Ohio History Journal

OHIO BANKING INSTITUTIONS, 1803 TO 1866.

BY A. B. COOVER.

A bank, as we understand and use the word, is simply a plan

of organizing capital, by which the full benefits of the latter are

secured. The separate means of individuals are united together,

and a large sum thus constituted is hired out at interest to those

who need it. This combination, and the manner of its use, may

be compared to a dam across a valley, and the accumulation in

one body the water of separate springs, which otherwise would

be of little service; but being united, they form a propelling

power for extensive machinery.

Without organization of capital in some form, a community

must remain in comparative barbarism. The few who possess

wealth above their immediate wants must either send it away

for investment where it would enrich other places, or it would

for the most part lie dead, while the poor would continue in

ignorance and drudgery.

After it is organized, a bank gathers more capital by saving.

It presents the first practical idea of economy and increase to

thousands of people.

For several centuries past, banks have been the successful

medium through which credit has not only been preserved, but

great wealth acquired.

The first bank of which we have any authentic history was

established in Genoa, Italy, in 1407-five hundred years ago.

The Bank of Amsterdam was established in 1609, and shortly

after, those of Hamburg and Rotterdam. The Bank of Eng-

land was established in 1694; the Royal Bank of Paris in 1718;

the Bank of North America in 1781, and the Bank of the United

States in 1791.

Under laws passed in 1837 a banking system known as the

"Wild Cat" system was formed in the United States; under this

law about all that was needed to start a bank was an unlimited

(296)

298       Ohio Arch. and Hist. Society Publications.

since become famous by having either been sent to Congress,-

or to jail. Then the history of the rise and fall of each in-

dividual bank appeals to us; the place which it took for good or

evil in the community in which it was located. Then follows a

desire to study the whole banking system of the United States

from the establishment of the Bank of North America in 1781

to the War of 1861-65. We then want to know more about

the World's financial system from the beginning of banking up

to the present time.

The history of banks and banking in Ohio covers a period

of more than one hundred years. However, our part in this

history will be restricted to the first half of the nineteenth

century.

The State of Ohio was admitted into the Union March 1,

1803. The first bank was organized in April, 1803, at Cincin-

nati, under the name of "The Miami Exporting Company." This

bank was established to facilitate trade, and was capitalized for

$500,000, a monster sum in those days. Shares were made one

hundred dollars each, payable five dollars in cash and forty-five

dollars in produce and merchandise acceptable to the President

and Directors. The remaining fifty dollars was to be paid the

second year, also in produce. This bank issued bills and re-

deemed them in notes of other banks. The bills of this bank

were counted as good money for a period of about forty years.

The first regular banks of the State were founded in 1808,

the Bank of Marietta and the Bank of Chillicothe. In 1809,

the Bank of Steubenville was organized with a capital of $100,-

000. The Muskingum Bank of Zanesville and the Western Re-

serve Bank of Warren followed, each with a capital of $100,000.

The Farmers' & Mechanics' Bank of Warren was organized in

1813 with a capital of $200,000.

In order to furnish a better currency for the State, the

Legislature, on February 23, 1816, enacted a general banking

law, incorporating the following banks:-The Franklin Bank of

Columbus; the Bank of Lancaster; the Belmont Bank of St.

Clairsville; the Commercial Bank of Lake Erie at Cleveland; the

Bank of Mt. Pleasant, and the Bank of West Union, each with

a capital of $100,000. This law made the State a partner in

Ohio Banking Institutions, 1803 to 1866.    299

the profits and the capital of these institutions by setting apart

one share in twenty-five on each bank free, and permitted the

renewed banks to create new stock accordingly.

In 1817, six new banks were chartered as follows: The

Bank of Circleville; the Bank of Gallipolis; the Bank of Ham-

ilton; the Farmers' Bank of Canton; the Portsmouth Bank,

and a new bank at Steubenville. In 1818 the Geauga Bank of

Painesville was formed as a northern outpost of commerce,

while the formation of the Commercial Bank of Cincinnati, with

a capital of $300,000, kept up the south-western end of the

State.

The Bank of the United States established a branch at Cin-

cinnati in January, 1817, andone at Chillicothe in October of

the same year. The charter of the Bank of the United States

provided the method of taxation. In 1821 the Legislature of

Ohio enacted a law to withdraw from the Bank of the United

States the protection and aid of the laws of the State.

The Legislature of Ohio was very hostile to foreign bank-

ing institutions, or banks within the State controlled by foreign

capital. Repeated acts of hostility were passed, changing the

bank charters, especially by altering the manner of taxation. By

an act passed March 14, 1853, it was enacted that if a bank

should refuse to pay the tax assessed against it, which might

be different from that provided in its charter, within five days

after notice, the treasurer was authorized to seize all money or

valuables found in the bank. To the county treasurer or com-

missioner was given power to break any door or window, or if

found necessary to obtain the property of the bank, the doors of

the bank vault could be broken open.

Prior to 1838, and for the most part, down to the legislation

incident to the Civil War, local banking was regulated by the

State, and was practically free. Under prescribed rules, any

individual or corporation might issue notes on a pledge that they

would be redeemed when presented.

Generally speaking, the so-called banks in the early days of

Ohio were literally established without capital or experience on

the part of those who managed the same. Notes for circulation

were scarce, and when obtained were of doubtful value. In

Ohio Banking Institutions, 1803 to 1866.     301

trol, which furnished all the notes for circulation. The branches

were required to deposit ten per cent. of their capital in stock

of Ohio or United States money as collateral, to be applied to

the redemption of notes when any bank failed.

