14960. City Bank (Buffalo, NY)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 3, 1840
Location: Buffalo, New York (42.886, -78.878)

Metadata

Model: gpt-5-mini
Short Digest: 2a4f4df0

Response Measures

None

Description

Contemporary newspaper correspondence (Feb 1840) states the City Bank of Buffalo was 'shut up' by injunction and Ex-Governor Marcy appointed receiver. There is discussion of insolvency, use of the Safety Fund to redeem its notes, and asset realization; no clear discrete depositor run is described in these items, so this is classified as a suspension/closure (receivership) rather than a run-driven episode.

Events (2)

1. February 3, 1840 Receivership

Newspaper Excerpt: When this bank failed, ... The Receiver has paid all the other claims against the Bank ... Amount paid into the Treasury by G.W. Newell, Receiver of the City Bank of Buffalo ... (discussion of receiver's payments and dividends). (multiple articles reference receiver activity and payments).
Source: newspapers

2. February 3, 1840 Suspension

Cause: Government Action
Cause Details: Closed by court injunction; receiver (Ex-Governor Marcy) appointed to wind up the bank's affairs.
Newspaper Excerpt: The City Bank of Buffalo has been closed by an injunction, and Ex-Governor Marcy is appointed receiver.
Source: newspapers

Newspaper Articles (14)

1. September 11, 1839 Morning Herald New York, NY

Article from Morning Herald, September 11, 1839

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MONEY MARKET. Tuesday, Sept. 10-6 P.M. The news by the Great Western was not received until after the business at the board-consequently it did not affect prices. The sales were rather larger than yesterday, and opened at high prices, but at the second call a quantity of fancy stocks were offered. which depressed prices, and Del. and Hudson closed at a decline of 1 per cent; Bauk of Kentucky t per cent; Harlem } per cent; Stonington & per cent; United States bank, on the contrary, improved one per cent. There is no change in sterling bills. The Montreal for I onden took out $50,000 in specie. We mentioned recently that it had been stated in a western paper that the state of Indiana had lost $1,000,000 by the failure of the broker in whose hands were placed the bends.The statement was entirely without foundation-the commissioners of Indiana never trust to brokers but negotiate them. selves. We mentioned yesterday that the bills of the city bank of Buffalo and the Commercial bank were no longer redeemed at the State bank. We understand that a large amount of these bills had been pledged with brokers for loans, and their being suddenly thrown upon the market was the cause of their rejection. The brokers offer 10 per cent discount for them today. There has been an arrival of specie from Vera Cruz today. to the amount of $125,000, and also $49,000 from New Orleans making $173,000 in all. These movements of specie from one port the United States to another. are indicative of great mismanagement OR the part of the banks, which seem to be speculating altogether, and the disordered state of the exchanges is both a cause and a consequence. The following letter from our Charleston correspondent on the subject, shows the state of feeling in that section : CHARLESTON. S.C. Sept. 6, 1839. Exchange is on the advance with us, and there is no probability of relief soon, as not a bank in the city will check for a dollar. This bears heavily on the mercantile community, while it fosters the brokers, who are drawing specie, shipping it to New York, and checking at 31 percent. Checks sent from a bank in the interior were sold yesterday at 3) percent. and there is doubt but what 4 per cent could have been obtained This state of things should not exist, and would not, had not a great portion of the bauk capital of our city been withdrawn from its legitimate purpose and transferred to New York to shave southern paper. A bank (K. B. at its head) with the largest capital in the city, two months since had epwards of a million exchange on the north running to maturity, and cannot, or rather will not, check for a dollar-why 1 because her agents in your city can shave southern paper at, you know what better than do. This same K. B. above referred to. was not long since appointed President of a Mercantire Convention held in Augusta, Ga. for the purpose of bringing about a direct trade with Europe. I merely mention this circumstance to show what interest he feels in the mercantile community. when it suits him to transfer the capital of the institution over which he presides, for other purposes than their accommodation. The news by the Great Western arrived too late to have any effect on money matters to-day. The opinion in Wall street is conflicting with regard to the nature of the news. It is certain that but little has been done in American stocks Messrs. Prime, Ward & King received letter stating that the Commissioners had succeeded in disposing of $4,000 000 of Illinois stocks. It is understood, however, that it was not as absolute sale, but merely a temporary loan on pledge of the stock. The fact that the crops of corn may turn out more favorable than was expected, has given a better colour to the news generally. The English money market, as will be seen by reference to our has been in a most excited state. The novel proceed of the Chancellor of the Exchequer in bills occasioned great fluctuation in The rate rose from par to 22. bills. quer ings columus, premium, funding the prices the and of Exche- subse. those quently fell to par in a few hours, according to the probable success of the measure. A peouliarity of circumstances led to it final adjustment, and the public credit of the country was far sustained. Money was exceedingly, scarce, but the demand for bullion being sensibly lessened, the Bauk met the severe of the pressure with liberal discounts. rate of discount was, however, 6 per cent. remost The points and the final in de peal of the usury laws, tended to make money more n.and. Therefore there was less probability of any immediate reaction in favor of the American trade. Much, however. depends upon the events which may have transpired before the departure of the British Queen on the 1st. The political position of England is very critical; a decreasing revenue, commerce wholly at a stand-still, and the Money Market completely deranged; business bad; the trade with China entirely suspended, and the most important part of it quite annihilated; the West India colonies under great excite. ment, and the planters suffering severely from the difficulty of procuring labor; Canada requiring the presence of a large military force; a rupture in India apprehended; and, to COIN. plete the scene, the dread-indeed, the certainty-that if the Turkish-Egyptian question be not conducted with the utmost caution and discretion, that a European war might be the result. All these events were hanging over the commercial prosperiof relieved only by the probability that the crop deficient. In the manufacturing ty will not England, districts bank. there called was a scarcity of money. and a failure of a joint stock the Phenix. a small affair with a capital of £90,000 only. It did not attract much attention. Sales at the Stock Exchange. 30 shares United States Bank 105 35 do 1034-1 Manhattan Bank 123- 30 do Phenix Bauk 97. 40 do 961 North Am. Trust Co., 66, do 654, 20 do 651, 30d, do 651, 25

