State Bank of Indiana (Indianapolis, IN)

Episode Information

Episode UID
5954875390445
Episode Type
Suspension โ†’ Reopening
Bank Type
state
Bank ID
595487539 hash
Start Date
January 4, 1837
Location
Indianapolis, Indiana (39.768, -86.158)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
39c3a0636b2bc3ec

Response Measures

None

Description

Articles mention suspension of specie payments and calls for resumption; exact reopening date not provided here.

Events (2)

1. January 4, 1837 Suspension
Cause
Macro News
Cause Details
Suspension of specie payments amid broader banking distress (Panic-era withdrawals and statewide banking difficulties).
Newspaper Excerpt
The Judiciary committee of the House has reported that the charter of the Bank was forfeited the of specie payments, and it is g that the Senate's committee thought by suspension will taken make
Source
newspapers
2. October 12, 1841 Suspension
Cause
Macro News
Cause Details
Continued suspension/refusal to pay specie on demand; public debate urging resumption amid ongoing outflows and specie scarcity.
Newspaper Excerpt
$1,097,340 There goes over a million of dollars in one week: This sum was drawn from the banks by their agents, and shipped to foreign countries... Will the people, then, longer sanction the suspension of our banks! ... Let, then, this be our watchword RESUMPTION BY THE BANK.
Source
newspapers

Newspaper Articles (2)

Article from Richmond Indiana Palladium, January 6, 1838

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Article Text

Just as our paper was going to press we received the fol lowing lesse. from the Senior Editor of this paper, dated, Indianapolis, Jan. 4th, 1837. I have been a regular lounger in the House of Representatives to day, and have heard the subjeet of classification handled by those advocating it as the bette: policy for the State to pursue, and have heard it torn to tatters to those who n precate it as ruinous to the best interests of Indiam. Not 3 solitary thing was done besides arguing this question in the abstract, apparently without any definite object in view; in rath- fact that several speeches were made er for the than for any presume constituents, effect listeners. it would have on those who were the compelled The subject has been permanently settled by a previous vote, that no classification would be made except that which has already been done by the friends of the system They have determined that the Madison and Lafayette Railroad, shall b a Adamized road, and that the cross cut canal shall be also changed to a turnpike, thereby cartailing the probable cost of the whole system at !east $5,000,000. There appears to be every disposition among the "system-men" to make the burther in the people, at this time, as light as so fur as it will be consistent inpossible, up will with make the terests of the State. I think they it agreeable to the wishes of the people throughout Mr. the State. One of our representatives, Smith, made a speech this evening, advocating a modification of the system. I was sorry to hear it from a member from "old Wayne." She has nobly stood up for the honor and plighted faith of state, although she is but slightly benefitted by having a direct connection with the system. She has shown that her patriotism is not selfishness, and that she regards the system of internal improvement as for the summure bonum of the State. The committee appointed to revise the laws are busy at their labors. The special committee appointed to investigate the affairs of the bank are also at work, but I underst and that althoagha slight of misranagement will be found in the conduct one or two of the Branches, it will be sustained. J The Judiciary committee of the House has reported that the charter of the Bank was forfeited the of specie payments, and it is g that the Senate's committee thought by suspension will taken make from a similar report. But, if the charter be n 1 her, it will no doubt be given back, and a law J passed legalizing the suspension. I presume, h will also be a law passed, requiring her to I when the Banks of our of or agree to resume with her. II there States resume, do, only, neighboring who There would are a few individuals here, however, their p sacrifice even the State Bank of Indian, at unhallowed shriue of loco focoism; but a large of R majority will s istain her as the "apple their eyc." She is the strong abutment of and: our hopes as a young and enterprising State, bulwark against which the mandates and anatha- vain J of Van Barenism may be hurled in the R The mas general government has compelled and States to act upon their "reserved rights," hour this is one which will be a firm friend in this H. of deep distress throughout the State. D. P. Wire.- A destructive Fire occurred at Hamilton, Ohie, date at on Thursday, 28th Tile: the "Intelligence:" of that gives the following particulars: of in the frame buildings in the roar the of Basia, the "!!brokeout House of Massra. James Fisher, & Co., had made very R considerable Pork aalway not program discovere Basin, I All until on that the the block west Names by of the buildings, Alley,& bouried oa with the on the south High by street, the ware entirely consumed, House together of Messas. north by valuable contents. The Pork quantities of Pork their & Coin which there was large Harper & Lard, Fisher &c., and the content. Ware were House entirely of Mossers consumed. The the IS Hussion, with of its brick b midings on the west, were, and by ... of adjacent row of the Eng no Companies of Hamilton of the mornqt exertions ville, and of the citi. The stillness ing was favorable. tell with any degree of certainty, the amount twenty th ..We cannot presums that it is at least 18 or were de of thousand the loss: dollars. but we The buildings, we understand, ou by en issured. A portion An accident of the of tragments the most of unclancholy the and buildings Mr. William charactor fell upon occured. Thomas some in were individuals. very severally Mr. S. injured. L. Bayless The former had his back broke, and is not expected to survive. S The Cincinnati Gazette says, that the German Prin- was pr as Office in that city owned by Mr. Benj. Boffinger, insurance. bu ting destroyed by fire on the 25th ult. Loss $800-00 in an IN LAFAYETTE, IND.-We learn from there the on Free the of Came that another case of stabbing took place was at Press, A man by this name of Jessy Bringham stabbed 15th ult. several places in the body, by John was A. Compstock, arraigned be of the Steamboat Dover. Compstock Assault and So mate Justice Slaughter, on a charge of to of before intent to commit murdar--found at the Cirguilty-required Batte- The give ry with bail in the sum of $300 for his appearance been re-taken. cuit Court-gave This leg-bail, is the fifth and case has of not stabbing, shooting little more or Press killing says, which has taken place in our the town culprit within thus far escaped punishment." than a year, and in Lafaycits every case is has getting to be a New Orleans of place! Our latest castern papers bring no very interesting newsfrom Congress. The Mississippi havedeman- representatives elect, Prentice & Word, claims be admitted as members and their in ded to been referred to the committee on Elections, I: will tet M have instructions to report all the facts. of that in: with recollected that Claiborne and Gholson of the the be hold their scats by the decision the two del State at the special session, and that same House former were subsequently elected to the the


