22599. Fox River Bank (Green Bay, WI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 30, 1857
Location
Green Bay, Wisconsin (44.519, -88.020)

Metadata

Model
gpt-5-mini
Short Digest
346ea86e

Response Measures

None

Description

Contemporary reports (30 Sep–3 Oct 1857) state the Fox River Bank at Green Bay 'failed' or 'suspended.' Articles list its capital, circulation and that its securities and specie were insufficient. No article describes a depositor run; the bank is reported to have failed/suspended permanently, so classified as suspension leading to closure. No explicit receiver named in these extracts.

Events (1)

1. September 30, 1857 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank reported insolvent: capital $50,000 but circulation secured largely by state bonds and only small specie; assets insufficient to cover liabilities leading to failure/suspension reported across papers.
Newspaper Excerpt
WISCONSIN BANK FAILURES.-The Fox River Bank, located at Green Bay, failed.
Source
newspapers

Newspaper Articles (10)

Article from The Daily Gate City, September 30, 1857

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Article Text

WISCONSIN BANK FAILURES.-The Fox River Bank, located at Green Bay, failed. Its capital was $50,000, and its circulation, on the 1st of July last, $35,000, which was thus secured : Virginia 6's, $10,000; Tennessee 6's, $14,000; Missouri 6's, $3,000; specie, $3,000. Total, $27,000. We learn that the People's Bank of Milwaukee and the Badger State Bank of Wisconsin have suspended.


Article from The Davenport Daily Gazette, September 30, 1857

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WISCONSIN BANK FAILURES.-The Fox River Bank, located at Green Bay, failed. It. capital was $50,000, and its circulation, on the first of July last was $25,000, which was thus secured: Virginia 6's, $10,000; Tennesee 6'm, $14,000; Missouri 6's, $3,000 specie, $3,000. Total, $27,000. We learn that the People's Bank of Milwaukee and the Badger State Bank of Wisconsin have suspended. We also learn of the suspension of two prominent Iowa. banking houses in Burlington, Our own banks stand firm and there was not the least disposition manifested to run upon any of them.-Chicago Tribune.


