5248. First National Bank (Rockford, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
429
Charter Number
429
Start Date
March 19, 1869
Location
Rockford, Illinois (42.271, -89.094)

Metadata

Model
gpt-5-mini
Short Digest
791548c3

Response Measures

None

Receivership Details

Depositor recovery rate
41.9%
Date receivership started
1869-03-15
Date receivership terminated
1875-12-04
OCC cause of failure
Fraud
Share of assets assessed as good
89.6%
Share of assets assessed as doubtful
10.4%

Description

Multiple contemporary papers (Mar 19–Apr 8, 1869) report the First National Bank of Rockford failed and that the Comptroller/Controller of the Currency appointed a receiver. Accounts describe missing assets, suspected robbery/forgery, and the cashier's disappearance. There is no contemporaneous description of a depositor run prior to the failure; the bank was closed by examiners/Comptroller and placed in receivership, so classified as a suspension leading to permanent closure (receivership).

Events (4)

1. May 20, 1864 Chartered
Source
historical_nic
2. March 15, 1869 Receivership
Source
historical_nic
3. March 19, 1869 Receivership
Newspaper Excerpt
a receiver has been appointed by the Comptroller of the Currency to wind up its affairs. The capital of this bank is only $50,000, and its liabilities are limited.
Source
newspapers
4. March 19, 1869 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank found insolvent with missing assets; books mutilated; cashier disappeared; suspected theft/forgery and mismanagement led examiner to recommend winding up.
Newspaper Excerpt
The First National Bank of Rockford, Ill., has failed, and a receiver has been appointed by the Comptroller of the Currency to wind up its affairs.
Source
newspapers

Newspaper Articles (10)

Article from New-York Tribune, March 19, 1869

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tional convention have addressed a memorial to Congress setting forth the issues between the Republican party and the ab initio division men, and praying the people may be allowed to vote on the constitution recently framed by the Convention, which, the memorialists say, will be adopted by an overwhelming majority. Ex-President Johnson, Mrs. Johnson, Judge Pat. terson and family, and Col. Robert Johnson, left Washington for Greenville, Tenn., this morning. The x-President has accepted the invitation of the citizens of Lynchburg, Va., to partake of the hospitalities of their city. He will remain there to-morrow. The Missouri case, involving the Constitutionality of the Test-oath, will be argued before the Supremie Court, on Wednesday next, by Senator Drake, in behalf of Missouri, and Montgomery Blair and exAttorney-General Evarts, in behalf of P. Blair, jr. [GENERAL PRESS DISPATCH.) The First National Bank of Rockford, III., has failed, and a receiver has been appointed by the Controller of the Currency to wind up its affairs. The capital of this bank is only $50,000, and its liabilities are limited. The Secretary of the Treasury has made the following decisions: Coffee imported on vessels of the Netherlands, from Rotterdam via London, though a product of Java, one of the possessions of the Netherlands, mut pay the discriminating duty of ten per cent ad valorem, under the 6th section of the act of March 3, 1865. In order to its exemption from this duty, when imported in such vessels, the voyage must be direct or continuous from Java, its place of growth or production. Under the act of July 20, 1868, all cigars, cigarettes, and cheroots must be put up in boxes duly stamped before leaving the custody of the officers of the customs. The only stamp now prepared for cigarettes is one suited for a box containing 500. Cigarettes, therefore. packed in bundles must be packed in boxes of 500. and stamped as aforesaid, before delivery. Cigarettes weighing more than three pounds per 1,000 are liable to the same tax as cigars. Railroad cars built in Canada, and brought into the United States to be used only in the through business between Canada and the United States, and not intended for local, but international use, are, when brought into the country, and such employment, not imported, and are thereforefore not chargeable with duty. Congress having repealed that part of section 34 of the National Currency act which requires national banking associations to make monthly statements and quarterly reports to the Controller of the Currency, the national banks are relieved from the necessity of making any further reports, until called upon by the Controller of the Currency to make them, under the new law relating to that subjeet. Vessels carrying domestic and daty-paid goods may clear direct for Wrangel Island and Tougass without going to Sitka. The Custom offl. cera at Tougasa are authorized to enter and clear vessels from and to foreign ports and to receive unities. Bleached cotton, 80 styled, when the fabric is such a texture that the threads cannot be counted by the glass commonly used for the purpose, are properly assessed to duty under the sixth section of the act of July 30, 1864, at 35 per cent ad valorem. The penalty of $50 provided for by section 158 of the Internal Revenue laws, is paid for a valuable consideration, the privilage of stamping an instrument unstamped, and it cannot be remitted by the Secretary. Registered vessels may engage in the herring or other fisheries. Fish caught by them and cured with foreign salt are duty free. The following cases were before the Supreme Court to-day: B. L. Ridley plaintiff in error, agt. Freeman Sherbrook. -The argument of this cause was concluded by R. L. Caruthers of counsei for plaintiff in error. Isaac N. Swain, appellant, agt. Stevhen H. Seamans et al.-Ordered by the Court that, this case be continued to the next term of this Court, per stipulation of counsel. Jack Thurrington, appellant, agt. William B. Smythe et al.-This cause was argued by P. Phillips of counsel for appellant. No counsel appeared for appellees. Aun Paine, appellant, agt. Seadock Hook t al.-This cause was argued by 8 T. Glover of counsel for the appellant, and by William B. Napton for the appellees. Edward P. Bassett et al, plaintiffs in error, agt. the United States, and The United States, plaintiffs, agt. Orestes A. Keehler et al.-These causes were. on motion of Mr. Assistant Attorney-Gen. Ashton, ordered to be continued to the next term of the Court. William Ward et al, plaintiffs in error, agt. Francis L. Smith.-The argument of this cause was commenced by Arthur George Brown of counsel for the plaintiff in error.


