Rhode Island Agricultural Bank (Johnston, RI)

Episode Information

Episode UID
5346731490523
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
534673149 hash
Start Date
July 6, 1843
Location
Johnston, Rhode Island (41.827, -71.495)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1720f47f3380dff7

Response Measures

None

Description

Legislature appointed commissioners in 1843 and a receiver was reported in 1845 amid allegations of fraudulent note issuance.

Events (3)
1. July 6, 1843 Suspension
Cause
Government Action
Cause Details
State legislature appointed commissioners and enjoined the bank from exercising its corporate powers pending examination.
Newspaper Excerpt
are hereby enjoined from exer. cising any of the powers granted by the character of said Bank, without the consent of said commissioners.
Source
newspapers
2. January 23, 1845 Receivership
Newspaper Excerpt
The Rhode-Island Agricultural Bank of Johnston has been placed in the hands of a Receiver, by the Bank Commissioners of that State, and it appears that there has been a fraudulent issue; for more of the notes have already been deemed than the Cashier reported to be in circulation. The outstanding notes are not redeemed, and it is probable they never will be, A writer in the Philadelphia Ledger ...
Source
newspapers
3. * Other
Newspaper Excerpt
The said commissioners shall immediately examine into the affairs of said bank, and may, in their discretion, dissolve the injunction; but if upon such examination they should deem it necessary, they shall apply ... for a perpetual injunction ... and the appointment of a Receiver or Receivers according to the provisions of the act aforesaid.
Source
newspapers

Newspaper Articles (2)
1. July 6, 1843 Herald of the Times Newport, RI
Article from Herald of the Times, July 6, 1843

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Article Text

HENRY BOWEN, See'ry. AN ACT relating to the Rhode Island Agricultural Bank. Whereas, this General Assembly are informed that the affairs of the Rhode Island Agricultural Bank 111 Johnston, are in such, a condition that the stockholders and probably others may suffer thereby: !! is enacted by the General Assembly as follows: Sec. 1. Lemuel 11. Arnold. Edward Bare ber, and Thomas Whipple, are hereby ap pointed commissioners with all the powers and duties in relation to said Bank. which were conferred upon the bank commissioners by the net regulating banks. which was pas sed June session, A. D. 1836, and the several acts in addition to or amendn ent thereof. Sec. 2. Until the said commissioners or the Supreme Court shall otherwise determine the said bank and the ficers and stockhold. ers thereof, are hereby enjoined from exer. cising any of the powers granted by the character of said Bank, without the consent of said commissioners. Sec. 3. The said commissioners shall im. mediately examine into the affairs of said bank, and may, in their discretion, dissolve the injunction herein before ordered ; but if upon such examination they should deem it necessary. they shall apply 1. the Supreme Court, or the Justices thereof. for a perpetual injunction against said bank, and the appointment of a Receiver or Receivers according to the provisions of the act aforesaid. passed at June Session, A. D. 1836. And said bank or the officers thereof. may. if they see lit. apply to the Supreme Court. or any two Justices thereof, in vacation. for a dissimilation of the injunction herein before ordered : who, upon notifying said commissioners, shall hear the parties, and adjudicate thereon. Sec. 4. The Secretary shall cause the President, Cashier. and Directors of spid bank to be immediately notified of the pas sage of this act. and shall also cause the same to be published. True copy- - witness, HENRY BOWEN, Sec'ry.

2. January 23, 1845 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, January 23, 1845

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Article Text

239.250. Decrease this year A very flattering annual statement of the situa tion of the Commercial Bank of Natchez has been received at the North. An invoice of Sugar has been received at Buffal from New Orleans via the Mississippi and the Internal It provements. The cost of transportation is about 75 cents per 100 lbs. The Rhode-Island Agricultural Bank of Johns ton has been placed in the hands of a Receiver, by the Bank Commissioners of that State, and it appears that there has bee a fraudulent issue: for more of the notes have already been deemed than the Cashier reported to be in circulation. The outstanding notes are not redeemed, and it is probable they never will be, A writer in the Philadelphia Ledger, speaking it the Schuylkill Navigation. says: The absolute necessity of an enlarged Canal on the Schuyl. kill Navigation is not clearly shown by the Coal Trade upon la 1811 there passed down the Schuylkill Navig'n SN 693 tons. 1813 49160 .. 417,058 1843 " 888,413 1844 000,000 In 1841 there passed over the Reading Railroad 49,290 1842 .. 230.237 *1813 " 441,491 1844 It would therefore seem that the necessity for an enlargement existed on the Railroad-which has been done by laying is double track-and not in the Canal. learn that the estimates for the present year, 1845. are150,000 tops. By Schuylkill Navigation 850.0.0 Reading Rairoad I air also informed that the Cost dealers acknowledge an ad. vantare in the use of care-despatch, less waste, &c. &C. from 25 to 37% cents perton by Railroad over the Cahal, at the same charges for freight and toll on both. If this 18 80, may we not fear that any additional capital, invested with a view to enlarge the Canal. will be sunk?-particularly when wa find that Messrs. Baldwin & Whitney are now building for the Reading Co. six wheeled engines, of the first class, that with ease will draw one hundred five.ton iron coal cars from Potis. yille to Richmond in twelve hours, containing 500 tons of coal,