Article Text
The Mineral Point Bank has suspended specie payments. It is supposed, however, that its notes will be as current as other suspended bank paper.
22793. Mineral Point Bank (Mineral Point, WI)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- March 13, 1841
- Location
- Mineral Point, Wisconsin (42.860, -90.183)
Metadata
- Model
- gpt-5-mini
- Short Digest
b9215b90
Response Measures
None
Description
Contemporary reports (March 1841) state the Mineral Point Bank has suspended specie payments. Subsequent reports (August 1841) describe receivers appointed, cashier fled and later arrested, vaults found empty and allegations of embezzlement. There is no clear description of a depositor run prior to suspension; the primary cause appears to be bank-specific fraud/insolvency, leading to suspension and receivership (permanent closure).
Events (4)
1.
March 13, 1841
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank suspended specie payments due to insolvency and mismanagement; articles allege fraudulent conduct by officers and insolvency rather than mere panic.
- Newspaper Excerpt
- The Mineral Point Bank has suspended specie payments.
- Source
- newspapers
2.
March 16, 1841
Other
- Newspaper Excerpt
- This bank has turned out to be one of the most fraudulent institutions ... its immediate officers were obliged to fly to escape the penalty of the laws.
- Source
- newspapers
3.
March 23, 1841
Other
- Newspaper Excerpt
- The cashier ... communicated a pledge ... that the Bank would resume in four months ... The cashier gives as a reason for suspending that other banks of the south and west do not pay specie. ... If the Mineral Point Bank had been able to redeem its liabilities, it would probably have redeemed them; it was not, therefore it suspended.
- Source
- newspapers
4.
August 24, 1841
Receivership
- Newspaper Excerpt
- The Bank had previously been placed in the hands of receivers. ... the cashier of this institution, after securing all the available assets of the Bank, sloped. Pursuit was made, the Cashier was overtaken ... The vaults of this bank were entered, they were found empty, and the President is charged with carrying off the specie by night.
- Source
- newspapers
Newspaper Articles (6)
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Article Text
A friend at Milwaukee writes us, cautioning us to take no more Mineral Point money, as that bank has suspended specie payments, or in other words, failed! We are indebted for this timely notice, but fortunately for ourselves as well as community, the money has had SO little credit among us here, that it has obtained but a very iimited circulation. For our own part, we never permitted a farthing of the money to remain on our han Is a momentiongerthan we could avoid, as the break down which his occurred, we knew, would sooner or later come. The hands it was in, as well as its whole management, furnished the best evidence in the world, that its aim and end was to swindle the many to enrich the few who had the institution under their control. If no other evidence were at hand, the efforts of the cashier of the Mineral Point Bank to put in circulation the bills of the bank of Gallipolis, Ohio, by paying them out in redemption of his own post notes, is sufficient to establish the assertion. This bank has turned out to be one of the most fraudulent, institutions, that perhaps, the country has known. So palpable became the evidence of its villiany, that is immediate officers were obliged to fly to escape the penalty of the laws. It is idle however to recount any evidence of existing intention to swindle, as the result is evidence enough: and people appear determined that "nothing short of actual experience shall convince them in such matters. We suppose the winding up of the affairs of this bank, will exhibit a similar spectacle to that of the Bank of Wisconsia, as the officers of the two institutions, appear to be kindred spirits, chips of the same block; whilst the tedious process of law necessary to close its affairs is being gone through with, the cashier will probably be quietly pocketing the assets, pre ious to his departure for some more congenial clime.