The act incorporating the State Bank of Ohio provided for

the establishment of independent banks.

In relation to the branches of the State Bank, the only

security that their notes would be redeemed in case of failure

was the responsibility of the other branches, each branch be-

ing responsible for the redemption of the notes of all the rest.

The Independent banks deposited with the Treasurer of State,

bonds on which they received ninety per cent. of circulation. The

result demonstrated that the State Bank System was equally as

safe as the other, for while out of forty-one branches established

six failed, their notes circulated just as well as before, were

received by all the branches and all other parties in the State at

par with the solvent branch issues, and were returned to the

office in Columbus, where they were redeemed from a fund pro-

vided for that purpose and the notes then destroyed.

The following is a list of the banking institutions located in

Ohio from 1803 to 1861 and as much of the history of each bank

as it has been possible with my limited facilities to obtain. My

authority for statements made concerning the banks is from a

miscellaneous collection of data made in collecting Antiquated

Paper Money during the past ten years.

There may be errors and omissions in this list, however I

am confident that it is the nearest complete of any article of the

kind heretofore published.

Akron-

Akron Branch of the State Bank of Ohio; J. W. Mc-

Millen, President; A. M. Eberman, Cashier.

Ashtabula-

Farmers' Branch of the State Bank of Ohio; O. H.

Fitch, President; A. F. Hubbard, Cashier.

Athens-

Athens Branch of the State Bank of Ohio; J. Ballard,

President; J. R. Crawford, Cashier.

302       Ohio Arch. and Hist. Society Publications.

Bloomingville-

Bank of Sandusky Bay.

Bridgeport-

Belmont Branch of the State Bank of Ohio; Jno. War-

field, President; John C. Tallman, Cashier.

Cadiz-

Harrison Branch of the State Bank of Ohio; C. Dewey,

President; B. W. Phillips, Cashier.

Canton-

The Farmers' Bank of Canton; in 1837 had a paid up

capital of $80,000 and bills in circulation to the amount of

$172,446.

The Stark County Bank; J. A. Saxton, President, and

E. P. Grant, Cashier.

Chillicothe-

The Bank of Chillicothe; capital stock $500,000, in

1837 the circulation amounted to $472,477.

Chillicothe Branch of the State Bank of Ohio; Wm. H.

Douglass, President; J. B. Scott, Cashier.

The Farmers' & Mechanics' Bank.

Farmers', Mechanics' &   Merchants' Bank. (It is

claimed that notes issued by the above named bank were

fraudulent, as there was no bank of that name in Chil-

licothe.)

Ross County Branch of the State Bank of Ohio; O. T.

Reeves, President; A. Spencer Nye, Cashier.

The United States Bank; organized and established in

October, 1817.

Cincinnati-

The Bank of Cincinnati; organized in 1814, with a

capital stock of $140,000. Ethan Stone, President; Lot

Pugh, Cashier.

Bank of the Ohio Valley; W. A. Goodman, Cashier.

Cincinnati & Whitewater Canal Company.

The Citizens' Bank.

The City Bank of Cincinnati; Geo. S. Baker, Presi-

dent; S. Roberts, Cashier.

Ohio Banking Institutions, 1803 to 1866.   303

The Commercial Bank; incorporated in 1829, charter

expired in 1844, capital stock $1,000,000, and in 1837 notes

in circulation to the amount of $1,115,548. James Hall,

President; C. B. Foote, Cashier.

The Consolidated Banking Company.

The Exchange Bank & Savings Institute.

The Farmers' & Mechanics' Bank; organized in 1812,

incorporated in 1813, capital stock $2,000,000. William

Irwin, President; Samuel W. Davies, Cashier.

The Franklin Bank; incorporated in 1833, charter ex-

pired in 1843, capital stock $1,000,000, circulation in 1837

$485,878. J. H. Groesbeck, President; T. M. Jackson,

Cashier. This bank was rechartered in 1843 and closed in

1856.

The Franklin Branch of the State Bank of Ohio; J.

Kilgore, President; T. M. Jackson, Cashier.

The Hamilton County Bank.

Lafayette Bank; incorporated in 1834, charter expired

in 1854, capital stock $1,000,000, circulation in 1837 $478,-

083. George Carlisle, President; Wm. G. W. Gano, Cashier.

Mechanics' & Traders' Bank.

Merchants' Bank.

Merchants' & Traders Branch of the State Bank of

Ohio; S. L. Hommedieu, President; C. E. Nourse, Cashier.

The Miami Exporting Company Bank; incorporated

in 1803, capital stock $500,000 of which $292,955 was paid

up. In 1837 bills were in circulation to the amount of $383,-

645. Oliver M. Spencer, President; Samuel C. Vance,

Cashier.

The Ohio & Cincinnati Loan Office.

The Ohio Life Insurance & Trust Company; incorpo-

rated in 1834, charter expired in 1843 and rechartered in

the same year. Capital stock paid up in the year 1837,

$628,594 and bills in circulation to the amount of $392,595.

Phoenix Bank.

Platt & Company's Bank.

The Savings Bank; John D. Park, President.

304       Ohio Arch. and Hist. Society Publications.

The United States Bank; a branch of this bank was or-

ganized and established in Cincinnati in January, 1817.

The Western Bank.

Circleville-

The Bank of Circleville; (old Bank) incorporated in

1818, charter expired in 1843.

