19644. Rhode Island Exchange Bank (East Greenwich, RI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 11, 1860
Location
East Greenwich, Rhode Island (41.660, -71.456)

Metadata

Model
gpt-5-mini
Short Digest
8661124a

Response Measures

None

Description

Cashier Daniel C. Kenyon's large embezzlement (~$72,000 from the Exchange Bank and additional from the Savings Bank) led to the bank's closure and a receiver being appointed to wind up affairs. No run is mentioned in the articles.

Events (2)
1. February 11, 1860 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier D. C. Kenyon discovered to have embezzled ~ $72,000 from the Exchange Bank (and additional funds from East Greenwich Savings), forcing the bank to close.
Newspaper Excerpt
Heavy Defalcation and Bank Failure.-...Daniel C. Kenyon, Cashier of the Rhode Island Exchange Bank, at East Greenwich, has been discovered to be a defaulter to a heavy amount, compelling the closure of the institution.
Source
newspapers
2. February 14, 1860 Receivership
Newspaper Excerpt
They will at once report its condition to the Supreme Court, when an injunction will undoubtedly be issued, and a receiver be appointed to wind up its affairs.
Source
newspapers

Newspaper Articles (3)
1. February 11, 1860 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, February 11, 1860

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Article Text

GENERAL NEWS SUMMARY. BOSTON AND VICINITY. The third legislative educational meeting was held at the State House, Thursday eve. ning. In the absence of the chairman of the Committee on Education, George B. Emerson, Esq., presided. Hon. George S. Hillard delivered an able address upon "Books and Reading," which was listened to by a crowded audience. The Boston Transcript says a gentleman of that city has sent $100 to the widowed mother of the dancer who lost her life by her dress taking fire in New York, last Saturday evening. ESSEX COUNTY. Hersey A. Skinner of Lynnfield committed suicide, Thursday, while suffering under temporary aberation of mind. Not long since he laid down in the snow in a state of nudity with the evident intention of freezing to death. The semi-annual examination of the State Normal School at Salem took place on Thursday. Twenty-three young ladies graduated. Addresses were made by Gov. Banks, and exGovs. Boutwell and Washburn. Mr. Charles Smith of Newburyport has an apple tree in his garden on Lime street, that bears a mixed fruit, one side of each apple being sour, and the other side sweet. The color upon the surface shows how far each variety prevails. This mixture was produced in budding. MIDDLESEX COUNTY. The high wind of Friday morning, which did so mnch damage in this vicinity, blew down a shed near Waltham, 100 feet long by 24 ein width, directly upon the track of the Fitchburg Railroad. The train was delayed for a considerable time. NORFOLK COUNTY. The family of George Bird, of Stoughton, were all taken with measles at one time, about two weeks since, and the father and mother both died within two days of each other, leaving five small children, all dangerously sick. BRISTOL COUNTY. New cases of virulent throat disease continue to be reported in the town of Westport, and the physicians are of opinion that nearly all the inhabitants will be attacked. HAMPDEN COUNTY. The loss by the burning of David E. Jones' dwelling house, in Ludlow center, on Tuesday morning, is about $1,200, the furniture being mostly saved. There was an insurance upon the building for $800 in the Farmers' and Mechanics' office of Worcester. Theorigin of the fire is