17301. Bank of Circleville (Circleville, OH)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: November 7, 1854
Location: Circleville, Ohio (39.601, -82.946)

Metadata

Model: gpt-5-mini
Short Digest: c26e6e96

Response Measures

Full suspension

Other: Bank bought up its own discounted paper afterward; corporate charter expired prior to final disposition.

Description

Contemporary articles (Nov 1854) report a heavy run/withdrawals after telegraphed reports that the bank's notes were refused by bankers in Cincinnati, Cleveland, etc., and the bank 'has been compelled to suspend' (circular dated Nov 7, 1854). Subsequent coverage through early 1855 indicates the institution did not resume normal business and its corporate existence had expired; its notes traded at a heavy discount (50–65 cents). No explicit receiver appointment is reported in the provided articles, but the bank appears to have permanently failed/closed.

Events (3)

1. November 7, 1854 Suspension

Cause: Local Banks
Cause Details: Telegraph intelligence that the bank's notes were being refused by bankers in Cincinnati, Cleveland and other cities and the resulting stringency in the money market forced suspension.
Newspaper Excerpt: BANK OF CIRCLEVILLE, NOVEMBER, 7th 1854. In consequence of the unexpected telegraph intelligence ... that the Notes of this Institution were refused ... this Bank has been compelled to suspend.
Source: newspapers

2. November 8, 1854 Run

Cause: Local Banks
Cause Details: Telegraphed reports and refusals of the bank's notes by bankers in Cincinnati, Cleveland and other cities prompted heavy withdrawals; run spread from regional banking disturbances.
Measures: Heavy withdrawals led the bank to suspend payments; bank requested time to collect debts and asked public not to sacrifice its paper.
Newspaper Excerpt: The immediate occasion of the run of to-day is said to be the failure of the Circleville Bank...; a heavy run is now making on the banking-house
Source: newspapers

3. March 22, 1855 Other

Newspaper Excerpt: The Bank of Circleville, whose corporate existence expired a few days since, and whose business was stopped a few months ago by its own rottenness, is now engaged in buying up its own paper at a greatly depreciated price.
Source: newspapers

Newspaper Articles (19)

1. November 9, 1854 The Weekly Lancaster Gazette Lancaster, OH

Article from The Weekly Lancaster Gazette, November 9, 1854

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17 By the politeness of Mr. Kingsberry we have received the following Circular.-Scioto Gaz. BANK OF CIRCLEVILLE, NOVEMBER, 7th 1854. In consequence of the unexpected telegraph intelligence received last evening that the Notes ofthis Institution were refused on yesterday by the Bankers at Cincinnati, Cleveland, and other cities and the unparalleled stringency of the money market, this Bank has been compelled to suspend. The public is requested to make no sacrafice upon our paper, as the assets of the Bank are abundantly sufficient to pay all its liabilities. All we ask is time to collect the debts due us. J.L. FRANKLIN, Prest. H. K. LAWRENCE, Cash

2. November 9, 1854 The Daily Union Washington, DC

Article from The Daily Union, November 9, 1854

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to the 3d inst., has arrived at this port, but brings no further tidings relative to the ill-fated steamship Aretic. Bank Failures in the West. CINCINNATI, Nov. 8.-The Bank of Circleville and Clinton Bank at Columbus have failed. The following bankers in this city suspended payment today: Smeed, Collard, & Hughes, and Ellis & Sturges. A heavy run is now making on the banking-house of T.S. Goodman & Co.

3. November 9, 1854 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, November 9, 1854

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The propellers of the Parker Vein Co. were sold at auction to-day by the receiver, at the following prices: 448 17 95 tuns $9,000 Piedmont 452 10 tuns 12,500 Mount Savage 460 50 95 tuns 12,500 Parker Vein 13 500 462 90. tuns Thomas Swana 462 90-95 tune 14,000 Locust Point 448 6-95 tuus 14,000 George's Creek 17,500 454 60 95 tuns Jakson 13,000 453 60 tuns Westernport 459 19-95 tuns 13,000 Caledonia $119,000 Total The sale of the Totten was postponed to Friday. The propeliers cost from $30,000 to $95,000 each. They were all bought by Mr. A. C. Hall, the Baltimore agent of the line, supposed for a new Company. The Exchanges at the Clearing-House were $17,594,000. The receipts at the Sub-Treasury were $100,589; paid, $184,805; balance, $7,060,320 The street was a good deal excited by rumors of a fresh money panic in Cincinnati to-day, and a general run on the banking-houses there. The suspension of Messrs. Ellis & Sturgis was early announced, followed by that of Sturgis & Ellis of this City. Messrs. Smead & Co.'s Bank also closed, and late in the afternoon a telegraphic dispatch announced that T.S. Goodman & Co., and Morton & Co., had also closed. Our previous advices led us to hope that the two latter houses would be able to sustain the run, and we still think that their closing was a temporary one, as a prudential measure. All the above concerns, although not corporations, have been acting as Banks, with the exception of issuing notes. There is no Bank in Cincinnati, excepting the Ohio Life and Trust Co., and these concerns have been receiving large amounts of deposits, allowing interest on them, and keeping up a large line of discounts for their dealers. A panic of course induces an immediate demand for deposits, and in this instance to an extent which could not be met, The immediate occasion of the run of to-day is said to be the failure of the Circleville Bauk, one of the oldest banks in Ohio; but more probably the dealers of Cincinnati havenot entirely recovered confidence in their bankers since the explosion of Messrs. Outcalt & Co., Mancdester, &c., &c, some weeks since. Messrs. Eltis & Morton, and Messrs. Ellis & Sturgis, succeeding them, have filled & very important position in the financial world of Cincinnati, and have done an immense business, having had, on some occasions, two-and-a-half millions of deposits, and two millions of discount paper. It is understood that the profits of Mesers. E. & S., for the year ending 30th June, were $600,000. This concern has previously gone through several severe runs, paying every dollar demanced, promptly. Their liabilities are supposed to be $1,000,000 to $1,100,000, including about $100,000 of exchangerunning on the New-York house, and their assets are set down at $1,400,000. A party well informed in regard to the matter, speaks of their assets as first-class, and is confident that the house will pay everything. We regret to learn that the senior member of the firm, Mr. Ellis, who has been an invalid for some time, was unable to sustain the excitement of mind which his failure induced, and died about noon. Messre. Goodman & Co., and Morton & Co., have been considered very strong, and have occupied a highly respectable position, and their suspension, if true, cannot probably be disastrous. The Treasurer of Ohlo has not yet provided the funds to take up the protested draft on the State Agent, Mr. Egerton, for $30,000. Such trifling with State credit deserves the severest reprehension. About $400,000 has been subscribed to the capital of the new Merchant Bank at Cincinnati. The capital is fixed at $500,000. The Bank of Circleville, Ohio, which is announced as suspended, was one of the few old charters remain. ing in that State. It is supposed to have been wrecked in the maelstrom of Indiana banking, in whic's its principal owners were engaged. The Miami Valley Bank of Dayton, of which Mr. Beckel, before announced failed, was owner, is also report to have suspended.»