The Bank of Circleville; (new Bank) incorporated in

1834, charter expired in 1855; however the bank failed and

was closed in 1854. The capital stock was $200,000 and in

1837 bills were in circulation to the amount of $145,741.

J. L. Franklin, President; H. K. Lawrence, Cashier.

The Pickaway County Bank; M. Brown, President; O.

Ballard, Cashier.

Cleveland-

The Bank of Cleveland; capital stock in 1837, $205,925,

and bills in circulation to the amount of $242,834.

The Bank of Commerce.

The Canal Bank; Isaac L. Hewitt, President; T. C.

Severance, Cashier.

The City Bank of Cleveland; Lemuel Wick, President;

Alfred Clark, Cashier.

The Commercial Bank of Lake Erie; capital stock in

1837, $400,000, and bills in circulation to the amount of

$356,133.

The Commercial Branch of the State Bank of Ohio;

W. A. Otis, President; T. P. Handy, Cashier.

The Forest City Bank; J. G. Hussey, President; W. H.

Stanley, Cashier.

The Franklin Bank.

The Lafayette Bank.

Mechanics' & Traders' Bank.

Merchants' Branch of the State Bank of Ohio; T. M.

Kelly, President; P. Handy, Cashier.

Branch of the Ohio Life Insurance & Trust Company.

Columbus-

The City Bank of Columbus; incorporated in 1845.

"This institution went into operation near the same time as

the Exchange and Franklin Branch Eanks; under the same law,

Ohio Banking Institutions, 1803 to 1866.           305

but a different provision of it, which authorized Independent Banks,

secured by the deposit of State stocks with the Treasurer of State.

This bank was located in the same building as the Columbus Insur-

ance Company, and, to a great extent, the stockholders in one of

these institutions were also in the other; and so also with the direc-

tory of both institutions, which became in their business much mixed

up together.

"Joel Buttles was the President of the bank until the time of

his death, in the summer of 1850. Then Robert W. McCoy was

President until the time of his death in January, 1856. Thomas

Moodie was Cashier during the whole existence of the Institution.

"Finally the Bank and the Insurance Company both failed; the

Insurance Company in 1851, and the Bank suspended and closed its

doors in November, 1854." (History of Franklin County, 1858.)

The Clinton Bank; incorporated in 1834, and in 1837

had a paid up capital of $299,500 and bills in circulation

to the amount of $115,046. W. M. Sullivant, President;

D. W. Deshler, Cashier.

"The Clinton Bank of Columbus was chartered 1833-34, and in

October, 1834, the first Board of Directors was elected, and consisted

of William Neil, Christopher Neiswanger, David W. Deshler,

Demas Adams, John Patterson, Jesse Stone, Noah H. Swayne,

Joseph Ridgeway, Bela Latham, William S. Sullivant, William

Miner, 0. W. Sherwood, and Nathan Medbury. William Neil was

elected President, and John Delafield, Jr., Cashier. Mr. Neil con-

tinued President until January, 1846, when he was succeeded by

William S. Sullivant, who was continued President until the charter

expired January 1, 1854. Mr. Delafield was succeeded as Cashier

by John E. Jeffords, in January, 1838. Mr. Jeffords died in April,

1842, and David W. Deshler was then appointed Cashier, and

continued until the expiration of the charter. After the expiration

of the charter, some half dozen of the principal stockholders in the

old bank formed themselves into a new private banking company,

and continued to do business as such in the same room. They

styled their institution 'Clinton Bank,' merely dropping from the

old name the words 'of Columbus.' The notes of the old Clinton

Bank of Columbus were redeemed by the new concern at par."

(History of Franklin County, 1858.)

The Exchange Branch of the State Bank of Ohio; in-

corporated in 1845, with a capital of $125,000. W. B. Hub-

bard, President, and H. M. Hubbard, Cashier.

Vol. XXI. -20.

306        Ohio Arch. and Hist. Society Publications.

"In February, 1845, the banking law, to incorporate the State

Bank of Ohio, and other banking companies, was passed. Books

were immediately opened, and the requisite amount of stock soon

subscribed for three new banks-the Exchange Branch and the

Franklin Branch of the State Bank; and the City Bank based upon

State stocks.

"The Exchange Bank went into operation on the 24th of May,

1845, with a capital of $125,000, the charter of which expired on the

1st of May, 1866.

"The first Board of Directors of the Exchange Bank were,

William B. Hubbard, D. T. Woodbury, Edwards Pierpont, O. Follett,

and Peter Hayden. The successive business officers were as follows:

Presidents. -

"William Hubbard, May 24, 1845 to June, 1852.

"William Dennison, Jr., June 22, 1852 to Jan. 1, 1856.

"D. W. Deshler, January 1, 1856 to 1858 and later.

Cashiers. -

"H. M. Hubbard, May 24, 1845 to 1853.

"M. L. Neville, June 1, 1853 to 1855.

"C. J. Hardy, January 1, 1856 to 1858 and later."

(History of Franklin County, 1858.)

The Franklin Bank of Columbus; incorporated in 1816,

with the charter to expire in 1843. In 1837 there was a

paid up capital of $481,500 and notes in circulation to the

amount of $272,396.

The Franklin Branch of the State Bank of Ohio; in-

corporated in 1845, with a capital stock of $175,000. Samuel

Parsons, President, and James Espy, Cashier.

