Delaware County Bank (Muncie, IN)

Episode Information

Episode UID
2324332990658
Episode Type
Suspension → Reopening
Bank Type
private
Bank ID
232433299 hash
Start Date
October 1, 1854*
Location
Muncie, Indiana (40.193, -85.386)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bd83ac8dbb60df7c

Response Measures

None

Description

Local office closed while notes were redeemed at Marion, OH; statewide free-bank suspensions are ongoing.

Events (1)
1. October 1, 1854* Suspension
Cause
Macro News
Cause Details
Part of the widespread 1854 Indiana Free Bank suspensions and specie-payment stoppages affecting many banks in the state.
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 (3)
1. October 18, 1854 The Weekly Portage Sentinel Ravenna, OH
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.

2. November 9, 1854 New-York Daily Tribune New York, NY
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.

3. January 18, 1855 Plymouth Banner Plymouth, IN
Article from Plymouth Banner, January 18, 1855

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Article Text

From the State Journal. Indiana Free Banks. CORRECTED WEEKLY. WEDNESDAY Evening, Jan. 10. The Bank of the Capitol and the Farmers and Mechanics' Bank to-day receive on deposit at par, only the bills of the following named Banks: CLASS NO. 1. Bank of Indiana, Michigan City, Bank of Syracuse, Syracuse. Bank of Rockville, Rockville. Bank of the Capitol, Indianapolis. Bank of Salem, (south,) Salem. Bank of Brookville, Brookville. Bank of Monticello, Monticello. Bank of Goshen, Goshen. Bank of Elkhart, Elkhart. Bank of Mt. Vernon, Mt. Vernon, Bank of Warsaw, Warsaw, Cambridge City Bank, Cambridge. Central Bank, Indianapolis. Central Bank, Evansville. Crescent City Bank, Evansville. Farmers Bank, Westfield. Farmers & Mechanics Bank, Indianapolis. Fayette County Bank, Connersville. Grammercy Bank, Lafayette. Government Stock Bank, " Hoosier Bank, Logansport. Indiana Bank, Madison. Indiana Stock Bank, Laporte. Kalamazoo Bank, Albion. Kentucky Stock Bank, Columbus. Lagrange Bank, Lima. Laurel Bank, Laurel. Merchants and Mechanics Bank, New Albany. New York and Virginia State Stock Bank, Evansville. Prairie City Bank, Terre Haute. Salem Bank, (north) Salem. Southern Bank of Indiana, Terre Haute. Savings Bank, Connersville. Traders bank, Indianapolis. CLASS NO. 2. Agricultural Bank, Mt. Sterling. Bank of Rochester, Rochester. Bank of Rensselear, Rensselear. Bank of Rockport, Rockport. Bank of Perrysville, Perrysville. Bank of Attica, Attica. Bank of North America, Clinton. Delaware County Bank, Muncie. Farmers and Mechanics Bank, Rensselear. Green County Bank, Bloomfield. Huntington county Bank, Huntington. Indiana Reserve Bank, Kokomo. N. Y. State Stock Bank, Vincennes. Perry Co. B'k, Cannelton. Pub. Stock Bk, Newport. People's Bk, Lima, Lima. Shawnee Bk, Attica, State Stock Bk, Jamestown. State Stock Security Bk, Newport. State Stock Bk, Marion. Syracuse Bk, Syracuse. Trader's Bk, Nashville. Tippecanoe Bk, Winnemac. Wabash River Bk, Jasper. Wabash River Bk, Newville. Wabash River Bk, New Corrydon. Wabash Valley Bk, Logansport. Western Bk, Plymouth. The First Class embraces those which redeem their bills in coin. The Second comprises those which have, at times, declined to pay Brokers and "Bank runners," but which are based on 5 per cent. stocks, and whose proprietors give care and attention to them. Many of our business men have restricted their receipts to the First Class. Others are gradually curtailing the Second Class, and it is probable that, in a short time, all which are not by their owners made equal to those in the First Class by prompt redemption of their notes in specie, will be rejected as uncurrent. The following named Banks are those which, it is understood, make no payment of their notes to any one, and which are, most of them, secured by 5 per cent. Indiana Bonds. The discount at which their paper will be received, will depend on the selling price of their stocks in New York. The following portion of the Third Class have been taken to-day on deposit at the Bank of the Capitol and the Farmers' and Mechanics' Bank, at FIFTEEN PER CENT. DISCOUNT. Bank of Covington, Covington. Bank of South Bend, South Bend. Bank of Fort Wayne, Fort Wayne. Elkhart Co. Bank, Goshen. Farmers' Bank, Jasper. Northwestern Bank, Bloomfield. Steuben Co. Bank, Angola. Upper Wabash Bank, Wabash. Wayne Bank, Logansport. Wayne Bank, Richmond. Great Western Bank, Terre Haute. Starke Co. Bank, Knox. The following named have been received on deposit to-day at the Bank of the Capitol and the Farmers' and Mechanics' Bank, at THIRTY PER CENT. DISCOUNT. Bank of Albany, New Albany. Bank of T. Wadsworth, Michigan City. Bank of North America, Newport. Bank of Auburn, Auburn. Atlantic Bank, Jackson. Bank of Albion, Albion. Bank of Connersville, Connersville. Bank of America, Morocco. Bank of Bridgeport, Bridgeport. Drovers' Bank, Rome. Merchants' Bank, Springfield. Merchants' Bank, Lafayette. Northern Indiana Bank, Logansport. Orange Bank, Poseyville. Plymouth Bank, Plymouth. State Stock Bank, Logansport. State Stock Bank, Peru. Traders' Bank, Terre Haute.