2. October 22, 1839 Morning Herald New York, NY

Article from Morning Herald, October 22, 1839

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he stock market presented but very little change from the prices of Saturday. Sales were not large U. Bank closed the same as on Saturday. Del. & Hudson receded t per cent; Kentucky 1 per cent; Harlem & per cent; Utica & Schenectady per cent. There was less demand for money today than on Saturday. For several days past, the State Bank has been discontinuing the redemption of certain of the safety fund bills. The following is a list of the banks, the bills of which have been thrown out, on Saturday and odayBank of Whitehall, Chemung Canal Bank, Yates County Bank. Essex County Commercial Bank of Buffalo, Bank of Ithica, City Bank of Buffalo, " Lyons, Commercial Bank of Oswego, " Orleans, Oswego Bank, Madison Co. Bank, Chaulauque County Bank. Sackett's Harbor Bank, These are bou the by the smokers at 5 per discount The prebability is, that all will be discontinued, with the ex ception of such few as have made arrangements for taking up their own paper. The Bank Commissioners are now here and have sent for the committee of the country banks, for the purpose of endeavoring to make an arrangement with the banks of this city, by which Safety Fund money shall be received at par in payment of their debts. Such a measure is very desirable if it can be entered into at this time. The present uncertain mode of redemption operates very much against the ability of the country banks to grant the necessary facilities in getting the crops to market. The policy of holding back produce for a rise laid the ground work early in the spring for the present difficulties. The banks were thereby prevented from remitting drafts agaiust produce to meet their funds here. The same policy checked the export of grain, which would, fleft to its natural prices, have formed the basis for a large amount of sterling bills This led to the discontiauance of the redemption in this city at the expiration of the year, in June last. The committee of the country banks at that time effected a renewal on modified terms, which were, that a sys. tem of internal exchange should be adopted by which the amount thrown upon the city would be redeemed one half. At that time, however, a new cause of Jiffieulty began to manifest itself in the circulation of the bills of the banks under the new system. They were the cheaper currency, and the public had more confidence in them than the Safety Fund. These facts were rapidly driving in the safety fund circulation to an extent which rendered nugatory the effect of the internal exchange, in reducing the amount in the city. The safety fund circulation was rei dered much mere rapid by the agents of the new banks, who exerted themselves in the interior to exchange the new bills for them and send the safety fund notes in for redemption. At the same time the old cause f difficulty, which was the holding of wheat, continued to operate, and prevented the western banks from sending funds here. The transaction with regard to a state loan and the canal funds, which we mentioned a few days since occurring about that time, caused a second sudden suspension of the redemption. The pernicious system of holding back the crop, is the grand evil, and one to which dealers and farmers adhere with a tena. city which amounts almost to a mania The process of a re. duction in prices is going forward with an irresistable force and cannot be prevented. The crops are immense, far greater than Can be consumed in this country, and can find a market abroad only at low prices; holding it back from the market, therefore, has no other effect than to disorder the currency. The following is a table of the leading items of such of the banks as have been refused by the State Bank at their last return, as compared with the same items, at the period of suspension, May, 1837.

3. February 6, 1840 Morning Herald New York, NY

Article from Morning Herald, February 6, 1840

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[Correspondence of the Herald.] ALBANY, Feb. 3, 1840. City Bank of Buffalo shut up-New President of the Senate-Uniform Bankrupt Law-David Frost and Eveline his Wife-Office-Seekers, &.C. The emergency of which I spoke on Saturday, has come, sure enough. The City Bank of Buffalo has been closed by an injunction, and Ex-Governor Marcy is appointed receiver. The Bank Fund bill, which was drawn with reference to this emergency, was driven through the House today, and will probably pass the Senate on Wednesday. Nothing else done, except to re-elect Jacob Haight, Treasurer. Lieutenant-governor Bradish sent a letter to Mr. H. A. Livingston this morning, saying that he was indisposed, and asking Mr. L. to take the chair until the Senate should elect a President pro tempore. After the presentation of the usual quantum of petitions, Mr. Tallmadge, of your city, was elected President pro tem.. On being conducted to the chair, he acknowledged the honor conferred upon him in a few appropriate words. A report was made by the Judiciary Committee on the subject of a uniform bankrupt law, which concluded with some explicit and strong resolutions in its favor. The report will probably be accepted by the Senate, and 'the resolutions passed by the Legislature. After electing Mr. Haight, Treasurer, and disposing of two or three other small matters, the Senate went into Committee of the Whole and took up a bill for the relief of David Frost." This is the divorce case, that produced so much excitement last winter, the circumstances of which are, no doubt, familiar to you. The bill is in these words: "The marriage contract between David Frost and Eveline his wife is hereby dissolved." The whole matter was thoroughly discussed last winter, and the bill would have passed but for the press of business just at the heels of the session, and everybody supposed it would go through without any opposition. But Gen. Root, who is as fond of fun as in his electioneering days, seeing there was a pretty full attendance of ladies, affected profound ignorance of the whole matter, and called for the reading of the petitions and other documents. By all means, said Col. Young, and let us have David's first. Accordingly David's petition was read. He refers to his petition of last year, which contains some choice details, and says the marriage has not been consummated, and is never like to be; that the fault is not his; in fact, that he has never been in fault in the premises at all, and prays the Legislature to unmarry him as soon as may be; and he says he shall ever pray. So far, so good, said Col. Young. Now let us hear what Eveline has to say. Eveline says she wants the marriage tie dissolved, if any do exist between her and David. of which she has no knowledge, although she is disposed to believe that such may be the case. She says she was under a mental hallucination and delusion at the time the ceremony was said to have been performed; that the marriage had not been consummated, and never would be with her consent. Gen. Root enquired, if there were more documents? He could not suppose that a report had been made on the naked, unsupported declaration of the parties themselves. Col. Young said, if Eveline had been married without her knowledge or consent, and she had only made the discovery next morning, it was obviously a

