6117. Delaware County Bank (Muncie, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 18, 1854
Location
Muncie, Indiana (40.193, -85.386)

Metadata

Model
gpt-5-mini
Short Digest
2cffd6b0

Response Measures

None

Description

Articles (Oct–Nov 1854) report the Delaware County Bank at Muncie has closed its office and stopped specie payment; notes are being redeemed at Marion, Ohio. This appears part of the wider suspension of Free Banks in Indiana in late 1854. No explicit depositor run is described; the bank office closure and inability to locate officers implies permanent suspension/closure.

Events (1)

1. October 18, 1854 Suspension
Cause
Macro News
Cause Details
Part of the broader failure/suspension of Free Banks in Indiana in late 1854; statewide stoppage of specie payments among Free Banks reported in November 1854 bulletin; Delaware County Bank closed office and ceased local redemption of notes, redeeming them at Marion, Ohio.
Newspaper Excerpt
The Delaware County Bank, at Muncie, Indiana, one of the Free Indiana Banks, has closed its office at Muncie. The notes are redeemed at Marion, Ohio.
Source
newspapers

Newspaper Articles (2)

Article from The Weekly Portage Sentinel, October 18, 1854

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Article Text

Items of News. Napoleon Turner, the famous circus rider, died in Kentucky recently of cholera. During September there were 65 deaths in Wheeling; none of cholera. Henry Schoolcraft, an actor died at Mobile last week. or Senator Jones, of Iowa, has had a fight with a Mr. Lorimer, in that State for calling the latter a liar. OTA Know-Nothing member has been expelled because he was seen sipping an Irish whiskey punch with a German Silver spoon. The Milwaukee Wisconsin says, the ,tatoe crop of the State is large and excellent. An English writer says, you can tell when you are surrounded by a dozen Americans by the following unerring test-3 will be found smoking cigars, and 9 reading newsFour paupers, named Henry Whalen, John Delaney, Richard Murry and Joseph Goldthrop, were arraigned before Justice S Russell, of Boston, a few days ago, and ordered to be sent back to England in the ship Star of Empire. S Reading, Pa, has a population now of 20,000. It is the greatest iron manufacturS ing city in Eastern Pennsylvania, and it is estimated that in ten years the population will be 100,000. e The Delaware County Bank, at Muncie, Indiana, one of the Free Indiana Banks, has closed its office at Muncie. The e notes are redeemed at Marion, Ohio. More n of them will close, and we hope they will t all continue to redeem. S at The wife of the Rev. Mr. SPENCER, e a missionary among the Chippewa Indians n in Minnesota, was recently murdered by a party of Sioux. c at The Ohio Statesman, of Thursday y morning says We are informed that the Banks of this State have now ready, and o will soon put in circulation small bills to the S amount of $100,000, to take the place of foreign paper withdrawn from the State."or JOHF R. STEPHENS, of Hornellsville, New York, has obtained a judgment e against the Buffalo and New York City Road for something like $6,000, for damages in running across his farm without paying any compensation therefore, or even procuring the right of way. at A writer in the Lake Superior Journal suggests that the new State which it is proposed to form of that portion of Michir gan, south of Lake Superior, and portions of Wisconsin and Minnesota, should be called Huron. A more beautiful and expressive name could not be adopted. d k as There are, in the United States, 40,564 physicians, 191 surgeons, 6,139 apothearies, 465 chemists, 2,923 dentists, 10 oc= culists, and 50 professed patent medicine makers. n r or Mr. CAREY, Sunday School Agent at d St. Louis, says that 4,000 Sunday schools of have been organized in Missouri, and parts of of Illinois and Iowa, in the last nine years. e There are also between 600 and 700 in Texe as.


