17498. Bank of Hamilton (Hamilton, OH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 22, 1842
Location
Hamilton, Ohio (39.394, -84.566)

Metadata

Model
gpt-5-mini
Short Digest
3efc8d83

Response Measures

None

Description

Newspaper articles from Feb–Apr 1842 report the Bank of Hamilton (OH) 'made an assignment', 'has suspended' and 'its effects have been assigned to trustees'; notes heavily discounted and listed among broken/suspended banks. No explicit run reported. Outcome indicates suspension and effective closure/liquidation.

Events (2)
1. February 22, 1842 Other
Newspaper Excerpt
BANK OF HAMILTON. We learn ... that the Bank of Hamilton made an assignment on Wednesday evening last. J. M. Millikin, A. McLeary and Jesse Corwin, are the assignees.
Source
newspapers
2. February 26, 1842 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank made an assignment; insolvency/financial failure leading to suspension and assignment of assets to trustees.
Newspaper Excerpt
The Bank of Hamilton has also suspended, and its effects have been assigned to trustees.
Source
newspapers

Newspaper Articles (5)
1. February 18, 1842 New-York Tribune New York, NY
Article from New-York Tribune, February 18, 1842

Click image to open full size in new tab

Article Text

### 1,000 do.s 15 days 19 The market is very quiet for Foreign Exchanges, but firm and with a tendency to improve. Leading Sterling we quote at 8 a 84, and some drawers demanding 84. Francs 5.283. The Havre packet, in consequence of the injury to her stern received in the gale last night, did not sail to-day. She will probably be detained several days. She takes a considerable amount of specie. The notes of the State Bank at Buffalo are selling to-day at 50 per cent discount. The Inland Bills are without much change. Philadelphia and Virginia are improving. We quote Philadelphia 54: Baltimore 34: Virginia 73 a 81; North Carolina 5 a 51: Charleston 14 a 12: Savannah 2 a 21; Augusta 24 a 2: Macon 13: Columbus 15; Mobile 184: Montgomery 14: Tuscaloosa 14; New-Orleans 64 a 61: Nashville 15 a 16; Louisville 9 a 91: St. Louis 17 a 17; Cincinnati 15 a 16: Interior Ohio 17: Indiana 19: Illinois 25. Treasury Notes are dull to-day at a discount. A supply of some five millions is expected within a few days. The Bank bill was still under discussion in the Senate of Pennsylvania. It was not improbable that another Bank bill would be introduced, so that three or four bills would be under consideration at once, each conflicting with the other. An immediate resumption meeting is to be held this evening in Philadelphia. A memorial is in circulation praying the Legislature to adjourn. A proposition was introduced into the House to establish an Independent Treasury for the State and to separate entirely the fiscal concerns of the commonwealth from any connection with banking institutions. An examination of the assets of the Bank of Hamilton, Ohio, has been had, which shews it is stated the Bank to be in as good condition as the general run of Banks. The Bank has made an assignment. Its notes will probably be soon paid The Urbana Citizen states that the Bank of Urbana re-deems its notes and all its promises regularly, excepting to brokers and others who have apparently been speculating upon them. The Bank is winding up its business. The St. Louis New Era of the 1st iast, says that Illinois money continues to flow into that market from the East, and that it the demand for exchange from abroad continues, the credit of the paper there must give way. There is no exchange now to be had on any city East of that place, and the merchants there were suffering in consequence, and would be compelled to let the paper depreciate, as they could not afford to pay fifteen to twenty per cent for exchange. On the 1st instant the House of Representatives of Louisiana concurred with the Senate in the passage of the "Compromise Bank Bill." This bill is intended to provide for the immediate resumption of specie payments by the banks. By the official report of the Bank of Cape Fear, North Carolina, it appears that its circulation was $962,197, Deposits $217,209, due Banks $21,115, Specie $365,648, due from Banks $288,343, Bank Notes $238,698. Several of the stockholders of the Hawkinsville Bank of Georgia, upon which institution there had been a run, have pledged their private property to protect its bill-holders. The Georgian states that the assets of the Bank amount in round numbers to $453,000-the liabilities to $273,000. Allowing $20,000 (which is believed to be a fair amount) of the notes to be unavailable, they will still cover all liabilities and leave the capital stock (160,000) unimpaired. The joint committee on banks in the Kentucky Legislature, have recommended that the 1st of November be the day fixed for resumption by the banks, contingent upon the resumption of the banks in New-Orleans. According to the message of Governor Call, the Bonds issued by the Territory of Florida amount to 3,909,000 dollars, of which 3,000,000 were to the Union Bank, 480,000 to the Southern Life and Trust Company, and 500,000 to the Bank of Pensacola. The Governor argues that the Territory is not liable for the interest on these bonds until recourse has been exhausted to the Banks and each stockholder. As the Territory has now no circulation but of the suspended banks, the Governor recommends the chartering of a new bank which shall pay specie under all circumstances.

