City Bank - Cincinnati, OH

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 30, 1854
Location: Cincinnati, Ohio (39.103, -84.515)

Metadata

Model: gpt-5-mini
Short Digest: e47b2597

Response Measures

None

Description

Contemporary articles state the City Bank of Cincinnati 'failed to meet the Treasurer's drafts', was 'absolutely suspended and had ceased banking operations' (May 30, 1854 to July 3, 1855 mentioned). No contemporaneous description of a depositor run is given; the bank appears insolvent and permanently closed (state deposits unpaid).

Events (1)

1. May 30, 1854 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank was insolvent/utterly rotten and bankrupt; failed to meet Treasurer's drafts and ceased operations; state deposits not returned to treasury.
Newspaper Excerpt: continued to make deposits with the City Bank of Cincinnati for nearly two years after it had failed to meet the Treasurer's drafts, and for more than a year after the concern was absolutely suspended and had ceased banking operations. During this latter period, (from May 30, 1854, to July 3, 1855) ...
Source: newspapers

Newspaper Articles (6)

1. April 25, 1856 Fremont Journal Fremont, OH

Article from Fremont Journal, April 25, 1856

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Total to the communication herewith committee, Gibson, in March a 29, 1856, that he has submitted, Mr. marked dated times G., states between his predecessor January ceived at various 5th, 1856, sum from of $836,101 on the March gross Mr. Breslin $212, 3. of unand leaving 29th Mr. Breslin, of in March the the hands an unpaid of State balance been of kept in 432 57 3 Had the money with of the the depositaries pecuniary ability, this the treasury, solvency or see and no reason been why paid the questionable: committee can not al once, to have his successor, the balance should late Treasurer office. This, all in over by the of the should in of and the we are at the $ on opinion be done; the transfer that the committee, requires act gratified passed it. in sums being present of cases able the session to state positively that large with, or loanapped institutions It however money were individuals or character public ed to, companies. It not that that high was requisite is pecuniary which were them fit depositaries The result for that moneys should that to make or loaned. of the funds meet the deready to the for be in it, is at that purpose. considerable deposited mands unavailable the upon treasury, portion present, balance to say due from least of of it, to be a on account the bank by Treasurer, the the public There City moneys appears Bank Mr. deposited of Cincinnati Breslin, in said or by his $79,811 orders: Countries 24,927 The late sum Commercial Bank of Toledo, on From W. W. Cones From similarace Beckel & (Day Co. (Cincinnati) $203,324.14 From Total (exclusive of interest) of Cincinnati, as The already comThe City Bank public, has failed. as yet to obtain the known have to the not been able, in regard able to to It is any mittee reliable which information the bank will however be proba- evenble that a dividend pay to its creditors. portion of this debt may the comtually be realized. from information committee that believe Judging deem reliable, from the the Commercial as the mittee that the balance will due be paid in of full, receivers, Bank of Toledo bank, in the hands town lots and buil- of assets of of lands, on sales consist mostly of deferred payments Full payment than real dings, and or personal safely property. anticipated in less trust can two Mr. not years. Beckel be parcels has of executed State, real estate (or a deed to to shall Mr. of secure Bres- have of the certain payment to the in the case the he treasury) the discha-ged lin, late Treasurer, his of the liabilities above stated to condition balance.of $50,000 are, by made by installThese payments of trust, to be times from Jan. by 1, said deed payable at various as will appear subdocuments mitted. the the ments 1857 to Jan. marked 1. 1858, H. and I. herewith balance probability of realizing & Co.of Cincinnati, can not due Of from W. also W. failed, Cones the Those committee who know in who have with confidence. late company differ pay, or something speak of the this divided they will be collecestimates of by legal committee proceedings place little reliance the From ted which of may them. on moneys The that may be P. realized BowHamilton from this source. testimony of Henry county, corrobTreasman, that of county, Treasurer of R. C. Hazlewood, (300 docuit appears for the public orated urer ments L.) elect herewith and by of company the that submitted same the placing standing pecuniary marked Treasurer, of responsi- K. W. mon- and W. Cones at the time of the late warrant eys in bility, their hands was by not such as first to taking his orders, without of the by transactions the repayment hands. those security for placed in their adequate of money believe that part large sums also reason to the State thus the put There of is the moneys of used to establish curleast, their hands, in was Virginia, and to issued give by to the that the into Kanawha in this Bank State, would also paper seem interested rency, that bank. It was, in some way, Cones, who late Treasurer bank. Although Mr. a stockholder in that to have been undoubted is bank, and whether in understood the known who must stoch holder, or not de- on lv have was also a to him Mr. Breslin answer the question M., put it is difficult the point (see any other Mr. Breslin to to interest of the paper we sustain strong that clines explain to the by credit manifested document circumstances by hypothesis of Bow- that add When to these of Henry P. that bank. the declaration, on understood oath, by him interes& Co. and Bank as part Cones man, in that the Kanawha "it was Mr. Breslin room to were doubt owners, that the there ted seems to be little was interested State in to to forbear bank, put the it late in and Treasurer operation, used the or funds at least, of the to sustain express its their tice credit. The of decided committee using the disapprobation public car for not purposes moneys, of of either the any private prac- pri- directly or indirectly, to build up or foster especially having emolument, vate which or or institution, more agent may company any officer or be interthe one custody in of such moneys, ested. laws of a penal searching character, examina- comwith frequent or its committees, and bined Stringent by the Legislature and of the moneys tions, into the management seem to be absolutepublic morals. ly finances necessary of the to State, prevent great depreciation

