Article Text
Vincennes, January 6. Another Bank closed.-On Tuesday the 2d day of this inst. the Bank of Vincennes, the State Bank of Indiana, suspended specie payments. Western Sun.
6355. Bank of Vincennes (Vincennes, IN)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- January 2, 1821
- Location
- Vincennes, Indiana (38.677, -87.529)
Metadata
- Model
- gpt-5-mini
- Short Digest
9aca6ace
Response Measures
None
Description
Contemporary reports state the Bank of Vincennes (called the State Bank of Indiana) suspended specie payments on Jan 2, 1821 and appears to have been insolvent (Treasury losses, protested drafts, receiver involvement). No article describes a depositor run; the bank's suspension is tied to insolvency/mismanagement and later loss to the U.S. Treasury. Receiver involvement is mentioned but no explicit reopening is described — later histories treat it as failed.
Events (2)
1.
January 2, 1821
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank stopped specie payments due to insolvency/mismanagement; Treasury correspondence and protested drafts indicate bank-specific financial failure.
- Newspaper Excerpt
- On Tuesday the 2d day of this inst. the Bank of Vincennes, the State Bank of Indiana, suspended specie payments.
- Source
- newspapers
2.
*
Other
- Newspaper Excerpt
- Information of the suspension of specie payments by the bank of Vincennes, has been received since the date of the Treasury Report. ... the gentleman ... effected ... obtaining collateral security for a very large amount of the public money on deposit in the Bank of Vincennes, at the time that that Bank stopped paymen[t].
- Source
- newspapers
Newspaper Articles (7)
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Leicarced gentleman had certainly endeavoured to create an impression that Mr. Wright's connection with him commenced when he was writing against Paine's religicus works, and ceased when, as the learned gentleman thought fit to state, he became auadvocate for itteligions and republican principles. Now, if there was any man who had the patience to read every thing be (Mr. C) had written, he would dety him to find a single passage in which the irreligious, or even the republican writings of Paine were commended. He had never approved of those writings; on the contrary, he thought they were caloniated to make considerable deduction from the merits of his other writings. Of his writings ou political economy he highly approved; and he thought, that in point of acuteness, profundity, and simplicity of illustration, he surpassed every man who had ever written on that subject. It was not, however, This approbation of those writings which induced him to take up the bones and bring them to England. The memory of Pame had been insulted by the Republic of America, aud though no man had done more to promote the independence of that country, the Americans refused to bury his remains in any place where human beings were interred; and a short time before his death, au American, who had shot at Mr. Paine, while sitting at his wipdow, publicly beasted of the attempt to assassinate him, and was suffered to escape without a hair of his head being touched, and without the reprobation of any of his countrymen. He (Mr. Cobbett) telt, as an Englishman ought to teel, the ingratitude with which his conotryman had been treated by the Americans, and he was anxions therefore to bring home strong proof, some outward and visible sigu, thut a republican form of government was not that which was calentated to engender and keep alive the public spirit and public virtue." # HOUSE OF REPRESENTATIVES. The Speaker laid before the House the fol-Powjug letter from the Secretary of the Treasury. National Deposites in non specie paying Banks. [OFFICIAL] TREASURY DEPARTMENT, Feb 12, 1821 SIR, In obedience to a resolation of the House of Representatives, of the 16th of January last, directing the Secretary of the Treasury to lay before the House of Repre-sentatives- A statement of the precise amount of special deposites to the credit of the Treasury of the United States which is referred to in his supplementary report of the 28th ult. as not being available the current year, stating par-ticularly of what snea deposites consist, if depreciated Bank paper, the bank or banks which issued the same, with the amount by each, and the present current specie value thereof; and the year or years respectively when the same was received." I have the honor to submit the annexed statement, which contains the detailed intor-mation required The whole amount is due by banks which have suspended specie payments. The several sum designated in that statement, with the excер-tion of those marked A, and part of that part marked B, were received during the generai suspension of specie peyments, and the latter principally in the years 1818 and 1819. In most cases, the notes received during the general suspension of specie payments have been deposited in the banks by which they were issued, and certificates taken, in which the payment of interest has generally been stipulated; and where it was practicable, collateral security has been obtained. The anins marked A, and part of those marked B, corsisted, at the time of deposite, of specie, aud of the notes of specie paying banks. Since the deposites were made, the