Union Bank - Sandusky, OH

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 11, 1857
Location: Sandusky, Ohio (41.449, -82.708)

Metadata

Model: gpt-5-mini
Short Digest: 54472cb3

Response Measures

None

Description

Multiple contemporary newspapers (Aug–Oct 1857 and into 1858) list the Union Bank of Sandusky as suspended/closed and its notes discounted or redeemed by the State Treasurer. No article describes a depositor run on this specific bank; events are part of the wider 1857 financial crisis. I infer permanent closure/suspension (receivership/redemption by state) rather than a temporary suspension or reopening.

Events (1)

1. August 11, 1857 Suspension

Cause: Macro News
Cause Details: Suspended amid the widespread financial crisis of 1857 (panic), listed among many other failed/suspended banks; notes trading at heavy discount and being redeemed by the State Treasurer.
Newspaper Excerpt: Union Bank, Sandusky City, Ohio. Union Bank, Sandusky, (10 )' These Banks have been closed for some time, and their notes redeemed by State Treasurer. Union Bank, Sandusky, Ohio.
Source: newspapers

Newspaper Articles (5)

1. August 11, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, August 11, 1857

Click image to open full size in new tab

Article Text

The statement was received in the street as unfavorable, and the Stock quotations drooped under it. Eighteen miles of the LaCross Road, from Portage to Kilbourn City, will be opened to morrow. The July receipts of the Pittsburgh, Fort Wayne and Chicago Road will reach about $135,000. The Committee of the Board upon the affairs of the Michigan Southern Railroad had an interview with the officers to day. The Committee were requested to submit the inquiries in writing, when they would be duly answered. Our paragraph in relation to the deficiencies of the Philadelphia Mint has drawn out the annexed defense from the Superintendent. We notice that he has notbing to say in reference to the issues of plain discs of metal, or of coins only half minted. The Philadelphia Ledger says: We have been furnished by the Director of the Mint with some important facts in relation to coinage, which explains the cause of variation in weight, and exculpates the officers of the institution from censure, which the article published in The Ledger of Saturday, extracted from a New-York paper, impeaching more especially the late issues of the cent coin, attempts to fasten on them. Under the most rigid cases, variations in the weight of individual coins from the exact standard must necessarily take place, and such variations are provided for in the laws regulating the standard. In the gold coins, the admitted variations are from I to 1 a grain in single pieces, according to value; in the silver, from 1 to 11 grains, according to the value of the piece. For the new cent coin, 4 grains variation are allowed by law in theisingle piece. The necessity of such allowances arises from the inherent imperfection of all machinery and mechanical operations, so that it is impracticable that the discs of metal shall be prepared of an exact and uniform weight. In the case of gold coins, this result is subsequently obtained by weighing and adjusting each piece separately, discarding those too light; but with the silver, and a fortiori with the copper coins, such separate weighings and adjustments is out of the question. If it should be observed, then, that some of the silver or cent coins vary from the exact standard, this is no more than the law admits, within the limits mentioned. The newspaper article which induces these remarks, states that the cent coins were "of short weight, equal in some cases to 5 P cent; but even this, which is mentioned as an extreme case, falls short of the legal allowance, which is over 51 P cent. It 18 undoubtedly the duty of the Mint to issue the coins with as little variation from the standard as practicable. With regard to the gold coins, this end is known to be accurately attained by the actual weighing of each piece separately, and by weighing the pieces in mass. A similar result is attained in regard to the silver coins, in the average of pieces, by frequent and daily tests of their weight, separately and in mass. Within the last three months, the Mint has issued about forty-three tuns of cents, composed of 8,600,000 pieces, manufactured from an alloy never before used in coinage; and in this large amount a variation from the exact stand of less than one sixth of the allowance fixed by law has been found. Further experience will cause even this variation to disappear." In relation to the recent bank suspensions Thomp. son's Reporter says: We found it necessary last week to stop buying the notes of the following banks till we could ascertain their present position, viz.: Merchants Exchange Bank, Bridgeport, Conn. American Bank, Trenton, N.J. City Bank, Cincinnati, Ohio. Sandusky City Bank, Ohio. Union Bank, Sandusky City, Ohio. The Merchants' Exchange Bank, Bridgeport, Conn., has but a small circulation outstanding, which will probably be redeemed on presentation. The American Bank, N.J., is & free bank, and the notes are secured by stocks deposited with the State Treasurer. We have a savage letter from the President of the Bank, assuring us that we ought to quote the bank as usual. We think otherwise. The three Ohio Banks named above are free or independent Banks, and their notes should be secured; but the impression is that the securities have been misapplied, or are not available. Our advice would be to the holders of the bills of either Banks, not to sell at a heavy discount. We are now paying 70 cents for the notes of the South-Royalton Bank, Vermont. The circulating notes of the Bank of the Republic must be presented to S. K. Rathbone, the receiver, before the lat of October next, to participate in the dividend to creditors. The monthly returns of the country banks of Massachusetts were published on Saturday morning. The amount of loans are $49,016,806; circulation, $16,235,682; deposits, $7,102,398; of specie, only $1,116,554. The shipments from the several coal regions show a loes of 14,949 tuns compared with the corresponding

