Pickaway County Bank - Circleville, OH

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: November 8, 1854
Location: Circleville, Ohio (39.601, -82.946)

Metadata

Model: gpt-5-mini
Short Digest: d11f5fbd

Response Measures

Full suspension

Other: Bank stopped payment (suspension) citing brokers' actions in other cities; intended to redeem circulation backed by state stocks.

Description

Article (Nov 15, 1854) reports a general run on depositing banks and states the Pickaway County Bank 'stopped payment on Wednesday last' because of actions by brokers in Chicago, Cleveland and Cincinnati. No explicit reopening or permanent closure is reported, so the sequence is run → suspension but final outcome is unclear.

Events (2)

1. November 8, 1854 Run

Cause: Local Banks
Cause Details: General run in the region; banking panic and runs on depositing banks following failures and broker actions in other cities.
Newspaper Excerpt: The most intense excitement prevails in the city, and a general run has been made on all the depositing banks.
Source: newspapers

2. November 8, 1854 Suspension

Cause: Correspondent
Cause Details: Stopped payment reportedly due to actions of brokers in Chicago, Cleveland and Cincinnati that affected the bank's ability to meet deposits; circulation secured by state stocks and bank pledged to redeem notes when possible.
Newspaper Excerpt: The Pickaway County Bank, Circleville, stopped payment on Wednesday last. The Cashier says they were compelled to stop on account of the course which the Chicago, Cleveland and Cincinnati Brokers pursued towards them.
Source: newspapers

Newspaper Articles (1)

1. November 15, 1854 The Ashland Union Ashland, OH

Article from The Ashland Union, November 15, 1854

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Article Text

made, breaks. All that's necessary is to look into them, and they bust up " instanter. The following private banking houses have failed since our last issue CINCINNATI--McMicken & Co., Smead, Collord & Hughes, Ellis & Sturges and T. S. Goodman & Co. These bankers all promise to secure their depositors, principal and interest, and claim to have stopped payment for a few days only. The most intense excitement prevails in the city, and a general run has been made on all the depositing banks. PITTSBURGH-Hugh D. King, banker, failed on the 9th. Great excitement in the money market. Burralo-Robert Codd's Exchange Bank gone. Commercial circles very blue. In addition to these private failures, we have the following Banks of issue, in which our readers are more deeply interested The Pickaway County Bank, Circleville, stopped paymenton Wednesday last. The Cashier says they were compelled to stop on account of the course which the Chicago, Cleveland and Cincinnati Brokers pursued towards them. He says, further, that the Bank will redeem every dollar of its circulation. Its circulation is secured. by State Stocks. It is worth seventy-five-cents on the dollar at home. The Clinton Bank of Columbus has had quite a run and is considered in a very precarious condition. It is refused on deposit here, and weadvise our readers to keep clearof for the present. The City Bank of Columbus, to the surprise of every body, stopped payment on the 10th. This Bank was considered one of the safest in Ohio, as it had a large amount of the City and Township funds deposited with it, besides the proceeds of the late State Fair. Its notes are secured by State Stocks. BECKEL'S Miami Valley Bank, Day. ton, has also failed. Mr. BECKEL is represented as being principal owner of several Turnpikes, is a heavy stockholder in numerous Rail Roads, and owns a large amount of Real Estate. It is said that he is good for all his liabilities. The notes of this Bank are secured by State Stocks. BECKEL also owns the Wayne County Bank, of Indiana, so look out for that ! The Canal Bank of Cleveland, went by the board on Thursday. Italso was one of the State Stock Banks. It has closed down on its depositors to the tune of one hundred and eighty thousand dol. lars It will continue to redeem its notes SO long as its specie lasts. When that fails, it proposes to exchange the redoemed notes for Stocks in the hands of the State Auditor. These Stocks will then be sold at par if they can, and the redemption of the notes continued. We here give a list of all the Ohio Banks whose circulations are secured by State Stocks in the hands of the Auditor. So long as our State Stocks are worth their face, the notes of these Banks will be good, break or no break. Bank of Commerce, Cleveland; Bank of Marion Bank of Geauga Canal Bank of Cleveland; City Bank of Cleveland; City Bank of Columbus City Bank of Cincinnati Commercial Bank of Cincinnati; Champaign County Bank, Urbana; Franklin Bank of Zanesville; Franklin Bank of Portage County; Forest City Bank, Cleveland Iron Bank of Ironton; Mahoning Co. Bank, Youngstown; Merchant's Bank of Massillon; Miami Valley Bank of Dayton; Pickaway County Bank, Circleville Sandusky City Bank Seneca County Bank, Tiffin Springfield Bank Stark County Bank, Canton; Union Bank, Sandusky City. Western Reserve Bank, Warren: The reader will perceive that the above named five Banks which have suspended payment, are included in this list. If any of our readers have any of the notes of these Banks in their possession, we would advise them not to part with them at much of a sacrifice. They are amply secured, and the Banks have only stopped payment because they are unable to pay their depositors. Let it also be understood that the above list contains all the Banks in the State whose circulations are secured by State Stocks, and that all others are doing business upon private capital alone. Let every man cut out this list and paste it in his hat. We would advise our readers to pay strict obedience to the Small Note Law. Don't tak a single dollar of foreign bank paper, if you would be safe. Ohio mon-