3fa2a6b2Full suspension
Other: Bank appears to have failed (permanent closure/liquidation); no explicit receiver mentioned in articles.
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Mr. Clay's Speech, etc: CINCINNATI. Nov. 19-P. - M. Mr. Clay's speech has not been published here nor in Louisville. It will be published to-morrow in the Lexington Observer. The Wooster Bank, it was supposed, had suspended specie payments. The banks here refuse to receive its bills on deposit.
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CINCINNATI Nov. 19-P. M. Mr. Clay's speech has not been published here nor in Louisville. It will be published to-morrow in the Lerington Observer. The Wooster Bank, it is supposed, had suspended specie payments. The banks here refuse to refase its bills on deposit.
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The Wooster Bank, in the State of Ohio, is supposed to have suspended specie payments. The banks in Cincinnati have refused to receive its notes.
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THE WOOSTER BANK.-This Institution, has during the past week made, through its agente, quite a large haul off the holders of its notes. Last week, the Life Insurance & Trust Company refused for n couple of days to receive the notes of the Wooster Bank on deposit. A panic was the consequence.The agents and borrowers of the Bank were willing purchasers, of the bank notes in this and all the counties along tl e line of the Canal at twenty five percent, discount. The Life and Trust Co., has again consented to take Wooster paper in deposite, the bank's credit is restored; but the people are fleeced; the bank and its agents and borrowers have pocketed their thousands by the briefdiscredit of a currency vaunted as preferable to specie, but which these bank tricks prove to depend upon abused public faith. Wher. will the people of Ohio piofit by dear bought experience and repudiate a systom. which in every instance it has been trieil, under every variation of laws, has produred but one result-the creation of bands of organized legal windlers.
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The Wooster Bank, again. Look out. Notes on this locofoco institution are again in disrepute,--the reports arethatit has finally gone by the board. Rumors to the effect that it had down have been circulated SO frequently before that we were in this instance somewhat slow to believe the story, but inasmuch as it seems 10 be generally credited throughout the State, and as we have long supposed it to be unsound, we have but to bow to the opinions of others. It may be regarded as certain that the bank has suspended. There are some important facts connected with the charter and management of the Wooster Bank, of which, at the present state of affairs, it will be well to remind the public. We will enumerate a few of them. For some fifteen years or more, a very generand prominent topic in the political circles of Ohio has been the subject of Banks and Banking; and each of the great political parties has had its turn in presenting a plan. At a time when the Locofoco party held undisputed sway in both branches of the General Assembly, the Wooster Bank was chartered. In process of time, its charter underwent a revision, by a Legislature locofoco in both branches--and was made to conform to their boasted notions of Bank Reform." The doctrine of individuwas applied to it, with which the officers and stockholders were satisfied, for they were of the party who regarded this principle as an :Offset against all the evils of banking,-they.were locofocos. Such is a brief history of this locofeco model Bank. Now, in the case of the Wooster Bank, the public. will have a practical demonstration of the operation of a system of banking which was urged with so much vehemence as the ultimatum of monetary wisdom. If it be found to answer the promised end, but little injury will result to the public from its failure,-for the serious loss would fall upon those who have managed its affairs. We shall see-but it seems that in this the end is not to be answered. The locofoCO prints, themselves, already tell us that the public are to suffer heavy losses,--not only as holders of Wooster notes, but by having in their possession notes on other Banks that will be effected by its failure. Such, they tell us, will be the fact,--and, coming from ther own lips, how can we but conclude that such is locofoco banking? Take the locofocos on their own assertions in regard to this institution, and two important facts are established. First That their boasted "individual liability" system has proven to be worse than a "flash in the pun" under their management,--for a bank regulated by its provisions not only fails to maintain its existence, but in its fall carries with it the innocent holder of its notes. Secondly: That the Whigs stand vindicated for declining to adopt it as a measure of public precaution, and for devising another, more prompt, and vastly more ample and certain, which surrounds the system for which as a party they are responsible. Below will be found the second section of the act in amend the charter of the Wooster Bank, passed Feb. 15, 1844. We publish it for the benefit of those concerned:-OC to "Sec. 2. That from and after the first day of sp March, in the year one thousand eight hundred and to forty-four, the stockholders of said Bank of W003ter shall be severally liable in their individual and sp private capacity, for each and every valid claim cir against said Bank, except in cases where depositors mo add said Bank shall otherwise agree. :-0.L.,Vol. end 42, p 19. are
