Cherokee Insurance & Banking Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 3, 1854
Location: Dalton, Georgia (34.769, -84.970)

Metadata

Model: gpt-5-mini
Short Digest: e229893b

Response Measures

None

Description

Article (Dec 3, 1854) reports the Cherokee Insurance Bank of Dalton had failed to redeem its notes. No run or depositor agitation is described; this is a bank suspension/failure (permanent). Classified as suspension_closure due to failure to redeem notes (bank-specific insolvency).

Events (1)

1. December 3, 1854 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank failed to redeem its notes, indicating insolvency or inability to meet obligations; no run reported in the article.
Newspaper Excerpt: The Atalanta (Ga.) Intelligencer states that the Cherokee Insurance Pank of Dalton, in that State, had failed to redeem its notes.
Source: newspapers

Newspaper Articles (1)

1. December 3, 1854 The New York Herald New York, NY

Article from The New York Herald, December 3, 1854

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Article Text

Totals $8,638,281 $12,133,672 The falling off in the value of exports during the month amounts to $3,495,391, greater than the decrease in imports for the same time. This shows that our foreign trade has been contracted without actually benefitting us much in the result. The steamship Star of the West arrived at this port this afternoon from Nicaragua, with eight days later intelligence from California. She has on freight $757,000 in gold and gold dust. Of this amount Adams & Co. have in charge $208,694. The commercial accounts by this steamer are not so favorable as those received by previous arrívals. Reports from the mines continue good. At the second board, the market was all down. Illinois Central fell off 1/4 per cent; New York Central Railroad 36; Cumberland Coal Co. %; New York Central Railroad 3; Harlem Railroad 1/2; Erie Railroad 1/2; Reading Railroad 1/2. The balance in the Sub Treasury at the close of business to-day amounted to $6,660,717 61. The rumors relative to the suspension of an extensive house in Albany engaged in the iron trade, and largely connected with railroads, the stocks of which have depreciat. ed enormously lately, gained much credit to-day, and created quite an excitement. In times like these nothing appears surprising, and the most unexpected announcements are received with the greatest indifference. After what has occurred during the past six months nothing short of an earihquake can startle this community much. Several of the beaviest companies engaged in the iron business in Pennsylvania have recently failed. "We regret to learn," says the Columbia (Pa.) Spy, "of the suspension and failure of many of the heavy companies engaged in the iron business in this State. Some of those regarded as the most stable have gone, and the indications are that we are now but in the beginning of one of the greatest financial crises ever known in this country." The Newark Daily Advertiser says that it is expected that the notes of the Merchants' Bank of Bridgeton will be worth about ninety cents on the dollar. The notes of the Wheat Growers' Bank, one of the free banks of New Jersey, located at Newton, Sussex county, are thrown out by the brokers. The Atalanta (Ga.) Intelligencer states that the Cherokee Insurance Pank of Dalton, in that State, had failed to redeem its notes. It had recently commenced operations, and had probably only a limited circulation of its notes. A telegraphic despatch from Washington states that Messrs. Selden, Withers & Co. have made an assignme: 8 for the benefit of their creditors, their effects going into the bands of John A. English and William Bayne, as trustees. The exhibits of assets are largely over the 1 1 bilities. The terms of the deed of trust are that the note holders shall be. first paid. The annexed statement of the Treasurer of the United States will show the amount on deposit and subject to draft in the several depositaries of the United States, on the 27th of November:SURPLUS REVENUE OF THE UNITED STATES.