Article from New-York Daily Tribune, November 9, 1854

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Article Text

The latest bulletin in regard to the Indiana Banks The latest bulletin in regard to the Indiana Banks is the fellowing letter from Indianapolis: INDIANAPOLIS Sistarday, Nov 4 1854. JOHN THOMPSON, Eq No. Wall-st., New York. Dear Sir: Having during the last two weeks visited most of the priccipal towns of this State, to ascertain the position of the Free Banks, I am sorry to have 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 large number of whom are in this city, I regret to say that some entire ly disown any connection with banks that are currently reported to belong to them, and as some of these banks are incossible 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 ecourse have the bill holders? The following banks have protested to my certain knowledge, and others I will report to you as fast 88 I learn the fact. Merchants Bank. of Lafayerte: Wayne Bank. of Logansport; State Stock of Pean.; Eikhard's Co. Bank; Batk of Connersville. &c. Of the State Stock Bank of Logansport could find no office, no owner, nor anybody that know suything aboutit. The Cashier of the Northern Indians Bank . Lo. gansport I had heard asserted would redeem 183 to tos, but n presentation be very liberally offered me fifty cents on the dollar for them, which I declined. Ofthose banks situated in the remote swampy diatriets of the State, such as the Bank of America, as Morocco, the Wabash River Bank, at Jasper, see., I am not yet able to say anything, nobody, to my knowledge, having yet penetrated to them. I presume, however, they have stopped ment; the 0 wner of one of these, residing in this city, and declining to take up his notes, favors this conviction. The bonks of this city still continue to redeem, although the owner of one last night said he intended to stop redeeming to brokers. Atpresent I know of only about twelve banks that redeem. The Auditor has declared that notes protested in packages will not ereceived by him, as the only legal way is to protest them singly, thus rendering useless the protests on some of the banks above mentioned, hich were deno in packages. Of the Delaware County Bank, said to be at Muncio, I can discover no officer 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 Clerit's office. There is now scarcely a dellar in the State except Free Bank paper, all else being engerly seized to reS. C. THOMPSON. Yours, mit East. Mr. John Rice has been elected President of the Atlantic Bank of this City, vice Mr. Isaac Otis, resigned. Mr. J. W. Baker was elected Vice-Prosident. Mr. Patchin, we understand, promises to pay the Coupons on the Bonds of the Buffalo and New-York City Road, due in July, within the next thirty days. There is no important change in the Money market, but if any, it is not in greater ease. The Banks continue to contract their loans, and while this continues but little relief can be looked for. Exchanges, however, are in favor of this City from all the prominent potnis, and but for the trouble among the Western Banks, we should expect a let up to some extent within a week or two. The rates for paper are without change. At Boston, the Money market continues easier. At Baltimore, The Sun says: The hopes of some improvement in money metters this week stimulated speculators to make time purchases of stocks to 8 rather greater extent at the close of last week, and that helped the market somewhat. The effect of last week's stringency and the heavy payments on Saturday led to the suspension of three or four houses in Baltimore, some of which, however, showing ample assets, may only need an extension whereby to continue the conduct of their businees." At Detroit, according to The Journal The difficulty of obtaining money has never been 80 great as at present. Banks and brokers have nearly stopped discounts, and accommodations are not to be had at any price. The best securities are mostly refused, and every one is content to let his neighbor take care of himself, if possible. Heavy speculations are consequently out of the reach of most dealers, and operations have been restricted to such as will bring the quickest return. The Chronicle, of Pittsburgh, says: The Money market during the last week was probably more stringent than has been experienced in this city for four or five years. The rate for money now on the street may be set down at 11 P month for strictly No. 1, and various rates for other grades. The discount on currency fluctuates between 11@2. Eastern Exchange and par funds are very searce. The report against the Commercial and Farmers Bank at Paducah, Ky., we have reason to think, was without foundation, and the brokers generally are receiving it on deposit." The following semi-annual dividends have been declared by the Philadelphia banks. The Bank of North America and the Pennsylvania Bank divide in January and July. Northern Liberties Bank, 6 P cent.; Philadelphia Bank, 5; Mechanics' Bank, 6: Commercial Bank. 5; Kensington Bank, 6; Manufacturers' and Mechanics' Bank, 5; Bank of Commerce, 5; Girard Bank, 3; Western Bank, (extra5, 10; Penn Township Bank, 5; Farmers' and Mechanics' Bank, 5; Tradesmen's Bank, 4; Southwark Bank, 5. The Oswego Palladium says: " We are gratified to hear the report that Mr. E.G. Merrick, whose recent suspension has been anDounced, has made arrragements to resume again. We believe it has not been presumed that Mr. W. was not-able to meet all his obligations, with sufficient time." The Obio banks follow up the attacks upon the position taken by Auditor Dunn of Indians. The Cincinnati Commercial indulges in pleasantries on Mr. Dunn, who may be called " Anti-Ounn." It says: If anything was needed to complete the discredit and demolishment of all existing concerns organized under the free banking law, and out a check upon the creation of any new ones, Mr. Dunn's letter is ample to meet the demand. We have recently heard & great deal about ultimate security. What ultimate security is. Mr. Dunn has defined with great clearness and elegance. It means that the circulating notes of the stock banks are to be paid some time or other-if ever. From the annual report of the President of the Baltimore and Ohio Railroad, for the fiscal year ending Sept. 30, we have the following statement of receipts and expenditures: $3,645,600 45 Revenue as per ledger balance Expenses under the following accounts via: 8872 805 51 Expenses of transportation 579 240 96 Repairs of railway 179 . Renairs bridges.