MINERS' BANK - Revision history

Randylyon at 19:26, 21 March 2021

2021-03-21T19:26:13Z

← Older revision		Revision as of 19:26, 21 March 2021
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	Appeals filed by the bank were finally heard by the Iowa Supreme Court that upheld the loss of charter in July 1848. By this time the bank had closed its books and doors. (13)		Appeals filed by the bank were finally heard by the Iowa Supreme Court that upheld the loss of charter in July 1848. By this time the bank had closed its books and doors. (13)

	During its operation, the Miners' Bank issued demand notes and post notes, payable at a future date. Despite the bank's poor reputation, no record exists of the bank ever defaulting on its currency. In 1901 the site of the Miners' Bank was used to build the [[GERMAN SAVINGS BANK]].		During its operation, the Miners' Bank issued demand notes and post notes, payable at a future date. Iowa's first bank, the Miners Bank of Dubuque (1837-1849), escaped prosecution under the anti-banking law in force from 1839 to 1856 because it had a federal charter granted during the Wisconsin territorial period. It not only engaged the services of the most prestigious bank note firm in the nation to do its notes, but paid for the engraving of no less than sixteen different plates representing denominations between $5 and $100. (14) Despite the bank's poor reputation, no record exists of the bank ever defaulting on its currency. In 1901 the site of the Miners' Bank was used to build the [[GERMAN SAVINGS BANK]].

	---		---
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	13. Oldt.		13. Oldt.

			14. Leonardo, James S. (Drake University), "Book Reviews" ('''Iowa Obsolete Notes and Scrip''', by Dean G. Oakes. Iowa City: Privately published for and in complete cooperation with the Society of Paper Money Collectors, Inc., 1982. pp. 138. Illustrations, appendixes, imprints list, indexes of places and issuers, bibliography) Annals of Iowa 47(1983) 79-79, Online: https://ir.uiowa.edu/cgi/viewcontent.cgi?referer=https://search.yahoo.com/&httpsredir=1&article=8971&context=annals-of-iowa

	[[Category: Banks]]		[[Category: Banks]]
	[[Category: Obsolete Currency]]		[[Category: Obsolete Currency]]

Randylyon at 20:47, 12 January 2018

2018-01-12T20:47:10Z

← Older revision		Revision as of 20:47, 12 January 2018
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	[[File:mb1.png\|250px\|thumb\|left\|]]MINERS' BANK. The first territorial bank in the future state of Iowa, the Miners Bank was chartered on November 30, 1836, and opened for business on October 31, 1837. It remained in business for twelve years, longer than any other bank of the time. (1)		[[File:mb1.png\|250px\|thumb\|left\|]]MINERS' BANK. The first territorial bank in the future state of Iowa, the Miners Bank was chartered on November 30, 1836, and opened for business on October 31, 1837. It remained in business for twelve years, longer than any other bank of the time. (1)

	[[Image:mbank.jpg\|~~right~~\|thumb\|300px\|Photo courtesy: Diane Harris]] The Miners' Bank of Dubuque was chartered with a capital of $200,000 by the Wisconsin Territorial legislature. The subscribers were Ezekiel Lockwood, Francis Gehon, William Myers, E. M. Bissell, Robert D. Sherman, William W. Coriell [[KING, John\|John KING]], [[LANGWORTHY, Lucius Hart\|Lucius Hart LANGWORTHY]] and Simon Clark; they were authorized to sell the stock. (2) Writing in the '''Annals of Iowa''' in 1870, Charles Negus stated that this bank, like many others, was started on "fictitious capital." Stockholders, instead of paying money for their stock, issued notes in their names. (3) Because it was believed that small notes would be easily counterfeited and encourage inflation, the bank was authorized to issue no bills smaller than $5. The bank was granted permission to issue notes when $100,000 had been deposited including $40,000 in coin.		[[Image:mbank.jpg\|left\|thumb\|300px\|Photo courtesy: Diane Harris]] The Miners' Bank of Dubuque was chartered with a capital of $200,000 by the Wisconsin Territorial legislature. The subscribers were Ezekiel Lockwood, Francis Gehon, William Myers, E. M. Bissell, Robert D. Sherman, William W. Coriell [[KING, John\|John KING]], [[LANGWORTHY, Lucius Hart\|Lucius Hart LANGWORTHY]] and Simon Clark; they were authorized to sell the stock. (2) Writing in the '''Annals of Iowa''' in 1870, Charles Negus stated that this bank, like many others, was started on "fictitious capital." Stockholders, instead of paying money for their stock, issued notes in their names. (3) Because it was believed that small notes would be easily counterfeited and encourage inflation, the bank was authorized to issue no bills smaller than $5. The bank was granted permission to issue notes when $100,000 had been deposited including $40,000 in coin.

