Ohio Life Insurance & Trust Company (Cincinnati, OH)

Episode Information

Episode UID
6468615690479
Episode Type
Suspension โ†’ Reopening
Bank Type
trust
Bank ID
646861569 hash
Start Date
November 6, 1839
Location
Cincinnati, Ohio (39.103, -84.515)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9f2bac763eb4e5d1

Response Measures

None

Events (2)

1. November 6, 1839 Reopening
Newspaper Excerpt
the Ohio Life Insurance and Trust Company of that city resumed specie payments on the 6th inst.
Source
newspapers
2. * Suspension
Cause
Macro News
Cause Details
Statewide suspension of specie payments among Ohio banks during the 1839 banking disturbances.
Newspaper Excerpt
Of the 33 banks in this State, we ... learn that the Cincinnati banks ... have all refused to redeem their notes.
Source
newspapers

Newspaper Articles (2)

Article from Richmond Enquirer, November 15, 1839

Click image to open full size in new tab

Article Text

1838, and no answer for one month made to a positive call from the Auditor for the returns, although the Char- expressly requires monthly Reports? Who can for- comments and suspicions under such a state of things? The U. States Bank post notes falling due in New York are now regularly redeemed with specie by the Branch in that city So far as it goes, this is a good sign - The N Y E. Post of Tuesday says: "Stocks ge- nerally were firm to day, although our quotations are reduced for several of the leading stocks Bank of the United States, Delaware and Hudson, North American Trust, Harlem and Bank of Kentucky were stationery. The Whigs attribute the advance in stocks yesterday to their hopes of perpetuating a little longer their ephemeral paper system; but the revulsion in prices is steadily going on, and the speculative system of credit, with which we have so long been afflicted, does not find favor with all the substantial men of their own party." The Philadelphia Sentinel understands, "that in conformity with the provisions of their charters, and with what appeared to be the public sentiment on the subject, the Banks of the City and County of Philadelphia, with two exceptions, have declined declaring a dividend for the last six months: and we learn that a number of the Banks in the interior of the State have taken the same course. This determination, whilst it evinces a disposition on the part of the Banks to obey the laws of the land, as far as practicable, will ope- rate, we apprehend, with great severity on many widows and orphans and charitable institutions, whose funds have been invested in bank stock. The Commonwealth, also, which is a large stockholder in several of the banks, and which has heretofore derived a considerable revenue from the tax on bank dividends, will suffer no little inconvenience from its withdrawal, and be obliged to resort to further taxation or to a loan, to meet the deficiency. According to the report of the State Treasurer to the legislature in December last, the Commonwealth received in 1838, from dividends on Bank stock $158,230; and from the tax on Bank dividends, $113,826 89; making together $272 056 89. In estimating the probable receipts in the State Treasury for the present year, these two items are put down at $270,000." The Huntsville Democrat of the 2d inst. says, that the Banks of Alabama "continue to redeem their notes with specie, and there is no probability of their suspending- their resources being ample to sustain them." Ohio-"Of the 33 banks in this State, we (the Chili- cothe Advertiser of the 9th) learn that the Cincinnati banks, with the exception of the Commercial, the Hamil- ton Bank, Urbana, Dayton, Granville, the two Wooster Banks, and the Commercial Bank of Scioto, at Ports- mouth, have all refused to redeem their notes. The re- mainder of the banks in this State, we believe, are still paying specie "-The Fayette and Franklin Banks of Cincinnati resumed specie payments on the 7th. The Cincinnati Gazette states, that the Ohio Life Insurance and Trust Company of that city resumed specie payments on the 6th inst. Under the law of Ohio, if any bank sus- pends specie payments more than thitty days, its charter becomes forfeited. The Ohio Statesman thinks, that the banks of that State, which have stopped, will resume specie payments within the thirty days required by the law, rather than allow their affairs to go into the hands of the commis- sioners. # MOVEMENTS OF THE WHIGS. No sooner is the Election over, in the State of New York, than the Whigs begin to move in the Presidential Election. A meeting of the Whigs was called in their respective wards on Tuesday Evening, to choose Delegates to a Convention which is to appoint Delegates to the Harrisburg Convention. Symptoms of division are beginning to break out. The Evening Star (Citizen Noah) warmly advocates the nomination of Mr Clay, in preference to Gen Harrison or Scott. He sets aside the name of Gen. S.; says, that his nomination is confined to "a very select circle in (that) State, and nowhere else;" admires Gen S. as a gentleman and a soldier, but denies his "pretensions to the character of a statesman."