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The Missisquoi Bank - Sheldon, VT

The Missisquoi Bank was chartered in 1847 by legislative action in Vermont as a state bank. The initial capital for the bank was set at $100,000. Many prominent Sheldon businessmen held interest in the bank that provided the opportunity for the development of Sheldon into a commerical and manufacturing center. (Act of Vermont Legilature 1847)

The building housing the bank, owned by R.J. Sax on Pleasant Street in the village, no longer exists.The two story brick structure stood on the S.W corner of Pleasant and Central Streets and appears on the 1871 Beers map.

After a seemingly prosperous beginning the bank cashier, a Mr. H.G. Hubbell disappeared and so did some $75,000 of bank money. The bank went into receivership in1866 and continued until 1880 when it was closed.

'The Bankers Magazine and Statistical Register 1866"


Edited by I Smith Homans, July 1865 to June 1866, Frauds and Robberies P 740

The singular disappearance of Mr. HUBBELL, the Cashier of the Missisquoi Bank, Sheldon, Vt., is at last accounted for. He turns out to be a defaulter in a large sum. The amount is stated as high as $75,000. His embezzlements began years ago, but have been so covered, by false entries and false footings, as to elude observation until yesterday. The accounts of the affairs of the bank have lately been examined by competent accountants, and the assets are believed to be sufficient for the redemption of the bills. The bill-holders are so advised. The defalcation of Hubbell, cashier, is less than one hundred thousand dollars. The directors are not liable for the whole debts of the bank, but are liable, with their bail, for all the circulation, which will no doubt be redeemed from the assets of the bank, as the assets are sufficient for that purpose, and consequently none of the directors will be ruined financially.

P822
Sheldon—The Missisquoi Bank at Sheldon. Vermont, has been placed in the hands of Mr. D. D. Weed  as receiver, by the Court of Chancery: and six months are allowed from the 17th of January for the presentation of claims. Mr. ALFRED KEITH, the President, reports the liabilities on the 4th of January last to be $125,000, and the assets about $128,000.

"Bankers Magazine 1867"

Vermont.—D. D. WEAD, Receiver of the Missisquoi Bank of Sheldon, Vermont, is now paying, to the holders of receipts given for bills of this bank, fifty cents of the dollar. The Missisquoi Bank stopped payment in January last, it hav ing been discovered at that time that Mr. HURBELL, the cashier of the institution, had left its affairs in a somewhat mixed condition, and departed upon a journey from which we have not, so far, heard of his returning. The condition of this bank, according to the official report of the Vermont Bank Commissioner, on the first week of January, is now becoming painfully evident to its creditors and stockholders, without any report from the Bank Commissioner.

Bank Checks like the one to the left were printed by the bank cashier in daily transactions.

Below left is a photocopy of the actual block used to print this image which was photocopied and reversed

The actual reverse image from the block appears below on the right and is likely graphite on a wooden block. It is among the artifacts of the Society.

A $50 Missisquoi Bank note. There are many items like this one in collections and for sale. The Society posses several.

The following is some very basic information about the denominations and years that The Missisquoi Bank printed money:
The branch bank location in Sheldon issued the following types of currency:
1st Series (Denomination & Dates):  $1 – 1849s – 1850s
2nd Series:  $1 – Jan. 1, 1850s
3rd Series:  $2 – 1849s – 1850s
4th Series:  $2 – Jan. 1, 1850s
5th Series:  $3 – 1849s – 1850s
6th Series:  $3 – Jan. 1, 1850s
7th Series:  $5 – 1849s – 1850s
8th Series:  $5 – Oct. 1, 1850s – 1860s
9th Series:  $10 – 1849s – 1850s
10th Series:  $10 – Oct. 1, 1850s – 1860s
11th Series:  $20 – 1840s – 1860s
12th Series:  $50 – 1849s – 1860s
13th Series:  $100 – 1849s – 1860s

http://www.antiquemoney.com/obsolete/we-buy-money-from-the-missisquoi-bank/

In addition to fraud, the cashier apparently issued many phoney bills in demoninations from $1 to $100. The combination of the fraud and the phoney money resulted in the bank going into receivership with payments of half the value of currency and the bank door shut for ever. Only one bank ever existed in Sheldon.