17304. Circleville Bank (Circleville, OH)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
November 24, 1854
Location
Circleville, Ohio (39.601, -82.946)

Metadata

Model
gpt-5-mini
Short Digest
dab9cf1e

Response Measures

None

Description

Contemporary dispatches report the Circleville Bank 'suspended' in November 1854. One dispatch (NY Tribune 1854-11-16) states the copartnership expires on the 24th inst. and they 'have decided to suspend,' implying a voluntary/partnership-driven suspension rather than a depositor run or regulatory closure. Later items merely repeat an anecdote about the suspension. No article states a permanent closure or receiver, and the Tribune reports assets exceed liabilities, consistent with a temporary suspension (likely reopening later).

Events (1)
1. November 24, 1854 Suspension
Cause
Voluntary Liquidation
Cause Details
Management decided to suspend operations when the copartnership expired on 24 Nov 1854; suspension appears voluntary and tied to partnership change rather than depositor panic or insolvency.
Newspaper Excerpt
as the copartnership of this house expires on the 24th inst., they have desided to suspend.
Source
newspapers

Newspaper Articles (12)
1. November 15, 1854 The Weekly Portage Sentinel Ravenna, OH
Article from The Weekly Portage Sentinel, November 15, 1854

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The Bank Failures. Failures are the order of the day. A commercial crisis has come, which threatens to overthrow the would be "money Kings" of the country, and exhibit their affairs in a true but not very enviable light. Storms are said to purify the atmosphere, and it is to be hoped that the financiel storm now upon us will clear away the rubbish and show business men where and how they stand. The heavy failures which have recently occurred, have caused a feeling of insecurity throughout the whole country, and the people very justly begin to make an examination of their financial concerns. A month or two ago every day brought us news of Bank failures from New York, Michigan, Indiana, Kentucky and other States around us, 80 that some began to congratulate themselves, that our home institutions were better than foreign, (this may be the case; they are all bad enough;) but the recent news from Cincinnati, Dayton, Circleville, Columbus and Cleveland, is beginning to shake the confidence of the people in every thing, like banking institutions anywhere. First came the failure of Ellis & Sturges; about the same time, word was received that the Circleville Bank had 'gone by the board.' The next day the Miami Valley Bank "suspended payment." The day after, the Clin. ton bank of Columbus was said to be in a fainting condition, and last, but not least the Canal Bank at Cleveland has "given up the ghost" and robbed its depositors and time draft holders of one hundred and eighty thousand dollars! Beautiful institutions truly. If a poor man were to steal $35 to get food for his family, he would be deemed a felon and sent to the Penitentiary; but a Bank may receive thousands on deposite just on the eve of failure, suspend payment, defraud its credit. ors, out of their money and its directors and officers go unpunished! These are the same privileged institutions which are exempted from the payment of taxes, and as a consequenee are licensed to defraud and wrong the laboring classes without hinderance or restraint. The circulation of some of these Banks however, is secured by State or United States Stocks. Where this is the case the bill holders are secure. But the depositors of money with them, are without security and as a consequence lose the whole amount of their deposites. Below, we append a list of the only Banks in Ohio whose circulation is secured by State or United Statas Stocks deposited with the officers of State: Bank of Geauga; Canal Bank of Cleveland; City Bank of Cleveland; City Bank of Columbus; City Bank of Cincinnati; Commercial Bank of Cincinnati; Franklin Bank of Zanesville; Mahoning County Bank, Youngstown; Sandusky City Bank; Seneca County Bank, Tiffin; Western Reserve Bank, Warren; Bank of Commerce, Cleveland; Bank of Marion; Champaign County Bank, Urbana; Franklin Bank of Portage Co., Franklin; Forest City Bank, Cleveland; Iron Bank of Ironton; Merchants' Bank of Massillon; Miami Valley Bank of Dayton; Pickaway County Bank, Circleville; Springfield Bank; Stark County Bank, Canton; Union Bank, Sandusky City. 05 P. S. Since writing the above, news has reached us of the failure of the City Bank of Columbus, Farmers Joint Stock Bank, Buffalo; Wondbury Bank, Connecticut and Exchange Bank, Buffalo. So they go. We are a fast people.

