5246. Bank of Rockford (Rockford, IL)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 1, 1854*
Location: Rockford, Illinois (42.271, -89.094)

Metadata

Model: gpt-5-mini
Short Digest: 6404349f

Response Measures

None

Description

Multiple contemporary newspapers (late Nov 1854) report the Bank of Rockford suspended/closed and made an assignment (i.e., closed/assigned). There is no clear description of a depositor run on this specific bank in the articles; the failures are described as part of wider Illinois bank suspensions driven by failures in Chicago and a general panic. I classify cause as distress from other local banks (local_banks). Dates are approximate to November 1854 based on publications.

Events (3)

1. November 1, 1854* Other

Newspaper Excerpt: The Bank of Rockford, III. has made an assignment and closed its doors.
Source: newspapers

2. November 1, 1854* Suspension

Cause: Local Banks
Cause Details: Closures and failures among Chicago banks and a wider Illinois banking panic prompted suspension/closure of smaller Illinois banks including Bank of Rockford.
Newspaper Excerpt: the Rockford Republican announces, that the Bank of Rockford has closed, but that the suspension of its business will last only a few days.
Source: newspapers

3. November 23, 1854 Other

Newspaper Excerpt: The following banks have suspended payments ... Bank of Rockford; ... These are mostly small institutions
Source: newspapers

Newspaper Articles (9)

1. November 22, 1854 Grand River Times Eastmanville, Grand Haven, MI

Article from Grand River Times, November 22, 1854

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Loss OF THE STEAMER YANKEE BLADE.-The steamer Yankee Blade left San Francisco, Sept. 30, with 800 passengers and $153,000 in specie. Oct. 1, at 31 o'clock, P. M., whilst encompassed in a dense fog, she ran upon a reef of rocks, off Point Arguilla, and in less than twenty-five minutes sank in water below the promenade deck. The boats were immediately manned and all the passengers taken from the wreck, but one of the boats unfortunately stranding about thirty lives were lost. The next morning the steamer Goliath made her appearance and succeeded in picking up the survivors yet on the sea, amounting to six hundred, and landed them at San Diego, whither she was bound. Five hundred and thirty-six were left there until a vessel could be sent to bear them on their homeware journey. On her return the remaining part of the passengers and crew left were taken on board and landed at San Francisco. WRECK OF THE STEAMSHIP NEW ERA-TERRIBLE LOSS OF LIFE.-The packet ship New Era, of Bath, Maine, on her passage from Bremen to New York, with over two hundred and sixty passengers on board, in a dense fog, on Sunday night, went ashore off Deal, on the Jersey shore, and will probably prove a total wreck. The latest n'elligence received, states that the ship was breaking up, and more than one half of the passengers had been drowned in between the decks and overboard, and many were yet clinging to the wreck with but little prospect of being saved; the sea constantly breaking over the wreck and running so high that even a life boat could not out ride the waves. The passengers were all Dutch or German. BROKEN BANKS.-The following is a list of banks which have recently burst up, and are today rejected by our brokers. Each day adds new ones to the list. Where it will end cannot be determined. There is now but one safe rule and that is to take as little paper money as possible, unless you know that the bills are secured by safe stocks, and keep no others on hand.This is a necessary finale to such an increase of banks as we have had for the last few years.-So great an expansion of the currency was sure to bring a crash, and notwithstanding the repeated warnings, the banks have continued to increase in an unprecedented ratio. Here is the list: Maine-Bank of Hollowell, Shipbuilder's Bank. Indiana-All free banks. Ohio-All banks except State Bank and branches. Connecticut-Woodbury bank, Middletown bank. New York-Lewis County bank, Exchange bank of Buffalo, City bank of Buffalo. Kentucky-All banks. Illinois-Phoenix bank, Farmers bank, Merchants and Mechanies' bank, City bank, of Chicago; Elgin bank, Ottawa bank, Dupage bank, Bellvidere bank, Rock Island, Naperville bank, of Rockford. LATER.--We learn to-night, that the State banks and branches of Ohio and Indiana are refused by the brokers of this city. If this is generally done, the effect will be far reaching, and it would not surprise us to see a very general suspension by the banks of the country. Stand from under those that can. [Grand Rapids Enquirer.

