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Encyclopedia Dubuque

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Affiliated with the Local History Network of the State Historical Society of Iowa, and the Iowa Museum Association.




MERCHANTS' NATIONAL BANK

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MERCHANTS' NATIONAL BANK. Located at Main and 5th STREETS, the bank opened for business on May 1, 1865. F. H. W. Sheffield was the president and Richard A. BABBAGE cashier. The 1873-74 Dubuque City Directory listed 96 Main as the business address.

Babbage came to Dubuque in 1856 and sold real estate before opening a private bank that prospered. In 1865 he was bought out and made cashier of Merchants' National whose officers included such prominent Dubuque residents as William Boyd ALLISON, Henry L. STOUT, and John T. HANCOCK.

In 1878 the first indication of a crime came when a Dr. Sprague came running to the bank announcing that Babbage was burning a large set of the bank's books in a stove. At its last statement, the bank had shown larger deposits than any other bank here —$298,239.49. An examination of the remaining records showed a deficiency of $329,000. (1)

The bank failed. Sheffield turned over his property, but Babbage left the city and country. Their private property including buggies, sleighs, harness, blankets, and horses, were sold at auction. (2)

William E. WELLINGTON was appointed to settle the bank's affairs and later bought its assets.

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Source:

1. Oldt, Franklin T., History of Dubuque County, Iowa. Chicago: Goodspeed Historical Association, 1880. http://www.ebooksread.com/authors-eng/franklin-t-oldt/history-of-dubuque-county-iowa-being-a-general-survey-of-dubuque-county-histor-tdl/page-17-history-of-dubuque-county-iowa-being-a-general-survey-of-dubuque-county-histor-tdl.shtml

2. Ibid.

"Butchers, Bankers, and Cabinet Makers," Booklet accompanying the Robert Reding exhibit at the OLD JAIL 2007-2010