4. November 10, 1854 Fremont Journal Fremont, OH

Article from Fremont Journal, November 10, 1854

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Banks Reported Failed. Private telegraphs received here yesterday morning announce the suspension of the Bank of Circleville and the Clinton Bank of Columbus. In relation to the truth of the reports, as regards the first named Bank, we submit the following letter which appears in yesterday morning's Cincinnati papers:

5. November 10, 1854 The New York Herald New York, NY

Article from The New York Herald, November 10, 1854

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FINANCIAL AND COMMERCIAL. MONEY MARKET. THURSDAY, Nov. 9-6P.M. There was a regular stampede among the fancies in Wall street to-day. A perfect panie seized upon holders, and a great desire was manifested to sell, even at the depreciation. There were transactions on time, both buyor's and seller's option, netwithstanding the rapid deeline in prices. At the first board, Kentucky 6's fell off x per cent; Minois Central Bonds, 2; New York Central Bends, %; Delaware and Hudson, %; Canton Company, 36; Niearagua Transit, %; Cumberland Coal, ½; New York Central Railroad, X; Michigan Central Railroad, ½; Northern Indiana Railroad, 1; Erie Railroad,-1%; Harlem, %; Reading Railroad, 1. A very large quantity of stock changed hands at our quotations. Illinois Oentral Bonds were freely offered in the face of a depreciation of two per cent. There appear to be great apprebensions relative to the future course of prices for stocks generally. At the second board there was a slight reaction, as might have been expected after such a great and rapid decline. Erie Railroad went up % per cent; Reading Raflroad, ½; Nicaragua Transit, %; Cumberland, ½. There seems to be no end to disasters in the financial and commercial world. From every direction we are continually receiving accounts of failures of banks, banking houses and mercantile firms. The banks throughout the entire West appear to be in a state of insolvency, and upon the ave of a suspension. We know not what may come next. They will create a greater panic than yet realized, and all are afraid to enter into any movements, fearful something may occur to upset the best and closest calculations. The general disposition is to keep quiet and wait patiently for the end. The time is coming fast when it will be perfectly safe to buy any stock on the list. Prices must, at the rate of depreciation realized within the past month or so, ultimately become so much reduced that all speculators will be buyers, and then the upward run must be rapid. We must have a great change in money matters before outsiders can buy at any price. They must get the means from some source to buy even at reduced rates. The probability, "which to daily becoming strengthened, that some companies will pass their dividends, and that others, contemplating the announcement of dividends, will not do so, has undoubtedly had an unfavorable influence upon prices, and may depreciate the securities alluded to still further; but a depression from such causes can be but temporary, and in the end may prove advantageons. We have no doubt many will be disappointed, and that many may be forced to realize on the principal to the absence of dividends; but it is the wisest course the managers of the companies referred to could, under the circumstances, pursue, and the end justifies the means used for its accomplishment. In times like these, all human calculations fail. A few daysin such an eventful period changes completely the complexion of matters, and all our hopes and anticipations suddenly disappear, leaving us all in the midst of doubt and uncertainby. A few days since we began to feel as though the worst was over-as though we had passed through the severity of the pressure, and only required time to recuperate and husband our resources; but it seems we were a little premature in our reckonings - that there was still a lower depth before we found bottom. The mutterings of the convulsion we heard a week or two since, in the West, have commenced again with increased force, and probably will burst forth and sweep over that entire section of country. The banking systenan of several States in that region are in a wretched condition. It is reported that there is not a solvent bank in Indiana, and we have several bank suspensions in Ohio to record. The Miami Valley Bank, of Dayton; the Canal Bank, of Cleveland, and the Bank of Circleville, have all stopped. Nearly half a dozen banking firms of Cincinnati have failed, and the panic appears to be spreading in all directions from that city. Several. failares have also been reported at Buffalo. These suspensions will throw upon the market a large amount of public securities, and great sacrifices must be made. We trusta few days will suffice to clear up the excitement and enable people to take a calmer, cooler view of matSerm. After the adjournment of the board the following sales of bonds and stocks were made at auction by A. H. Nisolay:-