banks have suspended specie payments. In-formation of the suspension of specie pay-meuts by the bank of Vincennes, has been received since the date of the Treasury Re-port, referred to in the resolution. This oc-currence has angmented the amount of spe-cial deposite by the sum of $214 808 56. I have no means of determining the current value of special deposite. From the report of the agent employed in 1810 to call tipon the several banks for payment, there is rea-son to believe that the greatest portion of it will be converted into current money in the Course of three or four years.... It is not im-probable that the sums deposited in Hunts-ville, and in the bank of Kentucky, will be discharged in current money, in the course of the present aus ensuing years. I remain, &c. WM. H. CRAWFORD. To the Hon. Speaker of the House of Representatives. A statement of the "special deposite" standing to the credit of the Treasury of the United States Elkton Bauk of Maryland, $19,865 25 Alexandria Society, Granville 2,463 00 Owl Creek Bauk 64 00 Western Bank of Va. Parkersburg 198 00 German Bank of Wooster, 35 105 00 Farmers Bank of New Salem Farmers' and Mechanics' Bank of Greencastle 1,835 00 Commercial Bank of Lake Erie 95 00 Virginia Saline Bauk 10,900 00 Bank of Somerset and Woaster 10,121 00 Merchants Bank of Alexandria 1.375 00 Juniata Bank of Pennsylvania 3.217 00 Huntingdon Bauk of Pennsylvana 3,200 00 Bank of Muskingum 2.380 00 Lebanon Miami banking company 30,032 00 Bank of Washington, Pennsylvania 9575 00 Cumberland bank of Allegtuany 7.508 34 Warrington Company 1,176 61 Farmers' and Mechanics' bank of Pittsburg 25 00 Urbana Banking Company 1311 00 Bedford Bank, Pennsylvania 2.839 00 Farmers Bank of Canton 4,059 57 Union Bank of Pennsylvania 23,600 00 Bank of Zanesville 9758 00 Farmers Mechanics' and Manufac-turers Bank of Chilicothe 8,221 00 Bank of St. Louis 23,905 00 Kentucky Insurance Company 87 00 Monongalia, Union, and Columbia Bank 1,360 00 Baok of Cincinnati 500 Leesburg, Union Company 3,846 00 Susquehanna Bridge and Banking Company 58 00 Miami Exporting Company 796 00 Farmers and Mechanics bank of Lex.ington 8,791 00 Somerset bank 500 (A) Bauk of Vincennes 69,077 87 (A) Planter's and Merchant's Bank Hautsville 214,808 56 (B) Farmers' and Mechanics' bank of Ciucinuati 138,800 25 (A) Banks of Kentucky & branches 67,549 00 (A) Nashville bank 88 729 00 (A) Centre bank of Pennsylvania 1703 71 7,779 18 $818 590 47 Counterfeite not inelnded amontut to $152. Treasury Department, Feb. 12, 1821. Ordered to lie on the table and to be prin-ted.
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rethe the year public lands were incon- they with what expense, in order which information of not have beensing siderable, ment to compared that time. The induce- to ob- the so tain the best case admitted, was of has been since strong, as which has nature the it these occurred the consid- great in those the influence 1816, of the late Mr. in Secretary who directed that the & Tererations, Under the was year then Ohio, principal of the in the state of by one should be examined Land Ofof the General was The in 1817, upon ritories of the nce, Clerks of it. same them person permitted that the as- his toesamine the commissioner, would rurance of his clerical duties service. to the in he received absence detrimental from service public dollars both per For this rate of three thus emyears, at the time he was during addition the to hissalary as absence Clerk, which ployed, was in not affected by his from the that office. time, the offices have been with Since by persons unconnected been comexamined who have rate the services at the a day whilst engaged in and six dollars a Department for their day the for of in examination, miles travel performed every of this the execution to furnish them who twenty practice service. Receivers, It with has been the credit to the bills such letter of them upon their defray advance to be necessary to of busisumis as may The great press their expenses. which the law granting has relie. bro't to ness of public land, prevented the purchasers land officers, has which the making their returns, that made, shew the who will, them upon from gentlemen amount when received by the during has been the Land Offices, are Until these their accounts but the compensation exceed the rates will beallowed received, justed; have examined the year 1821. will not cannot returns which be delay adOwing to the instrucwhich abovementioned. from occurred the General in transmitting Land employed Office, the to tions who has been has not yet examine gentleman the southern offices, forwarded his reports. who examined the InThe gentleman the states of Ohio, Land Offices Illinois, in and Missouri, that in duty, the year efdiana, 1821, whilet engaged important in service to the feeted a very by obtaining amount collateral of the security Treasury, for a very large in the Bank public money at on the deposite time that expectation that Bank stopped would be able to effect to of Vineennes, payment. inducemnnt The this ser- Of- acthat he a strong Land vice, cept his formed offer to examine this the service he For performing will receive no no compenfices. as made charge, No additional and any case sation compensation. has been received in whatever. the experience