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The Bank Of Gallipolis: Its Place In National Banking History, William E. Plants
The Bank Of Gallipolis: Its Place In National Banking History, William E. Plants
Theses, Dissertations and Capstones
In his 1842 report concerning the failure of the Bank of Gallipolis, Ohio Bank Commissioner Bela Latham blamed its demise on “overissue” stemming from an 1839 Board of Directors’ resolution giving carte blanche powers to M.B. Sherwood in consultation with E.E. Smith and A.H. Scoville.1 By passing the resolution, the Directors inadvertently opened the door to fiscal folly. In some respect, the Bank of Gallipolis was doomed to fail even before it began operations in August 1839.
The failure of the Bank of Gallipolis holds more significance than that of the greatest monetary loss to befall the citizens of Ohio …