2228. Bank of Milford (Milford, DE)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
August 24, 1854
Location
Milford, Delaware (38.913, -75.428)

Metadata

Model
gpt-5-mini
Short Digest
4b11ed52

Response Measures

Full suspension

Other: Cashier attempted limited redemptions of Delaware circulation locally; owner in New York (Charles Colgate) failed to redeem in Wall Street.

Description

Contemporary reports (Aug 24–31, 1854) state a run from New York precipitated suspension/failure. Owner Charles Colgate (NY) failed to redeem paper in Wall Street; local cashier attempted to redeem Delaware notes. Later lists treat the bank as failed/closed. No clear record of reopening in the articles.

Events (2)
1. August 24, 1854 Run
Cause
Local Banks
Cause Details
A run originated in New York; depositors/holders presented notes for redemption there and the New York correspondent (owner Charles Colgate) failed to redeem paper in Wall Street.
Measures
Cashier redeemed Delaware circulation locally as funds could be raised; urged holders not to make sacrifices.
Newspaper Excerpt
this institution has been in a state of suspension for the last few days, owing to a run made on it from New York, on Saturday last
Source
newspapers
2. August 24, 1854 Suspension
Cause
Local Banks
Cause Details
Suspension followed the run from New York and the failure of the New York owner/agent to continue redeeming the bank's notes in Wall Street; suspension noted Aug. 24 and still suspended Aug. 31 in reports; later listed as failed in fall listings.
Newspaper Excerpt
The Bank of Milford, Delaware, ... have suspended.
Source
newspapers

Newspaper Articles (14)
1. August 30, 1854 The Cadiz Democratic Sentinel Cadiz, OH
Article from The Cadiz Democratic Sentinel, August 30, 1854

Click image to open full size in new tab

Article Text

STAND FROM UNDER.-A dispatch from New York, dated August 24, contains the following: "Brokers will do well not to buy nates of the following Banks, as there is no certain information in relation to them. The Farmers & Mechanics Banks of Kent cotinty, the Bank of Castleton, the Bank of Milledgeville, the Merchants Bank of Mason, and South Royalton Bank. The Indiana, Illinois and Wisconsin free Bank notes are purchased at from 3 to 10 cents discount. Buffalo, Erie and Kalamazoo R. R. Bank reduced to ten ets. Another dispatch of the same date contains the following: The Bank of Milford, Delaware, and the Drovers' Bankef Ogdensburg, N.B., have suspended.

2. August 30, 1854 The Spirit of Democracy Woodsfield, OH
Article from The Spirit of Democracy, August 30, 1854

Click image to open full size in new tab

Article Text

Monetary. NEW YORK, Aug. 24.-Brokers will do well not to buy notes of the following Banks, as there is no certain information in relation to them: The Farmers & Mechanics' Bank of Kent county. the Bank of Castleton, the Bank of Milledgeville, the Merchants Bank of Mason. and South Royalton Bank. The Indiana. Illinois and Wisconsin Free Bank notes are purchased at from 3 to 10 cents discount.Buffalo, Erie and Kalamazoo R. R. Banks reduced to 10 ets. BANKS SUSPENDED-The Bank of Mifford, Del, and the Drovers' Bank of Og. densburg, N. Y., have suspended.