unknown. BERKSHIRE COUNTY. A little son of Michael Barry of Great Barrington, while playing around the stove a few evenings since, drank a mouthful of boiling hot water from the spout of a tea kettle, scalding his throat terribly but by medical treatment he is now considered out of danger. RHODE ISLAND. The Woonsocket Patriot learns that the severe frost of last week has destroyed the peach buds in that vicinity. In the heart of the buds are black spots indicative of decay. Few, if any, of the trees have escaped damage. Heavy Defalcation and Bank Failure.-The Providence Press announces that Daniel C. Kenyon, Cashier of the Rhode Island Exchange Bank, at East Greenwich, has been discovered to be a defaulter to a heavy amount, compelling the closure of the institution. Mr. Kenyon was Treasurer of the East Greenwich Institution for Savings, and is a defaulter in that capacity also. Employment of the funds entrusted to his care in stock speculations, is understood to have been the occasion of the default. The amount of Mr. Kenyon's robberies is stated in round numbers at $72,000 from the Rhode Island Exchange Bank, and $39,000 from the Savings Institution. The capital of the former was $60,000, and its circulation is about $40,000. Mr. Kenyoni is some thirty five years of age, has hitherto borne an excellent reputation, and the exposure of his misconduct occasions profound regret. The excitement in East Greenwich is intense. CONNECTICUT. George W. Bishop of New Haven has sued the Palladium for $10,000 damages, for publishing that he was charged with kidnapping and selling into slavery a negro boy. He was in fact arrested at Philadelphia and charged with kidnapping a boy 15 years old but he soon produced the boy in court, and the case was dismissed-the court being satisfied that he had taken the boy to Alabama to ride racehorses. John Garrity of Roxbury was found with his neck broken a short distance from Botsford's store in Weekeepeeme, on Wednesday night. He had been dead but a short time. His death was attributed to drunkenness. An Irishman was found dead in a shed in New Milford the same night. His skull was cracked. The barn of Robert Goodwin, Jr., at New London, was destroyed by fire Wednesday. Four horses, several carriages, &c., were also consumed. Loss about $4000-insured. Thomas Brady's mill, at Rockville, Conn., used for the manufacture of cotton twine, was almost entirely destroyed by fire last Wednesday night. Insurance on mill, stock, and machinery, $11,000, which will not cover the loss. A large number of workmen are thrown out of employment by the disaster. The parishioners of Rev. Mr. Griggs of Bristol, on the afternoon and evening of the 3d, made a visit to the parsonage, and presented the pastor and his family about $100 in cash and valuable articles. PERSONAL. Captain Glyn, who is said to have furnished to his friend Thackeray the character of Capt. Strong, in "Pendennis," recently died in the New York Hospital, and was buried by the hand of charity in the Cemetery of the Evergreens. n excellent linguist, a thorough scholar, a tasteful artist, an accomplished musician, a poor gentleman, a brave soldier, and an inebriate! POLITICAL. In the Virginia House of Delegates, a reso. lution has been offered, requiring every one who has emigrated from or shall emigrate from a non-slaveholding state to Virginia, to take an oath to support her constitution and laws, and defend her soil and institutions against her enemies. The three opposition papers of Baltimore have each run up the name of a different presidential favorite, and each is publishing elab-

