16635. Trust Company (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
August 24, 1857
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
78644b46

Response Measures

None

Description

Contemporary articles (Aug 24–Sep 1857) report the New York office of the Trust Company suspended (Aug 24/25, 1857) and describe it as a failure with heavy losses, embezzlement by the cashier, attachments, and confused accounts. No clear contemporaneous description of an organized depositor 'run' (crowds) appears in these excerpts; the failure/suspension driven by bad loans/embezzlement. The bank is described as having suspended payment and effectively failed (attachments, garnishees). Dates corrected/normalized from article texts (Aug 24/25, 1857).

Events (2)

1. August 24, 1857 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Loans to parties unable to respond and apparent heavy losses/embezzlement at the New York office (cashier's unauthorized transactions); led to suspension of payments.
Newspaper Excerpt
this Company has suspended payment... OFFICE OF THEO. L. In&T. Co., New YORK, Aug. 24, 1857.
Source
newspapers
2. August 25, 1857 Other
Newspaper Excerpt
The effect of the Trust Company failure on Wall street...the Monday of their failure...attachment levied and garnishees served...from the notice of the suspension.
Source
newspapers

Newspaper Articles (8)

Article from The New York Herald, August 30, 1857

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snce of a bank panio d oring the business hours of yesterday. A good many Arsons gave notice at the banking house of Messrs Ame Ad & Co, of their intention to demand their deposits, under: the law, as the end of thirty days, and 18 is probable that with several other concerns the re. celpts were less' und the pay ments greater than usual The forbearancys that was exhibited towards the Trust Company, under the circumstances. to evidence of the solid position which that Institution has. during % long course of years, acquired in this community, and of a large amount of public o: nfidence in the skill and integrity with which it has been conducted. It is a matter of just sur prise, however, that since the first announcement by telegraph of the fact that the New York branch had suspend. ed, up to the present writing, nothing has been heard of the President, now in New York. That there has been a heavy defalcation, embezz'ement or loss in that city, resulting from illegitimate or unauthorized transactions on the pat of the cashier of the branch is probably true; but its extent or the probable effect it is destined to produce unon the solvency or usefulness of the parent institution 18 no yet left en Irely to conjecture It is thought that by the early mails , this morning something will be received from the Presi dent to do away with the present state of susperse; but of this weare not aware that there is any absolute certainty. The public will excect this morning, through the pross, statement by the officers of the company of its condition, B it appears to them on an examination here. To this the pub de is entitled; and we cannot but look upon the fact that R has I ot been made as an oversight, of which men of honor and experience in financial affairs should not have see guilty. The ferbearance with which they were treated yesterday should have been repaid with a propor tienate measure of frankness: and such a return would have been the stronge possible guaranty of a continuence of the pacific relations. The company bas, almost without a doubt, met with a loss that will, to some extent, affect its vitimate solvency. How much of its capital stock, or how much more ibanis capital stc ck has been sunk in nnfortarate operations, is a matter of which the public know nothing. But because the capital stock has disappeared, it dees not follow that its depositors are in danger of ultimate serious loss. Large as la the deposit account. It la hardly reasonable to suppose that n has not available assets to a still greater amount. FAILURE OF WILLIAM B. OGDEN-MAR- MARRIAGE AND EMIGRATION OF GEORGE SHIPPI THE D.NVED


Article from Wheeling Daily Intelligencer, August 31, 1857

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The Wall Street Panic. [From the Cincinnati Commercial] NEW YORK, August 25, 1857. EDS. Cox. :-The effect of the Trust Company failure on Wall street was wonderful. The losses of individuals therefrom, was little spoken of, although the disappointments of that kind were numerous and heavy. The most observable feeling seemed to be that of insecurity and fright. It was common to hear the remark, "we would as soon have looked for a failure of the Bank of England." Railroad securities were tabooed. A broker would have handled boiling pitch with more comfort than a seven per cent. "main trunk, first mortgage bond." I saw a man empty his pocket-book of conpons with a precipitancy as if they were gun-cotton, and he about to enter n bake oven. The lawyers made such time in pursuit of the "first attachment," as would have won the Goodwood Cup. The first lien was for one hundred thousand dollars, in favor of Brown Brothers, for money barrowed by the Trust Co., on the Saturday before the Monday of their failure. The lawyers of the Browns boast that they had the attachment levied and garnishees served in 37 minutes and 41 seconds from the notice of the suspension. Many Cincinnati merchants here buying goods, are apprehensive of hard times for money this fall at home, and say they will buy much lighter stocks than they had intended before the failure. The belief here, now is, that the Company will pay their debts, but lose their stock, or most of it. An unfortunate merchant, a holder of a draft for several thousand dollars, said last evening, on the street: "Well, I only know one of the Directors of the Trust Co., but that srtisfies me the truth will be told about the matter. A. M. Surpp wan't lia"