"The Franklin Bank went into operation July 1, 1845, with a

capital of $175,000. The charter expiring May 1, 1866. The first

Board of Directors were, Gustavius Swan, Samuel Parsons, George

M. Parsons, Wray Thomas and Thomas Wood. The successive

business officers were as follows:

Presidents. -

"Samuel Parsons, July, 1845 to July, 1852.

"Thomas Wood, May, 1852 to July, 1853.

"D. W. Deshler, July, 1853 to 1858 and later.

Cashiers. -

"James Espy, July, 1845 to July, 1854.

"Joseph Hutcheson, 1854 to 1858 and later."

(History of Franklin County. 1858.)

The Mechanics' Savings Institute.

Ohio Banking Institutions, 1803 to 1866.         307

Cuyahoga Falls-

Summit County Branch of the State Bank of Ohio; E.

N. Sill, President; E. S. Comstock, Cashier.

Dayton-

The Dayton Bank; incorporated in 1814, rechartered in

1843, closed and discontinued in 1856. In 1837 this bank

had a paid up capital of $167,203 and bills in circulation to

the amount of $65,612.

The Dayton Branch of the State Bank of Ohio; Peter

Odlin, President, and Charles G. Swain, Cashier.

The Miami Valley Bank; Daniel Beckel, President,

and S. C. Emley, Cashier.

The Dayton Manufacturing Company;

"In November, 1813, meetings of the Dayton business men

were held with a view of establishing a bank. The next month

the Dayton Manufacturing Company was incorporated by the Legis-

lature. On December 28, the following Directors were elected:

H. G. Phillips, Joseph Peirce, John Compton, David Reid, William

Eaker, Charles R. Greene, Isaac G. Burnet, Joseph H. Crane, D. C.

Lindsley, John Ewing, Maddox Fisher, David Griffin, and John H.

Williams. May 19, 1814, the board organized by the election of

H. G. Phillips, President, and George S. Houston, Cashier. The

banking hours were from 10 A. M. to 1 P. M. * * * During

the winter (1814) the community had a new experience in the

appearance of one and two dollar bills, of the Dayton Manufacturing

Company, fraudulently raised to twenties and one hundred dollar

bills." (History of Montgomery County. 1882.)

Delaware-

The Bank of Delaware; W. E. Moore, Cashier.

The Delaware Branch of the State Bank of Ohio; H.

Williams, President, and B. Powers, Cashier.

Eaton--

The Preble County Branch of the State Bank of Ohio;

J. Harshman, President, and H. C. Heistand, Cashier.

Elyria-

Lorain Branch of the State Bank of Ohio; E. Dewitt,

President, and John R. Finn, Cashier.

308        Ohio Arch. and Hist. Society Publications.

Franklin-

The Franklin Bank of Portage County; Zenas Kent,

President; Charles Peck, Jr., Cashier.

Fulton-

The Orphans' Institute Bank.

Gallipolis-

The Bank of Gallipolis.

Granville-

The Bank of Granville, (also known as the Granville

Alexandrian Society). Organized in 1814-15; in the year

1837 this institution had a paid up capital of $146,129 and

notes in circulation to the amount of $101,213. Alexander

Holmes, President, and R. R. Roach, Cashier.

"At an early period an act of the legislature incorporated the

Granville Alexandrian Society. It was supposed the law conferred

banking powers, accordingly a bank was established about 1814

or 1815.

"The banking house was a one story building, and stood at the

southeast corner of Broad street and the public square. It issued

circulating notes and did a general banking business. It is not

certain who its first directors and officers were, but Elias Gilman,

Silas Winchel, and Timothy Spellman, residents of Granville, were

of the board, with Alexander Holmes, of Newark, as President,

and R. R. Roach, as Cashier. Subsequently G. Swan, was Cashier,

and he was succeeded by Elisha S. Gilman. This was no doubt

the first banking institution in the county.

"In 1817, in common with other banks in the State, * * *

the bank failed to redeem its notes, and suspended payment, when

its notes greatly depreciated. In 1836 the bank was revived, prin-

cipally by Buffalo parties. Henry Roop was made President, and

A. G. Hammond, Cashier. Mr. Hammond did not continue long,

and A. J. Smith succeeded him. Mr. Roop retired from the presi-

dency after a time, when his place was supplied by some person

interested in the bank in Granville. The public did not have great

confidence in this bank, its issues not being in much favor, and it

suspended payment in 1841. Its business was wound up by order

of the court, and some of its stockholders were made individually

liable for its outstanding notes." (Licking County History, 1881.)

Hamilton-

The Bank of Hamilton; incorporated in 1817, with a

capital stock of $100,000. In 1837 this bank had bills in

Ohio Banking Institutions, 1803 to 1866.          309

circulation to the amount of $106,343. Closed in 1842.

John Riley, President, and William Blair, Cashier.

"On the 19th of December, 1817, the Bank of Hamilton was

incorporated with a capital of $300,000, and went into operation

on the 30th day of July, 1818. The capital stock paid in was

$33,062.68. This institution continued to do business for only two

or three years, the pressure of the times and depreciating of bank

paper in the West forced them to direct their measures towards a

close of their business. * * * The first president of the Bank

of Hamilton was John Reily, and the first cashier, William Blair.

* * * From 1824 to 1835 directors were annually elected to keep

the bank alive. In 1835 additional shares were subscribed and the

bank again went into operation. * * * The hard times pressure

finally compelled the bank to close its doors on February 9, 1842.

The directors were arrested. It was claimed they issued more notes

than their charter called for. One director was placed on trial and

acquitted. All the other cases were nolled." (History of Hamilton

County. 1896.)

