Thursday, January 20, 2011


The Beginning Of Banking In Licking County

It is hard to imagine that in 1834 the citizens were split on their feelings about having a bank and rather it would bring business to town or not.
Benjamin Briggs argued that the citizens and most of the
capitalists did not want a bank. They felt they could go to Zanesville Ohio or Lancaster Ohio, Putnam or Columbus Ohio for their banking needs.

The Newark Bank bill was defeated in the legislature, 17for, 19 against.
However, in 1835 Rollins, Wingardner and Wing Co established Franklin Bank, it was a large factor in the up-building in a booming city like
Newark.  A. J Smith establishes the first State Bank in the Buckingham House 
The First National Bank of Newark was chartered in 1865 and was one of the oldest banks. F. H Wright President and E. S. Wright VP.  Then came the Wool Growers' Bank.  Around 1867  A. J. Smith Bank was removed from Buckingham grounds.
The Home Building Association Co. is chartered “The old home”
The founders were E. Nichols, Jos Wehrle, Frederick Kockendorfer, John
McCarthy, WM Fitzgibbon and Geo Braunhold came along in 1880.  
they wanted to aid people of limited means in securing homes of their own: and to give them a safe way of saving for those homes.  The President-DR Chas A. Hatch and VP W.G. Taafel.

 In 1888 along came the Newark Savings Bank.  The Pataskala Bank Co.was Established by William Mead II & Jake Youman.  In the early 1900's a few more banks came along such as:   Licking County Building & Saving 14 N Park Place, Licking County Bank (State) Chartered 6 N Park Place President W. N. Fulton and was one of the best known and reliable financial men in Licking County. Some others were: Newark Trust Co,Newark Savings-disappears after 1904-1905, People's National-disappears after 1904-05, The Guardian Bank established by Alvin R. Lindorf & August G Wyeth President and William W. Gard,  Guardian changed to a National Bank.
Sometime later in 1928 National City renamed The Park National Bank with only 4 presidents to date Everett D. Reese, John W. Alford, William T. McConnell and Dan DeLawder.
Park introduced Time & Temperature in 1969.
As time went on we see the Union Trust maybe (he Old Home Bank?) and  in 1929-30 Johnstown Building & Loan, Licking Co Building & Savings, Newark Savings & Loan Building Association, Licking County Bank becomes affiliate of BancOhio Corp.
Licking County Bank merges with Union Trust as Union Licking Bank. In 1934 First Federal Savings & Loan came along and in 1950's BancOhio buys First National Bank. Then later First National Bank merges with Union Licking under the First National Bank name.
Some establishments printed their own money and were not excepted by other establishments. It sometimes varied in size, until money became regulated.

The First Bank of the United States received its charter to operate expiring in 1811. The Second Bank of the United States received its charter to operate expiring in 1836. The US Congress chartered both of these banks.
However they were not controlled, they printed notes and acted as agents for the US government. President Andrew Jackson revoked the Second Bank of the United States charter in 1832. Many individuals would open a bank with very little regulation and size or denominations of paper currency could be issued. Banks spring up everywhere. Most currency stated that it was backed (could be exchanged for) gold or silver but the only location were the currency could be exchanged would be at the issuing bank. So of course banks sprang up in villages, towns and cities but were found in many out of the way places were the access was poor. These out of the way banks were called wildcats. You didn't dare trust the name of a bank. Of course there were good banks and they had good backing (coinage in gold or silver)to back there currency others had very little to back there currency. Banks that had little backing would be found in out of the way places and would issue large amounts of paper currency with the expectation that little if any would ever find its way back to the back for redemption in gold or silver. This led the public to a distrust of paper currency unless the bank was personally known. The broken bank note took its name form the frequency that some of these banks went broke (failed). Gold certificates were placed into general circulation 1865, Silver Certificates were first issued in 1878

Resources: A Sketch in Time of Old Pataskala”, city directories, Photographic History of Newark and Licking Co, PNB. 
A Brief History of US Paper Money (Currency) by Date
 Sam Watson

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