Article from Belmont Chronicle, September 3, 1857

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(From the Cincinnatti Commercial.) NEW YORK, Aug. 25, 1857. EDS. CoM. :-The effect of the Trust Company failure on Wall street was wonderful. The losses of individuals therefrom, was little spoken of, although the disappointments of that kind were numerous and heavy. The most observable feeling seemed to be that of insecurity and fright. It was common to hear the remark, "we would as soon have looked for a failure of the Bank of England." Railroad securities were tabooed. A broker would have handled boiling pitch with more comfort than a seven per cent. "main trunk. first mortgage bond." I saw a man empty his pocket-book of coupons with a precipitancy as if they were gun-cotton, and he about to enter a bake oven. The lawyers made such time in pursuit of "the first attachmen:," as would have won the Goodwood Cup. The first lien was for one hundred thousand dollars, in favor of Brown Brothers, for money borrowed by the Trust Co, on the Saturday before the Monday of their failure. The lawyers of the Browns boast that they had the attachment levied and garnishees served in 37 minutes and 41 seeonds from the notice of the suspension. Many Cincinnatti merchants here buying goods, are apprehensive of hard times for money this fal! at home, and say they will buy much lighter stocks than they intended before the failure. The belief here, now is, that the Company will pay there debts, but lose their stock, or most of it. An unfortunate merchant, a holder of a draft, for several thousand dollars, said last evening on the street: "Well, I only know one of the Directors of the Trust Co., but that satisfies me,the truth will be told about the matter. A. M. Trylor won't lie." WALL STREET.


Article from Wheeling Daily Intelligencer, September 14, 1857

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BY THE UNION LINE. OFFICE, CORNER WATER AND MONROE STREETS. AFFAIRS OF THE TRUST COMPANY. CINCINNATI, Sept. 12.-The following important information regarding the Trust Company, is given in the money article of the Commercial, this morning. It has produced a great sensation. A good dealhas been said and some indignation manifested, because the directors have not, up to the present time, made some statement of the affairs of the New York office. The directors here, are not now able to speak advisedly about it, as they are as ignorant of the aff irs of that office as they were the day after the suspension took place, and we should Tegard it as 11 most difficult thing for them to make a statement, when ther have nothing to state. They appointed a committee, composed of two of our well known citizens, to investigate the affairs the New York office. When that com mittee arrived at New York, it found the accounts of the office in the greatest confusion, and Mr. Ludlow, the cashies, refused to give any information whatever, so as to enable the committee to arrange the accounts. In thus refusing, he said he was acting under advice of counsel. He has since imparted a little information, but as a general thing the committee has to open a correspondence with the creditors and debtors, in order to enable it to trace out the accounts. This course throws no light whatever upon the true state of matters. The facts, based as they are, upon the most reliable information, show clearly that the accounts of the N. Y. office are in a miscrable condition, and the greater portion of them, no doubt, for the last few months, have been kept in the shape of a memorandum.


Article from Nebraska Advertiser, September 17, 1857

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Trust Company and other connecte institutions. The following announc ment from the President of the Tru Company we copy, and give it for wh its worth: OFFICE OF THEO. L. In&T. Co., New YORK, Aug. 24,157. of The unpleasant duty has devolve upon me to state that this Compar has suspended payment. This ever has mainly been brought about in coi sequence of making loans here to pa ties who are unable to respond at th time. I would add, that the capital the Company, two millions, is sour and reliable, exclusive of such lo as may arise from insufficiency of S curities pledged for loans above refe red to. C.STETSON, Pres' IN There are many things connect with this immense financial embarra ment which the shrowd business m of the country cannot and will not ove look It is well known that the eo cern has no circulating notes and d no Life Insurance business of la years. What then has it been doing How has it been operating ? The N York Times of Aug. 29th, in writing upon this subject, says: bki vid "The nature of the business in N York, where the principal Cashier the Company has been located sin the year 1840, was the charge of t Eastern accounts of the Cincinnati ( fice, and of its numerous bank ai banking correspondents in the Stá of Ohio-to receive, and, when nee ful, negotiate their remittances ai collections, and to pay their clerks. The State Agency of Ohio for the re istration, transfer and interest pa ments of the Public Debt, was also ke in the office, though under the care a separate State Officer, The tran actions have for fifteen years past be extensive, and, to Western interest of an important character. The d posit balances in New York have be employed in common by the Cinci nati and New York offices; discoun ed thereupon, to a partial extent, the West, and the remainder loaned o here by the Cashier, under advices a Sub-Board of Eastern Trustees. TY Capital of the Company is $2,000,00 chartered by the State of Ohio in 183 restricted, for the greater part, to et ployment on bond and mortgage Ohio. The Banking Department h at no time employed actively even moiety of the Capital, though havir the whole as the basis of security f its depositors and other dealers. T bonds and Mortgages. are understo to be of the best character, being i real estate, as its value before the i troduction of railway improvements Ohio, which have quadrupled its ti list. Some of the loans of the Cor pany here havo-proved unfortunate. They have not only tied up the mean deposited here, but embarrassed tl credit of the concern to an exte which, in the absence of prompt reli from collections or curtailment home, rendered the suspension to-da Paodw a necessity. With all this plastering up of t affair it is impossible to convince t business world, that all has been co ducted on the square. The whole tru of the matter is, that the Trust Co pany and satelites have been t