6. November 11, 1854 The Weekly Minnesotian Saint Paul, MN

Article from The Weekly Minnesotian, November 11, 1854

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MONDAY MORNING, NOVEMBER 6, 1854. # The Money Panic. Brokers are interested in the depreciation of paper money, and people are too apt to become alarmed by the panics these brokers have the power of creating. As an instance of this fact, we give a few items below in connection with the reported failure of several of the Maine Banks. J. Thompson, a broker of New York, the gentleman who publishes the "Bank Note and Commercial Reporter," and one who is generally considered good authority in connection with money matters, publishes the following telegraphic despatch in his issue of Oct. 28th: BOSTON, Oct. 25. The "Bank of Hallowell, Maine"; The "Ship Builders' Bank, Maine"; The "Brunswick Bank. Maine," are thrown out by the Suffolk Bank. The date of the despatch, 25th October, will be observed. On that same day, the "Maine Farmer," published at Augusta, was sued for libel by the Ship-Buiiders' Bank, for having fallen innocently into the Brokers' trap, and denouncing that instution as having failed. On the 26th the editor of the Farmer "owns up" that he was deceived, in the following manly style: "We are informed that the Bank has been very much troubled by the rumor of its failure, and has been obliged to redeem its whole circulation--upwards of $90,000. Any one who has been at all conversant with the course of the Farmer, must know that the libel with which we are charged was entirely the result of accident on our part, as it has ever been the rule of this establishment to refuse admittance, upon any conditions, to any and all articles reflecting upon individuals or companies of whatever character. These are the facts in the case--and now, having done all in our power to make amends for the unintentional evil suffered through us, we rest our case, and await the decision of the Court in the matter." The report of the failure of the Hallowell Bank now proves to have been gotten up for the purpose of accomplishing the success of certain political movements in Wisconsin. A certain journal published in St. Paul, of very limited circulation, but under the control of well-known bankers here, "let the cat out" on Friday morning, by coupling the reported failure of the Hallowell Bank, in a most disgraceful and libelous manner, with the name of C. C. Washburne, of Mineral Point, Wisconsin. The next time the journal alluded to mishes to make political capital, and shinplaster capital, for its especial favorites, it had as well be somewhat more careful. The solvent condition of the Hallowell Bank, if it needs more to sustain it than we published on Saturday, is well shown by the following note received too late for our Saturday morning's issue: "WINSLOW HOUSE, ST. PAUL. Friday Evening, Nov. 3. EDS. MINNESOTIAN:--Will you do me the favor to correct the report of the failure of the Bank of Hallowell, Maine. It is not true. I will, with pleasure, furnish current bills or drafts on the East for any and all amounts which may be presented. Yours truly, DORILUS MORRISON." We presume the Pioneer can find out who Mr. Morrison is, by enquiring of Corwith & Co. Galena, B. H. Campbell & Co., same place, or even of any of its own particular friends in St. Paul, Galena, or elsewhere. ELLSWORTH BANK. The mere fact that an Eastern Bank refuses to pay tribute to the Suffolk Bank, Boston, is no valid argument in proof of its insolvency. This appears to be the only difficulty with the Ellsworth Bank, which has, in common with two other of the soundest Banks in Maine, been bruited all through the West recently, as having failed. The Boston Daily Mail says: "Bills of Ellsworth Bank. of Ellsworth, Me., are not received at the Suffolk Bank. We are not advised that there is any doubt of the solvency of the Bank." The Indiana State Sentinel addresses the holders of the notes of the Northern Bank of Indiana at Logansport, and the Bank of Connersville, lately suspended, not to sacrifice them, as the securities on file in the Auditor of State's office are amply able to protect the bill holder. BANK OF CIRCLEVILLE.-A foolish rumor (says the Cleveland Herald) was put in circulation that the Bank of Circleville had failed. Cashier Foot this morning telegraphed to the Bank. and has received the following reply:" All right, reports are false. O. BALLARD, Jun., Cashier." KALAMAZOO BANK. We learn that this bank. located at Albion. Ind., and owned by ex-Gov. Ransom. of Kalamazoo, in this State, has made arrangement to have its notes redeemed in this city, by J. L. Lyell, at one per cent. discount, and also at Indianapolis, Ind.. Cleveland, Ohio; New York city, and also at Kalamazoo. Detroit Advertiser. LAKE SUPERIOR. A correspondent of the Cleveland Herald says:-" There is probably at the present time no part of our country attracting more general attention than Lake Superior. The copper which extends its rich veins-I might almost say-everywhere, and the huge mountains of iron ore, have attracted the eyes of capitalists. The developments of mineral wealth are astounding; discoveries are being made almost daily of new veins promising rich results, and companies formed of substantial, enterprising men. are pushing forward the work vigorously. The earth can no longer conceal her precious wealth, her bosom is opened, and she is made to reveal what she possesses. The Cliff and Minnesota-the two mammoth mines of the upper peninsula--are taking out masses of copper unheard of in the history of mining; silver, too, is found in large quantities, and forms no unimportant item. Aside,

