4075. Bank of Aurora (Aurora, IL)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
September 24, 1857
Location
Aurora, Illinois (41.761, -88.320)

Metadata

Model
gpt-5-mini
Short Digest
0d6d52ac

Response Measures

None

Description

Articles report the Bank of Aurora suspended payment during the 1857 monetary disturbances (Sept 1857) but later redeemed notes at par by Jan 1858. No article describes a depositor run on the bank — this appears to be a suspension related to the broader 1857 panic with subsequent resumption of redemption.

Events (3)

1. September 24, 1857 Other
Newspaper Excerpt
The following Illinois and Wisconsin banks were down for a few days. but our brokers are now receiving the notes of all of them on deposit: Bank of Elgin, Bank of Aurora ... (reports temporary suspension and brokers receiving notes).
Source
newspapers
2. September 26, 1857 Suspension
Cause
Macro News
Cause Details
Part of the broader monetary difficulties/panic that began in New York in September 1857; several western bankers temporarily suspended payments.
Newspaper Excerpt
The Bank of Aurora, III, has suspended payment.
Source
newspapers
3. January 25, 1858 Other
Newspaper Excerpt
That the bank of Aurora redeems its issues at par at present; ... the bills of the Aurora Bank are as good as gold now and in the future, no matter whether the bank breaks or continue to do business.—Chicago Tribune. (reports redemption at par).
Source
newspapers

Newspaper Articles (3)

Article from The Weekly Pioneer and Democrat, September 24, 1857

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Article Text

COMMERCIAL MONETARY AFFAIRS.--The monetary difficulties of the country, which commenced three weeks since in New York, are gradually clear ing up at the starting point; but during the pas week have been darkening the Western sky to some extent. Several bankers in the Western Cities have temporarily suspended, and a number of banks are said to have closed their doors. Among the nearest suspensions. are those of Herron Brothers, of Dubuque. Their liabilities are between $90 and $100,000. and their assets, about $175,000, showing that depositors can lose nothing by them. They will resume business in a few days. The banking house of Carter & Co., Galena, Illinois, has suspended, caused by the failure of the Ohio Trust Company. In this City there is no excitement. and business men all appear to be well prepared for their engagements. Money is scaree, however. and is not to be had, except on the best of paper, and high rates. Exchange on the East is scarce, and commands 11 per cent. premium. Gold commands 2 per cent. on currency. The bankers of this city purchase no money of the various discredited banks, owing to the trouble of sending it home, and the want of money for home business. Some of the banks named below, are no doubt solvent, and holders will Lose nothing. They will only have to wait until the smoke clears away. In the meantime, however, bills on the following named banka embracing all the lately discredited ones, with a few of the older failures, are not current in this city: Tiverton Bank, MountVernon Bank. Farmers' Bank of Wickford. Bank of South County... Rhode Island. Warren County Bank. Bank of Middletown, Farmers' & Drovers' Bank--Pennsylvania. Wooster Bank. Bank of North America- -Connecticut. Hollister Bank of Buffalo. Sacket's Harbor Bank, Ontario Bank, Bank of Orleans, Huguenot Bank, Reciprocity Bank of Buffalo, Oliver Lee & Co.'s Bank, Buffalo, Chatauqui County Bank-New York. Bergin County Bank, Bank of New Jersey, Bank of America, Trenton - New Jersey. Kanawha Bank-Virginia. Warren County Bank, Honesdale Bank-Pennsylvania. Miami Valley Bank. Daytou, Norwalk Bank. Norwalk, Seneca County Bank, Tiffen--Ohio. Bank of Commerce.-Georgetown, D.C. Citizens' Bank--Gosport, Indiana. The Citizen's Bank of Gosport, is an individual concern, and the owner may be able and willing to redeem all his money, but it is not secured according to the Indiana law, and those who take it run their OWR risks. It is taken by some, but not generally current. Of Nebraska money, a number of dealers in the city have been taking it, while with others it won'tgo. It is not by any means a current money, and our country readers can govern themselves accordingly. The following Illinois and Wisconsin banks were down for a few days. but our brokers are now receiving the notes of all of them on deposit: Bank of Elgin, Bank of Aurora, Bank of Southern Illinois, Southern Bank of Illinois, Bank of Waperville, State Bank of Illinois-II. linois. Rock River Bank, Reloit, State Bank of Wisconsin, Farmers' Bank of Hudson-Wisconsin.


Article from The Ottawa Free Trader, September 26, 1857

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Article Text

The Bank of Aurora, III, has suspended payment. Its bills will probably be at a small discount. used


Article from Daily Iowa State Democrat, January 25, 1858

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Article Text

# BURNING WIDOWS. "As in India, one day, an Englishman sat, With a smart native lass at the window, 'Do your widow burn themselves? pray, tell me that!' Said the pretty, inquisitive Hindoo. 'Do they burn? that they do!' the gentleman said, 'With a flame not so easy to smother; Our widows, the moment one husband is dead, Immediately burn-for another!'" # The Aurora Bank Story. The Davenport Gazette of the 12th inst., made a statement that a "citizen of Pittsburgh presented $74 of the bills to the Bank of Aurora for coin, which was refused—and finally redeemed them at five per cent. discount." But the Gazette forgot to mention 1st, That this demand was made two months ago, during the general bank suspensions. 2d, That gold was worth in Chicago at the time, a premium of 10 percent, and in Davenport 20 per cent, on Florence. 3d, That the State from which the Pittsburger came was the first to suspend specie payment and the last to resume. 4th, That the bank of Aurora redeems its issues at par at present; while Cook & Sargent's shinplasters are only worth 68 cents in Davenport, and 50 cents in Chicago, and no certainty that they will be worth anything a week hence, while the bills of the Aurora Bank are as good as gold now and in the future, no matter whether the bank breaks or continue to do business.—Chicago Tribune.