Article from The Cadiz Democratic Sentinel, September 24, 1857

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CADIZ OHOO THURSDAY MORNING, SEPTEMBER 24, 1857. Our amongst ck men nad others interested. this way notes their In the Cadiz Sentinel of August 20th, there might be compared, and information elicited. average and the communication over the signature of there that would lead to the immediate success of the ances keptin Now York by Cincinnati bankers suJohn Pearce. In versation roll back and proposed enterprise. From the feeling maniand merchants, does not fall much. any, short if write he Arge would I agreed, this lawgiver of doors, we are that million and half. Add this the balan to Divine vocating Slavery they the plan be agreed upon, no difficulty ces the entucky, and Indiana see that would he was answered. make song, perienced in disposing of the Gu. millions at least, and to this, the Misescape. apology for not doing so sooner. Being from of souri, Illinois- Tennessee deposites, Now, these home most of the time, on business which rewill be found that the balances belonging to the ple to whom quired my undivided attention, is my excuse for Black Republican Misrale in ohio States kept on deposit in Wall street is the delay. tions their Credit at a Discount! qual the specie strength of the New York ges of which The Doctor takes the position that for ubbanks. With this capital, wesTwo or three weeks ago, when the State's portion of then own. buy, sell, and raise for slavery being tern paper, State county bonds are shaved Depository in New York (the Trust Company,) ages the sale, or to be used for labor, an other portion, by New York brokers, and loans are made hy God followed the example of Gibson and closed its relation instituted by God, and morally right. western railroads. In word, we put a club in the is hold right My opinion opposite. and punished doors, acknowledging itself to be bankrupt, it the hands eastern inoney dealers, turn round an that God created men with an equal right orethey out us, in the shape of usurious was earnestly hoped that Ohio's disgrace under a: and slave life; with an equal right to the exercise of money, the life blood of our financids, Republican rule, had reached its lowest point of amongst men, their faculties, both mental and physical, to proal independence. Why is this? Is em humiliation. The shameful resistance made in ly ridiculous. mote enjoyment of life; that all men ought told that it is necessary, because that where those rights; tor. person enjoy May last, to the lawful process of the U. S. we purchase foreign goods in New York, and life, liberty, or property of another, In proof of of the exchanges provided by the Courts by combinations of Chase's abolition freedom. ha doer and acts contrary to the law not to equalize our trade accounts. This fallaof and of nature. friends in the counties of Green, Champaign and that men are ad cy-a delusion. Does anybody suppose the Clark, had given to the State of Ohio a renown Having stated my position, I will notice some That God ma balance trade is really against the West?ads, men. To Toy of the Doctor's arguments, underfor lawlessness that rivalled the fame of Border imagine not; for must be very evident the su stand them, ) and then endeavor to give some that if we purchased more than we sold, our Ruffianism in Missouri. These disorders being of the correctness my own position the rule given instead of becoming wealthy, they so soon followed by the exposure of the vilest In the first sentence of the Doctor's commuwould that m are, would very soon be impoverished. illiperfidy and neglect on the part of high State of them, he "negro equality with the No: balance of trade is really in our favor, and the propl whites is prebrought a still darker stigma on the and yet the exchanges are against us. This r sented of All have of Scripts and escutcheon of Ohio. The efsults from unnatural causes, of course, and principles, are say to this is, that negro equality is the therefore possible remove the evils growing fect of all these causes painfully demonstratunderst question to be discussed. I am not going to out of the false system; but we cannot relieve and kindness and ed in the distrust which they have impressed advocate the social equality of the negro or any ourselves from the burthen placed upon us by other race. upon the minds the wealthy men of New York den and oppr the former, without changing the latter. The object of civil government shou d be to and your master, The false system originated with the Legislawhose main aim in investing) their money is The Docto protect all men in their just rights, leaving ffice five Assemolies of Western States, charplace it where it will be unquestionably safe. erg person free select and sellir tering Banks, placed Eastern credit on a to At the New York Stock board, on the 2nd Sepidea that every person foregoing pre with coin. The law regarded balances in Wall would not wish to make an equal or associate light tember, the extent to which this distrust exists, Street to the credit of western banks as equivastri of, take into your house or family, ought had a most humiliating manifestation. We colent to gold in the vaults of those institutions. enslaved or degraded, in some way, so ions Thus the corrency standard came be py as follows from the money article of the keep up an aristocratic distinction, is a ridicuestablished. and Western people have, by cusin New York Herald: lous remnant of the aristocratic Feudal The Insti tom of several years standing, to of Europe. ay system At auction to-day the following sales of Ohio State Bond-n regard paper money equal to gold, when the The Doctor next proceeds to define the atStocks by Messrs. E. H. Laullow of Co. anna cor fact is, never has been, nor never can while 98 tributes of God. Says He represented nal $7,000 of the Ohio State Loan of 1856, Right. the present system continues, equivalent the 3,000 do 953 do being of infinite knowledge, power, goodness," federal currency. There great deal hers do 94 8,000 do &c. must confesss cannot see very clearly name. Our framers of bank charters, and man12 do 94 do 3,000 what the Doctor intended to prove by this senagers of banks have not been slow to underdo do hig 934 5,000 tence, unless he takes the ground some persons In endeavo stand the force of this aphorism. Hence the do 93 2,000 do hold to, that God being the creator and upholded currency standard adopted. and instead of bond-men an do 91 do 2,000 der things, and being a God of goodness, the calling the premium We pay on exchange. a disto resist the do 1,000 903 do created and governed all things just as count currency, they reversed the matter. ned, do 91 do 37,000 they should be Therefore, everything that of being of and thus they have succeeded in reconciling the do 9014 do right,' and that as slavery exists, it con1,000 that did iven public to the idea that instead of paying a dis91 5,000 do do sequently is right. But this kind of argument count on bank notes, they are paying exchange; simple do 92 do 10,000 proves too much. If sound, would justity 000 nnd the people who discharge this enormous ing of his bei 92 do 10,000 do all the murders thefts, & of the world; would assured that it the result 000 do 93 do 7,000 destroy the difference between virtue and vice. is intelligent 000 ding." Now, it is a fact, that the amount of do 5,000 do and needs no more than mere statement of it 921. 