The Butler County Bank.

Peck Bank; incorporated in 1857. Dr. John P. Peck,

President, and John B. Cornell, Cashier.

Shaeffer & Curtis Bank.

Ironton-

The Iron Bank; James Rogers, President, and George

Williard, Cashier.

The Ohio State Stock Bank.

Kirtland-

The Kirtland Safety Society Bank.

Lancaster-

The Hocking Valley Branch of the State Bank of Ohio;

D. Tallmage, President, and M. A. Daugherty, Cashier.

The Lancaster Bank; in 1837 this bank had a paid up

capital of $200,000 and bills in circulation to the amount of

$274,423. The dividends of the Lancaster Bank from 1817

to 1839 averaged 13%.

Lebanon-

The Lebanon-Miami Banking Company; incorporated

in 1816, charter expired in 1843.

310        Ohio Arch. and Hist. Society Publications.

Logan-

The Logan Branch of the State Bank of Ohio; F. Cam-

bell, President, and J. Walker, Cashier.

Manhattan-

The Manhattan Bank.

Mansfield-

The Bank of Mansfield; organized in 1816. John Gar-

rison, President, and Mr. Elliott, Cashier. This institution

applied for a charter which was denied them.

The Farmers' Branch of the State Bank of Ohio; in-

corporated in 1847. James Purdy, President, and H. Colby,

Cashier. (John Rhodes was succeeded by J. M. Rhodes as

Cashier in 1850, and he in turn by Colby in 1851. At the

expiration of the charter of this bank it was merged into

a National Bank.)

Marietta-

The Bank of Marietta; incorporated in 1808, re-char-

tered in 1816, charter expired in 1843.  Paid up capital in

1837, $1O1,090, and bills in circulation to the amount of

$120,271. Rufus Putnam, President, and David Putnam,

Cashier.

"The first corporation in the State which exercised banking

powers exclusively, was chartered February 10, 1808, as the Bank

of Marietta. The directors named in the charter were Rufus Put-

nam, Benjamin I. Gilman, William Skinner, Paul Fearing, Dudley

Woodbridge, Earl Sproat, and David Putnam. This charter was

for the term of ten years. * * * In 1816 the charter, although

not yet having expired, was extended, under the banking act of

1816, to January 1, 1843.

"* * * The following were the successive Presidents and

Cashiers:

"Presidents:-Rufus Putnam, Benjamin I. Gilman, Dudley

Woodbridge, Levi Parker, and John Mills.

"Cashiers:-- Benjamin Putnam, David Putnam, David S. Cham-

bers, Alexander Henderson, William B. Barnes, Arius Nye, and

A. T. Nye.

"* * * The first safe was merely a plank chest, barred with

iron and secured by a padlock."

(History of Washington County. 1881.)

Ohio Banking Institutions, 1803 to 1866.       311

The Marietta Branch of the State Bank of Ohio; in-

corporated in 1845. John Mills, President, and N. L..Wil-

son, Cashier.

"A branch of the State Bank of Ohio, was organized and

commenced business November 3, 1845, under the name of the

Bank of Marietta, with John Mills, President, and Noah L. Wilson,

Cashier. * * * In 1857, Noah L. Wilson resigned and I. R

Waters was elected Cashier."

(History of Washington County. 1881.)

Marion-

The Bank of Marion; W. W. Concklin, President, and

J. Ault, Cashier.

The Ohio State Stock Bank.

Massillon-

The Bank of Massillon; incorporated in 1834, charter

expired in 1855, business closed in 1856. In 1837 this bank

had a paid up capital of $200,000 and bills in circulation to

the amount of $320,181. Charles K. Skinner, President,

and F. E. Platt, Cashier.

The Merchants' Bank; Isaac Steese, President, and S.

Hunt, Cashier.

The Union Branch of the State Bank of Ohio; M. D.

Wellman, President, and L. Hurxthal, Cashier.

Miamisburg-

The Washington Bank; incorporated in 1844. R. S.

Wheelock, President, and L. P. Morris, Cashier.

(This institution was incorporated as the Washington Social

Library Company, and was supposed to have banking privileges.)

Middletown--

The Canal Bank.

Monroe Falls-

The Monroe Falls Manufacturing Company.

Mount Pleasant-

The Bank of Mount Pleasant; incorporated in 1816:

charter expired in 1843. In 1837 this bank had a paid up

312        Ohio Arch. and Hist. Society Publications.

capital of $194,495 and bills in circulation to the amount of

$195,980.

Mount Pleasant Branch of the State Bank of Ohio;

James Gills, President, and Jonathan Burns, Cashier.

Mount Vernon--

The Knox County Branch of the State Bank of Ohio;

incorporated in 1848. H. B. Curtis, President, and J. C.

Ramsey, Cashier.

"The Knox County Bank of Mt. Vernon, O., was organized as

a branch of the State Bank of Ohio, in 1848. Henry B. Curtis,

President, and John C. Ramsey, Levi L. Lewis, and J. Frank An-

drews were the successive Cashiers. The life of the Knox County

Bank extended from 1848 to 1865, when it was reorganized and

became known as the Knox County National Bank."

(History of Knox County. 1881.)