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is T S. ST. LOMIS, FRIDAY, March 12, 1841. There is not much activity in business this week. the late snow has rendered the wharf and street in a miserable condition, which renders it very inconvenient for business men. Prices, in most in. stances, remain the same; there are, however, some changes which will be observed in the quotations below. Since our last notice, the Mineral Point Bank has suspended specie payments, which has caused her notes to depreciate and considerably reduced our circulation. A few persons take it at par for merahandize, but in a majority of cases it is refused. There is no other changes in the currency since our last notice. Bacon-Homs - 7 a 8; Shoulders, 4; Sides, 5A; hog round, 41-scarce. Beans-Marke twell supplied, and prices have declined. We quote at 75c--dull sale. Butter--At 10a 12Ac-good supply / Brandy--Americun 50 a 75, plenty; cognac 1 50 a S3; champagne $2 a 3. Bees Wax--22 a scarce. Candles- We quote sperm 48 a 50: moeld 14; dipt 12-scarce. Cotton Yarn-24 a 25-sales-- good supply. Coffee--Hav green. 121 a 13: Rio 13a 14; Java 164 a 18; St. Domingo 12) a 13c--in demand. Cigars-Melee 51 a 6: per m Hav. M. 15 a 20: per Principe 20 a 25. Good stock on hand. Cordage--Hemp bed cords SU 50; grass $3: Ms. nilla plough lines st 50; Manilla rope 15 a 16; hemp plough lines $1 25. Domestics--We quote for $ at 7.1 a 81c. 4.4 at 10 n 101c; plentiful supply. Flour-Sales continue to be made on the landing at $34 a--sales from store 83 75. Fish--No. 1. $19a 20; No. 2. $17; No. 3. S13; scarce-cod fish $2 00; herring 811 a 13--plenty. Fruit-Raisins MR 83 25 a 2 50, scarce--s. S. almonds 16a 18:h S. do 10 a 124 Furs & Pellries--Raccoon prime, 40 a 521 Mink. 12/ a 25: Otter Star 5; Fox. Grey, 25; Wild cat 25c; Muskrat prime 64; Deer, shaved No 1. 25: do red do 24: do short blue 24. do fall greys 15; do winter firevs 8 a 12} Gin - We quote American 621 a 75e; good supply Holland st 50 a 1 75. Grain-Corn in sucks 25 a 30; wheat 50; oats 22 a 23 Hides-Dry 8: in demand. Hemp-6 and scarce. Iron-Bar 6 ets; band 8, hoop 10a 12; round and s square 6 n 11: sheet 9a 12: castings 4. { Lard--61 a 7: in demand and very scarce. Lead-Sales continue to be made in small lets at ) $4 41--00 sales. l' Molasses--The supply is large--on levee we quote it at 30 by the quantity; 33 a-- in stores 1 Nails--The supply limited--we quote asserted I sizes 7 a 7A and No 3, 9 cents. ) Oil-Sperm winter strained $1 35 a 1 50: summer strained 1 20 a 1 30; tanner's $20 a 21 per ) barrel; linseed 621 a 75. : Pork--Fresh no sales, in bbl. mess $10 a--; prime $8 81. no sales of any consequence. . Rice-51 a 61 for new rice, scarce. E Rum-1 0.621 a 75c; Jam. 81 50 a 1 75. Salt-On the landing from boats, G. A. 92 25: L B. $2.50; in store G A $2.50 it 75; L B $2 , 75--demand fair. ) Sugar-Sugar is now held at 7: 71. by quantity; y from stores, 71 a S;loaf sugar 16 a 181. S Soap-Eastern No. I, 7 a S; Cincinnati 6 a 7: good supply. , Tobacco--Manufactured Missouri and Kentucky, 10 a 25; Virginia 25 2 50--good supply. In linds t no sales.
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Immediately after the failure of the Mineral Point Bank, the citizens of Mineral Point called a meeting to take some measures in regard to the matter, The cashier, fearing, we presume, the result. communi. eated a pledge to the meeting, that the Bank would resume in four months thereupon, no decisive mensures were adopted by the people. The Madison Enquirer cautions people against parting with the notes at a sacrifice, thinks they may yet be good, at the same time has some doubts on the subject For our part, we have but little idea that the Bank will ever again resume specie payments. The pledge on the part of the Cashier we take to be a mere ruse to avoid the effects which might result from the fact of its total insolvency falling at once on the public ear; the public must learn the fact gradually, they must be taught gradually that the notes they hold of the institution are mere trash, and they will be better able, patiently to bear the infliction. The cashier gives as R reason for suspending that other banks of the south and west. do not pay specie. A bank is created to attend 10 its own business, to redeem its own liabilities, and not those of its neighbors, and if it is able so to do. why should it he affected by its neighbors westor south. An individual who should refuse to redeem his notes would find but a poor ex. cuse in saying that his next door neighbor refused to redeem his. If the Mineral Point Bank had been able to redeem its liabilities, it would probably have redeemed them; it was not, therefore it suspended.
