Elkhart County Bank (Goshen, IN)

Episode Information

Episode UID
6572932590658
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
657293259 hash
Start Date
October 25, 1854
Location
Goshen, Indiana (41.575, -85.831)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a0b511095fcc95bc

Response Measures

None

Description

Multiple contemporary reports list the bank as suspended/stopped payment and its notes uncurrent; final disposition not fully documented here.

Events (4)
1. October 25, 1854 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Stopped payment due to lack of funds to redeem notes; agent attempting to raise funds; correspondent returned Elkhart notes and Goshen bank had no funds to redeem.
Newspaper Excerpt
Still Another Bank Suspended ! The Elkhart County Bank (Goshen, Indiana.) has stopped payment.
Source
newspapers
2. November 2, 1854 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Listed among Indiana Free Banks that had suspended (unchanged payment status).
Newspaper Excerpt
only three of the Indiana Free Banks are known to have suspended, viz: ... Elkhart County Bank, Goshen.
Source
newspapers
3. January 10, 1855 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank's bills were being discounted heavily (listed in third class), reflecting devaluation due to suspension and lack of specie redemption.
Newspaper Excerpt
The following named have been received on deposit to-day at the Bank of the Capitol ... FIFTEEN PER CENT. DISCOUNT. ... Elkhart Co. Bank, Goshen.
Source
newspapers
4. January 11, 1855 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Described as having no place of business and not redeeming its notes, indicating continued suspension.
Newspaper Excerpt
Here is a list of those which the Indianapolis Journal says 'have no place of doing business...and don't redeem their paper'... Elkhart county Bank, Goshen;
Source
newspapers

Newspaper Articles (5)
1. October 25, 1854 The Weekly Portage Sentinel Ravenna, OH
Article from The Weekly Portage Sentinel, October 25, 1854

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Article Text

Still Another Bank Suspended ! The Elkhart County Bank (Goshen, Indiana.) has stopped payment. This concern has no banking house at Goshen. The Bank of Goshen has pretended to redeem for the owner, and has done so when in funds, which was not common. A package of the Elkhart notes was returned to one of our Banks to-day, with a letter from the President of the Bank of Goshen, saying he had no funds to redeem the same. The agent of the concern was West trying to raise the wind.-Plaindealer. aid

2. November 2, 1854 Demoine Courier Ottumwa, IA
Article from Demoine Courier, November 2, 1854

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Article Text

THE INDIANA FREE BANKS.-Mr. R. S. Clark, the publisher of Clark's Detecter," in this city, yesterday evening sent us the following note: "By a dispatch from our Cincinnati correspondent this evening, we are in formed that only three of the Indiana Free Banks are known to have suspended, viz: Bank of Connersville, at Connersville. Elkhart County Bank, Goshen. Northern Indiana Bank, Logansport." -- -Mo. Republican.

