17252. Mechanics & Traders Bank (Cincinnati, OH)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
January 12, 1842
Location
Cincinnati, Ohio (39.103, -84.515)

Metadata

Model
gpt-5-mini
Short Digest
202a9bc9

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous reports (newspapers dated Jan 15–25, 1842) describe a mob in Cincinnati on Jan 12, 1842. Mechanics & Traders Bank was run upon throughout the day but redeemed presented paper, stayed open after hours and was reported to re-open next morning; it did not suspend or close. Bank type set to state (national banks did not exist yet; no Trust or Private wording).

Events (1)
1. January 12, 1842 Run
Cause
Local Banks
Cause Details
Run and mob triggered by failures/assignments of other local banks (Miami Exporting Company, Bank of Cincinnati) and public anger over shinplasters/bad notes; crowd attacked several banks.
Measures
Redeemed all presented paper, kept the bank open after regular hours; posted notice to re-open next morning at 9 o'clock.
Newspaper Excerpt
The Mechanics' and Traders' Bank was run upon throughout the day, but redeemed all of paper that was presented... Its officers had the good judgment to keep it open after regular hours. By doing this, and redeeming readily to the last, it was saved.
Source
newspapers

Newspaper Articles (5)
1. January 15, 1842 Wheeling Times and Advertiser Wheeling, WV
Article from Wheeling Times and Advertiser, January 15, 1842

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Article Text

sage of Jun. 1°. OF VIOLENCE AGAIN IN CINCINNATI This city has been the scene of another Mub, of most violent and disgraceful character. I: commenced yesterday immediately after breakfast. and con. timed the greater part of day compassing in this time the destruction of the fixtures of the Citreinnati Bank, the Miami Exporting Bank, the Exchange Bank, and Longee's Brokerage, with most of the books, evidences of debt, and papers of each. The Miami Exporting Company exhausted all its means day before yesterday; and closed its doors before the usual time. Yesterlay it did not open.The Cincinnati Bank opend. bat soon fonad it could not possibly stand the "run" upon it, and posted up a notice that it had "suspended for twenty days. This done, an effort was made to elo-e the doors, but failed owing to opposition from without, and in a few minutes its ofliee W 18 taken possession of by the holders of Stabills. Violence commer ced almost immediately, and by half past nine is Lick its fixtures, books a d papers, were scattered through the streets, and the forcing of its voultsattempted. By this time the crowd had greatly encreased in size, and a few bold hands forced the door of the Miami Exporting Company. The win lows of this house wereinsiantly is illered down.its fixture pitched into the streets, and such of its books and papers ashad-not been removed. destroyed. Its vault was then forced, and its contents, com; bosed in parto de faced bills. and a little overtwelve hundred dullars in specie, made away with. There was at this time some cessation of violence; and a vigorous effort was made by the Sheriff, with the Protection squad of the Fire Companies. and ten members of the Citizens Guards under Captain Mitchell, to quell the disturbances, and disperse the mob. Captain Mitchell marched gailantly into the dense mass, now numbering several thousand persons, and as well supported by the small portion of his company that was with him. The Protection Company followed and look position in front of the Exchange Bank, which was threatened, but warded offattack by con inning to reddem. Captain Mitch ell Will so a resisted in his alleapts to preserve the remaining effects o the Cineianati and Miami Ex porting Company Banks from destruction. an GOM pelled to fire. On man was very severely wounded. and two or three others slightly. About the same time the Protection Company exchanged blows with that part of the mob which was pressing upon the Exchange Bank,and knocked several of them down It was soon foand. however, that the force opposed to the mob was entirely too small to offer anything like a successful resistance, and it was drawn off by the Sheriff Efforts were now made by scine of our oldest and most respected citizens, to disperse the crowd. by addressing it en masse, and appealing to those com posing it individually. Thesew ere entirely unsuecessful, and some of those who thus exerted them eives were much maitreated. AI the request of the Sheriff, Judge Este read the riet act and the Sher iff himself addressed the crowd. But all was unaviling. A rush was made for the Exchange Bink-(which had been redeeming its owa paper but refused to redeem the notes of the West Unio (broken) Bank. with which Mr Bates had formerly been connected)-it was violently assailed, and SUG. ridiled as completely as the others had been. The mob had now undisputed possession of th ground. and worked with deliberation. Being through with the Exchange Bank it crossed over the Sire to the Broker's Shop of Mr Lougee, who has lon been obn xious, through his costection with the checks of Otis, Arnold and Company. and other shinplasters. This was deliberately broken open and its contents scattered about and distroyed, a had been those of the three tanks The Mechanics' and Traders' Bank was run upon throughout the day. but redeemed all of paper that was presented-much of it with bankable finds. It was threatened, and after the destruction of Lougee's office surrounded by a fun us populate but escaped. Is flicers had it.e good judgment 1. keep it open after regluar hours. By doing this, an redeeming readily to the las it was saved. A number of brokers, for real or supposed con nection with Shinplaster Manufac ories hertofor were threatened, but not molested. Soon afte dark. the mob had dispersed; and by sixo'clock th the streets were clear and quiet. In the course of the day, seven or di ht arrest were made. These,however, were chile ly of per sons found with money or other effects of the Ban in the mob, or active participators in the outrages Baltimore may now hide her diminished head Cinemati is, beyend any competitor, entitled It the appellation of Mob City.

