Ohio History Journal

INDEX.

Agricultural progress in Ohio: before 1825, 255, 334; 1831-37, 355; 1838-42, 397-8, 414; 1852, 440; 1857, 469. Assessed valuation of property in Ohio: 439, 520. Banks chartered in Ohio: before 1815, 257, 260, 261-3; under Bonus Law of 1815, 273, 275, 277; 1829, 344, 1831, 359, 1832, 362; 1833 with capital of a mil- lion, 364; 1834, 367. Bank Commissioners of Ohio: enactment of law providing for, 392; first report of, 392; report of 1842 favors restric- tions on banks, 401. Bank Committee: report of in Ohio legis- lature in 1819, 300. See Committee. Bank failures in Ohio: before 1831, 524, causes of, 347; 1841 and 1842, 403; Old banks 1846-50, 433; 1854, 453; 1857, 470; Branch banks, 483. Bank of the Ohio Valley: plan of, 475; organized, 475; redemption agency for State Bank, 476; condition     of, 475, 523. Bank of Ohio and other banks: act to incorporate, 464; opposition to pro- posed law, 465; similar law rejected by the voters 1857, 466. Bank reform in Ohio: slogan of Demo- crats 1838-46, 428, 434; or bank de- struction  1846-50, 434; in legislature, 435. Baum, Martin; organizes Miami Export- ing Co., 257. Benefits derived from banks remaining in Ohio in 1830: 348. Bibliography: 527. Board of Control of State Bank of Ohio: organized, 426; president of, 427; secretary of, 532. Bonds and state stocks issued by Ohio: 115, 343. Bonus Law of 1816: origin of, 272; pro- visions  of,   273;  banks   organized under, 275, 276, 277, 338, 110; repeal asked by Cincinnati banks, 293; dis- satisfaction with, 337; taxes paid by banks under, 338; amended by sub- stituting tax on dividends, 112, 340.

Branches of State Bank of Ohio: pro- visions of law regarding, 424; forma- tion of first, 427, 199; names, loca- tion, date of organization, and profits of to 1853, 521; condition of 1846-63, 504; method of protecting note hold- ers, 481; cases of failure of, 483. Brokers' assorting system:-474. Broker establishments: Ohio bankers in- terested in, 443; increase of in Ohio, 444. Buying notes at a discount: law against in 1819, 296. Capital: need of banking, in Cincinnati in 1826, 342; demand for in other in- dustries in Ohio in 1829 prevents sub- scriptions to stock of Com'l Bk. of Cincinnati, 344; in Ohio banks owned by non-resident stockholders in 1833, 305; private, in Ohio in 1843 and 1844, 418; demand for banking in Ohio in early 50's, 448; of Cincinnati men maintaining foreign note circulation, 448; decline of banking, in Ohio, Tn 1855, 464. Capital stock of Ohio banks: Miami Ex- porting  Co., 259; others organized before 1815, 260, 261, 262, 263; organ- ized under Bonus Law, 273, 275, 276, 277; increase of 1815-17, 278; in 1819, 503; in January 1830, 349; authorized in 1834, over-subscribed, 367-69; or- ganized under law of 1845, 504. Canal: Erie, opening of and beginning of Ohio canals, 398; expenditures in Ohio increase money supply in 1827, 343; system, extent of in Ohio, 335; effects of Ohio system, 169, 397; statis- tics in Ohio, 398. Case, Leonard: cashier Com'l Bk. of Erie, 362. Charters of Ohio banks: granted by special acts of legislature before 1842, 257, 260, 262, 264, 273, 277, 359, 364, 367; expiration of majority of in 1842, 408; termination of remainder, 413. Classes of Ohio banks under general laws: 479.