4. February 6, 1840 Morning Herald New York, NY

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vulsion in the monetary system and mineral and of this curious and original country, goes ahead like a flash of lightning athwart the blue heaven, in chase of Satan, trying to make his escape from the sword of Raphael. In this state, the vast reduction of bank loans, equal $20,000,000 in a year, have begunthe reduction in prices, rents, real estate, produce, and 'every thing. The City Bank of Buffalo is shut up, and many more banks will follow. The legislature, at Albany, is deliberating on the best means of making bank money par over the state, which will only aid the progress of events. In Pennsylvania, they are in a worse condition. The banks have all suspended> and he who talks of honesty and good faith in that state, is stigmatised as a scoundrel. That broken state has just borrowed of her broken banks, a loan to pay the interest on her vast debt, a mode of finance that will only accelerate the utter destruction of both bank and state credit in Pennsylvania. In Maryland, and throughout the South and west, the same financial conflict goes on-the same effort to sustain extravagance and continue fraud and speculation, by borrowing today to pay the debt of yesterday. All the speculators connected with the rotten banks and rotten states, are endeavoring to hide their extravagance and folly, and to makea plausible appearance of things to their creditors in Europe. The country is on the verge of a revulsion and revolution, such as no civilized nation ever yet passed. The system of negotiating fresh loans to pay the interest of past debts, can only end in utter and final explosion. The great mass of the people will soon rouse themselves to indignation against the financiers, bankers and politicians of both parties-and a few short years-perchance months-will produce more decided civil revolution in half the states of the Union, than ever has been experienced in the bankrupt republics of South America. The states about £25,000,000 sterling, or $125,000,000, European capitalists alone-a great portion of which has been wasted and plundered by the bankers and politicians of both parties, under the name of commissions, contracts and public works. The interest cannot be paid without a resort to direct taxation. Will the people submit to pay for the extravagance of these men Will they not rebel at such exactions -review the whole policy of the last quarter of a century-and most likely repudiate these debts and the men who incurred them by some great organic revolution? Weare in the midst of the great crisis of the credit system. England is also in the same position, without possessing the means, in natural wealth and vast resources, to recover from her difficulties.What the result may be is difficult to foresee-but this much is certain, weare on the eve of vast social and political changes. There is one comfort, we can'tbeworse-wemay be better. REMEDIES AGAINST FIRES.-We call the atten. tion of the community to the proceedings of the citizens of the First Ward, published in another column, on the subject of providing remedies against conflagrations. The gross inefficiency, inattention, and weakness, of the present Corporation, from the Mayor down, have increased so much of late, that the citizens will absolutely have to organize themselves, in their own to provide those a good ought to provide. never government wards, remedies We and which will get rows, fires, plunderings, every of disorder, till we put an chief such as Aaron was, a species rid magistrate, of riots, public Clarke in efficient and body of aldermen and assistants, that will have the moral courage to act for the public good, and not party benefit. As EXPECTED.-The bankrupt, swindling, insol vent Bank of the United States at Philadelphia, have refused to pay the $1000 post note owned by me, which fell due last Saturday, and was then sent on for collection. They have taken my money to buy the Legislature of Pennsylvania, and to permit them longer to cheat the community. No matterI shall issue the following advertisement: INFORMATION WANTED. to the information underprivate Any person when the who Bank can of the United States in Philadelphia, has signed. funds either arriving at. or leaving specie this eity.so nato enable or other properly.or will amply an attachment rewarded for to the be same. issued and the property seized, JAMES GORDON BENNETT. FASHIONABLE PARTY, CORNER OF FOURTH ST AND BROADWAY.-On of the most graceful and balls got up in fashionable ing the season, was that prettiest present given, C., society, last the week, durby beautiful and interesting Miss at corner and Fourth street. was the of Broadway It equally and its recherché for its charming young women, choice old wines. Among the fair ones present were the two beautiful Miss N's of Fourth street, now preparing to to Washington. They were dressed in virgin go white, with ornaments of the most tasteful description. The eldest danced frequently with Mr. B. of Mississippi. but towards the close, the young Mr. H. of New York, entirely eclipsed the southerner. much as the specie-paying currency of New York as outdoes the mere paper money of Mississippi. The Miss E. also created a considerable A. a bud of the system, is attentive in this quarter, but sensation. very beautiful Young he auction has not made the he imagines. and taste; and the progress sweetness The hair-breath lady gentleman sings talks with everlastingly of his travels and escapes in Europe. He was twice nearly swallowed up by earthquakes-once OR the verge of falling into the crater Mount Vesuvius-suffered several six shipwrecks-was robbed in the Alps-and was actually a murdered and buried alive in the Appenines, by band of robbers. Mrs. K. the sister of Miss C., was most beautidressed in black velvet. Miss C., a elergyfair from Boston, a deal attention-also the two man's fully of daughter attracted Misses A., great the pretty daughters of a Water Commissioner. fashion- aslary $10 per day, have just come out in the able and bid fair to create a sensation the gentlemen present, none who Among world, remarkable, there Major was S. danced with almost every fair one presentvery unless it was short Cant.

5. February 7, 1840 Morning Herald New York, NY

Article from Morning Herald, February 7, 1840

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MONEY MARKET. THURSDAY, Feb. 6-6 P. M. The success of the non-resumption policy in Philadelphia, and the anticipation of favorable aews by the Liverpool, have imparted a great degree of buoyancy to the stock market this morning. The sales were not very extensive, but prices rose rapidly. Harlem improved 2 per cent; New Jersey Railroad 1 per cent; Stonington 1 per cent; V. S. Bank 3 per cent; North American Trust and Banking Company 2) per cent; Delaware and Hudson 1) per cent; Dry Dock 2 per cent; Farmers' Trust 1 per cent. Exchange on Philadelphia declined to 6) per cent discount. After the Board adjourned, a rumor of defalcation in the Dry Dock Bank became current. Nothing definite transpired. It was stated that forged drafts, to the amount of $80,000, had been paid; another, that large loans had been made on Kentucky stock, which had depreciated on their hands below what is sufficient to cover the loans. Out of this rumor grew the report, that there were difficulties in the Manhattan Bank, which is not the case. The windin; up of the City Bank of Buffalo, is a prelude to fresh explosions, and a further derangement of the state currency. The present difficulties are clearly the result of the mismanagement of the state finances. The improvidence of the state officers in the employment of the state funds, last sammer, was the cause of much embarrasement to the State Bank, in this city, and connected with other events, forced her twice to suspend the redemption of the country money, and entailed an immense loss upon the business community, in consequence of the heavy discount they had to pay, by reason of the non-redemption The state office appears, without any plausible reason, loaned to three of the Beffalo Banks, $400,000 of the state's money, belong - to the Cabil Feed This money was, by contract, to be paid over to the Star Bank in instalments The use of this money vold have emailed the State Bank to employ a larger capital 19 the cedric time of coantry money; but the loan to the Buffalo Bauki stips lated them to over issues, and cause that great inflax of Buffalo bank bills in this city, which depreciated Cheir Sale This unnatural action speedily involved the issuing banks in difficulty; and on the 11th of November, when the first in stalment fell due to the State Bank, by for City Bank of Buf falo, it was not paid. One of the Bank thank the time being. to Buffalo, and en arrangement was made donand certain of the papers of that city tradict the rumor, that an injunction had the sult of this patching up has been an state loges $400,000 of the Canal Famil Fund is nearly annibilated. $817,900 The Bank Fund was, on the 19th January The circulation to be paid out of it, is, for $123,408 the Bank of Buffalo, Commercial Bank of Buffalo, 104,914 " City

