17776. Urbana Banking Company (Urbana, OH)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 29, 1839
Location
Urbana, Ohio (40.108, -83.752)

Metadata

Model
gpt-5-mini
Short Digest
706ade36

Response Measures

None

Description

Newspapers from Oct–Nov 1839 report the Urbana Banking Company among the Ohio banks that suspended specie payments during the broader 1839 banking crisis. There is no article-specific evidence of an antecedent depositor run on this bank or of a receivership/permanent closure. Contemporary accounts and state law pressure made it likely banks would resume within 30 days; thus I classify as suspension_reopening (no direct reopening notice for this specific bank was found in the provided clippings).

Events (1)
1. October 29, 1839 Suspension
Cause
Macro News
Cause Details
Suspension occurred as part of the wider wave of banks in major cities suspending specie payments (news of suspensions in Philadelphia, Baltimore, Cincinnati, etc.), i.e., a systemic banking crisis rather than a bank-specific failure.
Newspaper Excerpt
the X-nia. Hamilton. Dayton and Urbana are the only Ohio Banks known to have suspended.
Source
newspapers

Newspaper Articles (4)
1. October 14, 1839 Morning Herald New York, NY
Article from Morning Herald, October 14, 1839

Click image to open full size in new tab

Article Text

been stated that the exchange returned, endorsed by the U.S. Bank in New York, had been paid with damages. Thisis, however, not the case; up to last night they had not been settled. Mr. Wilder is now in Philadelphia endeavoring to make some settlement. In the mean time the bank there is extending its discounts, while its accomplice, the Girard Bank, has been obliged, in consequence of the Governor's manifesto, to redeem the smaH bills they have issued in specie. In these assets of the U. S. Bank may be discovered the germ of the irredeemable policy. Stocks have been falling for the last eight months, and every endeavor has been used to create a rally. The U. S. Bank has used every endeavor, by drawing specie, to place herself in such a position that a general suspension would be consequent upon her taking the lead. In such an event, stocks would rise, and their assets'so far recover their values in an inflated currency, as to enable them to clear themselves. The firm position of New York, is the rock on which they split. Nothing but a suspension of the Bank of England can save the institution from utter insolvency. The banks and regular merchants of New York may rejoice at the destruction of a system which has been the prolific cause of all the disasters and fluctuations which they have encountered in the last five years. The artificial action of the U. States Bank has brought about the anomalous position in which we now are placed. The country is overflowing with produce; trade has been small, and the commercial debt due Europe is not large, and yet the banks cannot find means to pay their debts. This arises from no other cause than the great inflation of paper currency which can no longer be sustained, now bro. ken down by its own weight, and cr shing all those who attempted to support it. All others will go through the crisis unharm ed. The commercial and financial character of New York will remain untainted while she will become the focus of all the foreign and internal trade of the United States. The stock holders of the State Bank of Boston have voted to reduce the capital of the Bank from $1,800.000 to 1,200,000 or 33} per cent. The Bank of Grenada (Miss.) is taking measures to wind up its affairs. All the banks in Newburyport have declared a dividend of three per cent. Gloucester three and a half. The following banks in Ohio are either broken or thought to be in an unsafe condition. Beware of their notes:-Bank of West Union; Farmers and Mechanics Bank of Stubenville; Urbana Banking Company; Bank of Chillicothe; Mechanics and Traders Bank of Cincinnati; Mashattan Bank. It is said that the Branch Banks at Lawrencebarg, Richmond and Madison, Indiana, will be arraigned before the next Legislature for alleged misconduct. Sales at the Stock Exchange. $2,000 Corporation Bonds 964, $1,500 do 96 - 85 shares US Bank 70,25 do 70 b30ds, 75 do 70, 50 do 70 b30ds, 50 do 70, 50 do 0tw-20 do Fulton 111-30 do Dry Dock 681-10 de Atlan 85-25 do Mec Bk Ass 61-20 do Ohie Life & Trust 84-107 do Com 94j, 10 do 941-10 do Am Ex 75-320 do Del & Hud 53, 75 do 524, 300 do 521, à do 52), 50 do 52% 125 do 524 nw. 160 do 53 50 do 53 nw, 25 do 50 nw, 15 do 524, 25 do 52g, 50 do 524, 100 do 52% s10ds-180 do N A Trust 441, 75 do 44 25 do 444 nw, 25 do 44j, 50 do 444, 25 do 45, 70 do 45} s10ds-50 do Vicks 32 nw, 75 do 311-15 do Kentucky 661, 150 do 66, 25 do 66 nw. 25 do 66, 50 do 66 Wed-25 do Illi 60 b60ds -5 do Utica & Schen 1171, 50 do 115 $90ds, 50 do 115 90after 10 ds, 50 do 115 s90after15ds-10 do Canton 28, 20 do 27-5 do Mohawk 50, 10 do 49}, 11 do 50, 50 do 494 s30ds-10 do Patter 50-21 do Bost & Prov 99-2,500 do Ex, Phil 91-100 de Harlem R R 37, 50 de 37 s6ms, 100 do 381, 125 do 38, 50 do 39 b30, 50 do 38, 50 do 373, 150 do 37A, 50 do 37} s30, 150 do 38, 50 do 38 nw, 50 do 38 saw, 100 do 38 saw, 50 do 38,110 de 381-20 do Utica & Syra 105.