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Index.                   535

Chillicothe: first settled, 252; bank of, organized,  361; charter   provisions, 361; land office established at, 270; bank convention at, in 1816, 282; U. S. Branch bank opened, 316; State col- lects tax from U. S. Bank Branch, 318. Circulation. of Ohio banks in 1819, 299; ratio of to capital stock in Ohio banks in 1819, 306; 1846-63, 504; rapid increase of in Ohio just before 1837, 358; proportion of specie to for Ohio banks in 1835, 374; ratio of to specie for certain Ohio banks in 1837, 388; reduction of by Ohio banks in early 40's, 404; of Ohio banks at highest point before the war 1851, 439; in- crease of and prices in 1845, 429; of certain foreign banks maintained by Cincinnati capital, 448; in Ohio re- tarded by cost of exchange due to depreciated currency, 450. Commerce: increase of in U. S. 1814-1816, 287; 183040, 353. Commercial crisis in Ohio in 1854: 454. Committee of Ohio legislature: discusses state bank in 1817, 284; report of in regard to taxing U. S. Bank, 300, 314; report of special, in 1820 on fight against U. S. Bank, 322; favors state bank in 1829, 344; in 1830 favors tax on bank dividends, 360; favors state bank, 363; in 1836 against chartering more banks, 377; reports right to issue small bills a vested right of the banks, 379; report of Senate com- mittee in favor of safety fund prin- ciple, 399; report bill for State Bank of Ohio, 421. Condition of Ohio Banks: before 1815, 266; January 1819, 301, 303; 1829, 345; March 1835, 373; on three dates in 1837, 388; 1842, 407; 1854, 454. Constitutional  Convention    in   Ohio: struggle in over banking, 434; clause of constitution of 1851 regarding bank- ing, 435. Cost of exchange in Ohio due to de- preciated currency, 449, 525. Cost of foreign banking capital in Ohio in 1833, 366. Counterfeit notes: 295. Credit: of Ohio banks before 1815, 267; allowed in land sales, 270; contrac- tion of in 1817, 287; expansion of by U. S. Bank in West, 288; restriction

of by U. S. Bank, 290; on merchan- dise purchases, influence of in west in 1819, 299; excessive, and specula- tion, 355, 470. Crisis of 1818-19: begins in Miss. Valley, 286; causes, 287; account of, chap. III. Crow Bar Law: enacted to enforce pay- ment of taxes by Ohio banks, 460. Currency: fluctuations in Ohio, 397; in Ohio supplied by bank notes of ad- joining states, 404; demand for and increase in Ohio in early 30's, 358, 362; increase in U. S. 1830-37, 358; lack of Cincinnati in 1826, 342; in U. S. in 1843, 418; depreciated, in Ohio 1853-5, 449; failure of Ohio banks to provide good home, 452. Debt: in Miss. Valley in 1820, 299; due U. S. Branch     Bank  in  Ohio, 302; national, payment of, 356; of stock- holders to Ohio banks, 393, 434; for- eignand domestic of Ohio, 1833-56, 520. Defects of Ohio banking system prior to 1845, 347, 392-4, 401, 414, Demand for more banking facilities: Cin- cinnati in 1826, 342; Ohio in 1832, 361; general in 1836, 377; Cincinnati in 1850, 436; Ohio in early 50's, 448. Deposits: in Ohio banks in 1819, 302; ratio of to specie, 306; withdrawal of public, from U. S. Bank, 356; and loans, in- creasing importance of, 1854, 452. Depreciation of bank notes: produces high prices in 1816 and 1817, 281; effect of resumption, 283; general in the west in 1819, 309; not chief cause of depression in early 20's, 333; of Ohio banks in 1822 and 1828, 31o; in Ohio beyond vicinity of issuing bank, 1833, 366; circulating in Ohio, 1853-5, 449. Difficulty in collecting state taxes from banks: 339, 403. Distribution of Ohio banks: by counties in 1819, 307; and capital in 1830, 349; by counties in 1835, 375; in 1842, 407; by counties in 1847, 431; by counties in 1857, 468. Dividends of Ohio banks: prior to 1815, 266; about 1817, 279; in early 30's, 366; difficulty of state getting report of, 403; after 1845, 521; basis of tax- ation, 266, 338, 340, 360, 382, 402, 419, 456.