3. August 30, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, August 30, 1854

Click image to open full size in new tab

Article Text

TUESDAY, Aug. 29-P. M. The Stock market was firm to day, and prices generally were higher than yesterday. The panic feeling which has existed for several days has pretty much subsided. The improvement in Eric Bonds is a noticeable feature in the market. Incomes sold at 741 @75, and the Conver ibies of 1871 at 61, an advance in each instance of 4 ₽ cent Erie stock opened at 38, run down to 37, and closed firm at 371. New-York Central advanced to 901 under an act ve demand for cash stock. Reading was active at 60) and closing at 69, withsales to the extent of 2,000 shares Harlem was in demand at 321. Clevelaud and Totedo sold at 69. Michigan Southern and Northern Indiana are offered at 90. Cumberland advanced to 28. Nicaragua opened at 192 and closed at 202, with large sales. The transactions in Railroad Bonds are confined principally to Erie, New-York Central and Illinois Central. Of the latter $44,000 were sold at 62 to 621. The bears have within a few days been large sellers of these bonds. There was no change to-day in the Money market. The demand is active and the supply fair. The amount of good paper on the market is not large: rates 10@12 cent. for first-class commercial and 12@18 for railroad acceptances. The Bank panic is over. The following is a list of the banks that have failed, with the discounts at which they are bought in Wall-st: Drovers' Bank, Ogdensbargh N.Y., failed at 11 A. M. Aug. 24, 25 discount: Bank of Milford, Delaware, failed at 11 A. M., Aug 24, 75 discount Bank of Carthage, N. Y., failed Aug 21, 15 discount; Erio and Kalamazoo Railroad Bank, Michigan, failed at 12 M., Aug 21, 50 discount; Back of Washtenew, Michigan, failed at 12 M., Aug. 21, discount - Farmers and Mer. chants Bank of Memphis, Tenn. failed at 12 M Aag. 16, discount 75; Adriance Insurance Company, 50 discount. It will be seen by the following notice that the Government is again in the market for the purchase of its debt, contrary to general expectation. TREASURY DEPARTMENT Aug. 26. 1854 Notice is hereby given 10 the Sockholders the follow derecribed stocks of the United States that this partment is pared to purchase at city time b. tween the date thereof and the 20th day of Nov. D x1. portions of those stocks nour ing in the aggregate 10 $3,840,000 in the manner and oz the terms hereinafter menticked I. case of EDV contingent competition. within the amount stated. preference given in the order of time in which and stocks may be offered. The resigned to th United States, by the parties who are to receive the amount thereof. must be trans milled this de ariment: upon the thereof. a price will be paid, componne(c) of the following 1. The par valan or in each certificate. 2. A premium on the stock of the authorized by the act of of July 1810. reseemable Nov. 12 1836 of sp cent. of the since the loan authorized by the act of 1642, redeemable 31. D 1862 of 11 P cent. on the stock of the loans authorized by the note of 1847 ALO 1848. and redeemable. the former on the 31st of Dec. 1867 and the latter OL the 30th June, 1868. of 16 ₽ cost and on the stock of the authorized by the ac of 850 and redeemship on the Slet of Dec. 1864, monty called the Tuxan indemnity 16 ₽ cent. 8. Interest on the per of each certificate from the 1st of Jaiy. 1854 to the date receipt and settlement al the Treasury with the allowerce (for the money to reach the owner) of one day's interest in addition. Payment for said stocks will be made in drafts of the Treasurer of the United States or. the Assistant Treasurer at Bosiun. New York 01 Priladelphia 88 the parties may direct But DO certificate will be entitled to the benefit of this notice which shall not be actually received at the Tressury on or before the said 20th day of Nov. belt JAMES GUTHRIE Secretary of Treasury It is a little singular that this announcement should be made just at this time, and there are those who are ungenerous enough to think that there has been collusion between the managers at Washington and the managers at Albeny. The State Loan of $1,250,000 is to be awarded on the 31st instant, and undoubtedly a great many bids have been sent in by country Banks. predicated upon the supposition that the UnitedStates would not be in the market just at present. This notice appears at 80 late & day that they will net have time to change their bids, and the loan will be taken by others, at three or four per cent. higher then it otherwise would. Freights are dull. To Liverpool 1,200 bales Cotton at d. A brig from New-York to Montevideo, Lumber $18. Coal vessels are wanted for Baltimore. Eastern freights are active. The payments through the Clearing-House to-day amount to $15,323,161.3 and the balances to $114,983 65. Mexers. Winslow, Lanier & Co. announce by advertisement in another column that they will pay, on the 1st Sop-

