OHERIE-L Archives

From: <>
Subject: [OHERIE-L] Townsend
Date: Wed, 22 Sep 1999 06:53:44 EDT

There was a family headed by Kneeland TOWNSEND in Milan. This family was
noted as being one of the "old" families.

William TOWNSEND of Sandusky was a merchant who was elected president of the
state Bank of Sandusky, which was on Water Street --- on or about 1834. This
bank was later dissolved in January 1846.

The paragraph regarding this comes from A Standard History of Erie County,
Ohio, Vol. I. by Hewson Peeke, 1916:

"Tradition -- we have no record -- says that the first attempt at the
founding of a banking house in Sandusky was made by some of the prominent
business men and capitalists of the town in the year 1834; and the result of
that effort was the establishment, under the laws of the state of the Bank of
Sandusky. As was provided by law, the subscription books were duly opened by
the commissioners, and the day fixed upon which the books would be closed. At
the time designated it was found that less than one-third of the stock had
been subscribed, and it became absolutely necessary that "something be done,"
and that at once. In this extremity, Oran FOLLETT, who was already a
subscriber for a considerable amount of the stock, came to the rescue and
agreed to take the balance at par value, amounting to something over $70,000,
He knew, or felt satisfied at least, that the stock could be easily disposed
of to New York capitalists, and did make a sale of such part of it as he
could not conveniently carry. This timely act on his part made possible the
establishment of the bank. A board of directors was chosen and a full
complement of officers, William TOWNSEND, then a leading merchant of the
town, being chosen president. The banking house was located on Water Street,
on the ground now covered by the West House.

Mr. TOWNSEND remained president for two years, when he was succeeded by Mr.
FOLLETT, under whose management the institution prospered for several years,
and until congress passed the "Specie Act," by which a radical change in the
management was necessitated. About this time, too, the eastern stockholders
desired to sell their interests, and for the purpose of purchasing, Mr.
FOLLETT made a journey to New York State, only to find that Burr HIGGINS had
preceded him and bought the stock. After this the bank was short-lived, and,
putting it modestly, soon went into liquidation."

Shelly Clipson-Shock
Ann Arbor, Michigan

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FORWARDED MESSAGE - Orig: 15-Sep-99 10:48
Subject: New Erie Co. Oh Queries Post
- ----------------------------------------------------------------
Erie Co. Oh Queries
A new message, "Townsend," was posted by J. Gorman on Wed, 15 Sep 1999

Surname: Townsend



---
NAME: J. Gorman
EMAIL:
DATE: Sep 15 1999
URL: http://
QRYTEXT: Interested in all Townsend families of Erie County, Ohio.
.


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