2. January 20, 1842 Martinsburg Gazette Martinsburg, WV
Article from Martinsburg Gazette, January 20, 1842

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Article Text

has the following particulars or the doings of a mob in that city on the preceding days OUTBREAK. Mob rule reigns again in our city ! Monday evening, the Miami Exporting Company Bank assigned its effects, and on yesterday morning the Bank of Cincinnati closed its doors. Early in the morning the crowd, in consequence of their failures, began to collect round the doors of these institutions, and by 11 o'clock had broken into them, destroying all the moveable prop. erty and whatever of books or papers could be laid hold of. About this time ten of the City Guards, headed by their brave Captain, Mitchell, appeared, drove the rioters away, and, for a time, gallantly maintained their position. But they were called off. On retiring they were assailed; they fired, and woun. ded some one or two persons. The mob had with this exception un dis puted posession of the city, and commen. ced an attack first upon Bate's Exchange Bank, and after that upon Lougee's Ex. change Office, both of which they des. troyed, making havoc of every thing which was at all destructible. The City Council met at 12 o'clock. But they were unable, as we learn, to pass an ordinance for the preservation of the public peace, eleven votes being necessary for this purpose, in consequence of only eleven members being present, and one of that number voting against it. All that could be done was then done, viz: to pass an order appropriating five hundred dollars to defray the expenses in employing an extra police. The citizens organized at 4 o'clock, and put themselves in strong force near the scene of the disorder. No further vi. olence has been committed, and we hope, from appearances at the time our pa. per was put to press, that none will be attempted. The guard of citizens was under the direction of Sheriff Avery and Marshal Saffin. P. S.--Since writing the above, we hear there was upwards of 224,000 dol. lars of money in the vault of the Miami Bank; $218,000 of this was in their own notes-$1,261 - in specie, and the balance in paper of other banks, all of which was taken. Four persons have been arrested, upon whom were found $24,000, some of which was in bankable money-the bal. ance in their own paper. The Mechanics' and Traders' Bank had a notice on the door last evening that they would re-open this morning at 9 o'clock.

