State Stock Bank (Marion, IN)

Episode Information

Episode Type
Suspension โ†’ Closure
Start Date
June 12, 1857
Location
Marion, Indiana (40.550, -85.659)
Bank Type
private

Metadata

Notes

Multiple reports list the bank as suspended and notes redeemed at the State Auditor at 90c during the 1857 banking distress; no reopening is described.

Events (1)

1. June 12, 1857 Suspension
Cause
Macro News
Cause Details
Listed among many Indiana free banks suspended and redeemed at discount during the 1857 financial/panic conditions (statewide banking distress).
Newspaper Excerpt
State Stock Bank, Marion, at 90.
Source
newspapers

Newspaper Articles (11)

Article from Minnesota Weekly Times, November 7, 1854

Click image to open full size in new tab

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.


Article from The New York Herald, June 12, 1857

Click image to open full size in new tab

Article Text

The specie paying banks that are winding up and redeeming their circulation at par areBrookville Bank, Bank of the Capitol, Bank of Elkhart, Hoosier Bank, Indiana Stock Bank, Huntington County Bank, Indiana Reserve Bank, Bank of Monticello, redeemed at Branch Bank, Lafayette; Fayette County Bank, redeemat Branch Bank, Connersville; Merchants' and Mechanics' Bank, redeemed at Branch Bank, New Albany; Bank of Syracuse, redeemed at Bank of Goshen; New York and Virginia State Stock Bank, redeemed at Crescent City Bank; Traders' Bank, Indianapolis, redeemed at the Bank of the Capitol. The suspended banks, redeemed at the Auditor's office at 90 per cent, areBank of Albany, Kalamazoo Bank, State Stock Bank, Marion, and Bank of Clinton. Those at 87 per cent are-Bank of America and Bank of Connersville. At 92 per cultureTraders' Bank, Nashville, and Wabash Valley Bank. Those at par are-Agricultural, Orange, Bank of Perryville, Rockport, South Bend, Wayne Bank, Logansport and Bank of Warsaw. The Atlantic Bank at 80 per cent; Elkhart, 97; Farmers' Bank, Jasper, at 91; Laurel Bank at 82; Nerthern Indiana at 832 State Stock Bank, Peru, at 85; Bank of T. Wadsworth at 91; Bank of North America, Clinton, at 90; Savings Bank of Indiana, Connersville, 69.


Article from Indiana American, July 3, 1857

Click image to open full size in new tab

Article Text

Suspended Banks, Where redeemed, and rates paid: Bank of Attica, Auditor's Office, at 89 B'k of America, Auditor's Office, at 87c. B'k of Albany, Auditor's Office, at 90c. Atlantic B'k, Auditor's Office, at 80c. Agricultural B'k, Auditor's Office, at par B'k Connersville, Auditor's Office, at 87c. Elkhart Co. B'k, Auditor's Office, at 97c. Farmers's B'k, Jasper 91 Laurel B'k, 82 Northern Indiana B'k, 83 Orange B'k, par B'k Perrysville, par B'k of Rockport, par State Stock Bank, Peru, 85 State Stock Bank, Marion, 90 B'k South Bend, par Traders' B'k, Nashville, 92 B'k of T. Wadsworth, 91 Wabash Valley bank, 92 Wayne Bank, Logansport, par Wayne Bank, at Richmond, par B'k of North America at Clinton, 90 Savings B'k of Indiana at Connersville, 69 B'k of Warsaw, Central B'k Indianapolis, par Kalamazoo B'k, 90

The above comprises all the Free Banks that are properly secured and within the operations of the General Banking Law of this State.