Article from The Portland Daily Press, March 19, 1869

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WASHINGTON. RECONSTRUCTION MATTERS. WASHINGTON, March 18.-This morning the committee on reconstruction considered the Georgia matters without any result. It is understood the committee is equally divided regarding Mississippi, the point of difference being whether the President of the United States or the re-assembled Convention shall appoint the provisional government. The committee have agreed to report the Senate bill extending the time for the removal of inelegible civil officers in Virginia, with an amendment extending its provisions to Mississippi and Texas. The Missouri case, involving the test oath, will be argued before the Supreme Court Monday by Senator Drake, in behalf of Missouri, and Montgomery Blair and Ex-Attorney Gen. Evarts in behalf of F. P. Blair, Jr. ASSIGNMENT. Henry C. Niles has been assigned for duty in in the Treasury Department as chief of the appointment division. Mr. Niles has long been one of the principal clerks in that office. RUSH OF OFFICE-SEEKERS. The rush of office-seekers on Sec'y Boutwell is greater to-day than at any previous time during the present administration. THE FIRST BILL SIGNED BY PRESIDENT GRANT. Gen. Grant signed the bill strengthening the public credit at 40 minutes past 12 o'olock today. This is his first bill he has signed. NO APPOINTMENTS. The President sent no appointments to the Senate to-day. BANK FAILURE. The First National Bank of Rockford, Ill., has failed, and a receiver been appointed.Capital only $50,000, and its liabilities limited.