2. August 20, 1857 Bellevue Gazette Bellevue, NE

Article from Bellevue Gazette, August 20, 1857

Click image to open full size in new tab

Article Text

BANKS FAILED. American Bank, Trenton, N. J., suspended. The notes of this Bank are secured by Stocks. If no fraud has been committed, they will be redeemed at or near par. At present, we quote them at 25 dis. Union Bank of Frenchtown, N. J., An article has been going the rounds of the newspapers, for the last week or ten days, that this bank had closed its doors. It is a mistake. Its notes are redeemed at its counter and in New York as usual. "The Cumberland Savings Bank, Md." is thrown out in New York and Chicago. We do not buy its notes at any price. Ohio Banks.-A dispatch from Cin. says: City Bank, Cincinnati, 15 per cent. discount; Union Bank, Sandusky, (10 )' These Banks have been closed for some time, and their notes redeemed by State Treasurer. Stock Security Bank, of Danville, III., has been wound up by the Auditor. Its notes are redeemed by him at 88 1-2c. on the dollar; bankable in Chicago at 88 cts. We quote them ot 15 dis. People's Bank and Rushville Bank.Their notes have of late declined 5 to 10 per cent. on account of the depreciation of their stocks and the uncertainty as to when they would be wound up by the Auditor. We quote them both at 25 dis. All other Illinois Banks are at par in Chicago Canal Bank, Cleveland.-This Bank has been closed for nearly two years, but has passed current till within a month or two past, as its notes were redeemed at par by the Treasurer of the State. they are now 10 per cent dis. at Cincinnati. COUNTERFEIT, ALTERED AND SPURIOUS NOTES. The country is full of them. We have never seen so many at this point as there are at this time. 10s, on the Northwestern Bank of Virginja. Those seen were on the Wellsburg Branch, the plate of which is slightly different from those used by the other Branches. Part of the dies are genuine, and the