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536                     Index.

Economic Conditions in Ohio: before 1812, 255; after War of 1812, 270; 1818, 285; lack of markets before canal period,  334;  industrial  awakening after canals opened, 335, 343; 1829, 345; business expansion 1831-37, 354; effect of, 397; era of internal im- provements, 352; 1840, 398; 1842-45, 414; exports or exchanges in early 40's, 415; effect of state bank law on, 429; period of business expansion 1848-52, 439; 1852-7, 469. Elections: in Ohio in 1819 influenced by fight against U. S. Bank, 321. Embargo Act: increases western immi- gration, 269. Exchange operations in Ohio: arising fron exports in early 40's, 416; finan- cial disturbances of early in 1834, 366; source of profit to banks, 441; cost increased by depreciated currency, 449, 525; subject to fluctuating cur- rency, 452. Exports from Ohio: 1840, 397, 415; 1852, 439; 1857, 469. Failed banks in Ohio: see bank failures in Ohio. Financial disturbances in 1834, 366. Foreign bank paper in Ohio: large cir- culation of, 404, 416; maintained by Cincinnati capital, 448. Free Banks in Ohio: law    providing for, 437, 499; organized in 1851 and 1852, 210; names, location, date of organi- zation and profits to 1853, 522; statis- tics of, 507. Frontier conditions: a cause of early banking difficulty in Ohio, 347, 402. General Banking Law ol 1842: enactment of, 405; banks authorized under, ob- jections of banks to, and amendment of, 405, 406, 419; personal liability feature, 419. General Banking Law of 1845; enactment of, 423; provisions of, 424; formation of banks under, 427, 521; opposition to, 428; digest of, 495. Governors' Messages to Ohio Legislature regarding banking: Worthington, ad- vocates bonus law, 272; Brown, favors tax on U. S. Bank, 316; Trimble, al- ludes to prosperous condition of state in 1829, 345; Lucas, recommends state bank, 365, comments on increased capital, 372; recommends prohibition of small bills, 379; Shannon, favors

independent banks and opposes state bank, 395; Corwin, analyzes objection to banks, 396; discusses holding of Ohio bank capital by non-residents, 400; Thos. W. Bartley, explains pur- pose of general banking law of 1842, 405, opposes state bank in 1844, 420; Mordecai   Bartley,   advocates  free banking system in 1844, 420, says new State Bank law caused revival of business 1845, 427; Chase, on foreign circulation, 1856, 447, favord repeal of 10% Interest Law, 465, favors free banking 1857, 465, recommends clear- ing house in Ohio Valley, 474, on Ohio banks in panic of 1857, 477. IIammond Charles,: chairman of com- mittee of Ohio Legislature reporting on taxation of U. S. Bank, 322, 329; represents Ohio in case of Osborn vs. U. S. Bank, 327. Ilard times in Ohio: increase hostility to U. S. Bank, 322; low prices and scarcity of money in 1841, 398; fall in prices 1818, 287, 288. High prices: produced by depreciation, 281; and speculation, 287; in land, 270, 337. Immigration: into   Ohio                   after War of 1812, 269, 285; decline             of western after 1817, 299, 332; increase after 1830, 352. Imports:   of merchandise   into  U. S. 1814-16, 285, 287; 1830-37, 354; into Ohio, 1837-41, 398. Indebtedness of directors and officers to Ohio banks, 393. Independent Banks in Ohio: authorized in State Bank Law, 425; name, loca- tion,  date   of   organization,  and profits to 1853, 522; statistics of, 1846- 63, 505. Index: 535. Individual liability: of directors in cer- tain cases under Ohio law     of 1839, 392; of stockholders, prominent fea- ture of the general banking laws of Ohio in 1842 and 1843, 402, 405, 419; under free banking law, 500. Inflation: begins in Miss. Valley in 1815, 271, 287; increased in West by U. S. Bank, 289; in the U. S. just before 1837, 358; climax of in Ohio in 1836, 377; U. S. Government tries to check, 381; relation to public land sales, 385; in Ohio in 1854, 454.

