Hamilton Bank (Hamilton, OH)

Episode Information

Episode UID
3450671090506
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
345067109 hash
Start Date
February 1, 1842*
Location
Hamilton, Ohio (39.394, -84.566)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
592d9b0da21889b9

Response Measures

None

Events (3)
1. February 1, 1842* Other
Newspaper Excerpt
Next, the Hamilton Bank, near Cincinnati, assigned its effects.
Source
newspapers
2. February 1, 1842* Receivership
Newspaper Excerpt
The Hamilton Bank was assigned a week or more since
Source
newspapers
3. February 1, 1842* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank 'assigned' its effects (assets assigned) and is being wound up due to insolvency
Newspaper Excerpt
The Hamilton Bank was assigned a week or more since
Source
newspapers

Newspaper Articles (2)
1. February 25, 1842 Carroll Free Press Carrollton, OH
Article from Carroll Free Press, February 25, 1842

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Article Text

From the Ohio State Journal. BANK MATTERS. The resumption bill passed both houses and became a law on Monday.—On Tuesday it was announced upon the authority of the Statesman, that "things already began to exhibit a quieter aspect!" Oh, yes! "Order reigns in Warsaw!" was the despatch that announced the subjugation of Poland, to the Autocrat of the North, though in fearful strife the blood of her patriotic sons had saturated the soil. The banks are tumbling into ruins, and as despair settles upon the public mind, the chief of the gang who have strewn the State with the wrecks of its former prosperity exclaims, "THINGS ALREADY BEGIN TO ASSUME A QUIETER ASPECT!" We learn further through the same reliable source, "that the tide is already turning in our favor." Some specie came last week to Cincinnati, from the South, (probably some of the yellow boys, that were to flow up the Mississippi, as predicted eight or ten years since by Benton,) and that event is to be attributed to the magical influence of the passage of the resumption bill, although the effect seems to have preceded the cause by several weeks. How fortunate it is for the people of the State that this measure, after three months parturition, has finally come to such a glorious deliverance. No doubt double headed calves and eight legged pigs, will be abundant during the next dropping season—and allowing to the annihilation of the Banks and the Currency, by this superlatively "democratic" Legislature. A convention of Delegates from most of the Banks in the State, assembled here yesterday to consult upon the course which will be best to enable them to sustain each other during the approaching crisis. We had heard nothing last evening of the result of their deliberations. Intelligence reached the city yesterday, of the assignment of the assets of the Lancaster Bank. The Hamilton Bank was assigned a week or more since, as was also the Chillicothe bank. It is not improbable that some other banks have been assigned in anticipation of the passage of the resumption bill. We hear so many rumors about bank matters from day to day, that it is extremely difficult to know what to depend on. Yesterday, we learn, the way bill from Cleveland contained an endorsement unfavorable to the Bank of Cleveland, though there is nothing in the Herald of Monday on the subject. The Mansfield Shield and Banner says, in a postscript, on Wednesday, that the "Cleveland bank has bursted." People out of the State, particularly at the North, where specie is abundant, can form no conception of the deplorable condition of the currency of Ohio. Nearly the entire business of the provision market in this city, is transacted in shin plasters, and these so ragged and dirty as to be almost illegible. The Farmer's and Workingmen in the south part of the county, place the most confidence in the shinplasters of the Corporation of Lancaster—based upon nothing for their redemption, but the public faith of that town. They are preferred to most bank paper. At Dayton business on the Canal is almost entirely suspended, from the inability of the produce merchants to find any money that the collectors will receive for tolls. They even refuse the notes of the Franklin Bank of this city, though the State is indebted to the Bank in the sum of nearly half a million of dollars. Urbana money changes hands at abou