Article from The Daily Gate City, September 30, 1857

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Edwin H. Grant, formerly of the Pella Gazette, is now one of the editors of the Geary City (Kansas) Era, a Free State paper. Lately he has been frequently and grossly insulted by J. D. Hen derson, editor of the Leavenworth Journal, evidently with the purpose of provoking a duel. At last Mr. Grant replied, in a and proper manner. Instantly a challenge was sent. Mr. Grant declines to fight, very justly informing his opponent that he considers dueling "an illegal, barbarousand disgraceful method of settling difficulties," and furthermore, with a wife and children depending upon him for support, he does not consider his life 80 entirely his own as to put it at the venture of the blackguard's bullet. FOREIGN ARRIVAL.-The City of Washington arrived at St. Johns the 26th. The cholera was raging fearfully at Hamburg, Stockholm, and elsewhere. The Bank of Holland had increased its interest to 5 per cent. All the German banks were expected to follow. The Indian mail had been received. Delhi had not fallen, but it was thought that it could not long hold out. There had been some new revolts, and the English troops were meeting with many successes. One of the bloodiest of the Seapoy commanders, who had massacred in cold blood 590 men, women and children, had been surrounded, whereupon be drowned himself and family to escape British vengeance. THE VACANT SENATORSHIP.- Campbell Gilmer, of Washington township, has been selected as the Republican candidate for Senator in this county in place of J. C. Walker, declined. He is an old resident, having lived here some twenty years, and is well known to all our old settlers as a man of intelligence and integrity. WISCONSIN BANK FAILURES.-The Fox River Bank, located at Green Bay, failed. Ite capital was $50,000. and its circulation, on the 1st of July last, $35,000, which was thus secured Virginia 6's, $10,000; Tennessee 6's, $14,000; Missouri 6's, $3,000; specie, $3,000. Total, $27,000. We learn that the People's Bank of Milwaukee and the Badger State Bank of Wisconsin have suspended. For the Daily Gate City, To the Voters of Lee, Van Burenand Henry Counties. FELLOW OITIZENS:-Having been placed in nomination for the office of Representative of the above named counties in the Legislature, and not having sufficient time before the election to visit all portions of the Distriet, I deem it my duty to lay before you in this form a brief statement of the principles I hold, and by which I shall be guided in the discharge of my official duties in the event of my election. I believe in the principles of the Republican party as set forth in the Philadelphia platform, and if elected 1 will support no man for United States Senator who is not pledged to maintain those principles. 1 believe with the fathers of the Republic, that slavery is "a great moral and political evil;" that it degrades labor and the free laborer that it contaminates and demoralizes society wherever it exists; that it encourages indolence and idleness, and fosters vice; that it paralyzes enterprise and prevents the general-diffusion of science and education; and, finally, that it is wrong and impolitic. But while these are my views on the subject of slavery as an abstract question, I do for a moment believe that the government has power to interfere with it in the States where it already exists. Politically, the people of Iowa have nothing to do with slavery in the slave States. Those States themselves must do with the institution as they will. And although 1 would rejoice to see every State in the Union freed from the curse of human bondage, I would never consent to an attempt on the part of the general government or the free States to abolish it without the consent of the slave States themselves.Such is the doctrine of the Republica party, everywhere procluimed. Therefore, the charge of abolitionism 80 often brought against that party is atterly false and without foundation in truth, and I cannot but believe that most of those who make this charge are aware of its falsehood. When, however, the question comes to us, whether our Territories should become free or slave States, the case is different. The question of slavery in the Territories is an original question; one which the whole peopie of the United States, through their representatives in Congress, must determine. It is true that the so-called Democratic party has of late endeavored to inaugurate a different doctrine from this. The effort to do so commenced with the repeal of that time-honored compact, the Missouri Compromise. For several years thereafter they proclaimed the doctrine of squatter sovereignty. They declared that Congress should not again interfere to any whether slavery should exist in the Territories or not, but that the people of the ferritories themselves should decide that question. This doctrine was new and in direct opposition to the settled practice of the country ever since the days of Washington, and to the former ac-


Article from The Daily Gate City, September 30, 1857

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WISCONSIN BANK FAILURES.-The Fox River Bank, located at Green Bay, failed. Its capital was $50,000, and its circulation, on the 1st of July last, $35,000, which was thus secured : Virginia 6's, $10,000; Tennessee 6's, $14,000; Missouri 6's, $3,000; specie, $3,000. Total, $27,000. We learn that the People's Bank of Milwaukee and the Badger State Bank of Wisconsin have suspended.


Article from Marshall County Republican, October 1, 1857

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Wisconsin Bank Failures. The Fox River Bank, located at Green Bay, failed. Its capital was $50,000, and its circulation, on the 1st of July last $25,000, which was thus secured: Virginia 6's, $10,000; Tennessee 6's, $14,000; Missouri 6's, $3,000; specie, $3,000. Total, 827,000. We learn that the People's Bank of Milwaukee and the Badger State Bank of Wisconsin have suspended. We also learn of the suspension of two prominent banking houses in Burlington, Iowa. Our own banks stand firm and there was not the least disposition manifested to run upon any of them.-Chicago Tribune.


Article from The Evansville Daily Journal, October 2, 1857

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# Banking Intelligence by Mail. Our exchanges are most entirely filled with articles in relation to the financial condition of the country and reports of failures and suspensions. The storm has reached St. Louis at last, and the pressure there is beginning to be serious. On Tuesday morning. Messrs. Bogy & Multenberger, well known bankers of that city, closed their doors. It is said their assetts are ample. Cards signed by a large number of the wealthy citizens have been published guaranteeing the solvency of Messrs. Lucas & Co., and Renick & Peterson, and assuring depositors of the safety of their deposits. The failure of Bogy & Multenberger caused a general run on the brokers, and John Anderson & Co. suspended. Derby & Barksdale also closed doors. The German Savings and Boatmen's Banks, and Lucas & Co. had stood heavy runs and promptly met every dollar The panic in St. Louis is considered over. Money matters in Cincinnati continue tight. The New York Life and Trust Company Examining Committee have made a partial statement to the public, in which they say that the immediate cause of the failure was large advances to a Railroad Company, (the Cleveland & Pittsburgh.) the magnitude of which, it seems, is as much a surprise to the Directors of the Railroad as it is to the Trustees of the Bank. These advances have been chiefly since April, when the Trustees resident in New York made an examination of the office and a report upon it to the Board here. The Fox River Bank located at Green Bay has failed. Its capital was $50,000, and its circulation on the 1st of July last, $25,000, which was thus secured : Virginia 6's 10,000; Tennessee 6's $14,000; Missouri 6's, $3,000; specie $3,000. Total, $27,000. The People's Bank of Milwaukie and the Badger State Bank of Wisconsin, have also suspended. Two prominent banking houses in Burlington, Iowa, have failed. Money matters appear to be easy in Louisville-a dispatch from that point, dated Tuesday says: "heavy bank payments were promptly met to-day and the banks discounted freely. All Ohio money was thrown out."