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Wooster Bank. We have as yet received no definite news of the suspension of this Bank.The Wooster Democrat says: "Ata meeting of the Directors of the of Wooster, on Tuesday evening Bank resolution was adopted, as we are authorizing a on its notes. that informed, last, a Depositors suspension this are of payments usual. We understand paid as has been resorted to in consecourse of the Banks of Cincinnati quence out their paper, a measure prothrowing duced a rumor prevailing in that city, of the failure of Joseph S. Lake, Esq, has of York, who it is well known New business connections with the Bank the large Wooster. We are informed by of of that a meeting of a full Board which Cashier will be held to-day, at will the Directors future course of the institution be determined upon." This is one of two or three Banks, that accepted the Locofoco principle of "inliability" and if it is worth anywe will soon learn the is certain, it did not keep thing thing dividual fact. the is Bank One one from suspending. The following of the sections of its charter, passed February 15th 1844: SEC. 2. That from and after the first one of in the year one thousand March, and forty-four, the stockholders Bank of Wooster of liable in their individual claim ally for each and every Bank, except in cases capacity. against said hundred said shall shall valid and be private where other- severdepositors and said Bank 19. wise agree." - O. L. vol. 42, p. It would appear that this is not the on connection that the Bank has with Locofocoism. ly From the notice above it will be seen that the Bank did not suspend operations until Tuesday evening. Ohio Yet on the Monday preceding, the Statesman gave out a hint that the Bank V had gone by the board. So it would ap0 that that paper had obtained others. some r information pear not communicated to e But this is not all. The Ohio Press, also a Locofoco paper, in speaking of the a failure of the Bank, makes the following e g grave "Medary charges: seemed to know more else about acoming event than any body the the bouthere, except the banks. By assets way that an account of all the be 8 of we hope Lake and the Wooster bank may curin published. It would present some Meda items. Among others, unless last ous has bought it up within the dary would be found a mortgage upon and ''year, the Ohio Statesman; all its property for ten thousand dollars-part himself patronage, of the money that Medary sold g. for in 1845.' is The Statesman in return evades a bu di rs rect reply to his brother Locofoen, i. concludes a long article as follows: "The foul imputation that we had any n. to do with the Wooster Bank, n. thing or its claims, is only worthy vs mortgages, coward and paltroon, the insignifican who dare bark at others nthe heels, foul slan bu puppy approach to bite. The and d. never of daddy and son, public the pri so ders whose wealth consists in full; pas vate, of bank charters, will be es er. robbings appreciated, and properly understood. no as Thus rests the matter. We shall Tha VS interfere with the family quarrel. them ed the Locofocos must settle among bee The Bank of Wooster has le er selves. one of their pets,chartered by a'Legisla an ture of which they had a majority the charter is engrafted one of So let he We have no doubt it darling in out. that principles. them but should that quarre rai th ns developments will take place, of whole truth leak out. e President cts Bank is an old crony of the Editor he the :heOhioStatesman and while a member ey Ohio Senate from Wayne county without or the for him as State Printer and bee his ted vote Medary would not have elected. to The Ohio Statesman says that Oh less IV is the third, if not the secon th ntState "now in the Union, and rich in all the constitutes the real wealth of a people. Who could ask a better commentary u mWhig measures, from a Locofoco wi pa no on than the above? The truth me sometimes per, leak out by accident. ice, The Mineral Bank of Cumberlan hus Md. has failed We have received
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The Wooster Bank. A correspondent of the Ohio Repository, Canton, Ohio, thus hits off the failure of the Wooster Bank. We rather guess that all the political capital the Locofocos can make by bursting up one of their pet banks will not give them much encouragement. The last Bank Pet of Locofocoism it seems has gone BY THE BOARD. It was first chartered by D. A, Starkweather, & Co. and renewed by Lahm, & Co. by the instructions of H. Stidger, Starkweather, J. D. Brown, and Lynch. It was hoped that the party would have had a strong affection for the child of its old age, and that they would have nourished and cherished it. But it seems that our hopes were vain. Perhaps, however, it is but a suspension, to be renewed in 20 days which their charter allows.-Perhaps it has suspended with $120,000 of specie in its vaults, to aid the absquatulate revolutionists in disorganizing the State-who knows? We know that Wellhouse, its President, when in the State Senate, voted for and secured the election of Sam Medary as State Printer. We know that Joseph S. Lake, its New York agent, is a Locofoco. Another thing we know, that the new fangled project of Individual Liability' attaches to it-and as there are many very wealthy Stockholders, the Liability Clause will be fully tested."