2. November 23, 1854 Burlington Tri-Weekly Hawk-Eye Burlington, IA

Article from Burlington Tri-Weekly Hawk-Eye, November 23, 1854

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According to our last advices, the panic was to some extent abating. In Ohio, the Secretary of State advertises to take the notes of the suspended State Stock Banks on Taxes and all other public dues, as the State has ample security in Stocks deposited. The following banks have suspended payments since we published a list: City Bank of Chicago; Merchants & Mechanics Bank, Chicago; Farmers Bank, Chicago; Phoenix Bank, Chicago; Union Bank, Chicago; And as a consequence, two wild cat concerns from Georgia, but owned in Chicago: The Milledgeville Bank, Georgia; The Cherokee Bank & Ins. Co., Georgia; And the following Banks, located in other parts of the State of Illinois: Belvidere Bank; Bank of Rockford; Bank of Naperville; Bank of Ottawa; Du Page County Bank; Rock Island Bank; Rock River Bank, Beloit, Wis. These are mostly sma 1 institutions, with small circulation, and no necessity exists for a very deep shave upon their paper. The Brokers and Bankers of St. Louis have published a card agreeing to receive the notes of all the Illinois banks which have not 5113pended, at their face, and expressing confidence in the soundness and ultimate safety of the Free Banks of that State.

3. November 25, 1854 Weekly National Intelligencer Washington, DC

Article from Weekly National Intelligencer, November 25, 1854

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ILLINOIS BANKS.-The Telegraph announces, every day or two, the suspension of some of the Banks of Illinois. One list which is before us embraces the following Banks: City Bank of Chicago; Merchants' and Mechanics' Bank, Chicago; Farmers' Bank, Chicago; Phoenix Bank, Chicago; Union Bank, Chicago. And, as a consequence of these failures, two wild-cat concerns from Georgia, but owned in Chicago : The Milledgeville Bank, Georgia, and the Cherokee Bank and Insurance Company, Georgia. Add to these the following Banks, located in other parts of the State: Belvidere Bank, Bank of Rockford, Bank of Naperville, Bank of Ottawa, Du Page County Bank, Rock Island Bank, and Rock River Bank, Beloit, Wisconsin. This is, we believe, the extent of the bank suspensions in Illinois ; and when it is recollected that the most of them are, in familiar phrase, "one-horse affairs," having capitals perhaps of $50,000 and a circulation of $30,000 or $40,000 each, scattered all over the State, it is somewhat surprising that even the excitable people of Chicago should make 80 much ado about it. It is not pretended that the banks, if let alone, will not redeem their paper. Our own bankers, we are glad to see, are pursuing a very proper course. They are receiving on deposite from their customers the notes of all the Free Banks of Illinois not known to be discredited in that State. They take this responsibility, we presume, believing that the banks are, as a general thing, sound. The Bank Commissioners at Springfield and Chicago have each made publication, assuring the public of the safety of the bill-holders.-St. Louis Republican.

4. November 25, 1854 The Ottawa Free Trader Ottawa, IL

Article from The Ottawa Free Trader, November 25, 1854

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THE BANKS. -A despatch from Chicago, Nov. 17th, says: Despatches received in this city yesterday announces the failure of the Mechanic's and Farmer's Bank of Springfield, Illinois. We presume the bills are well secured by State Stocks. The Rockford Republican announces, that the Bank of Rockford has closed, but that the suspension of its business will last only a few days. The Mechanic's and Traders' Bank of Cincinnati, a branch of the Ohio State Batk, closed its doors on the 13th. The Cana Bank of Cleveland has suspended specie payment, on account of the Sheriff taking part of the contents of its vault.This annuls its-harter, and takes it out of the hands of assignes.