Article from Worcester Daily Spy, October 2, 1857

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PITTSDURG, Va., Oct. 1.-The old Bank of Pittsburg continues to pay specie on all its liabilities. CHARLESTON. S.C., Oct. 1.-The Presidents of our Banks held a meeting this morning, and resolved not to suspend. DETROIT, Oct. 1.-The run on the Peninsular Bank causes considerable excitement. Therun on the other banks was severe this morning. The run was principally by small holders. The banks redeem promptly, and are to all appearances strong. Sr. Louis, Oct. 1.-The Bank of Belleville, Ill., has failed. The banking honse of Moore, Hollenback, & Co., at Quincy, Ill., has suspended. On Monday, at the same place, there was a run on the banking house of Flagg & Savage, but they sustained themselves. BOSTON, Oct. 1.-A general meeting of the merchants is called for tomorrow at 11 'ciock, to consider, and if possible, to decide upon the best course for banks and business during the present financial emergency. The suspension of Lawrence, Stone, & Co., caused considerable excitement. John A. Lowell, also connected with the Pemberton Mills, is reported failed. Another failure announced, is that of Benjamin Howard, commission merchant on Central wharf. The Banks discounted some today, but not enough to ease the market. The best of paper was done in the street at 2 per cent a month. Little business was done at the brokers' board; no quality of stocks could command asking prices. Bank shares were down low, and no sales. NEW YORK, Oct. 1.-Money continued very tight throughout the day, the loan expansion of the banks having proved totally inadequate to relieve the pressure. The sub treasury up to noon, paid out upwards of half a million in gold, and it is believed that nearly a million will be furnished from the same source tomorrow. There was 8 very heavy decline in stocks at the first board today-the falling off ranging from 1 to 10 per cent, the latter figure being on Illinois Central bonds. Chicago and Rock Island fell 6 per cent The sales of State stocks were large, at a decline from 1 to 3 per cent. The Peoples' Bank of Milwaukie, the Badger State Bank, of Wisconsin, and the Fox River Bank at Green Bay, Wis., have suspended. Wm. H. Bartlett, Teller in the Southwestern Railroad Bank, Columbia, S. C., has absconded with $60,000. At the second board, stocks showed no improvement, and several declined still further.