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Norwalk and Sandusky Banks. Reports unfavorable to the standing of these Banks were in circulation in this town during the early part of the week; but it is now understood that there was no foundation for the reports. The Banks at Columbus, Zanesville and Cincinnati receive their paper as usual. Both of these were old Banks, and as a measure of safety, other Banks when they heard of the rumors, threw out their paper until the truth could be ascertained. From this occurrence and the suspension of the Wooster Bank, we have an opportunity of experiencing the benefits of our present system. Had the Wooster Bank been one of the branches of the State Bank or an Independent Bank, our Bank here would have continued to receive its paper upon deposite, knowing that the funds would be ready in Columbus, to redeem the notes. The bill-holder, consequently, would suffer no loss and the notes would remain at par. At the time of writing this article, our business men are receiving the notes of the Norwalk and Sandusky Banks-should we receive any further and different intelligence before going to press, we will advise our readers of it.
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What is it Worth. The Wayne County Democrat of last Thursday, says:-"It has leaked out within a day or two that the Wooster Bank Directors have made their calculations and resolved to redeem their paper at 20 cts on the dollar. A discount of 80 cents only! What do the honest, hard working me. chanics and laborers who chance to have W ooster paper in their hands think of that? Morality would pronounce such men scoundreis, yet according to our laws, and the false notions of society, they are permitted to run scot free, and are considered zery respectable citizens-while men guilty of less offences against justice are making saddle-trees in the stone building at Columbus."
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at It has leaked ou within a day or two that the Wooster Bank Directors have made their calculations and resolved to redeem their paper al 20 C18 on a dollar. A discount of 80 cents only! What do the honest. hard working mechanics and laborers who chance to have W oosier paper in their hands think of that? Mor duy would pronounce suc men scoundreis, yet according to our laws, and the false notions of society they are permittee to run scot free. and are considered very respectable citizens-while men guilty less offences against justice are making saddle-trees in the state building at Cel. umbus.-- Wayne Co. Democral.
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Wooster Bank Paper. It has leaked out within a day or two that the Wooster Bank Directors have made their calculations and resolved to redeem their paper at 20 cents on the dollar. A discount of 80 cents only What do the honest, hard-working farmers, mechanics and laborers who chance to have Wooster paper in their hands, think of that? Morality would pronounce such men scoundrels, yel according to out laws, and the false notions of society, they are permitted to run scot free, and are considered very respectable citizens-while men guilty of less offences against justice are making saddle-trees in the stone building at Columbus.--Wayne Co. Democrat. The present population of the United
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It has leaked out within a day or two that the Wooster Bank Directors have made their calculations and resolved to redeem their paper at 20 cents on the dollar. A discount of SO cents only? What do the honest, hard working mechanics and laborers who chance to have Wooster paper in their hands think of that?Morality would pronounce such men scoundrels, yet according to our laws, and the false notions of society, they are permitted to run scot free, and are considered very respectable citizens--while men guilty of less offences against justice are making saddle-trees in the stone building at Columbus.-Wayne Co. Democrat.
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Bank. Wooster of The Monday Statesman publishes H. from JOHN of the the of one Wooster directors view which partial presents that Acinstitution. to stock paid of who the bank, condition this, of the which capital $171,900 is the is of head His curding in is $249,450; S. LAKE, house in New his York, partner O. the latter held by the JOSEPH late failing in business is be Kleum, He has not bank. in the discharge son-in-law, cashier of the however, of but late. has been at brokerage conducting of the The ing been engage hese of duties, business bank business been for has, years, conducClevelandeveral their ted agenthrough almost entirely on the with little part cies, wledge, to as its Mr. the of details; directors to its for use funds KLENN of on the and east, professing the purchase to for Mr. lake collectheir tion. accounts and which following remitting Both them rendered nppeared to be extract fair at bank presents of the time stoppage. all satisfactory. regularly condition The of the It cuts of at that any hope once considerable its by creditors, mount of it modern while picture presents the that whole stamps system banking and worthless fraudulent. utlerly on the of the bank evebooks exthe to suspensions and ning The previous the Directors to she wed in the that its its lia- ashibited weekly statement, 10 $768,729, capital stock, bilities, seis amounted inclusive fund, profits of the of and which unclaimed $462, dividends, contingen was in to circulation, $492,403; and of the the in balance specie, assets of bills they principally 223 showed notes deposites. $92,560 other to and banks; be $415, of J. ex- S. and 291 the in bills $89,759 discounted $50,428 