17571. Bank of Marietta (Marietta, OH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 1, 1842
Location
Marietta, Ohio (39.415, -81.455)

Metadata

Model
gpt-5-mini
Short Digest
101afed8

Response Measures

None

Description

Articles from early 1842 report Ohio banks either resolving to resume or assigning. One report (New-York Tribune, 1842-03-01) states the Bank at Marietta has taken the same course in a list of banks that 'assigned' their effects (i.e., suspended/failed). A later item (New York Herald, 1843-01-10) lists the Bank of Marietta among charters that expired Jan 1, 1843, supporting permanent closure. No explicit depositor run is described. Cause is coded as macro_news because the assignments are described as part of the statewide Resumption crisis and widespread bank failures in Ohio.

Events (2)
1. March 1, 1842 Suspension
Cause
Macro News
Cause Details
Assigned/closed as part of widespread Ohio bank failures triggered by the Resumption law and statewide banking crisis; reported among many banks that 'assigned' their effects on/around late Feb/early Mar 1842.
Newspaper Excerpt
and to-day it is reported that the Bank at Marietta has taken the same course.
Source
newspapers
2. January 1, 1843 Other
Newspaper Excerpt
The charters of the following Ohio Banks expired on the 1st inst: ... Bank of Marietta.
Source
newspapers

Newspaper Articles (3)
1. February 28, 1842 New-York Tribune New York, NY
Article from New-York Tribune, February 28, 1842

Click image to open full size in new tab

Article Text

The Lajayette Bank is authorized to receive its notes for any debts due it. A Receiver will be appointed on the second Tuesday in March. It is supposed that Mr. Robinson, the President, will be appointed, in which case there is reason to believe that the deposites and circulation will be paid off by the 1st June next. It is the opinion of those well informed on the subject, yet disinterested, that the stockholders will eventually receive about 33j per cent. Twenty-two of the Ohio Banks have resolved to resume on the 4th March next, as required by the act. The Commercial Bank of Scioto was one. The Franklin Bank of Columbus did not agree. Its bills are thrown out by the Cincinnati Banks. The charter of the Urbana Bank has been repealed. The Lancaster Bank is paying its notes, one-fourth in specie and three-fourths in certificates, currency or drafts. The following are the Banks which have resolved to resuine on the 4th of March The Franklin, Lafayette and Commercial Banks of Cincinnati; Banks of Dayton, Xenia, Scioto, Circleville, Marietta, Muskingum, Zanesville, Massillon, Sandusky, Wooster, St. Clairsville, Norwalk, Geauga, Western Reserve. New Lisbon, Mount Pleasant, Clinton of Columbus, and Farmers' and Mechanics' of Stenhensille

2. March 1, 1842 New-York Tribune New York, NY
Article from New-York Tribune, March 1, 1842

Click image to open full size in new tab

Article Text

Important from Obio-The and winding Resumption Law-Banks assigning up-No.Money State and Gloomy Convention-COR Prospects Great WIN nominated-His Whig Election sure. Correspondence of The Tribune. O., The bill became a law a week since. Resumption COLUMBUS. Feb.21,1342 The Loco-Foc finally succeeded in keeping their men up to the rack on the question of fixing the 4th of March for forcing the Banks into Resuming on all their liabilities, although two or three of them in the Senate were inclined to adoptmildmeasures. Don't understand me as representer ing the Whigs of this State as forming all anti-Resumption party. There is not one Whig in the Legislature in favor of continuing the state of things which ha- existed so long. one day longer than is indispensably necessary to save the Banks from certain destruction. They all voted for graduated Resumption-to begin in May and pay on every thing by August or September. Two or three of in the Senate. where their majorto 17-proposed in vote ity the is Loco-Foco: two-19 with of the the entire Whig force in favor ef a modification bill passed in the House, but the Whigs declined any arrangement that did not embrace the condition that the proposition to be substituted for the bill should receive as many Loco-Foco as Whig votes. The Loco-Focos caucused on the subject two night< into the ** small hours." but the Radicals. who are bent on real Bank destruction. defeated the scheme, and the Whigscompelled them to shoulder the whole responsibility of a measure which every one foresees is to be attended with the most disastrous consequences. In the mean time the agitation of the subject has precipitated the results anticipated in a good number of instances. The Banks are yielding to the storm all over the State. The Granville Bank shut its doors first, after faithful efforts to meet its engagen up ants. The Urbana Bank went by the board next. These two Banks had out a circulation of nearly half a million, which was instantly depreciated one half! Think of that. ye NewYorkers, who used to grumble over a discount of one half of one per cent. on country paper About the same time the Chilicothe Bank nssigned, but there is I presume no danger or apprehension of loss here. The Bank was in admirable condition until it maden loan of $400,000 or $500,000 to the State. Next. the Hamilton The Bank, near Cincinnati, assigned its effects. Lancaster Bank, a heavy concern. has also assigned. and to-day it is reported that the Bank at Marietta has taken the same course. To the number thus breaking up are to be added both the Banks at Cleveland. The consequences of all this derangement and confusion are seen in the almost There total inspension of all kinds of business. is no money in circulation, except the notes of insolvent Banks, shinplaster and the orders of Turnpike and Railroad companies. The latter have a local circulation, and in some instances are considered the best kind of money to be obtained. Under these circumstances, a Convention of Delegates from nineteen Banks has just been held in this city. You will see the proceedings in our city papers, but the plan proposed to meet the crisis is to make the attempt to redeem their liabilities according to the provisions of the Resumption law, and to davise a system of making frequent settlements between them selves by sending their paper to this city to be exchanged and retired from cirThere are few who have any faith in this some ten or twelve of the culation. plan, though for Banks time which have kept up no circulation some past will be able to weather the point, with or without such arrangement. But I think you can safely calculate upon al influx of about one million of specie, to be drained from Ohio within the next ninety days. To-morrow. you will recollect, is the day for our State Convention to nominate a Governor. The city is full of Delegates to-night, who are quartered upon our citizens generally. I have conversed with many of them. who all repthe condition of the Whig party as resenting unite in being all that we can desire. They all concur in saying that the people are universally diagusted with the Loco-Foco Legislation of the winter, and that examples faith of a renunciation of the party are nu- in merous. Several Counties ere named to me. which it is confidently affirmed that the Whig strength will be greater next fall than it was in 1840. Gov. CORWIN has yielded to the solicitations of his friends and will accept the nomination, although he has been anxious to retire from the canvass. This ensures 115 the State beyond any reasonable question. We can elect a majority of and thus secure a Whig Senator in of Allen. I the place Legislature, Earthquake shall not close this letter until to-morrow. TUESDAY, Feb.22 We have just got through with our State ConIt exceeded our most sanguine and has inspired our expectations, vention. greatly friends CORWIN with was the highest degree of enthusiasm. aclamation, and will too. renominated twenty by be elected, His by ton to thousand majority. great and deserved popularity makes him a powerful lender. and the Loco-F ocos are as well satisfied of the doom that awaits them now as they know the result of the contest in 1840 Yours. N. E. Boundary.-Gov. Davis has sent a Mesto the Legislature of Massachusetts with resage ference to the N. E. Boundary question. He thinks propose 11 conventional boundand in that case he wishes to ary, that England may Mussachusetts be prepared for its consideration. and suggests the