4. September 1, 1854 Delaware State Reporter Dover, DE
Article from Delaware State Reporter, September 1, 1854

Click image to open full size in new tab

Article Text

AFFAIRS IN MILFORD. MILFORD, Aug. 31, 1854. DEAR REPORTER The failure of the Bank of Milford is all the talk here just now, and as you are no doubt acquainted with the particulars, it is not necessary to give them at length here. The Cashier, I understand, is doing all- in his power to ascertain the amount in circulation in this State, so as to compare with the amount of funds in hand, and, if possible, to redeem at. par all their paper now in circulation in Delaware. What will become of their money at a distance, I can't tell, but the general impression is, that it will not be worth one cent on the dollar. The workmen on the new Bank building are in quite a quandary as to how to proceed, as by the failure of the Bank they are thus suddenly thrown out of employment. as well as behind in receiving their wages; though it is hoped they will be paid in full. The long continued drought has very seriously affected the corn crops in this part of the State, as well as lower down, and it is feared that there will scarcely be half a crop raised in either Kent or Sussex county. Vegetation of all kind is suffering very much, and the warm weather and dusty roads have kept the farmers at home, SO that our town is looking unusually dull and gloomy, business being almost suspended, and some of the merchants are talking of emigrating to other parts. The Know Nothings" are still holding their weekly meetings, but not increasing very rapidly, from the fact that the sensible part of the community understand them too well and are not to be humbugged by them. I understand also that many persons who have lately joined them, have become dissatisfied, from the fact that everything was misrepresented to them on joining, and talk very plainly of leaving them at one, since they have found out better. No more at present. SYKES. Yours, truly,

5. September 5, 1854 Minnesota Weekly Times Saint Paul, MN
Article from Minnesota Weekly Times, September 5, 1854

Click image to open full size in new tab

Article Text

BANKS.-The Bank of Milford, Delaware, and the Drovers Bank at Ogdensburgh, have suspended payment. The Erie and Kalamazoo money was redeemed at New York on the 24th. Brokers will not buy the notes of the following Banks: The Farmers' and Mechanic Bank, the Kent Co. Bank, Castleton, the Bank of Milledgeville and the S. Royalton Bank. The Illinois, Indiana, and Wisconsin Free Bank notes are purchased at 10 per cent.

6. September 6, 1854 Smyrna Times Smyrna, DE
Article from Smyrna Times, September 6, 1854

Click image to open full size in new tab

Article Text

THE BANK OF MILFORD.-We learn from the Milford Beacon, that this institution has been in a state of suspension for the last few days, owing to a run made on it from New York, on Saturday last, creating quite a sensation in our midst, and affording lots of material for gossip. We would state for the information of our readers, that the Bank is owned by a Mr. Charles Colgate, of New York, who has hitherto redeemed the paper at his office in Wall street; failing to do so within the past few days has produced the suspension of this Bank.What will be the final result remains to be seen. We learn, however, that the Cashier gives every assurance that he will be able to redeem all the bills in this State, and cautions the holders not to make sacrifices. Probably we will be able to give more information on the subject next week.

7. September 16, 1854 The Cecil Whig Elkton, MD
Article from The Cecil Whig, September 16, 1854

Click image to open full size in new tab

Article Text

THE BANK OF MILFORD.-The Beacon states that this Institution is still in a state of suspension. The Cashier, Wm. T. Shannon, Esq., however, continues to redeem the circulation hercabouts as fast as he can raise the funds to do so. We are informed that he redeemed some fourteen hundred dollars on Wednesday last, and gives assurance that all the Delaware circulation will be redeemed ultimately: we hope so, and would express a wish that all should be paid without reserve. The character of our little State has ever yet been sustained by her Banks. no Bank having ever yet failed to redeem every dollar of her issues-dollar for dollar. That Bank bearing the name of our own flourishing town, should be the first to tarnish her escutcheon, is to us truly humiliating. It was, however. not under the control of our eitizens or it might have been otherwise.