2. February 22, 1842 Democratic Standard Georgetown, OH
Article from Democratic Standard, February 22, 1842

Click image to open full size in new tab

Article Text

BANK OF HAMILTON. We loarn from an unquestionable source, that the Bank of Hamilton made an assignment on Wednesday evening last. J. M. Millikin, A. McLeary and Jesse Corwin, are the assignees. They are gentlemen of high integrity; and the assets of the Bank will be properly cared for in their hands. This step is taken by the bank, undoubtedly, to guard against the "Receivers" of the expected resumption act. We advise holders of this paper (if they can possibly keep ii!) not to part with it at any unnecessary sacrifice. [Cin. Republican. The managers of the Gallipolis Bank, ran away to escape the law's Receivers," also, One or two were so unfortunate as to be caught, however, notwithstanding. [Statesman.

3. February 26, 1842 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, February 26, 1842

Click image to open full size in new tab

Article Text

RICHMOND, SATURDAY, FEB. 26, 1842. RESUMPTION. LOUISIANA. A Lill has passed both Houses, with but little opposition, to prevent the banks from increasing their circulation, until they have signified their accept- ance of the Bank bill, or have by their refusal been sued for a forfeiture of their charter and have received a ver- dict in their favor from the proper tribunal. L'ENNSYLVANIA.---After a long discussion, the Senate have adopted the following, first, section of the Bank Bill, by a strong majority of 22 to 8: "SEC. 1. Be it enacted, That the Banks of this Commonwealth, from and after the passage of this ac shall redeem their notes and deposites in gold and silver coin upon demand being made at their banking houses during banking hours an a refusal or failure to pay in gold and silver as aforesaid shall be deemed and taken to be an absolute forfeiture of their respective charters: Provided, That no contract previously made as to the payment of deposites, shall be affected by the provisions of this section." The Harrisburg Reporter of the 22d says, that "The remainder of the bill will probably be passed to-day. It needs no detail. The first is the section." QnIO-The Columbus Statesman of the 17th says, "That since the prospect of resumption has taken place in Ohio, the large Canadian purchasers of wheat have resolved to pay nothing in future to our farmers, but gold and silver. Heretofore these wheat buyers sold their specie, or specie drafts to the Ohio Banks, and paid the paper for wheat The worse the Bank, the higher the premium, while the people bore the whole loss. The crisis will soon be passed-the worst is even now over, we verily believe, as we have it pretty direct that 20, if not 23 of our Banks will resume specie pay- ments on the 4th of March, and exchange is about being reduced by these Banks at once, to from 1½ to 3 per cent. on New York, instead of 15 to 20 as now charged. This will be a saving to the people of Ohio, the ensuing year, in exchanges alone, of more than a million of dollars. We announced yesterday, that the Chillicothe Bank had gone into liquidation-and to-day we learn that the Cleveland Bank, long notorious for its rottenness, has exploded, a la mode Gallipolis and Ur- bana." The Bank of Hamilton has also suspended, and its effects have been assigned to trustees. ### Mr. Clay's Retirement and the Views of the Whigs! The Washington Correspondent of the New York American gives us, by one stroke of the pencil, an in- sight into the Views of the Whig Party. He states on the 17th February, that "Mr. Clay has written to the Governor of Kentucky, resigning his seat in the Se- nate-the resignation to take effect at the end of the month of March. A strong effort is making at this moment to induce him to detain the letter a day longer, and to take time for reconsideration. The Whigs re- present the strong necessity of his remaining another year to do for the Nation what no other man can, in this great crisis. All the great measures to which his public life has been devoted are now in agitation; and want his peculiar powers to push them through Con- gress and sustain them before the people. A National currency, credit, a National interest in Internal Im- provements, and a National support of them, an Ame- rican system of protection to all our home interests now withering under thirteen years of misgovernment; these are the great measures which this Congress must labor to mature and achieve." Yes; here we have the series of measures which the Whigs are determined to fasten upon the country du- ring "this Congress," (mark! whilst they wield a no- minal majority: and before the People have risen to hurl them from their ill-gotten power.) Here is a National Bank, a National System of Internal Im- provements, a National Protective Tariff, all in magni- ficent perspective. But unfortunately Mr. Clay is go- ing home to mend his fences, get clear of the gathering tempest, and secure his waning popularity. His tongue only will be wanting, but not his head for carrying out these favorite measures. He will command his follow- ers as freely as ever, without the ap, at arrogance of dictating, and the responsibility of controlling his minor agents.