2. November 15, 1854 The Cadiz Democratic Sentinel Cadiz, OH
Article from The Cadiz Democratic Sentinel, November 15, 1854

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The State Bank of Ohio-Danger Ahead! The Journal of last evening, in announ. cing the failure of the Circleville B ank, opens up the question of the solvency of the Ohio Banks as follows: "One word as to bank panies. No institution in the State can stand the present stampede. Every body runs to the Banks for assistance. How can that assistance be granted, when every dollar is run back upon them for specie? Keep quiet. Every dol lar of the State and Independent Banks is secured by Ohio State or the United States bonds. This certainly will answer all reasonable men-even our neighbors of the Statesman have not shut down upon them." A sense of duty to the public compels us to correct the statement of the editors of the Journal, who are evidently bent upon sustaining Alfred Kulley's Banks, in their death-throes, at the expense of the people. There is no security, such as that indicated by the Journal, for the creditors of the mis called "State Bank of Ohio." The safety of the note-holders depend alone upon the wealth and integrity of its managers. The resources required by the law, are no giverantee of S6 eiz to the note-holders. Wt do not advise a panie, and have no motive or disposi ion to excite alarm; but justice to our readers makes it a du to state that the continue redemption of the notes of the State Bank of Ohio is a question wich those connected with it of--honor! Believing that the whole system is upon the threshold of dissolution, we could neitharrest non accélérate its downward progress; but bill-holders, who have interests involved, are entitied to a knowledge of the fact that there is just cause of alarm. The mistatement of the Journal renders it r.e. cessary that this much, at least, should be said. are We append a list of the only Banks in Ohio, whose circulation is secured by State or United States Stocks, deposited with the officers of State: Slutesman Bank of Geauga; will driw Canal Bank of Cleveland City Bank of Oleveland; fasse City Bank of Columba to AND City Bank of Cincinnati; tike Commercial Bank of Cincinnati; Franklin Bank of Zanesville;- will the Mahoning County Bank, oungstown; Sandusky City Bank; Seneca County Bank, Tiffinide) Western Reserve Bank, Warren; Bank of Commerce, Cieveland; Bank of Marion; Chess Champaign County Bank, Urbana; Franklin Bank of Portage Co., Franklin; Forest City Bank, Cleveland; Iron Bank of Ironton; Merchant's Bank of Massillon; Miami Valley Bank, Dayton; Pickaway County Bank, Circleville; of Springfield Bank; Stark County Bank, Canton; Union Bank, Sandusky City.