6. February 8, 1840 Morning Herald New York, NY

Article from Morning Herald, February 8, 1840

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of that broken concern. Any person editor hav- of operations such a copy, will confer a favor on the st. this ing paper, by sending it to this office, 21 Ann OF THE COUNTRY-GOING TO THE DEVIL -The great STATE movement of the day-the movement of the that swallows up all others, is the progress political revorevulsion, and its attendant words, how financial in Pennsylvania-or, in other hell by lution, honest people of that State are driven to at the financiers and politicians. The Legislature is the centre of and understands the progress of Harrisburg, mind their that attraction The events, to debates every best mode of going to the devil. those in Althe are uninteresting-so are finances, of Congress Pennsylvania, in her banks and State towards the bany. is in the van of the great movement gloomy kingdom of Satan. amid the various statements put forth of in the huBut, prints, it is difficult for the observer of the public to ascertain exactly the nature mind man nature or its probable termination. To written our with conflict, is as clear as if it were We discard all political or its a sun beam. character movements personal with and can look upon these is above of a superior being, whose the eye the region or influence of and those who lead and prejudices, beyond them on. destiny such movements, position of Pennsylvania is that the of The State present that has expanded, or may Nothing expand, can every to the same extent. credit system State, or her banks, from a final explosion, with ecosave that immediate resort to direct taxation, future. But but the expenditures of the to of such a policy, they of their broken banks to pay instead nomy guide adopting their borrow $60,000,000, interest. more money will inevitably lead to a debt of than 20 This $80,000,000, or even $100,000,000 in less will or Pennsylvania, in less than two years, begun the years. without credit or reputation. She has Her be that will cause her final disgrace. if movement will depreciate every day-an 10, 15, she bank does currency not retrace her steps, it will value. fall to 20, or 30 per cent below its present time, her present Governor has brought this In the mean which, while they accelerate will produce a political forward issue of affairs, measures few months. revolution, By temporary revival for a the public and a in regard to the banks and of that his policy General Harrison will get the vote and debt, All the rotten, banking, credit, the expandstate. of the state, will rally round present so to interests borrowing movement, sufficiently next elecsuspended an overwhelming majority at the Union. The give it it will be throughout the will tion. So strange revulsion in state credits, victory will enpresent overthrow Van Buren; but the for nothing tirely temporary to the whig party- bolstering sys only be the final explosion of the nothing can stop Up to next November, we will have that month, tem. fluctuations and agitations. In majoribut Harrison will be elected, by a large combinaGeneral result of the excitement and vast shall then ty, the banks and the credit system. We and specution of temporary rise in stocks, prices, Presihave a will follow, during Harrison's final exlation- then long, low, black revulsion, and new sysdency, the the whole, to be succeeded by a order of plosion tem, a new of race, and a new and healthy things Printing.-Yesterday we crossed tasted CORPORATION mouthful of treasury pap that ever of medithe first Like a man taking his first dose In about ourlips. noticed its effects on my system. propeneine, I thereafter, I discovered feeling a strong that was hours to lie, slander and cheat, under its operation. sity o new to me, understand that I felt the queer process by which Blair of I now can and the other organs of both parties, and the Globe, such genius for lying, blackguarding, of the imdisplay opponents. It all comes swallow. abusing their nantities of treasury pap they To stop mense corporation is locofoco in its wholesome polities. truths I The of the many me a large dose the publication in the Herald, they voted However, publish pap-$25 per mouthful. effect. of treasury it has not produced the expected that no thank God, such a strong, healthy constitution, -and if they of the spoils" can me with a fact, let them try of I quantity have affect me advertising thousand doubt the cut from the fat job of Post and two dollar dose, which they are giving to the venture to swal$8,000, Out of pure patriotism, I'll Townsend slid Eras. a dose, as the amiable Dr. of yellow fever low such the skin of a man who become died acquainted with at into Havana, just on purpose to Do-try the pathology of the disease. FANCY BALL FOR THE 27TH- Preparations We have THE affair are going ahead fast. the dresses for this great descriptions of a number week of will prereceived and some time next beautiful and characters, account. We are getting a engraved, sent full of the house and apartments, Some very oripresentation accompany these descriptions. to ginal characters are to be present. The Jefferson Guards give 17th their inst. third annual oct the Apollo Saloon, on the ball STREET RUMORS.-Wall of street defalcations, has been, WALL days, full of rumors truth of for several robberies, &c. If one half of the doubt make frauds, Wall street were known, it would no stand aghast. many SCIENCE Gouraud, the savan. head is lecturing on sun painting, at 25 cents per has produced you The two Express" great men, intimates De Witt that Clinton this and state Silas M Stillwell. So has. FIFTY CENT PATCH.-Ex Governor City Bank. Marcy A good is appointed A receiver of the X. has Buffalo had a large experience WAGES selection. inspatching COMING The breeches great Down.-What and banks, cheap, has too. become of

7. February 8, 1840 Morning Herald New York, NY

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for Albany a salaried officer. The bill for the reorganization of your Criminal Courts has been referred to a committee of the whole. Nothing else of importance. There is an infinite deal of trouble among the whigs of Albany, respecting the office of Surrogate. They have been at work for the last ten days, endeavoring to reconcile and pacify conflicting claims and pretensions; but the more they work, the more they don't bring any thing to pass. [Correspondence of the Herald.] BUFFALO, Feb. 1840. Fashion-Folly - -Phrenology-Impeachment-Libee -Broken Banks, et cetera. The denizen who dashes through Broadway, in an imported "Cab," or is trundled to Wall's street, at the heels of four bays, in one of Brower's omnibuses, must not suppose that because he resides in an overgrown city, and is moreover, within three hours sail of Sandy Hook, that hé can monopolize all the fashionable folly, ridiculous antics and exquisite liaisons that are hourly imported, and so closely followed by the parvenues of small palaces. Far from it. Every interior town and village throughout the continent, has the same scenes frequently exhibited, only on a diminished scale. This place, among others, is not exempt. It has in it some piety-mor philosophy, and an infernal large share of phrenology, humbug, and original sin. It is a fact, 1 assure you. Within a twelvemonth, no less than two works on bumps and bald heads, have been issued from the Buffalo press; and it is only a month since a splendid fair was given under the guidance, protection and sanctity of the petticoats belonging to the Dutch Reformed Church. Such articles as were not sold in were disposed of at auction, by one of the us the lady managers, acting as the "Knight of the Malletter The affair was Indicrous in the extreme. I had almost forgotten to mention the principal item, which wasn my mind's eye," d this epistle, viz: that a "nice when I young man, named J. W. Backland, some way conneeted with the firm of Starkweather & Brown, of this city, was successfully impeached during the sitting of the last Circuit. Buckland is one of the ton, is in great favor with the ladies, and has heretofore been the standing witness of the above firm. At each succeeding session, B. was called upon by his employers to explain away" any usurious practices said to have been indulged in by them. It is said his impeachment will be a loss to S. & B. of many thousands. Thus you see, we can keep up with the commercial emporium, or her compeer, the pride of Pennsylvania. This morning, Fenton, of the Seneca county Bank, had papers served upon the editors of the Commercial and Journal for libel, in saying that he had "Swartwouted." The venue is laid in Albany and damages $10,000. Poor devil, he will never get a dollar. One item more, and I have finished. The City Bank, (Safety Fund,) has suspended. On Saturday last, a messenger, named Green, from Albany, presented $3,500 for Eastern exchange or coin; both were refused; and the report in the street today is, that ere this reaches you the bank will be enjoined; 1 have no doubt of it. In fact, Hopkins, a young and inexperienced fellow, has the entire control of the institution, and says he is not at liberty to receive or pay out his own notes. So we go. NIAGARA.