Article from The New York Herald, March 19, 1869

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tled before leaving Washington. It is probable that he will not leave for Figance for about three weeks. Departure of Ex-Pre-ident Johnson from Washington. Ex-President Johnson, Mrs. Johnson, Judge Patterson and family and Colonel Robert Johnson left Washington for Greenville, Tenn. The ex-President has accepted the invitation of the citizens of Lynchburg, Va., to partake of the hospitalities of their city. He will remain there to-morrow. The Case of Frank P. Blair, Jr., and the Test Oath. The Missouri case, involving the test oath, will be argued before the Supreme Court on Wednesday, by Senator Drake in behalf of Missouri and Montgomery Blair and ex-Attorney General Evarts in behalf of F. P. Blair, Jr. The Treasury Department. Henry C. Niles has been assigned for duty in the Treasury Department as chief of the appointment division. Mr. Niles has long been one of the principal clerks of that office. The rush of office seekers on Secretary Boutwell is greater to-day than at any previous time during the present administration. Failure of an Illinois National Bank. The First National Bank of Rockford, Illinois, has failed, and a receiver has been appointed by the Comptroller of the Currency to wind up its affairs. The capital of this bank is only $50,000, and its liabilities are limited. United States Supreme Court. The following cases were before the SupremeCourt to-day:No. 105. B. L. Ridley, plaintiff in error, vs. Freeman Sherbrook.-The argument of this cause was concluded by R. L. Carutners, of counsel for plaintiff in error. No. 111. Isaac N. Swain, appellant, vs. Stephen H. Seamans, et al.-Ordered by the court that this case be continued to the next term of this court per stipulation of counsel. No. 112. Jack Thurrington, appellant, vs. William B. Smythe, et al.-This cause was argued by P. Phillips, of counsel for appellant. No counsel appeared for appellees. No. 113. Ann Paine, appellant, vs. Seadock Hook et 1.-This cause was argued by S. T. Glover, of counsel for the appellant, and by William B. Napton for the appellees. No. 115. Edward P. Bassett et al., plaintiffs in error, vs. The United States; and No. 116. The United States, plaintiffs, vs. Orestes A. Keehler et al.-These causes were, on motion of Mr. Assistant Attorney General Ashton, ordered to be continued to the next term of the court. No. 117. William Ward et al., plaintiffs in error, vs. Francis L. Smith.- The argument of this cause was commenced by Arthur George Brown, of counsel for the plaintiffs in error.


Article from Nashville Union and American, March 20, 1869

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NEWS OF THE DAY. The General Winfield Scott homestead, in Elizabeth, New Jersey, has been sold for $9,750. fleet of fruit-laden vessels is its way to various now A large on American ports from the Mediterranean. The waterworks at Bowling Green will be partially completed in thirty days; the gas works in ninety days. The rooms of the Young Men's Christian Association at Cincinnati are to be adorned with birds and flowers. satin and blue coats with cravats, White satin waistcoats, Paris white gilt buttons are coming into vogue in Guy R. Phelps, President of the Connecticut Mutual Life Insurance Company, died Conn. last in Hartford, Wednesday. will be able Grant anticipates that he offices to the to distribute value his numerous of about $500,000 per annum among relatives. Gen. Longstreet recently remarked to a friend in New Orleans: "Grant thinks deeply, but talks little on what he meditates most." The First National Bank at Rockford, Illinois, has failed, and a Receiver been appointed. The capital is only $50,000 and liabilities limited. The Governor of Nebraska says that the newly discovered ccal elds in Pawn nee county, of that State, produce the best coal in the world. The New York Mail reports the marriage of a grandson of Washington lr ving, which is funny, in view of the fact that Irving died a bachelor. The insurgents of Villa Clara have isnotes of the of payable on sued five currency dollars, denomination the achieve. ment of their independence. Mrs. Lydia Beecher, who died in New last week, was the third wife of Beecher, and of Dr. York Lyman step-mother Rev. Henry Ward Beecher. OX Gen. Grant, which on in has The been mammoth exhibition, Washington, be sent to for some time past, will soon the President's farm, in Missouri. Stephen Clarke, whose death is ancable, was one of nounced by Tribune, the and largest stockholders in the was worth fully half a million dollars. The sentence of the burlesque actor, in Omaha, was this "For his wife, shooting Hernandez, Rainforth, fourteen years; for shooting Harry seven years, for the policeman, shooting thirty days. stated as a "curious fact," that the companies never paid It insurance is have Booth's the insurance on J. Wilkes s life, and although his mother is yet living, she has never yet made any application for the money. Passengers by the steamer Henry Chauncey state that just as the steamer left Aspinwall a serious trouble had occurred between the natives and a party of at Panama. natives are to have Americans reported been Several shot. understood that Gen. Grant is of the importance an conscious It is other of terri early of Cuba, or any that is contiguous to acquisition tory the measures United but will not adopt any end unless Congress him States, to that do clothes with ample authority to 80. In accordance with a recent act of Congress, orders have been issued consolidating the infantry arm of the army into twenty-five regiments, and no new enlistments will be made until the number of reduced to the maximum refor this number of quired men is organizations. interest is now being S taken citizens of S Considerable by Indianapolis iron in the reof the coal and S of the State. Large e sources development meetings reported have been held, and committees to for publication the great of as a ladvantages prepare Indianapolis manu- natue facturing centre, and of the mineral resources of the State. e 0 The chapel and main school room o the Female o Bellewood Seminary, Louisville, at Antwelve miles from e under of Rev. Dr. en. consumed at seven chorage, tirely charge Hill, o'clock was last The deand residence were d partment Wednesday morning. family boarding not reached by the flames. S St. Patrick's day was celebrated by a e procession and banquets in San it While firing a Francisco. civic salute the occasion aboard o the steamer Shrysopolis, on of the h a keg from of the Sacramento, reception Emmet of powder Guards ex ploded, wounding eighteen or twenty a persons, and damaging the boat considerably.