000 gent he exchange sold annually in Cincinnati, runs for person its 5,000 do do 911 000 seventy to eighty millions dollars. The premi proofs of do do 10,000 90 The Doctor next produces, with a flourish um paid on this six hundred thous be anything the passages of scripture which all advocates of and and hundred This. These stocks ought to command least $1, wherever the Slavery relyon authority for the divinity of 450 13 then, the aggregate of the discounts paid on their institution. He quotes some verses from in the New York market. From the year been bank notes at this single point. The banks inthe 25th chapter of Levitious, wherein Moses to the stocks (not good) fall 450 end, car stead of keeping in their vaults, keep specie appears to have allowed the Israelites to buy ing 1875, commanded steady premium or equivalent in New York, and to support eration of vent and Bond maids of the Heathen this the Ohio Valley pays an annual of 13 cents on the dollar. That was the the end, around them. The ctor appears for ly, of perhaps two million dollars; besides the during a Democratic State Administration. Ungranted that if God allowed the Israelites will here d indirect losses sustained in having ten buy Bond of the Heathen that it estab. der the rule of the black republican party, the twelve million dollars of active means be abof e forego lished the principle other And public abroad have lost confi lence in the manlonging to the west, constantly on deposit God of kno ility that the superior (as he styles it) has in Wall where it often used. as demagement of our State, and those who have spare of weighed,' to enslave the inferior, giving no rule constrated by the late revulsion in the circle of money unwilling.to purchase its best stocks God knowle which to decide inferiority but power, the stock gamblers, to the of the whole other words, that the strong have right a discount: So much for patting the country God to the weak. Such not the teaching management of our State offices into the hands But the evil to which we refer is not conbut the world,' understand it. fined the Banks: It extends through ofinen whose whole thoughts: studies have of the Lord f litor us examine the circumstances of the department trade. for debts been given to the Adv. res his," "Oh Lor people to whom this was given, and due to New York and other eastern merchants lation of God them. and think it will readwisdom hast made payable in their respective cities; ati,) GREEN very best pickle ily be seen that this passage of Scripture does 24; Daniel 2. more than this, notes given for goods purchassum support Slavery of the present day. I a er made may be had by the following recipe very often made payable in New both of the inal the first place, if this passage proves thing, The tomato cooked and combined in this way is York, because bills are negotiable here, when how unsearch proves too much for the Doctor's side. This by local paper cannot be discounted. These bills altogether different affar from the oldfashionwas the to naregulation given ways past fine are sent to New York by the purchasers, and ed made by putting the green to tion; other nations to them were Heathen God hath they rediscounted there with money that hig mato vinagar, a la cocumbar, and which was The people of these United States (except the should be in the West, Then again debtsdu said, ckly Jews,) have descended from those Heathen eaten. The pickle described befrom the West, North and South to our busithe round about, of whom the they were to buy paid in the majority of cases in low, however, condiment fit for : king; and their srrvants, Now. the passage quoted as that power be Eastern Exchange, the premium in all cases beno man who once gets a taste of ,rightly made. proves anything it would authorize Jewish mering charged against the latter class. nade "Lift your will ever have any green tomatoes to spare.Rabi to purchase the Doctor what he thought chant in South Carolina, Georgia, or Alabama, hath created tely him worth. set him to cultivating garden or have used this pickle in our family for two sends order for produce or manufactures, he Retheir host by aking care of his horse, or he thought remits Eastern Exchange with orders and recommend it confidently: most to his profit, without consulting the names,by the from other sections. Thus New York is made wishes of the Doctor. Take one peek green tomitoes (not peeled;) 195 the great centre, and the West, the operastrong pow half small sized onions, and slice back a little and see who these 48 tions of this unnatural system dependmeasured the people that Moses giving laws to were, and both tomatoes; add half pint white 23 ent upon the East, and the producers of the and meted ou should turn out that they were mustard seed: half ouuce allspice; half ounce 99 great West appear in the attitude of wers of the d runaway slaves, that God acting the wood and drawers of water to the great "MonGloves; half doza whole peppers; (ripe) or a part of an abolitionist towards weighed the 65 ey Kings" of Wall street-tax to the tablespoonful of Cayenne; salt enough to season. them, it would seem strange that he would stock gamblers of that cesspool mercantile in balance: been Cover the whole with vinegar, and boil two to establish an institution that he the immorality, where the Bulls and the Bears, hours.