Wabash River Bank - Jasper, IN

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: November 4, 1854
Location: Jasper, Indiana (38.391, -86.931)

Metadata

Model: gpt-5-mini
Short Digest: 85e33425

Response Measures

None

Description

Article (a Nov 4, 1854 letter reprinted Nov 18) reports many Indiana 'free banks' have suspended specie payments and specifically mentions the Wabash River Bank at Jasper as inaccessible and presumed to have stopped payment. The article does not describe a depositor run, a receivership, or any reopening; it is a contemporary bulletin assessing widespread suspensions. Because there is no indication of a run or permanent failure in the provided text, I record a suspension attributed to a statewide banking suspension (macro banking distress) and classify as suspension_reopening (no run and no evidence of permanent closure).

Events (1)

1. November 4, 1854 Suspension

Cause: Macro News
Cause Details: Part of a widespread stoppage of specie payments among Indiana 'free banks' reported statewide; the Wabash River Bank is listed among inaccessible banks presumed to have stopped payment during this statewide disturbance.
Newspaper Excerpt: Of these banks situated in the remote swampy districts of the State, such as the Bank of America, at Morocco, the Wabash River Bank at Jasper, &c., I am not yet able to say anything; nobody, to my knowledge, having yet penetrated to them. I presume, however, they have stopped payment;
Source: newspapers

Newspaper Articles (1)

1. November 18, 1854 Semi-Weekly Standard Raleigh, NC

Article from Semi-Weekly Standard, November 18, 1854

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Article Text

INDIANA BANKING. The latest bulletin in regard to the Indiana banks i. the following letter from Indianapolis: INDIANAPOLS, SATURDAY, Nov. 4, 1854. John Thompson, Esq., No. 2 Wall street, N. N.: DEAR SIR Having during the last two weeks visited most of the principal towns of the State to ascertain the position of the free banks, I am sorry to state that nearly the whole of them have suspended specie payment, and many of the accessible ones already protested. Of the owners of the free banks, a large number of whom are in this city, I regret to say that some entirely disown any connection with banks that are currently reported to belong to them, and as some of these banks are inaccessible, and others have only a nominal place of business, it becomes almost an impossibility to get the notes protested, and as it is well known that the banks have stopped specie payment, what recourse have the billholders? The following banks have been protested to my certain knowledge, and others I will report to you as fast as I learn the fact: Merchants' Bank, of Lafayette; Wayne Bank, of Logansport; State Stock, Pennsylvania; Elkhard's Company Bank; Bank of Connersville, &c. Of the State Stock Bank of Logansport I could find no office, no owner, nor anybody that knew anything about it. The cashier of the Northern Indiana Bank at Logansport, I had heard asserted would redeem its notes, but on presentation be very liberally offered me fifty cents on the dollar for them, which I declined. Of these banks situated in the remote swampy districts of the State, such as the Bank of America, at Morocco, the Wabash River Bank at Jasper, &c., I am not yet able to say anything; nobodoy, to my knowledge, having yet penetrated to them. I presume, however, they have stopped payment; the owner of one of these residing in this conviction. The banks of this city still continue to redeem, although the owner of one last night said he intended to stop redeeming to brokers. At present I know of only about twelve banks that redecm. The auditor has declared that notes protested in packages will not be received by him, as the only legal way is to protest them singly, thus rendering useless the protests on some of the banks above mentioned, which were done in packages. Of the Delaware County Bank, said to be at Munote, I can discover no offier nor owner. Banks of this class are numerous, as are also those like Wayne Bank, which we were recommended to a saw-mill to find, and the Newport Banks, three of which are in the county clerk's office. There is now scarcely a dollar in the State, except free bank paper, all else being seized to remit East. S. C. THOMPSON. Yours,