16926. State Bank (Sackets Harbor, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 3, 1856
Location
Sackets Harbor, New York (43.946, -76.119)

Metadata

Model
gpt-5-mini
Short Digest
299cdb0e

Response Measures

None

Description

Contemporary reports (Sep 3, 1856) state the State Bank at Sackets Harbor has suspended payment. Later reports (Nov 1856–Apr 1857) describe it as failed/closed but redeemed at par by the Comptroller, indicating the suspension led to permanent winding up rather than a reopening. No explicit bank run is described in the articles; no receiver for this specific bank is explicitly named in the provided texts.

Events (3)
1. September 3, 1856 Suspension
Cause Details
Contemporary notices report suspension of payment but give no specific triggering cause (no rumor, correspondent failure, or run described).
Newspaper Excerpt
The Jefferson County News says that the State Bark at Sackett's Harbor has suspended payment.
Source
newspapers
2. November 22, 1856 Other
Newspaper Excerpt
The State Bank, Sacket's Harbor, N. Y., suspended payment in September, and will probably go into liquidation. It is one of the individual banks, and owned by Mr. Edgar B. Camp.
Source
newspapers
3. April 1, 1857 Other
Newspaper Excerpt
State Bank, Sacketts Harbor, N. Y., Sept. 3, 1856. Now redeemed at par by the Bank Comptroller.
Source
newspapers

Newspaper Articles (8)
1. September 3, 1856 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, September 3, 1856

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Article Text

The Jeff-rson County News says that the State Bark at Sackett's Harbor has suspended payment. It is an individual bank, with & circulation of about $50,000, secured by New-York and United States stocks and bonds and mortgages. We annex. below. an advertisement in regard to the resuscitation of the Commercial Bank of Perth Amboy. The public will be safe to give the bills of this bank a wide berth. There is a moderate demand for Flour, with fair ar. rivals. The low grades show a decline of 10 to 15c. bbl., and the better grades are not fully sustained. State brands fell at 85 75@36. The transactions of the day are about 10.000 bbls, with & fair demand for Wheat Red varieties are 3 to 4c. lower. Sales 40,000 bushels including Red Illinois, $1 46 a $1 48; prime White Southern 81 651; White Michigan 81 62. Corn is not active, and lower; Pork is heavy, with moderate inquiry at $19 871@820 for Mess, and $17 75 @ $18 for Prime. Other provisions are unchanged. Sugars are heavy and quiet; Refined sympathizes with Raw. Coffee is steady and in fair demand. Hidee continue very dull for the reasons before noticed. Cotton IS fairly active and unchanged. We hear of about $700,000 engaged for the steamer to-morrow, mostly bars. The State Treasurer of New Jersey has given notice that all the circulating notes issued by the Traders' Bank, at Cape May Court-House; City Bank, Cape Island; Tradeemen's Bank, Flemington; Public Stock, Belvidere, and Atlantic Bank, Cape May CourtHouse, must be presented for redemption at his office, in the City of Trenton, within six months from the 1st day of June last. After that time the balance of the redem ption funds deposited with the Treasurer will be given up to said Banks. The annexed export statistics of Breadstuffs are from the Circular of Mr. Ed. Bill. EXPORTS OF BREADSTUFFS TO GREAT BRITAIN AND IRELAND. FROM SEPT. 1, 1855. bus. bus. bble. bble. Corn. Wheat. Meal. Flour. C. To date. From 503 3,059,252 6,288,508 1,102,881 New-York, Aug 29, 1856 2,409,726 657,498 New-Orleans Aug. 16, 1856. 93,538 593,078 478,633 4,195 Philadelphia, LAug 21, 1856. 199,258 423,822 1,100 197,711 381,052 Baltimore, Aux. 21, 1856 20,469 26,882 1,013 Boston, Aug. 22, 1856 115,862 107,226 21,463 Other Ports, Aug. 15, 1856 6,622,209 7,850,012 6,816 Total, from Sept. 1, 1855. 1 635,733 309,077 4,768 6,784,555 To about same period, 1855. 172,761 Toabout same period, 1854 1,846 920 41,667 6,038,003 6,049,371 101 1,425,278 4,803,189 To about same period, 1853.1.593.901 To the Continent: Wheat. bn. Flour. be.Corn. bbls bu.Rye. 1,706,649 146,537 New York Aug. 18, 1856.560.050 1,503.914 Other Ports, latest date 178,902 985,863 127,273 246,650 The earnings of the Terre Haute and Richmond Railroad were: 39,857 95 For July, 1856 17,928 55 For July, 1855 10

2. September 10, 1856 Daily Iowa State Democrat Davenport, IA
Article from Daily Iowa State Democrat, September 10, 1856

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Article Text

STATE BANK OF SACKETS HARBOR.The Jefferson County News regrets to learn arn that this Bank ha suspended payment, but thinks the embarrassment t will be only tempporary, and bill olders need not be alarmed.