2. October 29, 1839 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, October 29, 1839

Click image to open full size in new tab

Article Text

The New Orleans Louisianian of the 14th inst says: -We have been informed by a highly respectable merchant just arrived from Mississippi, of a successful attempt by the U. States Bank, to throw her post notes into circulation in that State, through an arrangement made for a loan of $5,000 000 on the stock of the Mississippi Union Bank, to be paid one half in the notes of that institution itself, and the other half in U. S. Post Notes" OHIO-The Columbus Statesman of the 22d says, that it has "heard of no additional suspensions in Ohio, except the Urbana Bank and Dayton Bank The Cleveland Gazette pleads hard for the Ohio banks to hold up!"-The Cincinnati Republican of the 21st states, that "The Franklin and Clinton Banks of Columbus, and the Zanesville Banks, have not suspended yet - There is a statement in the Columbus Journal which says, that the Franklin Bank has addressed a circular to the stockholders upon the subject of winding up the concern." POSTSCRIPT. We had culled the preceding statements and statistics from our previous papers, when the Northern mail, due yesterday morning; but had not then arrived, was put into our hands at 1 o'clock. We find but few items of intelligence to add. The N York Express states, that "A Convention of all the Banks was held (on Friday) evening, to consider on the Report and Resolutions passed at the great meeting of Merchants. Having been informed in confidence, of the proceedings, we are not at liberty to close them. They will be repeated to the meeting to be held to-morrow (Saturday) evening, at the any Hotel-which meeting will be one of the most important ever held in this city, as a period is now arriving of the deepest interest to the whole mercantile community. The account of the meeting to-morrow evening will be one of the greatest importance to all" The N. York Post (of Saturday evening) quotes the stock of the Bank of the U. S. at from 76 to 75, and says "Stocks generally declined again to day North American Trust fell 4 per cent. Drafts on Philadelphia, 1, and $10,000 sold at 88; Ohio Life and Trust declined 1 per cent. Confidence in our banks remains unbroken, notwithstanding the insidious movements of a certain clique of reckless speculators and insolvents, who would desire to establish an irredeemable currency." The Journal of Commerce says the packet ship Garrick for Liverpool took out only $700-and that "specie was deposited yesterday in large sums, by the Brokers, on condition of some slight accommodation." Last Ecening's Southern Mail. The Tombigby Bank war to resume specie payments on the 3d instant, according to an advertisement in the newspapers. (From the New Orleans Bulletin, Oct 19.) SUSPENSION BY THE NEW ORLEANS BANKS, At a meeting of the Presidents of all the Banks in this City, held last evening, the following Preamble and Resolutions were unanimously passed: Whereas, intelligence has been received of the suspension of specie payments by the Banks of the principal Northern cities; and whereas, the banks of the neighboring States are in a state of suspension- Resolved, That in the opinion of this meeting, a suspension of specie payments by the Banks of Louisiana is invitable; and that therefore, the immediate adoption of such a measure is urgently called for by the best interests of the community. Resolved, That it be recommended to the Banks to suspend specie paymen until the Northern Banks shall have resumed their payments in specie. Resolred, That the rules and regulations of the Board of Presidents, in force during the late suspension of specie payments, be, and they are hereby revived, and monthly statements of the condition of the Banks be published. Resolved, That the above resolutions be published in the Bee, the Bulletin, and Louisiana Courier. L HERMANN, Sec'ry Board of Presidents. The N. Intelligencer has republished a ridiculous article from a Virginia paper, asking why we do not apply the same language to the Bank of Virginia, as we do to the Pennsylvania Bank of the U S? Is there no difference in the cases, Messieurs? Who began the suspension-the Bank of Virginia or the Bank of the U. States? Who pressed the other into it? Was it not the B of Va. Which of these institutions was it, that by the gross abuse of its enormous power dragged not only the Bank of Virginia, but so many other institutions with it, into the vortex of suspension?