Merchants Bank (Burlington, VT)

Episode Information

Episode UID
2056053890660
Episode Type
Suspension โ†’ Closure
Bank Type
state
Bank ID
205605389 hash
Start Date
December 1, 1854*
Location
Burlington, Vermont (44.476, -73.212)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d2169d5bf5f48991

Response Measures

None

Description

Newspaper list marks the bank as suspended; contemporaneous report alleges large protested paper and deficits and warns receivers may be appointed.

Events (1)
1. December 1, 1854* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Reports of $60,000 of its paper under protest, $20,000 deficit by cashier, $41,000 doubtful paper and loans to brokers; public doubt and legal action threatened.
Newspaper Excerpt
Merchants' Bank Burlington, Vermont.
Source
newspapers

Newspaper Articles (2)
1. December 6, 1854 The Cadiz Democratic Sentinel Cadiz, OH
Article from The Cadiz Democratic Sentinel, December 6, 1854

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Article Text

suspended within a few months past. For the benefit of our readers, in these times of bank suspensions, we shall keep it standing, and make weekly additions thereto: Lewis County Bank, of New York. Carthage Bank, do Milrose Bank, do Drovers' Bank, do Bank of Carmel, do Ogdensburg, do Exchange Bank Buffalo, do Patchin Bank, Buffalo, do Eighth Avenue Bank, do Bank of West Killingly, Connecticut. Bank of Ellsworth, Maine. Bank of Circleville, Ohio. Clinton Bank of Columbus, Ohio. Canal Bank of Cleveland, do. Miami Bank, Dayton, do. Woodbury Bank, Connecticut. Shipbuilders' Bank, Maine. Merchants' and Mechanics's Bank, Chicago. Union Bank, Chicago, Ill. Knickerbocker Bank, do Farmers' Joint Stock Bank, Buffalo, N. Y. Farmers' and Mechanics' Bank, Oswego. Farmers' Bank of Canandaigua. Farmers' and Merchants' Bank, Maryland. Merchants' Bank of Macon, Georgia. Milford Bank, Deleware. Merchants' Bank Burlington, Vermont. River Bank Connecticut. Cumberland Bank, Maine. Kentucky Trust Company Bank, Covington. Newport Safety Fund, Covington, Ky. Commercial Bank, Paducah, Kentucky. Trans Allegheny Bank, Virginia. Kanawha Bank, Va. Massillon Bank, Ohio. Ohio Savings Institute, Tiffin. Cochitute Bank, Boston. Elkhart county Bank, Indiana. Bank of Northern Indiana. Bank of Washtenaw, Michigan. Erie and Kalamazoo Bank, Michigan. Arlington Bank, Washington, D. C. Bank of Connersville, Indiana. Bank of Hallowell, Maine. Akron Branch, Ohio. Merchants and Trader's Branch, Cin., O. City Bank, Columbus, Ohio. Commercial Branch, Toledo, Ohio. Ashtabula Branch, Ohio. Napersville Bank, Illinois. Merchants Bank, Bridgeton. Government Stock Bank, Ann Harbor, Mich. Cuyahoga Falls Branch Bank, O. Licking Branch Bank, Ohio. Phล“nix Bank, Chicago, Illinois. Du Page county Bank, Illinois. Bank of Ottawa, Illinois. State Stock Bank, Peru, Indiana. Stock Bank, Lafayette, Ind. Bank of Elkhart, " Plymouth Bank, " Fayette county Bank, " Delaware county Bank, " Logansport Insurance Company, Indiana. Indiana Stock Bank, Laport. Savings Bank, Cincinnati. Scituate Bank, Rhode Island. Wollborough Bank, New Hampshire. Bennington Bank, Vermont. Mousum River Bank, Maine. Bank of Ellsworth, " Bank of Milford, Delaware.

2. January 16, 1855 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, January 16, 1855

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Article Text

BANKING-OFFICE OF J. THOMPSON, } No. 2 Wall-st., New-York, Jan. 13, 1855. To the Editor of The N. Y. Tribune On the 6th inst., I published in The Bank Note and Commercial Reporter, the following: When we learned that the Merchants' Bank of Burlington, Vt. had $60 000 of its paper under protest and was $20,000 de. ficit by its cashier, and had $41 000 acknowledged to be doubtful, and had $70 000* loaned to Western brokers for circulation, we very innocently doubted its safety; and when its notes were hawked about Wall-st., without any purchasers, we very naturally intimated danger. Well, they have sued us. The public will look on with the same feelings that the wife did, when the bear and her husband got into & hug" However, we are in for a fight; and there is a possibility that the Bank may be in the hands of receivers before its depositors and noteholders are all paid. In 8 card to the public, of this day, signed by the officers of the above named Bank, they say: " He " (Thompson) has repeated his attack, in The Reporter of the 6th January inst, in an article which is grossly untrue." Below I give the report of the Bank as published by the Auditor of Accounts of the State of Vermont, on the 13th of October last, verbatim et literatim MERCHANTS' BANK, BURLINGTON, June 4, 1854. RESOURCES