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Index.                        537

Interest: charged state banks by U. S. Bank, 290; rate on foreign capital in Ohio in 1833, 366; on loans of Ohio Life Ins. & Trust Co., 370; source of profit to Ohio banks, 441; 10% law in Ohio, 442; earned by brokers in Ohio, 443; annual on state debt of Ohio, 1833-56, 520. Internal Improvements in Ohio: begin- ning of, 335; effect of, 397; see Canals, J. J. Janney: Secretary of board of con- trol, 532. Kelley, Alfred: author of bill for State Bank of Ohio, 421; of Gen. Property Tax Law, 457; of Ohio bank tax law of 1856, 462; of another state bank law in 1857, 466; Pres. of Com'l Bk. of L. Erie, 134; plan for specie pay, 243. Kentucky and Virginia Resolutions re- affirmed by Ohio Legislature: 324. Kiting: 442. Land: rise in prices of in west after War of 1812, 270; dullness in sales of in Ohio in early 20's, 332; object of speculation, 355, 357; relation of in- flation to sales of public, 385; receipts from sales of public, 493. Land offices: established in Ohio, 270; accept only specie for sales of public land, 1836, 384. Lexington Insurance Company, 258. Loans and discounts: to directors and stockholders, 393, 433; statistics of 1846-63, 504, 511. Location of Ohio banks: see Banks char- tered, and Appendix, 521. ''Loco focos" gain power in Ohio legis- lature: 377. Low prices: in Ohio and the West in 1819, 287, 298; in Ohio in early 20's, 330; and hard times in Ohio in early 40's, 398; and inadequate banking facilities in Ohio, 417. Manhattan, Bank of: incorporated in Mich. Ter. but organized under Ohio laws in 1836, 377. Markets: lack of in Ohio for surplus products before canal period, 334; effect of canals on, 353. Manufacturing: early development In Ohio, 255; value of product and ex- port from Ohio, 1857, 469. Marietta: Settlement of, 250; Bank of, the first regular bank in Ohio, 260; charter provisions, 260.

McCulloch vs. Maryland: case of de- cided, 317; defines status of national banks as agencies of U. S. Govern- ment, 327. Martin Baum: 257. Miami Country: early population and progress, 256; low prices in, in early 20's, 330. Miami Exporting Company: organization and object, 257; the first bank in Ohio, 258; charter provisions, 259; failure and reorganization, 260, 393; increase of capital stock, 259, 263; re- fuses charter under Bonus Law, 274, 338; State's claims against sold at discount, 339. Names of Ohio Banks: see Banks char- tered, and Appendix, 521. National banks: many Ohio banks be- come, 478. New banking system in Ohio: agitation for in early 40's, 399, 420; adopted, 423, 437. No-Bank Party: in power in Ohio, 377; in constitutional convention, 434; se- Political relations. Non-resident stockholders in Ohio banks: in 1833, 365. Note redemption agency: established by State Bank of Ohio, 472; opportunity for, 473; of 1854 and 1857, 473. Office-holders: organization  of Clinton Bank of Columbus by, 368. Ohio bank agency of 1850: 472. Ohio Bank Convention, June 1837: 388. Ohio Life Insurance and Trust Co.: chartered, 368; powers and business, 369; stock largely held in Wall St., 372; real estate loans in   Ohio in 1836, 494; failure occasions panic of 1857, 470. Old Banks in Ohio: in 1844, 413; failure of certain, 433, 453; statistics  of, 1846-57, 504. Osborn vs. United States Bank; Case of: importance of, 326; decision in, 328. Panic of 1818-19: Precipitated by U. S. Bank, 288, 313; of 1837 intensified by crop failures, 387. Panic of 1857: occasioned by failure of Ohio Life Ins. & Trust Co., 470; ma- jority of Ohio banks survive, 477. Personal liability: see Individual liability. Political relations of banking questions in Ohio: influence of U. S. Bank fight on elections, 321; the No-Bank