3. November 22, 1856 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, November 22, 1856

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Article Text

BANK ITEMS.-The Lancaster Bank, Pennsylvania, has suspended. The China Bank, Me., is reported to be thrown out by the Suffolk Bank, Boston. The State Bank, Sacket's Harbor, N. Y., suspended payment in September, and will probably go into liquidation. It is one of the individual banks, and owned by Mr. Edgar B. Camp. Liabilities, in March last, capital, $20,000; circulation $48,000; deposits, $32,000. The circulation secured by public stocks and real estate. A Receiver has been appointed for the Bank of the Republic, of Providence, R. 1. The Providence Journal thinks that fifty cents on the dollar is about as much as billholders will realize. The circulation is mostly in the West. This will shake confidence in Rhode Island Banks, though it is said the broken Bank is not connected with any other institution in the State. Indiana has dropped a new litter of wildeats, bearing the following names : Bank of Plymouth, Plymouth; New Albany and Salem R. R. Co., New Albany ; Western Exchange Bank, Indianapolis.

4. January 31, 1857 Grant County Herald Lancaster, WI
Article from Grant County Herald, January 31, 1857

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Article Text

Bank Failures and Suspensions of 1856. Jan. 8th-BaNK OF THE OHTo SAVINGS' INSTITUTE, at Tiffin, Ohio; failed. Affairs not yet closed up. Circulation, $500,000. Notes not bought. March 1st.-CENTRAL BANK OF TENNESSEE, at Knoxville, failed. Circulation about $100,000. Affairs yet unsettled.No sales for notes. Aug. 1st.-VALLEY BANK, of Maryland, at Hagerstown, failed: Circulation $190,000. Receiver has not yet made & report. Owned by Simeon Leland & Co., Metropolitan Hotel, N. Y. Notes not purchased by brokers. Sept. 3d-STATE BANK, at Sacketts' Harbor, N. Y., failed. Circulation $50,000. Affairs promptly wound up, and notes redeemed at par. PLANTERS' AND MECHANICS' BANK, Dalton, Ga., failed. Small concern, and nothing known about it. Oct, 27th-Bank OF THE REPUBLIC, Providence, R.I., failed. Circulation $80,000. Affairs in hands of Bank Commissioners, and not yet wound up. Notes bought at thirty cents on the dollar. Nov. 1--MANUFÁCTURERS & MECHANICS BANK, Columbus, Ga., failed. Circulation, $50,000. Not wound up, notes not bought, and prospects bad. Nov. 18th-LANCASTER BANK, Lancaster, Pa.; failed. Circulation $700,000.There is a movement on foot, which will probably be successful, to resuscitate this bank, and if so, the notes will be good again; if not, the assets are sufficient to pay a large dividend on them. Notes bought at sixty cents on the dollar. Nov. 18th-CANTON BANK, South China, Me., closed by State Commissioners.Circulation small. Notes not purchased. Dec. 18th-Exchange BANK, Bangor, Me., enjoined by State Commissioners.Circulation supposed not to exceed $40,000. Will probably go on again: Notes bought at 62 cents. Dec. 31st-ERIE COUNTY BANK, Erie, Pa., suspended: Circulation $300,000:e Notes bought at 50 cents. Of the suspension of the MINERS' AND e MANUFACTURERS' BANK, at Knoxville, Tenn., we know nothing definite. On the 20th ult., the BANK OF EAST TENNESSEE, Knoxville, closed its doors— probably forever. We hear the President has made an assignment of his property to the bank, and that all its assets are in the hands of Trustees for the benefit of d the billholders. There is no sale, here, for the notes. At Knoxville, those indebted to the Bank, pay thirty cents on the dols lar. Many of the above may not be wound up in years, while in this State, as in the case of the State Bank at Sackett's Hare bor, they are closed up and billholders paid n in a few months. e Altogether the past year has been very moderate in bank failures, and with one or two exceptions, there has been no great loss to the public.-[Thompsons] Reporter.