7. November 11, 1854 The Weekly Minnesotian Saint Paul, MN

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THE MINNESOTIAN. SATURDAY MORNING, NOVEMB'R 4, 1854 GREELEY AND THE SLAVE TRADE.-We copy acharacteristic "correspondenca" to-day from the New York Tribune, in which a gentleman from Mississippi made to feel that he had as well left the editor to pursue his accustomed avocations. Any one, whatever hissentiments and opinions may be, cannot fail to enjoy a hearty laugh over Greeley's reply to his Mississippi correspondent. WOOD MEASURER.-The City Council should Immediatelyttake steps to secure to citizens a fair measurement of wood. There is nothing sold in St. Paul in which "gouging" is so apparent as in the measurement of wood, as at present practised. LIQUOR PROHIBITION.-The popular vote In Pennsylvania upon [the] Prohibitory Liquor Law decided the question in the negative by several thousand majority. BROKEN BANKS.-We have receivad information that on the day the steamer Royal Arch left Galena, the house of Corwith & Co. threw out the notes of the "Clinton Bank of Columbus "Bank of Circleville. Ohio Bank of Kanawha, Va :" "Bank of Hallowell, Maine Ship Builders' Bank. Maine ;" "Rockford Bank Maine," and all the Free Banks of Indiana.The impression in Galena was that the Bank of Hallowell was good, and that its notes would be redeemed at par in a few days.-Democrat of Thursday. We caution the public not to be hasty in sacrifising the paper of the Free Banks of Indiana. Nine-tenths of them are amply secured by the pledge of responsible stocks, and their notes must be redeemed in a short time at less sacrifice than the brokers are now willing to bargain for. The Maine Banks, it appears, are suffering under the general panic,but we should hold on, if possible, until we hear directly from that quarter. Persons here, well acquainted with the affairs of the Bank of Hallowell, ondorse the opinion of the Galena bankers, that It will be "all straight" in a few days. P. S. Since the above was in type, we learn by gentlemen direct from the East, who arrived by the War Eagle that the reported failure of the Bank of Hallowell is without truth.This is confirmed by the following telegraphic despatch, which we find in the Galena Advertiser of Monday NEW YORK, Oct. 28. The Bank of Hallowell has not suspended. The Advertiser of Saturday further says A report was yesterday circulated in the street, that the Bank of Hallowell, Maine, had suspended. We have seen a despatch from Hallowell, stating that the report is false.The Bank has not suspended, but is believed to be one of the most solvent institutions in New England. There is but a small amount of the money in circulation in this country. It has not been thrown out by the Bank of Galena but is taken as other New England currency. When the editor of the Minnesotian will publicly and positively deny that he had anything to do with bargaining off Mr. Bassett before election, then wewill give him the name of our correspondent.-Tmes. We are not in the habit of responding to such discourteous and irresponsible calls as the above, but for the sake of gratifying a whim of our neighbor's anonymous correspondent this one time, we will again "publicly and positively deny" that we ever "had anything to do with bargaining off Mr. Bassett before the election," or after the election, or before or after any other election that has ever happened in this or any other country. We have known Mr. B. some three or four years, but never claimed to own him, or any part or parcel of interest in him, or in his lands, tenements, hereditaments, stocks or property. With all our sins, we believe "Hennepin" and the Times are the first to charge us with dealing in a species of property which no one here recognizes even in "niggers," to say nothing of white men, and honest, straight-forward Whigs at that. But in all seriousness, the Times may call up its witness whenever it chooses. We are ready. FOR THE WINTER TRADE.-John R. Irvine & Co., it will be seen, are out with a display of their winter stock through our advertising COlumns. They have everything in their line of trade that a wholesale or retail dealer may need and all wishing to purchase will not find it out of their way to give this extensive and well-established house a call. The War Eagle arrived yesterday af ternoon, and will leave for Galena this morning. It is doubtful whether we will again see this popular packet this season. The War Eagle brought about 200 passengers yesterday. Among them were a large number from Maine, including several prominentcitizens of that State, who now have their eyes and interests directed in this quarter. The sedate and respectable Baltimore American, in the course of a reply to a profligate assault from Mr. Pierce's administration paper, the Washington Union, thus truthfully and foreibly limns that precious concern We cannot but feel that in replying thus SCriously to the allegation of the Union we are assuming an unnecessary and not an altogether reputable task. That paper is a libel upon American journalism, and its assertions are utterly unworthy of attention. Deprived of the subsidies by which it is bound perform the

8. November 11, 1854 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, November 11, 1854

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was easier, and the Bank had increased its specie two and ahalf millions of dollars. Consols and Cotton were steady and Breadstuffs firm. Yesterday, at Philadelphia, some few hundreds of United States Bank shares sold at an advance of 21; the purchases, street reports say, being for Datch "account." The Cincinnati Gazette of the 8th, says: The week has not marked any improvement in money matters. Confidence is still wanting, and as & consequence, financial affairs continue in a most unsatisfactory condition. Banks or bankers discount but little, and there is but little money to be had oatside. Rates of interest vary from one to three per cent. per month. With reference to the immediate future, the prospect at present is dark and uncertain. A good stage of water would do more toward relieving the money pressure here, than the combined efforts of financiers. Merchandise and manufactures have accumulated to & large extent, and until these can be sent off and realized upon, parties interested cannot experience any material relief. The pork business, which has commenced, will be em barrassed from the same cause, and parties will find it difficult to operate much beyond the extent of their own capital. The Bank of Circleville has been forced into a suspension, but H. K. Lawrence, cashier, says the bank has money enough to redeem every dollar of its paper that is in circulation. A large amount of this paper has been put out recently, and it was this, we suppose, that caused distrust, and the latter led to a heavy run, and a consequent suspension. The market for Exchange was flat yesterday, and rates declined, ranging from I to 11 prem. The notes of the Clinton Bank of Columbus were thrown out by most of the Bankers. State Stock money, of all States, was also generally refused, and some Bankers rejected the notes of the Commercial Bank of Kentucky. The notes of the Miami Valley, of Dayton, are not taken. The Covington and Lexington Railroad Company made a sale of bonds in New-York, a short time since, deliverable on the 1st instant. They forwarded the bonds to Winslow, Lanier & Co., drew against them, and sold the bills; but the bills were consequently returned. A portion of the latter were taken by Kentucky banks, and have been arranged. About $50,000 was sold on this side, to bankers and merchants, and these the Company are arranging to take up. A comparison of the footings of the weekly Bank Statement of the Boston Banks for the past with those of the statement for the previous week, exhibits the following results:

