Encyclopedia Dubuque
"Encyclopedia Dubuque is the online authority for all things Dubuque, written by the people who know the city best.”
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Affiliated with the Local History Network of the State Historical Society of Iowa, and the Iowa Museum Association.
STATE BANK OF IOWA: Difference between revisions
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[[File:sbiowa.png|400px|thumb|left|]]STATE BANK OF IOWA. In 1858 F. N. Goodrich, president and [[GRAVES, R. E.|R. E. GRAVES]], cashier opened a new bank in Dubuque. It was called "The Dubuque Branch of the State Bank of Iowa at Dubuque;" there were 109 stockholders. (1) | [[File:sbiowa.png|400px|thumb|left|]]STATE BANK OF IOWA. In 1858 F. N. Goodrich, president and [[GRAVES, R. E.|R. E. GRAVES]], cashier opened a new bank in Dubuque. It was called "The Dubuque Branch of the State Bank of Iowa at Dubuque;" there were 109 stockholders. (1) The State Bank of Iowa was the first legalized in Iowa. It had about one dozen branches most of which became National banks under the law creating such banks passed in 1863. (2) | ||
On October 21, 1865 the Dubuque Herald reported that the other banks in town refused to accept the notes of the State Bank of Iowa at par, the discount being one percent thus a dollar bill was only 99 cents. The article continued that it was its understanding that each branch redeemed its own issue at par. After November 1st, the circulation was to be called in for redemption at its face, by each bank throughout the state--the amount in circulation small. (3) This report was corrected the following day. The National State Bank received all Iowa money at par from its customers and returned it to the branches where it was issued. The National Bank received money at a discount from other banks and bankers. (4) | |||
The bank merged into the [[FIRST NATIONAL BANK OF DUBUQUE]]. | |||
The 1859-1860 ''Dubuque City Directory'' listed Molony's Block. | The 1859-1860 ''Dubuque City Directory'' listed Molony's Block. | ||
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1. 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-14-history-of-dubuque-county-iowa-being-a-general-survey-of-dubuque-county-histor-tdl.shtml | 1. 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-14-history-of-dubuque-county-iowa-being-a-general-survey-of-dubuque-county-histor-tdl.shtml | ||
2. "Iowa Entered Union Seventy-Five Years Ago," Telegraph-Herald, December 28, 1921, p. 8 | |||
3. "Iowa Money at a Discount," ''Dubuque Herald'', October 21, 1865, p. 4 | |||
4. "Iowa Money Not at a Discount," ''Dubuque Herald'', October 22, 1865, p. 4 | |||
2. "Dubuque County Before 1880," ''Telegraph-Herald'', October 9, 1933, p. 2 | |||
[[Category: Banks]] | [[Category: Banks]] | ||
Revision as of 01:41, 5 October 2018
STATE BANK OF IOWA. In 1858 F. N. Goodrich, president and R. E. GRAVES, cashier opened a new bank in Dubuque. It was called "The Dubuque Branch of the State Bank of Iowa at Dubuque;" there were 109 stockholders. (1) The State Bank of Iowa was the first legalized in Iowa. It had about one dozen branches most of which became National banks under the law creating such banks passed in 1863. (2)
On October 21, 1865 the Dubuque Herald reported that the other banks in town refused to accept the notes of the State Bank of Iowa at par, the discount being one percent thus a dollar bill was only 99 cents. The article continued that it was its understanding that each branch redeemed its own issue at par. After November 1st, the circulation was to be called in for redemption at its face, by each bank throughout the state--the amount in circulation small. (3) This report was corrected the following day. The National State Bank received all Iowa money at par from its customers and returned it to the branches where it was issued. The National Bank received money at a discount from other banks and bankers. (4)
The bank merged into the FIRST NATIONAL BANK OF DUBUQUE.
The 1859-1860 Dubuque City Directory listed Molony's Block.
---
Source:
1. 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-14-history-of-dubuque-county-iowa-being-a-general-survey-of-dubuque-county-histor-tdl.shtml
2. "Iowa Entered Union Seventy-Five Years Ago," Telegraph-Herald, December 28, 1921, p. 8
3. "Iowa Money at a Discount," Dubuque Herald, October 21, 1865, p. 4
4. "Iowa Money Not at a Discount," Dubuque Herald, October 22, 1865, p. 4
2. "Dubuque County Before 1880," Telegraph-Herald, October 9, 1933, p. 2