5704. Elkhart County Bank (Goshen, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 25, 1854
Location
Goshen, Indiana (41.575, -85.831)

Metadata

Model
gpt-5-mini
Short Digest
c728c2b4

Response Measures

None

Description

Multiple contemporary newspaper items (Oct–Jan 1854–55) report the Elkhart County Bank of Goshen stopped payment / suspended and its notes being considered uncurrent. No article describes a depositor run or a later reopening; coverage treats the bank as suspended/uncurrent, consistent with a permanent closure. Bank is a free/state stock bank (so classified as state).

Events (1)
1. October 25, 1854 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank stopped payment; agent was West trying to raise the wind and Goshen correspondent lacked funds to redeem returned notes—indicating bank-specific liquidity/solvency trouble.
Newspaper Excerpt
Still Another Bank Suspended ! The Elkhart County Bank (Goshen, Indiana.) has stopped payment.
Source
newspapers

Newspaper Articles (5)
1. October 25, 1854 The Weekly Portage Sentinel Ravenna, OH
Article from The Weekly Portage Sentinel, October 25, 1854

Click image to open full size in new tab

Article Text

Still Another Bank Suspended ! The Elkhart County Bank (Goshen, Indiana.) has stopped payment. This concern has no banking house at Goshen. The Bank of Goshen has pretended to redeem for the owner, and has done so when in funds, which was not common. A package of the Elkhart notes was returned to one of our Banks to-day, with a letter from the President of the Bank of Goshen, saying he had no funds to redeem the same. The agent of the concern was West trying to raise the wind.-Plaindealer. aid

2. November 2, 1854 Demoine Courier Ottumwa, IA
Article from Demoine Courier, November 2, 1854

Click image to open full size in new tab

Article Text

THE INDIANA FREE BANKS.-Mr. R. S. Clark, the publisher of Clark's Detecter," in this city, yesterday evening sent us the following note: "By a dispatch from our Cincinnati correspondent this evening, we are in formed that only three of the Indiana Free Banks are known to have suspended, viz: Bank of Connersville, at Connersville. Elkhart County Bank, Goshen. Northern Indiana Bank, Logansport." -- -Mo. Republican.

3. November 29, 1854 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, November 29, 1854

Click image to open full size in new tab

Article Text

Free Bank Money. There is only one reason why every individual should not take freely of the paper of every one of our State Stock Banks, and that is, the money is. not taken in bank, and will not buy exchange. This objection may hold good with those who have to buy exchange, but is no objection, or should not be with those who have no exchange to buy.The money is all perfectly secure, and if farmers, mechanics and laboring men would determine to take every dollar they could get oi it, there would be no difficulty in the way of a good, sate, secure home currency. If the bankers and merchant's won't take it of you, pay it out to somebody elue that will. It will not be long before the merchants will be glad to get hold of a currency which they find out circulates freely among the people.' There is but three Banks in the State whose paper is uncurrent, and they are better secured than one half of the balance. These banks are the Northern Indiana Bank at Logansport, the Elkhart County Bank, and the Bank, of Connersville. The Northern Indiana Bank is secured by $91,000 in Indiana 5 per cent. Bank bonds, and $5,000 in Virginia 6 per cents. The Journal of this morning, justly remarks that the "5 per cent. Bank Bonds of Indiana, which always paid their interest promptly, and were always at par, when other State securities were down at 50 per cent below par. And then the stock is owned entirely in our own State, where the individual liability clause can be made available for any beficit. It is impossible for the bill holders to lose on the circulation of this Bank, unless they blindly allow themselves to be fleeced by intersted parties." The Eikhart County Bank of Goshen, is secured by $150 000 Virginia 6 per cents, $73,000 Louisiana 6 per cents, $35,000 N. Carolina 6 per cents, and $25,000 Indiana 21 per cent. These latter stocks were received by the Auditor at 55 cents on the dollar.Who can doubt the security of the bank, with such stock as a basis? The Connersville Bank is secured principaliy by Indiana 5 per cents, $190,000 Indiana 21 per cents, $12,000 Indiana 5 per cents Bank bonds, and $31,000 Ohio 6 per cent Canal bonds. This bank has authorized the Auditor of State to deliver up to bill holders its stocks at their market value, when presented in quantities of $1,000. The owners of this Bank are responsible men, although ore of them has been somewhat embariassed by the failures of the Cincinnati banks. We have no doubt of the solvency of all three of these banks, and that they will pay specie in a lew days, to every body but brokers and sharpers, and no Indianian will bla ne them for refusing to submit to the runs of the carpet bag gentry. Keep it before the people, that we continue to take paper of either of these Banks, in payment for the Courier, for advertising, for job work, or wind work. Don't be backward, gentlemen-sent it along. [Lafayette Cour.

4. January 11, 1855 The Daily Minnesota Pioneer Saint Paul, MN
Article from The Daily Minnesota Pioneer, January 11, 1855