3. November 16, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 16, 1854

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From which it will be seen that the increase in receipt now amounts to 29,000 bales: the increase in exports to Great Britain, 8,000; France, 33,000. Total increase in exports, 41,000. The Arabia to-day took $1,282,650 in gold bars which is even larger than was expected, and the largest shipment for many months. It must be observed, however, in regard to this large shipment, that there will be no steamer on Saturday next, and that the next Cunarder goes from Boston. There Mint bars are selling at I P cent. discount. The Exchanges at the Clearing-House were $17,384,500. Among the suite commenced against the New-Haven Railroad Company, is one by Mr. Belmont for $65,000. Mr. Sandford has resigned as Director of this Road, and Judge Roosevelt has been elected in this place. The Judge is committed to the necessity of a judicial decision upon the false stock. The financial disasters of the day are the suspension of the Mechanics' and Traders' Bank of Cincinnati, a branch of the Ohio State Bank, and of Messrs. Matthews, Finlay & Co., Exchange bankers of NewOrleans. The latter is not an important house. The failure of the Ohio State Branch, in Cincinnati, the very nucleus of the panic, argues nothing against the solvency of the other branches. There is no connection between the branches excepting that each receives the notes of the others, and all are eventmally bound pro rata for any deficiency in the assets of a failed branch to meet its liabilities. Two or three dispatches from Messrs. Selden, Withers & Co., Washington, state that they are paying everything presented to-day. At Chicago the house of George Smith & Co. is sustaining a run, but Mr. Smith, who is in town, expresses himself entirely confident that nothing can exhaust bis ability to pay. Mr. Smith has been the mammoth banker of the West for several years, and has come out of several severe runs without injury. Unlike most owners of shinplaster banks, Mr. Smith has never shown any disposition to abandon his banks in days of trouble and throw a loss upon the public. In regard to the Circleville Bank The Circleville Herald says: We believe that the managers of the bank have the universal confidence of this community. This is evinced in the fact that most of our business men contibue to take the notes at par. To the bill-holders we would say, de not submit to a shave upon its paper. All you have will be redeemed. The assets of the bank exceed its liabilities by a large amount." A later dispatch states that as the copartnership of this house expires on the 24th inst., they have desided to suspend. The resources of the house are believed to be ample to meet its liabilities and leave a surplus without recourse to the private property of the partners. In regard to this house The Washington Star says: The partners in this establishment are Messrs. John Withers, of Alexandria, Va G. W. C. Whiting and Robert W. Latham, of this city, and L. P. Bayne, Esq., of Alexandria. The first named is certainly a man of great wealth -worth, at least, $600,000 in bona fide property. The rest of the members of the firm are regarded in this community as men of means, independent of their capital invested in this bank. A member of the firm assured us that without the means of Withers, their property, with the assetts of the house, is at least $300,000 above and beyond any and all liabilities of the concern. Mr. Selden, formerly known as one of the firm, withdrew from it sometime since, but left his name to be used by it as usual. The bank has on hand & large sum belonging to depositors." Money is decidedly more comfortable among the stock-houses, but general borrowers still find difficulty in making loans even at high rates. Paper without change and of right quality not pressing on the marhet. The Banks are not, as far as we can learn, making any important change in their leans. These institutions have increased their specie from the SubTreasury about $500,000 since Friday last, and to this must be added the receipts of gold from the West,

4. December 9, 1854 Daily American Organ Washington, DC
Article from Daily American Organ, December 9, 1854

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THE CIRCLEVILLE BANK-A Good STORY ABOUT A BILL-HOLDER.-The Ohio Statesman tells a good story of a Cincinnation, a great friend of the Circleville Bank, who, at the time of its suspension, was on his way to it with fifteen to twenty thousand of its promises to pay, which he designed to convert into coin. When he arrived he was overwhelmed with astonishment by the news of its suspension, and wishing to inform his friends of the fact, and that he would return home the next day he rushed to the telegraphic office, and sent them the following startling despatch : " Circleville Bank has gone to hell, and I will be there to-morrow."

5. December 18, 1854 Republican Vindicator Staunton, VA
Article from Republican Vindicator, December 18, 1854

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ANECDOTE.- The Ohio Statesman tells a story of a Cincinnatian, a great friend of the Circleville Bank, who at the time of its suspension, was on his way to it with fifteen to twenty thousand of its promises to pay, which he designed to convert into coin. When he arrived he was overwhel- med with astonishment by the news of its suspension, and, wishing to inform his friends of the fact that he would return home the next day, he rushed to the tele- graph office and sent them the following despatch: "Circleville Bank has gone to hell, and I will be there to morrow."

6. December 20, 1854 The Cadiz Democratic Sentinel Cadiz, OH
Article from The Cadiz Democratic Sentinel, December 20, 1854

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Haddock of the Statesman tells a good story of a Cincinnatian, a great friend of the Circleville Bank, who at the time of suspension was on his way to it with fifteen or twenty thousand of its promises to pay, which he designed to convert into coin.When he arrived he was overwhelmed with astonishment by the news of its suspension. and wishing to inform his friends of the fact and that he would return home the next day, he rushed to the Telegraph office and sent them the following startling dispatch: "Cire eleville Bank has gone to hell, and / will be there to-morrow!"

7. December 23, 1854 Southern Sentinel Plaquemine, LA
Article from Southern Sentinel, December 23, 1854

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The Ohio Statesman tells a good story of a Cincinnatian, a great friend of the Circleville Bank, who, at the time of its suspension, was on his way to it with fifteen to twenty thousand of its promises to pay, which he designed to convert into coin. When he arrived he was overwhelmed with astonishment by the news of its suspension, and wishing to inform his friends of the fact, and that he would return home the next day, he rushed to the telegraph office, and sent them the following startling dispatch: "Circleville Bank has gone to hell, and I will be there to-morrow."

