Dayton Bank - Dayton, OH

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 3, 1857
Location: Dayton, Ohio (39.759, -84.192)

Metadata

Model: gpt-5-mini
Short Digest: a8a70a8f

Response Measures

None

Description

Contemporary newspapers (Oct 1857–Feb 1858) list Dayton Bank among suspended Ohio banks during the Panic of 1857. Articles describe suspended status and depreciated notes; no run or reopening is reported. Likely permanent suspension/closure associated with the 1857 financial crisis.

Events (2)

1. October 3, 1857 Suspension

Cause: Macro News
Cause Details: Listed among many Ohio banks that suspended payments during the widespread financial stringency and Panic of 1857; part of systemic crisis rather than bank-specific scandal.
Newspaper Excerpt: The Miami Valley, Seneca County, Canal Bank of Cleveland, City Bank of Columbus, Clinton Bank of Columbus, Dayton Bank, Springfield Bank, and Upton Bank Sandusky, ...
Source: newspapers

2. February 4, 1858 Other

Newspaper Excerpt: Most of the currency in circulation in this city is notes on the following suspended banks: ... Dayton Bank, Dayton. Miami Valley Bank, Dayton, Clinton Bank, Columbus. The Canal Bank failed years ago ... their bills are being bought up from two to twenty-five per cent. discount ... and will soon bring to this city nearly all the bills these suspended banks have out, and take from us what few notes we now have of specie-paying banks.
Source: newspapers

Newspaper Articles (3)

1. October 6, 1857 The Davenport Daily Gazette Davenport, IA

Article from The Davenport Daily Gazette, October 6, 1857

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Article Text

St. Louis. Sr. LOUIS, Oct. 3d. We have nothing new to notice in the money market. Great stringency and insecurity continue to prevail. The body of our business men, however, stand firm, and no recent failures have been reported. The currency question is involving the community in greater embarrassment than ever. The banks have repudiated nearly all foreign bills, and throughout the city there is a great lack of a circulating medium. Retail traders are refusing all bank bills except those of the State Banks of Ohio and Indiana. Something must be done by our financiers to improve this state of things. The brokers aae holding frequent meetings but as yet, have recommended no means by which to escape the troubles. They only desire to save themselves. Our merchants should go to work and adopt some remedial plan for the whole people. Certainly, we have financial talent enough in our city to extricate us from this difficulty. The disorders of the community consequent upon the money troubles, have already been overcome. We have no longer any panies to contend against. All is quiet. The banks are safe and sound. The only difficulty is, how to start the wheels of currency. Let our competent business men, we have plenty of them, take the matter in hand. It must be done and quickly too. Rates of Exchange are entirely nominal. Prices for money are irregular, the banks discounting a very little at their legal rates, any outside lenders getting almost anything they ask-St. Louis Democrat, 3d. Cincinnati. CINCINNATI, Oct. 3d. This was another gloomy day in financial and business circles, and very little was done during the day. All seem as if waiting for the crisis, and what may be its conseqences in discussed generally. Money cannot be borrowed to any great extent. Exchange on New York is scarce, and in demand at 5 prem., and in one case, we know 9 prem., was paid. The banking houses are discriminating more closely, and the notes of the suspended Ohio Banks were thrown out to-day, also the notes of the Ashland (Ky.) Bank. The Miami Valley, Seneca County, Canal Bank of Cleveland, City Bank of Columbus, Clinton Bank of Columbus, Dayton Bank, Springfield Bank, and Upton Bank Sandusky, and it in clear that if some change does not take place for the better soon, the consequences must be most disastrous.-Commercial.

