Canton State Bank (Canton, OH)

Episode Information

Episode UID
402896190448
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
40289619 hash
Start Date
April 25, 1837
Location
Canton, Ohio (40.799, -81.378)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a61a424a0c1642aa

Response Measures

None

Description

Contemporary reports in 1837 record suspension; an 1838 notice references resumption August 13.

Events (2)
1. April 25, 1837 Suspension
Cause
Macro News
Cause Details
Part of the broader 1837 banking panic and widespread suspensions of specie payment across Ohio and other states.
Newspaper Excerpt
report was in circulation at Wheeling on Saturday last that the Cleveland Bank, the Commercial Bank of Lake Erie, the Canton and Massillon Banks (all of Ohio) had suspendsd specie payment for sixty days.
Source
newspapers
2. August 13, 1838 Reopening
Newspaper Excerpt
The Bank Committee of Ohio ... have agreed upon the 13th of August, and have issued a circular ... recommending that day as the general resumption throughout Ohio ... even the Canton Bank ... is now expected to get righted again, and to resume with the rest.
Source
newspapers

Newspaper Articles (5)
1. April 27, 1837 The Herald New York, NY
Article from The Herald, April 27, 1837

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Article Text

ed such a state as the business of our city presents.In every artiele of merchandise all is inactivity and silence. The exports this week are 9786 bales, and the imports 2445 bales.-Chronicle. ST. AUGUSTINE, April 18.-FROM MUSQUITO.-The sloop Splendid, Capt. Helme, arrived on Sunday last from Musquito. By this arrival we learn that a few Indians had again made their appearance in the vicinity of the camp. Capt. Hanson had given chase to three and had captured a boat, and all their cooking utensils, &c., which he destroyed. One Indian on horseback was pursued, but he effected his escape. A report is in circulation, which has been published, that the Florida was in want of wood, and that they were obliged to send here for it. This is erroneneoug-the Splendid being in the service of the United States, was sent up for forage, which was expected to arrive in the S. S. Mills, from Charleston, and Capt. Hebbard, of the Florida, requested that a few cords of wood which he had engaged here, might be also brought, if room could be found in the vessel for it. The Mills had not arrived, and some despatches from Gen. Jesup were waiting to be forwarded to Gen. Hernandez, which were despatched by this opportunity immediately, together with the wood. This circumstance gave rise to the report. From Tampa we have information to the 10th.We learn that on the 9th, twelve hundred rations were issued, and letters continue to state that the Indians still continue to come in "slowly, but surely." -Sarannah Republican. BALTIMORE, April 26th, o'clock P. M.- report was in circulation at Wheeling on Saturday last that the Cleveland Bank, the Commercial Bank of Lake Erie, the Canton and Massillon Banks (all of Ohio) had suspendsd specie payment for sixty days. The Wheeling Times discredits the report.-Am. April 25th, 12 o'clock M. -Our city as to money matters experiences that kind of calm which precedes the approach of an expected storm, of which the indications are too evident to be mistaken-and each of our citizens seems to be not only prudently preparing to protect himself but kindly and in the spirit of the social compact to assist in shielding his neighbors from the peltings of the approaching tempest.- Gaz.

2. May 18, 1837 Western Courier Ravenna, OH
Article from Western Courier, May 18, 1837

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Article Text

2d. The suspension of suits upon custom-house bonds until January next. 3d. The immediate convocation of Congress. SURPLUS, AGAIN:-The Fund commissioners of the Counties of Trumbull, Cuy. ahoga, Lorain, Medina and Stark have concluded to loan the Surplus to individviduals. The Commissioners of Portage have been in session some days endeavoring to get released from their obligation to the bank. The clamorous outbreaking of public opinion and popular feeling has convinced the wire workers and their instruments, that the people-are not yet prepared to bear the full operation of their-doctrine. The united voice of the people was raised against being sold to the Cleveland Bank. The citizens of the county with one united burst of indignation, reminded those who would sell them to a bank, that they have not yet become the passive, abject slaves they had taken them for. Although, at the last election, a majority of the voters were wheedled into voting the whig ticket, by misrepresentations and falsehoods, yet they were not SO far reduced and debased as to willingly submit to a sale and transfer of their natural and vested rights. What will be the result of this session of the Commissioners we cannot say. Down go the Barber's Shops.-A port is in circulation in Town, that the Canton bank has stopped specie payment. A passenger in the Stuge from Cleveland, last night, says that the Cleveland bank has also suspended specie payments.Wonder where Portage County's proportion of the Surplus revenue is!! THE Weather.-We see accounts of suicide in almost every paper we take up, and we do not marvel at it, if the weather is as bad every where as it is here. We have had but two or three days this spring that it was comfortable without fire to sit by-and over-coats and mittens have been in almost constant requisition.There is frost almost every night. We write.this article by a large hickory fire. SUSPENSIONS BY THE BANKS.-By papers received this morning we learn that the Banks in the city of New York have stopped payments-not because they have not specie in ther vaults, but for the purpose of distressing the Country still further, for political effect. The Bank of the United States of Pennsylvania has also stopped payment to increase the panic and subserve political ends. If the officers of the banks would follow the example of those of the bank of the Metropolis at Washington city, confidence would be restored and business ngain resume its natural course. The Bank of the Metropolis has published the following notice: Bank of the Metropolis, May 12, 1737. Notwithstanding the information which has sion of reached of specie Washington, payments by of the the Banks suspenNew York, as well as some of the Banks of Philadelphia and Baltimore, the President and Directors of the Bank of the Metropolis, confident in their ability to fulfill all engagements and liabilities of the Bank, have determined to continue specie payments. Satisfied of the strength of the Bank of the Metropolis to sustain its credit, the President, Directors, and Cashier, have determined to plege, and they will, individually and collectively, pledge, their private fortunes for all just claims against the institution. By order of the Board: JOHN P. VAN NESS, Pres't. Tosto