The Owl Creek Bank of Mount Vernon; organized in

1816, capital stock $500,000.  James Smith, President, and

L. S. Silliman, Cashier.

"The following is an account of an institution with the above

euphonious name, located upon the banks of Owl Creek, and within

the precincts of Mt. Vernon. The engraving above gives a view of

one of 'the owls' issued by this bank. They were of every denomi-

nation from the shinplaster form of 61/4 cents up to $10.00. * * *

From journals and old files of that day, we have compiled

the following.  There being great complaint of the scarcity of

money after the war (1812), large numbers of people in the

various cities and towns in the United States, and more particularly

in the West and Ohio, conceived the idea of multiplying the

quantity of paper in lieu of money by manufacturing what is called

currency. Among other points, those of Mount Vernon determined

to engage in the business of making money. As early as December,

1814, a meeting was held, and articles of association for the organ-

izing of a bank, to be called 'The Owl Creek Bank of Mount Ver-

non,' were entered into, fixing the capital stock at $150,000, divided

into shares of $50 each, and appointing certain commissioners to

open stock books, etc. Petitions were then presented to Legislature,

praying for a charter; and after having petitioned the Legislature

for an act authorizing such an association, and having been denied

the grant, determined to 'go it alone,' on their own hook.

Ohio Banking Institutions, 1803 to 1866.            313

"On the 10th day of April, 1816, the first meeting on record

of those who inaugurated the Owl Creek Bank was held at the

court-house in Mount Vernon. * * * As showing the feeling

existing in regard to such banks, in the winter of 1816-17 an enemy

of the bank killed a tremendous big owl, and bringing it into town,

he rudely threw it down upon the counter, exclaiming, 'There,

d'm you, I've killed your president.'

"The bank building was a rough, yet substantial piece of work-

manship, a mixture of Doric and Corinthian styles of architecture,

weather-boarded; and with four-penny nails thickly driven through

its batten door and window-shutters, so thieves could not cut in and

steal. On the ground it covered about fourteen feet square, and

was one low story in height, and painted red.

"The office of the Bank President was no sinecure in those days,

at least of the Owl Creek Bank, for we find that the chief owl was

at all times compelled to defend his institution.

"Such is, in brief, the history of the Owl Creek Bank; an

institution which, in part from its outre name, has acquired more

notoriety than any other that has ever existed in America-if

not in the world. The fame of the 'United States Bank' was not

more widely extended. Its failure created no greater dismay.

Nations civilized and tribes savage have seen and handled its money.

In its brief life, yet protracted existence, it has been cursed most by

those whom it befriended, and wronged most by those who professed

to be its friends.

"The evil day came upon it--even in its early youth; before

it had become full grown, the keen frosts nipped it. Its crest

fell and its petals closed in, because too much light struck in

on it suddenly. Its head wilted; it fell; and great was the fall

thereof. Its sunshine friends deserted when the cloud portended

the coming storm--some who had received its money and upon

whom it had showered its benefits, and some who had lent their

credit and volunteered their names to the infant, deserted its cause,

and attempted to plead infancy and limitation in bar. As with

the human kind, when life is almost extinct, doctors are often

called in only to attend upon the corpse; so, in this instance, lawyers

were brought in at the eleventh hour to the wake. In the last

pangs opiates were sought to be administered, and the sleep of

forgetfulness was invoked by a few.

"After thirty years in the courts, the last dollar of its issue

presented was redeemed, and, forty years after its birth, 'all that

was of earth earthy' of the Owl Creek Bank of Mount Vernon,

was consigned to its final resting place-The Great Book of

Records." (History of Knox County. 1862.)

314         Ohio Arch. and Hist. Society Publications.

Newark-

The Licking County Branch of the State Bank of Ohio;

Benjamin Elliott, President, and J. E. Blythe, Cashier.

The Newark Plank Road Company; C. Brady, Presi-

dent.

New Hagerstown-

The New Hagerstown Bank.

New Lisbon-

The Bank of Columbiana; incorporated in 1816, charter

expired in 1843. In 1837 this bank had a paid up capital

of $60,000 and bills in circulation to the amount of $150,000.

New Philadelphia-

The Bank of New      Philadelphia; C. Deardorff, Presi-

dent, and J. Blickensderfer, Cashier.

"The first and for many years the only banking house in New

Philadelphia, was known as Blickenderfer's Bank. The business

was conducted in a small building which stood on Lot 150, High

Street, the site of the new hotel. A bill for $5, now in possession of

E. A. Deardorff, establishes the fact that the 'Bank of New Phila-

delphia,' which issued it, was in existence in 1817.

"C. Deardorff was then President, and J. Blickensderfer, Cashier.

A notice published in the Chronicle in November, 1819, directing the

stockholders to meet at the office of Sylvester Johnson, to transact

important business, indicates that the banking business was con-

ducted for several years. Money in that day was scarce, and the

bank flooded the village with paper currency for amounts ranging

from a sixpence upward.

"Mr. C. H. Mitchner preserves this graphic account of the

institution: - 'Like all other banks of that day in Ohio, it was

honestly run on paper money only, although the bills promised to

pay in gold or silver on sight. It was started to build up the

town, but met with a sad accident. One day a stranger stopped

in with $10,000 of the bills of the bank and demanded the coin.

The officers told him to call again in a short time. This gave them

time to hide. They shut the bank and adjourned to Sluthour's

(carpenter) shop. He told them that he had not many shavings

made, and that they had better separate; that he would hide the

cashier in the shavings, while the president, having on a pair

of buckskin breeches, had better go into the red brush, and stay

until the stranger left. Thus they kept shady until he was out of

town. In a very short time he returned to the bank, and having no

Ohio Banking Institutions, 1803 to 1866.          315

specie for him, they let the bank go up higher than a kite, and it

never came down.'