--Bangor Whig. freeing them from. thing; and th ady Gamblers and Shylocks of the country congre The first account of the slave dealing of these nothing, and inch daily, and sacrifice their customers to the Gov. Chase Forestalling the Trial Israelites was the selling of Joseph by his doeth accord at Gibson. Moloch of their profession. brethren to Medianitish merchants and they to Having thus glanced at the cause of the sysven, and amo In July last, the Grand Jury of Franki counown Potipher in Egypt;and this, believe is the first tem. and the evils resulting therefrom, let us ty, on their solemn oath. presented two indict. and none can the and only case recorded in the Bible where now inquire whether remedy is possible, and against William H. Gibson for embez what doest ti sold or made mercnandize of another, to g if so, how it be applied. In the first place zling the public whilst he was Treasurer and there and it was as legitimate a transaction as any we remark, if the West buys more sells, ink, of State. Although Gibson's trial for the offence other slave dealing; yet Joseph appears to have none like me the exchanges must be against us, and the systo take place, Governor Chase during the been freed without any remuneration to the which WS have referred is not last four weeks has been over the ginning, and were master. Most persons look on the transaction our trouble. But on the other hand, we length and breadth of Ohio, vehemently assert as wicked and inhuman the part the sales are not yet his sell more than we buy, existing evils are un ing the innocence of Gibson and thereby fore inen. would like to know if the Doctor will he questionably attributable to our financial systein. stalling the action of the court on final trial. thinks it was moral and right. What comes "Who worke necessary we think to undertake to How to be supposed that the State ob. oses next? The Iraelitish nation are made Bondsshow that the balance of trade in our favor will," tain justice, if the highest officer of the State men to the Egyptians; they are made to work That will be generally admitted The system, Thus far in advance of the trial, throws whole weight making brick, building cities, &c. Pharoah ame therefore,must be the cause of the troubles that in favor of Gibson, and induce his party to presuch ins and his officers ow them, and, according to are experience:1 and this being the case, a remman judge the merits of the case? Or, if Gibson the Doctor's theology, had divine right to, in his word, edy certainly possible. in the power The shall be convicted. how it be expeted that they (the Egyptians) were the superior race and all-wise. our business men inaugurate new system Chase, declared the follow to innocent, the Israelites the inferior. Pharoah acted toKeep and place upon basis wit wiil keep him in the Penitentiary? wards them with the foresight and skill of time and spac an the wealth, energy, enterprise and mercantile How different the course pursued by the prudent owner; (a prudence that will have sent and futu intelligence and sigacity of the industrial clasfor Democrats! They condemn Breslin well as be adopted by some of Southern counof the West. all things, for Gibson, and make no appeals to save one any try if things progress as at present,) seeing step in a reform movement must be ranges them more than the other. On the contrary, they the their increase in numbers rapidly, and not directed toward the establishment of a specie have their belief through solemn res. ominipresent wishing them to get more numerous than he the standard. While the currency standard olution of their Convention, that both have been works for hic could manage with profit, he put the children maintained, we may talk, and much ing: guilty of embezzlement, and that should death, as farmer would knock his pigs means, adapt please, but it will all be to purpose.ffec be sent to the Advocate. the head when they elgetting too numerous The merchants of Cincinnati have the power in lations, forms tion for profit. And this, if he had a divine right their hands, to bring about a change that KEMP'S WORM from the operations he them, making a legitimate use of for will make the centering at this dangerous complaints they generate, there all true believ them. This condition of things continued for equivalent to coin. If bankers will not NT in the idea of intestinal several generations; so, if time sanctions and proph they can be removed with cermake their notes equal coin here, their paper sanctifies a relation, was in favor of the it?' Isaiah 43 will at a discount. This 18 precisely case. this in tainty by this remedy which contains no coroter what i done in New York and other cities in sive ingredient, and i withal an agreeable this part of St. and the in East Louis West. the This. inBut what do we read? This lawgiver, whom wa may safely predict for notice, for of stead the in would Banks, injurious being ain the Doctor relies on as establishing slavery der popularity than has ever yet been acquired such be end beneficial are bond-maids tells him to go and Phainstitutions wellLanman & the Co., vermifuge. by any in y and to reason of New we have to these, good standing, roah to let the Israelitos go free. Moses does wholesale York, known druggists originate? Ga would in for the believe, cheerfully above co-operate are indebted any the so. Pharoah acts like any other slave owner, whom preppublic to settled the of a movement establishment bank or advocate, would. He objects, gets out of aration, have also become the proprietors of Col It on but by reason break would the trade up temper, has the drivers whip, orders them to Bristol's Sarsaparilla, unquestionably the most work and to put those faratical notions of freenor mine upo now. extensively carried on, the notes of effective medicine for Scrofula its terrible the dom out of their heads. What does this evidence, such would provide for the redemption forms, of which Pharmacy can boast. Knowing -but giver the Doctor relies on do now? Does he of their paper here. its have no hesitation.in reccommending enquirer afte new say to Pharoah, know you own for it diseases, as :beumatism, eruptive a'specific Then, having established a money standard, that the and the of the and ought to be paid their price? No. This and affections liver, lungs, on this city would paid in gold, tickhave studious or its equivalent;and the balances lawgiver of the Doctor's appears at that time to glands. He rank have abolitionist. the annoys show that the deposited in Wall street would be kept The PILLS. attendant medical HOLLOWAY'S udge Egyptian masters with toads, lice, &c. and afbecause would be more useful here than Institution. first their of all born he drug man and the which far destroying patient supposes there. Merchants purchasing goods in the east the was what Mark! the for beast, encourages an treatment prop. complaint. proper could, under this system, make their paper and from their could masters make be reowlHe does no would is There so, only they erty able that you about based difficulty supposition for strike of by Encouraged to wholesale principle, cognize mountain the and liberty. presence Mahom hite


