6111. Bank of America (Morocco, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 4, 1854
Location
Morocco, Indiana (40.946, -87.453)

Metadata

Model
gpt-5-mini
Short Digest
b9b2e1d4

Response Measures

None

Description

Multiple articles from Nov 1854 through 1856 report the Bank of America (Morocco, IN) as having stopped specie payments, being listed among suspended Indiana 'free banks', placed in liquidation and having its state-stock sold by order of the Auditor. No article describes a depositor run on this particular bank; the sequence is suspension followed by liquidation/closure by state auditor.

Events (3)
1. November 4, 1854 Suspension
Cause
Local Banks
Cause Details
Part of a statewide suspension among Indiana 'free banks'; reports that many free banks have suspended specie payments and the Bank of America is presumed to have stopped redeeming notes.
Newspaper Excerpt
Of these banks situated in the remote ... such as the Bank of America, at Morocco ... I presume, however, they have stopped payment; the owner of one of these residing in this conviction.
Source
newspapers
2. June 28, 1855 Other
Newspaper Excerpt
For account of the ... Bank of America, Morocco: 6,500 Indiana State 5 per cent Stock (sale by order of the Auditor of the State of Indiana for account of Indiana suspended banks). R. W. LATHAM, Auctioneer. SPECIAL SALE - By order of the Hon. H. E. Talbott, Auditor of the State of Indiana for account of Indiana Suspended Banks - ... Bank of America, Morocco: 6,500 Indiana State 5 per cent Stock.
Source
newspapers
3. April 19, 1856 Other
Newspaper Excerpt
The Auditor of the State of Indiana gives notice that the notes of the following Free Banks have been placed in liquidation, and gives notice to the holders of the notes of said banks to have them at his office for redemption on or before the first day of October next: ... Bank of America, at Morocco: ... (Article dated April 23, 1856 reports liquidation notice.)
Source
newspapers

Newspaper Articles (10)
1. November 7, 1854 Minnesota Weekly Times Saint Paul, MN
Article from Minnesota Weekly Times, November 7, 1854

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Article Text

FRANKLIN AND HIS CREW.From official information which we publish to-day, there no longer exists a doubt but the fate of the North-West Pas. sage explorers are forever sealed-they have been starved to death! In imagination we see them, pale and emaciated, wandering over the polar seas vainly searching for food, with no human eye to pity and no arm to save. At last nature's tired frame can no longer endure the pangs of hunger, and gently they lay them down on their cold beds and resign themselves into the arms of death.Perhaps as they closed their eye-lids visions of home, kindred, friends swept before them-perhaps they were once more in the midst of the family circle with their wives and little ones, and the fire blazed warmly on the hearth. Then, the vision vanished, and the awful reality crowded upon the brain that they must die! But why should we picture the scene? It is vivid enough in the minds of all. last fitful fever's o'er and they sleep well." Let them rest calmly in their icy graves. History will record their heroic efforts to discover the North-West passage, and thereby open new fields of interest to the civilized world. THE INDIANA BANKS. There is so much said now-a-days respecting the solvency and insolvency of the State Stock Banks of Indiana, that we give the following schedule of those banks which are reported broken, extracted from the report of the Auditor of the State. We think the bills of most of the Indiana Banks are good, and that the present panic will soon subside, still it would be well for our citizens to keep as much of the money out of their hands as possible-this is the safest course. Those who hold bills on those Banks not known absolutely to be broken, need not give themselves any alarm. By holding on they will be obliged to sacrifice no more than they will be by allowing the brokers to shave them. But hear what the Auditor says: Bank of Connersville. Capital $1,000,000: total circulation, $517,681. Secured by Indiana 5 and 21-2 per cents, and Ohio 6 per cents. Elkhart Co. Bank, at Goshen. Capital $500,000; total circulation $320,000. Secured by North Carolina 6 per cents, and Louisiana 6 per cents. Bank of Rensselaer. Capital $500,000 total circulation $114,000. Secured by Pennsylvania 5 per cents and Louisiana 6 per cents. Bank of America, at Morocco. Capital $500,000; total circulation $49,218. Secured by Pennsylvania 5s and Indiana 6 per cents stocks. State Stock Bank, at Jamestown. Capital $600,000; total circulation $337,000. Secured by Virginia and Ohio 6 per cents. Bank of Attica. Capital $300,000; total circulation $144,479. Secured by Indiana 5 per cents and Virginia 6. per cents. Northern Indiana Bank, at Logansport. Capital $200,000; total circulation $100,000. Secured by Indiana 5 per cents and Missouri 6 per cents. Western Bank, at Plymouth. Capital $200,000; total circulation, $100,000. Secured by Indiana 5 per cents and Virginia 6 per cents. State Stock Security Bank, Newport. Capital $250,000 total circulation $100,000. Secured by Indiana and Penn. 5s and Virginia 6 per cents. Drover's Bank, Rome. Capital $250,000; total circulation $49,798. Secured by Indiana 5 per cents. State Stock Bank, Marion. Capital $600,000; total circulation $75,000. Secured by Louisiana and Virginia 6 per cents. Public Stock Bank, Newport. Capital $200,000 total circulation $109,314. Secured by Indiana 1-2 and 5 per cents. Hosier Bank, Logansport. Capital $200,000; total circulation $49,985. Secured by Missouri and Louisiana 6 per cts. From the same report, says the Madison (Ind.) Daily Banner, it appears that the aggregate capital of the free banks is $32,900,000, and the total. circulation $7,426,067. Herewe have a " capital of nearly four and a half to one of debt," and yet the public must be shaved from two to ten per cent. on the paper of these banks.