5. November 25, 1854 The Ottawa Free Trader Ottawa, IL

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OTTAWA, NOVEMBER 25, 1854, The Bank Panic. We notice with regret, in a large nu the papers of this Stite, that prol rom carelessness-we cannot believe naliciousness-a number of the free bar his State are published as having " fa which have not even suspended or the of doing so. The State Register, for mst paper which from its position and € quent influence ought to be partier cautious in giving currency to such nents, publishes the following list of Il banks which have failed," in addit the five banks in Chicago, which had suspended for a few days: Belvidere Bank, Bank of Rockford, Bank of Naperville, Bank of Ottawa, Du Page County Bank, Rock Island Bank. Now we believe, of this whole lis Bank of Rockford is the only one which even suspended, and that only for a few A dozen of papers have copied this list the most groundless and exagerated ments. The effect, it is easily imagin not only in a high degree injurious banks, but even more so to the public are thus compelled to submit not only rious loss on the bills they hold of banks, but still more serious loss fro depression in business and prices pro by the causeless panic thus created. In reference to the 'Bank of Ott once for all, let it be known and under it has neither "failed," nor suspended day nor an hour, but has redeemed : bills as presented, and will continue to unless unexpectedly driven to the wa these false and injurious publication event not apprehended, but which is ce ly within the rrnge of possibility, no with reference to this bank, but any in this State, if such publications an sisted in. The report that the banks above n with others, had "failed," undoubted ginated in the fact that some unprin brokers in Chicago, such as R. K. Swi his clsss, threw out" (as the express the bills of these banks, with the ob taking advantage of the prevailing p: purchase them back at a heavy shay certain dealer in old clothes or shoe conceived the cute idea of adverterisi banks as broken, and hoped to di splendid busine by yet magnanin agreeing to take these bills at par in I his suspicious wares. We learn the Bank has instituted a prosecution again enterprising son of St. Crispin for h tuitous magnanimity. To show the character of the operations man Swift, we here givean extract fro of his circulars, showing how he can profitable business by decrying sound and then purchasing their bills at a dis He publishes as "NoT BANKABLE.-All Kentucky I except Bank of Kentucky and Branche "All Ohio Banks!! except State B Ohio and Branches.

6. December 1, 1854 The Athens Post Athens, TN

Article from The Athens Post, December 1, 1854

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ILLINOIS BANKS.-The St. Louis Republican gives the following as a list of Illinois Banks which have suspended payment, and are therfore discredited: City Bank of Chicago. Merchants' and Mechanies' Bank, Chicago. Farmers' Bank, Chicago. Phoenix Bank, Chicago. Union Bank, Chicago. And, as a consequence of these failnres, two wild catconcerns fromGeorgia, but owned in Chicaco: The Milledgerille Bank, Georgia, and The Cherokee Bank and Ins. Co., Georgia. Add to these the following Banks, located in other parts of the State: Belvidere Bank; Bank of Rockford; Bank of Napierville; Bank of Ottawa; Du Page county Bank; Rock Island Bank, and Rock River Bank, Beloit, Wisconsin. The Republican remarks: "One of these Banks-the Farmers' Bank of Chicago, has been calling in its paper for three months past with a view to the closing of the concern, and there is very little in circulation. The Auditor of the State of Illinois has published a notice stating that all the circulation of this Bank will be redeemed at his office in Springfield, pro rata, out of the trust funds deposited by the Bank. The stocks pledged for the payment of this circulation will be converted into specie funds, as required by law, at as early days as practicable, when further notice will be given."

7. December 8, 1854 The Daily Minnesota Pioneer Saint Paul, MN

Article from The Daily Minnesota Pioneer, December 8, 1854

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More Bank Failures. The last mail brought us news of more Bank failures, The Bank of Rockford, III. has made an assignment and closed its doors. The Mechanics and Farmers Bank of Springfield, Ill., has likewise suspended. The Commercial Bank of Toledo, a branch of the State Bank of Ohio, closed on the 27th of November.