which doubt has is been enacquired From on that this the subject, mode of no examination the year tertained has been pursued since to that which is decidedly preferable which had been person is employed to 1815, When different previously judgement pursued. which in each office, the and style books are examine of the manner will depend which intelligence, the upen the is formed the different kept, prejudices, examiners: or a partialities, of the examines but, when the same person same intelligence of offices. the exempt, too, in each when or prejudice, or is not a number from exercised partiality neighbor case, impressions connec- the ton examiner of the officer. officers The themselves produced upon the been the mode incontestibly since 1815. prove which has An practised examina- its suother. The tion periority now is over not the a matter of arrive form. is unexaminer is to he does arrive and until known. nation time the immediately When relaxation, commences, the exami- it is is is completed. continued, without When the examination of the officers, made by the neighbors depends upon the time of examination as there is the convenience of the latter, to proceed to the examination at nothing to induce the examiners one time in preference to another. importance Itisaisoan object of some communicate he that the examiner should that confidentially many things noorporate in would not ha.
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riods of time described in the resolutions, and exhibit the names, stations, and professions of the persons, by whom such examinations were made, as far as they are known to this De- partment. I have also the honor to transmit copies of the reports of the state of those offices, which have been made from the 1st of January, 1818, to the 31st day of December, 1821, as far as they have been received. Previsouly to the year 1816, the Land Offi- ces had been examined by persons residing in the vicinity of their location. As the examin- ers were generally the friends and neighbors of the officers, whose books and accounts were to be examined, and most commonly unac- quainted with the forms in which they were required to be kept, the reports made by them furnished but little of the information which it was the object of the Department to obtain. They were therefore annually made, rather as matter of form, in compliance with the in- junctions of the law, than from a conviction that the information obtained, was of any in- trinsic value to the public service. It may be proper also to observe, that during the whole interval of time from the establishment of those offices to the year 1816, the annual re- ceipts from the public lands were inconsider- able, compared with what they have been since that time. The inducement to incur expense, in order to obtain the best informa- tion of which the nature of the case admitted, was not so strong, as it has been since the great augmentation which has occurred in those re- ceipts. Under the influence of these considerations, in the year 1816, the late Mr. Dallas, who was then the Secretary of the Treasury, di- rected that the principal land offices in the state of Ohio, and Territories west of it, should be examined by one of the clerks of the Gen- eral Land Office. The same person was per- mitted to examine them in 1817, upon the as- surance of the Commissioner, that his absence from his clerical duties would not be detrimen- tal to the public service. For this service he received in both years, at the rate of three dollars per day, during the time he was thus employed, in addition to his salary as clerk, which was not affected by his absence from the office. Since that time, the offices have been ex- amined by persons unconnected with the Department, who have been compensated for their services at the rate of six dollars a day whilst engaged in the examination, and six dol- lars a day for every twenty miles travel per- formed in the execution of this service. It has been the practice to furnish them with a letter of credit to the Receivers, who advance to them upon their bills such sums as may be necessary to defray their expenses. The great press of business which the law granting relief to the purchasers of public land, has bro't upon the land officers, has prevented them from making their returns, which will, when made, shew the amount that has been receiv- ed by the gentlemen who have examined the Land Offices, during the year 1821. Until these returns are received, their accounts can- not be adjusted; but the compensation which will be allowed will not exceed the rates abovementioned. Owing to the delay which occurred in transmitting instructions from the General Land Office, the gentleman who has been employed to examine the southern offi- ces, has not yet forwarded his reports. The gentleman who examined the Land Offices in the states of Ohio, Indiana, Illinois, and Missouri, in the year 1821, whilst engag- ed in that duty, effected a very important ser- vice to the Treasury, by obtaining collateral security for a very large amount of the public money on deposit in the Bank of Vincennes, at the time that that Bank stopped paymen. The expectation that he would be able to ef- fect this service, formed a strong inducement to accept his offer to examine the Land Offi- ces. For