2. November 18, 1854 Semi-Weekly Standard Raleigh, NC
Article from Semi-Weekly Standard, November 18, 1854

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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,

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

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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.

4. January 18, 1855 True American Steubenville, OH
Article from True American, January 18, 1855

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FREE BANKS OF INDIANA.-At a convention of thirty of the specie paying free Banks of Indiana, held at Indianopolis, lately, 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 Indianopolis Journal gives a list of the following shaving shops which have no place of doing business, no owners that any body can find, and which do not redeem their paper in coin, currency or exchange: Bank of America, Morocco; Bank of Connersville, Connersville; Drover's Bank, Rome; Elkhart Co. Bank, Goshen; Merchant's Bank, Lafayette; Orange Bank, Poseyville; Merchants' Bank, Springfield; Northern Indiana Bank, Logansport; Plymouth; State Stock Bank, Logansport; State Stock Bank, Peru; Traders' Bank, Terre Haute.

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

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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. :

6. June 26, 1855 The New York Herald New York, NY
Article from The New York Herald, June 26, 1855

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W. latham, AUCTI ONEER-SPECIAL SALE.By order of Hon. H. E. Talbott. Auditor of the R. State of Indiana. for account of Indiana suspended banks. J. THOMPSON'S stock auction sales. On Thursday, June 28, at the Merchants' Exchange, at 12½ o'clock, For account of the Bank of Attica, Indiana:$21,000 Indiana State 2½ per cent stock. " " 5 per cent stock. 8,000 Atlantic Bank, Jackson:6,000 Indiana State 2½ per cent stock. Orange Bank, Poseyville1,000 State of Indiana 6 per cent stock. Bank of Albany, New Albany:7,000 Indiana State 5 per cent stock. State Stock Bank at Peru:25,300 Indiana State 5 per cent stock. Bank of Bridgeport:2,000 Indiana State 5 per cent stock. Bank of America, Morocco:6,500 Indiana State 5 per cent stock. Public Stock Bank, Newport:7,000 Indiana State 5 per cent stock. Elkart County Bank:40,000 Indiana State 2½ per cent stock. 5,000 Louisiana State 6 per cent Bonds, int. from 1st June, 1855. 2,000 Louisiana State 6 per cent Bonds, int. from 1st April, 1855. 500 Virginia State 6 per cent Bonds, int. from 1st April, 1856. Traders' Bank, Nashville:16,500 Indiana State 5 per cent stock. Per Individual Order:7,000 Great Western R. R. Co. (Illinois) 7 per cent mortgage and convertable bonds. Int Feb. and Aug. in N. Y.; due 1865. 10,000 Memphis City (Tennessee) 6 per cent Bonds. Interest Jan. and July in N. Y.; due 1884. All purchases must be paid for on or before 1 o'clock of the day after the sale. When purchases are made for account of parties out of the city, 10 per cent will be required on the day of sale, and six days' grace given (addirg interest) on the balance. The accrued interest will go to the purchaser (the same as at the Board of Brokers), except the Indiana State stocks, which are sold interest off. Office No. 2 Wall street. JOHN THOMPSON.

7. June 28, 1855 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, June 28, 1855

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R. W. LATHAM, Auctioneer. PECIAL SALE-By order of the Hon. H. E. Talbott, Auditor of the State of Indiana for account of Indiana Suspended Banks.-J. THOMPSON'S STOCK AUCTION SALES-On THURSDAY, June 28, at the Merchants' Exchange, at 12} o'clock. For account of the Bank of Attica, Ind.: $21,000 Indiana State 21 per cent Stock. 8,000 Indiana State 5 per cent Stock. Atlantic Bank, Jackson: 6,000 Indiana State 21 per cent Stock. Orange Bank, Poseyville: 1,000 State of Indiana 5 per cent Stock. Bank of Albany. New-Albany; 7,000 Indiana State 5 per cent Stock. State Stock Bank at Peru: 25,300 Indiana State 5 per cent Stock, Bank of Bridgeport: 2,000 Indiana State 5 per cent Stock. Bank of America, Morocco: 6,500 Indiana State 5 per cent Stock. Public Stock Bank, Newport: 7,000 Indiana State 5 per cent Stock. Elkart County Bank: 40,000 Indiana State 21, per cent Stock. 5,000 Louisiana State 6 per et. Bds., int. from 1st June, 1855. 2,000 Louisiana State 6 per ct. Bds, int. from 1st April, 1855. 500 Virginia State 6 per et. Bds., int. Traders' Bank, Nashville: 16,500 Indiana State 5 per cent Stock. Per Individual Order: 7,000 Great Western Railroad Company (Illinois) 7 per cent Mortgage and Cenvertible Bonds. Int. February and August in New-York, due 1865. 10,000 Memp) is City (Tennessee) 6 per cent Bonds. Interest January and July in New-York. Due 1884. All purchases must be paid for on or before 1 o'clock of the day after the sale. When purchases are made for account of parties out of the city 10 per cent will be required on the day of sale, and six days' grace given (adding Interest) on the balance. The Accrued Interest will go to the purchaser, (the same as at the Board of Brokers,) except the Indiana State Stocks, which are sold interest off. JOHN THOMPSON. Office No. 2 Wall-st.

