22515. Rock River Bank (Beloit, WI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 23, 1854
Location
Beloit, Wisconsin (42.508, -89.032)

Metadata

Model
gpt-5-mini
Short Digest
871bf4d7

Response Measures

None

Description

Contemporary newspaper lists (Nov 1854) include Rock River Bank, Beloit, Wis., among banks that have suspended payments as part of a string of Illinois-area bank failures. No articles mention a depositor run, reopening, or receivership; suspension appears permanent/part of the panic, so classified as suspension_closure. Date taken from Nov 23–25, 1854 reports. 'State' chosen because national banks did not exist in 1854 and the name lacks 'Trust' or 'Private'.

Events (1)
1. November 23, 1854 Suspension
Cause
Local Banks
Cause Details
Listed among banks that suspended following failures/suspensions of multiple Chicago and Illinois banks; suspension presented as consequence of regional bank failures and loss of confidence.
Newspaper Excerpt
Rock River Bank, Beloit, Wis. ... have suspended payments
Source
newspapers

Newspaper Articles (3)
1. November 23, 1854 Burlington Tri-Weekly Hawk-Eye Burlington, IA
Article from Burlington Tri-Weekly Hawk-Eye, November 23, 1854

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Article Text

According to our last advices, the panic was to some extent abating. In Ohio, the Secretary of State advertises to take the notes of the suspended State Stock Banks on Taxes and all other public dues, as the State has ample security in Stocks deposited. The following banks have suspended payments since we published a list: City Bank of Chicago; Merchants & Mechanics Bank, Chicago; Farmers Bank, Chicago; Phoenix Bank, Chicago; Union Bank, Chicago; And as a consequence, two wild cat concerns from Georgia, but owned in Chicago: The Milledgeville Bank, Georgia; The Cherokee Bank & Ins. Co., Georgia; And the following Banks, located in other parts of the State of Illinois: Belvidere Bank; Bank of Rockford; Bank of Naperville; Bank of Ottawa; Du Page County Bank; Rock Island Bank; Rock River Bank, Beloit, Wis. These are mostly sma 1 institutions, with small circulation, and no necessity exists for a very deep shave upon their paper. The Brokers and Bankers of St. Louis have published a card agreeing to receive the notes of all the Illinois banks which have not 5113pended, at their face, and expressing confidence in the soundness and ultimate safety of the Free Banks of that State.

2. November 25, 1854 Weekly National Intelligencer Washington, DC
Article from Weekly National Intelligencer, November 25, 1854

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Article Text

ILLINOIS BANKS.-The Telegraph announces, every day or two, the suspension of some of the Banks of Illinois. One list which is before us embraces the following Banks: City Bank of Chicago; Merchants' and Mechanics' Bank, Chicago; Farmers' Bank, Chicago; Phoenix Bank, Chicago; Union Bank, Chicago. And, as a consequence of these failures, two wild-cat concerns from Georgia, but owned in Chicago : The Milledgeville Bank, Georgia, and the Cherokee Bank and Insurance Company, Georgia. Add to these the following Banks, located in other parts of the State: Belvidere Bank, Bank of Rockford, Bank of Naperville, Bank of Ottawa, Du Page County Bank, Rock Island Bank, and Rock River Bank, Beloit, Wisconsin. This is, we believe, the extent of the bank suspensions in Illinois ; and when it is recollected that the most of them are, in familiar phrase, "one-horse affairs," having capitals perhaps of $50,000 and a circulation of $30,000 or $40,000 each, scattered all over the State, it is somewhat surprising that even the excitable people of Chicago should make 80 much ado about it. It is not pretended that the banks, if let alone, will not redeem their paper. Our own bankers, we are glad to see, are pursuing a very proper course. They are receiving on deposite from their customers the notes of all the Free Banks of Illinois not known to be discredited in that State. They take this responsibility, we presume, believing that the banks are, as a general thing, sound. The Bank Commissioners at Springfield and Chicago have each made publication, assuring the public of the safety of the bill-holders.-St. Louis Republican.

3. December 1, 1854 The Athens Post Athens, TN
Article from The Athens Post, December 1, 1854

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Article Text

ILLINOIS BANKS.-The St. Louis Republican gives the following as a list of Illinois Banks which have suspended payment, and are therfore discredited: City Bank of Chicago. Merchants' and Mechanies' Bank, Chicago. Farmers' Bank, Chicago. Phoenix Bank, Chicago. Union Bank, Chicago. And, as a consequence of these failnres, two wild catconcerns fromGeorgia, but owned in Chicaco: The Milledgerille Bank, Georgia, and The Cherokee Bank and Ins. Co., Georgia. Add to these the following Banks, located in other parts of the State: Belvidere Bank; Bank of Rockford; Bank of Napierville; Bank of Ottawa; Du Page county Bank; Rock Island Bank, and Rock River Bank, Beloit, Wisconsin. The Republican remarks: "One of these Banks-the Farmers' Bank of Chicago, has been calling in its paper for three months past with a view to the closing of the concern, and there is very little in circulation. The Auditor of the State of Illinois has published a notice stating that all the circulation of this Bank will be redeemed at his office in Springfield, pro rata, out of the trust funds deposited by the Bank. The stocks pledged for the payment of this circulation will be converted into specie funds, as required by law, at as early days as practicable, when further notice will be given."