"About 1852 or 1854, Peter Hines found the bank safe in a

garret. It was an old fashioned hair-trunk, lined with newspaper,

and behind which he found two Spanish quarters, dated 1796 and

1800, which the writer purchased for $1, so that he could boast

of having all the specie of the first bank of New Philadelphia

when it bursted." (History of Tuscarawas County. 1884.)

New Salem-

The Farmers' Bank of New Salem; incorporated in

1816.

The Jefferson Bank.

Norwalk-

The Bank of Norwalk; incorporated in 1831, charter

expired in 1850. In 1837 this bank had a paid up capital of

$161,245 and bills in circulation to the amount of $187,874.

Norwalk Branch of the State Bank of Ohio. Timothy

Baker, President, and John Gardner, Cashier.

Ohio City-

The Ohio Railroad Company;

This Company was incorporated in 1836. In 1836, the residents

of Brooklyn township, in Cuyahoga County, procured the passage

of an Act incorporating themselves into a city, and gave to this city

the high sounding name of "The City of Ohio." Considerable

rivalry existed between the residents of the City of Cleveland and

the City of Ohio; in fact the City of Ohio was the first to be

incorporated as a city. In 1854, the rivalry of the two cities having

ceased, and Cleveland being the largest in the number of population,

it was decided to annex the City of Ohio to Cleveland, which was

done on June 15, 1854.

At the same session in which the City of Ohio was incor-

porated, an act was passed to incorporate the Ohio Railroad Com-

pany, the chief office of which was located in the City of Ohio.

The Ohio Railroad Company obtained a large advance in money

from the State, under the act of 1837 which authorized the State

to loan its credit to railroads. By the 17th section of its charter,

the treasurer was authorized to issue orders, and under this power

it issued a large amount of orders in the similitude of bank bills.

316        Ohio Arch. and Hist. Society Publications.

Painesville-

The Bank of Geauga; incorporated in 1829, charter ex-

pired in 1844. In 1837 it had a paid up capital of $87,000

and bills in circulation to the amount of $178,813. Daniel

Kerr, President, and S. S. Osborn, Cashier.

Piqua-

The Piqua Branch of the State Bank of Ohio; Wil-

liam Scott, President, and Joseph G. Young, Cashier.

Portsmouth-

The Commercial Bank of Scioto; incorporated in 1817,

charter expired in 1843. In 1837 it had a paid up capital

of $268,621 and bills in circulation to the amount of

$248,857.

"The old Commercial Bank of Scioto was chartered by a

special act of December 16, 1817. Its capital was $100,000. It

was organized and ready for business December 17, 1817, with

Thomas Waller, President and Elijah McIntyre, Cashier. The suc-

cessive Presidents and Cashiers were:

Presidents:

"Thomas Waller, 1817 to 1823.

"John R. Turner, 1823 to --

"J. V. Robinson,           --

"Cashiers:

"Elijah McIntyre, 1817 to 1820

"Jacob Clingman, 1820 to 1833.

"N. K. Clough, 1833 to

"H. Buchanan,

"The bank made an assignment on January 13, 1843."

(Scioto County History.)

The Portsmouth Branch of the State Bank of Ohio;

incorporated in 1846. Capital stock $100,000. W. Kinney,

President, and E. Kinney, Cashier.

"The Portsmout Branch of the State Bank of Ohio, was

established in 1846, with an organized capital of $100,000. Peter

Kinney was the first President and Samuel Reed the first Cashier.

This bank was in existence until 1865 when it was succeeded by the

Portsmouth National Bank." (Scioto County History. 1903.)

Ohio Banking Institutions, 1803 to 1866.   317

Putnam-

The Muskingum Bank; this bank in 1837 had a paid

up capital of $123,000 and bills in circulation to the amount

of $136,876. E. Buckingham, President, and B. H. Buck-

ingham, Cashier.

Ravenna-

The Franklin Bank.

The Portage County Branch of the State Bank of

Ohio; R. E. Campbell, President, and John Ebbert, Cashier.

Ripley-

The Farmers' Branch of the State Bank of Ohio.

Thomas McCague, President, and Daniel P. Evans, Cashier.

Salem-

The Farmers' Branch of the State Bank of Ohio. S.

Jennings, President, and C. H. Cornwell, Cashier.

Sandusky-

The Bank of Sandusky; incorporated in 1834, charter

expired in 1850. In 1837 this bank had a paid up capital

of $100,000 and bills in circulation amounting to $108,217.

The Sandusky City Bank. F. Lane, President, and H.

S. Flynt, Cashier.

The Union Bank. E. T. Barney, President, and S. W.

Torrey, Cashier.

Springfield-

The Springfield Bank. Oliver Clarke, President, and

William McMeen, Cashier.

The Mad River Valley Branch of the State Bank of

Ohio. Thomas F. McGrew, Cashier.

Steubenville-

The Bank of Steubenville.

The Farmers' & Mechanics' Bank; incorporated in

1817, charter expired in 1843. In 1837 this bank had a paid

up capital of $273,000 and bills in circulation to the amount

of $401,281.

The Jefferson Branch of the State Bank of Ohio.

William Spencer, Cashier.

318       Ohio Arch. and Hist. Society Publications.

St. Clairsville-

The Belmont Bank of St. Clairsville; incorporated in

1816, charter expired in 1843. In 1837 this bank had a

paid up capital of $193,790 and bills in circulation to the

amount of $273,292.