Click image to open full size in new tab

Article Text

From the Crawfordsville Review. The Free Banks of Indiana. The following list of Free Banks of Indiana were reported in the recent Convention at Indianapolis, as specie paying banks: Hoosier Bank, Logansport; Prairie City Bank; Indiana Stock Bank, Laporte; Gramercy Bank; Western Bank, Plymouth; Canal Bank, Evansville; Fayette County Bank; Lagrange Bank; Bank of Indiana, Michigan City; Bank of Syracuse; Cambridge City Bank; Bank of Rockville; Salem Bank; Bank of Monticello; Crescent City Bank; Central Bank, Indianapolis, Indiana Bank, Madison; Bank of Goshen; Bank of Salem; Farmer's Bank of Westfield; Keutucky Stock Bank; Kalamazoo Bank; Bank of Warsaw; Bank of Mount Vernon; Bank of Paoli; Bank of Elkhart; Merch. and Mechanic's Bank, N. Albany. Bank of the Capitol; Trader's Bank, Indianapolis; N. Y. & Virginia Steck Bank, Evansville; Farm's & Mech's Bank, Indianapolis. The following resolution among others was adopted: Resolved, That we will receive and pay out the notes of the banks represented in this Convention as specie paying banks in all business transactions, and that we will in no case treat as par funds, the issues of any suspended bank whatever. The above list comprises all the banks covered by the foregoing resolution. It is thought that twenty or thirty more banks will acquiesce in the arrangements in a :week or two. Here is a list of those which the Indianapolis Journal says "have no place of doing business,-no owners in fact that anybody can find,-and don't redeem their paper in coin, currency, or exchange." Bank of America, Morocco; Bank of Connersville, Connersville: Drover's Bank, Rome; Elkhart county Bank, Goshen; Merchant's Bank, Lafayette; Orange Bank, Poseyville; Merchant's Bank, Springfield; Northern Indiana Bank, Logansport; Plymouth Bank, Plymouth: State Stock Bank, Logansport; " Peru; Trader's Bank, Terre Hante.

5. January 18, 1855 Plymouth Banner Plymouth, IN
Article from Plymouth Banner, January 18, 1855

Click image to open full size in new tab

Article Text

The Bank of the Capitol and the Farmers and Mechanics' Bank to-day receive deposit par, only the bills of the following named Banks: CLASS NO. 1. Bank of Indiana, Michigan City, Bank of Syracuse, Syracuse. Bank of Rockville, Rockville, Bank of the Capitol, Indianapolis, Bank of Salem, (south.) Salem. Bank of Brookville, Brookville. Bank of Monticello, Monticello. Bank of Goshen, Goshen. Bank of Eikhart, Elkhart. Bank of Mt. Vernon, Mt. Vernon, Bank of Warsaw Warsaw, Cambridge City Bank Cambrdge. Central Bank Indianapolis. Central Bank Evansville. Crescent City Bank Farmers Bank Westfield. Farmers & Mechanics Bank Indianapolis. Fayette County Bank Connersville. Grammerey Bank Lafayette. Government Stock Bank Hoosier Bank Logansport. Indiana Bink Madison. Indiana Stock Bank Laporte. Kalamazoo Bank Albion. Kentucky Stock Bank Columbus. Lagrange Bank Lima. Laurel Bank Laurel. Merchants and Mechanics Bank New Albany. New York and Virginia State Stock Bank Evansville. Prairie City Bank, Terre Haute. Salem Bank, (north) Salem. Southern Bank of Indiana Terre Hiute. Savings Bank Connersville. Traders bank Indianapolis, CLASS NO. 2. Agricultural Bank Mt. Sterling. Bank of Rochester Rochester. Bank of Rensselear Rensselear. Bank of Rockport, Rockport. Bank of Perrysville Perrysville. Bank of Attica Attica. Bink of North America Clinton. Delaware County Bank Muncie. Farmers and Mechanics Bank Rensselear Green County Bank Bloomfield. Huntington county Bank Huntington. Indiana Reserve Bank Kokomo. N.Y. State Stock Bank Vincennes. Perry Co. B'k Cannelton. Pub. Stock Bk, Newport. People's Bk, Lima, Lima. Shawnee Bk, Attica, State Stock k.Jamestown. State Stock Security Bk,Newport. State Stock Bk Marion. Syracuse Bk Syracuse. Trader's Nashville. Tippecanoe Bk. Winnemac. Wabash River Bk. Jasper. Wabash River Bk Newville. Wabash River Bk.New Corrydon. Wabash Valley Bk,Logansport. Western Bk Plymouth. The First Class embraces those which redeem their bills in coin, The cond comprises those which have, at times. declined to pay Brokers and "Bank runners." but stocks, and whose proprietors give care and attention to them, Many of our business men have restricted their receipts to the First Class. Others are gradually curtailing the Second Class, and it is probable that, in a short time, all which are not by their owners made equal to those in the First Class by prompt redemption of their notes in spe. cie, will be rejected as uncurrent. The following named Banks are those which, it is understoon, make no pay. ment of theirnotes to any one. ana which are, most of them. secured by 5 per cent. Indiana Bonds. The discount at which their paper will be received, will depend on the selling price of their stocks in New York. The following portion of the Third Class have been taken to day on deposit at the Bank of the Capitol and the Farm ers' and Mechanics' Bank, at FIFTEEN PER CENT. DISCOUNT. Bank of Covington, Covington. Bank of South Bend, South Bend. Bank of Fort Wayne, Fort Wayne. Elkhart Co. Bank, Goshen, Farmers' Bank, Jasper, Northwestern Bank, Bloomfield. Steuben Co. Bank, Angola. Upper Wabash Bank, Wabush. Wayne Bank. Logansporte. Wayne Bank, Richmond Great Western Bank, Terre Haute. Starke Co. Bank, Knox. The following named have been re ceived 0.1 deposit to-day at the Bank of the Capitol and the Farmers' and Mechan ics' Bank, at THIRTY PER CENT. DISCOUNT, Bank of Albany, New Alb&oy Bank of T. Wardsworth, Michigan City, Bank of North America, Newport. Bank of Auburn, Auburn. Atlantic Bank, Jackson. Bank of Albion. Albion. Bank ofConnersville, Connersville. Bank of America, Morocco. Bank of Bridgeport, Bridgeport. Drovers' Bank, Rome, Merchants' Bink, Springfield. Merchants' Bank, Lafayette. :