9. November 14, 1854 Spirit of the Times Portsmouth, Ironton, OH

Article from Spirit of the Times, November 14, 1854

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MORE BANK FAILURES. THE money pressure still continues in Cincinnati, and other Western cities.— We have rumors that several more banks and banking houses have failed. The Clinton Bank of Columbus and the Bank of Circleville have gone by the board, though it is thoughtthat their cir. culation will be redeemed. The extensive banking houses of SMEAD, and of ELLIS & STURGESS, at Cincinnati, are said to have failed. These, and other failures that have lately occurred, always incident to the paper money system, have already made their influence felt on every department of trade and industry. i We hear it said that the Furnaces of this vicinity have reduced wages, and fallen back upon the trade system-a term which the workingmen of this Iron region well undertand. The bank failures have very much reduced the price of pig metal, and consequently the profits of the business.Yet we are of opinion that it would be much better for the community if the Furnaces would continue to pay cash for labor, even at reduced rates, than it would be to go back 10 trade prices and payments. As a matter of course. the manufacturer must pay cash, or its equivalent, for the goods and groceries with which he pays for labor, and why not pay cash to the laborer at once, and let him purchase his supplies of provision and clothing where he can get them at the lowest rates. The present is an unfavorable time to reduce wages. Flour is now worth $8 @$9,00 per barrel beef, pork, and po tatoes in a corresponding degree. Yet such is the condition and immutable doom of the working men of this nation, while the monopoly of land and banking systems exist, Labor is a commodity thrown into market, and it must sell itself at some price or starve. It is subject to all the vuriations of trade and currency, its price regulated by the amount and value of currency in circulation, as well as by the law of supply and demand. The hordes of men employed on the public works that havedately suspended, are now seeking a livelihood in other pursuits of industry, they create a competition in the labor market and reduce its price, because the supply is greater than the demand. Every successive revulsion that the paper dynasty brings upon the country

10. November 14, 1854 Meigs County Telegraph Pomeroy, OH

Article from Meigs County Telegraph, November 14, 1854

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cases. Various rumors are aflost in regard to the sum about to re realized on these notes. They are quoted at 40 cenis to New York; has we should not advise any one to part with them. if they can avoid in at present for less than cents. Our impression is that they will eventually be worth that amount. shough we may be mistsken. The Free Banks of Indiana are quoted in New York at 25 per cent. discount. This is mainly owing to the course pursued by the Auditor of State of Indiana, and not on account of any depreciation of the stocks or securities. Mr. Dunn is severely, and as we shink unjustly censured by the press of Cincinnati and New York, for having issued the following circular. Had he acted otherwise we should have fell disposed to censure him. The only persons seriously affected will be those pests to society-money shavers-who were instrumental in depreciating and crying down the paper of these Banks, in order that they might profis by their fall. Many 01 these shavers have purchased largely of these notes at a heavy discount, had their notes protested, and now shey are in a desperate passion because the poor farmer and mechanic will stand jus: as good a chance to have his money redeemed as these brokers. But theshor pinches in another place. These scamps will be compalled to wait awhile for others must. do the their money same; but no honest man ought to complain if justice is done to the Banks. as well as the note-holders. Read the circular and judge for yourselves: OFFICE OF AUDITOR OF STATE. Indianapolis, Nov. 1, 54. To correct an erroneous impression. en termined by many persons that the holder of notes of the Stock Banks, having them protested thereby acquires a priority in the payment, the undersigned deems is his duty to state that such is not the fact. In case of the winding up of any Bank under the statute, the notes not protested, are placed on the same footing as those which have been protested, and a dividend of the assets will be made pro rata. Holders of notes should also bear in that the amount of the dividend would sentially diminished by the costs and protests, and expenses of sale of assets The undersigned has also determin in discharging his duty to al: the cre of ary bank which may be forced into liquid ation, he will not proceed to offer any of the assets of such Bank in the market until after at least sixty days' notice in New York. London, and Paris, so as 10 insure the largest and best price for the securities. and not shen, if. in his opinion, the ulimate interests of ail concerned will be promoted by a further extension. He is, also, authorized to exchange the State Stocks deposited in his office as collara eral by several of the Banks. at par for their circulation, when presented in sums of not " less than one thousand dollars. JOHN P. DUNN. Auditor of State. The Banks of Circlevitie. Clinton Bank ; of Columbus, Miami Bank of Dayton. and Canal Bank of Cleveland, is is said, have of tailed. We do not believe a word of is w We have more confidence in our bank ing system and our bankers. That some 0 them have be en compelled to suspend for , short time, owing to the unprecedented rur on shem by Cincinnati bro ers is undoubs d edly true; but that they will all ultimately re deem every dollar of their circulation, w h firmiy believe. il. The following dispaich was received il of Cincinnati on the 6thlinst,, from the officer in of the Bank of Circleville: is BANK OF CIRCLEVILLE. 10 Nov 6. 1854 MR. EDITOR:-The course pursued to ne wards our notes. by the bankers of Cincin ch nail, Chicago and Cleveland, will drive u n. Into a suspension. We have not a singl dollar in circulation but what we are able 14 is pay. There was no just cause for their ad tions. The best bank in the Union may b eld forced into liquidation by such a course.bis The public is requested to make no sacrific upon our paper, as the assets of the Ban ii. are abundantly sufficient to pay. all its lia bilities. All we ask is time to collect th nd debis due us. (Signed.) re, H. K. LAW RENCE. Cashier. The Clinton Bank of Columbus is now i à the hands of Wm. S. Sullivans, Wm. Den renison, Jr. and D. W. Deshier, as Trustees 11. who are closing up its affairs-its charte by having expired last winter. When its pa per was thrown out by the bankers of Cir ish cinnati and Zanesville, a run was anticipated ve but, at latest accounts none had suken place y. D. W. Deshier immediately went to Cincir nati to make arrangements to have the bill redeemed at par by one of the bankin rihouses there; but the failure of the hous sed (Ells & Surgess) prevented the arrange è ment. He advertised, however, shes h he was in the city himself, wish $100.000 #

