Hamilton Bank (Hamilton, OH)

Episode Information

Episode UID
3450671090506
Episode Type
Suspension โ†’ Closure
Bank Type
trust
Bank ID
345067109 hash
Start Date
February 22, 1842
Location
Hamilton, Ohio (39.394, -84.566)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
592d9b0da21889b9

Response Measures

None

Description

OCR in sources is noisy; assignment phrasing implies failure/closure rather than temporary measure.

Events (1)

1. February 22, 1842 Suspension
Cause
Macro News
Cause Details
Assigned amid statewide distress following the Resumption law and multiple Ohio bank failures/assignments.
Newspaper Excerpt
The Hamilton Bank was assigned
Source
newspapers

Newspaper Articles (2)

Article from Carroll Free Press, February 25, 1842

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Article Text

From the Ohio State Journal. BANK MATTERS. The resumption bill passed both houses and became a law on Monday.On Tuesday it was announced upon the authority of the Statesman, that things already began to exhibit a quieter as in pee!!" Oh, yes! "Order reigns was the anthe subjugation of the North, strife the blood of nonneed the fearful Warsaw!" Autocrat despatch of her though The Poland, that patriotic banks in to sons had saturated the soil. into ruins, and as despair the public mind, soit'es are tumbling upon the the State chief of the gang who have strewn with the wrecks of its former prosperity exclaims, **THINGS ALREADY BEEGIN TO ASSUME A QUIETER ASPECT!" We learn further through the same the the tide is already in our favor." Some turning reliable source, specie the South. came last week to Cincinnati, from (probably some of the yellow boys, that to flow up the Mississippi, as eight or ten years were 09 predicted since attribu by and that event is to be to the magical influence of the resumption the effect seems to have several weeks How Benton.) ted cause passage by bill, preceded fortunate although of that the the for the people of the after three has finaliy come to a deliverance. No calves and eight this ricus rition, it is measure, months doubt legged such State double partu. pigs, globe abundant during the next season-and allowing to of the Banks and ping headed will initiation the Curren the drop an cy, by this superlatively "democratic" Legislature A convention of Delegates from most of the Banks in the State, assembled the here yesterday to consult upon course which will be best to enable them to sustain each other during the approaching crisis. We had heard of nothing last evening of the result their deliberations. Intelligence reached the city yester- of day, of the assignment of the assets the Lancaster Bank. The Hamilton Bank was assigned a week or more as was also the Chillicothe bank. It not improbable that some have been assigned the passage of the bill We hear so many rumors it since, tion banks is of in resumption anticipa- that other about matters from day to day, difficult to know to is on. Yesterday, we from Cleveland an depend bank way extremely bill contained the learn. what Bank the endorsement unfavorable to of though there 18 of Monday on Cleveland the Herald the nothing subject. ir The Mansfield Shield and Banner says. in a postscript, on Wednesdav, that the Cleveland bank has bursted" People out of the State, particularly North, where specie is abundant. at no conception of the of the currency the entire business procan able Nearly the form condition of transacted deplora of the Ohio. market in this city. is plasters, and so as to be almost in vision and shin dirly these illegible the ragged south The Farmer's and Workingmen in part of the county. place the most con in the shinplasters of the Corof Idence poration Lancaster-based upon the pub no for their redemption. but Jie fining faith of that town They are preforred to most bank paper. At Dayton business on the Canal i s'mest emirely suspended, from the in ability of the produce merchants 1 find any money that the collectors will receive for tolls They even refuse the notes of the Franklin Bank of hiscity though the Sta'e is indebted 10 th Bank in the sum of nearly half a mil lion of dollars. Urbana money changes hands at abou