performing this service he has made no charge, and will receive no compensation. No additional compensation has been received in any case whatever. From the experience which has been ac- quired on this subject, no doubt is entertained that the mode of examination which has been pursued since the year 1815, is decidedly pre- ferable to that which had been previously pursued. When a different person is em- ployed to examine each office, the judgment which is formed of the manner and style in which the books are kept, will depend upon the intelligence, the prejudices, or partialities, of the different examiners; but, when the same person examines a number of offices, the same intelligence is exercised in each case, ex- empt, too, from partiality or prejudice, when the examiner is not a neighbor or connection of the officer. The impressions produced upon the officers themselves by the mode which has been practised since the year 1815, prove incontestibly its superiority over the oth- er. An examination now is not a matter of form. The time the examiner is to arrive is un- known. When he does arrive, the examina- tion immediately commences, and is continu- ed, without, relaxation, until it is completed. When the examination is made by the neigh- bors of the officers, the time of examination depends upon the convenience of the latter, as there is nothing to induce the examiners to proceed to the examination at one time in pre- ference to another. It is also an object of some importance that the examiner should communicate confidenti- ally many things that he would not be willing to incorporate in his report, and which it would even be improper to incorporate. The value of such communications will depend en- tirely upon the knowledge which the head of the department has of the character of the person who makes them. I have the honor to be, with great respect, sir, your obedient servant, WM. H. CRAWFORD. The Hon. SPEAKER of the House of Representatives. This letter and the documents, were order- ed to lie on the table.
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ceived a letter from him directing him, the Re- ceiver, to continue the deposites. This, also, the Secretary denies in his report, and in the same indirect and evasive manner. He does not say that no such letter was written, but, that no letter, to this effect, was written, in answer to the one which he had laboriously argued was never written! Now, it is very clear that, if the letter from the Receiver was never written, or even was never received, no answer of any sort could have been returned to its and yet the letter, directing a continuance of the deposites, may have been written. These careful ambigu- ities in the report, do not seem calculated to make the defensive declarations of the Secreda- ry outweigh the strong unprobability, that a pub- lic despatch, deposited in the post office, should have miscarried in a mail to which no casualty or interruption is known to have occurred; and at a season of the year, too, when the mail is least liable to any difficulties in its transportation. In addition to his neglect of duty in his trans- actions with this bank, as suggested in my ad- dress to the House, and in my replication to his communication to the committee, they might have adverted, in support of the same charge, to the case of the Bank of Vincennes; where, al- so, the Receiver was President of the bank, where the United States lost $168,000; on which bank the Secretary drew, successively, from October, 1819, to March, 1820, four drafts, to- gether amounting to $165,000, suffered as many continuous protests and after neglecting, as usu- al all measures of precaution, took no measure of redress until July, 1820. A course of didactic admonition, in the form of four official letters, is then pronounced to this delinquent institution, the initial gravity of which is compensated by its final lenity. (See documents.) He recapitulates the acts of ill faith which he had patiently endured, mentions the protests of his drafts for $165,000, warns the directors that, unless they reform their demean- or, and pay the drafts, it will be proper for him to proceed with rigor; but concludes, with pro- posing a relaxation of that meditated rigor, pro- vided they will agree to honor the drafts within forty days, and even promise to pay for this tar- dy and extorted justice, (out of his never failing fund,) by continuing the course of deposite in a bank, thus attempted to be bribed and threaten- ed into common honesty by himself! To this persuasive proposal, the bank, increasing in au- dacity, and sagacious of the character of its cus- tomer did not condescend to reply for nine months; at the expiration of which pregnant period, the President was delivered of the abortive fact of the corporation's insolvency. In this feeble and exhausted state, it asks further indulgence, and concludes its appeal to its munificent benefactor, with the most eloquent encomiums upon his li- berality- This letter reflects, in interesting co- lors, the substance and complexion of the inter- course between the Treasury of the U. S. and the banks of the West; and, whatever may be said of its prudence, must certainly be commended (by a hunter of motives, at least,) for its candor. As the presentation of a moral scene, it