8. April 28, 1855 The Weekly Minnesotian Saint Paul, MN

Article from The Weekly Minnesotian, April 28, 1855

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We learn from the Maine papers that the Hon. George Evans, who was appointed to the office of Attorney General of that State by Governor Crosby, about two years ago, has been removed by Governor Morrill, and John S. Abbott appointed in his stead. Mr. Evans, was formerly one of the most popular men in Maine, but who, with sorrow be it spoken, has beclouded his prospects by what is far too often the besetting sin of many of our most distinguished statesmen, a habitual and free use of the intoxicating cup. Mr. Abbott is an eminent lawyer of Somerset county, and no better man could be found in the State for the office to which he has been appointed. The people of Galena have at last got at least one respectable first class Hotel in their town. This is the great new De Soto House, which claims to be the largest in the Northwest, as it probably is. Its lessee, Parks, late of the Virginia Hotel, St. Louis, is just the man to keep such a house right, beyond any kind of mistake. The spring stock of A. S. Elfelt, opposite the American, arrived on the City Belle. This is a chance for the ladies to purchase beautiful goods, fresh, cheap, and fashionable. ### COLLISION The passenger train which left Chicago yesterday morning for this place, on the Galana and Chicago road, came in collision with the Aurora freight train. Two engines were badly injured and the baggage car smashed. No lives were lost. Galena Adv. 16th. ### ILLINOIS MONEY We learn from the Chicago Democratic Press, that a banker in that city was taking the notes of all the suspended banks of Illinois, except that of Rockford. at par. Look out for counterfeit 10s on the Western Reserve (Ohio) Bank. They are altered from 1s. ### DEATH PENALTY IN WISCONSIN At the late session of the Wisconsin Legislature, a bill passed the House, by a large majority, restoring the death penalty to the criminal code of that State, but it was defeated in the Senate. The New York Herald has discovered a new secret society in Canada, having for its object the release of that province from allegiance to the crown of Great Britain. Capt. Ingraham, of Kosta notoriety, sailed from Spezzia for the United States, in the St. Louis, on the 15th of March. This will be his first visit home since he became famous. ### BEAT THIS WHO CAN Elvira Leges, a young girl living at Dacotah, in this county, and ten miles west of Dubuque, engrafted in one day, Saturday the 5th inst.. 1809 apple trees, on the promises of Horace White. This is the biggest day's work in the line of engrafting we ever heard of being performed by either male or female. Miss Leges, we should think would make a jewel of a wife for some "worthy young man." Dubuque Trib. 16th. ### THE WAR EAGLE We find the following in a recent Dubuque paper: "We understand that Capt. HARRIS, of the War Eagle, has purchased the company's interest in that boat, and that she will henceforth be run as an independent packet between St. Paul and Galena. The directors of the Milwaukee and Mississippi Railroad have contracted with Messrs. Cook & Lockwood, to build the road to the Mississippi river-the distance of about 100 miles. ### ONE OF THE STORMS Our Lake Superior correspondent te'ls a story of a storm up there which gave them snow to the depth of fifteen feet on a level, and asks if we saw anything ot it. No, we didn't.---Green Bay Adv. Mr. Lumpkin, of Georgia, declines the appointment of Judge in the Court of Claims, established by the last Congress. ### UNITED STATES SENATOR The legislatures of Pennsylvania, Indiana, Missouri, and California, all failed to elect United States Senators at their last sessions-referring the matter to their successors. ### SOUTHERS SUPPORT The Charleston Mercury has nominated Franklin Pierce for re-election to the Presidency. This is as it should be. L. W. Clark, Esq., well known as a banker and real estate broker and speculator in Chicago, died in that city, recently. ### SUNDAY TRAINS In St. Louis at the election of Directors for the Pacific Railroad, the main question at issue was whether, trains should be run on Sunday, and the Republican thinks the question was decided in favor of running them on that day. ### THE BEALE CASE IN PIHILADELPHIA In the Supreme Court at Philadelphia, Chief Justice Lewis gave a decision granting a writ of error in the Beale case, on the ground that the jury that tried the case, instead of being sworn to give a verdict according to the evidence, were sworn to try the guilt or Innocence of the defendant; also, that the defendant, instead of being sentenced to solitary confinement at labor, was sentenced to imprisonment at hard labor. ### LIFE OF BENNETT C. Edwards Lester is writing the life of James Gordon Bennett. The author and subject are quite in harmony. ILLINOIS.-Hon Neal Dow, of Maine, Gen. Cary of Ohio, T. W. Brown and R. S. Crampton, of New York, and several other gentlemen of distinction, have been engaged by the friends of Temperance in Illinois to canvass that State in favor of the Maine Law. The law passed by the late Legislature of that State, it will be recollected, was referred to the people for their adoption or rejection. Mr. Dow is expected to visit Minnesota during the season. New York Money Market. The Evening Post of Monday evening, the 9th, says: The money transactions are very light for the time of year. Little new mercantiler

9. April 28, 1855 The Weekly Minnesotian Saint Paul, MN

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# ILLINOIS MONEY We learn from the Chicago Democratic Press, that a banker in that city was taking the notes of all the suspended banks of Illinois, except that of Rockford, at par.