Article from The New York Herald, October 2, 1857

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BOSTON Sept 30, 1567. We, the undersigned, Presidents of the several banks herein named, do hereby agree to discount, on or before Monday. the 5th of Ostober proxim), ten per cent upon the capital of said banks, to be distributed among our cus. temers as the several Boards of Directors may determine:-Merchants', Massachusetts, New England, Hamilton, Boston, Suffolk, Granite, Washington, Faneuil Hall, stlas, Union, Traders', Market, North, Columbian, Eagle, Shoe and Leather, Bank of Commerce, State, Eliot, Web. ster, Broadway, North America, Maverios, City, Sha #mul, Exchange, Globe, Atlantic, Boylston, Howard, National, Trement. The Boston banks will pay out about one million of dollars in the shape of dividends on Monday next. The banks have declared about the usual rates for the past six months. The banks of Philadelphia show a great want of unanimity among themselves. They have not yet come to any satisfactory arrangement, and the greatest irregularity exists in all their operations. The St. Louis Intelligencer states that the country merchants of Missouri, Illinois and Iowa owe that city twenty millions of dollars; but they do not pay, alleging that they cannot collect of the farmers, many of whom owe on last year's account. One-fourth of this debt paid would make St. Louis one of the sastes) money markets in the country. Twenty dollar counterfeits on the Commercial Pank of Toronte are in circulation. They are altered from fours -nicely done, to be detected only by close examination. The plates have different vignettes. It is said that the Grand Trunk Rai!road of Canada has made arrangements to build the Lake Shore road, on the Canada side, to connect with the Michigan Southern at Monroe. The Chicago Democrat reports the suspension of the Peo ple's Bank, of Milwaukie, and the Badger State Bank, of Wisc nain, and adds that the banks in that city stand firm. Swit, Brothers & Johnson, bankers, of Chicago, have suspended. The Fox River Bank, at Grsen Bay, Wisconsin, capital $50,000 and circulation $25,000, secured by State stocks to the amount of $27,000, has suspended. The Philadelphia Press says that some of the merchants there are buying up their own paper at six per cent a month. The Directors of the Onelda Bank, at Ution, among whom is ex-Governor Seymour, Chas. A. Mann, T. 8. Faxton, Henry and David Wagner, state in a card that It has n surplus of sixty-nine thousand dollars, on a capital of $400,000.


Article from Grant County Herald, October 3, 1857

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10 The week past has been one of general disaster in the great financial centres of the country. Every day has brought reports of the suspension of banks or business firms, involving very heavy losses, and Saturday brought intelligence of the general suspension of specie payments by the Banks of Philadelphia and Baltimore, alluded to elsewhere in our columns. We have already alluded to the closing of the Rock River Bank of Beloit, and the Farmers' Bank of Hudson, and on Friday we noticed the suspension of the Fox River Bank, of Green Bay. On Saturday the People's Bank of this city suspended; circulation by the Comptroller's Report of July 1st, $22,997; securities $20,000 in Missouri 6's, and $3,000 in Virginia 6's. The Badger State Bank of Janesville alSO suspended on Saturday. Circulation $22,370; securities $17,000 Missouri 6's, and $9,000 Tennessee 6's. Prices of wheat were considerably improved during the week, and remained quite steady for the last three days, but the falling off from the highest rates caused a diminution of receipts on Saturday, which alone kept up the prices on that day.-[Milwaukee Sentinel of Tuesday.


Article from New-York Daily Tribune, October 3, 1857

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From The Detroit Free Press, Sept. 30. The Fox River Bank, of Green Bay, Wis., has failed. Capital, $50,000; circulation on the 1st of July last, $25,000; securities, $10,000 Virginia 6s, $14.000 Tennessee 6e, $3,000 Missouri 63, $500 specie; total, $27,500. The Badger State Bank, of Javesville, Wis., sts. pended on Saturday. Circulation on the 1st of July last, $22,379; securities, $17,000 Missouri 68, $9,000 Tennessee 6s; total $26,000. The People's Bank, of Milwaukee, W's., close its doors on Saturday afternoon. Circulation, $19,907; securities, $20,000 Georgia 7s. $3.000 Virginia 63; total. $23,000. Total liabilities, $90,927 59. The President of the bank assures The Sentinel that the assets of the institution are amply sufficient to meet all its liabilities. The resources of the Rock River Bank, of Beloit, Wis., recently failed, are stated at $169,823 85, liabilities, $146,787 51. The Milwaukee Sentinel of Monday states that "at a meeting of the officers of our city banks, held on Saturday evening, it was decided to receive and pay out the bills of the suspended banks in this State, precisely as other currency." The Bank of Galena, Illinois, Traders' Bank Yo Indianapolis, Indiana, Union Bank of Frenchtown, N. J., and Bank of Greensborough, Georgia, have suspended. The Chicago Tribune of Monday saye: "We learn of the suspension of two pominent backing-houses in Burlington, Iowa. Our own banks stand firm, and there was not the least disposition manifested to run upon any of them." The Banks of Chambersburg, Honesdale and Middletown, Penneylvaria, are discredited at Pittsburgh.