-He contends, that "Mr. Clay and Gen. H, having a certain strength, will be the two leading names before that Convention. That the powerful talents, eminent services, and great experience of Mr. Clay, entitle him to the preference, no one can deny. Let his friends, therefore, among the Whigs, rally to his standard in the several Wards to night and sustain him in a manly, open, honest, fearless manner, by sending members to the Convention who will vote for Clay delegates "-He declares, that "no true friend of the great statesman will desert him for newly named candidates and fresh adventurers. If we have have to sink (says the Star) let us go down with the Clay flag flying in preference to a time serving, fickle, dishonest policy, which must inevitably bring defeat and disaster with it." The Rochester Democrat supports Gen Scott, as the favorite of the country-and the N. York Herald stands by him, and declares at once, that "if the Whigs of N York do not put up the name of SCOTT, they have not the slightest chance carry the State next year, or to present any serious obstacle to the re-election of Mr. Van Buren The friends of Gen. Harrison, again, are buckling on their armor in his behalf, and calling meetings in Ohio for selecting Delegates in their Congressional Districts. to attend the Harrisburg Convention. "The Honorable Elisha Whittlesey has been appointed a (State) Delegate to the Harrisburg Convention from Ohio, in the place of Judge Calvin Pease, dec'd" The Philadelphia Sentinel states, that "the hostile feeling which has frequently exhibited itself within the last year between the friends of Harrison and Clay, is now openly expressed in some sections of Pennsylvania; and threatens an entire separation of the Whig and anti-Masonic parties - We still think that Mr. Clay has too much political tact and experience to be a candidate under such unfavorable circumstances, and that when the proper time arrives, his name will be withdrawn from the canvass. Referring to the bickerings among the sup- porters of Messts. Clay and Harrison, the National Gazette of Tuesday remarks, that "the divisions which now exist in the party will be fatal to its prospects, if they continue but a few months longer." The Columbus (Ohio) Journal deprecates the attempt to run Gen. Scott, as calculated "to increase the probabilities of Whig disunion!" For our own parts, we do not fear any of them, or all together Be it a military chieftain or a civilian; be he who he may that comes forth under the Whig auspices, in the latitudinous school of that party, the free People of the U S, will not support him. The little Magician, as the true Exponent of the States' Right principles of the Constitution, will distance them all The N. Y Times (Conservative.) and the N. Y. Gazette (Whig.) have taken umbrage at the manner in which we speak of Mr. Van Buren's claims upon New York We have no room this morning for any remarks upon this subject-but we ask those gentlemen Editors how can they reconcile it to themselves, to garble our expressions? We take it for granted, that the Times first set the example, and that the Gazette unwittingly followed it Our words were: "We can never believe, after the noble example which almost every other State in the Union has exhibited, that New York, Mr. Van Buren's own State, will shrink from her duty to him, as well as to the great Principles of the Democracy of Thomas Jefferson"-The N York commentators have omit- ted the words in Italics. # Agricultural Fair-PREMIUMS. The Albemarle Agricultural Society held its annual meeting the week before last. The Charlottesville Advocate says, that they received a beautiful Address from Professor Rodgers of the University. "His principal theme was agricultural chemistry, and the peculiar nature and properties of soils and plants, and their appropriate stimulants. He refuted many of the erroneous theories on the subject, and urged with peculiar eloquence the propriety of improving lands by the use of lime, which abounds in the lower section of this county. The conclusion of his address touched upon the mania for emigration, that is desolating many of the fairest regions of Virginia-and was unsurpassed in beauty and pathos by any thing of the kind we have ever heard. The startling tear in the eyes of the most sturdy of his hearers, fully testified that an indelible impression was wrought upon their feelings We can easily conceive the eloquence which enchained the attention of his audience