Article from The Cadiz Democratic Sentinel, October 1, 1857

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CADIZ, OHIO, THURSDAY MORNING, OCTOBER 1, 1857. of notes shall be which Biography of the Black Republican What Stock Gambling lea ds BankParty. do. The history of this party is brief, and is sad hiatus in our laws, or a serious reis brief: proach upon our courts- which may well ex1. They have striven to govern this cite the surprise and satire of foreigners, and afby a dominant majority of one section, regardless of wishes and interest of the others. They ford rich texts for the moralist and cynic-that, have lab red to place one section of the the Un while the perpetrators of small misdemeanors ion under the popular dispotism of the other. (the poor and petty thieves) are promptly dealt 2 They attempted to disorganize the federal with, and crowd onr jails and penitentiaries, the government, by refusing appropriations to carry it on rich and socially prominent felon enjoys an im3. Ther have organized a revolution in one punity here which is not known even in the our Territories, and supplied the insurgents monarchies of Europe. with men and money to support rebellion. Certain illustrations of this great shame of 4. They have attemptted to disorganize of the State government by refusing necessary appro our country have recently been brought home priations, with no better purpose than to accomby incidents in the great disaster which has proplish party purpose. duced such wide spread financial distress in this 5. They have concealed the robbery of branch city and State. We have heard of transactions State Trensury, reporting again that all was right, to hide startling of the agent of the trust company in New York 6. The administration St te which, in their motive, intent and consequenceeding in defiance of the decisin of the highest ces, involve a degree of turpitude, fraud and judicial tribunal, involving vast private intertreachery almost unparalleled in the voluminests. 7. They have made arbitary, laws, seizing ous pages of Wall street swindling. To expose and confisticating private property in the vain and hold up to infamy and denunciation such hope of reforming private morals. acts, is one of those duties of the press which no They have robed great city of the right considerations can justify its conductors to negof self government or attempted to do it, solely by lect. for party purposes. of Ohio, after 9. They have gotten np secret organization, We are informed that on the eve of the failure by bound together by unlawful oaths, with its of the company, when its agent was fully aware to belon ging members pledged to conceal their party connec of its condition. he set to work to pledge and tions. Ohio of use the special deposits, its colateral securities 10. They have assumed powers over the members of their organization incompatible with the and everything else he could lay his hands on rights of freemen. Some of the parties who were thus defrauded, 11. They have endeavored to prevent the poppresent cases of extraordinary hardship and ulation of those States, by repealing all laws for wrong and expose turpitude unparalleled. A the alization of foreigners, contrary to the policy of the sages of this republic. Mr. Sweeney, of Wheeling, had borrowed $30. 12. They have undertaken to proscribe 000 of the Trust Company on his own note, sean account of the connection. in cured by $30,000 of Virginia sixes. His note olation of that great princi of rel ligious liberty in becoming due on the Monday or Tuesday after 13. They have State mob ith governor at its head to nullify the laws of the General the bank stopped, which was Saturday, he had Government and set the Federal authorities dispatched the funds in advance to take it up. defiance. Hearing, however, that the bank had stopped, 14. They have filled the measure of their inhe hurried on to New York, and on inquiring for iquiy, their days are numbered, and their race run. r his money ,was told that it had been received and placed to his credit. He asked for his note, was astouished to hear that it had been passed over Laws of Ohio. to some banker who had loaned money to the be PUBLISHED BY AUTHORITY. Trust on "Where are my collaterals,th en of ACT. next inquired the startled victim. "Oh, they No. 132.) on Incorporate the Bank of Ohio and have been pledged to Broadway. of nce and SECTION 1. Be enacted by the and Thus this gent.eman had been swindled out of State Ohio, That the Bank of Ohio of of $60,000; and the last we heard of him he had branch the all is hereby that such by and when shall granted, of sued out an arrest against the Cashier of the ble and of contracting, and bank, who was released on his own recognizance the There are other cases equally astounding, the by history of which, when fully written, will entitle the Agent of the Trust Company in New York to rank hereaftr with Monroe Edwards, Shocco Jones, or Schuy Eng. of Sign in ca nt. The State Convention of the Republican par ty which met at Columbus on Aug. 12th be permitted dopted a platform and made a State ticket, shall seems to have entirely forgotten that portion of its party which during the last two winters deavored to immortalize itself as the black Republican legislature of Ohio. Why was this? of of bank, The legislators were certainly faithful represen tatives of their party's principles, and deserved it compliment from the convention, even if should be an empty one. There is something the of which, significant in thus ignoring the very existence of our lamentable, if not lamented legislature. it possible that not single act of that body could be discovered and paraded in resolutions, the of which would reflect credit upon the legislature itself, and aid in continuing the black republicant party in? It appears not. Had there been the convention would have early seized upon and the indorsed it. The election law, the game law, by the habeas corpus act, the heavy, extravagant to them the and foolish appropriations of public money, for that committee more to which the black republican legislature is responbe