3. January 20, 1842 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, January 20, 1842

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frauded,----- you redressing yourselecy? Are you righting your injuries by these means? Are you not of rather destroying the protection of your own property -the protection of the laws,-and giving countenance e and support to a spirit that regards neither property, law nor life? y We have penned the above paragraphs in great haste. At this time, (one o cleck) it is ascertained that one man had his leg broken, and one or two others slightly wounded-no one killed. It is stated that the crowd have possession of the buildings. The Exchange Bank has been taken possession of, and completely riddled after the fashion of the others. We have not learned whether it had stopped payment or not. The Mechanics and Traders Bank still continues payment. It is said to have but little paper out. Attempts are being made to get out a strong force of the military, and dis. perse the crowd; but such is the feeling among those who compose the military, that we know not how it is to be done. Apprehensions are expressed of further violence to-night, which we trust may prove unfound. ed. At present, however, the multitude appear to have complete control. Half-past ne.-The Office of Lougee & Co., has been broken open and gutted. The crowd has much increased, both in numbers and excitement. We earnestly hope that here this violence may be stayed. Whether such will be the case or not, remains to be seen. An exceedingly angry spirit has been caused by the ill-advised attempts to suppress the disturbance by military force. The military, we hear, were compelled to leave the ground, and made to take refuge in the Mayor's office. We must here close our account of these unhappy proceedings, as the paper must go to press. Pray God we may not have worse consequences to record to-morrow. [From the Cincinnati Daily Message, January 12.1 MOB VIOLENCE AGAIN IN CINCINNATI This city has been the scene of another Mob, of a most violent and disgraceful character. It commenced yesterday immediately after breakfast, and continued the greater part of the day, compassing in this time the destruction of the fixtures of the Cincinnati Bank, the Miami Exporting Bank, the Exchange Bank, and Lougee's Brokerage, with most of the books, evidences of debt, and papers of each. The Miami Exporting Company exhausted all its means d before yesterday, and closed its doors before the usual time. Yesterday morning it did not open. The Cincinnati Bank opened, but soon found that it could not possibly stand the "run' upon it, and posted up a notice that it had "suspended for twenty days. This done, an effort was made to close the doors, but failed, owing to opposition from without, and in a few minutes its office was taken possession of by the holders of its bills. Violence commenced almost immediately, and by half past nine o'clock its fixtures, books, and papers, were scattered through the streets, and the forcing of its vaults attempted. By this time the crowd had greatly increased in size, and a few bold hands forced the door of the Miama Ex porting Company. The windows of this house were instantly battered down, its fixtures pitched into the streets, and such books and papers as had not been removed, destroyed. Its vault was then forced. and its contents, composed in part of defaced bills, and a little over twelve hundred dollars in specie, made way with There was at this time some cessation of violence: and a vigorous effort was made by the Sheriff with the Protection squad of the Fire Companies, and ten meinbers of the Citizens Guards under Captain Mitchell, to quell the disturbances, and disperse the mob. Capt. M. marched gallantly into the dense mass, now numbering several thousand, and was well supported by the small portion of his company that was with him. The Protection Company followed, and took position in front of the Exchange Bank, which was threatened, but warded off attack by continuing to redeem. Captain Mitchell was soon resisted in his attempts to preserve the remaining effects of the Cincinnati and Mia. mi Exporting Company Banks from destruction, and compelled to fire. One man was very severely wounded, and two or three others slightly. About the same time the Protection Company exchanged blows with that part of the mob which was pressing upon the ExIt change Bank, and knocked several of them down. was soon found, however, that the force opposed to the a mob, was entirely too small to offer any thing like successful resistance, and it was drawn off by the she. riff Efforts were now made by some of our oldest and most respected citizens, to disperse the crowd by ad. dressing it en masse, and appealing to those composing it individually. These were entirely unsuccessful, and some of those who thus exerted themselves were much maltreated. At the request of the Sheriff, Judge Este read the riot act, and the Sheriff himself addressed the crowd. But all was unavailing. A rush was made for the Exchange ank--(which had been redeeming its own paper, but refused to redeem the notes of the West Union (broken) Bank, with which Mr. Bates had formerly been connected)-it was violently assailed, and soon riddled as completely as the others had been. The mob had now undisputed possession of the ground, and worked with deliberation. Being through with the Exchange Bank, it crossed over the street to the Broker's Shop of Mr. Lougee, who has long been obnoxious, through his connection with the checks of Otis, Arnold and Company, and other shinplasters.This was deliberately broken open, and its contents scattered about and destroyed, as had been those of the three banks. The Mechanics and Traders' Bank was "run" upon throughout the day, but redeemed all of its paper that was presented-much of it with bankable funds. It was threatened, and after the destruction of Lougee's office surrounded by a furious populace, but escaped. Its officers had the good judgment to keep it open after regular hours. By doing this, and redeeming readily to the last, it was saved. A number of brokers, for real or supposed connection with Shinplaster Manufactories heretofore, were threat ened, but not molested. Soon after dark, the mob had dispersed; and by six o'clock the streets were clear and quiet. In the course of the day, seven or eight arrests were made. These, however were chiefly of persons found with money or other effects of the Banks in their possession, and not of the ringleaders of the mob, or active participators in the outrages. Baltimore may now hide her diminished head. Cincinnati is beyond any competitor, entitled to the appellation of Mob City. At held in the Clerk's