Article from Richmond Enquirer, November 19, 1839

Click image to open full size in new tab

Article Text

# POLITICS, There is a good deal of commotion in the ranks of a certain party, occasioned by the arrangements which are on foot for nominating a candidate for the Presidency The anti-Democratic party have chosen their delegates from the several wards in this city, who are to meet in a county Convention next Tuesday, and elect four delegates to the great Whig Convention to be held at Harrisburg in December. But now arises the question, whether the delegates who are to be sent to Harrisburg shall be the friends of Clay or the friends of Scott. Shall they be instructed and pledged to give their voices for the nomination of Mr. Clay as the choice of their constituents, or shall they be left to vote in such a manner as they may deem most for the interest of the Whig party; in other words, to secure the nomination of General Scott, if they can? Shall they go with open instructions to insist on the nomination of Clay or with a private understanding that they shall insist upon the nomination of Scott? such is the alternative which now embarrasses the Whig party, and sets them quarrelling The dispute was prudently postponed until after the election, but is now raging violently, although a regard to appearances at present keeps the combatants in the journals under some restraint- "Thus," says a comic poet, "Thus a large dumpling, in its cell confined, Lies snug, until the water waxes hot, Then bustles midst the tempest of the pot, In vain the lid keeps down the child of dough, That bouncing, tumbling, sweating, rolls below." To carry these different views into effect, there has been much maneuvering in the ward meetings. In some of them, delegates have been chosen friendly to the claims of Scott; in others, friendly to Clay; in some, resolutions have been passed, recommending to the delegates to Harrisburg, that they press the nomination of Clay; in others, resolutions have been adopted requesting the county convention to appoint delegates, to Harrisburg, who will act for the best good of the party, without respect to persons The Evening Star clamors for the appointment of men who will be certain to insist on the pretensions of Mr. Clay; the Express cries out "no man pledges," and the Commercial backs the Express. How they will settle the matter, we can not say. In the mean time, however, it is amusing to observe the indirect manner in which the war is carried on by some of the belligerents The party friendly to Scott are all at once seized with a violent horror of pledges. Great as was always their aversion to the public candidate who has the imprudence to let his constituents know beforehand what he intends to do when elected, it is now greater than ever. They are quite abusive towards the members of the House of Assembly elected from this city, because they have declared in what manner they shall vote on certain important questions when they get to Albany The object of this abuse is plain enough; it is intended that it shall be applied to those who go to Harrisburg, pledged to insist upon the nomination of Mr. Clay-N Y Post. # BANK NEWS BASK NEWS -The Ohio Life Insurance and Trust Company resumed the payment of specie on the 6th instant. It is the law in Ohio, that if any bank stops the payment of specie for more than thirty days its charter is forfeited. The Statesman, published at Columbus, Ohio, thinks that all the banks of the State which have suspended, will rather resume within the time prescribed by law, than suffer their affairs to be turned over to commissioners. The following are the only institutions that have thus far ceased to redeem their notes: all the banks of Cincinnati, except the Commercial Bank, the Hamilton, Dayton, Xenia, Urbana banks, and the two Banks of Wooster. The Bank of Illinois, situated at Shawneetown, has resolved not to suspend the payment of specie. Rutas S. Read, President of the Erie Bank of Pennsylvania, described as "the wealthiest citizen of Erie, and possessed of property worth more than five or six-times the liabilities of the Bank," has issued the following notice to the public: "The Erie Bank, having yielded to circumstances beyond its control, and joined the other Banks in Pennsylvania in suspending for the present the payment of specie, I, the undersigned, President of this institution, to allay any apprehension there might be of the ability of the Bank to meet fully all its liabilities, do hereby pledge my private and individual property for the payment of all debts and demands against the said Bank." Statements of the condition of thirty five Safety Fund Banks and two branches, situated west of the city of Albany have recently been furnished to the Bank Commissioners at Auburn As compared with their condition on the 1st January last, it is as follows: 37 Banks. Capital Loans & disc's. Cire'ion 1st Jan., 1839, 7.646.000 14.105,034 7037 579 5th Nov, 1839 7.640.000 13 521.846 4.945 197 It is known, that the circulation of the River and City banks has decreased in a still greater proportion. The whole circulation of the chartered banks on the 1st of January, 1830, was $19 373 149 The lowest point which it reached during the suspension was $11 198.000 in April, 1eds. From the above data, says the Albany Argus, there can be no doubt that the circulation of the chartered banks is as low at this time, and probably lower, than at any time during the suspension. A convention of the Safety Fund Banks of this State at which twenty one banks were represented, was held on the 8th instant at Auburn. After appointing a committee to make arrangements for the establishment of an agency at Albany or Troy, it was resolved- That said Committee continue the present Messenger, to make his trips from Albany to Buffalo, every alternate week. That each Bank assort, count up and label the bills of the several Banks sent to the Agency Bank, in their packages. That the Agency Bank so to be established, seal up the bills, and notify each bank by mail, immediately after the arrival of the Messenger, of the amount of its notes then on hand for redemption. The bank so notified shall redeem its bills so sealed up, at the end of sixteen days from the time of sealing, by draft or funds, current in Albany. The packages of bills so redeemed, shall be returned to the respective banks by the Messenger, next after such redemption or payment. The day of sealing up shall always be on Saturday, and the day of redemption on Monday after the return of the Messenger Any other bank or individual may deposite bills of the associated banks, to be sent home for redemption as aforesaid, at the risk of the depositor, he paying one-fourth of one per cent. towards defraying the expenses attending the agency and redemption. The banks shall keep up the system of red-mption, by exchanging with each other, and adjusting balances as heretofore recommended by the committee of the safety fund banks. Resolved. That the banks under the General Banking Law, be invited to participate fully in the above arrangement, and subject to a proportionate part of the expense -that in case of a refusal, their notes be sent by the associated banks to the agency, and returned home for redemption, and that the agent in Albany be authorized to receive from others, and send home for redemption, packages of their notes, at a charge of one-fourth of one per cent. at the risk of the owner-N Y. Post. PENNSYLVANIA We find in the York Gazette of yesterday, the subjoined letter froรฎn Governor Potter, in reply to the communication of the committee who had been appointed, at the late meeting in that borough, to convey to the Executive a copy of the resolutions adopted by said meeting. These resolutions, it will be recollected, suggested to the Governor, an early call of the Legislature of Pennsylvania, with a view to the adoption of another measure recommended by the meeting, namely, the authorizing of a State loan of two millions of dollars, at an interest of tico per cent, per annum, and the granting of privilege to the banks of that State to issue one, two, and three dollar notes, to the amount that might be taken by them, respectively, of said loan. The object in view by the meeting was twofold-first, to provide small notes as a medium of small business transactions, during suspension; and secondly, to provide for the Commonwealth, at a very low interest, the means of meeting her engagements in regard to certain temporary loans: thus, the loan of two millions at two per cent, would not in effect increase the debt of Pennsylvania, but would, so fast as negotiated, be made to take the place of certain unfunded debts of that Commonwealth, bearing five and six percent interest. on from the letter of Governor Potter, that