Southern Bank of Illinois (Grayville, IL)

Episode Information

Episode UID
981978790735
Episode Type
Suspension โ†’ Closure
Bank Type
state
Bank ID
98197879 hash
Start Date
March 6, 1861
Location
Grayville, Illinois (38.258, -87.994)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8e756278c4c30e26

Response Measures

None

Description

Articles report the bank was ordered to withdraw its circulation by commissioners; permanence unclear so closure chosen as most likely outcome.

Events (1)

1. March 6, 1861 Suspension
Cause
Government Action
Cause Details
Bank Commissioners ordered the bank to withdraw its circulation for failing to post required additional securities after the Feb 20 deadline.
Newspaper Excerpt
Southern Bank of Illinois, at Grayville listed among sixteen Illinois banks that have gone by the Board and ordered to withdraw their circulation.
Source
newspapers

Newspaper Articles (2)

Article from The Cadiz Democratic Sentinel, March 6, 1861

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Article Text

Markets, Trade, &c Look out for worthless Bank paper. No less than SIXTEEN of the Illinois Banks have gone by the Board. They are: "The Bank of Baleigh, Bank of Anrora, State Bank, National Bank, Corn Exchange Bank, Bank of Commonwealth, Southern Bank of Illinois, at Grayville, Bank` of Chester, Bank of Pike County, Bank of Quincy, Grand Prairie Bank, Farmers and Traders' Bank Railroad Bank, Merchants and Drovers' Bank, Citizens, Bank, and Morgan County Bank." "Also suspension of Wisconsin Banks! The following Wisconsin Banks suspended to. day: Artic and Eauclair Banks, Wisconsin and Rail road Bank, Illinois. The latter institution had a circu.ation of nearly $94.000." This is a nice list to look at by those poor people who have nothing else in their pockets, except the paper of these Banks. Had a thief stolen this much money the whole police force of the country would have been in full cry after him. The extreme frontier was a rich field for these Bankers to operate in, and there will be the most grieonsv losses, because they can afford to loose but little. When shall we have release from such sponging on the public credulity. / Crisis.


Article from The Cass County Republican, March 7, 1861

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Article Text

ILLINOIS MONEY THROWN OUT. Our readers will remember that at the time of the panic when stocks depreciated, a number of the Illinois banks were required to deposit a certain amount of additional securities for the circulation then outstanding, and a certain time given them to fulfil the requirement. This time expired on the 20th of February. Most of the banks responded promptly to the call, but the following did not, and the Bank Commissioners have ordered them to withdraw their circulation. The following is the list:-Bank of Raleigh, Bank of Aurora, State Bank of America, Exchange Bank, National Bank, Corn Exchange Bank, Bank of Commonwealth, Southern Bank of Illinois at Grayville, Bank of Chester, Bank of Pike County, Bank of Quincy, Grand Prairie Bank, Farmers and Traders' Bank, Railroad Bank, Merchants and Drovers' Bank, Citizens' Bank and Morgan County Bank. Probably most of these banks will be able lo redeem their notes at par, when their stocks are sold, but as this will take some time, and as there is nothing sure about it, we advise our readers to have nothing to do with them.