2. March 1, 1842 New-York Tribune New York, NY
Article from New-York Tribune, March 1, 1842

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Article Text

Important from Ohio—The Resumption Law—Banks assigning and winding up—No Money and Gloomy Prospects—Great Whig State Convention—CORWIN nominated—His Election sure. Correspondence of The Tribune. COLUMBUS, O., Feb. 21, 1842. The Resumption bill became a law a week since. The Loco-Focos finally succeeded in keeping their men up to the rack on the question of fixing the 4th of March for forcing the Banks into Resuming on all their liabilities, although two or three of them in the Senate were inclined to adopt milder measures. Don't understand me as representing the Whigs of this State as forming an anti-Resumption party. There is not one Whig in the Legislature in favor of continuing the state of things which has existed so long, one day longer than is indispensably necessary to save the Banks from certain destruction. They all voted for graduated Resumption—to begin in May and pay on every thing by August or September. Two or three of the Loco-Focos in the Senate, where their majority is two—19 to 17—proposed to vote with the entire Whig force in favor of a modification of the bill passed in the House, but the Whigs declined any arrangement that did not embrace the condition that the proposition to be substituted for the bill should receive as many Loco-Foco as Whig votes. The Loco-Focos caucused on the subject two nights into the "small hours," but the Radicals, who are bent on real Bank destruction, defeated the scheme, and the Whigs compelled them to shoulder the whole responsibility of a measure which every one foresees is to be attended with the most disastrous consequences. In the mean time the agitation of the subject has precipitated the results anticipated in a good number of instances. The Banks are yielding to the storm all over the State. The Granville Bank shut up its doors first, after faithful efforts to meet its engagements. The Urbana Bank went by the board next. These two Banks had out a circulation of nearly half a million, which was instantly depreciated one half! Think of that, ye New-Yorkers, who used to grumble over a discount of one half of one per cent. on country paper!—About the same time the Chillicothe Bank assigned, but there is I presume no danger or apprehension of loss here. The Bank was in admirable condition until it made a loan of $400,000 or $500,000 to the State. Next, the Hamilton Bank, near Cincinnati, assigned its effects. The Lancaster Bank, a heavy concern, has also assigned, and to-day it is reported that the Bank at Marietta has taken the same course. To the number thus breaking up are to be added both the Banks at Cleveland. The consequences of all this derangement and confusion are seen in the almost total suspension of all kinds of business. There is no money in circulation, except the notes of insolvent Banks, shinplasters and the orders of Turnpike and Railroad companies. The latter have a local circulation, and in some instances are considered the best kind of money to be obtained. Under these circumstances, a Convention of Delegates from nineteen Banks has just been held in this city. You will see the proceedings in our city papers, but the plan proposed to meet the crisis is to make the attempt to redeem their liabilities according to the provisions of the Resumption law, and to devise a system of making frequent settlements between themselves by sending their paper to this city to be exchanged and retired from circulation. There are few who have any faith in this plan, though some ten or twelve of the Banks which have kept up no circulation for some time past will be able to weather the point, with or without such arrangement. But I think you can safely calculate upon an influx of about one million of specie, to be drained from Ohio within the next ninety days. To-morrow, you will recollect, is the day for our State Convention to nominate a Governor. The city is full of Delegates to-night, who are quartered upon our citizens generally. I have conversed with many of them, who all unite in representing the condition of the Whig party as being all that we can desire. They all concur in saying that the people are universally disgusted with the Loco-Foco Legislation of the winter, and that examples of a renunciation of the party faith are numerous. Several Counties are named to me, in which it is confidently affirmed that the Whig strength will be greater next fall than it was in 1840. Gov. CORWIN has yielded to the solicitations of his friends and will accept the nomination, although he has been anxious to retire from the canvass. This ensures us the State beyond any reasonable question. We can elect a majority of the Legislature, and thus secure a Whig Senator in place of 'Earthquake Allen.' I shall not close this letter until to-morrow. TUESDAY, Feb. 22. We have just got through with our State Convention. It greatly exceeded our most sanguine expectations, and has inspired our friends with the highest degree of enthusiasm. CORWIN was renominated by acclamation, and will be elected, too, by ten to twenty thousand majority. His great and deserved popularity makes him a powerful leader, and the Loco-Focos are as well satisfied of the doom that awaits them now as they know the result of the contest in 1840 Yours. N. E. BOUNDARY.—Gov. Davis has sent a Message to the Legislature of Massachusetts with reference to the N. E. Boundary question. He thinks that England may propose a conventional boundary, and in that case he wishes Massachusetts to be prepared for its consideration, and suggests the