	[[Image:mbank1.png\|left\|thumb\|300px\|]]		[[Image:mbank1.png\|left\|thumb\|300px\|]]

Randylyon at 20:45, 12 January 2018

2018-01-12T20:45:49Z

← Older revision		Revision as of 20:45, 12 January 2018
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	[[Image:mbank1.png\|left\|thumb\|300px\|]]		[[Image:mbank1.png\|left\|thumb\|300px\|]]
	The Miners' Bank was in constant controversy until its closing in 1849. During one investigation by the Wisconsin legislature, it was discovered that half of the bank's capital came in bank notes issued by the notoriously risky Jackson County Bank and Bank of Manchester located in Michigan. Lax business practices and the end of specie payments on March 29,1841, resulted in the community losing further confidence in the bank. Despite the purchase of the bank in June 1842, by the St. Louis Gas Light Company, the value of notes issued by the bank fell below forty cents on the dollar. (4) When the bank resumed redeeming ~~redeem~~ its bills with specie on July 1, 1842 the demand was so great that in a week specie redemption was again halted. This caused the value of the bank notes to fall greatly below par. (5) The actions of the bank caused the Wisconsin Legislature, which met on the first Monday in December, 1842 to investigate its operation. A select committee of one person from each senatorial district for chosen. (6)		The Miners' Bank was in constant controversy until its closing in 1849. During one investigation by the Wisconsin legislature, it was discovered that half of the bank's capital came in bank notes issued by the notoriously risky Jackson County Bank and Bank of Manchester located in Michigan. Lax business practices and the end of specie payments on March 29,1841, resulted in the community losing further confidence in the bank.

			Despite the purchase of the bank in June 1842, by the St. Louis Gas Light Company, the value of notes issued by the bank fell below forty cents on the dollar. (4) When the bank resumed redeeming its bills with specie on July 1, 1842 the demand was so great that in a week specie redemption was again halted. This caused the value of the bank notes to fall greatly below par. (5) The actions of the bank caused the Wisconsin Legislature, which met on the first Monday in December, 1842 to investigate its operation. A select committee of one person from each senatorial district for chosen. (6)

	At this time, Richard F. Barrett, a wealthy man and large landowner in Iowa, and Thomas Marther, the president of the State Bank of Illinois, became interested in the bank. Other banks in Illinois had or would soon be closed and the men believed a Dubuque bank would be profitable. As they began buying up bank stock, the partners decided it would be wise of use their influence in preventing the legislature from repealing the bank's charter. (7)		At this time, Richard F. Barrett, a wealthy man and large landowner in Iowa, and Thomas Marther, the president of the State Bank of Illinois, became interested in the bank. Other banks in Illinois had or would soon be closed and the men believed a Dubuque bank would be profitable. As they began buying up bank stock, the partners decided it would be wise of use their influence in preventing the legislature from repealing the bank's charter. (7)

	Their agent, a man named Morbley, arrived in Iowa City with letters to several important members of the legislature. It is apparent that he did not pursue is influence peddling with much care because soon a rumor was heard that improper methods were being used to obtain a favorable legislative action on behalf of the bank. (8)		Their agent, a man named Morbley, arrived in Iowa City with letters to several important members of the legislature. It is apparent that he did not pursue his influence peddling with much care because soon a rumor was heard that improper methods were being used to obtain a favorable legislative action on behalf of the bank. (8)