3. October 9, 1857 Vermont Watchman and State Journal Montpelier, VT

Article from Vermont Watchman and State Journal, October 9, 1857

Click image to open full size in new tab

Article Text

LIST OF SUSPENDED BANKS TO SEPT. 25TH. Meusam River Bank, Sanford, Maine. Canton Bank, South China, Maine. Ellsworth Bank, Maine. Exchange Bank, Bangor, Maine. Sanford Bank, Sanford, Maine. Exter Bank, New Hampshire. Danby Bank, Vermont. South Royalton Bank, Vermont. Bank of the Republic, Providence, R. I. Bank of South County, Wakefield, R. I. Farmers' Bank, Wickford, R. 1. Mount Vernon Bank, Providence, R. I. Tiverton Bank, Fall River, R. I. Warwick Bank, Warwick, R. I. Merchants' Exchange Bank, Bridgeport, Ct. Colchester Bank, Conn. Bank of Orleans, Albion, New York. Hollister Bank, Buffalo, New York. Niagara River Bank, Tonawanda, N. Y. Oliver Lee & Co.'s Bank, Buffalo, N. Y. Ontario County Bank, Phelps, N.Y. Ontario Bank, Utica, N. Y. Reciprocity Bank, Buffalo, N. Y. Sackett's Harbor Bank, Buffalo, N. Y. American Bank, Trenton, N. J. Bank of New Jersey, New Brunswick, N.J. Bergen County Bank, Hackensack, N. J. Bank of Kanawha, Virginia. Trans-Allegany Bank, Virginia. Bank of Commerce, Georgetown, D. C. Canal Bank, Cleveland, Ohio. City Bank, Cincinnati, Ohio, Seneca County Bank, Tiffin, Ohio. Miami Vally Bank, Dayton, Ohio. Clinton Bank, Columbus, Ohio. Columbus City Bank, Columbus, Ohio. Union Bank, Sandusky, Ohio. Agricultural Bank, Brownsville, Tenn. Bank of West Tennessee. Bank of the Capitol, Indianapolis, Ia. Central Bank, Indianapolis, la. Bank of Elgin, Elgin, Illinois. Rock River Bank, Beloit, Wisconsin. Pennsylvania Bank, Philadelphia. Girard Bank, Phiadelphia. Bank of Canandaiagua, Canandaigua. Western Bank, Lockport, N.Y. Commercial Bank, Philadelphia. Six Penny Savings Bank, Rochester, N. Y. Albany Eve. Journal.

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

Article from M'arthur Democrat, February 4, 1858

Click image to open full size in new tab

Article Text

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.