2. August 27, 1857 Holmes County Republican Millersburg, OH

Article from Holmes County Republican, August 27, 1857

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of May Gibson and June, has appeared before us, and submitted Mr. to an examination. In his he deposition which is here to appended, declares that all his official communication relative to the payments alleged to have been made by Mr. Breslin to him were false-and that he received but $303,865 34 from him. It is not unjust to say that his present declarations, however solemnly made, are not entitled to any credit, unless sustained and corroborated by the records of the office, the testimony of others, or the declaration and conduct of Mr. Breslin. His (Mr. Gibson's) motives in making such official communications he states were two-fold: 1st. He was one of the sureties on Breslin's offical bond-and the exposure of ruin the defalcation would involve the pecuniary his of himself and co-sureties, who were friends and neighbors. 2d. He thought that by concealing the fact of the defalcation, he could secure the amount due the State. Whether his motives constitute a justification for a breach of official duty we leave to another tribunal to decide. In considering the evidence against Mr. in Breslin, in order to illustrate the mode bewhich business has been transacted tween successive Treasurers it seems prop- the to go back to the time he assumed duties of that office. Mr. Breslin in taking charge of the Treasury in January, 1852, opened a vari- new of books transferring to them the due set balances which appeared to be from ous his predecessor, Mr. Bliss, and subsequently executed to him a receipt therefor of which the following is a copy: TREASURY OFFICE, OHHo. Columbus, Oct. 20, '52. 1 Received of Albert A. Bliss, Esq., late all Treasurer of State, payment in full Treas- of balances charged against him as said 12 on the books of this office, January 1852, ury and all indebtedness which has appearned against him up to this date. J. G. BRESLIN, Tr. of State, one on reading this receipt would have Any supposed that Mr. Bliss had paid over was the money due the State. Sush the fact. The Receipt was false.There not was a balance of $65,000 due from Mr. Bliss, which was not paid until more thanthree years after this date. In response to a resolution of the addressed Senate December,, 1852, M. Breslin of official communication to that body which is equivalent to a positive assertion the hat Mr. Bliss had paid over to him all public funds belonging to the Treasury. The motives which induced M. Breslin execute this receipt and make his official statement, the undesigned will not attempt divide. His acts were ciearly calculated, misand it is fair to pesume, intended to lead and deceive. It was an unfortunate commencement of an official career. Truth a quality which the people have a right expect in official statements of its sworn ervents. The report of Mr. Breslin for the fiscal euding Nov. 15, 1855, shows a bal- the of $683,574,90 at that date in Treasury. nce In the same report he states the the Commercial Bank of Toledo, W. hat he City Bank of Cincinnati, and W. Cones & Co., had failed with an aggregate $153,851,18 of the pnblic money in their ands. The subtraction of rhis sum from amount in the Treasury, leaves a clear balalance he of $559,723,72. Upon this nce there was no extraordinary demand, the except for the payment of interest on which debt due Jan. 1, 1856, mounted, oreign with the expenses as charged this him to $421,320,75. Deducting the clear balance in the Treasury, as hown rom by his report, there is still a balance the $138,402,97; a sum sufficient with meet daily income of the State, to with egular its liabilities until the settlement fulCounty Treasurers in the Febuary he Besides the last mentioned amount, owing. Mr. Breslin had in his hands $94,- of 788,88-the funds of the Canal Bank h's Cleveland, which he does not notice in report. With the funds in his phssession amply 1 dequate to meet all demands which could made upon the Treasury, he issued a circular to the County Treasurers, referring I hem to the act of 1841, and calling upon hem to make the advances required by hat law to enable him to pay the January nterest. In complience with the demand, . he County Treasurers paid into the State $760,715,70 between the 6th day Treasury November and the time at which he was u ucceeded by Mr. Gibson. it It is true that in making this demand in c the County Treasurers, he acted and pon with the provisions of law,