	The investigation that was to have been concerned with the bank's operation became one of checking into political pressure. The result of the investigation showed that Morbley had come to Iowa City to sway the legislature to maintain the bank. One of the letters, written to James Morgan, the speaker of the house read in part:		The investigation that was to have been concerned with the bank's operation became one of checking into political pressure. The result of the investigation showed that Morbley had come to Iowa City to sway the legislature to maintain the bank. One of the letters, written to James Morgan, the speaker of the house read in part:

	Dear Sir: The Dubuque bank charter is owned by the Gas Light Company, in		Dear Sir: The Dubuque bank charter is owned by the
	St. Louis, and I am in treaty for it. If I get it, a company of us will		Gas Light Company, in St. Louis, and I am in treaty
	put in from fifty thousand to one hundred thousand dollars capital, in		for it. If I get it, a company of us will put in from
	specie, and we will make it one of the best banks in the Union. I see the		fifty thousand to one hundred thousand dollars capital,
	charter is menaced; now, I ask your kind offices in preventing its		in specie, and we will make it one of the best banks in
	destruction, until I can have time to consummate my arrangements. You know		the Union. I see the charter is menaced; now, I ask
	my attachment and interest at Burlington, and, if I succeed, the		your kind offices in preventing its destruction, until
	institution can and shall throw benefit to that city and the whole territory,		I can have time to consummate my arrangements. You know
	and upon you, too, individually, if an opportunity should offer. (9)		my attachment and interest at Burlington, and, if I
			succeed, the institution can and shall throw benefit to
			that city and the whole territory, and upon you, too,
			individually, if an opportunity should offer. (9)

	The letter to the other members of the legislature were similar although they did not offer any individual favor. Despite the letters and the questioning of the two partners, there was no positive proof of any attempt to bribe them. (10)		The letter to the other members of the legislature were similar although they did not offer any individual favor. Despite the letters and the questioning of the two partners, there was no positive proof of any attempt to bribe them. (10)
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	12. Ibid., p. 216		12. Ibid., p. 216

	12. Oldt.		13. Oldt.

	[[Category: Banks]]		[[Category: Banks]]
	[[Category: Obsolete Currency]]		[[Category: Obsolete Currency]]

Randylyon at 20:16, 12 January 2018

2018-01-12T20:16:28Z

← Older revision		Revision as of 20:16, 12 January 2018
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	3. Negus, Charles. "The Early History of Iowa," '''Annals of Iowa'''. Davenport: Griggs, Watson & Day, Printers. July 1870, p. 207		3. Negus, Charles. "The Early History of Iowa," '''Annals of Iowa'''. Davenport: Griggs, Watson & Day, Printers. July 1870, p. 207

	4. Oldt		4. Oldt, Franklin T. and Patrick J, Quigley. '''The History of Dubuque County, Iowa''' Chicago: Goodspeed Historical Association, 1890, p. 72