Article from Marshall County Democrat, July 9, 1857

Click image to open full size in new tab

Article Text

Suspended Free Banks

The following is a list of the suspended Free Banks of this State, showing where redeemable, and value: Bank of Attica, at Auditor's office at 80 cents. Bank of America, Auditor's office, at 87 cents. Bank of Albany, Auditor's office, at 90 cents. Atlantic Bank, Auditor's office, at 80 cents. Agricultural Bank, Auditor's office, at par. Bank of Connersville, Auditor's office, at 87 cents. Elkhart County Bank, Auditor's office, at 97 cents. Farmers' Bank, Jasper, Auditor's office, at 91 cents. Kalamazoo Bank, Auditor's office, at 90 cents. Laurel Bank, Auditor's office, at 82 cents. Northern Indiana Bank, Auditor's office, at 83 cents. Orange Bank, Auditor's office at par. Bank of Perrysville, Auditor's office, at par. Bank of Rockport, Auditor's office, at par. State Stock Bank, Peru, Auditor's office at 85 cents. State Stock Bank, Marion, Auditor's office, at 90 cents. Bank of South Bend, Auditor's office, at par. Traders' Bank, Nashville, Auditor's office, at 92 cents. Bank of T. Wadsworth, Auditor's office at 91 cents. Wabash Valley Bank, Auditor's office, at 92 cents. Wayne Bank, Logansport, Auditor's office, at par. Wayne Bank, Richmond, Auditor's office, at par. Bank of North America, Auditor's office, at 90 cents. Savings Bank of Indiana, Connersville, Auditor's office, 90 cents. Bank of Warsaw, Central Bank, Indianapolis, at par.


Article from The Daily Gate City, April 19, 1858

Click image to open full size in new tab

Article Text

Indiana Free Banks

The following quotations are based upon the Report of the Auditor the State of Indiana, dated February 1st, 1858: SPECIE PAYING. ATLDISCOUNT. Bank of Goshen, Goshen. Bank of Gosport, Gosport. Bank of Mt. Vernon, Mt. Vernon. Bank of Paoli, Paoli. Bank of Rockville, Wabash Bank of Salem, New Altany. Bank of Salem, Selem. Bioomington Bโ‚„โ‚ loomington. Cambridge City Cambridge City. Exchange Bank, Bank of Indiana Mie City. Canal Bank, Evans Central B'k, Indianapolis, redeemed by Treasurer of State. Crescent City Bank, Evansville. Bank of Elkbart. Brookville Bank, Indiana. CambridgeCity Bank. Farmers Bank. Westfield. Indiana Bank, Madison. Indiana Farmers' Bank, Franklin. Kentucky Stock Bank, Columbus. Lagrange Bank, Lima. Parke County Bank, Rockville. Prairie City Bank, Terre llaute. Bank of Monticello Fayette County Bank. Merch. & Mech. Bk. New Albany. Bank of Syracuse. Indian Reserve Bank. Hoosier Bank. SUSPENDED-AT 25 DISCOUNT. Agricultural Bank. AtianticBank. Bank of Albany. Bank of Albion. Bank of Attica. Bank of America. Bank of Bridgeport. Bank of Commersville. Bank of Perrysville. Bank of South Bend. Bank of T. Wadsworth. Bank of the Capitol. Bank of N. America, Clinton Bank of Rockport. Elkhart County Bank. Savings Bank, Connersville, (secure,) 40 dis. Farmers' Bank, Jasper. Kalamasoo Bank. Laurel Bank. Northern Indiana Bank. N. Y.& Va. St. Stock Bank. Orange Bank. State Stock Bank of Indiana, Peru. State Stock Bank, Marion. Savings Bank of Indiana, (secured). Traders' Bank, Nashville. Wabash Valley Bk. Wayne Bank, Richmond. Wayne Bank, Logansport. Bank of Warsaw. Huntington County Bank. There is so little suspended Indiana paper now in circulation, and rates are 80 unreliable, that we do not deem it worth while to give quotations.


