22845. Bank of Portage (Portage, WI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 29, 1860
Location
Portage, Wisconsin (43.539, -89.463)

Metadata

Model
gpt-5-mini
Short Digest
5e3e06dd

Response Measures

None

Description

Articles (Dec 1860–Nov 1861) show Bank of Portage's notes being presented for specie and later listed among suspended bills thrown out by Milwaukee banks (Jun 1861). A bankers' convention (Nov 1861 article referencing Dec 1 redemption) describes winding up banks that fail to provide for voluntary redemption; Bank of Portage is singled out as an exception in treatment of notes. There is no explicit description of a depositor run or of reopening; evidence points to suspension/withdrawal of note redemption and likely winding up/closure (no reopening mentioned). OCR errors corrected (Wanpun Rank -> likely Waupun Bank).

Events (3)
1. December 29, 1860 Other
Newspaper Excerpt
a large quantity of bills on the Columbia County Bank and the Bank of Portage, which were presented at their counters for the specie.
Source
newspapers
2. June 26, 1861 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank of Portage's notes were among bills declared suspended/rejected by other banks; context indicates failure to provide for voluntary redemption under amended banking law and winding up procedures authorized by bankers' committee.
Newspaper Excerpt
the throwing out, on the part of the Milwaukee banks, of the following named suspended bills, which they had previously guaranteed : ... Bank of Portage ...
Source
newspapers
3. November 22, 1861 Other
Newspaper Excerpt
the notes of all banks now current be received and paid out as currency... except the notes of Bank of Portage, Dodge County Bank and Wanpun Rank
Source
newspapers

Newspaper Articles (3)
1. December 29, 1860 Grant County Herald Lancaster, WI
Article from Grant County Herald, December 29, 1860

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Article Text

'Carpet-Bag" Gentry in Town. Our city was visited one day last week by a couple of delectable specimens of humanity, J. W. Foster, a broker of Racine, and John Fitzgerald, a broker of Oshkosh, having a large quantity of bills on the Columbia County Bank and the Bank of Portage, which were presented at their counters for the specie. This is the first time during the present panic that men have been found mean enough to pursue such a course, and this one is the more aggravated from the fact that Mr. Fitzgerald, himself a banker, and making professions of high honesty, was found engaged in it. We do not believe the operation will be repeated by Mr. F., at least, for he received satisfactory assurances that our citizens generally did not approve of the course he was pursuing, and he so far respected their fe lings as to leave town by the first train. -Portage City Record. We want no better testimony of unsoundness in a bank than is offered above. Any bank that appeals for sympaty or allows the press to do so on its behalf, may be suspected. When the list of unsound banks of Wisconsin is made out, the Columbia County Bank will appear as one of them. Messrs. Foster and Fitzgerald had a right to demand a fulfillment of the terms, of contract between the bank and people, as expressed on the face of Columbia County Bank notes-promising to pay Bearer, &c. If brokers and Carpet Bag" men were an exception to the contract, why not so express it on the notes. We'd like to know how deep the Columbia County Bank is in towards flooding Wisconsin with Illinois money and then charging three per cent. for exchange on Illinois.