3. May 18, 1837 Western Courier Ravenna, OH
Article from Western Courier, May 18, 1837

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Article Text

Down go the Barber's Shops.-A report is in circulation in Town, that the Canton bank has stopped specie payment. A passenger in the Stuge from Cleveland, last night, says that the Cleveland bank has also suspended specie payments.Wonder where Portage County's proportion of the Surplus revenue is!!

4. August 9, 1838 Morning Herald New York, NY
Article from Morning Herald, August 9, 1838

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Article Text

RESUMPTION BY THE OHIO BAKKS.-The Bank Committee of Ohio, who had been charged with the duty of fixing the day for resumption by the banks of that state, (dependent on the action of the banks of Philadelphia and Baltimere) have agreed upon the 13th of August, and have issued a circular from Columbus under date of the 2d inst. recommending that day as the gen eral resumption throughout Ohio. The recommendation will, without doubt, be adopted, and even the Can. ton Bank, of that State, which had foundered during the suspension, is now expected to get righted again, and to resume with the rest. or shortly after.

5. June 26, 1840 The Ohio Democrat and Dover Advertiser Dover, OH
Article from The Ohio Democrat and Dover Advertiser, June 26, 1840

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Article Text

From the Stark County Democrat. CANTON BANKING. 1. It ia generally known and understood here, in Canton, that shortly previous to the third resumption, some few of the Stockholders or Directors of the Bank, in order "to raise the wind," borrowed, by giving their individual bonds, usemaking themselves personally lia(ble,) from other Banks in the State. somewhere beetween $40,000 and $60,000. To this item we would also add, that the managers of the Bank deemed it more convenient to borrow money, and run further into debt-(perhape to elucidate the beauties of the credit system,) -then it was to pay what they owed, or to require to be paid hat their broihor Directors owed the Bank. Because to this would have compelled them to sell some of the large estates which they have amassed on bank credits, at a sacrifice. And this it is likely they knew. I (from the effects produced on those who B were not 80 fortunate as to be stockholy dere, and to whom they had "put the to screws" without mercy,) would be exceedingly unpleasant. pt 2. It is now rifely, stated, and perhaps believed, that within a few weeks Ipast, the Bank has sent its agents around with its own paper, for the purce pose of exchanging it off, for other bank ti e. paper, so that they might thus obtain money to lift the bonds above mentionto ed, and in that way concel the personal ce liability of those who executed those of bonds. If this be true, and we think it elf of is, from what we have heard. We would th rema*k to our neighbor of the Repositoer ry, that he ought not to have published V. that the bank had been expanding its is. nsues from about $60,000, to about nno $115,000, for the good of the public. O We humbly conceive from these facts, he that the expansion was for the good of the Directors of the Bank, who had sign N. ed the boads, and those bonds, and for no one else. Certainly the people have ch not been benefitted by an increase of 18 bank bills for circulation, for as many of were withdrawn from the people by this ng the scheme of Bank, as were thrown out. er But we cannot stop here. We beg leave ho as to say, that, taking the last Report of the ne Bank as to its condition, this very operUN ation, must have a great tendency to en de. danger its ability to redeem its paper. 'I Whyso! B cause the bank has exten the his ded its circulation to about $115,000, the when 11 has but 0.000 in specie in its unvaults, to redeem that circulation with iga Surely this cannot be considered safe k banking. What is $11 or $12 in cirese culation for every specie dollar a bank orthas in its vaults to redeem with, to be and considered safe banking!! Nick B.d. nen die himself would not say so;-but I its would pronounce it exceedingly unsafe, dy, into if not shameful or dishonest banking test Indeed, looking upon all these matters for with all the calm reason we possess hey we cannot but think them omiuous o des h er no good. Why was this step taken to bit. relieve those who had signed the bonde, orwhen it must have been seen that the ced bank would be greatly endangered, by bad rac it, if not compelled to close its door ncagain? Does not this look as though enthe bondsmen apprehended danger o another suspension, [for the public good. foreooth, as the bankers have it, and Rio that they preferred the public should lose S. on the paper they threw out, rather than they should lose, by being made perslasonally liable on their bonds? rom