5304. State Bank (Springfield, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 1, 1843*
Location
Springfield, Illinois (39.802, -89.644)

Metadata

Model
gpt-5-mini
Short Digest
19f39f7f

Response Measures

None

Description

Newspaper excerpts indicate the State Bank (Illinois) was being put into liquidation by act of the state (government action) in early 1843; no run is described. I classify this as a suspension that leads to permanent closure/liquidation. Relevant OCR corrections: 'Shau-neetown' -> 'Shawneetown'.

Events (2)

1. February 1, 1843* Receivership
Newspaper Excerpt
putting the State Bank into liquidation ... The Shawneetown Bank stands ready to liquidate a million of the debt upon terms advantageous to the State (article describing liquidation/settlement of state debt and bank in liquidation).
Source
newspapers
2. February 1, 1843* Suspension
Cause
Government Action
Cause Details
Act of the state putting the State Bank into liquidation; governor/proclamation actions forbidding reception of certain bank paper indicate government intervention
Newspaper Excerpt
Thomas Mather, Esq. as President of the State Bank, delivered to his Excellency. Gov Ford, two millions and fifty thousand dollars of our State Bonds, and indebtedness under the provisions of the act putting the State Bank into liquidation
Source
newspapers

Newspaper Articles (2)

Article from New-York Daily Tribune, September 30, 1842

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Article Text

Macon .28 a — Union, Florida .65 a — South. L. & Trust Co 67 a — U. S. Bank Notes....55 a- Mr. Thompson, the pablisher of the Bank Note Register, informs us that he saw the Comptroller last week, who in- formed him that he would receive the Bank of Lyons notes in commatation to the safety fund, and that he had never re- fused to do so. ### The Following Remarks Upon Free Banking Are From Thompson's Reporter:- The system of free banking is now assuming an aspect more favorable to the security of the public than at any previous time. The Comptroller retains the interest on se- curities, where the securities are insufficient to cover the amount of circulating notes issued, and is extremely cautious in receiving new securities, particularly bonds and mort- gage. Most of the new issues, we observe, are based upon New York seven per cent. State Stock, and when 5, 5 or 6 per sent. stock is deposited, an amount equal only to the market value of the stock is allowed. Stocks of other States are now excluded, by law, so that the value and perma- nency of our free banks rests, in a great measure, upon our own State's credit. A very in portant question here arises- Will the credit of New York be sustained unimpaired? We believe it will. Which ever party is successful, at the ensu- ing election, although full of promises before, will hardly venture upon an expanding financial system for internal im- provements during the coming year. The very introduc- tion into the legislature, by the majority party, of a bor- rowing measure for any purpose, except to pay our present obligations, would create an excitement which no party could stand. Ohio made the effort, and failed. And we have enough to do to provide for our present debt. Our un- finished public works can be recommenced after two years, when repudiation has done its worst, and honesty comes out like pure gold, and completed without danger of embar- rassing the resources of the State Therefore the issues of banks based npon N. Y. State Stock are good. The receiver of the Bank of Bennington publishes a state- ment by which it appears that the bills are worth something more than the present market value. Nett receipts for six days, ending Saturday, Sept. 24th, on the Western Railroad :-For passengers, $6,932, for freight mail, and Harnden & Co., $6,557: Total, $13,289. Being $2,215 per day, and $435 more than the previous week. The Rochester Post says:- Circumstances induce us to believe that, there has been some trickery in reference to the exploded Lyons Bank. In- formation, on which we place reliance, indicates that extra- ordinary efforts were made to peddle off its paper and stock to a considerable extent, before the collapse which has ren- dered the concera bankrupt, George Bush, Esq. has been elected President of the Bank of Wilmington and Brandywine, in the place of Wm. Seal, deceased. A letter from Montevideo, published in the Philadelphia North America, states that the Government had raised a loan of $700,000, which is to be paid off in payment of the duties. The subscribers to the loan are exempt from the 8 per cent. import and 5 per cent. export duty. The last St. Louis Reporter says:-- "We learn that the Bank of Constantine, Michigan, has exploded." A letter from Springfield, dated 16th inst., received at St. Louis, states that another proclamation had been issued by the Governor still more violent against the State Bank of Illinois than the first, and forbidding the reception of Shau- neetown paper for taxes, &c. ### Markets-Carefully Reported For The Tribune. The illness of our assistant who superintends this de- partment, must be an apology for the absence of the mar- kets for the last two days, and the eagreness of to-day's reports. ASHES-The bills out to-day are about 100 bbls., and the receipts about 150 bbls. The sales of lots for yesterday and to-day are between 300 and 400 bbls. at 5 50. Pearls to- day have sold to smail extent at 5.75. There is a fair de- mand. COTTON-The sales to-day reach about 500 bales, near- ly all to experters, at a decline of ¼ to ½d since the British Queen arrived. The market is still rather in favor of the buyer. FLOUR-The market is heavy to-day at 4.56¼ for Gene- see, and we hear et some sales at 4.50. A parcel of 300 bbis, round hoop Ohio brought 4.50 for export to West In- dies. Troy is dull at 4.50, but we hear of no sales. Onio we quote 4.50 a 4.56¼. The quantity afloat is large, and the demand imited. The market is quite unsettled; holders very anxious to sell and buyers hanging back. In Southern we hear of nothing doing. Brandywine is offered at 4.87½. Sales af 400 bbls. Brandywine Meal at 3.00; hhds. 18.25 a 18.75. Rye Flour has been scarce for a day or two, but is more plenty to-day. Sales nearly all received at 3 00 a 3.12½ for North River. GRAIN-Sales of 1500 bushels Indiana Wheat, at 94½c for milting, and 1500 do. very inferior North Carolina at 59c. Corn is not very plenty, but sutlicient for the demand.- Sales-1500 bushels Ohio Canal at 52c measure and 350 do. at 55, weight. A parcel of Barley, 1200 bushels, sold at 56. Rye is scarce and wanted. Sales-2000 busbels, at 59c.- Oats are very abundant and heavy; Canal, old and new, 23 a 30; River, 24 a 28. MAHOGANY-At Auction-[Terms 4 mos.]-55,000 feet Honduras Mahogany, per ships L'Orient and Sabine; per Sabine, 6¼ a 10; L'Orient, 7½ a 14½; St. Domingo mahogany, 17c. TEAS-A sale of the Teas per Coromando was bad, at which the following rates were obtained: Hyson, 3½ a 74, boxes, 24 a 25c; Hyson 51a 69, boxes 62½; Skin, 32 a 45; Gunpowder, 61, boxes 45¼ a 49; Imperial, 60¼ a 63, bx3.45; Powchong, 33 a 56; Souchong, 28 a 52. WHALE OIL-We understand the balance of the Ameri- ca's cargo, about 2000 bbls, was sold at the East at 34c. WHISKY-Sales-100 bbis., State Prison bbls, at 21c.