8. February 21, 1840 Morning Herald New York, NY

Article from Morning Herald, February 21, 1840

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Total sales, This was a good sale under the circumstances. The proceeds of the sale are to meet the bills of the City Bank of Buffalo, which institution went recently into the hands of a receiver. In Assembly, on Tuesday, Mr. Lawrence introduced a bill in relation to the State curreney, which provides for the re demption of country money, in the city of New York-the bank fund to be employed for that purpose, and to increase the fund to 3 per cent on the capital of all the safety fund banks, and a like sum on the free banks. This was to redeem all the country bills at a rate not exceeding one h alf of one per cent. We yesterday made some remarks in regard to the North River Bankrand its issue of post notes. It appears that it has filed a certificate with the comptroller, but does not intend to procure bills on deposite of stock. They profess to issue none but post notes, and will stand the test of the legality of the issue. They are issued on the ground of an exchange of obligations, in the manner of the Loan and 1 rust offices. This is, palpably, an evasion of the law; the bills get into circulation as money, against the spirit of the law, which says expressly, that all bills put in circulation as money, shall be made payable on demand. The president of the North River Bank, Mr. Schermerhorn, is a well known real estate speculator, and had property, of that description, estimated at $500,000. This property he put into the North American Trust and Banking Company, and received $130,000 stock for it. The $30,000 was appropriated to the payment of the first mortgage, and the balance depreciated to such an extent, that he realised but $40,000 out of the whole. The North River Bank then started, professing to issue nothing but post notes, "to relieve the people.". The general operation shows the depreciation of property, and the basis on which the new banks have been started. The same class of property forms the ground work for most of the assets held by the old banks. In departing from strict banking principles, they become involved in the hazards of speculation, and the decline in property is daily undermining their assets in all directions. The following are some additional tables of the different Banks. These complete the analysis of the 22 banks in this city. We hereafter republish them altogether, with the result. ANALYSIS OF THE MERCHANTS' Ex. BANK, AND THE CITY BANK. Haul

9. February 25, 1840 Morning Herald New York, NY

Article from Morning Herald, February 25, 1840

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similar to those who clamored for the banks of this city to sus- pend last fall, when they could not pay their own debts-spe- culators and "unlimited credit system men," whose organs are certain Wall street papers. The management of these individuals was soon manifest; a loan was made to the Vicksburg Railroad, which appeared in the returns of that company, that we pub- lished yesterday, of $160,000; an Alabama loan of $200,000 was taken, and the Georgia loan of $300,000, making near $700,000, which was drawn directly from the wants of the mercantile com- munity in this city, and sunk in securities that will yield an average of perhaps 25 per cent. The stock of the Phenix Bank fell 30 per cent, and nothing but the election of Mr. Tileston saved it from bankruptcy. The large surplus left by Mr. Dela- field has been sunk, and the institution has not been able to de- clare a dividend, but under the management of Mr. Tileston, may recover its standing. The same class of jobbers and speculators that nearly ruined the Phenix Bank, and endeavored to entail an irredeemable currency on this State, started many of the new banks, particu- larly the American Exchange Bank; many who obtained loans from the Manhattan, and which were used in real estate ope- rations, were the most active in getting up the American Ex- change Bank, which is based on bonds and mortgages, Also, the clique, who were most active in getting up the 'suspension meetings last October, were the chief movers in this institu- tion. On starting this institution, agents went round to deal- ers, soliciting them to open accounts with the concern. The deposites so obtained, formed the basis of loans to the getters up of the concern---they being "borrowing bankers," instead of lenders. It is not a little singular, that of the 113 banks, started under the new law of this State, but three have been put in operation by persons who have money to lend. All the rest have been started by patriots, who experiencing the evils of a want of money themselves, kindly undertake to furnish a currency for others. The "Farmers Bank of Seneca Co.," we have frequently had oc- casion to mention, and is one of the most conspicuous of this class of Banks. On starting the bank, its present cashier, J. S. Fenton, obtained from farmers in Monroe, and the adjoining counties, mortgages to a large amount, for which no equivalent has been rendered. Soon after, the concern managed to obtain a small amount of circulation from the Comptroller, and then started as a bank; but having no active capital, they could not main- tain a circulation payable on demand, therefore commenced the issue of post notes at four, six, eight, and twelve months. They were principally sent to the West for circulation, but many of them were protested in Indiana, and some were refus- ed payment at a concern called the "Clinton Bank," in this city, although made payable there. We immediately published the facts with regard to this concern; but the Wall street Courier was hired to puff them, and to encourage the public to take the fraudulent paper. The result is, that a large amount of the post notes are now in the hands of innocent third parties un- per protest. A merchant of this city had a certificate of de- posites for $500, on this bank, drawn in favor of N. S. Jacobs, and by him endorsed. This fell due about three weeks since, and was sent to Romulus for collection. It has been returned protested. Claims of a similar character are in the hands of lawyers in that vicinity, to the amount of $50,000. The bank is in charge of an elderly man, who appears to know but little of its affairs, in the absence of the Cashier. Mr. Charles Oakley, and others in this city, are forcing off these bills and certifi- cates, for any description of property they can get for them. One person succeeded in getting coal to the amount of $3000. The Bank has out, probably, 150,000 dollars in this fraudulent paper. Mr. Fenton, the Cashier, has been in the city, and has now gone to Philadelphia, to endeavor to raise money on the above described mortgages, to pay the protested notes. An agent is also here, endeavoring to force off other notes, to raise money for the same purpose. The securities held by Mr. Fenton are not "worth a button," as no equivalent has been rendered for them. He will probably not succeed in obtaining any funds, although many individuals are here, anxiously wait- ing his return. The "Courier" can perhaps tell them when their notes will be paid. The currency of this State has been, and is, a subject of much interest to the whole community. The greatest evil which has befallen our merchants, has been the constant fluctuation in the value of the circulating medium. Although all the banks in the State have continued to pay specie during the year, yet their bills have varied at times from ½ to 10 per cent discount. To re- medy this evil, many legislative measures have been proposed, and a bill is now before the Legislature to coerce the country banks to keep their bills at par in the city. However desirable this object may be, we do not think it can be obtained by legis- lative action. One of the greatest causes for the disordered state of the currency, has been the mismanagement of the State funds. The money collected from the canals, and other sources, has, in former years, been deposited in certain banks, by the collectors, and remained there, for a considerable time, at an interest of 4½ per cent; and, so long as the means of the State exceeded its expenditures---these funds were gradually withdrawn, and remitted by the country banks, to New York and Albany, by drafts, and remained, in the city banks, at 3½ per cent discount. The amount of these funds, on hand, is generally $3,000,000. The regular movement of this large sum, formed the basis for that system of redemp- tion as conducted by the State Bank. Last year, however, the influence of Mr. Ruggles and the Wallstreet clique began to be perceptible in the financial affairs of the State. Mr. Ruggles made his glorification report. Gov. Seward recommended new loans, and the expenditures of the canals rapidly increased. The deposite banks were called upon, promptly, for drafts on the cities, in order to meet the calls of the contractors. This pre- vented the Banks from continuing their loans to the shippers of produce, and the amount of tolls sensibly diminished. This was the first step towards a derangement of the old sys- tem. At the same time, the banks under the new law had so far strengthened their circulation as to affect se- riously the safety fund circulation, and prevent both the new and old banks from discounting. The deposite banks, being safety fund institutions, refused to receive the bills of the new banks; consequently the collectors would not receive them for tolls. The demands for money were so frequent from the Canal Commissioners, that there was no time to convert the red money, consequently they were refused altogether. In the progress of this state of affairs, certain of the safety fund banks became so embarrassed, that it was absolutely necessary that they should receive assistance or stop. The consequence was, that the Bank of Salina, had permission to retain the salt duties, and the City Bank of Buffalo, obtained a loan; also, the Bank of Oswego and others. About this time the Canal Commissioners borrowed from the Manhattan Bank $500,000; and as an inducement for them to make the loan, they trans- ferred from the State Bank another fund of $732,545, which would not be required until August, 1840. The effect of these transactions was immediate. Buffalo bills became so plenty in Wall street, that in the 1st week in September they were throws out by the State Bank, and when the fund was trans- ferred from her to the Manhattan, the whole system of re- demption blew up. These facts we published at that time, and the "Albany Evening Journal," with the most unblush- ing impudence, denied the truth of them. In all these movements of the State officers, we observe the control of Samuel B. Ruggles, as directed by the Bank of Com- merce clique. That clique has been, ever since the ascendency of the whig party, urging the State to new expenditures, and the creation of stocks, in order that they may profit by their negoti- ations. Since Dec. 1839, $2,500,000 of stock has been issued, and taken by Prime, Ward & King. The last loan for $1,500,000 was taken by them, payable as follows:- 7 per cent on the 15th November, 1839. 7 per cent on the 15th December, 1839. 12 per cent on the 1st January, 1840. 10 per cent on the 15th February, 1840. Balance on the 1st June, 1840.