-These Whigs will stand by the Bank of the U S, or the Pennsylvania Bank of the U. S, or any thing that has the name, or attributes, or any thing like the name or attributes of their champions Bank of the U. S. Yet ask them what is their remedy -what they are for? They will not all of them throw off their mask? They ask you what you are for, and yet they shirk the question and try to conceal what they are for. Here is modesty for you, with a vengeance! The "Virginia Times" is an exception. It comes out boldly for National Bank. "Who dare talk (says the Whig oracle) of a well regulated Bank System in absence of a U. S Bank"? And who dare talk of "regulating a National Bank"-or even of its "regulating the State Banks"? Quis custodiet ipsos custodes? Who will regulate the Great Regulator? the 4th Estate in the Government? The great Money King? Look at the regulation and fate of its present prototype, in Philadelphia! Another Sign-Identification of Ultra Conservatism and Whiggery. The New York papers give us the Proceedings of a large meeting on Wednesday last at National Hall, the Head Quarters of the Conservatives-John Delameter in the Chair. The New York (Conservative) Times tells us, that "They convened for the purpose of receiving from their delegates to the Convention recently held at Syracuse, a report of the proceedings of that body. The spirited and eloquent resolutions adopted by that convention were read by Mr. Sanford with peculiar energy and effect, and the noble, patriotic, and truly conservative principles and sentiments which they expressed! called from the large auditory repeated and enthusiastic bursts of applause. The expressions of confidence in the patriotism, integrity, and Democratic Republican principles of the Hon. N. P. Tallmadge, were received with loud and long continued cheers The complimentary allusions to the Hon. Wm C. Rives, to the Hon. John C. Clark, and the Hon Hugh S Legare, severally, produced also the liveliest manifestations of applause. But when Mr. Sanford read with the most impressive earnestness the pledge of the Syracuse convention, of "uncompromising hostility to the re election of Martin Van Buren," the whole assemblage seemed united as one man-and to have but one mind "Uncompromising hostility to the re-election of Martin Van Buren" is thus the Chorus of both Whigs and N York Conservatives. What say ye, Conservatives of Virginia! Are you too willing to join in the battle cry? Or, will you not pause and ponder, before you go further? The most distinguished Orator who addressed the meeting, was Mr. Legare, "the distinguished ex member of Congress, from Charleston." He spoke an hour and a half; and his oration seems to have been a complete tirade upon the Administration. "He called most earnestly (says the N Y Times) upon his fellow citizens not to be discouraged. In spite of all reverses, let this State but be true-let her declare that she will not have the administration of the Federal Government continued in the present corrupt and incompetent hands-and her voice will awaken the whole country "-Et tu Brute! -And what say ye to this, Messrs, Greiver and Smith, Delegates from Wythe and Russell? Will you lose caste with the Democratic party?-Can YOU join the mongrel Opposition, which thus boldly proclaims "uncompromising hostility to the re-election of Martin Van Buren?" We will not believe it? Georgia Election-Complete. The Milledgeville "Federal Union" of the 22d, gives "the vote of all the counties but two, which may be relied on as being correctly stated, and from which it appears that the Democratic candidate, Charles J. McDonald, has a majority of 1,165; to which the remaining