	5. Negus, p. 207		5. Negus, p. 207

Randylyon at 03:12, 3 June 2016

2016-06-03T03:12:01Z

← Older revision		Revision as of 03:12, 3 June 2016
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	[[Image:mbank.jpg\|right\|thumb\|300px\|Photo courtesy: Diane Harris]] The Miners' Bank of Dubuque was chartered with a capital of $200,000 by the Wisconsin Territorial legislature. The subscribers were Ezekiel Lockwood, Francis Gehon, William Myers, E. M. Bissell, Robert D. Sherman, William W. Coriell [[KING, John\|John KING]], [[LANGWORTHY, Lucius Hart\|Lucius Hart LANGWORTHY]] and Simon Clark; they were authorized to sell the stock. (2) Writing in the '''Annals of Iowa''' in 1870, Charles Negus stated that this bank, like many others, was started on "fictitious capital." Stockholders, instead of paying money for their stock, issued notes in their names. (3) Because it was believed that small notes would be easily counterfeited and encourage inflation, the bank was authorized to issue no bills smaller than $5. The bank was granted permission to issue notes when $100,000 had been deposited including $40,000 in coin.		[[Image:mbank.jpg\|right\|thumb\|300px\|Photo courtesy: Diane Harris]] The Miners' Bank of Dubuque was chartered with a capital of $200,000 by the Wisconsin Territorial legislature. The subscribers were Ezekiel Lockwood, Francis Gehon, William Myers, E. M. Bissell, Robert D. Sherman, William W. Coriell [[KING, John\|John KING]], [[LANGWORTHY, Lucius Hart\|Lucius Hart LANGWORTHY]] and Simon Clark; they were authorized to sell the stock. (2) Writing in the '''Annals of Iowa''' in 1870, Charles Negus stated that this bank, like many others, was started on "fictitious capital." Stockholders, instead of paying money for their stock, issued notes in their names. (3) Because it was believed that small notes would be easily counterfeited and encourage inflation, the bank was authorized to issue no bills smaller than $5. The bank was granted permission to issue notes when $100,000 had been deposited including $40,000 in coin.

	[[Image:mbank1.png\|~~right~~\|thumb\|300px\|]]		[[Image:mbank1.png\|left\|thumb\|300px\|]]
	The Miners' Bank was in constant controversy until its closing in 1849. During one investigation by the Wisconsin legislature, it was discovered that half of the bank's capital came in bank notes issued by the notoriously risky Jackson County Bank and Bank of Manchester located in Michigan. Lax business practices and the end of specie payments on March 29,1841, resulted in the community losing further confidence in the bank. Despite the purchase of the bank in June 1842, by the St. Louis Gas Light Company, the value of notes issued by the bank fell below forty cents on the dollar. (4) When the bank resumed redeeming redeem its bills with specie on July 1, 1842 the demand was so great that in a week specie redemption was again halted. This caused the value of the bank notes to fall greatly below par. (5) The actions of the bank caused the Wisconsin Legislature, which met on the first Monday in December, 1842 to investigate its operation. A select committee of one person from each senatorial district for chosen. (6)		The Miners' Bank was in constant controversy until its closing in 1849. During one investigation by the Wisconsin legislature, it was discovered that half of the bank's capital came in bank notes issued by the notoriously risky Jackson County Bank and Bank of Manchester located in Michigan. Lax business practices and the end of specie payments on March 29,1841, resulted in the community losing further confidence in the bank. Despite the purchase of the bank in June 1842, by the St. Louis Gas Light Company, the value of notes issued by the bank fell below forty cents on the dollar. (4) When the bank resumed redeeming redeem its bills with specie on July 1, 1842 the demand was so great that in a week specie redemption was again halted. This caused the value of the bank notes to fall greatly below par. (5) The actions of the bank caused the Wisconsin Legislature, which met on the first Monday in December, 1842 to investigate its operation. A select committee of one person from each senatorial district for chosen. (6)

Randylyon at 03:11, 3 June 2016

2016-06-03T03:11:40Z

← Older revision		Revision as of 03:11, 3 June 2016
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	[[Image:DSC01112.jpg\|left\|thumb\|~~250px~~\|The Miners' Bank was chartered in 1836. Photo courtesy: Bob Reding]]		[[Image:DSC01112.jpg\|left\|thumb\|300px\|The Miners' Bank was chartered in 1836. Photo courtesy: Bob Reding]]
	[[File:mb1.png\|250px\|thumb\|left\|]]MINERS' BANK. The first territorial bank in the future state of Iowa, the Miners Bank was chartered on November 30, 1836, and opened for business on October 31, 1837. It remained in business for twelve years, longer than any other bank of the time. (1)		[[File:mb1.png\|250px\|thumb\|left\|]]MINERS' BANK. The first territorial bank in the future state of Iowa, the Miners Bank was chartered on November 30, 1836, and opened for business on October 31, 1837. It remained in business for twelve years, longer than any other bank of the time. (1)