8. December 28, 1854 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, December 28, 1854

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The Ohio Statesman tells a good story of a Cincinnation, a great friend of the Circleville Bink, who at the time of the suspension was on his wav 10 n with fifieen to twen'y thousand of its promises to pay, which he designed to convert into coin.- When he arrived, he was overwhelmed with astonishment by the news of its suspension, and wishing to inform his friends of the fact, and that he would return home the next day, he rushed to the telegraph office, and sent them the following startling dispatch Circleville Bank has gone to Is-1, and I will be there to morrow "

9. January 4, 1855 The Jackson Standard Jackson, Jackson Court House, OH
Article from The Jackson Standard, January 4, 1855

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NUMBER 4 1. THE CIRCLEVILLE BANK, A GOOD STORY ABOUT A BILL HOLDER.--The Ohio Statesman tells a good story of a Cincinnatian. a great friend of the Circleville Bank. who at the time of its suspension, was on promises to pay, which he designed to convert into coin. When he arrived he was overwhelmed with astonish. ment by the news of its suspension, and wishing to inform his friends of the fact. and that he would return home the next day, he rushed to the telegraph office, and sent them the following startling dispatch: Circleville Bank has gone to hell, and I will be there tomorrow."

10. January 6, 1855 Southern Shield Helena, AR
Article from Southern Shield, January 6, 1855

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THE BATTLE OF INKERMAN.--Prince Menschikoff, in his official bulletin of the 5th of November, announces that he had 3500 soldiers and 109 officers wounded in that day's fighting, but as to the number of dead, he was not yet able to give it. Placing the killed at 1500, which is a fair estimate, the total of men and officers would be 5109. The loss on the side of the allies is estimated in the London Times as follows: of English, 102 officers and 2500 soldiers killed and wounded; of French 48 officers and 1300 soldiers, making in all 3950. Or, in round numbers, 5000 Russians against 4000 of the allies, killed and wounded. The Turks took no part in the battle. In reading the number of superior British officers killed at the battle of Inkerman, we think that Lord Raglan might repeat the exclamation of Pyrhus, after his battle with the Romans- Another such victory, and I must return to Epirus alone. " Droll incidents are sometimes connected with telegraphic business.A gentleman who recently started from home with some four or five thousand dollars worth of bills on the Circleville Bank, when that institution was discredited, for the purpose of getting them redeemed, heard on his way that the bank had suspended payment. He therefore telegraphed back to his associates in business, intending to discontinue his journey and return home, as follows:--"The Circleville Bank has gone to hell. I shall be there to-morrow." An exchange paper says that camphor has been discovered to be an antidote for that terrible poison, strychnine. A man who had been thrown into convulsions by two doses of the poison-one-sixth of a grain each, administered for the rheumatism-was relieved by twenty grains of camphor taken in six grains of almond mixture.

11. January 6, 1855 The Ottawa Free Trader Ottawa, IL
Article from The Ottawa Free Trader, January 6, 1855

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The Ohio Statesman tells a good story of a Cincinatian, a great friend of the Circle. ville bank, who, at the time of its suspension, was on his way to it with fifteen to twenty thousand of its promises to pay, which he designed to convert in to coin. When he arrived he was overwhelmed with astonishment by the news of its suspension, and wishing to inform his friends of the fact, and that he would return home the next day, he rushed to the telegraph office and sent them the following startling dispatch ; "Cir cleville bank has gone to hell, and I will be there to-morrow."