Article from The Daily Dispatch, March 20, 1869

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NATIONAL BANK FAILURE.-The First National Bank of Rockford, Ill., has failed, and the Comptroller of the Currency has appointed a receiver to wind up its affairs. The capital of this bank is only $50,000, and its liabilities are limited.


Article from Chicago Tribune, March 22, 1869

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BANK FAILURE. wint National Bank of RockfordCriminal Nigligents in the Depart= nt of the Computer or the curKepcy. From the New York Register, March 20, The collapse of the First National Bank cortinues to farnish a fruitful topic of C)D versation and epeculation in business cl cles, and as its affairs are Investigated they turn out to be in a much worse condition than was at firet anticipated. The First National Bank of Rockford was organized in the spring of 1864, and com menced business in June of that year. Its offic rs were Alonzo Wood, President, and E. H. Griggs, Cashier. The capital stock, $50,000, was mostly owned by Alonzo and W. W. Wood, just enough belug held by other parties to quality them for the position of Directors, which the law required to be not less in number than five Early in 1865 the Cashier resigned his post tion in consequence of inability to reconcile h's ideas of sound banking with those of the r principal owner, and shortly afterwards George W. Stration was appolated to fill the vacaucy, occupying the position of Cashier up to the time of his sudden disappearance last week. His appointment, in view of the fact that he was entirely without experience in the business, begot a want of confid nce in the bank, which the pubilication ot its succeeding quarterly sta ements served to in crease. The bank was some time afterwards visited by Mr.J. H. Duoham, of Chicago, who was then Examiner for this district, who found it in such B condition as, in his judg ment, to justify the government in ordering it to be wound up, and, as we unders and, he made a report to the Comptroder of the Currency, recommending that course. For soice season, however, the Comptrciler failed to perform his duty and allowed the Institution to continue its business. It Is said that Mr. Dunbam's resignation of his office of Ex. smiter was caused by the failure or retusal of the Comptroller to follow his recommend dation. The bank has never possessed the confidence of the business community of Rockford, and none ot our merchants, so far as we can learn, are losers by its failure. By offers of high rates of Interest, however, it has Induced many poor and hard. working people to Intrust their savings to its keeplue. and its disastrous failure will cause much distress and sullering to this class of depositore. Bearing the name of the First National, It has naturally secured the lion's share ot the collections sent to Rockford. This busi ness has been transacted in the most Irregular manner, collections baving been repeat edly retained for weeks after they had been paid by our merchants, causing much aunoy. ance and casting suspicion on the credit of some of our best business houses. Within the last few mouths the bank has teen reported to the Comptroller as in an unsate condition, but, as in former cases, the recommendations of the Examiner were dis re. arded, and the bank allowed to continue. It was In such ill-repute be re that the other National Bauks refused to receive Its checks or drafts. On Monday evening of last work the Cashier left the city, ostensibly for the purpose of visiting Chicago to ralso funds to enable the bank to go on. and on l'unsday at noon the doors were closed. On Tuesday last, the Examiner, SR. Scott, Etq., of Milwaukee, a open arrived, and took possession. Upon Ing the rafe the total assets discovered were someten dollars In postal currency. All cisc had disappeared. Notes, bords, currency, and securities deposited for safe keeplog had all been abstracted. Upon examination it was found that the books and records had of been extensively mutilated, 40 that no infor, mation 45 to the condition of the bank could e be gained from them. The Examiner is still In charge, awaiting the appointment of a Receiver by the government, to close up the concern. It Is difficult to ascertain the liabilities of the bank with any approach to accuracy but from what we can learn, we do not belleve they will be found much below $100,000. We do not learn that it is claimed that the bank Las met with any considerable losses In Its business, and It la difficult to resist the conviction that a deliberate and wicked rob bery has been perpetrated. We hope the matter will be probed to the bottom, and the guilty parties. no matter what their standing or respectability, be panished to the atmost extent of the law.