Article from Indiana State Sentinel, October 12, 1841

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Article Text

$1,097,340 There goes over a million of dollars in one week : This sum was drawn from the banks by their agents, and shipped to foreign countries, for what ! Because the people suffer the banks to refuse to pay their debts on demand, which taxes them, the people, at least. one per cent.; and by making specie an article of merchandize, the bankers can make about one per cent more. This is a very low calculation. Thus, these bankers, having the people's money, while the people themselves hold but their faithless promises, are enabled to live, to grow rich and fat on the fruits of their labor. And while the mass of the working people, the farmer, who raises or creates the real wealth of the nation finds it almost impossible to obtain money enough to pay his taxes, these swindling institutions are collecting it and sending it out of the country for their own gain. Will the people, then, longer sanction the suspension of our banks! Will they sit still and see themselves robbed with impunity, while the bank nabobs set public opinion and law at defiance for their political and pecuniary purposes, and not make an effort to prevent it Will they not instruct their servants to ascertain if our Bank is dishonest or bankrupt? If the federalists have their own way, and go on shipping off specie at the rate of upwards of a million of dollars a week, how long will it be before those banks which have any specie will blow up by its being drained from their vaults? And who then will be the losers ? Now, it is almost impossible to find specie enough for common market purposes, while the laboring part of the community is swindled more or less nearly every day in the year by the blow up of some irresponsible rag factory and swindling speculators are flooding the country with their worthless and spurious trash. We charge it upon the Legislature that immediate and unconditional resumption of specie payments must be enforced on our Bank. No excuse whatever. for a contrary course, will be received by the people. They have tried, experimentally, the arguments used by the last Legislature, and have found them false. They were told by those wise statesmen, that the issue of small notes by the State Bank would drive out the small notes of other States, and shinplasters. Yet they proved. by their acts, that they did not believe it would drive shinplasters out for they passed a law making it penal to issue or pass them. How far their predictions have been fulfilled. every one knows. The time never was, when our State was cursed with such a currency as she now has. As we, in common with a large portion of the Democracy. foretold, it has been the means of banishing almost every dollar of specie from circulation, and of filling the vacuum with rags of the most worthless description. Hence we contend now, that nothing but resumption by the State Bank will have the least tendency to correct the currency. It is folly for the Bank to say it will resume when the Ohio Banks do. As well might John Wood make the same excuse. Next year the charters of many banks in Ohio, now forfeited, will expire. Two years hence, if the people of Ohio carry out their measures of reform in the banking system. she will be clear of the curse of it. It is a fully to say it will resume when the State Bank of Illinois resumes. The State Bank of Illinois never will resume! Michigan has nothing to resume. Why then should not the State Bank of Indiana resume at once ! What is there to hinder Is it because its favorites must be saved ! Because they cannot pay their debts to the Bank! Why did the Bank trust them to such an extent, and refuse the farmer the smallest pittance craved! Aye. there's the rub ! Either the bank or its favorites must come up to the scratch, or both will sink together. If the bank would save itself, it must sacrifice this better class-few, indeed, thank Heaven. Otherwise, it sacrifices itself and the interest of the people. It is better to lose a limb than that the whole body should perish." Let, then, this be our watchwordRESUMPTION BY THE BANK.