Article from The Daily Gate City, April 21, 1858

Click image to open full size in new tab

Article Text

Indiana Free Banks

The following quotations are based up on the Report of the Auditor of the State of Indiana, dated February 1st, 1858: SPECIE PAYING. ATT DISCOUNT. Bank of Goshen, Goshen. Bank of Gosport, Gosport. Bank of Mt. Vernon, Mt. Vernon. Bank of Paoli, Paoli. Bank of Rockville, Wabash. Bank of Salem, New Altany. Bank of Salem, Salem. Bioomington Bank, ington. Cambridge City Ball ridge City. Exchange Bank, Gree Bank of Indiana Michi City. Canal Bank, Evansville Central B'k, Indianapolis, rodeemed by Treasurer of State. Crescent City Bank, Evansville. Bank of Elkbart. Brookvi lle Bank, Indiana. Cambridge City Bank. Farmers Bank, Westfield. Indiana Bank, Madison. Indiana Farmers' Bank, Franklin. Kentucky Stock Bank, Columbus. Lagrange Bank, Lima. Parke County Bank. Rockville. Prairie City Bank, Terre liaute. Bank of Monticello Fayette County Bank. Merch. & Mech. Bk. New Albany. Bank of Syracuse. Indian Reserve Bank. Hoosier Bank. SUSPENDED-AT 25 DISCOUNT. Agricultural Bank. AtlanticBank. Bank of Albany. Bank of Albion. Bank of Attica. Bank of America. Bank of Bridgeport. Bank of Connersville. Bank of Perrysville. Bank of South Bend. Bank of T. Wadsworth. Bank of the Capitol. Bank of N. America, Clinton Bank of Rockport. Elkhart County Bank. Savings Bank, Connersville, (secure,) 40 dis. Farmers' Bank, Jasper. Kalamasoo Bank. Laurel Bank. Northern Indiana Bank. N. Y. & Va. St. Stock Bank. Orange Bank. State Stock Bank of Indiana, Peru. State Stock Bank, Marion. Savings Bank of Indiana, (secured). Traders' Bank, Nashville. Wabash Valley Bk. Wayne Bank, Richmond. Wayne Bank, Logansport. Bank of Warsaw. Huntington County Bank. There is 80 little suspended Indiana paper now in circulation, and rates are so unreliable, that we do not deem it worth while to give quotations.


Article from The Daily Gate City, May 6, 1858

Click image to open full size in new tab

Article Text

Indiana Free Banks

The following quotations are based upon the Report of the Auditor of the State of Indiana, dated February 1st, 1858: SPECIE PAYING. I DISCOUNT. Bank of Goshem, Goshen. Bank of Gosport, Gosport. Bank of Mt. Vermon, Mt. Vernon. Bank of Paoli, Paoli. Bank of Reckville, Wabash. Bank of Salem, New Altany. Bank of Salem, Salem. Bioomington Bank, Bloomington. Cambridge City Bank, Cambridge Exchange Bank, Greeneastle, Bank of Indiana Michigan City. Canal Bank, Evansville. CentralB'k, Indianapolis, redeemed by Treasurer of State. Cressent City Bank, Evansville. Bank of Elkhart. Brookville Bank, Indiana. Cambridge City Bank. Farmers' Bank, Westfield. Indiana Bank, Madison. Indiana Farmers' Bank, Franklin. Kentucky Steek Bank, Columbus. Lagrange Bank, Lima. Parke County Bank, Rockville. Prairie City Bank, Terre Haute. Bank of Menticello Fayette County Bank. Merch. s Mech. Bk. New Albany. Bank of Syracuse. Indian Reserve Bank. Hoosier Bank. SUSPENDED-AT 25 DISCOUNT. Agricultural Bank. Atlantic/Bank. Bank of Albany. Bank of Albion. Bank of Attica. Bank of America. Bank of Bridgeport. Bank of Connersville. Bank Perryaville. Bank of South Bend. Bank of T. Wadsworth. Bank of the Capitol. Bank of N. America, Clintos Bank of Rockport. Elkhart County Bank. Savings Bank, Connersville, (secure) 40 dhe. Farmers' Bank, Jasper. Kalamasoo Bank. Laurel Bank. Northern Indiana Bank. N. Y. & Va. St. Stock Bank. Orange Bank. State Stock Bank of Indiana, Peru. State Stock Bank, Marion. Savings Bank of Indiana, (socured). Traders' Bank, Nashville. Wabash Valley Bk. Wayne Bank, Richmond. Wayne Bank, Logansport. Bank of Warsaw. Huntington County Bank There is 80 little suspended I now in circulation, and rates are $0.8 ble, that we do not deem it worth give quotations.


Article from The New York Herald, May 8, 1858

Click image to open full size in new tab

Article Text

The condition of the canal in commencing business the present seasoa is better than usual. Every part of it has been put in the best repair, and the three additional new inclined planes add very considerably to the capacity for work and to the facility for doing business upon it. After the completion of the two planes now begun there will be but two more to be rebuilt, which it will be the policy of the company to reconstruct at their earliest convenience.