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MINERAL POINT BANK.-Tr FINALE. - In accordance with established custom, the cashier of this institution, after securing all the available assets of the Bank, sloped. Pursuit was made, the Cashier was overtaken, conveyed back to Mineral Point, and confined in his banking house. His brother, about the same time, was arrested and confined in jail in Galena, on a charge of swindling. The Bank had previously been placed in the hands of receivers. It is enough to curdle a person's honest blood, to read the accounts W hich are daily presented of these barefaced swindling institutions. When the vaults of this bank were entered, they were found empty, and the President is charged with carrying off the specie by night The people of the west, who have been swindled out of more than one hundred thousand dollars, have reason to be grateful to those honorable members of the Council, who last winter, out of pure principle, opposed the imposing of such restrictions on the institution, as would have saved the public, and prevented president Jones and cashier Knapp from embezzeling the money.
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Domestic The quotations are-Par Naskville 101 al Boston 23 21 Louisville Philadelphia Cincinnati Baltimore. 33 Indiana Virginia. Illinois 34 Norfulk Natchez 32 North Carolina Charleston 1 Union Bank, Miss Grand Gulf. Interior of S. other Miss Raleigh 45 Union Bank, Fla. Vilmington Savannah Southern Life& l'do 2. 91 Augusta. Montgomery 123 luscaloosa Columbu Macon. 14 St. Louis 9: Wisconsin Mikedgevill Mobile Michigan Interior of Ohio laterior of Ala New Orleans 31 Treasury Notes para. prem The Express says D. D. Williamson, Esq. Ex-Comptroller of the city, has been selected by the Bank Commissioners 28 the Receiver of the Commercial Bank The American of this evening says this is not fact. The Evening Post states that letters have been received from General Hamilton giving the information that he should leave France in the early part of next month for the Unit d States. with the proceeds of the Texau Loan in gold. If this be true it will be good news for the holdere of Texian Securities. This Texian Loan, however, is a mysterious concern--put your finger on it and it mist there. MINERAL POINT BANK -We understand (says the last Galena Gazatte, that an arrangement of the affairs of the Bankis likely to be effected between the Commissioners, re. and late Cashier, Mr. Knapp, which is thought will sult favorably to the bill holders of that institution. New-York Markets. ASHES - The demand for Pots contiques fair, and the market is firm at 6.75. Pearls are selling as wanted at e 00. The receipts are somew nat larger than for some days past. COTTON -The market is little more firm. The sales to-day have been about 700 bales, mostly to shippers. FLOUR.-The market continues to be quite unsettled, a and has still a downwar tendency. There has been somewhat improved demand, and to- BY Genesee is offered freely by the receivers at 5.75; still buyers do not seem willing to co.de into market to any very great extent Ohio is at 5.75: Michigan 5.623 a 5.75 Holders of south era are less firm, and are willing to accept 6.12}, but the sales are limited. Corn Meal is held at 3,25 . 3,371 for Jersey, and 3.50 for Brandy wine GRAIN--A parcel of Western Wheat. 1600 bushels, sold at 1.0 for middling Corn is in somew hat better demand. Sales of 4,500 bushels Southern at 62, weight; 3,000 do at 63. measure; 2 400 do inferior at 624 weight: all delivered Sales of 1.000 bushe!s Rye at 631, delivered Oats are in fair demand, and selling at 48 50. D Piano Fortes at very low prices for CASH-ATWILL 201 Bron way, near Fulton st. offers to purchasers an elegant assortment of Mahogany and Rosewood Pianos of every pattern. Prices vary from $160 to $600. These Pinnos have the Graud Action Metalic Plate the Loud and Soft Pedals.an are warranted to be weil finished in every respect. They are highly approved of and commended by the most emineut professors of the United States. MUSIC. Atwill calls the attention of the musical public