2. February 14, 1860 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, February 14, 1860

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Article Text

THE RHODE ISLAND BANK DEFALCATION. From The Providence Journal, Feb. 11. The community were startled yesterday morning by the announcement that Daniel C. Kenyon, the Cashier of the Rhode Island Exchange Bank, at East Greenwich, was a defaulter to that institation to a large amount, as well as to the East Greenwich Savings Bank, of which corporation he was Treasurer. The discovery of the embezzlement was made by the Cashier of the Merchants' Bank in this city. That bank had received information from New-York that the bille of the Exchange Bank had been hypothecated in Wall street to raise funds. As there had been repeated charges against the bank, at the instance of the management of the Merchants' Bank, the Cashier went down to East Greenwich on Thursday to entisfy himself of its actual condition. The first evidence of wrong was found in a discrepancy of a number of thousands of dollars in his account with the Merchants' Bank; but as soon as an examination of the note account was made, which disclosed a deficiency of some $25,000, concealment was no longer possible, and he confessed to Mr. Robbins that he was a defaulter. He also confessed that he had added to the crime of stealing the still greater crime of perjury. On the 6th inst., in the return he made to the State Auditor of the condition of the bank, he had sworn that the circulation was $19,268, when in fact it was $44,000. He also swore that the deposits were only $3,756, when they exceeded the sum of $12,000. The whole amount of his defalcation to the bank is about $72,000. The capital is only $60,000. Billholders will not be losers by the dishonesty of Kenyon. If the circulation is not greater than now believed, the assets of the bank will pay ja as well as the deposits. But, if there should be a lack of assets, the stockholders, among whom are many men of large property, are personally liable for the deficiency. Kenyon has also confessed that he has robbed the East Greenwich Savings Bank of $36,000, one-half of the whole amount of its deposits. These deposits were the savings of the industrions poor in his neighborhood, and this faithlessness to a most sacred trust will bring upon him the execration of many ready to perish. The large sum which he has embezzled-$108,000Kenyon alleges has been wholly lost in stock speculations. He commenced his stock gambling some years ago, and was at first successful, having made $10,000 in bis early operations. His losses have been in Érie Railroad and in mining stocks. His dishonesty is the more surprising as he has always borne a most excellent character, and his style of living prudent and befitting bis station. His aged father, Mr. George Kenyon, well known in Kent County, is his bondeman to the bank for $15,000. Mr. James B. Pierce, the President of the Exchange Bank, is his bondsman to the Savings Bank in the sum of $10,000. Gov. Turner yesterday appointed Shubael Hutchins and Henry Anthony of this city, commissioners to make an examination of the affaire of the bank. They will at once report its condition to the Supreme Court, when an injunction will undoubtedly be issued, and a receiver be appointed to wind up its affairs. From The Providence Post. Mr. Kenyon is a young man, who has been supposed to possess tii e business talents, and who has enjoyed in an eminent degree notonly the confidence of his employers, but that of the entire community in which he resided. That one 80 full of promise should thas make shipwreck of his life, is indeed deplorable; and still worse is the case when we reflect that in his fall he has brought ruin and distress to many who had relied upon bis honesty. Mr. Kenyon frankly states that no other living soul has known of his illegal acts, or is in any diway implicated in the transactions which he now vulges. Led on by the hope of gain, he has gone forward, step by step and deeper and deeper in his crime, until at last the black cloud is abut down upon him, and be finds bimself and his innocent friends involved in a common ruin.

