17397. Clinton Bank (Columbus, OH)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
May 30, 1848
Location
Columbus, Ohio (39.961, -82.999)

Metadata

Model
gpt-5-mini
Short Digest
1c61406e

Response Measures

None

Description

Two newspaper items (1848 and 1849) report heavy discounting of Clinton Bank bills and in Feb 1849 a pretty smart run upon the institution. There is no mention of suspension, receivership, or reopening/closure in the provided articles. The likely immediate cause was bank-specific solvency concerns (charter near expiry and issuance of new bills while charter lapses), not a discrete misinformation event.

Events (2)

1. May 30, 1848 Other
Newspaper Excerpt
The bills of this Bank are passing from hand to hand in this vicinity, with alarming rapidity. They are quoted in New York at cent at at 50 cent. 10 per per discount, ... its solvency depends on a business entirely disconnected with banking. ... We believe the charter of this bank has about two years yet to run.-Cleveland Plain Dealer.
Source
newspapers
2. February 15, 1849 Run
Cause
Bank Specific Adverse Info
Cause Details
Charter soon to expire and suspicious issuance of new $5 bills despite imminent legal death; depositors/bill-holders became suspicious about solvency.
Newspaper Excerpt
we learn to-day from Columbus that a pretty smart run is now bebeing made upon this institution. Look out, bill-holders! Plain Dealer, Feb. 15.
Source
newspapers

Newspaper Articles (2)

Article from The Kalida Venture, May 30, 1848

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Article Text

CLINTON BANK, COLUMBUS The bills of this Bank are passing from hand to hand in this vicinity, with alarming rapidity. They are quoted in New York at cent at at 50 cent. 10 per per discount, What the and condition St. Louis of the Bank is, no one knows, not even the stockholders themselves, because its solvency depends on a business entirely disconnected with banking. The Ohio Stage Company, one of the most heartless and powerful monopolies ever known in this, or any other State, a mnnopoly that by its fictitious wealth has been enabled to overshadow all competition in the way of private enterprise, is supposed to be sole owners of this Bank. If this company fails the Bank fails-so its solvency depends on the following contingencies:First; the amount of travel in the State2nd; good monopoly prices--3d; cost of driving opposition from the routes-4th: fidelity of the drivers, agents, and the general management of their business. This may appear rather a curious mode of coming at the solvency of a Bank, estimating chances of profit in a stage-business, but so it is.name every trade legalized of Banking which now-a-days monopoly. promises is Under but the another it, best return branch for of capit I, is carried on. We have our Wheat Banks, our Rail-road banks, our Steam-boat banks, and our Stage banks. Wherever we go, and whatever we do, on land or sea, a bank monopoly price we are compelled to pay. How completely are We monopoly governed. The sum and substance of Oliio whig legislation seems to be the granting of mcnopolies. The people of this great State fondly imagine that they govern themselves; but they do not. They are led about by the unseen, but strong bands of chartered companies. They are fastened down by the minate, but effectual fetters of banking institutions. They are under an influence whose name is Legion. Look at our boasted State Bank System with its political head, the "Board of Control!" Whoever saw a monopoly so huge, overshadowing by its potency a people professedly free? The Mail carrying for the next four years in this state has just heen let. Wonder if the Ohio Stage Co. have found opposition in. the bids, if their former monopoly has been broken up, and if these lettings have had anything to do with depreciating the credit of their Bank! We believe the charter of this bank has about two years yet to run.-Cleveland Plain Dealer. 300 No fewer than sixty coasting vessels are now owned by the aboriginal inhabitants, of New Zealand.


Article from Portage Sentinel, February 21, 1849

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Article Text

Clinton Bank of Columbus. The charter of this bank is soon to expire. Nevertheless we see any quantity of its bills in circulation and quite lately has appeared NEW bills of the denomination of 5 dollars. Whatidoes this mean? Does it portend a blow up? Why goes not this bank in view of its legal death, begin to wind up its business instead of extending it ? No wonder the people are suspicious of such a corporation. We learn to-day from Columbus that a pretty smart run is now bebeing made upon this institution. Look out, bill-holders! Plain Dealer, Feb. 15.