8. October 26, 1854 Plymouth Banner Plymouth, IN
Article from Plymouth Banner, October 26, 1854

Click image to open full size in new tab

Article Text

Banks gone under. The Detroit Daily Free Press of the 22nd inst., publishes the following list of Banks as having recently failed. We have looked for, and may reasonably expect that one of the worst Bank panics the country ever experienced, is just upon us, butas to the correctness of the fate of the following we very much doubt. But here is the list published by the Free Press: Patchin Bank, Buffalo. Farmers and Merchants' Bank, Oswego. Farmers Bank of Canandagua. Drovers Bank. Ogdensburgh. Bank of Carthage. Farmersand Merchants' Bank, Maryland. Bank of Milford, Delaware, Furmers and Merchants' Bank, Memphis. Massillon Bank, Ohio. Ohio Savings Institute, Tiffin. Cochituate Bank, Boston. Bank of West Killingly, Connecticut. Eighth Avenue Bank. New York. Merchants Bank of Macon, Georgia. Bank of Ellsworth, Maine. Elkhart County Bank, Indiana. Bank of Elkhart, Indiana. Bank of Northern Indiana. Bank of Washtenaw, Michigan. Erie and Kalamazoo Bank, Michigan. Knickerbocker Bank, New York. Suffolk Bank, New York. Kentucky Trust Company Bank. Newport Safety Fund Bank. Bank of Connersville, Indiana. Bank of Plymouth, Indiana. Commercial Bank of Kentucky. Bank of Kanawha, Virginia. Ohio Savings Bank, Cincinnati.

9. October 27, 1854 Plymouth Advertiser Plymouth, OH
Article from Plymouth Advertiser, October 27, 1854

Click image to open full size in new tab

Article Text

# The Failing Banks The Cincinnati Commercial publishes a statement of the Kanawha bank, (of Va.,) showing a very safe state of affairs in that institution, and remarks- "While we know nothing of the institution except through the showing which it makes, and the character of some of its stockholders, we have no reason to suppose that we are in possession of less information than those who are endeavoring to do it an injury. An amount of assets equal to one dollar and twenty-seven cents for each dollar of its circulation is not a very bad state of things, certainly. We do not present ourselves as endorsers of the solvency of this or any other banking institution, but we should be sorry at this time of pecuniary oppression, to see the mitchief aggravated by an unjustifiable suspicion of any concern whatever. Of the Kentucky Trust Co. Bank at Covington, the same paper says- "This institution, closed its doors yesterday morning. The public generally have been taken by surprise, though there are many who seem to have anticipated the failure. For many months the amount of paper presented for redemption has averaged about $80,000 per week, which, at the usual high price of gold for sometime passed, absorbed nearly the whole profits of the bank. It is thought by some that the bank will be able to meet its liabilities; by others it is considered a complete failure. We saw some of its money selling for 90 cents in Covington, soon after the failure, which, at least is an indication that some of the people there have full confidence in the ability of the institution. The bank has a cirsulation of $800,000, a considerable part of which has been put out but recently. Speaking of the present state of Banks and money matters generally, the Sandusky Register says: "There can be no doubt but that the public mind is unnecessarily excited about the Indiana currency. The issues of the Free Banks are secured on what are considered good public stocks, and these securities if not forced on the market in an untimely manner are unquestionably sufficient to redeem the issues with small loss to the public, A panic forces the issues and the securities on the market, and the labor of the country suffers the loss. Those papers, which are busy stirring up this monetary excitement, should think of the ultimate effect of these excitements ere they launch out upon their ill-considered crusade against the banks." The following is a list of banks that have bursted within a short time past: Patchin Bank, Buffalo. Farmers' and Mechanics' Bank, Oswego. Farmers' Bank of Canandaigua. Dovers' Bank, Ogdensburg. Bank of Carthage. Farmers' and Merchants' Bank, Md. Bank of Milford, Delaware. Farmers' and Merchants' Bank, Memphis, Massillon Bank, Ohio. Ohio Savings Institute, Tiffin. Cochituate Bank, Boston. Bank of West Killingly, Connecticut. Eighth Avenue Bank, New York. Bank of Ellsworth, Maine. Elkhart County Bank, Indiana. Bank of Northern Indiana. Bank of Washtenaw, Michigan. Erie and Kalamazoo Bank, Michigan. Kentucky Trust Co. Newport (Ky.,) Safety Trust Bank. Savings Bank of Cincinnati. The Bank of Connersville. The Washington Star cautions the public against the reception of the notes of the Arlington and of the Farmers' and Mechanics' Banks of Washington. Both are worthless, being mere bogus machinery started there for the purpose of flooding the country with their irresponsible issues.

