Lebanon Miami Banking Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 17, 1842
Location: Lebanon, Ohio (39.423, -84.220)

Metadata

Model: gpt-5-mini
Short Digest: 9f5bc471

Response Measures

None

Description

Newspaper (NY Herald, 1842-01-17) reports 'The Lebanon Miami Bank, which stopped lately, has made an assignment of all its assets ... for the benefit of the creditors.' This indicates the bank ceased payments and assigned assets (insolvent winding up). No run is described in the text. I corrected the article's short name 'Lebanon Miami|Bank' to the provided full name. Date taken from publication (stopped 'lately'); using publication date as event date approximation.

Events (2)

1. January 17, 1842 Receivership

Newspaper Excerpt: has made an assignment of all its assets to E. W. M'Guire, of Lebanon, for the benefit of the creditors.
Source: newspapers

2. January 17, 1842 Suspension

Cause: Voluntary Liquidation
Cause Details: Bank 'stopped' payments and made an assignment of all assets to an assignee for the benefit of creditors (insolvent winding up).
Newspaper Excerpt: The Lebanon Miami Bank, which stopped lately, has made an assignment of all its assets to E. W. M'Guire, of Lebanon, for the benefit of the creditors.
Source: newspapers

Newspaper Articles (1)

1. January 17, 1842 The New York Herald New York, NY

Article from The New York Herald, January 17, 1842

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Article Text

190.000 3,560 Notes of Banks, 11,014 Due Banks, Due from 18.068 5295 Deposites, 131.381 7,734 Other resources, Other liabilities, $376 $376,699 The Lebanon Miami|Bank, which stopped lately, has made an assignment of all its assets to E. W. M'Guire, of Lebanon, for the benefit of the ereditors. Three other banks have passed resolutions to wind up their affairs, viz: the Bank of Zanesville, the Commercial Bank of Lake Erie, and the Bank of Chillicothe. This last is one from which the State obtained a loan of $591,000 during the past year, and the institution is to make an offer by which the State will be able to pay the bank in the cur rency receivable by the State. The debt is now payable in New York. The ship ashore reported to be the Morrison, turns out to be the Frankfort, from New Orleans. The Treasury note bill authorising the issue of $5,000, 00 of Treasury notes in lieu of so much of the $12,000,000 loan of the extra session. has passed the House of Repre sentatives. Of all the means proposed to borrow money now that the mismanagement of the government finan cesrenders borrowing necessary, this is, perhaps, in the present state of the market, the least objectionable mode in which it can be done. The necessity for bor rowing at all at such a juncture as this, is greatly to be deplored, and the more so, that the government should have impaired its own credit by divesting itself of the proceeds of the public lands, which should have been appropriated to the discharge of the debt. The increase of the amount outstanding will no doubt cause a fall in the value of those upon the market, more particularly as there is no means of judging of the issue of the pre sent financial difficulties of the government. There is yet no way pointed out to remedy the deficient revenue and the prespect is that of yearly adding to the present debt. which is embracing thenew issue of $18,000,000 Under the new tariff, the customs may yield $15,000,000, and if the distribution act remains in force, this is all the revenue to meet $30,000,000 of annual expenditure. With this prospect ahead, nothing can save the government credit, or enable it to obtain money on any terms, but to recall the proceeds of the public lands, appropriate it to meet the interest and principal of the debts contracted, and then levy imposts promptly to meet fully an economical expenditure. The state of the markets and of American credit at home and abroad, make rigorous measures imperative. The government is already on the same tack that has destroyed State credit, and blast. ed American reputation abroad. The excitement in relation to the Bankrupt Law is increasing. Movements are making in favor of repeal in all sections