5. February 20, 1858 The New York Herald New York, NY

Article from The New York Herald, February 20, 1858

Click image to open full size in new tab

Article Text

FINANCIAL AND COMMERCIAL. AHNON FRIDAY, Feb. There was renewed buoyancy in the stock market this morning, with increased activity among operators. The tendency was upward throughout. At the first board Michigan State 6's advanced 1 per cent, Missouri 6's 1. California 7's 1. Illinois Central P"H pus Delaware it Company Created 18 'spuoq son, #: New York Central Railroad, 1; Erie, 1; Hudson River Railroad, 11; Harlem, 4; La Crosse and Milwankie, 1; Reading, 1; Michigan Central, 21; Michigan Southern preferred, 1; Panama, 1; Galena and Chicago, 1; Chicago and Rock Island, 1. La Crosse land grant bonds fell off 1 per cent; Cleveland and Toledo, 4. Cusiberland opened and closed without material alteration in prices, with moderate sales. Hudson River Railroad was active this morning, and advanced to 281 per cent, cash. There is no speculative movement that we can -de #1 and se stoold sith u! pears to be quietly but steadily advancing Chicago and Rock Island opened at an improvement and closed firm at our quotations. Galena and Chicago has for some days advanced rapidly, and seve ral large holders have realized. The market does not seem to be unfavorably affected by the supply. These prices must bring out a great deal of stock from parties desirons of going into lower priced securities, which as yet have not moved much. In this way one after another stock is taken up and carried forward in turn. At the second board the market for some stocks was lower, but an active business not realized. Canton Company advanced 1 per cent; Michigan Central Railroad, 1; Cleveland and Pittsburg, 21. New York Central Railroad declined I per cent; Harlem preferred, 1; Reading, 1; Chicago and Rock Island, 4; Michigan Southern, old, 1 Panama. #; Galena and Chicago, 1; La Crosse and Milwaukie, 1. Most of the transactions at the board this afternoon were for cash, which looks very much as though money holders were securing their profits. If this movement should be carried to any extent the market have to wait for new buyers before another upward eourse of prices would be realized. great abundance of money is the basis of confidence among speculators, and until there are evidences of a demand for the legitimate purposes of trade the upward movement in stocks is not likely to be anything more than temporarily checked. After a rapid rise reactions are natural, and will frequently occur; but they will only give better opportunities for the most sanguine operators to come in upon more favorable terms, and help to give greater impetus to the market. Money is now almost a drug, and the banks anticipate greater difficulty in loaning their surplus upon favorable terms. The Assistant Treasurer reports to-day as follows:Total receipts Total payments Total balance 22 The receipts to day include $26,000 from customs. The operations at the Cleaning House to-day were -:SMONOJ se 96 seFawyoxe [10] Total balances 91 701696 The Finance Committee of Milwaukie, to whom was referred the subject, in view of the fact that city IIIM 1859' u! penssi '009' $21 JO ;unours em 01 spuoq the uo 000' also "xext March JO 1818 eq: uo 1st of May next, recommend in their report the issue of $35,000 new bonds. for the purpose of redeeming the above bonds, providing, however, the new bonds shall not be sold at a less price than 75 cents on the dollar. The Albany Argus of this morning says in relation to the Country Banks' Convention, now being held in that city:The object of the gathering was to consult in relation to pue notes yureq Enunoo Jo поддшерад em whether it is advisable to establish a Clearing House for SUM a repsed SEM eommittee V "HYUBQ on you pip 9.M inq us permissioner STOM action JO crejd due require The Cleveland Herald of the 17th inst. states that pre- the uo 18 received SEM the vious day that the fund in the State Treasury, in tended for the redemption of Canal Bank notes, had been exhausted: consequently, for all notes of that bank now afloat there is no provision in the treasury. The Cleveland banks on the 17th threw out the notes of that bank; and also the notes of the Union Bank, Sandusky; City Bank, Columbus, and Seneca County Bank, Tiffin. The exports and imports of the port of New Haven, Conn., for the year ending June 30, 1857, were as Imports. Exports. 188'81$ 208 169$ Domestic, free 908'F efquine Total 319'10'$ The total value of the exports of Connecticut for the year was $1 .095 402: of imports, $1,116,801. The New Orleans Picayune of the 10th instant contains the following in relation to the Southern Pacific Railroad:We have already mentioned the assurances received our 10 uoness twenty 1830 eur 18q1 morj Southern Pacific Railroad would certainly be completed in Toxas em jo computed eq1 que Ajduco 01 awn mg charter. That time expires on the 16th instant, Tuesday of next week We have now the great gra ification of Sujuunj CARTH ey: pus 'edop 81 MOM em 1841 20 amounts over the whole line of the section. Official intelligence has been received to this effect by the officers of the com pany here. The condition which this work complies with Feb ) banker am 30 dogoes 9761 em III panoj HI 16, 1852), which enacts that 'If said railway shall not be small jo observed em mo.j years DATE разнешшое act, and at least twenty miles thereof are not completed within SIX years, this charter shall be null and void. 01 ann on: pure security JO sun Besides eq: unnum 140.00 sith 81] pus charger and us; 18MA jo creect Agee go eq: jo shares pust am 88 enterprise sign 04 commond State, whenever twenty five miles of the road shall have been completed and put in running order. the company becomes entitled to sixteen sections of land per mile, or jo . 01 puw eAg em 103 $9208 000 99% ,000 mile out of the school moneys of the State. The in Supper JOJ donised 200.00 us phorefore 'St company arrangements for the future. The road has surmounted 811 THA sejety 81 pue puoses pue 18.11 our use Aven pus puwj pus signi chanter aming BW III woddens pus againd JOJ movements. The annexed statement exhibits the value of foreign dry goods imported at this port during the week, and since Jan 1, in each of the past three -: fears MOVEMENTS IN FOREIGN DRY Goods. 1858 1857 1859 For the week Entered at the port $2,464,390 2,194,173 1,299,126 Thrown on market 2,627,352 2,253,916 1,893,536 Since Jan Entered at the port $16,237,213 20,627,596 7,216,116 Thrown on market 16,555,048 20,940,361 9,309,276 The dry goods trade the present week has made but little advance on the current business of last week, and we do not expect any decided movement until about the first week in March. After unusually mild winter weather the cold the present week has been the most severe of the season, which, at the West and in other places, has interrupted