4. March 31, 1842 The Ohio Democrat New Philadelphia, OH
Article from The Ohio Democrat, March 31, 1842

Click image to open full size in new tab

Article Text

SPECIE PAYING BANKS. Western Reserve Bank, Farmers and Mechanics Bank Steubenville, Columbiana Bank of New Lisbon, Bank of Mt. Pleasant, Belmont Bank of St. Clairsville, Bank of Marietta " Zanesville, " Muskingum, " Circleville (old) Ohio Life Ins. & Trust Co. Bank of Norwalk, Deyton Benk, Bank of Geauga, " Wooster, " Massillon, Sandusky, Xenia, Franklin Bank of Cincinnati, Lafayette. is " Commercial Commercial Bank of Scioto, Glinton Bank of Columbus, The Columbus Statesman, contains a 'Specie basis Bank Note Table," in which the value of the following suspended andbroken Bank notes, is thus rated: Franklin Bank of Columbus, 18 discount, 20 dis. Bank of Chillicothe, 25 dis: Lancaster Ohio Bank, 50 dis Bank of Hamilton, 50 dis Farmers Bank of Canton, 50 dis Con mercial Bank of Lake Erie, 60 dis Bank of Cleveland, 62 dis Bank of Granville, 75 dis Urbana Banking Co. INDIANA. 10 dis State Bank'& Branches, 50 dis State Scrip, 5s MICHIGAN. 10 dis Bank of St. Clair, Indorsed by Smithe 10 dis

5. April 21, 1842 The Ohio Democrat New Philadelphia, OH
Article from The Ohio Democrat, April 21, 1842

Click image to open full size in new tab

Article Text

BROKEN & SUSPENDED BANKS. Farmers Bank of Canton, Franklin Bank of Columbus, Bank of Chillieothe, Com. Bank of Lake Erie, Bank of Cleveland, Lancaster Ohio Bank, Bank of Granville, Bank of Hamilton, Urbana Bank ing Co. The five banks to the left, are broken, and their notes worth. from 25 to 50 cents OII the dollar. The four to the right are suspended, and worth from 70 to 80 cents. The notes of the Indiana State Bank, and Bank of St. Clair, Michigan, endorsed by the Smiths, are still in circulation. But we advise the public to be on their guard Some hard things are being said about these wo banks