Commercial Bank of Scioto - Portsmouth, OH

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: January 4, 1843
Location: Portsmouth, Ohio (38.732, -82.998)

Metadata

Model: gpt-5-mini
Short Digest: a325482b

Response Measures

None

Description

Newspaper reports a panic/ heavy discounting of the bank's notes after reports it 'had gone into liquidation.' The article describes market panic and allegations of insolvency but does not report an official suspension, closing by authorities, reopening, or receivership in the provided text. Cause classified as bank-specific adverse information (report of liquidation/embezzlement).

Events (1)

1. January 4, 1843 Run

Cause: Bank Specific Adverse Info
Cause Details: Report that the bank 'had gone into liquidation' and accusations that depositors/management consumed assets, triggering panic and heavy discounting of bank notes.
Newspaper Excerpt: There is a panic in this city this morning, growing out of the report that the Commercial Bank of Scioto, at Portsmouth, had gone into liquidation... its bills are selling at 25, 30, and 40 per cent. discount.
Source: newspapers

Newspaper Articles (1)

1. January 12, 1843 The Ohio Democrat New Philadelphia, OH

Article from The Ohio Democrat, January 12, 1843

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Article Text

LOOK OUT YE NOTE HOLDERS! We find the following in the Cincinnati Enquirer of Jan. 4. SCIOTO BANK. There is a panic in this city this morning, growing out of the report that the Commercial Bank of Scioto, at Portsmouth, had gone into liquidation- that its depositors had precedence of note-holders, and that to pay off the former would require all its specie and present means. How far this is confirmed by a gentleman from that town, now in the city. we have not yet heard, but at this time its bills are selling at 25, 30, and 40 per cent. discount. The worst will be known soon A similar report we find in the Columbus papers The Statesman says, if it "be true, the managers of the Seioto Bank deserve the Penitentiary, rather than a legislative re-charter. The depositors who have been paid and eat up the assets are the bankers themselves, ank now they will buy up their own paper at a discount of 50 per cent. Do such out and out raseals deserve the countenance of a legislative body for a moment?