2. June 26, 1861 The Weekly North Iowa Times McGregor, IA
Article from The Weekly North Iowa Times, June 26, 1861

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Article Text

latest News. The Governor has made requisition on Indiana for four additional regiments. Seven new Massachusetts regiments are starting for Washington. The main blow against the rebels is to be struck from Washington. Gen. McClellan has instructions to sweep out the last vestiges of treason in western Virginia. Fort Pickens is all right, notwithstanding Bragg is a good dog. It is expected that the convention to be held at Knoxville, Tenn. will pursue a course similar to that pursued by the Wheeling convention, The rebels have been busy as bces in the erection of masked batteries all over eastern and southern Virginia. The rebel leaders stimulate their men to fighting heat by telling them that the northern soldiers are intent on outraging their women and committing other atrocious acts. Gov. Pickens, fearing an invasion of his state from the sea-coast, has forbidden any more troops from leaving Palmettodom.This is unkind to "ole Virginny." The Union sentiment of Kentucky is developing very fast. It is believed that the Government will interfere with the due course of law in the case of the captured pirates of the privateer Savannah Mr. Crittenden will offer his compromise at the special session of Congress, backed by a threat of the secession of Kentucky. On Sunday it was thought at Washington that Beauregard was preparing for an advance on that city. A special despatch to the Post however says "good judges say there will not be a battle for two weeks, if all. Yet a special despatch to the World represents Beauregard as about to attack the federal lines at Washington. The navy is to be doubled and the President is about to call for 300,000 men in the aggregate with money to correspond. It is suspected that Congress will suspend the writ of habeas corpus in places where there exists active rebellion, Jeff. Davis is at the Spotswood House, Richmond. Gen. McClelland and Gov. Magoffin of Ky., have entered into a stipulation in which the former agrees to respect the territory of Ky., and the latter pledges himself to protect S. property in the state, and enforce the U. S. laws. The Ky. election resulted in Union majorities in every Congressional district but the 1st. In that L. W. Burnett was elected. It is reported that the Wisconsin war fund has all been taken by the bankers who will use the state bonds for securities in banking and retire their southern stocks. The pursuit of Gov. Jackson, of Missouri, has been abandoned. The state troops were rallying fast, and Illinois troops were going to the assistance of the federal forces. at on A fight in which occurred the Union Sedalia, lost Mo., 23 kill- the 18th, men ed, and the disunionists 25. The Great Eastern was to leave England on the 21st, with troops to protect Canada from invasion by this government! A.S Wolff, of Iowa, has been appointed Consul at Basle. Beauregard recommends guerrilla warfare. Private letters from England state that large numbers of privateers are fitting out as rebel vessels. Breckinridge will probably not take his seat. 5,000 U. S. troops, including the 1st and 2d Iowa regiments, are at Booneville, Mo. The Pope is better. Com. Vanderbilt offers to sell or give his steamer Vanderbilt to the government. Gen. Scott held a war conference with his prominent generals on Monday. On Monday afternoon a large mob gathered in the streets of Milwaukee and committed violence on the bank buildings and upon the persons of several of the bankers. The riot was quelled by the military and on Tuesday all was quiet. The occasion of the disturbance was the throwing out, on the part of the Milwaukee banks, of the following named suspended bills, which they had previously guaranteed : Bank of Columbus, Bank of Green Bay, Bank of Portage, E. R. Hinkley & Co.'s Bank of Grant Co., City Bank of Kenosha, Dodge County Bank, La Crosse County Bank, Northern Bank, Waupun Bank, Wisconsin Pinery Bank. The walls of two buildings in Kansas City, fell on the night of the 22d, burying

3. November 22, 1861 Watertown Republican Watertown, WI
Article from Watertown Republican, November 22, 1861

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Article Text

The Currency - December 1st. It was to be expected as the time of resumption of specie payment by the banks drew near, that a degree of uneasiness would prevail relating to currency matters. That nothing near a panic has occurred at such a juncture, manifests the strength of confidence generally entertained by the people in those who manage monetary affairs. We believe anxiety has been confined mostly to ignorant persons, and the degree of feeling has corresponded to the degree of ignorance. Showing that public confidence has not been nissplaced, in anticipation of the weaknesses of the feeble minded, as well as to pave the way for the introduction of the new monetary era under the amended law, the Bankers in the State held a Convention in Milwaukee on last Friday, at which the following Resolutions were passed. This action by the bankers, not only places all the notes in circulation (with the exceptions mentioned) upon a firm par basis, but also entitles these institutions to the lasting gratitude and renewed confidence of the people, Admit that they will promote their own interest thereby; the benefit to the billholders will not be lessened on that account, and all good deeds benefit the doers thereof. Neither loss nor any perceptible inconvenience can result to the holders of the bills whose banks will be wound up; the solvent banks which will continue buiness under the new law having guaranteed them against loss, and raised a fund to meet any deficiency of full securtiies in the hands of the Comptroller. It is therefore the duty of every one to exercise that confidence and forbearance without which credit of any kind cannot exist, and upon which commercial prosperity so much depends. RESOLUTIONS OF THE BANKERS CONVENTION WHEREAS A few of the Bankers of this state have failed to provide for the voluntary redemption of their notes, in accordance with the resolution of Bankers' Association in September last, and have given no indications of their intention to comply with the amended Banking Law, which takes effect on the first of December prox. Resolved, That the Bankers' Committee shall proceed to wind up such banks as fail to make agreements for redemption, according to law, on the first of December next, so as to retire their circulation AT PAR; and that the cost of making up any deficiency or expense that may arise be paid out of funds now in the hands of said committee, and out of funds to be provided by an assessment on the other current banks, and that an assessment of one per cent on the capital of said banks be now required to be paid into the hands of said committee, for the purpose aforesaid. Resolved, That the notes of all banks now current be received and paid out as currency, on an equal footing up to December next, and that after that date the notes of banks so failing to redeem, will be returned to the Bankers' Committee, to be retired as above provided except the notes of Bank of Portage, Dodge County Bank and Wanpun Rank Resolved. That if in the opinion of the Bankers' Committee it shall become necessary to make a temporary reduction in the volume of the currency, they are hereby authorized to make a requisition on the Banks of the State, to retire such a percentage of their currency as may be requisite, and so furnish exchange for the present feverish demand.