Article from New-York Tribune, March 1, 1842

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Article Text

Important from Obio-The and winding Resumption Law-Banks assigning up-No.Money State and Gloomy Convention-COR Prospects Great WIN nominated-His Whig Election sure. Correspondence of The Tribune. O., The bill became a law a week since. Resumption COLUMBUS. Feb.21,1342 The Loco-Foc finally succeeded in keeping their men up to the rack on the question of fixing the 4th of March for forcing the Banks into Resuming on all their liabilities, although two or three of them in the Senate were inclined to adoptmildmeasures. Don't understand me as representer ing the Whigs of this State as forming all anti-Resumption party. There is not one Whig in the Legislature in favor of continuing the state of things which ha- existed so long. one day longer than is indispensably necessary to save the Banks from certain destruction. They all voted for graduated Resumption-to begin in May and pay on every thing by August or September. Two or three of in the Senate. where their majorto 17-proposed in vote ity the is Loco-Foco: two-19 with of the the entire Whig force in favor ef a modification bill passed in the House, but the Whigs declined any arrangement that did not embrace the condition that the proposition to be substituted for the bill should receive as many Loco-Foco as Whig votes. The Loco-Focos caucused on the subject two night< into the ** small hours." but the Radicals. who are bent on real Bank destruction. defeated the scheme, and the Whigscompelled them to shoulder the whole responsibility of a measure which every one foresees is to be attended with the most disastrous consequences. In the mean time the agitation of the subject has precipitated the results anticipated in a good number of instances. The Banks are yielding to the storm all over the State. The Granville Bank shut its doors first, after faithful efforts to meet its engagen up ants. The Urbana Bank went by the board next. These two Banks had out a circulation of nearly half a million, which was instantly depreciated one half! Think of that. ye NewYorkers, who used to grumble over a discount of one half of one per cent. on country paper About the same time the Chilicothe Bank nssigned, but there is I presume no danger or apprehension of loss here. The Bank was in admirable condition until it maden loan of $400,000 or $500,000 to the State. Next. the Hamilton The Bank, near Cincinnati, assigned its effects. Lancaster Bank, a heavy concern. has also assigned. and to-day it is reported that the Bank at Marietta has taken the same course. To the number thus breaking up are to be added both the Banks at Cleveland. The consequences of all this derangement and confusion are seen in the almost There total inspension of all kinds of business. is no money in circulation, except the notes of insolvent Banks, shinplaster and the orders of Turnpike and Railroad companies. The latter have a local circulation, and in some instances are considered the best kind of money to be obtained. Under these circumstances, a Convention of Delegates from nineteen Banks has just been held in this city. You will see the proceedings in our city papers, but the plan proposed to meet the crisis is to make the attempt to redeem their liabilities according to the provisions of the Resumption law, and to davise a system of making frequent settlements between them selves by sending their paper to this city to be exchanged and retired from cirThere are few who have any faith in this some ten or twelve of the culation. plan, though for Banks time which have kept up no circulation some past will be able to weather the point, with or without such arrangement. But I think you can safely calculate upon al influx of about one million of specie, to be drained from Ohio within the next ninety days. To-morrow. you will recollect, is the day for our State Convention to nominate a Governor. The city is full of Delegates to-night, who are quartered upon our citizens generally. I have conversed with many of them. who all repthe condition of the Whig party as resenting unite in being all that we can desire. They all concur in saying that the people are universally diagusted with the Loco-Foco Legislation of the winter, and that examples faith of a renunciation of the party are nu- in merous. Several Counties ere named to me. which it is confidently affirmed that the Whig strength will be greater next fall than it was in 1840. Gov. CORWIN has yielded to the solicitations of his friends and will accept the nomination, although he has been anxious to retire from the canvass. This ensures 115 the State beyond any reasonable question. We can elect a majority of and thus secure a Whig Senator in of Allen. I the place Legislature, Earthquake shall not close this letter until to-morrow. TUESDAY, Feb.22 We have just got through with our State ConIt exceeded our most sanguine and has inspired our expectations, vention. greatly friends CORWIN with was the highest degree of enthusiasm. aclamation, and will too. renominated twenty by be elected, His by ton to thousand majority. great and deserved popularity makes him a powerful lender. and the Loco-F ocos are as well satisfied of the doom that awaits them now as they know the result of the contest in 1840 Yours. N. E. Boundary.-Gov. Davis has sent a Mesto the Legislature of Massachusetts with resage ference to the N. E. Boundary question. He thinks propose 11 conventional boundand in that case he wishes to ary, that England may Mussachusetts be prepared for its consideration. and suggests the