Miners Bank - Dubuque, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 12, 1847
Location: Dubuque, Iowa (42.501, -90.665)

Metadata

Model: gpt-5-mini
Short Digest: c3d924e4

Response Measures

None

Description

Article (New-York Daily Tribune, 1847-06-12) reports the bank's charter was declared forfeited, trustees appointed to wind up its affairs, and an injunction restraining the bank from doing business as a corporate body and preventing state payment of debts except to trustees. No run is mentioned; this is a government/legal suspension leading to closure/receivership.

Events (1)

1. June 12, 1847 Suspension

Cause: Government Action
Cause Details: Charter declared forfeited by an act of a prior legislature; trustees appointed and court injunction restraining the bank from doing business and blocking state payments to anyone but trustees.
Newspaper Excerpt: The charter of this bank had been, by an act of an old Legislature, declared to be forfeited and trustees were appointed to wind up its affairs. ... the matter is now in the courts, under an injunction, obtained by the trustees, restraining the bank from doing any business as a corporate body, and commanding the Auditor and Treasurer of the State not to pay the debt due to the bank to any person or persons, save and except to certain trustees.
Source: newspapers

Newspaper Articles (1)

1. June 12, 1847 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, June 12, 1847

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Article Text

COMMERCIAL AND MONEY MATTERS. For Sales of Stocks. & see Fourth Page FRIDAY, P.M. The upward tendency of the fancies was checked to-day and most of them fell back a little. This is probably the natural reaction after the considerable rise of the last few days. In Bills there is not much doing and the supply of Sterling is large. The whole range is 51@67, the lower figures being for produce bills, which are not well known in Wall-st. The leading drawers are selling to some extent at 6+162 Francs are dull and quoted at 5.32}@ 5.30. In Freights there continues to be R good deal of activity and rates are firm. Engagements are making to Liverpool at 3a 6d@ is in British and American vessels and a Dane was taken for London at 4s. For an Irish out-port an American bark was taken at 4s 6d and 3a 8d for hemp. There is not much Grain offering. The quotation is 11d@12d. For Ireland the want of vessels is small. There is rather more freight offering for the Continent. To Antwerp flour is taken at 75 eta, to Hamburg 3a 9d, and to Havre 75 cts. Several large vessels were taken up for Liverpool. The Erie Railroad Company are about to issue proposals for a loan of $750,000 at 7 per cent, under the act of the Legislature allowing them to make a loan of three millions. The whole property of the road is pledged for the payment of this loan. The United States Insurance Company of Boston have declared a semi-annual dividend of five per cent. Spurious Ten Dollar Bills of the Adams Bank, Mass. are in circulation. Since the 30th of November, 1846, the amount of tolls collected on the lines of Canals and Railroads of Pennsylvania, up to the 1st of June, 1847, has been $628,362 10. During the same period in 1846, the amount was $399,883 66, being an increase of $228,478 44. During the month of May, this year, the amount was $215,079 72. During the same month last year, the amount was $158,563 14. Increase this year, $56,516 58. Of the above amounte the sum collected at Philadelphia during May, 1847, is $34,589 59, and from November 30, 1846, up to June 1, 1847, $150,788 79. The next largest receipts were at Columbia, $104,472 since Nov. then Johnstown, $62,629 then Hollidaysburgh, $55,000; Pittsburgh, $52,572 Lancaster,$37,858 Easton, $35,943 Last year the total receipts from the Canal and Rail. roads were $1,295,494 76. Total expenses, including up. ward of $125,000 for extra expenses, occasioned by the extraordinary flood of the Spring of $1846, $714,972.63 leaving as the net receipts for the year ending 30th No. vember, 1846, $580,522 13 If the whole receipts of the present year be estimated at only $1,600,000, and the ex penses of the year at $600,000, the netincome of the present year will be $1,000,000. On the Central (Pa.) Railroad there has been paid up over $600,000, which it is supposed will be increased to R million in July, when there will be thirty miles of the road under contract. The Master Commissioner, appointed by the Su preme Court of Ohio to examine the affairs of the Ohio Life and Trust Co. has made a very favorable report. The Commissioner expresses the opinion that the of fairs of the Company are conducted with honesty, ability and integrity. and that the prudence, safety and productiveness of its investments are such as to commend the institution to the favorable consideration of the public. He adds: After making all proper deductions. there still remained on the 13th of May inst. an excess of assets, over above all liabilities. including the capital stock, of $321,752 57. This amount is confidently believed to be more than sufficient to cover any probable losses which can be reasonably or fairly anticipated. When it is considered that, in the purchase and sale of the single item of Bills of Exchange alone, their transactions amount to over ten millions of dollars for the year end. ing with the last report, and that the balance of their suspended debt, up to the same period, is only one hun dred and twenty thousand dollars, which bas since been reduced to about $70,000, (much of which is of long standing,) it becomes difficult to resist the conclusion that in the management of its affairs, its officers have exhibited more than ordinary skill and prudence, and those "holding its engagements" have in this alone a strong guaranty of the ** safety" of the Institution. At Louisville, Ky on the 5th inst. the banks were freely checking at 1 per cent premium on all the North ern cities. The Legislature of Iowa, at its last session, authorized a loan to be negotiated to pay the debts of the State, and among them a debt of $7,000 to the Miners' Bank of Dubuque. The charter of this bank had been, by an act of an old Legislature, declared to be forfeited and trustees were appointed to wind up its affairs. This has got up 8 contest between the bank and the trustees, and the matter is now in the courts, under an injunction, obtained by the trustees, restraining the bank from doing any business as a corporate body, and commanding the Auditor and Treasurer of the State not to pay the debt due to the bank to any person or persons, save and except to certain trustees.