188 
Hadden—Early Banking in Wisconsin. 
There were many failures. Loans and discounts of the banks 
were diminished from $9,262,457 to $7,592,361; whereas the 
year before there had been an increase of over $3,000,000. Such 
a drain was made on the specie by the runs of the year that 
there was a decrease from $706,009 to $419,947, whereas the 
year before had shown an increase of $230,000. The crisis was 
severe; heavy demands were made upon the banks, and when 
the loans were refused, commercial houses of long stand¬ 
ing went \mder. The cancellation of notes by the Comp¬ 
troller this year was larger than ever before; the Southern State 
stocks were depreciating very rapidly on account of the election 
of Lincoln. Every indication foreboded a storm. 
Twenty banks had failed during the year and the securities 
were scarcely sufficient to indemnify the bill-holders. During 
1860 when the country was in suspense waiting the threatened 
outbreak, continuous demands were made upon the Wisconsin 
banks. The securities were slightly diminished by sale, but 
the Comptroller did not dare to overburden the already weak and 
falling market with such quantities as $1,974,000 of Missouri 
stock and $738,000 of Tennessee stock. There was a contrac¬ 
tion in the currency during the year of $119,680 and a decrease 
of $47,429 in the specie reserve; at the same time there was a 
slight increase of loans and discounts—$121,026 and just a 
million dollars increase in the deposits, indicating a slight 
revival of business and a considerable restoration of confidence. 
The securities on deposit October 1, 1860, were $5,000,009.50. 
The Bank Department had discouraged, and finally opposed, any 
further deposits of Missouri stock, on account of her large debt 
and undeveloped resources; so Missouri stock decreased dur¬ 
ing the year from $2,049,000 to $1,408,000. The Comptroller also 
limited the amount of Virginia and Tennessee bonds which he 
would receive, leaving for future purchase and deposit only 
North Carolina, Louisiana and California bonds. 
On October 15, 1860, the Comptroller issued a call of 2 per cent 
on Missouri stock from all the banks in the state on account of 
depreciation ; and again, on November 25, he made another demand 
for 6 per cent, on Virginia bonds on deposit. As the sharp de 
dire in southern stock values continued, another call was about 
