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Indeed, these items drew so much attention and interest that at the 1998 exhibition one of them 'disappeared' on the closing day of the show, much to the dismay of the BNP and the numismatic community.
Interest continued in these items through nothing was known either of its provenance or its history. My own attention was drawn to them, in that over these many years of my investigation of Panama's bank and paper money of the 19th Century, and having poured over early-, mid-, and late-century newspapers, particularly the advertisements, these names did not exhibit any familiarity at all. In other words, nothing was known historically of these items nor was their 'source' a matter of access.
Early last year-2001, personal matters had me move my residence from Panama to Burbank, CA. One of these tasks that I took upon myself was to investigate the historical background of the items in question so as to clarify exactly how the operations fitted into the history of the Isthmus.
Shortly after my arrival, I began my mail campaign, and I am glad to report that I received tremendous support and guidance from fellow members of the SPMC (Gene Hessler, Fred Reed, Bob McCabe). From these members I took my initial steps in research style - USA Style! - in writing the Secretary of State, the Historical Society, the Historical Association, and fellow SPMC members who had written articles similar in nature, etc.
Three things were apparent 1) patience; 2) perseverance (these two I had already learned about!); and 3) when writing a fellow members, enclose a SASE (self-addressed envelope). Postage can be onerous if you consider that you send, receive, and have to answer inquiries on your subject.
I began my search by becoming familiar with my local library and the Los Angeles Public Library downtown. It is surprising the amount of local and regional historical information available through area and state historical bulletins.
My first sources were the names and addresses of State Officials. Letters to the Secretary of State of Georgia and Mississippi were sent immediately. Bob McCabe introduced me to the Haxby Catalog of which I was not familiar with (you learn something new every day). The L.A. Public Library confirmed that it has those books that I was interested in concerning the history of the Panama Railroad.
Here are my findings:
* THE PHOENIX BANK of Columbus, GA
My letter to the Secretary of State was quickly acknowledged, and I was informed that my inquiry had been forwarded to the Department of Archieves and History. Shortly thereafter, Business Records Specialist Mr. Carl A. Anderson wrote me the following:
"On December 24, 1840, the Georgia Legislature changed the Famers Bank of Chattahoochee to the Phoenix Bank of Columbus. The Phoenix Bank was reorganized but had very little money, that is, not enough to meet its financial requirements. The directors had its notes printed, and its President, Frederick Martin, and the cashier, R.P. Spencer, signed the notes. The bank never opened because of the lack of money. Nor were any notes ever put into circulation. Mr. Martin made another attempt to obtain financial support. He left Columbus to travel to New York in hopes of obtaining the capital to open the bank.
While passing through Augusta, GA, he cashed some of his bank notes to pay expenses. He was caught, tried and convicted. The Phoenix Bank folded, and the assets were sold to cover debts. The bank never opened. Someone bought the bank assets (which included around $350,000 on notes of 1,2,5, and 20 dollar bills as well as some other material). He stored them. Fifteen or twenty years ago, the hoard came to light, and the notes, mostly uncirculated, were sold to dealers, collectors and investors."
After I read this, all I could say was. "Oh Boy!"
For my next step, I wrote the ANA, at Colorado Springs, so as to re-confirm the information on the banknotes. The ANA Library quickly answered, sending me full copies of the Haxby Catalog of United States Obsolete Bank Notes, Vols. 1 and 2. Those pages pertained to the Phoenix Bank and the Tom Bigby Transportation Co. both read: "Fate: failed" Here again, all I could say was "Oh Boy!"
In revising the photocopies of the items in my possession, I had difficulty with the date on the Phoenix banknote. I did notice that the serial number was #1109. At a coin show in Glendale, CA, I came across Mr. Vern Potter, of Torrance, CA, who was a dealer in rare fiscal documents. I inquired, if per chance, he had any samples of the Phoenix Bank of Columbus, GA. To my pleasant surprise, he had, and I purchased a $20.00 note, #582, dated December 1, 1842 and another $20.00 note, #1161, dated May 1, 1843, effectively confirming the date of the BNP note as May 1, 1843.
The following step was to obtain information on the Panama Railroad, I took the train to downtown Los Angeles to the public library, where I consulted one of the two samples available of the book Illustrated History of the Panama Railroad, by F.N. Otis, M.D., Harper Brothers, New York, 1862. This book stated that the railroad was begun in May of 1850, seven (7) years after the Phoenix Bank banknote was signed, and "When the Panama Railroad opened, the passage charges were" $25 in gold, first class fare; $10 gold second class fare..."
(5) One thing is clear; at that time all business was 'cold, hard cash', and no dealings were ever reported in vouchers or paper.
Lastly, I consulted with a well-known dealer in Panamanian items who very clearly indicated: "These are modern counterfeits. Notes are good; the O/P are false. I assume they sold them to the bank."
Regarding the two other items:
THE COLUMBUS AND TOMBIGBY TRANSPORTATION CO.
OF COLUMBUS, MISSISSIPPI
Here again, as with the State of Georgia, my inquiry to the Secretary of State was quickly answered. It was referred to the Mississippi Department of Archives and History, Library Division. After pre-paying a modest sum for research time, I was informed of numberous sources investigated, including three books relating to the history of Columbus, MS, all to no avail, as no information was available. I did receive a copy of the incorporation papers, dated February 15, 1830.
Along with my initial request for information on the Phoenix Bank to the ANA Library at Colorado Springs, I did request the same for Tombigby. I received a copy of Volume 2 of the Haxby, which corresponded to the requested information. As with the Phoenix Bank, the fate of the Tombigby was: failed. Dates were 1839-1840. Page 1121 showed a Tombigby Railroad, 1830s sharing the same information: failed. Must have been a predecessor!
All else paralled the Phoenix Bank results. The Tombigby notes are 11 years prior to the Panama Railroad being built. Fare was in GOLD, an lastly, the comments of the dealer we consulted were that these were "counterfeits".
In conclusion, the three items in question, though authentic, have been falsified by the overprint. Both firms ceased to exist before work began on the Panama Railroad, and only metallic was accepted for the fare.
I do feel satisfied that this will help in stopping the foisting of falsified historical items on an unsuspecting friend and the public. Certainly, that old adage still runs true: "Investigate, then invest."
NOTES
1. Panama has neither Central Bank nor paper money of its own. Since seperation from Columbia in November 1903 and with the subsequent construction of the Panama Canal by the United States, American paper money has been the circulating currency in the republic at par with the Balboa. The BNP is the official depository of the government, and it carries out the same function of a central bank, i.e. check clearance, supplier of currency and money, etc.
2. Colonial period 1502-1821; Colombian Period 1821-1903, and Republican Period 1903 to present.
3. CASA MUSEO of the BNP, is the bank's official and historical library with "permanent" coin collections on display. Other activities include numismatic, philatelic, art exhibitions, and other items of historical significance.
4. The City of Colon was founded on February 29, 1852. The legislative Chamber of Panama had officially named the city COLON; however, some employees of the Panama Railroad wanted to honor its founder, William Aspinwall. They suggested the name to Victoriano de P. Paredes, who was passing through the Isthmus on his way to the U.S.A. as Minister. He had been selected as guest speaker at the function and suggested the name in his speech, which was popularized by those present. The name continued to be used until March 20, 1890, when the Director General of the Postal Service advised that "...all correspondence received at this office labeled "Aspinwall" shall be returned to sender..."
Another source is: McCullogh, David, The Path Between the Seas, Simon and Schuster, New York, 1977, Page 35.
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