	[[Image:mbank.jpg\|right\|thumb\|300px\|Photo courtesy: Diane Harris]] The Miners' Bank of Dubuque was chartered with a capital of $200,000 by the Wisconsin Territorial legislature. The subscribers were Ezekiel Lockwood, Francis Gehon, William Myers, E. M. Bissell, Robert D. Sherman, William W. Coriell [[KING, John\|John KING]], [[LANGWORTHY, Lucius Hart\|Lucius Hart LANGWORTHY]] and Simon Clark; they were authorized to sell the stock. (2) Writing in the '''Annals of Iowa''' in 1870, Charles Negus stated that this bank, like many others, was started on "fictitious capital." Stockholders, instead of paying money for their stock, issued notes in their names. (3) Because it was believed that small notes would be easily counterfeited and encourage inflation, the bank was authorized to issue no bills smaller than $5. The bank was granted permission to issue notes when $100,000 had been deposited including $40,000 in coin.		[[Image:mbank.jpg\|right\|thumb\|300px\|Photo courtesy: Diane Harris]] The Miners' Bank of Dubuque was chartered with a capital of $200,000 by the Wisconsin Territorial legislature. The subscribers were Ezekiel Lockwood, Francis Gehon, William Myers, E. M. Bissell, Robert D. Sherman, William W. Coriell [[KING, John\|John KING]], [[LANGWORTHY, Lucius Hart\|Lucius Hart LANGWORTHY]] and Simon Clark; they were authorized to sell the stock. (2) Writing in the '''Annals of Iowa''' in 1870, Charles Negus stated that this bank, like many others, was started on "fictitious capital." Stockholders, instead of paying money for their stock, issued notes in their names. (3) Because it was believed that small notes would be easily counterfeited and encourage inflation, the bank was authorized to issue no bills smaller than $5. The bank was granted permission to issue notes when $100,000 had been deposited including $40,000 in coin.

			[[Image:mbank1.png\|right\|thumb\|300px\|]]
	The Miners' Bank was in constant controversy until its closing in 1849. During one investigation by the Wisconsin legislature, it was discovered that half of the bank's capital came in bank notes issued by the notoriously risky Jackson County Bank and Bank of Manchester located in Michigan. Lax business practices and the end of specie payments on March 29,1841, resulted in the community losing further confidence in the bank. Despite the purchase of the bank in June 1842, by the St. Louis Gas Light Company, the value of notes issued by the bank fell below forty cents on the dollar. (4) When the bank resumed redeeming redeem its bills with specie on July 1, 1842 the demand was so great that in a week specie redemption was again halted. This caused the value of the bank notes to fall greatly below par. (5) The actions of the bank caused the Wisconsin Legislature, which met on the first Monday in December, 1842 to investigate its operation. A select committee of one person from each senatorial district for chosen. (6)		The Miners' Bank was in constant controversy until its closing in 1849. During one investigation by the Wisconsin legislature, it was discovered that half of the bank's capital came in bank notes issued by the notoriously risky Jackson County Bank and Bank of Manchester located in Michigan. Lax business practices and the end of specie payments on March 29,1841, resulted in the community losing further confidence in the bank. Despite the purchase of the bank in June 1842, by the St. Louis Gas Light Company, the value of notes issued by the bank fell below forty cents on the dollar. (4) When the bank resumed redeeming redeem its bills with specie on July 1, 1842 the demand was so great that in a week specie redemption was again halted. This caused the value of the bank notes to fall greatly below par. (5) The actions of the bank caused the Wisconsin Legislature, which met on the first Monday in December, 1842 to investigate its operation. A select committee of one person from each senatorial district for chosen. (6)

Randylyon at 01:06, 12 May 2016

2016-05-12T01:06:00Z

← Older revision		Revision as of 01:06, 12 May 2016
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	[[Image:minersb.png\|left\|thumb\|250px\|Extremely rare large denomination notes.]]		[[Image:minersb.png\|left\|thumb\|250px\|Extremely rare large denomination notes.]]

