b5e5611aFull suspension
Other: Bank announced voluntary winding up and surrender of charter; president pledged personal fortune to redeem notes.
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Suspension of Specie Payment by a Bank.The Bank of St. Mary's, at Columbus, Geo., suspended specie payment on the 23d inst., in consequence of a heavy run, brought on by the innbility of a drawer to pay the bank's drait for $20,000. The President, in a card, says the suspension is only temporary, as the Bank is perfectly solvent, besides which he pledges his own fortune to redeem every note in circulation.
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Bank of St. Mary's. This Institution. as it will be perceived from the subjoined card received by Telegraph yesterday by one of our most influential business men in this city, has been forced to a temporary suspension of specie payments. The paragraph alluded to in it from the Mobile Tribune is, we presume, the fullowing which appeared in that Journal on Tue-day last: "BANK OF ST. MARY'S.-There was a good deal of excitement in town yesterday in regard to the issues of this bank. For several months the bills have passed here in ordinary transactions at par, and as they were redeemed on demand at the counter of a respectable merchant, almost every one had confidence in the solveney of the institntion. The present distrust, we understand, grew out of the fact that a draft of the bank, for a large amount, was protested here on the 15th instant, for non payment." COLUMBUS, April 23. To THE PUBLIC.-A very heavy and anprecedented run upon the Bank of St. Mary's, for the month past, aggravated and brought to a crisis, by an unnecessary and probably vindictive publication in the Mobile Tribune, and copied in the Montgomery Adverliser, without comment, of the inability of it Drawee, to pay the Bank's draft for $20,000 (dollars.) has, I am pained to say, forced her to a temporary suspension of specie payment. It affords me, however, pleasure to assure the public, that the Institution is abundantly solvent and requires only a little time to marshal her assets. In addition to her own means, I will bring to her aid my own ample fortune, until not a note shall be left in circulation. The means will be in a few days provided to pay all her depositors; and the outstanding checks upon the several points drawn, will be honored on presentation. These assurances to the public of the entire solvency of the Institution, are not given for the purpose of sustaining its credit, as the Bank will be wound up without delay, and her Charter surrendered to the power that created it. The small notes of the Bank, as well as my own, will be-promptly redeemed, without intermission, until the last dollar shall have been retired. I will close my financial connexion with the public with honor, even should it be necessary to part with everything but its good opinions. JOHN G. WINTER. WHOLESALE EXPULSION.Twenty-five stn dents of the sophomore class in YaleCollerre-
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SUSPENSION OF SPECIE PAYMENT BY A BANK. The Bank of St. Mary's, at Columbas, Ga., suspended specie payment on the 234 instant. in consequence of a heavy run, brought on by the inabil. ity of a drawer to pay the bank's draft for $20,000. The pre-ident, in a card, says the suspension is only temporary, as the bank is perfectly solvent; besides which, he pledges his own fortune to redeem every note in circulation. Nevertheless, it is said, the notes sell at a heavy discount in New York.
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COLUMBUS, GA., April 23. To THE PUBLIC.-A very heavy and unprecedented run upon the Bank of St. Mary's for the month past, aggravated and brought to a crisis by an unnecessary and probably vindictive publication in the Mobile Tribune, and copied in the Montgomery Advertiser, without comment, of the inability of a Drawee to pay the Bank's draft for $20,000, has, I am pained to say, forced her to temporary suspension of specie payment. It affords me, however, pleasure to assure the public, that the institution is abundautly solvent and requires only a little time to marshal her assets. In addition to her own means, I will bring to heraid my own ample fortune, until not a note shall be left in circulation. The means will be in a few days provided to pay all her depositors; and the outstanding checks upon the several points drawn, will be honored on presentation. These assurances to the public of the entire solvency of the Institution, are not given for the purpose of sustaining its credit, as the Bank will be wound up without delay, and her Charter surrendered to the power that created it. The small notes of the Bank, as well as my own, will be promptly redeemed, without intermission, until the last dollar shall have beenredeemed. I will close my financial connexion with the public with houor, even should it be necessary to part with everything but its good opinions.