is delight- ful to contemplate the sordid gratitude of the delinquent corporation, glowing under the inju- dicious, if not illicit, favors of this liberal minis- ter of finance. "Your friendly dispositions to- wards the West, in times peculiarly difficult, and the interests you have evinced for this remote sec- tion of our common country, leads to hope, that the hand that has hitherto protected us, will not be withdrawn." This friendly hand was not withdrawn for at least twenty-one months; when measures of recovery were commenced in a manner, evincing such interest for this remote sec- tion of our common country, that the bank was allowed three years more to pay the debt; a peri- od extending beyond the present important year, and upon conditions of collateral security, im- posed with such "a friendly hand," that the se- curity was defeated by private creditors in this remote section of our common country, and in consequence of the friendly dispositions of the Secretary, for the West, the loss falls upon the United States. As both my charges have now been establish- ed, and, of course, the specifications upon which they depend, by the confessions of the Secreta- ry, and the admissions of the committee, I shall not press the distinction which it seems esca- ped the committee, when comparing the amount of money lost by Mr. Crawford's mismanage- ment, (about half a million) with the amount collected, (twenty one millions) they contrast favorably to the Secretary this proportion, with that which obtains in the ordinary collections of private or mercantile debts. They appear to forget, besides the superior regularity, vigilance and power, at the disposal of the nation, and the difference between the profits and loss of trade, and the even exaction of the revenue, that the loss incurred by the Secretary, was not of debts outstanding, but of funds collected, and collect- ed too, by salaried officers, at an enormous ex- pense. Upon one point, however, which has already been considered, I shall add some remarks. The committee have admitted, distinctly, and in correspondence with my statements, that Mr. Crawford did, on some occasions, neglect to make such communications to Congress, as by law it was his duty to do, and that, on others, he failed to report such facts and documents, as, by a resolution of the House of Representatives, he was required to do; yet, as they very natural- ly cannot detect the motives of this misconduct, (which God alone can do,) they acquit him of all blame or reponsibility. In this they appear to lose sight of the distinction which has hither- to obtained between private and official recti- tude and of the well established fact, that bad motives in the man, are not necessary to consti- tute misconduct in the minister. When Burke brought Warren Hastings to the bar of the House of Lords, and in strains of portentous eloquence, invoked upon the head of the Indian Viceroy the vengence of human- ity, the power of justice, and the implietted terrors of the English law, in pourtraying to this august tribunal, a course and torrent of plunder and desolation which had overrun regions that the arms of Alexander could not reach; in charging him with the pillage of towns, the ru- in of districts, the sacking of cities, the plunder of princedoms, the devastation of provinces, the waste of empires, he did not fail also to accuse him with intense and awful formality.
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11,) as insuring the faithful communication of all such information. These remarks apply with equal force to the declaration by which the Committee would seem to accuse me of swearing falsely, "that there is no evidence that the Receiver wrote on the subject of this advice to the Secretary." I asserted, upon oath, that I saw the Receiver write to the Secretary, and enclose my publication; and I confess, that I feel no inconderable distress at the reflection, that my oath is falsified by the Committee, in regard to a fact probable in itself, and at least as credible as one which my oath is suffered to establish. As to the famous letter from the Receiver, there can now be no doubt that it was writ- ten and despatched to the Secretary; or, if from technical objections to the testimony, the Committee should not be disposed to act upon it, enough may be seen to show the pro- priety of allowing further time for producing, in due form, testimony enough to establish the fact; and, this I ask the Committee to do, if they are not satisfied of the fact. It must be admitted, that, as I had no power to summon witnesses after I myself was summoned, I could do no more than obtain voluntarily affi- davits, and that I had but little time for doing this much. The question of this letter's hav- ing been received by the Secretary, appear- ing to depend on a comparative estimate of the opposing weights, of the probabilities of the fact on which I have relied, and of the Secretary's denial, it is proper to examine minutely, the character of that denial. This will be found to be very equivocal. I assert, that such a letter was written, and that I be- lieve, as is now evident, was transmitted, and, of course, received. The Secretary does not deny that it was received, but declares it is not on file, and is not recollected by the of- ficers employed