above as paid agent special a by sible, would not be safe planks to introduce at to If any or any this time, into this platform. The honest por the d tion of the party would not stand upon them, to th paid, and hence policy dictated silence upon them and their authors. three branch, shall the fund There was another significant fact conr ected other reduce is located, the with the doings of the convention. Most of the such of all the the price pay time of the last legislature and much of its abilthereon; amount unpaid be the of bank e ity, wese employed in seeking for corruption ashall, of They paying of Monday If no the to refunded y mong Democratic officials. Scouting parties at Columbus printed some Bank the can be found who pay for such of were raised, smelling committees were then monthly the their liabilities branches, commissioned, persons and papers sent for, tes the which be for that timony taken, reports made and discussed, for viously paid shall be forfeited the branch. sold such may the purpose of discovering some woulds to base of Ohio, Bank the in a charge of corruption against the Democratic be shall branch un by party and what was the result Thousands of of der dollars of the people's pockets have been squandered in "investigating, and the voters of the or be to sum any Ohio have the acknowledgement of the convendollars. million allow. shall tion, which was managed and controlled by the of either o Cuyahoga, branches Ohio, the plotters who set these schemes in motion, that Lucas, with capital than the course of the legislature upon this subject nor in either of was all "fuss and fury, signifying nothing. We or lo Franklin gomery, capital the branches say we have this acknowledgement, for neither than two hun Ired thousand dollars which may and of Bank procuring the black Republican platform, nor any of the the be increased sun not exceeding six hun shall paid by speeches made at the convention, hinted the dollars dred of the notes of herculean labors of its legislativo" committee, or Sgc. 25 Any existing independent bank Each director of the bank shall ontinue dared to broach the charge they have spent two the of State branch Bank first Monday the until years endeavoring to concoct. A recreant dem Ohio or free bank, caeate by the of appointment ocrat may betray the trust reposed in him by a or the qualified, State, authorized to issue notes of circula notes such confiding constituency, but the democratic parbe by the branch by which appoint tion, may, after the organization of the bauk ty never fails to denounce such miscreants when Ohio, upon full compliance with all the requisi discoverel. and so directs its action as to chul shall en bran this create of tions to o act necessary vote hitv ditional every lenge the utmost scrutiny into its honesty and director The bank. such branch the existing stock paid any bank capital to o such integrity of purpose.-Fremont Mess. thousand and by should bank, organizing as such branch under this l'he president the or voting may do and perform all the required HOLLOWAY'S PILLS AND OINTMENT bank the their issue stockholders to perfect such organization; be shall ARE IRRESISTIBLE.- If any man doubts the inthe to manner in forthwith proceed after the full organization of any such existin but removed be by actions of they may estimable value of these Pills, he impugns the bink branch of the bink of Ohio, such all other and notes officers such and They board. the general/experience of the whole world. The oath of faithfully the shall bank shall be held to be disso! up its affairs, and moke application of its accumulated testimony of all nations attest fulfill their the to and impartialiy except for the purpose of collecti its assets their infallibility in majority of the disorders and not violate the 16. That if any branch neglect or g the final settlement of its affairs in the manner be required of order may the that afflict mankind Deep -Seated abscesses, Ohio. bank They any fuse provided in its charter: Provided, that noch to sum, its such branch swelling of the joins, enlargement of the and said ing in this section contained shall be all to glands, tumors and eruptions disappear under the be filied by require the bank of Ohio to admit any the disinfecting and healing action of the Oint any thing, or free bank to become SEC for circulation by the ment. They have been Counterfeited! There the furnished by bank of the bank of Ohio. unless the direct branch be bank is test, however, whereby to tell the genuine, but no such any of the bank of Ohio sholl be satisfied that th numbered are thereol, vizi, the Water mark. Holloway New York they admission of such branch will not jeopardize the by authorized or person persons, and London," that exists in every leaf of the of interests of the public, or of the bank of Ohio record such any and full register same book of directions. The words are made any SEC. 26. The capital stock of each branch pleas, all parent in the paper, and visible by looking and shall be divided into shares of one hundred dolthat parpose, made through the leaf to the light. their lars each, and shall be on the books Ohio. d of the branch in such manner as it laws, for MURRAY & LANMAN'S FLORIDA WATER officers shall describe, but no share holders shall have the branch returned by This is the original toilet water so much extol amount to and equal bank, power to sell or transfer any shares held in his led by the Spanish press of South America, all notes such therefor: own right so long as he shall be liable, either as of which so many imitations have been sold in therein the all truth and be the credited principal debtor, surety, or otherwise to the to an to allow and be to otsuch shall stead in such their livered duty this country We understand that it was for judge officers branch, for any debt, without the consent its of bank branch, on and branch enjoin 90 notes the the purpose of protecting the public against imNor such shall ted from shareconner or ashes the to of be burned presence employ, majority of the directors. returned shill arposition that the proprietors of the genuine


