5197. Bank of Quincy (Quincy, IL)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
February 20, 1861
Location
Quincy, Illinois (39.936, -91.410)

Metadata

Model
gpt-5-mini
Short Digest
25d4e6d5

Response Measures

None

Description

Articles (Mar–Apr 1861) report the Bank of Quincy among many Illinois banks whose notes were thrown out or ordered to withdraw circulation after failing to meet a commissioners' requirement by Feb 20, 1861. This describes an official suspension of note circulation (a regulatory action) rather than a depositor run; no reopening or permanent failure is reported in these clippings, but the language (ability to redeem when stocks sold) implies a temporary suspension rather than immediate permanent closure — therefore classified as suspension_reopening. Bank type is unclear from name and era; National banks did not yet exist (1861), so I set unknown.

Events (1)
1. February 20, 1861 Suspension
Cause
Government Action
Cause Details
Bank Commissioners required additional securities by a deadline (Feb 20, 1861); Bank of Quincy did not comply and was ordered to withdraw its circulation (notes thrown out).
Newspaper Excerpt
the time expired on the 20th of February. Most of the banks responded promptly to the call, but the following did not, and the Bank Commissioners have ordered them to withdraw their circulation. ... Bank of Quincy
Source
newspapers

Newspaper Articles (3)
1. March 6, 1861 The Cadiz Democratic Sentinel Cadiz, OH
Article from The Cadiz Democratic Sentinel, March 6, 1861

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Article Text

Markets, Trade, &c Look out for worthless Bank paper. No less than SIXTEEN of the Illinois Banks have gone by the Board. They are: "The Bank of Baleigh, Bank of Anrora, State Bank, National Bank, Corn Exchange Bank, Bank of Commonwealth, Southern Bank of Illinois, at Grayville, Bank` of Chester, Bank of Pike County, Bank of Quincy, Grand Prairie Bank, Farmers and Traders' Bank Railroad Bank, Merchants and Drovers' Bank, Citizens, Bank, and Morgan County Bank." "Also suspension of Wisconsin Banks! The following Wisconsin Banks suspended to. day: Artic and Eauclair Banks, Wisconsin and Rail road Bank, Illinois. The latter institution had a circu.ation of nearly $94.000." This is a nice list to look at by those poor people who have nothing else in their pockets, except the paper of these Banks. Had a thief stolen this much money the whole police force of the country would have been in full cry after him. The extreme frontier was a rich field for these Bankers to operate in, and there will be the most grieonsv losses, because they can afford to loose but little. When shall we have release from such sponging on the public credulity. / Crisis.

2. March 7, 1861 The Cass County Republican Dowagiac, MI
Article from The Cass County Republican, March 7, 1861

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Article Text

ILLINOIS MONEY THROWN OUT. Our readers will remember that at the time of the panic when stocks depreciated, a number of the Illinois banks were required to deposit a certain amount of additional securities for the circulation then outstanding, and a certain time given them to fulfil the requirement. This time expired on the 20th of February. Most of the banks responded promptly to the call, but the following did not, and the Bank Commissioners have ordered them to withdraw their circulation. The following is the list:-Bank of Raleigh, Bank of Aurora, State Bank of America, Exchange Bank, National Bank, Corn Exchange Bank, Bank of Commonwealth, Southern Bank of Illinois at Grayville, Bank of Chester, Bank of Pike County, Bank of Quincy, Grand Prairie Bank, Farmers and Traders' Bank, Railroad Bank, Merchants and Drovers' Bank, Citizens' Bank and Morgan County Bank. Probably most of these banks will be able lo redeem their notes at par, when their stocks are sold, but as this will take some time, and as there is nothing sure about it, we advise our readers to have nothing to do with them.

3. April 13, 1861 The Emporia News Emporia, KS
Article from The Emporia News, April 13, 1861

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Article Text

ILLINOIS BANKS. The telegraph brings us uews that the Chicago bankers and brokers have thrown out the bills of thirty-two of the Illinois banks. The reason for this panic is not stated. The banks in question have a circulation of about three and a half millions, secured by Missouri, Tennessee and Louisiana State stocks. At the present market rate of the bonds in question, the securities of the notes are worth from 85 to 90 cents on the dollar. The following is a complete list of the banks thrown out: American Exchange Bank. Bank of Albion. Bank of Aurora. Bank of Carmi. Bank of Chester. Bank of the Commonwealth. Bank of the Federal Union. Bank of Napierville. Bank of Quincy. Bank of Raleigh. Bank of the Republic. Bank of Southern Illinois. Bank of Belvidere. Bank of Benton. Canal Bank. Commercial Bank of New Haven. Corn Exchange Bank. Citizens' Bank. Edgar County Bank. Farmers' and Traders' Bank. Farmers' Bank, New Canton. Grand Prairie Bank. Grayville Bank. Illinois State Bank. Kane County Bank. Merchants' and Drovers' Bank. Mississippi River Bank. Morgan County Bank. National Bank. New Market Bank. Pike County Bank. Pamet Bank. Prairie State Bank. Railroad Bank. Southern Illinois Bank, Shawnee Bank. State Bank of Illinois, Shawneetown. State Stock Bank. Taunton Bank. Union County Bank. Union Bank. WISCONSIN BANKS. The notes of the following Wisconsin banks have also been thrown out: Eau Claire, Arctic Bank, Hall & Bro's Bank. Citizens' Bank,