5. April 4, 1857 Minnesota Weekly Times Saint Paul, MN
Article from Minnesota Weekly Times, April 4, 1857

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MONETARY QUOTATIONS. Corrected by Bidwell's Exchange Bank, Third-st., St. Paul. ST. PAUL, April 1, 1857. Themoney market remains close, but not as severely stringent we think, as it was two weeks since. The line of discounts is kept as low as possible, though regular customers are moderately supplied by the Banks at customary rates. Indications are favorable for the immediate resumption of navigation, and anxious eyes are already turning in the direction of the first beat. Exchange on the East, and Gold, are in fair supply. Land Warrants, scarce and slow sale. We are inclined to believe that the panic with regard to Western Banks is subsiding, leaving the sound ones, with their heads above water. The affairs of the Zimmerman Bank, Canada, which has for some time been in disrepute, may be more materially affected by the death of Mr.Zimmerman. We are not informed that the Erie City Bank has again resumed. The people of the State of Georgia have resolved, in public meeting, that they will not receive as money any of the following Wild Cat issues in Georgia, nor any others that are not bankable at the City of Augusta or Savannah: Bank of Columbus, Columbus; Bank of Middle Georgia, Macon; Cherokee Insurance and Banking Co, Dalton Interior Bank, Griffin; Manufacturers' Bank, Macon; Merchants Bank, Macon; Southern Bank, Brainbridge. THE LATEST BANK FAILURES. Valley Bank, Md., Aug.1,1856. State Bank, Sacketts Harbor, N. Y., Sept. 3, 1856. Now redeemed at par by the Bank Comptroller. Bank of the Republic, R.I., Oct. 27th. Manufacturers & Mechanics' Bank, Ga., Nov. 1. Canton Bank, China, Me., Nov. 17th. Lancaster Bank, Pa., Nov. 18th. Bank of East Tennessee, Nov. 24th. DO Eric City Bank, Pa., Dec. 31. DOUBTFUL BANKS: Exchange Bank, Bangor, Me.; Bank of Hallowell, Me., South Royalton Bank, VL; Exeter Bank, N. H.; Provincial Bank, Canada; Rhode Island Central; Tiverton Bank, R. I.; Farmers' Bank, Wickford, R. I.; Warren Co., Pa.; Bank of Newcastle, Pa. Maryland Banks (except Baltimore;) Georgia Banks; Nebraska Banks; Tennessee Banks; Wooster Bank, Ct.; Indiana Free Banks; Commercial Bank, Forth Amboy, N. J.j City Bank, Perth Amboy, N. J.; Zimmerman Bank, Canada; Hancock Bank, Me. Selling. Buying. ct. Exchange on New York 14 Act.pr. do St. Louis. do 11/6 do do do 4k Chicago do Galena. do x do Great Britain the Pound. $5.19% Gold tol Rct.pr. Loans on first class and The Notes of most solutent Uneur. rest and Broken Money, rates, for cur. or with Cashier.