3. February 16, 1860 Lynchburg Daily Virginian Lynchburg, VA
Article from Lynchburg Daily Virginian, February 16, 1860

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Article Text

# THE BANK FAILURE AND DEFALCATION IN RHODE ISLAND It was stated yesterday that the Rhode Island Exchange Bank at Greenwich had failed, on account of the cashier proving to be a defaulter. D. C. Kenyon is said to be the defaulting officer, and has made a full confession to Mr. Robbing, the cashier of the Merchants Bank of Providence. The Providence Journal, after stating that Mr. Robbins, in consequence of certain rumors, undertook to examine the condition of the Exchange Bank says: The first evidence of wrong was found in a discrepancy of a number of thousands of dollars in his account with the Merchants' Bank. But as soon as an examination of the note account was made, which disclosed a deficiency of some $25,000, concealment was no longer possible, and he confessed to Mr. Robbins that he was a defaulter. He also confessed that he had added to the crime of stealing the still greater crime of perjury. On the 6th instant, in the return he made to the State auditor of the condition of the bank, he had sworn that the circulation was $19,268 when in fact it was $44,000. He also swore that the deposits were only $3,756, when they exceeded the sum of 12,000, The whole amount of his defalcation to the Bank is about $72,000. The capital is only $60,000. Bili-holders will not be loosers by the dishonesty of Kenyon. If the circulation is not greater than now believed, the assets of the bank will pay it as well as the deposits. But if there should be a lack of assets, the stockholders, among whom are many men of large property, are personally liable for the deficienty-Kenyon has also confessed that he has robbed the East Greenwich Saving Bank of $36,000, one-half of the whole amount of its deposits. These deporits were the savings of the industrious poor in his neighborhood, and this faithlessness to a most sacred trust which will bring upon him the execrations of many ready to perish. The large sum which he has embazzled-$108,000-Kenyon alleges has been wholy lost in stock speculations. He commenced his stock gambling some years ago, and was at first successful, having made $10,000 in his early operations. His losses have been in Erie railroad and mining stocks. His dishonesty is the more surprising, as he has always borne a most excellent character, and his style of living prudent and befitting his station. itis aged father, Mr. George Kenyon, well known in Kent county, is his bondsman to the bank for $15,000. Mr. Jas. B. Pierce, the president of the Exchange Bank, is his bondsman to the Savings Bank in the sum of $40,000. Governor Turner yesterday appointed Shubael Hutchins and Henry Anthony, of this city, commissioners to make an examination of the affairs of the bank. They will at once report its condition to the Supreme Court, when an injunction will undoubtedly be isscel, and a receiver be appointed to wind up its affairs. A TINNER WITHOUT TIN-MATRIMONY OR LAUDANUM. The great danger of being out of money was illustrated in Pulaski the other day by a young man named King, a tinner, who had listened in vain for the tintinnabulations of the tin in his trowsers pocket, until his case became desperate. He was engaged to go to Columbia and carry a young lady through a course of matrimonial sprouts. The time was at hand and our tinner was dimeless. The crisis affected his equanimity desperately. He thought of the despairing maiden going tearful and unwedded to a lonely couch on the night fixed for her conjugal felicity, after the assembled friends had departed, without bearing the welcome sound the "bridegroom cometh." As he pondered upon the subject, he came to the conclusion that he could never survive such an event. With one long, lingering and lengthened out prayer for his unhappy manyam, he poured out a large portion of laudanum and raised it to his lips. Just at this moment he heard something drap, and somebody seized his suicidal hand. A friend was at hand. He negotiated a loan of five dollars, on long time, and rushed to the time table in time to take his turn at the matrimonial wheel. A happy bride and a good tinner are saved by that five, and the world wags. A true tale. Nashville Banner. FROM WASHINGTON. Washington February 14.- The report which was prevalent last night in regard to Mr. Cass' illness was much exaggerated. It was only a slight attack, from which he seems to have recovered, and to-day he is attending to business at the State Department. Mr. Stallworth, a democratic member from Alabama, took his seat to-day for the first time this session. The bad defeat in the House to-day of the proposition to abolish the franking privilege gives but little hope of accomplishing that very object hereafter. As the mass of the Senatore and Representatives from the free States are republicans, they appreciate the advantage of monopolizing the mails for the transmission of franked electioneering matter during the presidential campaigu; besides many members have little political capital other than that acquired by sending out franked speeches and public documents to partizan friends. Most of the appointments connected with the House organization have been made. I hear of no appointee residing south of the Potomac. The things is typical of what would be the state of things if a republican president were in power.-Mr. Defrees' friends confidently anticipate his final success through appliances in the interest of disapointed persons, who have fastened upon the House printing at the last crust of patronage. Mr. Slidell's bill which is the first in order es unfinished business, prohibits by severe penalties the issu of bank notes in this district, and also the circulation of bank notes issued by companies located beyond the District of Columbia or a less denomination than twenty dollars. A SUCCESSFUL POLITICIAN. Milton S. Latham, the newly elected Senator from California, seems to have been "born to good luck." He is now about thirty-five years of age, and has held the following important offices:-Having emigrated from Ohio to California, he was in 1854 clected a Representative in Congress from that State.-Failing in a re-election, he was appointed by President Pierce collector of customs at San Francisco, which post he has occupied for three years. Two years after his retirement he was elected, in September last, Governor of California, and immediately thereafter as United States Senator, in place of Broderick. This has been a singularly successful political career. THE NEGROES' CROP We learn that Col Ball Arrington, of North Carolina, but who has a plantation in this (Montgomery) yesterday sold in this market a lot of cotton owned by his negroes, and drew therefore one thousand dollars from the Central back. This money will be paid to the negroes by Col. A., in a day or two, when they will be abuundantly able-and perfectly willing, if appealed to.