Article from Memphis Daily Appeal, March 23, 1869

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Stocks were weak at the opening today, and seemed to favor a further decline, which soon took place, but they became steadier before noon. At the 2 o'clock board there was more activity, but no improvement in prices, and closed very much unsettled : Wells & Fargo Ex., 301; American Ex., 404; Adams' Ex., 58 ; U. 8. Ex., 541; Merchants Union Ex., 16; Quicksilver, 20; Canton 57; Pacific Mail, 861; West. ern Union Telegraph Co., 37 ; New York Central, 1543; Erie, 343 to -; Hudson, 1361; Reading, 911; Chicago & Alton, 149; preferred, 151; Toledo, W. and W., 66; preferred St. Paul, 69 ; - preferred 78A; Ft. Wayne, 1191; Ohio and Mississippi,32}; Michigan Central, 117; Michigan Southern, 96; Illinois Central, 138; Cieveland & Pittsburg, 87; Cleveland & Toledo, 1061; Rock Island, 1281 ; Chicago & Northwestern, 831; preferred, 911. The First National Bank of Rockford, Ill., has failed, and a receiver been appointed. The capital is only $50,000, and liabilities limited. The new National Stock Exchange, of New York, which was brought into life mainly from the sale of Erie stock since the latter has been dropped from the call at the old board, was organized a few days ago. The authorities at Washington sustain United States Assessor Webster in his efforts to collect the tax on the actual as well as the specific tax employed by brokers in their business, whether the amount 80 used be borrowed from themselves or others. Preparations are now being made for the introduction of the new series of postage stamps. The one-cent stamp is headed with the vignette of Franklin, the first Postmaster General under the Colonial system, as well as the first under the confederation preparatory to the Federal Union. In the two, three and twelve cent stamps there is an illustration of the improvements in mail transportation, from the primitive rider on horeeback to the railroad train for the land service and the steamship for the ocean service. The remaining six stamps of the set form a series of their own, beginning in the six cent stamps with an accurate copy of the face of Washington, as shown in Stuart's picture at the Executive Mansion, and ending in the ninety cent stamp, with the head of Lincoln as significant of a new era of universal freedom. Two others of this national series, fleen and twenty-four cent respectively, have miniature copies of the landing of Columbus-and of the Declaration of Independence in the rotunda of the capitol. In the ten cent stamps the American eagle appears resting upon the American shield, and in the thirty cent stamps are comprised in one group all the national emblems of the eagle, the shield and the flag, and presenting, also, the national colors, red white and blue.