12. January 10, 1855 The South-Western Shreveport, LA
Article from The South-Western, January 10, 1855

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For salvation, free and glorious, For the cross to us displayed, For the words of wondrous mercy, "Christ our righteousness is made," Grateful hearts to thee we bring, Lord accept our offering. A curious work has lately been published in France, on the popular literature of that country, but particularly of that class which is called "La literature du colportage," such as pamphlets, almanacs, hand-books, chap-books, and others 'for the million.' The history of these almanacs is curious, and their contents still more so. As a specimen of the queer stories contained in them, most of which, it is said, are implicitly believed because they are printed in such reliable works, we quote the following: "A fisher for crabs near Etreat, on the coast of France, having ventured out on the rocks which spread along the base of the steep cliffs, found in a little hollow basin a bottle which had been left there by the waters of the main sea. This bottle was carefully stopped. Having been broken by the crab fisher, he found in it parchment on which were traced the follow-ing lines: "I have now floated on these waters for eight and thirty days. Thank God, I am in good health, and also my children; but my animals give me a great deal of trouble. The fox will eat the chickens, the wolves bite the sheep, and the lions cast upon me every now and then glances which do not at all raise my spirits. I begin to be very uneasy. I was certainly wrong not to bring a couple of Van Amburgh's with me in the ark. Yesterday, I sent out the raven to get me some news. The shabby fellow has not come back. The lion is looking at me add shooting out his tongue. How will it all end? If I am eaten, I hope somebody will find this document. NOAH." The Ohio Statesman tells a story of a Cincinnatian, a great friend of the Circleville bank, who, at the time of its suspension, was on his way to it with fifteen or twenty thousand of its promises to pay, which he designed to convert into coin. When he arrived he was overwhelmed with astonishment by the news of the suspension, and wishing to inform his friends of the fact and that he would return home the next day, he rushed to the telegraph office and sent them the following startling despatch: "Circleville bank has gone to hell, and I will be there to-morrow." There is a man among the knobs of Indiana, who boasted that he could prevent a run on his bank with a barrel of wh-key. He does not trouble himself about coin, currency, or exchange; but by letting his whiskey run among the natives, they get up a run against all runners, who, in turn, run out of the country faster than they ran in. The effect of such proceedings, strange to say, does not produce any doubt about the basis of the bank, but merely astonishment at the very peculiar mode of doing business. The good people of Harrisburg, or a portion of them at least, were in a considerable state of excitement on Tuesday evening last. It appears an Italian necromancer announced one of his "wonderful performances," in the first part of which was to be a shower of gold dollars, each one present to have presented him an orange, to be followed by the mysterious disappearance of a lady. An audience of near four hundred was present, all ready to marvel at the wonderful shower of gold (when it took place,) partake of the magic oranges, and witness the mysterious disappearance. By some mistake, perhaps, the gold and orange feats were omitted, and about 8 o'clock it was discovered that in place of the "mysterious disappearance of the female," there was substituted the mysterious disappearance of a male, with $78-the proceeds of the entertainment. [Pittsburg Post. Two friends were conversing concerning a young lady, named Joy, whom they thought very beautiful, but who seemed quite decided-ly averse to changing her name. One said, "is it not strange she does not marry?" "Not at all," was the reply, "she will never wed." "Why, not, pray?" "Because her favorite poet forbid it. Does not Keats say, "a thing of beauty is a joy for ever?" We picked up a good anecdote the other day of an old methodist preacher, who rode a circuit a few years ago. While going to one of his appointments, he met an old acquaintance, who was one of the magistrates of the parish. He asked the minister why he didn't do as the Savior did ride an ass. "Because," said the divine, "the people have taken them all to make magistrates of." The New York Express says it is a common practice there to smoke at funerals. It often sees long files of persons with cigars in their mouths following the hearse. That is they wear the weed in their mouth. What a touching spectacle such a file must present, knocking off the ashes of an extinct friend, whose clay is cold, whose vital spark has fled. Blessed are they that mourn and are comforted simultaneously, after the manner of such sad New Yorkers. The hen pecked husband is happy enough if he were only left alone, but he generally has some kind friend, who is perpetually urging him "not to stand it." An editor out west offers his entire establishment, subscribers, accounts, &c., for a clean shirt and a good meal of victuals. He has been trying the experiment of endeavoring to please every body. Why is the cutting off of an elephant's head so widely different from cutting off any other head? Answer-Because, when you cut the head from the body you do not separate it from the trunk. The Baffalo Democrat thinks snow-balling in the streets a nuisance. Yes, so is child-bawling in church. The farmer whose pigs got so lean that they would not crawl through the cracks of their pen, stopped their 'fun' by tying knots in their tails. The old saying is, to make a man a drunk-ard, give him a wife who will scold him every time he comes home. A very loquacious lady once offered to bet her husband fifty dollars that he could not keep silent for an hour.