3. November 1, 1839 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, November 1, 1839

Click image to open full size in new tab

Article Text

Constituting a total deposite of $1,645.000 Of these stocks, Indiana is quite good it not better than the others, yet that stock sold within a few days a 50 cents on the dollar It is therefore evident that the is security, though good, fails at the moment when it wanted in a state of ease and confidence in the market when the security will bring full price, it is not wanted; but is at a time like this, when the bills of the banks hus secured are selling at a discount of 5 per cent., thereby tempting speculators to run the banks, that the security is most wanted Should the new banks now be forced to suspend, and the whole of the above amount of $1.645,000 be thrown upon the market, The the holders will not realize 40 cents on the dollar. stocks of the new banks, as compared with the old in stitutions, are comparatively worthless, from the fact that in their dealings are ID securities which are at present consertible. These considerations are biassing the pubof the old system- with the arrival of the from England, an lic in next favor packet explosion banks will proba in bly take place among certain of the new this State which may prostrate the new system entirely, and the old banks of the city of New York will form a nu cleus around which will rally the solvent merchants and healthy business, while the speculating bankrupt jobbers, auctic neers and insolvents of all kinds will periah under the ruins.of that mighty system of unlimited credit they have helped to create. The Lancaster (Ohio) Eagle of the 26th says, "Thus for the Cincinnati Banks, (except the Commercial.) the X-nia. Hamilton. Dayton and Urbana are the only Ohio Banks known to have suspended. The Zanesville Ga. zette Wednesday last, says that the Granville Society has also suspended The Bank of this place (the Co. jumbus and Zanesville Banks) have, it 15 understood, decided to continue specie payments "The Wheeling Times says it has no doubt, from pre sent appearances that most of the banks in Ohio will wind up their affairs. They had much-better do it than attempt, embarrassed and restricted as they are, to continue business The Columbus Statesman of the 25th. gives an elaborate Table. fornish by the Auditor of the State, of from the condition of the thirty fire Banks of Ohio, present which it appears, that their amounts to $10, 22297-their circulation to 6.263 454-their deposite other money, 1.844 8-which with the monies due to banks and other liabilities. amount in the whole to $23.055426-And on the other side of the account, their notes discounted amount to $11;208 125; specie 2 098,587; notes of other banks 930-565. due from o her banks 966, 190: other resources 7,821,856; amounting in the whole to $23 065 426 The Indiana Banks. it is said by some, continue to pay specie.- But the Chillieothe Gazette of the 24th saye, that they have suspended. The Northern Bank of Kentucky, at Lexington, has suspended TENNESSEE BANKS "The news of the suspension eastward. reached Nashrille on the evening of the 17th inst The same evening, a consultation was had among the bank officers, of that city. but nothing definite was concluded on Next morning. the Bank of Tennessee the made specie draft of $100,000, on the Union, immediate and Planters Banks-the consequence was an Ten suspension by the two last named. The Bank of nessee still held out paying specie on the 18th inst. as we learn from the Nashville Whig of that date, while being unwilling to take the reaponsibility of suspending. the State Legislature is present, in session, to direct its movements The Nashville Banner of the 19th informs us, that the Union and Planters Bank suspended on the 18th, R. and that on the afternoon the Speaker of the H. of laid before the House the following communication from the President of the Bank of Tennessee "BANK OF TENNESSEE, Oct. 18, 1839. 'To the General Assembly of the State of Tennessee: Gentlemen- last evening's mail we are in recript of information that the Banks of Philadelphia, Baltimore and Cincinnati have suspended the payment of specie, and probably the New York and Kentucky Banks also. "This morning the Union and Planters' Banks have from also suspended The balance due this institution these Banke is very considerable, and they have refused the payment of the same. 1 have the honor to be, Yours very respectfully, W NICHOL, President. "This communication was addressed to both The Houses de. and referred to the committee on Banks. Yoakum bate was in the Senate was quite animated. Mr introduced a resolution. providing that notwithstanding the of payments by the other banks, 'the and branches to debts as the public faith and common pay suspension bank its of Tennessee specie will still resolution continue honesty require.'-1 immediate adoption of this Gilleswas pressed with much zeal by Mr Yoakum and Messrs. pie at considerable length by the who advocated its on which was ultimately fix Committee Laughlin and opposed and others, Banks, reference carried wasto to The object as avowed by most of the speakers all the responsibility of suspending on the Bank-at the sub eventato give no advice or make no pledge on ject. until the condition of the Bank and to to continue were officially specie payments made its it is known ability thought, the Legislature. The committee on Banks, will report to-day not beard the result.) The Commercial Bank of Columbia (S C) has acted the so for in an manner. Notwithstanding Baske in were urged by a deColumbia exemplary meeting of it the has citizens, to suspend specie payments, clined to but taken measures to virtually suspend, afford the purchase all necessary pecupiary relief, especially towards 'This' the C. Carolinian) striking not only of the soundness of cotton." evidence. (says of is this another com ex cellent institution. but of the general good sense, which perhensive views, and sound banking principles, will govern its affairs now, as heretofore. A little time shew the correctness of its policy. in the present instance, not only for its own sake, but that of the business of the place also-especially if, as seems daily more and more probable, the New York Banks do not suppend, which