to his extensive assortment of new and fashionable Music, einbracing, in connection with his own catalogue. the publications of all the principal musical establishments in the United States. Purchasers will find this extablishment, on this account, most desirable for precuring the fashionable music of the day. MILITARY BANDS Supplied with the very best instruments, at the lowest prices. Flutes, Clarionets and Flageolets of various styles of finish, manufactured expressly for his retail trade. TAYLOR'S APPROVED eight keyed Flute is hirthly racommended professors and amateurs; possessing all the excellent qualities of the best English instruments They may be procured half the cost. Celebrated GUITARS, Spanish pattern, finished in variousstyles. STRINGS The first quality of Viohn, Guitar, and Violincello the by quantity. Strings Orders from any part of the Union attended to with punctuality. <16 1m 2116 W&Sis Catalogues at the establishment IT The Directors of the New York Lyceun repectfully inform the Public that tie third Annual Course of Lectures before that institution will be de livered in the Broadway Tabernacle on Wednesday evenings of each week, commencing early in November Introductory, by the Hon. Tristrad Burges, of Rhode Island. Hon. Henry D. Gilpin, (late Attorney General of the United States.) Hon. C. C. Cambrelegg (late Minister of the United States to Rusin ) on Reside Eliha Barritt, A. M (learned Blacksmith of Massa chusetts.) on The Influence of Mythological Matap and Impressious on the Progress of General Intellectual Cultivation and Development. on Hon. Rufus Choate, United States Senator from Massachusetts on The Literature the Sea.) Charles Eames. Esq. on The Romance of the Times. Henry R Schooleraft, Esq., (late United States Indian Agent, on Indian Character, Traits. &c. Rev. Speacer H Cone, on The Voluntary Principle. Lowell Mason Esq., (late President of the Handel and aydu Socie v. Boston. on Music. Rev. Prof. Maffitt. on David Paul Brown. Esq., of Pailadelphia, on The Aris of Eloquence. teesay Rev. Edward Hitchcock LL.D., Prof. Geology, Amherst College. on The Wonders of Science compared with the Wonders of Romance." Rev.John Pierpont, of Boston, on Snow Valedictory, by Gov. Poindexter, of Mississippi. The particular order and the evenings upon which the above named geatlemen will appear, not having been fully arranged. will be announced to the Public from week to week, as the Lectures progress. TERMS OF THE COURSE. Season Tickets, (admitting alady and gentleman,) 83 82 Members SI Ladies' Can be obtained of the Librarian.ne the Lyceum Rooms. 411 Broadway at Dayton Saxton' corner of Fulton and Nassau streets, or John 1. Salisbur 509 Broadway The Library and Reading Room of the New-York Ly. ceum are open days and venings for the use of Members at 411 Broadway, next to the corner of Lispenard street, second floor. The Library is supplied with Books in every department of Literature Science, the Mechanic Arts. History Biography, Belles Lettres, Vovages, Travels. MetaphyNICS, Theology Jarisprudence, Medicine, Political Econo my the Fine Arts-1 a word. all that can be useful to the general reader or particular student The Reading Room, possessin ample accommodations is furnished with the daily and weekly Papers, choice American and Foreiga Periodical Is. Journals of the various Science &c. &c. New Publications will be added as rapidly as the funds will permit. Toe Terms of Membership are only 82 per annum, pay able. desired. semi-annually Ladies are admitted membership on the same terms Per order. 09 tf JOHN H. GRISCOM, M. D., President. or Carpetin gs, Floor Cloths, &c -100,00c vard. of Carpeting from auction. choice patterns and col ors, all wool, from ito 10 shilling, per ard. A callis so licited from those wishing to purchase Carpeting of any description A large stock of Oil Cloths Rugs, Table Covers, Matts, & which the will sell much lower than call be bought at other stores. HEWITT & BA'LEY, os Im 150 Bowery, first Carpet Store below Grand st. IT Graham House, 63 Barclay -st. -The friends of Temperance areinvited to call Shower Baths free. sl