The Auditor of the State of Indians publishes a statement of the present condition of the free banks of that State, from which we learn that the following banks have complied with the amended law of 1855, and have securities deposited with the Treasurer of that State, at their market value, to an amount not less than fifty thousand dollars, and ten per cent in excess of their circulation:-- Bank of Goshen, Goshen; Bank of Gosport, Gosport; Bank of Mt. Vernon, Mt. Vernon; Bank of Paoli, Paoli; Bank of Rockville, Wabash; Bank of Salem, New Albany; Bank of Salem, Salem: Bloomington Bank, Bloomington; Exchange Bank, Greencastle; Farmers' Bank, Westfield; Indiana Bank, Madison; Indiana Farmers' Bank, Franklin; Kentucky Stock Bank, Columbus; Legrange Bank, Lima; Parke County Bank, Terre Haute: Salem Bank, Goshen: Southern Back of Indiana, Terra Haute.

The following banks have complied with the amended law, but have since given notice of their intention to withdraw their circulation. Their notes are payable in coin:-- Bank of Indiana, Michigan City; Cambridge City Bank, Cambridge City; Canal Bank, Evansville; Central Bank, Indianapolis, redeemed by the Treasurer of State; Crescent City Bank, Evansville.

The following banks are winding up voluntarily, and are redeeming their notes at par, as specified. The tea per cent excess of securities is retained by the Auditor: Bank of Fikhart, redeemed at the bank; Brookvilie Bank, redeemed at the bank; Hoosier Bank, redeemed st the bank; Huntington County Bank, redeemed at the bank; Indiana Stock Bank, redeemed at Fletcher's Bank; Bank of Monticello, redeemed at Branch Bank, Lafayette; Fayette County Bank, redeemed at Branch Bank, Connorsville; Merchants and Mechanics' Bauk, redeemed at Branch Bank, New Albany; Bank of Syracuse, redeemed at Bank of Goshen; Indiana Reserve Bank, redeemed at Fletcher's Bank, Indianapolis.

The notes of the following suspended banks are redeemed by the Anditor:- Agricultural Bank at par; Atlantic Bank at 80c.; Bank of Albany at 90c.; Bank of Albion at par; Bank of America at 87c.; Bank of Attica at 89c.; Bank of Bridgeport at 88c.; Bank of Connorsville at 87c; Bank of Perryville at par; Bank of South Bend at par; Bank of T. Wadsworth at 91c.; Bank of North America, Clinton, at 90c.; Bank of Rockport at par; Farmers' Bank, Jasper, at 91c.; Kalamazoo Bank at 90c.; Laurel Bank at 90c.; Northern Indiana Bank at 9Bc.; New York and Virginia State Stock Bank at par; Orange Bank at par; State Stock Bank of Indiana, Peru, at 85c.; State Stock Bank, Marion, at 90c.; Savinge Bank of Indiana at 69c.; Traders' Bank, Nashville, at 92c.; Wabash Valley Bank at 92c.; Wayne Bank, Richmond, at par: Wayne Bank, Logansport, at par; Bank of Warsaw redeemed at the bank.

The report of the Williamsport and Elmira Railroad fully explains the difficulties which the company encountered last autumn during the financial pressure, and the measures adopted for the extinguishment of its floating debt. The movement was originated and approved by the leading bondholders, who believed that their bonds would be essentially and permanently enhanced in value by finally funding the floating debt. The signatures of more than three fourths of the bondholders have already been secured, and the floating debt itself is almost entirely signed off. The coal business, suspended the past six months, is about being resumed, and the iron and lumber trades are already active. The Northern Central road opens the Williamsport and Elmira gailroad to Baltimore in June, and also by two new routes, the Pennsylvania Central and Lebanon Valley, to Philadelphia; and the completion of the Quakake branch of the Catawissa read in July to the Beaver Meadow, will place New York as near to Buffalo by way of the company's road as by the Hudson River and New York Central roads. The managers express the belief that, with all its opening prospects, and with its finan-


Article from Marshall County Democrat, May 13, 1858

Click image to open full size in new tab

Article Text

New York & Virginia State Stock Bank, at par. Orange Bank, at par. State Stock Bank of Peru, at 85. do Marion, at 90. Savings Bank of Indiona, at 69. Traders' Bank, Nashville, at 92. Wabash valley Bank, at 92. Wayne Bank, Richmond, at par. Wayne Bank Logansport, at par. Bank of Warsaw, redeemed at the Bank. Persons sending notes for redemption, will take notice that all suspended banks, the notes of which are redeemed at this office, are on the above list. JOHN W. DODD, Auditor of State.