3. October 13, 1857 Meigs County Telegraph Pomeroy, OH

Article from Meigs County Telegraph, October 13, 1857

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DEMOCRATIC FINANCIERING.-Tre very laughable exploit of the Statesman, in trying to stretch a brief letter of Gov. Chase so as to cover the iniquities of Breslin deserves no serious attention, and has had no serious effect except to show the weakness and desperation of a sinking cause, which such an imaginary straw could be expected to help. The banks mentioned by Mr. Chase were then, (December, 1851,) in good standing, as everybody concedes; nor is there the least evidence that the word from Mr. Chase had anything to do in determining Breslin to make deposits in those banks. What is very much more to the purpose, in this transaction of Breslin's, it is ascertained that he continued to make deposits with the City Bank of Cincinnati for nearly two gears after it had failed to meet the Treasurer's drafts, and for more than a year after the concern was absolutely suspended and had ceased banking operations. During this latter period, (from May 30, 1854, to July 3, 1855,) as an abstract of the books of the Bank, published in the State Journal, shows item by item, the Democratic Treasurer, under the very eye, we are to presume, of Morgan and Medill. actually deposited $75,000 in this Bank, well known, then, to be utterly rotten and bankrupt. Private depositors in the City Bank have been paid, but not a dollar of the State deposits. Of the use made of these public funds, future investigations may add to our knowledge. Meantime, this specimen of Democratic financiering should be clearly understood. The attempt to shield the guilty by throwing the odium on the innocent, will only recoil on its authors.