deposited deposited with in state with & and into change; o. Lake Kiemm $19,244 Co.; & Co.; in real $57,685 estate, items the miscellaneouscount; have stocks; in those bank been to able of the balance that usually what enter investigation amount the of the assets J. S. of Co. Like hands but from make, 1 find bank that actually and in O. at of the & Co. time their fail. Klemm of was ure about consisting $540,000, to them items above charged the state stocks deposites, &C.: as bills of exchange, of the bank of a little of items above specie the spectively of the bank, under the control consisting notes of and real estate leaving ove: $200,000, and miscellabills payable other the nies; and banks, bank, the a balance portion but of of as which to what are bad mount, in will arise or at the doubtful ain debts; not advised. naturally Mr. Lake the public Mr. have and Klemm of The enquiry mind, as to what done with so the assets. bank's In would say, reply that they acknowledge in the last year produce large an amount to this inquiry the loss operations, of $150, into with went they since which 000 I presume and that am informed with its means its funds; explosion. that it up was the Branch Bank Banks in the Mr. Lake got Tuledo, and a Bank Akron Bank that in and and purchased the the Canal Mineral has of become of his Texas, of Maryland, the and stock worthless in all of in which conse- other quence the Clevelandearly failure. Of what and note stockholders the been made time speculation of the bank have yet unadvised; but holders we are as them. and victims, will perhaps develop that will be saved As to the wrecks amounts of the two liabilities firms, of from the liquidating the the directors applied 10 Mr. HARRIS says In private note accompanying have the bank, no knowledge. his communication munication from Mr. he information is of the most says: although indefinite, We fear that he negotiaLake, gloomy has spent last character. the bill last of gollar, the bank and in his publish posa the es letter session, ted the to save himself." of Tuesday dated on from 15th instant, The Statesman from Wooster, which we extract What does paragraph. Is the specie sent to at that place? the this following. movement Cleveland, mean? to sustain the assowagon to is ciate The bank Woster bank Cleveland seni two night now beloads of specie This is true! and It no secret, that stand son-in-law, It is now certain fore ascertained last. Jos. S. to Lake be indebted and fact, O. 10 Klemm. the that bank the his $677,000. is than the worse Bank failure German of Wooster." The Aus Freedom of the Press in
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# The Wooster Bank, Again. The failure of this Bank will prove a sorry aid for Locofocoism. From all accounts, it appears that they had an object in view. They could not hire or drive whig bankers to close their doors. So they go to work upon Lake, and Lahm and Wellhouse and Harris, and get them to do the dirty work. They care nothing how much the bill-holder will lose and from all accounts the above worthies will lose nothing. Then they go to work to make political capital. No account is given for the failure. Specie, says their paper, is packed up in clover barrels and shipped to Cleveland by Lake's son-in-law. They say Lake controls two other banks in Ohio, one in Texas and one in Maryland. Why do we not hear of a failure of these banks also? Is it because no political capital can be made in Maryland and Texas? The Maryland bank did suspend but Lake resuscitated it. Why was it that the Wooster Bank alone was singled out? There is a secret history to be written and why do not these Locofoco directors write it? Why not give the public a statement of the bank's condition? We write this for the purpose of giving the following article from the Wooster Democrat in reply to a charge from the Wayne County Democrat berating the editor of the former sheet for saying last fall that he thought the Bank safe. That paper says: "The Bank, at that time, paid all legal demands against it with as much promptness as any institution in the State, or elsewhere: And we are free to admit, from our knowledge of the character and standing of the stockholders and directors, we belived they would continue to pay. Like most other members of this community, we were not then aware that the Directors had permitted Jo Lake to dive to his elbows into the available funds of the Bank. We knew, it is true, that 9 out of every 10 of its owners and managers were full blooded Locofocos, and perhaps for that reason we should have hesitated in giving it confidence. We knew also, that a prominent locofoco; one whom, many a time and oft, the Democracy have delighted to honor with their richest gifts; had declared in a public speech, that the Bank of Wooster "was the only Democratic Bank in Ohio," and that therefore the party should cease its warfare against it. But notwithstanding these omens and indications, (as many believe them to be) of innate rascality, we DID suppose it possible that the Bank might be honestly managed. We will make one more admission, and that is, that we were deceived. Their promises to the people, like all their political protestations, are proven to be false and heartless. However much the Locofoco party may nurse and foster the Directors, who aided and abetted in the larceny of half a million from the pockets of the people, --(as in the instance of electing Director John H. Harris Justice of the Peace, after his rascalities had been made public)--neither ourself nor any other Whig of Wayne county, will be found "giving aid and comfort" to the perpetrators of such villainous frauds, or again yielding a too ready credence to Locofoco protestations of honesty."