10. November 4, 1854 The Ottawa Free Trader Ottawa, IL
Article from The Ottawa Free Trader, November 4, 1854

Click image to open full size in new tab

Article Text

From Thompson's Reporter, Oct. 21. List of Banks which have Recently Failed Farmers' and Mc rehants' Bank of Memphis, Tenn., failed Aug. 16; no sale. Bank of Washtenow, Ann Arbor, Mich., failed Aug 21 ; no sale. Bank of Milford, Milford, Del., failed Aug. 21 ; no sale. Monsum River Bank, Sanford, Me., thrown out by the Suffolk Bank, Sept. 27; no sale. Erie and Kalamazoo Railroad Bank, Adrian, Mich., failed Oct. 6; no sale. Adrian Insurance Company, Adrian, Mich., failed Oct. 6; no sale. Ellsworth Bank, Ellsworth, Me., thrown out by the Suffolk Bank Oct. 6; no sale. Eighth Avenue Bank, N. Y. City, failed Oct. 6; 20 per cent dis. Knickerbocker Bank, N. Y. City, failed Oct. 12 ; 20 per cent dis. Suffolk Bank, New York City, suspended Oct. 12; par. Newport Safety Fund Bank, Newport, Ky., failed Oct. 16; no sale. Kentucky Trust Company, Covington, Ky., failed Oct. 18; no sale. Bank of Union, New York City, closing; par.

11. November 9, 1854 The National Era Washington, DC
Article from The National Era, November 9, 1854

Click image to open full size in new tab

Article Text

CAUTION ABOUT MONEYS SENT FOR THE ERA. We have said that we prefer the notes of Eastern to those of Western Banks, where our Western subscribers can obtain them without loss. If this be impossible, send us the notes of the State Banks or their branches in the Western States. The brokers here will not buy the issues of your free banks. We call attention to the following list of banks that have broken or suspended, or whose notes are not taken, reported in Thompson's Detector of October 21st: Farmers' and Merchants' Bank, Memphis, Tennessee. Bank of Washtenaw, Aun Arbor, Michigan. Bank of Milford, Milford, Delaware. Erie and Kalamazoo Railroad, Adrian, Mich. Adrian Insurance Company, Adrian, Mich. Ellsworth Bank, Ellsworth, Maine. Eighth Avenue Bank, New York city. Knickerbocker Bank, New York. Suffolk Bank, New York city. Newport Safety Fund, Covington, Ky. Union Bank, New York city. Kentucky Trust Company, Covington, Ky. Don't send any of these.

12. November 16, 1854 The National Era Washington, DC
Article from The National Era, November 16, 1854

Click image to open full size in new tab

Article Text

CAUTION ABOUT MONEYS SENT FOR THE ERA. We have said that we prefer the notes of Eastern to those of Western Banks, where our Western subscribers can obtain them without loss. If this be impossible, send us the notes of the State Banks or their branches in the Western States. The brokers here will not buy the issues of your free banks. We call attention to the following list of banks that have broken or suspended, or whose notes are not taken, reported in Thompson's Detector of October 21st: Farmers' and Merchants' Bank, Memphis, Tennessee. Bank of Washtenaw, Ann Arbor. Michigan. Bank of Milford, Milford, Delaware. Erie and Kalamazoo Railroad, Adrian, Mich. Adrian Insurance Company, Adrian, Mich. Ellsworth Bank, Ellsworth, Maine. Eighth Avenue Bank, New York city. Knickerbocker Bank, New York. Suffolk Bank, New York city. Newport Safety Fund, Covington, Ky. Union Bank, New York city. Kentucky Trust Company, Covington, Ky. Don't send any of these.