10. December 4, 1840 Morning Herald New York, NY

Article from Morning Herald, December 4, 1840

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MONEY MARKET Thursday, Dec. 3.-6 the P.M. board The usual amount at better of business prices. United Hudson was done States ! per at cent; Bank Far- imthis morning, : per cent; Delaware & cent; Dry Dock 2) per proved Trust Banking Co. 11 Boston per & Providence & per mer's Island 1 per cent; cent; Harlem 1. Sales of billson Stonington made at of cent; cent; Long Philadelphia declined were monthly : per return discount of the Treasury following is the former returns notes The as compared with NOTES two ON SEPT. 1840. 1st AS COMPARED RETURNS OF TREASURY WITH OCT. AND Nov. 2, Amount of treasury sions of acts notes issued under the pre of 12th October, 1 Not Oct.1 Dee.1. 19 2, 1839, 307.89 19,567,086 19,667,086 of 1837, Congress May 21, 1838, and March Of has am been this 19.393.444 193353 redeemed 19,340,890 $33,641 241,774 226,106 Amount Outstanding. issued under act of 4,932,414 5,109,998 613 500 637 5 4 961,768 Of 31st these March. have 1840. been redeemed 4,318,914 480,ESS 4,207,622 Outstanding of that issue 4,504,200 4,488,825 4,566,659 of Boggs, Missouri. that state :Total We outstat have The received diug following the message is a synopsis of Governer of the finances of FINANCES OF MISSOURI. $210,482 204,130 from gept. 1838, to Sept. 30.1640 Disbursements Receipts same time, 6,352 in hand, Oct.1 1840. 58,862 Balance Add receipts from other sources, $66,294 $104,681 Amount in the Treasury, Oct. 1,1940. $1,000,000 Bundaissued state dubt, Oct for 1, Bask 1810 Stock $1,404,694 Total debt, issued to the bank the State due holdsan for the For amount the bonds of bank stock. The $100,000 loan. and is the debt due equal of volunteers, the Capitol In relation to the conduct the the payment Seminary of the bank, and during Saline the funds. past year, the message con- the takas following: satisfaction in the pointing Bank out of Missouri to you and in the resisting in the high continuing "I have and honorable great to redeem second conduct all suspension her of obligations fall of of the 1889, with banks specie, so rapidly which, ex geous over in the south and west. to be a barrier, and an spread ample beginning in the Bank Philadelphia of Missouri doing bas not only proved To it this is gained for the honorable banks of and in has shown how easy and thus enable State to resist the standard of value, Nor is the distinction, exception, any but 80 suspensions, and maintain benefit each the to State sanctity to of contracts preserve the within Bank her of Missouri limits. beneficial been to limited the of this conduct of It has been in the honor terests of and instruction. whole State, as is exemplified of preserva business Mis- pro- inof specie the among us, the in the prices vast paid the for State labor, of tion and population;and in It is probable elements wealth and property. increasing the the Union, and that the strength is than is the any most flourishing. duce city seuri and efSt. more Louis rapidly mentioned State that in the arrange Philadelphia ment was een- between the We banks yesterday in this city and definite those of had been done, taken and it in sidered closed. Nothing measures had been notorious lvania that to extensive ascertain the probable the effect Legislature an extension and of Pennsy law would have upon the organs of the suspension Courier" of this city, and for non-resurapIt the public. bank in Philadelphia, The came the time out boldly was feeler." the This we mentioned at opposition, showing ... awakened tion. an instant public and strong mind was NO longer to be finding trilled elusively that the The result is that the banks, set about with there on the is subject. no way to escape the measure, Accordingly, have commitfor it as best they in Wall street to-day, teee of fire madetheir neglected negociation, and called upon renew preparing that the long gentleman appearance may. usher, they negotiation headed by Mr. the is to James G. King, as is understood that the that there will different banks. It closed for $2,000,000, and The favor has been of success here. in the way to the bank in be no be of great to be incon will Boston doubtless difficulty too benefit strong venienced Philadel- is again phia, and it. our So banks far the are prospect bills on for Philadelphia resumption improved much and the rate it is now more generally in its cent. Although will go forward, the the resumption strengthened. brightened, that 1 per by means of The belief refumption strong believed feel. per- exmanency ing prevalent is by in no Pennsy the south, and in is favor beginning of Georgia. 10 show We it. tends self more throughout unequivocally, the new particularly law introduced in on into the the first Geor- of recently gia Legislature, published 1841. compelling In relation a to resumption that bill. WE and the fol. February, in the Savannah Georgian:a of this gentleman lowing We e learn from a letter for the received resumption by the of specie House payments without city, that the Bill February. has passed be the feeling on this the dissenting on the that first voice, of it will and certainly such is said pass to the Senate rilden and be states subject law of the land. in one of the most bank manifestation the strength of feeling of the Union, the misconduct and is fast This evinces by Alabama mismanagement produced run. to the same That the of the the community banks. The channel, popular feeling and the in institutions banks will will be forced into a general however, by no their enstain an entire retraction of ning all in themselves,is, resumption. means discounting, so cer. forTo do so, involves they must stop banks tain. mer policy. the If they same resume, course which the Curtailment New York and cob lestion pursued after take the place of this city and and pursue must the in first exchange resumption. between expansion that and repay renewals. Phila in a the delphia The weeks difference in case to this of city resumption. the million will or more two of dollars Safety that few wanted to effect it. we published call upon good the losses A few days since, the Comptroller, to make the City Bank of caused Fund Banks the safety by banks fund have by resisted the failure this make of call. it. on The the ground whole Buffalo. The has right to for the past two years, that management the comptroller of the state finances We heretofore of occo the been most disgraceful. made by the Comptroller, has of the loan of Buffalo, the funds, to the Bank of resulted sion state to speak and City the Bank Buffalo, which to the Commercial extent in of $400,000. Bank of Buffalo, The effect banks. was On overaction, the failure of the City Bank the failure of the affairs stood as follows:SAFETY FORD of Buffalo, its BANK OF BUFFALO STATEMENT OF THE CITY JAN. 1st, 1840. 4:02,759 Capital 400.000