6. April 11, 1857 Minnesota Weekly Times Saint Paul, MN
Article from Minnesota Weekly Times, April 11, 1857

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MONETARY QUOTATIONS. Corrected by Bidsell's Exchange Bank, Third-st., St. Paul. ST. PAUL, April 1, 1857. Themoney market remains close, but not asseverely stringent we think, as it was two weeks since. The line of discounts is kept as low as possible, though regular customers are moderately supplied by the Banks at customary rates. Indications are favorable for the Immediate resumption of naviration, and anxious eyes are already turning in the direction of in, first boat. Exchange on the East, and Gold, are in fait supply. Land Warrants, scarce and slow sale. We are inclin. : to believe that the panic with regard to Western Banks IF subsiding, leaving the sound ones, with their heads above water. The affairs of the Zimmerman Bank, Canada, which has for some time been in disrepute, may be more materially effected by the death of Mr. Zimmerman. We are not informed that the Erie City Bank has again resumed. The people of the State of Georgia have resolved, in public meeting, that they will not receive as money any of the following Wild Cat issues in Georgia, nor any others that are not bankable at the City of Augusta or Savannah: Bank of Columbus, Columbus; Bank of Middle Georgia, Macon; Cherokee Insurance and Banking Co, Daiton; Interior Bank, Grim'; Manufacturers' Bank, Macon; Merchants' Bank, Macon; Southern Bank, Brainbridge. THE LATEST BANK FAILURES. Valley Bank, Mc., Aug.1,1856. State Bank, Saukette Harbor, N. Y., Sept. 3, 1836. Now redeemed at par by the Bank Comptroller. Bank of the Republic, R.I., Oct. 27th. Manufacturers & Mechanics' Bank, Ga., Nov. 1. Canton Bank. China, Me., Nov. 17th. Lancaster Bank, Ps., Nov. 18th. Bank of Hant Tennessee, Nov. 24th. Erie City Bank, Pd., Dec. 31. DOUBTFUL BANKS: Exchange Bank, Bingor, Me.; Bank of Hailowell, Me.; South Royalton Bank, Vt.; Exeter Bank, N. H.; Provincial Bank, Canada; Rhode Island Central; Tiverton Bank, R.I.; Farmers' Bank. Wickford, R. I.; Warren Co., Pa.; Bank of Newcastle, Pa.; Maryland Banks (except Baltimore;) Georgia Banks; Nebrisks Banks; Tennessee Banks; Wooster Bank, Ct.; Indiana Free Banks; Commercial Bank, Perth Amboy, N. 3.; City Bank, Perth Amboy, N. J.; Zimmerusan Bank, Canada; Hancock Bank, Me. Selling.

7. April 18, 1857 Minnesota Weekly Times Saint Paul, MN
Article from Minnesota Weekly Times, April 18, 1857

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MONETARY QUOTATIONS. Corrected by Bidwell's Exchange Bank, Third-st., St. Paul. ST. PAUL, April 1, 1857. Themoney market remains close, but not as severely stringent we think, as it was two weeks since. The line of discounts is kept aslow as possible, though regular customers are moderately supplied by the Banks at customary rates. Indications are favorable for the immediate resumption of navigation, and anxious eyes are already turning in the direction of the first boat. Exchange on the East, and Gold, are in fair supply. Land Warrants, scarce and slow sale. We are inclined to believe that the pánic with regard to Western Banks is subsiding, leaving the sound ones, with their heads above water. The affairs of the Zimmerman Bank, Canada, which has for some time been in disrepute, may be more materially affected by the death of Mr. Zimmerman. We are not informed that the Erie City Bank has again resumed. The people of the State of Georgia have resolved, in public meeting, that they will not receive as money any of the following Wild Cat issues in Georgia, nor any others that are not bankable at the City of Augusta or Savannah: Bank of Columbus, Columbus; Bank of Middle Georgia, Macon; Cherokee Insurance and Banking Co, Dalton; Interior Bank, Griffin; Manufacturers' Bank, Macon; Merchants' Bank, Macon; Southern Bank, Brainbridge. THE LATEST BANK FAILURES. Valley Bank, Md., Aug. 1, 1856. State Bank, Saeketts Harbor, N. Y., Sept. 3, 1856. Now redeemed at par by the Bank Comptroller. Bank of the Republic, R.I., Oct. 27th. Manufacturers & Mechanics' Bank, Ga., Nov. 1. Canton Bank, China, Me., Nov. 17th. Lancaster Bank, Pa., Nov. 18th. Bank of East Tennessee, Nov. 24th. Erie City Bank, Pa., Dec. 31. DOUBTFUL BANKS: Exchange Bank, Bangor, Me.; Bank of Hallowell, Me.; South Royalton Bank, Vt.; Exeter Bank, N. H.; Provincial Bank, Canada; Rhode Island Central; Tiverton Bank, R. I.; Farmers' Bank, Wickford, R. I.; Warren Co., Pa.; Bank of Newcastle, Pa.; Maryland Banks (except Baltimore;) Georgia Banks; Nebraska Banks; Tennessee Banks; Wooster Bank, Ct.; Indiana Free Banks; Commercial Bank, Perth Amboy, N. J.; City Bank, Perth Amboy, N. J.; Zimmerman Bank, Canada; Hancock Bank, Me. Selling. Exchange on New York 1 78 ct. pr. do St. Louis 1 do do Chicago do do Galena x do do Great Britain $5.10 to the Pound. Gold 1/a to F ct.pr. Loans on first class endorsed paper, 3 F ct. 7 month. The Notes of most solvent Banks taken at par, and Uncurrent and Broken Money, bought at savorable rates, for currency or gold. JNO. R. MADISON, Cashier.