in the Department to have been received, of whom, however, it now ap- pears, by their own testimony, (with the ex- ception of Mr.Dickins,) that neither himself nor any one else made any inquiry in regard to that matter. When I state my belief that the letter was received, I obviously mean by the Secretary; and it is an infirm, and fallacious answer to reply, to that the Secretary did not receive it, but that it is now not on file, and is not re- collected by the officers employed in the de- partment whose credit is rather liberally pledged, to have been received, both which declarations are true, and yet the letter be in the Secretary's pocket. Again, I stated that the Receiver told me he had, after trans- mitting this letter to the Secretary, received a letter from him directing him, the Receiver, to continue the deposites. This, also, the Se- cretary denies in his report, and in the same indirect and evasive manner. He does not say that no such letter was written, but, that no letter, to this effect, was written in answer to the one which he had laboriously asserted was never received, has strenuously argued was never written! Now it is very clear that, if the letter from the Receiver was never writ- ten, or even was never received, no answer of any sort could have been returned to it; and yet the letter, directing a continuance of the deposite may have been written. These care- ful ambiguities in the report, do not seem cal- culated to make the defensive declarations of the Secretary outweigh the strong improba- bility, that a public despatch, deposited in the post office, should have miscarried in a mail to which no casualty or interruption is known to have occurred; and at a season of the year, too, when the mail is least liable to any diffi- culties in its transportation. In addition to neglect of duty in his trans- actions with this bank, as suggested in my ad- dress to the House, and in my replication to his communication to the committee, they might have adverted, in support of the same charge, to the case of the Bank of Vincennes; where, also, the Receiver was President of the bank, where the United States lost $ 168,000, on which bank the Secretary drew, success- ively, from October, 1819, to March, 1820, four drafts, together amounting to $ 165.000 suffered as many continuous protests, and af- ter neglecting, as usual, all measures of pre- caution, took no measure of redress until July, 1820. A course of didactic admonition, in the form of four official letters, is then pronounced to this delinquent institution, the initial gravity of which is compensated by its final lenity. (See documents.) He recapitulates the acts of ill faith which he had patiently endured, men- tions the protests of his drafts for $ 165.000, warns the directors that, unless they reform their demeanor, and pay the drafts, it will be proper for him to proceed with rigor; but con- cludes, with proposing a relaxation of that me- ditated rigor, provided they will agree to hon- or the drafts within forty days, and even prom- ises to pay for this tardy and extorted justice (out of his never failing fund,) by continuing the course of deposite in a bank, thus attempt- ed to be bribed and threatened into common honesty by himself! To this persuasive propo- sal, the bank, increasing in audacity, and sa- gacious of the character of its customer, did not condescend to reply for nine months; at the expiration of which pregnant period, the President was delivered of the abortive fact of the corporation's insolvency. In this feeble and exhausted state, it asks further indulgence, and concludes its appeal to its manificent ben- efactor, with the most eloquent encomiums up on his liberality. This letter reflects, in inter- esting colors, the substance and complexion of the intercourse between the Treasury of the U. S. and the banks of the West; and, whatev- er may be said of its prudence, must certainly be commended (by a hunter of motives, at least,) for its candor. As the presentation of a moral scene, it is delightful to contemplate the sordid gratitude of the delinquent corporation, glowing under the injudicious, if not illicit, fa- vors of this liberal minister of finance. "Your friendly dispositions towards the West, in times peculiarly difficult, and the interest you have evinced for this remote section of our common country, leads to a hope, that the hand that has hitherto protected us, will not be withdrawn."
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out and only $30 in the old vaults to meet this great issue. In January, 1817, the bank at Vincennes was adopted as the state bank of Indiana, and its capitalization increased to $1,000,000, the state holding $375,000 of it. Unfortunately the people intrusted with the keeping of the money proved to be dishonest, and in 1821 the crash came. When the vaults were opened $30 was found with which to redeem the $1,000,000 capitalization, and also to cover the government deposit of $250,000. In 1837 specie payments were suspended with all the other banks of the country, but in 1842 the legislature required specie payments resumed, and coin was paid on demand thereafter. The Bank of the State of Indiana was its successor in 1856 until 1865, when the national banking system closed the doors of other banking institutions.