Article from Gallipolis Journal, March 25, 1869

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# Gallipolis Journal. GALLIPOLIS, MARCH 25, 1869. NEWS ITEMS. A young woman named Victoria Henton, aged twenty-seven, fell in the fire, in a fit one night last week, at Marietta, Ohio, and was fatally burned. Reuben Wick, a cigar-maker, aged twenty-five, tried to kill his wife, in Cleveland, on Tuesday, but succeeded only in cutting a gash in her arm before he was arrested. He subsequently committed suicide in his cell by hanging himself with his suspenders. Indian outrages are reported in Humboldt county, Cal. One man, while plowing his field, was shot and killed by savages, and his house plundered and fired, the family barely escaping by flight. Immediate pursuit was made, but the Indians escaped to the mountains. A Milwaukee dispatch says: "Captain M. E. Leonard, a citizen of Sparta, was waylaid and robbed Saturday night, after being shot three times and left for dead. His condition is very critical." William Proteen, a respectable farmer, residing near Brighton, Madison County, Illinois, shot himself through the head with a revolver, on Saturday, killing himself instantly. No cause is known for the act. The Tallahassee (Florida) Sentinel says: "We are again called upon to chronicle another foul murder in Jackson County, where a man named James Caulette was shot dead, while sitting on the stoop of his dwelling washing his feet. A laborer. named Patrick Carroll, while working on the railroad track near the Union Depot, in Pittsburg, last week, was struck by an engine and instantly killed, the wheels passing over his skull, crushing it in a horrible manner. A Rochester, New York, dispatch says Allison Smith was killed on Sunday while entering a church at the head of a funeral procession, by a trap-door which was blown by the wind from the belfry, crushing his skull. There are great complaints in the vicinity of Memphis from planters at the scarcity of labor. Planters are offering 25 per cent. higher rates than last year, but hands are unwilling to make contracts. A counterfeiter's den about four miles from St. Louis was discovered Tuesday, and some fifteen thousand dollars in bogus City Treasury warrants, and a lot of fifty cent. United States fractional currency, tools, &c., found. A woman living at the place was arrested, but no man has as yet been caught. A terrible hail storm at Memphis, Sunday night, did great damage. Scarcely a pane of glass was left in the city. Shrubbery and fences were demolished. A negro man was found dead the next morning who had been caught in the storm while drunk and killed by the hail. Many hail stones were as large as hens' eggs. It is stated that General Sheridan's appointment to command in Louisiana is intended to be merely a recognition of the justness of his former policy in the same position, and that as his present rank places him second in command in the army he will be returned to the Military Division of the West, in order to continue, if necessary his operations against the Indians. Five convicts at Sing-Sing prison gagged two of the keepers and escaped Wednesday night. One of the keepers has since died. The First National Bank of Rockford, Illinois, has failed, and a receiver been appointed. The capital is only $50,000, and liabilities limited. Gen. Wm. Barstow, formerly on the staff of Gen. Dix, died in New York, March 16th. Jeff. Davis's health is better now than it has been for years. The disposition of members of the House generally is to adjourn the session of Congress a week hence. Senators are not so anxious for its termination. An accidental case of shooting occurred in Springfield, Ohio, on the 20th. A boy named Quill was very carelessly handling a pistol, when it was discharged, the contents entering the breast of a boy named Bauer. The injury will probably prove fatal. In Princeton, Indiana, last Monday, a schoolmaster named G. R. Stormont was stabbed with a pen-knife by a boy of fourteen, whom he was whipping. The stab is in the side, between the eighth and ninth ribs, and is not regarded as mortal. General Sherman is going to work furiously. He has destroyed the Department of Washington, consolidated regiments, ordered officers out of town, and is carrying on generally with a high hand and an outstretched arm. Wm. Coslet, a Welsh miner, recently committed suicide at Tallmadge, Ohio, which so affected his intimate friend, Evan Harris, a feeble old man of sixty-five, that he drowned himself a few days ago. A small boat, containing twelve boxes of nitro-glycerine, was discovered under a wharf at the foot of Whitehall street, New York, Thursday-enough, it is said, to blow the lower portion of that city and Brooklyn to atoms. The stuff was taken beyond the city limits by the harbor police. There is a great excitement in Havana, and there will, probably, be a great deal more blood shed there, before there is an end of the troubles in the Island. An Irishman, in Louisville, named Gilligan, was choked to death by a small piece of meat, while partaking of a plate of soup, on Thursday. # MORGAN RAID CLAIMS. The Ohio Senate, on Friday last, passed the


Article from The Democratic Press, April 1, 1869

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BANK FAILUER-The First National Bank of Rockford, Ill., has recently failed, and a receiver has been appoint= ed by the Comptroller of the Currency to close up its affairs. The capital stock of the bank is $50,000. The liabilities are supposed to be $100,000.An examination showed the entire assets in the vaults to be about ten dollars. "Perfectly safelimism


Article from The Kenosha Telegraph, April 8, 1869

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From the Rockford (III.) Gazette. The Rockford Bank "Failure." The more we here in regard to the conduct of the owners of the late First National bank of this city, the more heartless and criminal do they appear. Besides the poor, hard-working man and woman who have been swindled out of their earnings, we are daily hearing of acts of dishonesty, and lately even of forgery, to a large ammount, which we deemed impossible, but are black, hard facts. Under the energetic administration of Dr. R. P. Lane, the receiver, the rascalities, large and small, of the officers of the late swindle, are being unearthed. He is daily receiving certificates and proofs of deposit, and is filing them away in their order, for the examination of the bank anthorites at Washington he is also energetically proceeding to develop what he can of the lawful assets of the bank, and other property, are being put under the scrutiny of the officers of the law. Every effort is being made to recover all that is possible from the wreck.