3. November 29, 1854 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, November 29, 1854

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Article Text

Free Bank Money. There is only one reason why every individual should not take freely of the paper of every one of our State Stock Banks, and that is, the money is. not taken in bank, and will not buy exchange. This objection may hold good with those who have to buy exchange, but is no objection, or should not be with those who have no exchange to buy.The money is all perfectly secure, and if farmers, mechanics and laboring men would determine to take every dollar they could get oi it, there would be no difficulty in the way of a good, sate, secure home currency. If the bankers and merchant's won't take it of you, pay it out to somebody elue that will. It will not be long before the merchants will be glad to get hold of a currency which they find out circulates freely among the people.' There is but three Banks in the State whose paper is uncurrent, and they are better secured than one half of the balance. These banks are the Northern Indiana Bank at Logansport, the Elkhart County Bank, and the Bank, of Connersville. The Northern Indiana Bank is secured by $91,000 in Indiana 5 per cent. Bank bonds, and $5,000 in Virginia 6 per cents. The Journal of this morning, justly remarks that the "5 per cent. Bank Bonds of Indiana, which always paid their interest promptly, and were always at par, when other State securities were down at 50 per cent below par. And then the stock is owned entirely in our own State, where the individual liability clause can be made available for any beficit. It is impossible for the bill holders to lose on the circulation of this Bank, unless they blindly allow themselves to be fleeced by intersted parties." The Eikhart County Bank of Goshen, is secured by $150 000 Virginia 6 per cents, $73,000 Louisiana 6 per cents, $35,000 N. Carolina 6 per cents, and $25,000 Indiana 21 per cent. These latter stocks were received by the Auditor at 55 cents on the dollar.Who can doubt the security of the bank, with such stock as a basis? The Connersville Bank is secured principaliy by Indiana 5 per cents, $190,000 Indiana 21 per cents, $12,000 Indiana 5 per cents Bank bonds, and $31,000 Ohio 6 per cent Canal bonds. This bank has authorized the Auditor of State to deliver up to bill holders its stocks at their market value, when presented in quantities of $1,000. The owners of this Bank are responsible men, although ore of them has been somewhat embariassed by the failures of the Cincinnati banks. We have no doubt of the solvency of all three of these banks, and that they will pay specie in a lew days, to every body but brokers and sharpers, and no Indianian will bla ne them for refusing to submit to the runs of the carpet bag gentry. Keep it before the people, that we continue to take paper of either of these Banks, in payment for the Courier, for advertising, for job work, or wind work. Don't be backward, gentlemen-sent it along. [Lafayette Cour.

4. January 11, 1855 The Daily Minnesota Pioneer Saint Paul, MN
Article from The Daily Minnesota Pioneer, January 11, 1855

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Article Text

From the Crawfordsville Review. The Free Banks of Indiana. The following list of Free Banks of Indiana were reported in the recent Convention at Indianapolis, as specie paying banks: Hoosier Bank, Logansport; Prairie City Bank; Indiana Stock Bank, Laporte; Gramercy Bank; Western Bank, Plymouth; Canal Bank, Evansville; Fayette County Bank; Lagrange Bank; Bank of Indiana, Michigan City; Bank of Syracuse; Cambridge City Bank; Bank of Rockville; Salem Bank; Bank of Monticello; Crescent City Bank; Central Bank, Indianapolis, Indiana Bank, Madison; Bank of Goshen; Bank of Salem; Farmer's Bank of Westfield; Keutucky Stock Bank; Kalamazoo Bank; Bank of Warsaw; Bank of Mount Vernon; Bank of Paoli; Bank of Elkhart; Merch. and Mechanic's Bank, N. Albany. Bank of the Capitol; Trader's Bank, Indianapolis; N. Y. & Virginia Steck Bank, Evansville; Farm's & Mech's Bank, Indianapolis. The following resolution among others was adopted: Resolved, That we will receive and pay out the notes of the banks represented in this Convention as specie paying banks in all business transactions, and that we will in no case treat as par funds, the issues of any suspended bank whatever. The above list comprises all the banks covered by the foregoing resolution. It is thought that twenty or thirty more banks will acquiesce in the arrangements in a :week or two. Here is a list of those which the Indianapolis Journal says "have no place of doing business,-no owners in fact that anybody can find,-and don't redeem their paper in coin, currency, or exchange." Bank of America, Morocco; Bank of Connersville, Connersville: Drover's Bank, Rome; Elkhart county Bank, Goshen; Merchant's Bank, Lafayette; Orange Bank, Poseyville; Merchant's Bank, Springfield; Northern Indiana Bank, Logansport; Plymouth Bank, Plymouth: State Stock Bank, Logansport; " Peru; Trader's Bank, Terre Hante.