4. November 19, 1839 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, November 19, 1839

Click image to open full size in new tab

Article Text

# POLITICS, There is a good deal of commotion in the ranks of a certain party, occasioned by the arrangements which are on foot for nominating a candidate for the Presidency The anti-Democratic party have chosen their delegates from the several wards in this city, who are to meet in a county Convention next Tuesday, and elect four delegates to the great Whig Convention to be held at Harrisburg in December. But now arises the question, whether the delegates who are to be sent to Harrisburg shall be the friends of Clay or the friends of Scott. Shall they be instructed and pledged to give their voices for the nomination of Mr. Clay as the choice of their constituents, or shall they be left to vote in such a manner as they may deem most for the interest of the Whig party; in other words, to secure the nomination of General Scott, if they can? Shall they go with open instructions to insist on the nomination of Clay or with a private understanding that they shall insist upon the nomination of Scott? such is the alternative which now embarrasses the Whig party, and sets them quarrelling The dispute was prudently postponed until after the election, but is now raging violently, although a regard to appearances at present keeps the combatants in the journals under some restraint- "Thus," says a comic poet, "Thus a large dumpling, in its cell confined, Lies snug, until the water waxes hot, Then bustles midst the tempest of the pot, In vain the lid keeps down the child of dough, That bouncing, tumbling, sweating, rolls below." To carry these different views into effect, there has been much maneuvering in the ward meetings. In some of them, delegates have been chosen friendly to the claims of Scott; in others, friendly to Clay; in some, resolutions have been passed, recommending to the delegates to Harrisburg, that they press the nomination of Clay; in others, resolutions have been adopted requesting the county convention to appoint delegates, to Harrisburg, who will act for the best good of the party, without respect to persons The Evening Star clamors for the appointment of men who will be certain to insist on the pretensions of Mr. Clay; the Express cries out "no man pledges," and the Commercial backs the Express. How they will settle the matter, we can not say. In the mean time, however, it is amusing to observe the indirect manner in which the war is carried on by some of the belligerents The party friendly to Scott are all at once seized with a violent horror of pledges. Great as was always their aversion to the public candidate who has the imprudence to let his constituents know beforehand what he intends to do when elected, it is now greater than ever. They are quite abusive towards the members of the House of Assembly elected from this city, because they have declared in what manner they shall vote on certain important questions when they get to Albany The object of this abuse is plain enough; it is intended that it shall be applied to those who go to Harrisburg, pledged to insist upon the nomination of Mr. Clay-N Y Post. # BANK NEWS BASK NEWS -The Ohio Life Insurance and Trust Company resumed the payment of specie on the 6th instant. It is the law in Ohio, that if any bank stops the payment of specie for more than thirty days its charter is forfeited. The Statesman, published at Columbus, Ohio, thinks that all the banks of the State which have suspended, will rather resume within the time prescribed by law, than suffer their affairs to be turned over to commissioners. The following are the only institutions that have thus far ceased to redeem their notes: all the banks of Cincinnati, except the Commercial Bank, the Hamilton, Dayton, Xenia, Urbana banks, and the two Banks of Wooster. The Bank of Illinois, situated at Shawneetown, has resolved not to suspend the payment of specie. Rutas S. Read, President of the Erie Bank of Pennsylvania, described as "the wealthiest citizen of Erie, and possessed of property worth more than five or six-times the liabilities of the Bank," has issued the following notice to the public: "The Erie Bank, having yielded to circumstances beyond its control, and joined the other Banks in Pennsylvania in suspending for the present the payment of specie, I, the undersigned, President of this