Canton State Bank - Canton, OH

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: April 25, 1837
Location: Canton, Ohio (40.799, -81.378)

Metadata

Model: gpt-5-mini
Short Digest: 5e990a0c

Response Measures

None

Description

Contemporary reports (Apr–May 1837) state the Canton bank 'stopped specie payment' / 'suspended specie payments' as part of a wave of bank suspensions during the 1837 crisis. Articles report a blanket suspension (60 days) alongside many other banks; no article here describes a run, receivership, or permanent closure nor a later definitive failure. I therefore classify this as a suspension (no run) and most likely a temporary suspension (suspension_reopening). Dates are approximate based on the published articles (see snippets).

Events (1)

1. April 25, 1837 Suspension

Cause: Macro News
Cause Details: Part of the widespread wave of bank suspensions in the 1837 financial crisis; articles mention multiple banks stopping specie payments and general panic/political motives for suspensions.
Newspaper Excerpt: report was in circulation at Wheeling on Saturday last that the Cleveland Bank, the Commercial Bank of Lake Erie, the Canton and Massillon Banks (all of Ohio) had suspendsd specie payment for sixty days.
Source: newspapers

Newspaper Articles (3)

1. April 27, 1837 The Herald New York, NY

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Article Text

ed such a state as the business of our city presents.In every artiele of merchandise all is inactivity and silence. The exports this week are 9786 bales, and the imports 2445 bales.-Chronicle. ST. AUGUSTINE, April 18.-FROM MUSQUITO.-The sloop Splendid, Capt. Helme, arrived on Sunday last from Musquito. By this arrival we learn that a few Indians had again made their appearance in the vicinity of the camp. Capt. Hanson had given chase to three and had captured a boat, and all their cooking utensils, &c., which he destroyed. One Indian on horseback was pursued, but he effected his escape. A report is in circulation, which has been published, that the Florida was in want of wood, and that they were obliged to send here for it. This is erroneneoug-the Splendid being in the service of the United States, was sent up for forage, which was expected to arrive in the S. S. Mills, from Charleston, and Capt. Hebbard, of the Florida, requested that a few cords of wood which he had engaged here, might be also brought, if room could be found in the vessel for it. The Mills had not arrived, and some despatches from Gen. Jesup were waiting to be forwarded to Gen. Hernandez, which were despatched by this opportunity immediately, together with the wood. This circumstance gave rise to the report. From Tampa we have information to the 10th.We learn that on the 9th, twelve hundred rations were issued, and letters continue to state that the Indians still continue to come in "slowly, but surely." -Sarannah Republican. BALTIMORE, April 26th, o'clock P. M.- report was in circulation at Wheeling on Saturday last that the Cleveland Bank, the Commercial Bank of Lake Erie, the Canton and Massillon Banks (all of Ohio) had suspendsd specie payment for sixty days. The Wheeling Times discredits the report.-Am. April 25th, 12 o'clock M. -Our city as to money matters experiences that kind of calm which precedes the approach of an expected storm, of which the indications are too evident to be mistaken-and each of our citizens seems to be not only prudently preparing to protect himself but kindly and in the spirit of the social compact to assist in shielding his neighbors from the peltings of the approaching tempest.- Gaz.

2. May 18, 1837 Western Courier Ravenna, OH

Article from Western Courier, May 18, 1837

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Article Text

2d. The suspension of suits upon custom-house bonds until January next. 3d. The immediate convocation of Congress. SURPLUS, AGAIN:-The Fund commissioners of the Counties of Trumbull, Cuy. ahoga, Lorain, Medina and Stark have concluded to loan the Surplus to individviduals. The Commissioners of Portage have been in session some days endeavoring to get released from their obligation to the bank. The clamorous outbreaking of public opinion and popular feeling has convinced the wire workers and their instruments, that the people-are not yet prepared to bear the full operation of their-doctrine. The united voice of the people was raised against being sold to the Cleveland Bank. The citizens of the county with one united burst of indignation, reminded those who would sell them to a bank, that they have not yet become the passive, abject slaves they had taken them for. Although, at the last election, a majority of the voters were wheedled into voting the whig ticket, by misrepresentations and falsehoods, yet they were not SO far reduced and debased as to willingly submit to a sale and transfer of their natural and vested rights. What will be the result of this session of the Commissioners we cannot say. Down go the Barber's Shops.-A port is in circulation in Town, that the Canton bank has stopped specie payment. A passenger in the Stuge from Cleveland, last night, says that the Cleveland bank has also suspended specie payments.Wonder where Portage County's proportion of the Surplus revenue is!! THE Weather.-We see accounts of suicide in almost every paper we take up, and we do not marvel at it, if the weather is as bad every where as it is here. We have had but two or three days this spring that it was comfortable without fire to sit by-and over-coats and mittens have been in almost constant requisition.There is frost almost every night. We write.this article by a large hickory fire. SUSPENSIONS BY THE BANKS.-By papers received this morning we learn that the Banks in the city of New York have stopped payments-not because they have not specie in ther vaults, but for the purpose of distressing the Country still further, for political effect. The Bank of the United States of Pennsylvania has also stopped payment to increase the panic and subserve political ends. If the officers of the banks would follow the example of those of the bank of the Metropolis at Washington city, confidence would be restored and business ngain resume its natural course. The Bank of the Metropolis has published the following notice: Bank of the Metropolis, May 12, 1737. Notwithstanding the information which has sion of reached of specie Washington, payments by of the the Banks suspenNew York, as well as some of the Banks of Philadelphia and Baltimore, the President and Directors of the Bank of the Metropolis, confident in their ability to fulfill all engagements and liabilities of the Bank, have determined to continue specie payments. Satisfied of the strength of the Bank of the Metropolis to sustain its credit, the President, Directors, and Cashier, have determined to plege, and they will, individually and collectively, pledge, their private fortunes for all just claims against the institution. By order of the Board: JOHN P. VAN NESS, Pres't. Tosto

3. May 18, 1837 Western Courier Ravenna, OH

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Article Text

Down go the Barber's Shops.-A report is in circulation in Town, that the Canton bank has stopped specie payment. A passenger in the Stuge from Cleveland, last night, says that the Cleveland bank has also suspended specie payments.Wonder where Portage County's proportion of the Surplus revenue is!!