8. July 27, 1855 Indiana American Brookville, Indianapolis, IN
Article from Indiana American, July 27, 1855

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SUSPENDED INDIANA FREE BANKS.The Auditor of State notifies those holding the circulating notes of the Traders' Bank of Nashville, Elkhart County Bank, Bank of Attica, Atlantic Bank, at Jackson, Orange Bank, Bank of Albany, State Stock Bank of Indiana, at Peru, Bank of Bridgeport, Bank of America, at Morocco, and the Public Stock Bank at Newport, to return the same to the Auditor's Office, Indianapolis, for cancellation, before the first day of October next, that the outstanding circulation may be determined as accurately HS possible, and a pro rata dividend thereon declared. Certificates for the amount returned will be issued, and the dividend on the respective banks paid upon the presentation of the certificate at that office, after the ffrst day of October next.

9. August 22, 1855 Grand River Times Eastmanville, Grand Haven, MI
Article from Grand River Times, August 22, 1855

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SUSPENDED INDIANA FREE BANKS.-The Auditor of the State of Indiana notifies those holding the circulating notes of the Trader's Bank at Nashville, Elkhart County Bank, Bank of Attica, Atlantic Bank of Jackson, Orange Bank, Bank of Albany, State Stock Bank of Indiana, at Peru, Bank of Bridgeport, Bank of America, at Morocco, and the Public Scock Bank, at Newport, to return the same to the Auditor's office, Indianapolis, for cancellation, before the first day of October next, that.the outstanding circulation may be determined as accurately as possible, and a pro rata dividend thereon declared. Certificates for the amount returned will be issued, and the dividend on the respective banks paid upon the presentation of the certificate at that office after the first day of October.

10. April 23, 1856 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, April 23, 1856

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News of the Morning. ARRIVAL OF THE AFRICA.-The Africa arrived on the 19th. Peace Conference still sitting, considering minor details. Paris has been illuminated in honor of the peace, and the Orleanists and Legitimists took a part in the illumination. No news of importance from any quarter. Markets active. Iron in good demand. Provisions unchanged. The President and several members of the Cabinet visited Annapolis on the 18th.They were received by citizens in the Senate Chamber of the State House. Mr. Pierce replied in a happy manner. The next day, in company with the Governor and Secretary of State of Maryland, with other officials, they inspected the Naval Academy. Milton L. Latham was unanimously confirmed Collector of San Francisco on the 19th. The South Americans have carried the city of Augusta, Ga, at the charter election. SPECIAL Tax.-The City Council has ordered a vote to be taken on the 30th inst., to authorize the levying of a special tax. We are requested to state that this order was passed not because the Council has determined upon, or even contemplates, any unusual or extraordinary appropriations for any purpose, during the ensuing year. The object is to provide against contingencies. It may happen that the Council will need more means than are at present provided, and in such case the law makes it necessary that the election ordered should be held by the time specified. If the vote should be in the affirmative, the Council will then be clothed with the necessary power, and can then exercise its discretion. We observe that the Mayor's proclamation does not prescribe the form of the ballots. The Auditor of the State of Indiana gives notice that the notes of the following Free Banks have been placed in liquidation, and gives notice to the holders of the notes of said banks to have them at his office for redemption on or before the first day of Oetober next: Traders' Bank at Nashville: Elkhart Co. Bank: Bank of Connersville: Bank of Attica; State Stock Bank of Indiana at Peru; Wabash Valley Bank : Bank of America, at Morocco: Bank of Albany; Bank of Bridgeport; Laurel; Orange Bank Green County Bank; Atlantic Bank; Bank of T. Wadeworth; Traders' Bank at Terre Haute; Drovers' Bank at Rome: Farmers' Bank at Jasper; New York Stock Bank at Vincennes; Plymouth Bank. The Keokuk Post (Republican) comes to us with triumphant rejoicings over a great victory gained over the Democracy of that city, who insisted upon running a ticket at the municipal election, upon strict party grounds. The Independent or opposition ticket was elected by a strong majority.[Dubuque Republican. The Keokuk Post pretends to be independent, but is at least anti-Republican, whatever else it may be, and didn't rejeice very much over the election. The Times is the regular, and the Post is the irregular, Locofoce paper in this city. The Gate City is the only "Republican" journal.