	An attempt by the Wisconsin legislature to revoke the bank's charter caused the resumption of specie payments on April 19, 1844. Even a change in management did not save the bank as the legislature on May 21, 1845, repealed the bank's charter. Appeals filed by the bank were finally heard by the Iowa Supreme Court that upheld the loss of charter in July 1848. By this time the bank had closed its books and doors. (12)		An attempt by the Wisconsin legislature to revoke the bank's charter caused the resumption of specie payments on April 19, 1844. Even a change in management did not save the bank as the legislature on May 21, 1845, repealed the bank's charter. Negus remarked this was done despite the fact that the legislature owed the bank $5,500 plus interest for a loan it had made to complete the capitol. The loan had come due before the bank ended specie payments. That payment, according to Negus, with the specie on hand would have been enough to redeem all the notes the bank then had in circulation not in the hands of stockholders. (12)

			Appeals filed by the bank were finally heard by the Iowa Supreme Court that upheld the loss of charter in July 1848. By this time the bank had closed its books and doors. (13)

	During its operation, the Miners' Bank issued demand notes and post notes, payable at a future date. Despite the bank's poor reputation, no record exists of the bank ever defaulting on its currency. In 1901 the site of the Miners' Bank was used to build the [[GERMAN SAVINGS BANK]].		During its operation, the Miners' Bank issued demand notes and post notes, payable at a future date. Despite the bank's poor reputation, no record exists of the bank ever defaulting on its currency. In 1901 the site of the Miners' Bank was used to build the [[GERMAN SAVINGS BANK]].
Line 57:		Line 59:

	11. Ibid., p. 211		11. Ibid., p. 211

			12. Ibid., p. 216

	12. Oldt.		12. Oldt.

Randylyon at 00:49, 12 May 2016

2016-05-12T00:49:45Z

@@ Line 1: / Line 1: @@
 [[Image:DSC01112.jpg|left|thumb|250px|The Miners' Bank was chartered in 1836. Photo courtesy: Bob Reding]]
-[[File:mb1.png|250px|thumb|left|]]MINERS' BANK. The first territorial bank in the future state of Iowa, the Miners Bank was chartered on November 30, 1836, and opened for business on October 31, 1837. It remained in business for twelve years, longer than any other bank of the time.
+[[File:mb1.png|250px|thumb|left|]]MINERS' BANK. The first territorial bank in the future state of Iowa, the Miners Bank was chartered on November 30, 1836, and opened for business on October 31, 1837. It remained in business for twelve years, longer than any other bank of the time. (1)
-[[Image:mbank.jpg|right|thumb|300px|Photo courtesy: Diane Harris]] On November 30, 1836, the Miners' Bank of Dubuque was chartered with a capital of $200,000 by the Wisconsin Territorial legislature. The subscribers being Ezekiel Lockwood, Francis Gehon, William Myers, E. M. Bissell, Robert D. Sherman, William W. Coriell [[KING, John|John KING]], [[LANGWORTHY, Lucius Hart|Lucius Hart LANGWORTHY]] and Simon Clark; they were authorized to sell the stock..
+[[Image:mbank.jpg|right|thumb|300px|Photo courtesy: Diane Harris]] The Miners' Bank of Dubuque was chartered with a capital of $200,000 by the Wisconsin Territorial legislature. The subscribers were Ezekiel Lockwood, Francis Gehon, William Myers, E. M. Bissell, Robert D. Sherman, William W. Coriell [[KING, John|John KING]], [[LANGWORTHY, Lucius Hart|Lucius Hart LANGWORTHY]] and Simon Clark; they were authorized to sell the stock. (2) Writing in the '''Annals of Iowa''' in 1870, Charles Negus stated that this bank, like many others, was started on "fictitious capital." Stockholders, instead of paying money for their stock, issued notes in their names. (3) Because it was believed that small notes would be easily counterfeited and encourage inflation, the bank was authorized to issue no bills smaller than $5. The bank was granted permission to issue notes when $100,000 had been deposited including $40,000 in coin.
-Because it was believed that small notes would be easily counterfeited and encourage inflation, the bank was authorized to issue no bills smaller than $5. The bank was granted permission to issue notes when $100,000 had been deposited including $40,000 in coin.
+The Miners' Bank was in constant controversy until its closing in 1849. During one investigation by the Wisconsin legislature, it was discovered that half of the bank's capital came in bank notes issued by the notoriously risky Jackson County Bank and Bank of Manchester located in Michigan. Lax business practices and the end of specie payments on March 29,1841, resulted in the community losing further confidence in the bank. Despite the purchase of the bank in June 1842, by the St. Louis Gas Light Company, the value of notes issued by the bank fell below forty cents on the dollar.  (4) When the bank resumed redeeming redeem its bills with specie on July 1, 1842 the demand was so great that in a week specie redemption was again halted. This caused the value of the bank notes to fall greatly below par. (5) The actions of the bank caused the Wisconsin Legislature, which met on the first Monday in December, 1842 to investigate its operation. A select committee of one person from each senatorial district for chosen. (6)
-The Miners' Bank was in constant controversy until its closing in 1849. Only one month after opening, the state house of representatives sent a three-member committee to Dubuque to investigate the bank's business practices. Despite a positive report by the committee, a rumor campaign continued against the management of the bank.
+At this time, Richard F. Barrett, a wealthy man and large landowner in Iowa, and Thomas Marther, the president of the State Bank of Illinois, became interested in the bank. Other banks in Illinois had or would soon be closed and the men believed a Dubuque bank would be profitable. As they began buying up bank stock, the partners decided it would be wise of use their influence in preventing the legislature from repealing the bank's charter. (7)
 [[Image:minersb.png|left|thumb|250px|Extremely rare large denomination notes.]]
-An attempt by the Iowa legislature to revoke the bank's charter caused the resumption of specie payments on April 19, 1844.  Even a change in management did not save the bank as the legislature on May 21, 1845, repealed the bank's charter. Appeals filed by the bank were finally heard by the Iowa Supreme Court that upheld the loss of charter in July 1848. By this time the bank had closed its books and doors.
+An attempt by the Wisconsin legislature to revoke the bank's charter caused the resumption of specie payments on April 19, 1844.  Even a change in management did not save the bank as the legislature on May 21, 1845, repealed the bank's charter. Appeals filed by the bank were finally heard by the Iowa Supreme Court that upheld the loss of charter in July 1848. By this time the bank had closed its books and doors. (12)
 During its operation, the Miners' Bank issued demand notes and post notes, payable at a future date. Despite the bank's poor reputation, no record exists of the bank ever defaulting on its currency. In 1901 the site of the Miners' Bank was used to build the [[GERMAN SAVINGS BANK]].
@@ Line 19: / Line 36: @@
 Source:
-Oldt, Franklin T. History of Dubuque County. http://www.ebooksread.com/authors-eng/franklin-t-oldt/history-of-dubuque-county-iowa-being-a-general-survey-of-dubuque-county-histor-tdl/page-8-history-of-dubuque-county-iowa-being-a-general-survey-of-dubuque-county-histor-tdl.shtml
+. Oldt, Franklin T. '''History of Dubuque County, Iowa'''. http://www.ebooksread.com/authors-eng/franklin-t-oldt/history-of-dubuque-county-iowa-being-a-general-survey-of-dubuque-county-histor-tdl/page-8-history-of-dubuque-county-iowa-being-a-general-survey-of-dubuque-county-histor-tdl.shtml
 [[Category: Banks]]
 [[Category: Obsolete Currency]]

Randylyon at 17:02, 15 January 2015

2015-01-15T17:02:51Z

← Older revision		Revision as of 17:02, 15 January 2015
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	[[Image:DSC01112.jpg\|left\|thumb\|~~200px~~\|The Miners' Bank was chartered in 1836. Photo courtesy: Bob Reding]]MINERS' BANK. The first territorial bank in the future state of Iowa, the Miners Bank was chartered on November 30, 1836, and opened for business on October 31, 1837. It remained in business for twelve years, longer than any other bank of the time.		[[Image:DSC01112.jpg\|left\|thumb\|250px\|The Miners' Bank was chartered in 1836. Photo courtesy: Bob Reding]]
			[[File:mb1.png\|250px\|thumb\|left\|]]MINERS' BANK. The first territorial bank in the future state of Iowa, the Miners Bank was chartered on November 30, 1836, and opened for business on October 31, 1837. It remained in business for twelve years, longer than any other bank of the time.