4. March 10, 1859 Cleveland Morning Leader Cleveland, OH

Article from Cleveland Morning Leader, March 10, 1859

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possible this branch of our inquiries. Mr. Breslin in his last annual report to November 15, 1855, accounted for a portion of the public moneys received by him, by stating that certain depositories in which he had made deposits, as he alleged in pursuance of law, had failed with a resulting loss to the State of $204,536 65. At the same time he claimed he had made payments for exchange on moneys remitted to New York, for the payments of interest and the redemption of the public debt with which he should be credited, to the amount of $21,182 64. These depositories were the $79,811 95 City Bank of Cincinnati, 47,767 99 W. W. Cones & Co., 26,271 23 Commercial Bank of Toledo. 50,785 48 Daniel Beckel $204,636 65 In our opinion the Deposit with W. W. Cones & Co. was not a deposit by the Treasurer of State; but by Henry P. Bowman, Treasurer of Hamilton County, upon his own responsibility. If the loss of this amount is to fall upon the State, it must be by reason of the arrangement by the Treasurer to withhold an immediate demand for the payment, and to receive the money in New York on the 1st of July following Arising out of his connection with the City Bank of Cineinnati, was an indebtedness to Breslin from Sanderson Robert, the last Presi dent of the Bank, of $21,342 59. The notes of Mr. Robert, as before stated, are now in the possession of the Attorney General, but we are unable to state what amount may be realized from them. In 1852, immediately after his accession to office, Breslin invested $15,000 in the Stock of the Bank of Marion, as we have shown, but whether on the sale of this Stock the money was returned to the Treasury, or reinvested in another form is unknown. Among the first of Mr. Breslin's illegal transactions was the renewal of the loan made by E. N. Sill, former Canal Fund Commissioner, to the Akion Branch Railroad, to which we have referred. This was in 1853, and the amount of the loan was $42,000. A portion of this loan was repaid to Breslin, and for the balance due December 13, 1856, $28,549 88, Breslin received sundry bonds of the Cleveland, Zanesville and Cincinnati Railroad Company, which are now in the possession of the Attorney General. What amount may be realized is uncertain. Another investment, or deposit, was made by Mr. Breslin in the "Ohio Savings Institute" in Tiffin, of which Samuel Waggoner was Presideut, or owner. The amount is shown by the note of Mr. Waggoner, dated at Tiffin, November, 1, 1856, for $12,565 83, which is in the hands of the Attorney General. In addition to this sum, Waggoner is indebted to Breslin to the amount of about $8,000, for money advanced to enable Waggoner to obtain some $75,000, of Farmers and Mechanics Bank of Memphis, Tennessee, on which Waggoner is entitled to a credit of $3,000, but whether with the State of Ohio or not is a question. In 1853. with Charles L Johnson and John G. Camp, Breslin established the Elkhart County Bank, in Indiana, and invested in it according to his own statement $58,208 66, $31,596,93 of this sum Breslin says was paid at various times; but whether paid into the State Treasury, or continued in other investments in Greensboro and Seneca County Banks, or with Johnson in his various operations, is unknown. This investment, swelled by the inflating process of Indiana banking, to a meving mass of $400,000 of paper money. Camp sold out what interest he had in this bank to C. L. Johnson, who was to close it up, and account to Breslin for his proportion of the assets and profits. Johnson swears that he made some money in winding up the bank, by the purchase of its currency and otherwise. We suppose a part of this investment, if the proper legal steps be immediately taken, can be obtained from Johnson, who may be responsible. Breslin also purchased from Johnson some North Carolina Bonds, for which he paid cash to the amount of $10,000. What became of he se bonds, or whether they are now in the possession of Breslin, is unknown. We suspect, as explained in other portions of our report, that a large proportion of the amount al leged to have been repaid from the Elkhart in vestments, was in various State bonds, which are now in Breslin's possession or under his control. In 1853, Breslin became interested in the Central Bank, Indianapolis, and its progeny, as previously detailed, which involved the use of $30,000. A part of this amount, ($9,000) Breslin states and Judge Bowen swears, was returned to him, but, as in all cases of the kind, we much doubt if the money was ever again in the Treasury. The certificates of stock in the bank are now with the Attorney General, and such measures will probably be taken as will secure whatever is found in the wreck that is available. There was also an investment in the Delaware County Bank, Indiana, to the amount of $5,000,-all the circumstances of which have been heretofore particularly given. A portion of this investment, it is alleged, was repaid, but whether actually into the Treasury is problematical. The Stock ig in possession of the Attorney General, and whether anything will be ob tained for the State is doubtful. Breslin also made loans, from 1853 to 1855, to # large amount, to the Sandusky, Mansfield and Newark Railroad, as detailed heretofore, the resulting loss being was com promised with George B Wright, the Receiver, on the receipt of $8,500 of the bonds of the new organization of the Company. Of these bonds, with coupons attached, $4,900 have been transa ferred by Breslin to the Attorney General, and are now in his possession, and will probably be paid in full. A loan was made by Breslin to John G. Camp, formerly President of the Sandusky City Bank, and of the Sandusky, Mansfield and Newark Railroad, and connected with Breslin in the Elkhart County Bank, for $6,000. An arrangeb ment was made between Breslin and Camp, by which the former was to receive a mortgage n upon certain real estate in Sandusky City, executed to Wm. H. Gibson, which, upon foreclosure, realized but $2,000. The balance is prob ably a total loss; although Camp's draft upon t J. P. Reznor, with $5,000 of the City Bank of Cincinnati stock as collateral, is in the possession of the Attorney General. There was an understanding that the mortgage was to be retl ceived in discharge of the debt. There is little doubt but Breslin first furnished the money with which to start the Farmers' and Mechanics' Bank of Greensborough, Maryo land; but it is impossible, from the testimony, to ascertain whether he or any other party has really any money invested in that Bank. It was used, as has been heretofore stated, by Breslin for his own purpose, and the fact of his tl original ownership, we think, cannot be questh tioned; but we are at & loss to fix upon any th amount which he had, or which any one now p has, in the institution. re Into the Cumberland Savings Bank, however, B we can trace directly $17,000 of money from the to Treasury, although the investment was not made or until after Breslin ceased to be Treasurer. In ca this instance, his stock was sold by Bartlitt & Smith, at loss of some 000; but, as in other

5. March 10, 1859 Cleveland Morning Leader Cleveland, OH

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Total $680,994 74 From this sum sholud be deducted the amount of the "Suspended Debt," so called, reported by Breslin in his Annual report to November ( 15. 1855, being the City Bank of Cincinnati, W. i W. Cones & Co. D. Beckel, and Commercial Bank of Toledo, indebtedness, which is credited to the Treasurer in ascertaining the defalca$204 636 55 tion, June 13,1857 1 -

6. March 31, 1859 The Weekly Portage Sentinel Ravenna, OH

Article from The Weekly Portage Sentinel, March 31, 1859

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$680,99474 From this sum should be deducted the amount of the "Suspended Debt," 60 called, reported by Breslin in his annual report to November 15, 1855, being the City Bank of Cincinnati, W. W. Cones & Co., D. Beckel, and Commercial Bank of Totedo, indebtedness, which is credited to the Treasurer in ascertaining the defalcation, June 13, 1857, $204,636 55