3. January 10, 1843 The New York Herald New York, NY
Article from The New York Herald, January 10, 1843

Click image to open full size in new tab

Article Text

The cents are omitted in these columns. The audacious and cool impudence of bank officers is in the highest degree amusing, and an excellent specimen may be found in the following remarks of the President of this concern, as follows :"Accordingly, it will be observed, that as the active means of the bank have decreased, so have the suspended increased. The inference might be, that in that ratio has the condition of the bank been growing worse. Such an inference cannot, however be sustained by the facts, in as much as a large portion of the means of the bank, although among the mass of protested paper that make up the suspended debt, is known to constitute the best assets of the bank. Much of this paper is as good as that not under protest, and will be as eadily collected." This last assertion is no doubt entirely true. There is every probability that the one will be collected as soon as the other, and the person who collects them will at least haveoutlived Father Miller's millennium. A bill has been introduced into the Illinois House of Re presentatives to wind up the State Bank. It will undoubtedly become a law. So ends that institution. It will pay from 30 to 33 cents on the dollar in specie for its notes, and give a certificate for the balance. The Auditor's report of the State of Illinois, states the ordinary expenses of the government for the past year at $267,504, and the assessment for taxes at $230,000. The Auditor recommends that the taxes be now reduced one half, and collected in specie, or current funds, or treasury warrants. The Auditor of the State of Indiana states the State debt, including accumulated interest, and for which no provision is made for the payment of either interest or principal up to the 1st day of January, 1843, is $12,129,339. The interest annually on this sum, including exchange, amounts to $509,289 35. To meet this amount by taxation would require 65 cents to the $100, and average about $5.54 for each tax payer in the State. The total indebtedness of the State for the system of Internal Improvements, including accumulated interest, up to the first day of January, 1843, is $11,205,644. To meet this, the Auditor has enu. merated means to the amount of $671,923 52, but says that of this sum only about $207,000 can be relied on as means for the ensuing year. The total amount of tolls and water rents received by the State up to November, 1842, is $103,022 79; of this sum the Madison and Indianapo lis Railroad has paid $54,493 47. The Bank of Louisiana, at New Orleans, has in its vaults specie amounting to $2,040,000, while her notes in circulation are only for the sum of $150,000. The amount of specie now in the vaults of the banks of that city, is about $4,500,000, while the circulation of bank notes is less than two millions of dollars. The banks do not feel authorised to increase their circulation, because much of the coin in their vaults comes under the head of special deposites, and if the planters in the valley of the Mississippi are determined to take specie only for their produce, that $4,000,000 will soon be circulating among them. The charters of the following Ohio Banks expired on the 1st inst :Franklin B'k of Cineinnati Bank of Zaneszille. Okio Life Ins and Trust Co., Belmont B'k, St. Clairsville. (banking privileges of.) F. and M.B'k, Steubenville. Dayton Bank. Bank of Mount Pleasant. Commercial Bank of Scioto. Columbiana B'k, N. Lisbon. Bank of Marietta. Western Reserve Bank. Bank of Musking-im. Franklin B'k of Columbus Their circulation, at the date of the last reports by the banks, was, in all, $651,697; specie, $449,839. The following is a table of the leading features of the banks of Georgia :-