11. December 4, 1840 Morning Herald New York, NY

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, where it could not be recovered. The following is a statement of the condition of the fund at that period. # BANK FUND CAPITAL. This fund consists of the following items, viz:- *State Stock.* Certificates from No. 1 to 9 inclusive, issued May 15, 1833, by the comptroller to the treasurer, in trust, redeemable at pleasure, interest at 4½ per cent, $83,149,83 Certificate No. 10, issued March 1, 1834, to the treasurer, in trust, redeemable at pleasure, interest at 4½ per cent, $91,876 18 Certificate No. 11, issued February 12, 1835, to the treasurer, in trust, redeemable at pleasure, interest at 4½ per cent, 129,453 01 Certificate No. 12, issued Nov. 23, 1836, to the treasurer, in trust, redeemable at pleasure, interest at 4½ per cent, 109,053 41 Certificate No. 13, issued Sept. 25, 1838, to the treasurer, in trust, redeemable at pleasure, interest at 5 per cent, 170,000 00 Certificate No. 14, issued Feb. 4, 1839, to the treasurer, in trust, redeemable at pleasure, interest at 5 per cent, 70,000 00 Certificate No. 15, issued Sept. 28, 1839, to the treasurer, in trust, redeemable at pleasure, interest at 5 per cent, 10,500 00 Certifisate No. 14, (Astor stock), issued to the comptroller, and by him held is trust, redeemable at pleasure, interest at 5 per cent, 80,000 00 Certificate No. 25, (Astor stock) issued to the comptroller, and by him held in trust, redeemable at pleasure, interest at 5 per cent, 12,000 00 Certificate No. 71, (Black River Canal Loan) issued to the comptroller, in trust, redeemable in 1860, interest at 5 per cent, 8,982 40 Certificates No. 1 to 25 inclusive, (Oneida River Loan), issued to the comptroller, in trust, redeeziable in 1860, interest at 5 per cent, 25,000 00 *Bonds and Mortgages.* Balance due on comptroller's bond, given to the College of Physicians and Surgeons, New York, the payment of which has been assumed by Union College, by resolution of trustees, 6 per cent, 20,000 00 Balance due on John Palmer's bond and mortgage, assigned to the comptroller, by Richard Yates, for a loan from the bank fund, 6 per cent, 5,000 00 Money in the treasury. 1,705 76 $818,820 59 Such was the condition of the famous Safety Fund. The extravagance of the Government had outrun all its resources, and the bank fund had been seized and appropriated to other purposes. $20,000 had been given away to the Union College. It is a nomixal loan, but will never be recovered. $5,000 more is loaned to one John Palmer on a mortgage, leaving $1,720 to meet the demands of the bill-holders of the City Bank for $269,920. The consequence was that other provision was to be made. The bank fund was totally unavailable for the purpose for which it was provided. It had been spent and fritted away for other purposes. The Legislature was consequently obliged to create a new stock fer immediate sale, in order to sustain the faith of the State. Accordingly, $200,000 5 per cent stock, redeemable at the pleasure of the State after 1845, was created, and bought at public auction by Prime, Ward & King, in small lots, at 91½ a 92½, making a dead loss to the State of over $16,000 by forcing stock in a restricted market. The Comptroller now comes forward with the following notice, which we published a few days since:- COMPTROLLER'S OFFICE, ALBANY, November 19th, 1840. To the Cashier of the City Bank: Sir-Pursuant to Sec. 8 of Chap. 94 of the laws of 1829, you are hereby notified, that to replenish the Safety Fund, (after the diminution of that fund, caused by a redemption of the notes of the City Bank of Buffalo, an insolvent corporation,) your Bank is required to pay to the Treasurer of the State of New York, "one half of one per cent" on its capital stock, on or before the first day of January next, pursuant to the provisions of the said act. Very respecwully, your obedient servant, BATES COOKE, Comptroller. This call the banks resist as illegal, and they are right. The Comptroller has no authority to make the call under the circumstances. The 4th section of the safety fund aet provides that the payments shall cease when the fund amounts to 3 per cent on the capitals of the banks, which would make it $660,000. The 8th section provides, that when the fund is reduced below this amount, a new call of one half of one per cent shall be made. The bank fund as above was $818,000, and the new call amounts to $162,000, making in all $930,000, being in excess of the amount authorised $320,000. The whole circulation of the City Bank of Buffalo was $268,900, consequently the Comptroller asks for $30,000 more than he has lost. Perhaps, however, he means that the bank fund shall bear the loss of $16,000, sustained on the sale of the $200,000, and which went into the pockets of the wire pullers for the whole operation in Wall street. He may also find it convenient to add the interest due to the fund, by the state that borrowed it, in order to relieve some other fund. It is time this miserable and disgraceful system of financiering had ceased.