	[[Image:mbank.jpg\|right\|thumb\|300px\|Photo courtesy: Diane Harris]] On November 30, 1836, the Miners' Bank of Dubuque was chartered with a capital of $200,000 by the Wisconsin Territorial legislature. The subscribers being Ezekiel Lockwood, Francis Gehon, William Myers, E. M. Bissell, Robert D. Sherman, William W. Coriell [[KING, John\|John KING]], [[LANGWORTHY, Lucius Hart\|Lucius Hart LANGWORTHY]] and Simon Clark; they were authorized to sell the stock..		[[Image:mbank.jpg\|right\|thumb\|300px\|Photo courtesy: Diane Harris]] On November 30, 1836, the Miners' Bank of Dubuque was chartered with a capital of $200,000 by the Wisconsin Territorial legislature. The subscribers being Ezekiel Lockwood, Francis Gehon, William Myers, E. M. Bissell, Robert D. Sherman, William W. Coriell [[KING, John\|John KING]], [[LANGWORTHY, Lucius Hart\|Lucius Hart LANGWORTHY]] and Simon Clark; they were authorized to sell the stock..

Randylyon at 03:57, 13 June 2012

2012-06-13T03:57:50Z

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	[[Image:DSC01112.jpg\|left\|thumb\|200px\|The Miners' Bank was chartered in 1836. Photo courtesy: Bob Reding]]MINERS' BANK. The first territorial bank in the future state of Iowa, the Miners Bank was chartered on November 30, 1836, and opened for business on October 31, 1837. It remained in business for twelve years, longer than any other bank of the time.		[[Image:DSC01112.jpg\|left\|thumb\|200px\|The Miners' Bank was chartered in 1836. Photo courtesy: Bob Reding]]MINERS' BANK. The first territorial bank in the future state of Iowa, the Miners Bank was chartered on November 30, 1836, and opened for business on October 31, 1837. It remained in business for twelve years, longer than any other bank of the time.

	[[Image:mbank.jpg\|right\|thumb\|300px\|Photo courtesy: Diane Harris]] On November 30, 1836, the Miners' Bank of Dubuque was chartered with a capital of $200,000 by the Wisconsin Territorial legislature. The subscribers being Ezekiel Lockwood, Francis Gehon, William Myers, E. M. Bissell, Robert D. Sherman, William W. Coriell [[KING, John\|John KING]], [[LANGWORTHY, Lucius Hart\|Lucius Hart LANGWORTHY]]and Simon Clark; they were authorized to sell the stock..		[[Image:mbank.jpg\|right\|thumb\|300px\|Photo courtesy: Diane Harris]] On November 30, 1836, the Miners' Bank of Dubuque was chartered with a capital of $200,000 by the Wisconsin Territorial legislature. The subscribers being Ezekiel Lockwood, Francis Gehon, William Myers, E. M. Bissell, Robert D. Sherman, William W. Coriell [[KING, John\|John KING]], [[LANGWORTHY, Lucius Hart\|Lucius Hart LANGWORTHY]] and Simon Clark; they were authorized to sell the stock..

	Because it was believed that small notes would be easily counterfeited and encourage inflation, the bank was authorized to issue no bills smaller than $5. The bank was granted permission to issue notes when $100,000 had been deposited including $40,000 in coin.		Because it was believed that small notes would be easily counterfeited and encourage inflation, the bank was authorized to issue no bills smaller than $5. The bank was granted permission to issue notes when $100,000 had been deposited including $40,000 in coin.