institution, to allay any apprehension there might be of the ability of the Bank to meet fully all its liabilities, do hereby pledge my private and individual property for the payment of all debts and demands against the said Bank." Statements of the condition of thirty five Safety Fund Banks and two branches, situated west of the city of Albany have recently been furnished to the Bank Commissioners at Auburn As compared with their condition on the 1st January last, it is as follows: 37 Banks. Capital Loans & disc's. Cire'ion 1st Jan., 1839, 7.646.000 14.105,034 7037 579 5th Nov, 1839 7.640.000 13 521.846 4.945 197 It is known, that the circulation of the River and City banks has decreased in a still greater proportion. The whole circulation of the chartered banks on the 1st of January, 1830, was $19 373 149 The lowest point which it reached during the suspension was $11 198.000 in April, 1eds. From the above data, says the Albany Argus, there can be no doubt that the circulation of the chartered banks is as low at this time, and probably lower, than at any time during the suspension. A convention of the Safety Fund Banks of this State at which twenty one banks were represented, was held on the 8th instant at Auburn. After appointing a committee to make arrangements for the establishment of an agency at Albany or Troy, it was resolved- That said Committee continue the present Messenger, to make his trips from Albany to Buffalo, every alternate week. That each Bank assort, count up and label the bills of the several Banks sent to the Agency Bank, in their packages. That the Agency Bank so to be established, seal up the bills, and notify each bank by mail, immediately after the arrival of the Messenger, of the amount of its notes then on hand for redemption. The bank so notified shall redeem its bills so sealed up, at the end of sixteen days from the time of sealing, by draft or funds, current in Albany. The packages of bills so redeemed, shall be returned to the respective banks by the Messenger, next after such redemption or payment. The day of sealing up shall always be on Saturday, and the day of redemption on Monday after the return of the Messenger Any other bank or individual may deposite bills of the associated banks, to be sent home for redemption as aforesaid, at the risk of the depositor, he paying one-fourth of one per cent. towards defraying the expenses attending the agency and redemption. The banks shall keep up the system of red-mption, by exchanging with each other, and adjusting balances as heretofore recommended by the committee of the safety fund banks. Resolved. That the banks under the General Banking Law, be invited to participate fully in the above arrangement, and subject to a proportionate part of the expense -that in case of a refusal, their notes be sent by the associated banks to the agency, and returned home for redemption, and that the agent in Albany be authorized to receive from others, and send home for redemption, packages of their notes, at a charge of one-fourth of one per cent. at the risk of the owner-N Y. Post. PENNSYLVANIA We find in the York Gazette of yesterday, the subjoined letter froîn Governor Potter, in reply to the communication of the committee who had been appointed, at the late meeting in that borough, to convey to the Executive a copy of the resolutions adopted by said meeting. These resolutions, it will be recollected, suggested to the Governor, an early call of the Legislature of Pennsylvania, with a view to the adoption of another measure recommended by the meeting, namely, the authorizing of a State loan of two millions of dollars, at an interest of tico per cent, per annum, and the granting of privilege to the banks of that State to issue one, two, and three dollar notes, to the amount that might be taken by them, respectively, of said loan. The object in view by the meeting was twofold-first, to provide small notes as a medium of small business transactions, during suspension; and secondly, to provide for the Commonwealth, at a very low interest, the means of meeting her engagements in regard to certain temporary loans: thus, the loan of two millions at two per cent, would not in effect increase the debt of Pennsylvania, but would, so fast as negotiated, be made to take the place of certain unfunded debts of that Commonwealth, bearing five and six percent interest. on from the letter of Governor Potter, that