12. December 15, 1840 Morning Herald New York, NY

Article from Morning Herald, December 15, 1840

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COMPTROLLER'S OFFICE, Albany, 9th Dec., 1840. To the Cashier of the State Bank Sir-Since the date of the circular from this office requiring.the payment of o e half of one per cent on the capital stock of your bank to replenish the Safety Fund, aview of the case has been submitted by the officers of several of the Safety Fund Banks in the city of New York. which has induced a reconsideration of the subject. From a careful comparison of the Safety Fund act with the statute of 1837, I am inclined to think that the ad vances contemplated by the last mentioned act, are to be deemed temporary, and not as causing the permanent diminution of the Safety Fund provided for by the original law: at all events, I am disposed to give such a construction to the act as to avoid the inconvenience of a repaymeat to the banks, in case the assets of the City Bank of Buffalo should supply any portion of the existing deficioney. The requirement of the former circular is therefore waived. Such banks as may not have made their full contributions to the Bank Fund, will make payment according to law, on or before the 1st of January next. I am, very respectfully, your inc. obt. BATES COOKE, Comptroller. The case of the City Bank of Buffalo is an evidence of the impropriety of appointing lawyers as receivers of in solvent monied institutions. No bank, subject to the su pervision of our Bank Commissioners, can be so hopelessly insolvent, unless from pen fraud upon the part of its managers, as not to be enabled, sooner or later, to discharge, at least, ail its obligations to the public. The receiver should be a practical banker, for, upon his judgment and business capacity, depends the successfalwinding up of the concern. Many debts, by granting indulgence, would be collected, when, by indiscriminate prosecution, they would be hop clessly lost, and large expenses necessarily incurred, th reby reducing the amount of the good assets. The receiver should be located at the place of business of the institution, and conduct his business in person, not through agents. While upon this subject of bank failures, we would cantion the public against a class of men who make their ap. pearance ocoasionally in all sections of the country, as bank agents, buying up and resusitating the charters of old banks for the purpose of forcing a circulation and then failing. Ohio is now the scene of their operations to some extent. They were formerly the operators in the Wild Cat Banks of Michigan, and perpetrated enormous swindles. When the 41 banks of that State exploded,the came into New York, under cover of the new banking law, have flooded the country with shinplasters: that being exploded they are now busy buying up all the old charters of broken and suspended banks in small country towns. To this they make their appearance at a given point, where an old bank charter exists, represent themselves as bank. ers from New York or some other place, and induce some of the townsmen of know n respectability to buy shares of the bank pitched upon to buy up. These shares are paid f by the projectors, who make the nominal holders directors, in order to give the concern a charter, and enable them to get a "good drive out of it," as the phrase goes. They then manufacture any amount of circulating bills, and spread themselves all over the country, to buy produce or anything they can get. To prevent the bubble from bursting too suddenly ,they procure a broker in some distant city, to advertise to redeem them at a small dis. count. This will be done in Cincinnati, for instance while the bills are forced off in Wisconsin. Several banks have been bought in Ohio in this manner recently, and we give this a general caution. We have received the Message of Gov. Shaunon, of Ohio. It is a long document, and mostly occupied with the currency question, and contains many sound maxims. The following is a return of the State debt and the revenue of the public works. FINANCES OF OHIO. The following statement, from the Auditor's books, will show the present amount of the State debt, on which interest is paid, and the amount on which no interest is pay able; and the sum that will be required to complete the public works now under contract, as estimated by the acting commissioners. It also exhibits the condition of the State Treasury, and the different funds of the State. The total amount of the public debt is $14,309,477 14 The amount due turnpike companies, on which no interest is payable 1,084,721 16 0 Amount subject to interest $13,721,735 93 0 The amount that will be required to complete the public works is estimated by $2,438,000 00 0 the acting commissioners at The total amount of revenue this year is $306,493 28 2 The amount of bills redeemed at thetrea$222,407 sury is Transferred to canal and state common school 72,683 21 9 fund 295,090 Balance in treasury $11,407 34 3 The amount of state common school fund $200,000 00 0 subject to distribution is 19,263 08 0 Virginia military school fund 7,065 SO 0 United States military school fund Section sixteen interest 50,351 58 7 9,519 54 0 Connecticut western reserve fund Total school fund $286,200 01 5 The receipts from the National road have been $51,442 94 0 51,382 62 0 The payments on the same 60 32 Balance in Treasury The amount of toll, fines, and water rents on the several public works, after deducting repairs, superimtendence, and lawards of damages as follows: Ohio canal $289,212 00 Miami eanal 40,973 56 0 Miami canal extension 4,454 50 0 1,898 14 0 Hocking Valley canal 1,697 69 0 Muskingum improvement 16,555 93 0 Turnpike dividends Total, $854,781 82 0 Sales at the Stock Exchange

13. February 15, 1842 New-York Tribune New York, NY

Article from New-York Tribune, February 15, 1842

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# SECOND BOARD. 1,000 Illinois.... 18 4,000 do..s 10 days 20 1,000 Indianas8 days 19 8,000 do... Thursday 19 2,000 do.... 19 2,000 dob 3 days 19 There has not been much change in Inland Bills. We quote- Philadelphia 7 a 71; Baltimore 3 a 31: Virginia 9 a 94; N. Carolina 5 a 51: Charleston 11 a 14; Savannah 24 a 2; Au- gusta 24 a 24; Macon 14; Columbus 15: Mobile 12 a 123: Montgomery 131; New-Orleans 6 a 61; Nashville 14 a 15; Louisville 9 a 10; Cincinnati a 16; Indiana 15 a 19; Illi- nois 25. We see by an advertisement that R. M. Blatchford, Esq. Receiver of the Commercial Bank, instead of paying thirty per cent dividend to the creditors of that institution to-day will to-morrow pay forty-four per cent. When will Gov. Marcy be prepared to pay a dividend to the creditors of the City Bank of Buffalo? He was appointed receiver some two years since and nothing has been heard of him since. The Express of yesterday says: The new Comptroller, Mr. Flagg, has sent a letter to the several banks of this city to whom the State of New-York is indebted, stating that the temporary loan borrowed of the banks, amounting to one million two hundred and five thousand dollars, and due on the 1st of March, will not be paid until the Comptrolier can raise money on new stocks, which are authorized to be issued. This is the first act of the new Comptroller, and a most se- rious one it is. The banks hereafter will be exceedingly cautious how they lend money even to the great and power- ful State of New-York, when it is in the hands of those who pay so little regard to its obligations. The Assembly of New-Jersey have passed the bill requir- ing the Banks to pay specie for $5 notes and under on the 4th of July next, and for all notes on the 1st October. The bill which passed the Council requires all notes to be paid in specie on the 4th of July. Should the Philadelphia Banks resume before the 1st October, the West Jersey Banks are required by the Assembly to do so also. The Cincinnati Gazette of the 3d says: 'The excitement among the people has become distressing. Whatever notes are held, they send to the broker's office to sell-the discount is not considered-what one sells another will buy. The banks yesterday determined, that if required to pay specie on the 4th of March, they must begin to prepare to protect themselves. They have determined that they would not that day receive the following notes-Urbana Bank, Com- mercial Bank of Lake Erie, Bank of Cleveland, Merchants' and Mechanics' Bank of Wheeling.' It has been stated that the Chillicothe Bank owned $75,- 000 of the stock of the Gerard Bank. This is now denied. The Chillicothe Gazette states that there are no rumors there to the discredit of that or the Lancaster Bank.

14. January 4, 1848 The New York Herald New York, NY

Article from The New York Herald, January 4, 1848

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is transacted the the city of New- York, there being no other officer or agent at Ellenburgh. or in the county of Clinton, than the President; that H. D. Beach, of the city of New-York, keeps the books of the bank in that city as agent; that the President, Mr. MacLean, has never had any of the circulating notes, or specie, or other funds of the bank in his possession. or under his control, as president thereof: that H D. Beach appointed him president of the bank, and that he receives no salary as such filcer, and, hitherto, has been paid about $26 only for his services. It further appears that M Y. Beach and Son, claim to be the sole owners of the bank, the correspondence being with that firm, and that Mr. McLean has never furnished any of the capital, and claims no interest therein, nor has he performed any act in relation to the deposite of the stocks to secure the payment of the notes. He never signed any of the circulating notes as president. that service having been performed by H. D. Beach as his attorney. Circulating notes have been presented to Mr. MacLean for payment, but he did not redeem them. having no funds for that purpose. It also appears that the president had no knowledge of the correctness of the statements made in the quarterly reports to the Comptroller, except from the affidavits and representations of Mr. Beach. The report of the special agent states that Mr. McLean resides about 26 miles west from Plattsburgh, there being no village near his residence. and|that he is reputed to be worth about from $700 to $900, exclusive of the stock on his farm CITY BANK OF BUFFALO. When this bank failed, in 1839, there was advanced from the Safety Fund for the redemption of its circulating notes, about $317.000. The Receiver has paid all the other claims against the Bank, including $82 232 36 to the Canal Fund. and has paid the following sums into the Treasury for the use of the Bank Fund, viz: Amount paid into the Treasury by G.W. Newell, Recever of the City Bank of Buffalo, on account of the Bank Fund. 1816 Luly 1 Cash $15,000.00