5. January 18, 1855 Plymouth Banner Plymouth, IN
Article from Plymouth Banner, January 18, 1855

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Article Text

From the State Journal. Indiana Free Banks. CORRECTED WEEKLY. WEDNESDAY Evening, Jan. 10. The Bank of the Capitol and the Farmers and Mechanics' Bank to-day receive on deposit at par, only the bills of the following named Banks: CLASS NO. 1. Bank of Indiana, Michigan City, Bank of Syracuse, Syracuse. Bank of Rockville, Rockville. Bank of the Capitol, Indianapolis. Bank of Salem, (south,) Salem. Bank of Brookville, Brookville. Bank of Monticello, Monticello. Bank of Goshen, Goshen. Bank of Elkhart, Elkhart. Bank of Mt. Vernon, Mt. Vernon, Bank of Warsaw, Warsaw, Cambridge City Bank, Cambridge. Central Bank, Indianapolis. Central Bank, Evansville. Crescent City Bank, Evansville. Farmers Bank, Westfield. Farmers & Mechanics Bank, Indianapolis. Fayette County Bank, Connersville. Grammercy Bank, Lafayette. Government Stock Bank, " Hoosier Bank, Logansport. Indiana Bank, Madison. Indiana Stock Bank, Laporte. Kalamazoo Bank, Albion. Kentucky Stock Bank, Columbus. Lagrange Bank, Lima. Laurel Bank, Laurel. Merchants and Mechanics Bank, New Albany. New York and Virginia State Stock Bank, Evansville. Prairie City Bank, Terre Haute. Salem Bank, (north) Salem. Southern Bank of Indiana, Terre Haute. Savings Bank, Connersville. Traders bank, Indianapolis. CLASS NO. 2. Agricultural Bank, Mt. Sterling. Bank of Rochester, Rochester. Bank of Rensselear, Rensselear. Bank of Rockport, Rockport. Bank of Perrysville, Perrysville. Bank of Attica, Attica. Bank of North America, Clinton. Delaware County Bank, Muncie. Farmers and Mechanics Bank, Rensselear. Green County Bank, Bloomfield. Huntington county Bank, Huntington. Indiana Reserve Bank, Kokomo. N. Y. State Stock Bank, Vincennes. Perry Co. B'k, Cannelton. Pub. Stock Bk, Newport. People's Bk, Lima, Lima. Shawnee Bk, Attica, State Stock Bk, Jamestown. State Stock Security Bk, Newport. State Stock Bk, Marion. Syracuse Bk, Syracuse. Trader's Bk, Nashville. Tippecanoe Bk, Winnemac. Wabash River Bk, Jasper. Wabash River Bk, Newville. Wabash River Bk, New Corrydon. Wabash Valley Bk, Logansport. Western Bk, Plymouth. The First Class embraces those which redeem their bills in coin. The Second comprises those which have, at times, declined to pay Brokers and "Bank runners," but which are based on 5 per cent. stocks, and whose proprietors give care and attention to them. Many of our business men have restricted their receipts to the First Class. Others are gradually curtailing the Second Class, and it is probable that, in a short time, all which are not by their owners made equal to those in the First Class by prompt redemption of their notes in specie, will be rejected as uncurrent. The following named Banks are those which, it is understood, make no payment of their notes to any one, and which are, most of them, secured by 5 per cent. Indiana Bonds. The discount at which their paper will be received, will depend on the selling price of their stocks in New York. The following portion of the Third Class have been taken to-day on deposit at the Bank of the Capitol and the Farmers' and Mechanics' Bank, at FIFTEEN PER CENT. DISCOUNT. Bank of Covington, Covington. Bank of South Bend, South Bend. Bank of Fort Wayne, Fort Wayne. Elkhart Co. Bank, Goshen. Farmers' Bank, Jasper. Northwestern Bank, Bloomfield. Steuben Co. Bank, Angola. Upper Wabash Bank, Wabash. Wayne Bank, Logansport. Wayne Bank, Richmond. Great Western Bank, Terre Haute. Starke Co. Bank, Knox. The following named have been received on deposit to-day at the Bank of the Capitol and the Farmers' and Mechanics' Bank, at THIRTY PER CENT. DISCOUNT. Bank of Albany, New Albany. Bank of T. Wadsworth, Michigan City. Bank of North America, Newport. Bank of Auburn, Auburn. Atlantic Bank, Jackson. Bank of Albion, Albion. Bank of Connersville, Connersville. Bank of America, Morocco. Bank of Bridgeport, Bridgeport. Drovers' Bank, Rome. Merchants' Bank, Springfield. Merchants' Bank, Lafayette. Northern Indiana Bank, Logansport. Orange Bank, Poseyville. Plymouth Bank, Plymouth. State Stock Bank, Logansport. State Stock Bank, Peru. Traders' Bank, Terre Haute.