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| Scott Number | 1 |
|---|---|
| Date | November 8, 1850 |
| From City | New York |
| From State | NY |
| To City | Norwich |
| To State | CT |
| Addressee | Joel W. White |
| Cert Author | |
| Cert # | |
| Fake | |
| Quantity 1 | 1 |
| Quantity 2 | 0 |
| Bisect | |
| Others |
Notes
Lot 2229 5c Red Brown (1). Large margins to just in, tied by red square grid, matching "New-York Nov. 8" circular datestamp on 1850 folded cover to Norwich Conn., some splitting along folds, Fine E. 675.00
Robert A. Siegel Auction Galleries, Inc. sale 980 realized 300 (image)
Alexander listed as 11/8/50
Robert A. Siegel Auction Galleries Inc. sale 573 lot 34 realized 400
Robert A. Siegel Auction Galleries, Inc. sale 741 lot 154 realized 150
Joel Wales White (1795-1862) served as the Cashier of the Merchants' Bank of Norwich (1844-1851), which was originally organized in July 1823. He resigned from the bank in 1851 right around the time of a much publicized $40,000 robbery of a bank messenger in January 1851.
In other positions, he served as the President of the Norwich & Worcester Railroad (1849-1856) and as the U.S. Consul at Lyons, France (1857-1860).
Bank Robbery in Jan 1851:
In the 1840s and 1850s, banks throughout New England relied on a clearinghouse mechanism managed by The Suffolk Bank of Boston. Because paper currency depreciated heavily the further it traveled from its source, regional banks like the Merchants' Bank of Norwich had to physically transport large quantities of paper notes and specie (gold and silver) back and forth to Boston by train, steamboat, or designated stage coaches to settle balances.
While a messenger was en route transporting a large sum of money associated with the Norwich banks, a heist took place. The bold robbery resulted in the loss of thousands of dollars in bank notes—historical records from the period mention a sweeping financial hit of roughly $40,000.
As the active Cashier of the Merchants' Bank, Joel W. White was the primary executive handling the day-to-day operations and ledger reconciliations. Because it was the cashier’s signature that legally validated and backed the bank's circulating paper notes, White was directly tasked with issuing public circulars, publicizing reward notices, and coordinating with regional law enforcement to track down the stolen currencies.
Interestingly, historical accounts of the Suffolk Banking system reveal that a portion of the stolen Norwich bank money was later tracked down during a dramatic chase. Investigators and bank officials tracked suspects all the way onto a departing commercial steamer. Upon apprehending a compromised bank teller on board, they seized a stash of notes. However, in a twist of confusion, after the steamer sailed, the officials discovered that the specific cash found on that particular accomplice didn't belong to the Norwich Bank after all, but rather to "the old concern in Boston," while a second accomplice (a bookkeeper) managed to escape into the crowd.
This robbery marked one of the final major events of Joel W. White's banking career. Shaken up by the logistics of moving capital or simply ready for a career change, he transitioned entirely out of the Merchants' Bank by the following year to focus full-time on running the Norwich and Worcester Railroad.
Robert A. Siegel Auction Galleries, Inc. sale 980 realized 300 (image)
Alexander listed as 11/8/50
Robert A. Siegel Auction Galleries Inc. sale 573 lot 34 realized 400
Robert A. Siegel Auction Galleries, Inc. sale 741 lot 154 realized 150
Joel Wales White (1795-1862) served as the Cashier of the Merchants' Bank of Norwich (1844-1851), which was originally organized in July 1823. He resigned from the bank in 1851 right around the time of a much publicized $40,000 robbery of a bank messenger in January 1851.
In other positions, he served as the President of the Norwich & Worcester Railroad (1849-1856) and as the U.S. Consul at Lyons, France (1857-1860).
Bank Robbery in Jan 1851:
In the 1840s and 1850s, banks throughout New England relied on a clearinghouse mechanism managed by The Suffolk Bank of Boston. Because paper currency depreciated heavily the further it traveled from its source, regional banks like the Merchants' Bank of Norwich had to physically transport large quantities of paper notes and specie (gold and silver) back and forth to Boston by train, steamboat, or designated stage coaches to settle balances.
While a messenger was en route transporting a large sum of money associated with the Norwich banks, a heist took place. The bold robbery resulted in the loss of thousands of dollars in bank notes—historical records from the period mention a sweeping financial hit of roughly $40,000.
As the active Cashier of the Merchants' Bank, Joel W. White was the primary executive handling the day-to-day operations and ledger reconciliations. Because it was the cashier’s signature that legally validated and backed the bank's circulating paper notes, White was directly tasked with issuing public circulars, publicizing reward notices, and coordinating with regional law enforcement to track down the stolen currencies.
Interestingly, historical accounts of the Suffolk Banking system reveal that a portion of the stolen Norwich bank money was later tracked down during a dramatic chase. Investigators and bank officials tracked suspects all the way onto a departing commercial steamer. Upon apprehending a compromised bank teller on board, they seized a stash of notes. However, in a twist of confusion, after the steamer sailed, the officials discovered that the specific cash found on that particular accomplice didn't belong to the Norwich Bank after all, but rather to "the old concern in Boston," while a second accomplice (a bookkeeper) managed to escape into the crowd.
This robbery marked one of the final major events of Joel W. White's banking career. Shaken up by the logistics of moving capital or simply ready for a career change, he transitioned entirely out of the Merchants' Bank by the following year to focus full-time on running the Norwich and Worcester Railroad.