Tiffin-

The Ohio Savings Institute Bank.

The Seneca County Bank. Wm. H. Gibson, Presi-

dent, and Charles L. Johnson, Cashier.

Toledo-

The Marine Bank. J. C. Hitchcock, Cashier.

The Toledo Branch of the State Bank of Ohio. Amasa

Stone, President, and Paul Jones, Cashier.

The Commercial Branch of the State Bank of Ohio.

Samuel Young, President, and M. Johnson, Cashier.

Troy-

The Miami County Branch of the State Bank of Ohio.

William Barber, President, and H. S. Mayo, Cashier.

Urbana-

The Champaign County Bank. S. A. Winslow, Presi-

dent, and H. P. Espy, Cashier.

The State Stock Bank.

The Urbana Bank; this bank in 1837 had a paid up

capital of $108,866 and bills in circulation to the amount

of $157,488.

Warren-

The Farmers' & Mechanics' Bank.

The North-Western Bank.

The Western Reserve Bank; incorporated in 1812,

charter expired in 1843. In 1837 it had a paid up capital

of $165,837 and bills in circulation to the amount of $213,-

900. George Parsons, President, and George Taylor,

Cashier.

"The Western Reserve Bank was chartered in 1811-12, with

the following names as corporators:-Simon Perkins, Robert B.

Parkman, Turhand Kirtland, George Tod, John Ford, C. S. Mygatt,

Calvin Austin, William Rayen, and John Kinsman. The corporators

soon after organized, and by subscription secured the required

Ohio Banking Institutions, 1803 to 1866.           319

amount of stock. * * * General Simon Perkins was the first

President, and continued until April 5, 1836, when he resigned, and

Zalmon Fitch was chosen in his place. Mr. Fitch, at the organ-

ization of the bank, was elected Cashier, and continued in that

position until promoted to the presidency. He resigned January

21, 1838, and George Parsons, who was elected in his stead, held

the office until the close of the business existence of the bank;

thus being an officer in the same for nearly a half century. Ralph

Hickox succeeded Mr. Fitch, and was Cashier until his decease in

1840. George Taylor succeeded Mr. Hickox, and served in that

capacity until the closing of the Western Reserve Bank proper.

* * * The Western Reserve bank started with a capital of

$100,000 which was increased to $300,000. * * * In 1816 its

charter was extended to December 31, 1843, when it went into

liquidation; but in July, 1845, it was reconstructed under the inde-

pendent banking law, which extended it until 1866. * * * It

was among the first banks chartered in the State, and was the only

one that continued sound and solvent to the end of the State Bank

Organization. * * * During the general suspension of specie

payment in 1814 and in 1836 this bank suspended for a few months."

(Mahoning Valley Historical Collections. 1876.)

Washington-

The Guernsey Branch of the State Bank of Ohio. John

McCurdy, President, and George A. Endly, Cashier.

West Union-

The Bank of West Union; in 1837 this bank had a paid

up capital of $20,000 and bills in circulation to the amount

of $48,301. The bank failed and was closed in 1841.

Wooster-

The Bank of Wooster; organized in 1834, and failed in

1848. In 1837 this bank had a paid up capital of $150,221

and bills in circulation to the amount of $194,289. J. S.

Lake, President, and Benjamin Bently, Cashier.

The German Bank of Wooster; organized in 1816. T.

J. Jones, President, and W. Larwill, Cashier.

"The old German Bank of Wooster was organized in 1816, with

T. J. Jones, President, and W. Larwill, Cashier. Its existence was

of brief duration, and for awhile it was conducted without a charter."

(History of Wayne County. 1878.)

320       Ohio Arch. and Hist. Society Publications.

The Wayne County Branch of the State Bank of Ohio;

it was organized in 1848, and discontinued in 1865. D.

Robinson, Sr., President, and E. Quinby, Jr., Cashier.

"The Wayne County Branch of the State Bank of Ohio was

organized in February, 1848. D. Robinson, Sr., was president until

January, 1858, and Isaac Steese from 1858 to the expiration of

its charter in 1865; E. Quinby, Jr., being cashier from the organi-

zation to its close."   (Wayne County History. 1878.)

Xenia-

The Bank of Xenia; incorporated in 1834, charter ex-

pired in 1850. The paid up capital of this bank in 1837

was $100,000 and bills were in circulation to the amount of

$69,635.

The Xenia Branch of the State Bank of Ohio. A.

Hivling, President, and A. Trader, Cashier.

Youngstown-

The Mahoning County Bank. Wm. Raven, President,

and R. W. Taylor, Cashier.

Zanesville-

The Bank of Zanesville was incorported in 1832, and

the charter expired in 1843. In 1837 this bank had a paid

up capital of $258,262 and bills in circulation to the amount

of $189,626.

The Franklin Bank of Zanesville. D. Brush, President,

and Charles E. Robins, Cashier.

The Muskingum Bank; this bank was incorporated in

1812, with a capital stock of $100,000. It was later re-

chartered, and finally discontinued in 1843.

The Muskingum Branch of the State Bank of Ohio.

William Tallant, President, and H. J. Jewett, Cashier.

From the foregoing paper, a record is given of one hundred

and fifty-two institutions which exercised banking privileges

within, the State of Ohio during the first half of the nineteenth

century. Several hundred private and manufacturing concerns

issued promises to pay in the semblance of bank bills during

this period, however no cognizance has been taken of them in

this article.