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538                      Index.

party, 377; struggle over the Small Note Law, 382, 390; vote to amend general banking law of 1842, 405, 406; bank party victory in 1844,121; vote on State Bank bill 1845, 422; renewal of State Bank fight 1846, 428; bank reform or bank destruction  434; posi- tion of Whigs and Democrats in 1846, 428; constitutional convention, 434; bank taxation, 458, 461-3. Population: in Miami Country before 1815, 256; increase in Ohio and ad- joining states, 1810 to 1820, 269; be- tween 1820 and 1830, 336; growth of in Ohio 1830-40, 352, 415; in Ohio in 1850, 439; in 1860, 468. Pork packing industry: centered at Cin- cinnati, 415. Post Notes: laws against, 295; condemned by Bk. Com'rs. of Ohio, 392. Premium on N. Y. exchange in Ohio: 367, 449, 525. Prices of Ohio produce: 281, 298, 330, 398, 417, 429, 459, 519. Prvate banks in Ohio: increase of in 50's, 444; in 1864, 478. Profits of Ohio banks: before 1815, 267; about 1817, 279; about 1833, 366; dur- ing years 1850-53, 440; of individual banks in 1853 and from organization, 521; sources of, 441. Public land sales: effect of credit sales, 270; relation of bank note inflation to, 385; receipts from, 1796-1841, 493. Public works in Ohio: extent and effects of, 335, 397; increase money supply, 343; see Canals, and Internal improve- ments. Quotations of Ohio bank notes: at Phila. in early 20's, 333; at Phila. 1814-31, 487; at New York, 1832-38, 490-91. Railroads: 352, 454, 470. Refusal of Ohio banks to pay tax under laws of 1852, 1853, and 1858; 460-2. Resources and liabilities of Ohio banks: in 1819, 303; 1835, 374-5; 1837, 388; 1842, 406-7; 1846-63, 504. Resumption of specie payment: by Ohio banks, 283; in 1838, 390; attempts of Ohio legislature to compel, 4Q4. Revenues and expenditures: of State of Ohio, 1833-56, 520. Rowlett's tables: 496, 498. Safety Fund System: discussed in Ohio, 396; established in State Bank of Ohio, 424, 496; objections considered,

480; in Ohio compared with that of New York, 481. Scarcity of money in Ohio in 1832. 362; in 1842-3, 417; in early 50's, 448. Schemes to avoid redemption of OhTo bank notes: 450. Security  for note   issue: Ohio    banks classified as to, 480. Semi-annual statements to Auditor of State: 497. Shinplasters: issued by bridge and turn- pike companies and towns, 285-6; flood Ohio from other states in 1854, 447. Small Notes: numerous in Ohio in 1818, 295; U. S. Treas. Dept. during the 30's urges states to suppress, 378; ob- jections to, 378; Governor of Ohio recommends prohibition                 of in   1834, 379; extent of circulationof, 380; Ohio legislature asks banks to sur- render   right  to  issue,  381;   law against in Ohio, 382; effect of, 383; majority of Ohio banks surrender right to issue, 383; repeal of law against, 161; re-enactment    of   law against, 395. Special acts of legislature: the means of organizing banks in Ohio before 1845, 257, 260, 262, 264, 274, 277, 344, 359, 364, 367; number passed from 1802 to 1850, 435. Specie: scarcity in Ohio in 1818, 292; re- ported by Ohio banks 1846-63, 504. Specie Circular: precipitates thel crash in 1836, 384. Specie paying banks in Ohio: in 1820, 311; 1842, 401, 406, 407; 1843 and 1844, 413. Speculation: in Miss. Valley, 271, 285, 287; relation of to credit, 357; panic of 1857, 470. State Bank of Ohio: proposition for in 1817, 284, 293; discussed in legislature 1829, 343; advocated by senate com- mittee in 1833, 363; bill for before legislature in 1833, 363; bill for de- feated in legislature in 1834, 367; be- fore  the  legislature  in  1843, 420; Kelley's Bank Bill of 1845, 421; law of 1845, Ch'p. 9, pp. 423-6; threatened by failure of Ohio Life Ins. & Trust Co., 471; compared with State Bank of Indiana, 481; compared with New York Safety Fund System, 481; com- pared with Ohio stock banks, 483; branches of, 521.