2. October 23, 1857 Indiana American Brookville, Indianapolis, IN

Article from Indiana American, October 23, 1857

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Article Text

folks can only realize six, except in times like these when they can realize from five to a hundred, OVER THE LEFT. But says the friend of banks, "well regulated banks are useful"-so, we add would be a well regulated whirlwind,-take the twists out of it, and "regulate" its speed to about five miles an hour, and it would not only be harmless but very pleasant ; but it would no longer be a whirlwind, that is all() Take away from banks the power to shave-the right to take all the interest it wants-the right to"issue notes, and the right to break with those notes in the hands of poor people, and it would no longer be a bank. Some of our readers want us to give a tlist of bad banks, That would require about twice large a sheet as ours, devoted to banks alone. The New York banks are all suspended. The following are considered too bad to take, all others are current: Ingra River bank, Tonawanda. Agricultural bank, Herkimer County, Dairyman's bank, Newport, Hollister bank, Buffalo, Ontario bank, Utica. O. Lee & Co's bank, Buffalo. Bank of Orleans, Albion. Reciprocity bank, Buffalo. Sackett's Harbor bank, Buffalo, Yates County bank, Penn Yan. Tompkin's County bank, Ithaca. Huguenot bank, New Paltz, Medina bank, Medina. Troy City bank Troy. Central bank of New York, of Utica. Hamilton Exchange bank. Greene. The following Illinois banks have increased their securities, and are current: Agricultural bank: Alton bank; Bloomington bank; Central (Peoria) bank : City (of Ottawa) bank; Chicago bank; Citizen bank; Elgin bank; Edgar County bank: Farmers' and Traders' bank; Frontier bank; Galena bank: Grayv Ille bank; In. ternational bank; Lafayette bank: Marion bank; McLean County bank; Merchants' and (Drovers bank; National bank: Northern Illinois bank; Na. pierville bank; Prairie Sta to bank; Bank of Peru; Pike County bank; Quincy bank; Railroad bank: Southern (Gravville) bank; State (Shawneetown) bank; E. 1. Tinkham & Co's bank; Warren County bank. The Ohio State Banks except the following, are current now, but may not be by the time our paper reaches its readers. Dayton Bank. Sandusky City do. Clinton do. Columbus. Miami Valley do. do. Columbus. City Franklin do. Columbus. The Kentucky Banks are yet current The following Free Banks in Indiana have increased their securities and are re" garded safe. There surplus of securities, over issues of 114,999: Bank of Goshen " Gosport. Mt. Vernon. Indiana. " Paoll. " Rockville. " Salem, New Albany. : Salem, Salem. Bloomington Bank. Cambridge City do. Canal do do Crescent City do Exchange do Westfield. Farmers' do Indiana Indiana Farmsrs' de Kentucky Stock do do Lagrange do Parke County do Prairie City Salem do Goshen. Southern do of Indiana. Thy following banks are closing, but their securities are good, amounting to 7,565 above issues: Central Bank. Brookville do Bank of the Capitol. " of Elkhart. of Monticello. of Syracuse Hoosier do Indiana Stock do Huntington County do Indiana Reserve do Fayette County do Merchants & Mechanics' do The Tippecanoe Bank is under protest.

3. February 4, 1858 M'arthur Democrat McArthur, OH

Article from M'arthur Democrat, February 4, 1858

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Depreciated Currency. We take the following from the Cleveland Plain Dealer. Most of the currency in circulation in this city is notes on the following suspended banks: Canal Bank, Cleveland. Seneca County Bank, Tiffin. Union Bank, Sandusky. Sandusky City Bank, Sandusky, Dayton Bank, Dayton. Miami Valley Bank, Dayton, Clinton Bank, Columbus. The Canal Bank failed years agothe time allowed for closing up its affairs has expired-the stocks pledged for the redemption of its bills have been sold, and the State has the proceeds, but refuses to redeem its notes in anything but currency. What we say of the Canal will apply to most of the other banks named above. Their bills are being bought up from two to twenty-five per cent. discount in Cincinnati and throughout the West, sent here and exchanged for notes of the specie-paying banks of Ohio, Indiana and Kentucky. It is very profitable business for the brokers and banks engaged in it, and will soon bring to this city nearly all the bills these suspended banks have out, and take from us what few notes we now have of specie-paying banks. If we have a check on one of the Cleveland banks for $2,000, probably $1,800, and possibly the whole of it, will be paid us in suspended banknotes-$1,000 of which is only worth in Cincinnati, and at most other points, $970 in gold, or $980 in notes of Ohio, Indiana or Kentucky specie-paying banks. If we object to being paid such stuff, we are told "it is taken by all the banks in this city, and is bankable funds. Our bank financiers may be. pursuing the right course, but we differ from them. We say, throw out the notes of all non-specie paying banks. The State authorities should at once dispose of, for coin, the securities held for the redemption of the notes of the above named banks, and redeem their notes in coin, which will cause them to be sent in rapidly. It is our impression the auditor of State had no legal right to sell the bonds of the Canal Bank for anything but coin, and that he is under obligations to redeem its notes promptly in coin whenever they are presented for redemption, and after they are redeemed, they would not be put in circulation again. The charter of the Clinton Bank of Columbus has expired, and it is time its bills were taken пр. We think there are no securities pledged for their redemption.