Article from The Daily Gate City, June 10, 1858

Click image to open full size in new tab

Article Text

Indiana Free Bal The following quotations a the Report of the Auditor Indiana, dated February let. 1858: SPECIE P ATI DISCOUNT. Bank of Goshen, Goshen. Bank of Gosport, Gosport. Bank of Mt, Vernon, Mt. Vernon. Bank of P oli. Wabash. Bank of a Bank of Altany. Bank of So Bioomington Bank, Bloomington. Cambridge City Bank, Cambridge City. Exchange Bank, Greeneastle. Bank of Indiana Michigan City. Canal Bank, Evansville. Central B'k, Indianapolis, redeemed by Treasurer of State. Crescent City Bank, Evansville. Bank of Elkbart. Brookville Bank, Indiana. Cambridge City Bank. Farmers Bank, W field. on. M Indiana Bank, Indiana Farm ink, Franklin. k, Columbus. Kentucky Sto Lagrange BankyLisha. Parke County Bank, Rockville. Prairie City Bank, Terre Haute. Bank of Monticello Fayette County Bank. Merch. & Mech. Bk. New Albany. Bank of Syracuse. Indian Reserve Bank. Hoosier Bank. SUSPENDED-AT 25 DISCOUNT. Agricultural Bank. Atlantic Bank. Bank of Albany. Bank of Albion. Bank of Attica. Bank of America. Bank of Bridgeport. Bank of Connersville. Bank of Perrysville. Bank of South Bend. Bank of T. Wadsworth. Bank of the Capitol. Bank of N. America, Clinton Bank of Rockport. Elkhart County Bank. Savings Bank, Connersville, (secure,) 40 dis. Farmers' Bank, Jasper. Kalamazoo Bank. Laurel Bank. Northern Indiana Bank. N. Y. & Va. St. Stock Bank. Orange Bank. State Stock Bank of Indiana, Peru. State Stock Bank, Marion. Savings Bank of Indiana, (secured). Traders' Bank, Nashville. Wabash Valley By. Wayne Bank, Richmond. Wayne Bank, Logansport. Bank of Warsaw. Huntington County Bank. There is 80 little suspended Indiana paper now in circulation, and rates are 80 unreliable, that we do not deem it worth while to give quotations.


Article from Marshall County Republican, November 25, 1858

Click image to open full size in new tab

Article Text

Indiana Free Banks

1 OFFICE OF AUDITOR OF STATE, INDIANAPOLIS, Nov 1, '58. ( The following Banks have complied with the amended law of 1855, and have securities deposited with the Treasurer of State, at their market value, to an amount not less than fifty thousand dollars, and ten per cent, in excess of their circulation: Bank of Elkhart, Elkhart; Bank of Goshen, Goshen; Bank of Gosport, Gosport; Bank of Mt. Vernon; Mt. Vernon; Bank of Paoli, Paoli; Bank of Bockville, Wabash; Bank of Salem Salem; Bloomington Bank, Bloomington; Exchange Bank, Greencastle; Indiana Bank, Madison; Indiana Farmer's Bank, Columbus; Lagrange Bank, Lima; Parke County Bank, Rockville; Prairie City Bank, Terre Haute; Salem Bank, Goshen; Southern Bank of Indiana, Terre Haute. The notes of the following Banks are redeemed by the Auditor of State, viz. Atlantic Bank, at 80; Bank of Albany, 90; Bank of Albion, par; Bank of America, 87; Bank of Attica, 89; Bank of Bridgeport, 88; Bank of Connersville, 87; Bank of Perrysville, par; Bank of T. Wadsworth, 91; Bank of North America, Clinton, 90; Bank of Rockport, par; Farmers Bank, Jasper, 91; Kalamazoo Bank, 90: Laurel Bank, 82; Northern Indiana Bank, 38; New York Virginia State Stock Bank, par; Orange Bank, par; State Stock Bank of Indiana, Poru, 85; State Stock Bauk. Marion, 90; Savings Bank of Indiana, 69; Traders' Bank, Nashvilie, 92; Wabash Valley Bank, 92; Wayne Bank, Logansport, par; Bank of South Bend, par; Bank of Warsaw redeemed at the Bank. Persons seeking notes for redemption will take notice that all suspended Banks, the notes of which are redeemed at this office, are on the above list. JOHN W. DODD, Auditor of State.