13. December 6, 1854 The Cadiz Democratic Sentinel Cadiz, OH
Article from The Cadiz Democratic Sentinel, December 6, 1854

Click image to open full size in new tab

Article Text

suspended within a few months past. For the benefit of our readers, in these times of bank suspensions, we shall keep it standing, and make weekly additions thereto: Lewis County Bank, of New York. Carthage Bank, do Milrose Bank, do Drovers' Bank, do Bank of Carmel, do Ogdensburg, do Exchange Bank Buffalo, do Patchin Bank, Buffalo, do Eighth Avenue Bank, do Bank of West Killingly, Connecticut. Bank of Ellsworth, Maine. Bank of Circleville, Ohio. Clinton Bank of Columbus, Ohio. Canal Bank of Cleveland, do. Miami Bank, Dayton, do. Woodbury Bank, Connecticut. Shipbuilders' Bank, Maine. Merchants' and Mechanics's Bank, Chicago. Union Bank, Chicago, Ill. Knickerbocker Bank, do Farmers' Joint Stock Bank, Buffalo, N. Y. Farmers' and Mechanics' Bank, Oswego. Farmers' Bank of Canandaigua. Farmers' and Merchants' Bank, Maryland. Merchants' Bank of Macon, Georgia. Milford Bank, Delaware. Merchants' Bank Burlington, Vermont. River Bank Connecticut. Cumberland Bank, Maine. Kentucky Trust Company Bank, Covington. Newport Safety Fund, Covington, Ky. Commercial Bank, Paducah, Kentucky. Trans Allegheny Bank, Virginia. Kanawha Bank, Va. Massillon Bank, Ohio. Ohio Savings Institute, Tiffin. Cochitute Bank, Boston. Elkhart county Bank, Indiana. Bank of Northern Indiana. Bank of Washtenaw, Michigan. Erie and Kalamazoo Bank, Michigan. Arlington Bank, Washington, D. C. Bank of Connersville, Indiana. Bank of Hallowell, Maine. Akron Branch, Ohio. Merchants and Trader's Branch, Cin., O. City Bank, Columbus, Ohio. Commercial Branch, Toledo, Ohio. Ashtabula Branch, Ohio. Napersville Bank, Illinois. Merchants Bank, Bridgeton. Government Stock Bank, Ann Harbor, Mich. Cuyahoga Falls Branch Bank, O. Licking Branch Bank, Ohio. Phoenix Bank, Chicago, Illinois. Du Page county Bank, Illinois. Bank of Ottawa, Illinois. State Stock Bank, Peru, Indiana. Stock Bank, Lafayette, Ind. Bank of Elkhart, Plymouth Bank, Fayette county Bank, Delaware county Bank, Logansport Insurance Company, Indiana. Indiana Stock Bank, Laport. Savings Bank, Cincinnati. Scituate Bank, Rhode Island. Wollborough Bank, New Hampshire. Bennington Bank, Vermont. Monsum River Bank, Maine. Bank of Ellsworth. Bank of Milford, Delaware.

14. March 6, 1855 Minnesota Weekly Times Saint Paul, MN
Article from Minnesota Weekly Times, March 6, 1855

Click image to open full size in new tab

Article Text

From Thompson's Reporter, February 17. BROKEN AND SUSPENDED BANKS. PRESENT VALUE. 95 cents Canal Bank, Cleveland, Ohio, 95 cents City Bank of Columbus Ohio, 65 cents Bank of Circleville Ohio, 80 cents Merchants' Bank, of Bridgeton, N. J. 80 cents Wheat Growers' Bank, Newtown, N. J. Government Stock Bank, at Ann Arbour, Mich40 cents igan, 25 cents Bank of Washtenaw, Michigan, 25 cents Erie & Kalamazoo R. R. Bank, Michigan, Farmers' & Mechanics' Bank of Kent County 65 cents Maryland - cents Newport Safety Fund Bank, Kentucky, 50 cents Stark Bank, Vermont, 25 cents Cochituate Bank, Boston, Mass. 93 cents Eighth Avenue Bank, New York City, 10 cents Lewis County Bank, Martinsburgh, N. Y. 75 cents Union Bank, Chicago, Illinois, 75 cents City Bank, Chicago, Illinois, Mechanics' and Farmers' Bank, Springfield, 75 cents Illinois, 75 cents Farmers' Bank, Chicago, Illi nois, - cents Ship Builders' Bank, Maine, 90 cents Trans-Alleghany Bank, Virginia, - cents Bank of Milford, Delaware, Exchange Bank of Selden, Withers & Co. 50 cents Washington,