11. November 15, 1854 The Cadiz Democratic Sentinel Cadiz, OH

Article from The Cadiz Democratic Sentinel, November 15, 1854

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From the Cleveland Plain Dealer. THERE SHE GOES AGAIN! More Banks Bursting !! WHEW! HOW THE FLINDERS FLY!!! The old Bank of Circleville, that old mother of harlots, is held in such suspicion here that the City Bank refuses her bills, even on a doubtful debt. A telegraph dispatch arrived about 2 o'clock P. M. on Saturday saying to the money mongers, "stand from under." What her securities are we do not know, as she belongs to the old category of regenerated rag mills, of which the defunct Banks of Massillon and Wooster were a complices. The Miami Valley Bank of Dayton, BecKEL owner, has suspended for 30 days, perhaps a eypher or two (00) longer. So say letters received fro n Dayton to-day. The bills are secured by State Stocks, which if converted at pur will make them worth nearby their face. So welgo. LATEST FR IM INDIANA. A friend has just returned from Indianap. olis, where he went to reulize on Indiana Free Bank paper. He went to the Auditor's Office, where bills which have b. en refused payment at the Banks are presented for pro. test, preparatory to going through the mill for final adjustment and saw in one huge pile uough to fill cram full a double lum. ber wagon box, mostly returned from Ohio alone. Said bills are from ten to twenty per cent discount, payable in Ohio funds.Bankers and brokers take it on deposite "to be returned in kind Suffice it to say, the whole batch of Free Banks have gone to "immortal smash." So far as the Stocks are pledged, which are all f kinds, some 21 per cent, some 5 per cent. some Virgmia and some Indiana, Ohio and Louisiana, and by a forced market will sell, S 80 far said bills will in time be redeemed.Bill holders who can hold their breath longe est will fare the best. e We shall endeavor to keep our readers early and fully advised of these bank blow. ups. We have several more on our list n which are fluttering in the wind. As the e Almanacs sav, "look out for a scorm about these days." P. S.--Later from the "Paper Ree gion"---No News from the Gold d Region." The Auditor of State, of Indiana, has is1 sued the following CIRCULAR.

12. November 18, 1854 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, November 18, 1854

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months Twelve The Exchanges at the Clearing House were $15,598,000. We stated a few days since, in justice to Mr. Au+ ditor Dunn, of Indiana, that in a letter to The Louisville Journal he denied by implication that he had allowed any January coupons to be cut from the securities deposited in his office. We have seen a gentleman to-day, direct from Indianapolis, who informed as that to him Mr. Dunn admitted that he had authorized such coupons to be eut off, thus lessening the securities held in trust for the public at the very crisis when they should have been increased. He also expressed his regret for having done 80. In such times as these, no news is good news, and as far as we can learn, no new financial troubles at the West or South have occured. In this City small failures take place daily, but we hear of no house of any importance. Messrs. Selden, Withers & Co., it is understood, go on. From Chicago, we hear that the run on Messrs. George Smith & Co., which was never equal to the reports, had almost subsided, and their deposits were larger than before it began. The Chicago Tribune says, that the City Bank (Messrs. Bradley, Curtis & Co.) expect to be able to resume business in a few days, and that they state their full ability to pay everything. The Union Bank has published a card to the same effect. The Tribune states that the excitement had almost entirely abated. A dispatch from Chicago says: CHICAGO, Thursday, Nov. 16, 1854. One hundred and sixteen principal firms advertise to-day to take the notes of all Illinois stock-secured banks. No run on any bank yesterday, and the panic has subsided." At Cincinnati the notes of the Mechanics' and Traders' Branch Bank are still taken by the Life and Trust Co., and it is supposed that bill-holders will lose nothing. The State Bank of Ohio will not, acocording to the opinion of Ohio bankers, be injured or discredited by the suspension of this Branch. The immediate cause of Geo. Milne & Co.'s suspension was the announcement to them of the impossibility of selling in the South a very large amount of time-bills on NewOrleans, which they had sent thither and drawn against at sight. The St. Louis Republican says: In the present state of monetary affairs in the western, and we might add the eastern country, St. Louis occupies an enviable position. The financial whirlwind that is devastating Cincinnati, has not shaken the commercial foundations of this city. Firm to the integrity of our merchants, and the safety of our financial arrangements, we have nothing to fear." The intimate business relations of Ohio with this City are such, that whatever affects the financial condition of the former, must to the latter be a matter of deep solicitude. There are four classes of Banks in Ohio: First-The Independent Banks, eleven in number. Secendly-The Free Banks, thirteen in number. These classes are substantially the same, except that in case of an Independent Bank the capital actually paid up, exclusive of bonds deposited, for circulation, must be at least $50,000 in each case, while Free Banks are only required to have $25,000 paid in. In the former, stockholders are not individmally liable, while in the latter they are by law made so. The notes of these Banks are all registered in the office of the Auditor of State, and are secured in every case by deposits of State stock of the State of Obio, and of the United States, in no case above par. No other stocks, bonds or mortgages of any kind are used as a basis for banking in Ohio. Thirdly: The old banks," so called, being two in number-the Ohio Life Insurance and Trust Company, and the Bank of Circleville. The powers of the Trust Company to circulate notes having expired some years since, it has no liabilities for circulation. The Bank of Circleville has within a year or 80 changed owners, and is now mainly owned and managed by a private banker of Circleville, of reputable standing among his fellow-citizens. This Bank being the only one in Ohio having unlimited right to issue small notes, undertook to supply the demand created by the withdrawal of the small notes of other States. The appearance of large numbers of small notes created distrust at distant points, and caused such amounts to return that the Bank was forced temporarily to suspend. The means of the Bank are said to be ample, and invested almost entirely in commercial paper of short date, and at Circleville its notes

