17826. German Bank (Wooster, OH)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
November 9, 1839
Location
Wooster, Ohio (40.805, -81.935)

Metadata

Model
gpt-5-mini
Short Digest
99c249e6

Response Measures

None

Description

Article (1839-11-09) explicitly reports the German Bank of Wooster suspended specie payments due to a mistaken policy. No article describes a depositor run or a receivership/closure for this bank. A later 1842 item criticizes the bank's politics and links it to insolvency problems in Ohio banks generally but does not report a closure. Because suspension is documented and there is no evidence of permanent closure or receivership, the most likely outcome is a temporary suspension (assumed reopened); this is noted as somewhat uncertain due to limited reporting.

Events (2)

1. November 9, 1839 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension attributed to the bank's mistaken policy (internal mismanagement/poor policy leading to halt of specie payments).
Newspaper Excerpt
The bank of Wooster, and German bank of Wooster, have through a mistaken policy, suspended specie payments.
Source
newspapers
2. October 6, 1842 Other
Newspaper Excerpt
Had it not been for the thousands and tens of thousands expended in the campaign of 1840 by Griswold's Canton Bank, German Bank of Wooster, Stokeley's Bank of Steubenville... you would not have suffered as you have done by the bursting up of these banks.
Source
newspapers

Newspaper Articles (2)

Article from The Columbia Democrat, November 9, 1839

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Article Text

OHIO BANKS. The bank of Wooster, and German bank of Wooster. have through a mistaken policy, suspended specie payments. We hear of no other suspension in the Northern portion of Ohio yet, and we trust we shall not. The banks of this city continue to pay specie, and we learn to day that there has been no very considerable demand on them for coin. People.do not care about specie, so long as they now it can be obtained when asked for.


Article from The Ohio Democrat, October 6, 1842

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Article Text

Read the following, You who have been swindled by the bursting of the Cleveland Banks: From the Cleveland Plain Dealer. "Harris of the Cleveland Herald, sa's he is authorized by Standart Griffith & Co., to say that they will carry whigs to the newark Convention, on their line of boats without charging a profil" "We are authorized to say that Standard, Griffith & co now owe the defunct banks of this city FIFTY THOUSAND DOLLARS; and instead of devoting the profits of their businees to party purposes, they had better pay their honest debts. It is by means of a few political cormorants, that these banks are now insolvent, and the honest bill-holdere suffering a ruinous depreciation of their faithless promises to pay. The "Co," of this concern has not yet settled his indebtedness to the bank of Cleveland occasioned by the transportation of that brig to Columbus in the winter of 1840." SUCH IS THE WAY, citizene of Tuscarawas county, these banks and bankers have acted and will act again if you give them them the power. Had it not been for the thousands and tens of thousands expended in the campaign of 1840 by Griswold's Canton Bank, German Bank of Wooster, Stokeley's Bank of Steubenville, Granville, Gallipolis, Urbana, West Union, &c. &c. you and your brother citizens of Ohio, would not have suffered as you have done by the bursting up of these banks. THERE IS NO MISTAKE But that the excitement now got up is the whole and sole result of a combination of bank swindlers, who want to live and roll in luxury, by cheating and defrauding the laboring part of the people out of their hardfearnings. THINK YOU These Bunk Lords would come down from their fine houses and talk to you now, if they had not a design of cheating and swinding, & pressing and extorting from you the proceeds of your labor as they have done before? No, indeed they would not. Did you ever see them after election offering you their hands, or speeking to you on politics! No. THEN BEWARE How you trust them, for they are but creating an exciemout to deceive you, and put you off your guard, while they lay their plans to bring upon you another suspension of specie paymente, and the evils which follow-general burst up of Banks-worthless notes on your hands, Sheriff's writs against you, your property sacrificed, and your family and children turtied naked on the world. BELIEVE IT NOT When the Federal leaders tell you the: the legislature was broken up; our government destroyed; to prevent Gerrymandering! Evidence has been given you clear as noon day hat they determined last winter to resign at the extra etssion, and has prevent the Demo-