8. September 30, 1857 The Middlebury Register Middlebury, VT
Article from The Middlebury Register, September 30, 1857

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say, was answered by the payment of a million and a half of specie, in the course of a few hours. In this course the banks have by strict constructions of the law, forfeited their charters. In consequence, a proclamation of the Governor convening the Legislation appeared yesterday. It is as follows: Whereas, serious financial revulsion has occurred, resulting in the suspension of specie payments by the banks of this and other States, the failure of many long established commercial houses leading to the destruction of confidence and general embarrassment, threatening to affect disasterously, the credit of the Commonwealth and the great industrial interests of the people and requiring prompt, strict and efficient action to relieve the suffering community.... Therefore, I convene the Legislature to meet on the 6th of October, to adopt such measures as the present exigency requires. PITTSBURGH, Sept. 28. The excitement is subsiding. The Mechanics Bk. suspended to day. Business is paralyzed. All of our banks, except the Pittsburgh have suspended. The Providence Journal of yesterday morning in speaking of the condition of the affairs in that city says: 'There never before were two such weeks as closed upon the business of Providence last saturday Money continues at unmitigated rates although the demand slackens under the impossibility of obtaining discounts There is hardly any cotton in the market, and the manufacturers are working down their stocks, with no disposition to renew them under present circumstances. It is impossible longer to raise money to pay the labor and a dreary winter is before us. Until the news from Philadelphia and Baltimore arrived, there was a hope that the survivors of this week would go on with an easier money market; but these suspensions cut off a third of the collections upon which our banks were relying to meet their own engagements, and to extend relief to their customers. Providence stands now a creditor city but our collections on New York will not much more than ballance the demands upon us from that city, and those farther South are cut off by the suspension It is impossible to tell what the result will be, but it is plain that things cannot remain so much longer ### UNCURRENT BANKS. The following Banks are reported as uncurrent in this vicinity, though not all of them have failed: Mane.Bank of Hallowell, Hallowell -Canton Bank So. China-Ellsworth Bank, Bangor-Mousom River Bank, Sanford -Sanford Bank, Sanford. New Hamshire-Exter Bk, Exter, Vermont. Danby Bank, Danby-So. Royalton Bank, So. Royaiton, Massachusetts Cochituate Bank, Boston. Rhode Island. Bk. of So. Coventry Wakefield-Mount Vernon Bk., Providence R. I. Central Bank, Fall River -Warwick Bank, Warwick-Bank of Republic. Connecticut. Easton Bank, Killingly-Merchants Ex. Bank, Bridgeport-Worcester Bk., Danbury-Colchester Bank. Colchester. Pennsylvania-Warren County Bk, -Bank of New Castle-Lancaster Bk. New York-Bank of Orleans, Albion -Champlain Bank, Ellensburgh-Exchange Bank, Buffalo Farmers Bank New Paltz--Hollister Bank Buffalo-Merchants and Mechanicks Bank, Oswego-Niagara River Bank Tonawanda-Oliver Lee & Co, Buffalo--Ontario Bk Utica Reciprosity Bk., Buffalo-Sackets Harbor Bank, State Bk, Sackets Harbor-Chemung County Bank Horseheads-Ontario County Bk. Phelps-Yates County Bk. Penn Yan-Eighth Avenue Bk-Knickerbocker Bank. A little fellow from four to five years old, having perforated the knees of his trowsers, was intensely delighted with a patch his grandmother had applied. He would sit and gaze upon it in a state of remarkable admiration, and in one of these moods suddenly exclaimed: Grandma must put one on t'other knee and one behind, like Edy Smith's " "Let's take a horn," is a phase of frequent utterance. The blast of that horn may be the signal for the porter to open the gate of death. ### FACTS ABOUT THE PRESIDENTS. Four of the first seven were from Virgnia.--Two of the same name from Massachusetts, and the seventh was from Tennesee. All but one were sixty six years old on leaving office, having served two terms and one of them, who had served but one term would have been sixty-six years of age at the end of another. Three of the seven died on the 4th of July, and two of them were on the Sab Committee of Three that drafted the Declaration of Independence, and these two died on the same day and year, and on the Anniversary of the Declaration of Independence, aud just half a century from the day of Declaration. The names of three of the seven ended in 'son," yet neither of these transmitted