17818. Bank of Wooster (Wooster, OH)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
February 1, 1842*
Location
Wooster, Ohio (40.805, -81.935)

Metadata

Model
gpt-5-mini
Short Digest
20ed5f83

Response Measures

None

Description

Articles from Feb–Apr 1842 describe the Bank of Wooster's notes being rejected by city banks during a panic among interior/country banks, and then list Wooster among Ohio banks resolving to resume specie payments on March 4 and as having resumed by early April. No explicit depositor run is described; sequence is a suspension (or partial suspension / non-redemption of notes) followed by resumption.

Events (2)
1. February 1, 1842* Suspension
Cause
Local Banks
Cause Details
City banks were rejecting the notes of interior/country banks (including Bank of Wooster), creating a panic and effectively suspending normal redemption of its bills
Newspaper Excerpt
the dubious course pursued by our Banks in rejecting the bills of several of the interior Banks, viz: the Bank of Wooster ... There is, consequently, a complete panic with reference to the Country Banks
Source
newspapers
2. March 4, 1842 Reopening
Newspaper Excerpt
Twenty-two of the Ohio Banks have resolved to resume on the 4th March next ... Wooster ... The Commercial & Lafayette banks, Cin cinnati, Xenia; Sandusky, Scioto, and Bank of Wooster are reported to have resumed specie payments (by April 9).
Source
newspapers

Newspaper Articles (3)
1. February 15, 1842 New-York Tribune New York, NY
Article from New-York Tribune, February 15, 1842

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Article Text

Banks and Currency in Ohio. Correspondence of The Tribune. CINCINNATI, Feb. 3, 1842 Our Money Market is in a most appalling state. Within ten days the Granville Bank has failed. and the Urbana is not much better: its small bills be ing in doubtful standing. totally uncurrent. and refused by all the brokers. The larger bills are taken sparingly by our City Banks in payment of debts. though refused on deposites, and it is thought will be discarded by Banks and brokers in the course of the week. Last Saturday was a trying day for our merchants. and all others who had Bank payments to make. on account of the dubious course pursued by our Banks in rejecting the bills of several of the interior Banks, viz: the Bank of Wooster. Cleaveland. and Commercial Bank of Lake Erie, except in payment of debts. and then only in small proportions. as in case of the Urbana. There is, consequently, a complete panic with reference to the Country Banks, and no one knows what to take. To show you with what a vile currency we are cursed. it is only necessary to mention the fact. that no less than twenty-seven Banks and shinplaster factories have failed within the last four years whose bills have formed almost the native currency of the city from different periods of two

2. February 28, 1842 New-York Tribune New York, NY
Article from New-York Tribune, February 28, 1842

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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

3. April 15, 1842 Carroll Free Press Carrollton, OH
Article from Carroll Free Press, April 15, 1842

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Article Text

THE CURRENCY, Notes of the following Ohio banks are known to be good, viz. F. & M. Bank of Steubenville, Ohio Life & Trust, Franklin, Cincinnati, St. Clairsville, Massilon, Mt. Pleasant, New Lisbon, Norwalk, Dayton, W. Reserve, Zanesville, Muskingum, Circleville, H. Lawrance cashier, Geauga, Marietta, Clinton Bank of Columbus. The following banks have resumed specie payments, as well as those above named, and it is believed they will be able to continue redeeming their notes with specie, VIZ. Commercial & Lafayette banks, Cin cinnati, Xenia; Sandusky, Scioto, and Bank of Wooster. Notes of the following banks are more or less current, at from 75 10,874 on the dollar. They remain partially or entire. ,ly suspended, viz. Lancaster, Chilicothe, Franklin Bank of Columbus. Theseare Banks to which the State is largely indebted. The following are broken Banks, the paper of which passes in some of the stores for from 50 to 75 cents on the dol lar, viz. Hamilton, Cleveland, Urbana, Canton, Granville, Illinois (State Bank) also Indi. ana State scrip. Indiana State Bank, Kentucky notes, Virginia and Pennsylvania notes generally, are current at par, that is at currency car, but all 8 to 10 per cent, below.specie. The above statement will be corrected weekly.-Steub. Her, From the Morning Chronicle, April 9 Bank Note List. SPECIE STANDARD Corrected for the Morning Chronicle by SIBBETT & JONES, EXCHANGE BROKERS, South West corner of Wood and Fourth Streets, Pittsburgh, Pa.