13. November 23, 1854 The National Era Washington, DC

Article from The National Era, November 23, 1854

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NEWS OF THE WEEK. The Western Banks. The Cincinnati Commercial states that, in consequence of the pressure, the City Bank of Columbus, Ohio, has been forced to suspend payments of its deposites. The notes of the Bank of Kanawha sold at 25 per cent. discount; Bank of Circleville, at 50; Kentucky Trust Company, at 70; and Newport Safety Fund, at 80. The notes of the Clinton Bank of Columbus were again refused at Cincinnati on Saturday. Indiana stock notes are selling at 25 to 30c. discount. A note from the Treasurer of the State of Ohio states that the notes of the Miami Valley Bank, Canal Bank of Cleveland, Savings Bank of Cincinnati, City Bank of Columbus, and all other Ohio Stock Banks, will be received for taxes and all other public dues, as heretofore. These notes are abundantly secured by the pledge of Ohio and United States stock in the offices of the Auditor and Treasurer of State, which stocks are still commanding a premium in New York. No bill-holder, he adds, need necessarily lose anything by Ohio stock paper. For the sake of keeping our readers posted, we extract the following list of suspended Western banks, from Thompson's Reporter, of Nov. 18: The Union Bank, Chicago, Ill.; the Bank of Napierville, Napierville, Ill.; the City Bank of Chicago, III.; the Merchants and Mechanics' Bank, of Chicago, Ill.; and the Farmers' Bank of Chicago, are said to have failed; also, the Mechanics and Traders' Branch of the State Bank of Ohio, Cincinnati, Ohio; the Sandnsky City Bank, Ohio; the Farmers' Joint Stock Banking Company, Toronto, Canada; the Bank of Circleville, Ohio; the Exchange Bank, Buffalo, N. Y.; the Canal Bank, Cleveland, Ohio; the City Bank of Columbus, Ohio. Seven more Indiana Banks are under protest, viz: Wayne Bank, Logansport; State Stock Bank of Indiana, Peru; Upper Wabash Bank, Wabash; Perry County Bank, Cannelton; Steuben County Bank, Angola; Traders' Bank, Terre Haute; Great Western Bank, Terre Haute. It is proper to add that a number of merchants of the city of Chicago, Illinois, have agreed to receive at par the bills of the banks of that city, which has had a good effect, but the excitement nevertheless continues, as the holders want specie, not goods, for their bills. The Union Bank of Chicago was owned by Forrest Brothers, and the City Bank, owned by Bradley, Curtis, & Co. The failure of the Mechanics' and Traders' Bank of Cincinnati is not of much importance. It has been in process of closing its business for some time past, under the supervision of the board of control. Its capital in August last was only $60,000, and its circulation $47,339. The deposits and circulation are paid without interruption.

14. November 24, 1854 The Kalida Venture Kalida, OH

Article from The Kalida Venture, November 24, 1854

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bas Latest Banks Failed. The Bank of Circleville, Ohio, is said to have failed-also The Farmers' Bank, of Chicago, Ill. The Exchange Bank, Buffalo, N. Y. The Canal Bank, Cleveland, Ohio. The City Bank of Columbus, Ohio, suspended this morning. The Woodbury Bank, Woodbury, Con nec:icut, thrown out at the Suffolk Bank Seven more Indiana Banks under protest, viz: Wayne Bank, Logansport; State Stock Bank of Indiana, Peru; Upper Wabash Bank, Wabash; Perry county Bank, Cannelton; Steuben county Bank, Angola; Traders Bank, Terre Haute; Great Western Bank, Terre Haute, Look out for more soor!-Dye's Bank Mirror, Nov. 15th, 1854.

15. December 6, 1854 The Cadiz Democratic Sentinel Cadiz, OH

Article from The Cadiz Democratic Sentinel, December 6, 1854

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suspended within a few months past. For the benefit of our readers, in these times of bank suspensions, we shall keep it standing, and make weekly additions thereto: Lewis County Bank, of New York. Carthage Bank, do Milrose Bank, do Drovers' Bank, do Bank of Carmel, do Ogdensburg, do Exchange Bank Buffalo, do Patchin Bank, Buffalo, do Eighth Avenue Bank, do Bank of West Killingly, Connecticut. Bank of Ellsworth, Maine. Bank of Circleville, Ohio. Clinton Bank of Columbus, Ohio. Canal Bank of Cleveland, do. Miami Bank, Dayton, do. Woodbury Bank, Connecticut. Shipbuilders' Bank, Maine. Merchants' and Mechanics's Bank, Chicago. Union Bank, Chicago, Ill. Knickerbocker Bank, do Farmers' Joint Stock Bank, Buffalo, N. Y. Farmers' and Mechanics' Bank, Oswego. Farmers' Bank of Canandaigua. Farmers' and Merchants' Bank, Maryland. Merchants' Bank of Macon, Georgia. Milford Bank, Delaware. Merchants' Bank Burlington, Vermont. River Bank Connecticut. Cumberland Bank, Maine. Kentucky Trust Company Bank, Covington. Newport Safety Fund, Covington, Ky. Commercial Bank, Paducah, Kentucky. Trans Allegheny Bank, Virginia. Kanawha Bank, Va. Massillon Bank, Ohio. Ohio Savings Institute, Tiffin. Cochitute Bank, Boston. Elkhart county Bank, Indiana. Bank of Northern Indiana. Bank of Washtenaw, Michigan. Erie and Kalamazoo Bank, Michigan. Arlington Bank, Washington, D. C. Bank of Connersville, Indiana. Bank of Hallowell, Maine. Akron Branch, Ohio. Merchants and Trader's Branch, Cin., O. City Bank, Columbus, Ohio. Commercial Branch, Toledo, Ohio. Ashtabula Branch, Ohio. Napersville Bank, Illinois. Merchants Bank, Bridgeton. Government Stock Bank, Ann Harbor, Mich. Cuyahoga Falls Branch Bank, O. Licking Branch Bank, Ohio. Phoenix Bank, Chicago, Illinois. Du Page county Bank, Illinois. Bank of Ottawa, Illinois. State Stock Bank, Peru, Indiana. Stock Bank, Lafayette, Ind. Bank of Elkhart, Plymouth Bank, Fayette county Bank, Delaware county Bank, Logansport Insurance Company, Indiana. Indiana Stock Bank, Laport. Savings Bank, Cincinnati. Scituate Bank, Rhode Island. Wollborough Bank, New Hampshire. Bennington Bank, Vermont. Monsum River Bank, Maine. Bank of Ellsworth. Bank of Milford, Delaware.

