe one to have been made. It is regretted by business men that their paper cannot be borrowed. And the reason why it cannot, is owing to the fact that it is worth 1 per cent. more at St Louis, than any paper in circulation in Iowa, (except Missouri Bank,) and will therefore return upon them as fast as issued. Is this the case with Ohio paper ? No! It is usually sent here in greatest abundance just before a failure as all know, who remember the rotten concerns-the bank of Cincinnati-bank of Gallipolis-bank of Norwalk-bank of Sandusky-bank of Steubenville-bank of West Union--bank of Wooster--Farmersbank of Canton--Farmers Bank of New Salem--Farmers and Mechanics bank of Chillionthe-Farmers and Mechanics bank of Cinbank of Wooster-Jefferson bank of New Salem, etc., etc., etc. All of which, Ohio newspapers, called gou. until they were broken, and Iowa footed the bill! In conclusion, we recommend the editors of the Register to abandon the wind-mill operation of one Sancho Panza, and to devote their energies to the Rail Road from Dubuque to Keokuk. Which will be built "if they only have time" !!! Gentlemen, you must tarry in Jericho a little longer I I

4. April 16, 1851 The Spirit of Democracy Woodsfield, OH
Article from The Spirit of Democracy, April 16, 1851

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Article Text

de Bank of Xenia do Bank of Zanesville do Beltnont Bank of St. Clairsville do Columbiana Bank of New Lisbon Commercial Bank of Scioto, Portsmouth Commercial Bank of Lake Erie, Cleveland do Farmers and Mechanics Bank, Steubenville do Franklin Bank of Columbus do Franklin Bank Cincinnati do Mechanics and Traders' Bank, Cincinnati de Muskingum Bank, Putnam BROKEN BANKS. 10 dis Bank of Hamilton 50 die Bank of Norwalk 70 dis Bank of Sandusky 80 dis Bank of Wooster All other banks either broken or fraudulent. COUNTERFEITS ON OHIO BANKS The following is a list or counterfeits on the vent banks of this State. We have deemed it: useless to publish the counterfeits on those banks whose charters have expired, or which have failed. Bank of Massillon-I's vignette steamboat and railroad cars, which is not on the genuine. 10's, new issue; unlike the genuine; vignette steamboat, s'oop and ship undersail City Bank of Cleveland, Cleveland.-3's, the fig ure 3, across the bill is not distinct. Clinton Bank of Columbus-10'saltered from2's easily detected. Commercial Bank of C'incinnati-3's letter A beautifully executed. and likely to deceive the best judges. In the centre of the nate a large figure 3, the medallion part of which, in the genvine. is beautifully wrought, whilst in the counterfeit, it is faint and but partially tormed. No. tice also, that the female upon the left of the bill in the genuine has a string of beads aronnd her neck, the counterfeit has no beads. The genuine notes of the old bank of this name having been mostly all redeemed, it will be best to refuse all notes dated previous to 1845. Dayton Bank letter A. regularly countersigned by the Register. It is half an inch shorter than the genuine The flourish over the letter A" should be the same as over "No." in the counterfeit it is just the reverse-engraving inferior to the genuine Franklin Bank of Zanesville, Zanesville.--3's, letter A; the figure 3 across the bill is very indistinct Lafayette Bank-1's vignette a steam boat; on the left an Indian holding up his right hand. 5's, letter C., badly executed. Cashr's name engraved whale face of the bill lighter than genuine 5's, let. B., vig signers of the Declaration of Independence, most beautifully engraved, and good paper. Gano, Cashier: Carlisle. President. Observe the head of Lafayette; in the genuine there is flourish or hair stroke, which is delicate and nearly touches the marginal border in which the head is encircled, whilst in the counterfeit it is coarse breaks off abruptly, and lacks the 16th of an inch of touching. Notice also the flourish above the word Cashiet which, in the genuine turos up and nearly touches the word Cincinnati whilst in the counterfeit it turns down. 10's. spurious They have for vignette view of the ocean, and an eagle resting upon a shell. 10's letter vignette an eagle standing in a car, wings expanded. The engraving good, but paper bad. The bank has DO such plates. 10' spurious. The vignette is two children seat ed, on the right end a full length portrait of Gen. La Fayette Payable to H. Peachen, Thomas String and other persons, and of different dates. The medallion head, with the word TEN stamped on it is very rough and indistinct. 10'3, letter B. dated January t 1845. W. w Gano, cash., with pale ink, G. Taylor Prest. Paper rather dark general appearance good. 20's, close imitation of genuine;let. B. dated Jan 4, 1844, pay C. Conahan: the toes of the female in the vignette imperfect, and the right hand of the Indian on the left end of the bill imperfect. 100's spurious. The genuine bills have ared back. Ohio Life Insurance and Trust Co. 5's, spuri. ous. Vignette a drove of cattle and a locomo. tive and cars in the distance. Sandusdy City Bank-3's letter A. Description about the same the description of the counter: feit 3's on the Commercial Bank of (Cincinnati. State Bank of Ohio-5's, engraving coarse. The bill contains the red back: and on the back of the genuine it reads State Bank of Ohio; on the counterleit it reads State of Ohio. 3's. 5's and 10's, alt from l's and 2's; hold them up to the light and the alteration can be detected 100's, none higher than 50's issued. 1's, letter D, imitation of genuine, engraving course; apparently lithographed; signatures lithographed; filling and date very pcorly done. 5's, letter B payable at the Union Bank, Massil lon. Paper and engraving course 5's, poorly done. The head of Franklin.on the left end of the bill is badly engraved and the left ayo is omitted 10's, vignette a man on the left and a female on the right; railroad cars in the distance on the left; large X in the centre of the vignette eagle at the bottom. The words State Bank of Ohio' larger than the genuine 10g, general appearance calculated to deceive, but ou examination and comparison with the genuing, will be found crude, and imperfect in detail. The prominent figures in the counterfeitare lacking in expression and careful minute, ness. Faces, hands, implements, &c., in the central vignette, are blurred and indistinct. Portrait of Gen. Harrison on left hand end, ob. scure and undecided; in the genuine the figure is distinctly relieved from the back ground, the coat showing dark in color against it The dog's head on the bottom part, between the signatures, is rough and coarse, and the scrolls containing the words "Mutual Liabily' on eith. side, are faint. and smaller than the genuine. The figure of Minerva on the right side, perhaps one of the best tests of comparison; in the genuine, the spear in the right hand of the figure, touches the letter T in Ten. above; while in the counterfeit it is midway between the letters T. and E: and on the breast-plate face is distinctly seen in the centre. The word Ten, under the figure, is pale and weak in sbad. ing, but dark and plain in the genuine. 1s, various branches: a good imitation. Detest by the star or_areola (on the back) at the end of the bar enclosing the words "State Bank of Ohio;" being set in the centre asquare block, which is not so in genuine Western Reserve bank-10's letter D. (Murray, Draper & Fairman's plate,) badly executed. Date unknown. The wor is Western Reserve Bank on the left, and 'Ohio' on the right margin; on the genuine notes they are the reverse. Signed Zalman Fitch. ono OTHER BANK PAPER. The principal part of the circulation in this see. ion of the State, in addition to Okio paper, is on he banks of Indiana, Kentucky, Western Penn2 ylvania, and Wheeling, Va., which passes.gener.