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.

(534)

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.

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.

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

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.

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.