16. January 4, 1855 Democrat and Sentinel Ebensburg, PA

Article from Democrat and Sentinel, January 4, 1855

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N A good story is told of a gentleman residing not a thousand miles from Cincinnati, who was noted for his "generous confidence" in the Bank of Circleville. At the time of the suspension of that institution, he was, itseems, on a pilgrimage to Circleville, with some fifteen or twenty thousand dollars of its paper promises. which he wished to convert into coin. Visions of yellow boys danced before him on his "winding way;" but all the golden dreams quickly vanished into thin air, on his arrival at his place of destination; for he was not long in receiving the astounding intelligence that the bank had broke. Wishing to forward the disastrous news to his friends at home, and also to inform them that he would be home the next day, he rushed into the telegraph office, and in-a few moments his friends were startled by the reception of the following rather ambi guous despatch "Cirolevillo Bank has gone to hell, and I will be there to-marrow 17

17. February 17, 1855 Weekly Indiana State Sentinel Indianapolis, IN

Article from Weekly Indiana State Sentinel, February 17, 1855

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For the Sentinel. Ohio Banks-A Correction. MESSRS. EDITORS :-I happened to be in the Hall of the House of Representatives, Wednesday afternoon, when the Free Banking Law was under discussion. Mr. Hudson, of Terre Haute, during the course of his remarks, took occasion to speak disparagingly of the present banking system of Ohio, and to sustain his positton, alluded to the defunct bank of Massillon, as evidence of the depreciation of Ohio Bank money on the suspension of any of the Branches of the State Bank. Did that gentleman not know that the Bank of Massillon was no part of the present banking system of Ohio ? Did he not know that it was one of the pets belonging to that old banking system, like unto the one for which he is now fighting ? Its notes are not worth the paper on which they are printed.The Bank of Circleville, the last of the old banks, is down and its bills are worth but from fifty to sixty cents on the dollar. Neither of these banks were doing business under the present law. How is it with the State Bank and its Branches ? During the pressure of the money crisis which is yet in existence, the Canal Bank of Cleveland, and the City Bank of Columbus, were both obliged to suspend specie payment, at d cc nsequently their doors were closed. But did this depreciate the value of the bills put in circulation by these banks ? Not at all. They are just as current now as ever they were, and I have passed bills on both of them in this city, since my arrival.Indeed, your business men will give five per cent. premium on the bills of these banks today, after their doors are closed. The difference, therefore, between the worth of the bills on these two branches and those of Massillon and Circleville, is just the difference between the Ohio Banking law and the law for which Mr. Hudson so eloquently contended. I like to see every dog have his due, and if Indiana is to have banks, certain it is that she can never adopt a system that will surpass that now in existence in Ohio. It would be well for the legislators of Indiana, before adopting a banking law, to become familiar with the principle of the State Bank of Ohio and its operations. A uniform system of banking in the two States could have no other effect than to inspire a mutual confidence and free interchange of currency. As it now is, no Indiana bills are regarded as good in Obio, nor can they be circulated there. A hint to the wise, &c. OHIO.

18. March 13, 1855 Minnesota Weekly Times Saint Paul, MN

Article from Minnesota Weekly Times, March 13, 1855

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Some mathematician has calculated that the war costs the Allies $300 a minute. # BROKEN AND SUSPENDED BANKS. PRESENT VALUE. Canal Bank, Cleveland, Ohio, 95 cents City Bank of Columbus Ohio, 95 cents Bank of Circleville Ohio, 65 cents Merchants' Bank, of Bridgeton, N. J. 80 cents Wheat Growers' Bank, Newtown, N. J. 80 cents Government Stock Bank, at Ann Arbour, Mich-igan, 40 cents Bank of Washtenaw, Michigan, 25 cents Erie & Kalamazoo R. R. Bank, Michigan, 25 cents Farmers & Mechanics' Bank of Kent County Maryland 65 cents Newport Safety Fund Bank, Kentucky, — cents Stark Bank, Vernont, 50 cents Cochituate Bank, Boston, Mass. 25 cents Eighth Avenue Bank, New York City, 93 cents Lewis County Bank, Martinsburgh, N. Y. 10 cents Union Bank, Chicago, Illinois, 75 cents City Bank, Chicago, Illinois, 75 cents Mechanics' and Farmers' Bank, Springfield, Illinois, 75 cents Farmers' Bank, Chicago, Illinois, 75 cents Ship Builders' Bank, Maine, — cents Trans-Alleghany Bank, Virginia, 90 cents Bank of Milford, Delaware, — cents Exchange Bank of Selden, Withers & Co. Washington, 50 cents

19. March 22, 1855 Weekly Indiana State Sentinel Indianapolis, IN

Article from Weekly Indiana State Sentinel, March 22, 1855

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LEGITIMATE Business.-The Bank of Circlevile, whose corporate existence expired a few days since, and whose business was stopped a few months ago by its own rottenness, is now engaged in buying upits own paper at a greatly depreciated price. The agents of the concern are running over the State crying down the paper, and then availing themselves of the doubt created thereby to purchase from holders. It is a miserable shaving-shop, and ends its existence in a most legitimate way. -Enquirer.