Article from Wheeling Times and Advertiser, February 10, 1843

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Article Text

following anecdote of this late eminent and gifted in dividual may be relied 0.1 as authentic The public has of endy been made acquainted with the fact that Mr Sergeant Spankie during the time he was keeping his terms, with a view to be called to the bar,, was employed as parliamentary reporter. Young Spankie (for such he was then) vas on his duty in the gallery of the House of Comnons at an early hour of the morning, after a proracted and important debate, when a division of the House took place, the regult of which was looked for with considerable anxiety throughout the conn try. The avenues to the House were crowde with strangers, and egress down the narrow stairease by which strangers reached the gallery in the old House of Commons was next to an impossibility.l'he hour of publication of journal to which he was attach ed was fast approaching, and Spankie.kno ing the importance to his proprietors that the conclusion of the debate and the division should be early before the public had recourse to a feat that surprised and astonished-thus who witnessed it.He climbed over the balustrade of the stairs which communicated from the old smoking Toom with the strangers' gallery. and suspending himself by the hands therefrom, dropped into the members' lobby below, a height of from Fixteen to eighteen feet, amidst a crowd of Senators. So suddenly was the affair accomplished, and 80 fleet of foot was the performer, that he escaped caption by any of the mym. idons of the sergeant at arms, and reached the office in safety and triumph. When Mr Sergeant Spankie sai in Parliament for Finsbury. the occurrence was frequently related by the late Mr Wright, an olu and well known messenger of the House, who was an eyewitness to the transaction. and who gen. erally pointed out the herot strangers whom enriosity nightly brought to SIS ephen's Chapel. ILLINOIS MONEY.-We extract the following from the Springfield correspondence of the Missouri Republican : "On yesterday Thomas Mather, Esq. as President of the State Bank, delivered to his Excellency. Gov Ford, two millions and fifty thousand dollars of our State Bonds, and indebtedness under the provisions of the act putting the State Bank into liquidation So soon t s the membeis return from their Jacksonville spree, which will be on Monday, the fact will be communicated to the two Houses, who will thereufon appoint a day upon which they will as. semble in the Hall of Representatives and destroy the same. This will create a new era in the finan cial history of the State of Illinois. It will be the comment of a reduction and liqnidation of her State debt. And if followed up by proper legislation. untrammelled by sectional jenlousies and party excite ment, will result in the further red action of a still. larger sum of our State debt. The Shawneetown Bank stands ready to liquidate a million of the debt upon terms advantageous to the State, and without asking on the part of the Legislature the slightest favor in return. If the bill of Dr Murphy. now before the House, succeeds, the above sum is irrecoverably lost to the State. If on the other hand it 18 defeated, and the chartered rights of this institution preserved, instead of being unconstitutionally violated by the aggrarians in the House, the State as well as the creditors of the Bank will be eventually protected No adjournment will in my opinion take place bofore the first of March, if then. Many have found their way into the Legislature without know. ing how, and believing that it will be he last time they will ever get a pull at the public crib, are anxious to stay as long as possible. and swell their pay to the largest amount." MYALISM.-The following is from the last Ja. maica papers "The negroes have set up what they term Myal. iam.' a series of religious, maniacal, and riotous dances. These are interspersed with songs. the most popular of which is "John Baptize in de Riber."Sixty four warrants were issued on the 26th of Sep tember for the apprehension of as many blacks. In the parish of St James the ramifications of this doctrine have extended from the Spring Estate to the Moor park, embracing a circuit of six'een planlations. The negroes attack all who attempt to restrain their antics. At Montego Bay "Obeaism" This is ne has been incorporated Myalism." gro witchcraft engrafted on religious fanaticista."