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Index.                   539

Statistics: of banking capital in U. S. after 1815, 278; distribution of state banks in U. S. in 1818, 286; Ohio banks in 1819, 303; lack of for Ohio banks   1820-30,  341;  number   and capital of Ohio banks at various periods 1805-30, 350; Ohio banks in 1830, 349; Ohio banks in 1835, 372-6; Ohio banks in 1837, 388; Ohio banks in 1838, 391; Ohio canal shipments, 398; Ohio banks in 1842, 406; growth of banking in Ohio 1845-7, 431; Ohio banks in relation to growth of de- posits 1851-4, 1860-3, 452-3; Ohio banks 1846-63, 291, 504. Steubenville: first settled, 252; Bank of organized, 262; charter provisions, 263. Supreme Court of U. S. Decision in case of McCulloch vs. Maryland, 317, 327; decision in case of Osborn vs. U. S. Bank, 328; rules taxing fea- tures of law creating State Bank of Ohio constitute a contract obligation not to be impaired by later laws, 459, 462. Surplus: products, lack of market for Ohio before canal period, 334; rev- enue, distribution of, among the states, 356; banks taxed on, etc., 458, 46. Suspension of specie payment: after War of 1812, 267, 279; increases depreci- ation, 280; by Ohio banks in 1818, 291, 300; general in 1837, 385; causes of by Ohio banks, 387; 1839, 391; 1857, 470; during Civil War, 463. Taxation of Ohio banks: on dividends, 266, 338, 340, 360, 382, 402, 419, 456; under the bonus law, 273, 337, 339, 340; on dividends and capital stock, 419; on profits after deducting ex- penses and losses, 456; on capital stock and surplus, 458; on loans and dis- counts, 459; on capital stock, surplus,

contingent   fund,   and   undivided profits, (Kelley's Bank Tax Law), 462; on loans and discounts, other money employed for profit (less re- serve), and balances due from banks, 462. Tax on U. S. Bank: law levying in Ohio, 296, 317; in other states, 313; forcibly collected in Ohio, 318. Ten per cent interest law in Ohio, 442. Unauthorized banking in Ohio: during 1811, 263; Granville Alexandria   So- ciety, 265, 294; Scioto Exporting Com- pany, 265; certain unauthorized banks later given charters, 258; act to pro- hibit in 1815, 265; laws against, 273; John H. Piatt & Co.'s Bank. 286. 294, 309; Bank of Xenia, 286, 294; Owl Creek Bank, 294; increase of 1818, 294; foreign  paper, 404, 416; failure of laws against, 446. United States Bank: First, expiration of charter, 263, 265; Second, established, 282; branches in Ohio, 283; occasion of crisis in West, 288; relations with Cincinnati banks, 291; specie drained from Ohio by, 297; early state op- position to, 313; hostility against in Ohio, 316; law taxing in Ohio, 317; made an outlaw in Ohio, 326; re- fusal to re-charter, 355. White males in Ohio: number of at 5 year periods, 332, 333, 337. Worthington: Message of Governor, on banks, 272; Thomas, on prices in Ohio in 1824, 331. Xenia: Bank of, applies for charter, 294; branch bank at, 426. Youngstown: Mahoning Co. Bank, at 522. Zanesville: beginning of, 252; canal and manufacturing   company    organized, 265; variety of bank paper in, 1818, 285.

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