Paine Bank

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Paine Bank
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Location1008 Oak St., Niles, Michigan
Coordinates 41°49′36″N86°14′52″W / 41.82667°N 86.24778°W / 41.82667; -86.24778 Coordinates: 41°49′36″N86°14′52″W / 41.82667°N 86.24778°W / 41.82667; -86.24778
Arealess than one acre
Built1843 (1843)
Architectural style Greek Revival
NRHP reference # 73000945 [1]
Added to NRHPMay 8, 1973

The Paine Bank is a historic bank building located at 1008 Oak Street in Niles, Michigan. It was listed on the National Register of Historic Places in 1973.

Niles, Michigan City in Michigan, United States

Niles is a city in Berrien and Cass counties in the U.S. state of Michigan, near South Bend, Indiana. In 2010, the population was 11,600 according to the 2010 census. It is the larger, by population, of the two principal cities in the Niles-Benton Harbor Metropolitan Statistical Area, an area with 156,813 people.

National Register of Historic Places federal list of historic sites in the United States

The National Register of Historic Places (NRHP) is the United States federal government's official list of districts, sites, buildings, structures, and objects deemed worthy of preservation for their historical significance. A property listed in the National Register, or located within a National Register Historic District, may qualify for tax incentives derived from the total value of expenses incurred preserving the property.

Contents

History

Rodney C. Paine grew up in New York state, and worked as a clerk in a canal office, post office, and bank. In 1836, his brother-in-law John A. Welles, who was a cashier at the Farmers & Mechanics Bank in Detroit, asked Paine to open a branch in western Michigan, which was rapidly expanding at the time. Paine opened an office in St. Joseph, and quickly gained the trust of the community and was elected county treasurer. In fact, during the Panic of 1837, Paine issued notes without security, but (it was said) were accepted on the basis of his endorsement alone. These notes were known as "Paine's Money." [2]

Detroit Largest city in Michigan

Detroit is the largest and most populous city in the U.S. state of Michigan, the largest United States city on the United States–Canada border, and the seat of Wayne County. The municipality of Detroit had a 2017 estimated population of 673,104, making it the 23rd-most populous city in the United States. The metropolitan area, known as Metro Detroit, is home to 4.3 million people, making it the second-largest in the Midwest after the Chicago metropolitan area. Regarded as a major cultural center, Detroit is known for its contributions to music and as a repository for art, architecture and design.

St. Joseph, Michigan City in Michigan, United States

St. Joseph is a city in the U.S. state of Michigan. It was incorporated as a village in 1834 and as a city in 1891. As of the 2010 census, the city population was 8,365. It lies on the shore of Lake Michigan, at the mouth of the St. Joseph River, about 90 miles (140 km) east-northeast of Chicago. It is the county seat of Berrien County. It is home of the American Society of Agricultural and Biological Engineers.

Panic of 1837 financial crisis

The Panic of 1837 was a financial crisis in the United States that touched off a major recession that lasted until the mid-1840s. Profits, prices, and wages went down while unemployment went up. Pessimism abounded during the time. The panic had both domestic and foreign origins. Speculative lending practices in western states, a sharp decline in cotton prices, a collapsing land bubble, international specie flows, and restrictive lending policies in Great Britain were all to blame. On May 10, 1837, banks in New York City suspended specie payments, meaning that they would no longer redeem commercial paper in specie at full face value. Despite a brief recovery in 1838, the recession persisted for approximately seven years. Banks collapsed, businesses failed, prices declined, and thousands of workers lost their jobs. Unemployment may have been as high as 25% in some locales. The years 1837 to 1844 were, generally speaking, years of deflation in wages and prices.

In 1840, Paine moved to Niles and opened an agency there. In 1843, he constructed this small Greek Revival bank building on the corner of Third and Main Streets. He also constructed a home nearby (now the Ring Lardner House). Paine's bank operated as an agency of the Farmers & Mechanics Bank until 1852, after which if became a private bank, known as Paine's Bank, owned and operated by Rodney C. Paine. Paine worked at promoting the development of Niles, investing in local industry, serving as the director of the public schools, and being elected to the state senate in 1855. Paine died in 1875. [2]

Ring Lardner House

The Ring Lardner House is a private house located at 519 Bond Street in Niles, Michigan where American author Ring Lardner was born in 1885. It was listed on the National Register of Historic Places in 1972.

The bank building has been moved twice; once in 1883 to South Third Street, and again in 1961 to its current location. It is currently used for storage. [2]

Description

Paine's Bank is a small, white, single story, frame Greek Revival building. It has a pedimented tetrastyle Greek Doric portico with fluted columns and antae at the corners of the building. [2]

Greek Revival architecture architectural movement of the late 18th and early 19th centuries

The Greek Revival was an architectural movement of the late 18th and early 19th centuries, predominantly in Northern Europe and the United States. A product of Hellenism, it may be looked upon as the last phase in the development of Neoclassical architecture. The term was first used by Charles Robert Cockerell in a lecture he gave as Professor of Architecture to the Royal Academy of Arts, London in 1842.

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References

  1. ↑ National Park Service (2010-07-09). "National Register Information System". National Register of Historic Places . National Park Service.
  2. 1 2 3 4 Catherine Ellis (August 11, 1972), NATIONAL REGISTER OF HISTORIC PLACES INVENTORY - NOMINATION FORM: Paine's Bank (note: large pdf file)
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