4. January 20, 1842 Virginia Free Press Charles Town, WV
Article from Virginia Free Press, January 20, 1842

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CINCINNATI. MOB KIN The Cincinnati Gazette of the 12th instant has the following particulars of the doings of a mob in that city on the preceding day : OUTBREAK. Mob rule reigns again in our city ! Monday evening. the Miami Exporting Company Bank assigned its effects, and on yesterday morning the Bank of Citicinnati closed its doors Early in the morning the crowil. in consequence of their failures, began to collect Around the doors of these institutions, and by o'clock had broken intowhem, destroying all the moveabie property and whatever of houlys or papers could be laid hold of About this time len of the City Guards, headed by their brave Captain, Mitchell, appeared, drove the rioters away and, for a time, gallantly maintained their position But they were called off On retiring they were assailed ; they fired, and wounded some one ordwo persons. The mob had with this exception indisputed possession of the city, and commenced an attack first upon Blate's Exchange Bank, and after that upon Lougee's Exchange office, both of which they destroyed, making havoc of every thing which was at all destructible. The City Connect met at 12 o'clock But they were unable as we learn, to pass an órdinance for the preservation of the public peace eleven votes being n°cessary for this purpose, in consequence of only eleven members being present, and one of atnumb er voting against it All that could be done was then done, VIZ to pass an order appropriating five hundred dollars to defray expenses in employing an extra police The citizens organized at 4 o:clock, and put themselves in strong force near the scene of the disorder. No further violence has been committed, and we hope, from appearances, at the time our paper was put to press. that none will be attempled. The guard of citizens, was under the direction of Sheriff Avery and Marshal the above, we near there was upwards of 224,000 dollars of money in the vault of the Miami Bank. $218,000 of this was in their own notes-$1,261 in specie, and the balance in paper of other banks, all of which was taken, Four persons have been arrested, upon whom were found $24,000, some of which was in bankable money-the balance in their own paper The Mechanics & Traders' Bank had a not tice on the door last evening that they would reopen this morning at 9 o'clock.

5. January 25, 1842 Rutland Herald Rutland, VT
Article from Rutland Herald, January 25, 1842

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s OF THE DAY-GENERAL DISCUSSIO We must here close our account of these unhappy proceedings-as the paper must go to press. Pray God we may not have worse consequences to record to-morrow. We have penned the above paragraphs in haste. At this time it is ascertained that one man has had his leg broken, and one or two others slightly wounded--no one killed. It is stated that the crowd have possession of the buildings. The Exchange Bank has been taken possession of and completely riddled, after the fashion of the others. We have not learned whether it had stopped payment or not. The Mechanics' and Traders' Bank still continues payment. It is said to have but little paper out.Attempts are being made to get a strong force of the military, and disperse the crowd. but such is the feeling among those who compose the military, that we know not how it is to be done. Apprehensions are expressed of further violence to-night, which we trust may prove unfounded. At present, however, the multitude appear to have complete control. From the Cincinnati Gazette. OUTBREAK. Mob rule reigns again in our city ! Monday evening the Miami Exporting Company Bank assigned its effects, and on yesterday morning the Bank of Cincinnati closed doors. Early in the morning the crowd, in consequence of their failures, began to collect around the doors of these institutions, and by eleven o'clock had broken into them, destroying all the moveable property and whatever books or papers could be laid hold of. About this time, ten of the City Guards, headed by their brave Captain Mitchell, appeared, drove the rioters away, and for some time gallantly maintained their position. But they were called off. On retiring, they were assailed; they fired, and wounded some one or two persons. The mob had with this exception, undisputed possession of the city, and commenced an attack first upon Bates' Exchange Bank, and after that upon Lougee's Exchange Office, both of which they destroyed, making havoc of every thing which was at all destructible. The City Council met at twelve o'clock. But they were unable, as we learn, to pass an ordinance for the preservation of the public peace, eleven votes being necessary for this purpose, in consequence of only eleven members being present, and one of that number voting against it. All that could be done was to pass an order appropriating five hundred dollars to defray expenses in employing an extra police. The citizens organized at 4 o'clock, and put themselves in strong force near the scene of the disorder. No further violence has been committed, and we hope, from appearances. at the time our paper went to press, that none will be attempted. The guard of citizens was under the direction of Sheriff Avery, and Marshal Saffin. The causes of the public excitement were great. It is enough to disturb any people when men deliberately set to work to prey upon their necessities, and swindle the poor and needy among them out of their honest means. But nothing will justify lawlessness. It must be checked peaceably if possible, but forcibly if nothing but force will answer. FURTHER PARTICULARS.-The military were ordered to fire, but the guns must have been charged with blank catridges, because they were fired directly into the crowd, and we have not been able to learn certainly that any one-was injured by them. We did hear that one man was wounded in the head, and another in the face. with shot, but could learn certainly that this was the case. A large number of citizens volunteered to guard the city. Several of the ringleaders of the mob have been arrested. We hear there was upwards of $234,000 of monof ey in the vault of the Miami Bank. $218,000 this was in their own notes-$1,261 in specie, and the balance in paper of other banks, all of which were taken. Four persons have been arrested upon whom were found $24,000 some of which was in bankable money-the balance in their own paper. The Mechanics & Traders Bank had a notice on the door last evening, that they would re-open this morning at 9 o'clock.-[Cincinnati Republican.