of the country. A resolution is before the Lesgislature of Indiana to instruct the Senate and House of Representatives to vote for a repeal of the Law. In the debate upon the subject the following strong language was used by a member :As the law stands, it is worse than nothing. If its provisions extended to Banks and Corporations- that when they suspend specie pay otherw verted themselves into engines for swindling the community-he could rejoice to see it go into open ation But, while these insinuations are not embraced in are the compulsory provisions of the Bankrupt Law, and suffered to practice the most stupendous fraud upon the with impunity- while their favorites, the great country who have been furnished with the credit speculators, fraudulent necessary to enable them to carry on their operations by those institutions, are alone to be benefit al its operations, and by a summary process are lowed baby to absolve themselves from all obligations to pay their honest debts-he felt that he could not too strongly advocate its repeal. Sir, theonly effects of the law proposed to be repealare 1st. Any scoundrel who may have been en gaged ed in exclusive speculations, and ho has been enabled to live in splendor for years upon the hard earnings of the honest working portions of the community, and whose dubts have moltiplied and wollen than ex tentas su' joi himto ergent and repeated solicitations the demands against him, which so such gentlepay is always an intolerable grievance- may volunta man rily go before court, and by giving up what little he had not squandered of the property of others then in his opehands, swear is all he has, and by this one grant ration. pay all his debts at once, and that without money or other valuable consideration. As a matter of interest to the holders of Indiana bonds, we annex from the report of Milton Stapp, late Fund Commissioner, the numbers of the bonds in dispute. Those issued to Sherwood :410 BONDS DUE FROM SHERWOOD. Dollar Bonds. Sterling Bonds. Bank loan dollar boads, numbers from 1 23 to 23, Internal improvement dollar bonds, from 5 4.452 to 456, 4,457. 4,458. 4,459, 4 460, 18-from 4,519 35 to 4,347. 4 549, 4,550. 4,552, 4,553, 4,534, 4,557, to 4,562, 11 4,564, 7 4,566. 4,567 4,668, 4,575. 4,579, 4,579, 4,580, 6 4,682, 4,597, 4,698, 4,599. 4,600, 87 Sterling internal improvement bonds, num20 bers from 1,771 to 1,790, 1,901. to 1,906, 1.910, 1,911, 1,919, 1,926, 24 to 1.940. 1951, to 1,950, 1,970, to 1,979, 2,001, 2,003, 34 to 2015, 29 2018,102.021. 2.073, 2.080. 178, to 200. 87 2,276 te 2,300 2,302 to 309 601 to 2,654, 13 2.656.2667 658 2,665 2674. 20 2.684 to 2700, 806 to 2,807 2,808, 16 2,826 to 2,839, 2,841, 2,877, 243 Bank loan sterling bonds, number's from 363 to 390. 28 52 Numbers from 849 to 900, SO Bonds, 410 The following are the bonds sold the Circleville Bank, as numbered Wabash and E. Canal bonds, (which had been returned in the pace of Internal Improvement bonds hv pothecated. numbers 2,389. 2,990,2403 2,422, 2 437 439. 2471. 2.472. 2,473 4 474.2475 2,476. 247722,188, 2,489, 2,490, 2,491, 492, 2,493, 21 2.494, and 2,495 improvement bonds numbers 2,422 2.435 Internal 2,437, 2,438,2,471, 2,472. 2,473. 2,474. 2,475 5.2,476 2,477, 2,498, 2.489, 2490. 2,491. 2 492. 2,493, 2494, 495. 3 433, 3,435. 3,435, 3,437 3,816, 29 3,820, 3,821, and 3,822, 50 The followin are the bonds retained by Danforth Internal Improvement bonds. numbers 2 993, 3,419, 3 420, 3,793, 3.796, 3 808. 3 810, 3811, 3,815, 3.823. 3.824, 3 825, 3,826 3527, 3,812. 3,829. 3.830, 3.831. 3 632, 3,833, 3 834, 3,828, 3.835. 3837, 3 938. 3.839. 3 840, 3 841, 3,843, 35 3,844, 3 845, 4,299. 4264. 4,576, 4,577. Madison Railroad bonds, numbers 143, 145, 146, 147. 148, and 150, 4 Others numbers not known, 45 The following are the bonds issued to th Morri Canal :Internal Improvement bonds, Nes. 4345 to 4,352 4,421 4,440 4.461 477 4,479 to 4.500, 4,563. 82 4.569 4,874 4,583 to 4,583. 4,595 to 4 596, Madison Railroad bonds, Nos. 149. 164,165 166. 167. 169, 170.171.179. 212,213. 214, 308, 409, 416,417, 418, 421, 422, 423, 424, 426, 431. 435, 446, 29 453 and 456, 11] Died. Sunday, 16th inst. WILLIAM H. HUDSON agel 32