Article from The Washington Union, March 24, 1859

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press of the day can be multiplied to an indefinite extent to show the truth of what I affirm. I beg to call th attention of the committee and the country to a few from leading papers in our great commercial metropolis. And, first, I call attention to the leading paper of tha commercial metropolis-the leading paper, indeed, of th Union, having the largest circulation and the widest in fluence; neutral in its party affiliations, yet an advocat of the election of Fremont; but since Mr. Buchanan' election, a supporter of the leading measures of his ad ministration. In its issue of October 15, 1857, the day after the suspension of the New York banks, that pape says approvingly of the policy of the Secretary, as fol lows It is evident, therefore, not only that Mr Secretary Cobb ha done all that he can do for the immediate rekef of the financial inter ests of the people, but that, for the next fiscal year, he will himsel need relief, in the shape of a loan of ten, fifteen, or twenty millio dollars." Again, the Journal of Commerce, the leading commer cial paper of the same city, independent in politics, and possessing the entire confidence of the commercial com munity, in its issue of December 5, 1857, says The large payments on account of the public debt may seem, in the light of the present deficiency, to have been uncalled for and im politic; but we have heard from business men of all parties the mos unqualified commendation of Secretary Cobb for his course in this re spect. It is true, that the government was under no obligation t advance the money at so large a premium and if the Secretary o the Treasury, in the use of the wise discretion given him by Congress had locked the government vaults, and made no disbursements no absolutely demanded by actual appropriations, he could not have been legally impeached. Such a course, however, would have call ed down upon him a weight of public censure, from which he could not have escaped. His predecessors, under the sanction of Congress and the unanimous approval of the country, had called in large por tions of the debt, at time when the accumulation of coin in the sub treasury had created no uneasiness in financial circles and if Secre tary Cobb had refused to continue the redemption in the midst of prevail ing commercial distress, when such a disbursement was eagerly de manded as a measure of relief, he would have been charged, perhaps justly, with a selfish disregard of the interests of that large class through whom the revenues of the country are more immediately de rived. But we have reasons to think that the motives which actuated the Secretary in continuing the redemption went beyond the mere question of popularity, and were dictated by a profound judgment o cause and effect. It was obvious that the commericial embarrass ment had reached a point where it must seriously interfere with the revenue from customs, and that if it were to increase much further, 1 would cut off these receipts altogether, or render the amount merely nominal. If, with this prospect before him, the Secretary, by : legitimate disbursement of the surplus in the treasury, could arrest the progress of this financial ruin, and thus limit the decline in the revenue, a judicious regard for the national finances would surely dictate such a policy, if there had been no other considerations pres ent to his mind. And we are confident that the end hasfully justified the measure adopted, considered in either light. The few millions which were thus disbursed afforded great relief to the community a a most critical moment, while if retained in the treasury they could not have prevented a deficiency, even had the receipts shown no further diminution, and the government would not have found the same facility in borrowing in the hour of need. Again the same paper of the 28th May, 1858, in reviewing our financial troubles, says The clouds began to darken, however, over the commercia world, and the Secretary hesitated about continuing his efforts to re deem the debt. At this moment he was urged from all quarters to go on with the work. The argument which doubtless had the great est effect upon his mind was not that the surplus gold in the sub treasury would relieve the banks by supplying the demand for the precious metals, (although this was true and strongly enforced in ap peals for aid,) but that continued payments would operate to limi the depression in trade, check the excitement which was rapidly prostrating the mercantile interest, and thus preserve the public rev enues now seriously threatened.' Again the same paper, in the same article, says " Eyen with the light of our present experience thrown upon it the wisdom of this measure can hardly be questioned. It was de signed to serve a great national interest, while it should grant Inci dental relief to those who were supposed to have some claims upon the consideration of the department. That it was not successful t the extent desired, we know: but that the success was not sufficient ly probable to authorize the effort no candid man will dare to at firm." The New York Times, a leading opposition paper, in its issue of October 16, 1857, says: As we have no bank for the purpose, the Secretary of the Treas ury has done much service, at the present crisis, by producing hi hoard and pouring it through the four great commercial centres, an into the ordinary channels of commerce. He has done this withou travelling ont of his legitimate sphere, by disbursing freely for th public serv and redeeming the public debt. We are sorry to se that he has been obliged to discontinue the redemption of publi stocks, so that no further relief from this quarter can now be antic pated. But what he has already done has been of essential service t the business public." Again the same paper of October 19, 1857, says It should have done more, by averting the embarrassment alte gether; but the fault was not with the Secretary. He, of all men, most disappointed at the untoward result. He, of all, has least caus for reproach or mortification. Had want of gold been the cause trouble, the difficulty would have ended where it began, with the fail ure of the Trust Company, and a few other like concerns involve with it. But the cause being in another direction, the general gov ernment could no more remove it than it could remove mountains, O check the wild and distrustful spirit of any bank presidents without leader.' These sentiments of approval were not confined to New York, but pervaded the entire press, North and South I well remember a most complimentary article from th Charleston Mercury, to the effect that Providence alway raises up the man for an occasion requiring nerve and ability and lauding to the skies the conduct of Mr Cobb, as evincing in this transaction an extraordinary de gree of both. But, Mr. Chairman, no man is a hero i the battle be unsuccessful. The Father of his Country would have figured in history as the rebel Washington had not the British surrendered at Yorktown, and the in dependence of America been achieved. Houston and La mar would have been scoffed at as fillibustering Walkers had not victory been achieved at San Jacinto, and th lone star of Texas culminated to sovereignty. And Cobl is now ridiculed as the weakest of financiers because pecuniary convulsion, which he endeavored faithfully and energetically to arrest, swept over the country, prostra ting commerce, driving back importations, and thereb depleting the treasury. Such is the justice of humar criticism; such the judgment ever pronounced by frai humanity upon effort, however generous and manly, if i be not attended with complete success. But, sir, was it not attended with success Who shal say how many merchants were relieved by the gold and silver which the policy of the Secretary poured into th channels of commerce Who shall say how many suits instituted by these merchants upon those indebted to them, (and whom they would have been forced by thei own necessities to sue,) were prevented by the relief thu furnished to the fountains of commercial enterprise How many hearthstones. over which the hammer.of th