84d87754None
Click image to open full size in new tab
THE INDIANA FREE BANKS.-Mr. R. S. Clark, the publisher of Clark's Detecter," in this city, yesterday evening sent us the following note: "By a dispatch from our Cincinnati correspondent this evening, we are in formed that only three of the Indiana Free Banks are known to have suspended, viz: Bank of Connersville, at Connersville. Elkhart County Bank, Goshen. Northern Indiana Bank, Logansport." -- -Mo. Republican.
Click image to open full size in new tab
FRANKLIN AND HIS CREW.From official information which we publish to-day, there no longer exists a doubt but the fate of the North-West Pas. sage explorers are forever sealed-they have been starved to death! In imagination we see them, pale and emaciated, wandering over the polar seas vainly searching for food, with no human eye to pity and no arm to save. At last nature's tired frame can no longer endure the pangs of hunger, and gently they lay them down on their cold beds and resign themselves into the arms of death.Perhaps as they closed their eye-lids visions of home, kindred, friends swept before them-perhaps they were once more in the midst of the family circle with their wives and little ones, and the fire blazed warmly on the hearth. Then, the vision vanished, and the awful reality crowded upon the brain that they must die! But why should we picture the scene? It is vivid enough in the minds of all. last fitful fever's o'er and they sleep well." Let them rest calmly in their icy graves. History will record their heroic efforts to discover the North-West passage, and thereby open new fields of interest to the civilized world. THE INDIANA BANKS. There is so much said now-a-days respecting the solvency and insolvency of the State Stock Banks of Indiana, that we give the following schedule of those banks which are reported broken, extracted from the report of the Auditor of the State. We think the bills of most of the Indiana Banks are good, and that the present panic will soon subside, still it would be well for our citizens to keep as much of the money out of their hands as possible-this is the safest course. Those who hold bills on those Banks not known absolutely to be broken, need not give themselves any alarm. By holding on they will be obliged to sacrifice no more than they will be by allowing the brokers to shave them. But hear what the Auditor says: Bank of Connersville. Capital $1,000,000: total circulation, $517,681. Secured by Indiana 5 and 21-2 per cents, and Ohio 6 per cents. Elkhart Co. Bank, at Goshen. Capital $500,000; total circulation $320,000. Secured by North Carolina 6 per cents, and Louisiana 6 per cents. Bank of Rensselaer. Capital $500,000 total circulation $114,000. Secured by Pennsylvania 5 per cents and Louisiana 6 per cents. Bank of America, at Morocco. Capital $500,000; total circulation $49,218. Secured by Pennsylvania 5s and Indiana 6 per cents stocks. State Stock Bank, at Jamestown. Capital $600,000; total circulation $337,000. Secured by Virginia and Ohio 6 per cents. Bank of Attica. Capital $300,000; total circulation $144,479. Secured by Indiana 5 per cents and Virginia 6. per cents. Northern Indiana Bank, at Logansport. Capital $200,000; total circulation $100,000. Secured by Indiana 5 per cents and Missouri 6 per cents. Western Bank, at Plymouth. Capital $200,000; total circulation, $100,000. Secured by Indiana 5 per cents and Virginia 6 per cents. State Stock Security Bank, Newport. Capital $250,000 total circulation $100,000. Secured by Indiana and Penn. 5s and Virginia 6 per cents. Drover's Bank, Rome. Capital $250,000; total circulation $49,798. Secured by Indiana 5 per cents. State Stock Bank, Marion. Capital $600,000; total circulation $75,000. Secured by Louisiana and Virginia 6 per cents. Public Stock Bank, Newport. Capital $200,000 total circulation $109,314. Secured by Indiana 1-2 and 5 per cents. Hosier Bank, Logansport. Capital $200,000; total circulation $49,985. Secured by Missouri and Louisiana 6 per cts. From the same report, says the Madison (Ind.) Daily Banner, it appears that the aggregate capital of the free banks is $32,900,000, and the total. circulation $7,426,067. Herewe have a " capital of nearly four and a half to one of debt," and yet the public must be shaved from two to ten per cent. on the paper of these banks.
Click image to open full size in new tab
The latest bulletin in regard to the Indiana Banks The latest bulletin in regard to the Indiana Banks is the fellowing letter from Indianapolis: INDIANAPOLIS Sistarday, Nov 4 1854. JOHN THOMPSON, Eq No. Wall-st., New York. Dear Sir: Having during the last two weeks visited most of the priccipal towns of this State, to ascertain the position of the Free Banks, I am sorry to have to state that nearly the whole of them have suspended specie payment and many of the accessible ones already protested. Of the owners of the Free Banks large number of whom are in this city, I regret to say that some entire ly disown any connection with banks that are currently reported to belong to them, and as some of these banks are incossible and others have only a nominal place of business, it becomes almost an impossibility to get the notes protested, and as it is well known that the banks have stopped specie payment, what ecourse have the bill holders? The following banks have protested to my certain knowledge, and others I will report to you as fast 88 I learn the fact. Merchants Bank. of Lafayerte: Wayne Bank. of Logansport; State Stock of Pean.; Eikhard's Co. Bank; Batk of Connersville. &c. Of the State Stock Bank of Logansport could find no office, no owner, nor anybody that know suything aboutit. The Cashier of the Northern Indians Bank . Lo. gansport I had heard asserted would redeem 183 to tos, but n presentation be very liberally offered me fifty cents on the dollar for them, which I declined. Ofthose banks situated in the remote swampy diatriets of the State, such as the Bank of America, as Morocco, the Wabash River Bank, at Jasper, see., I am not yet able to say anything, nobody, to my knowledge, having yet penetrated to them. I presume, however, they have stopped ment; the 0 wner of one of these, residing in this city, and declining to take up his notes, favors this conviction. The bonks of this city still continue to redeem, although the owner of one last night said he intended to stop redeeming to brokers. Atpresent I know of only about twelve banks that redeem. The Auditor has declared that notes protested in packages will not ereceived by him, as the only legal way is to protest them singly, thus rendering useless the protests on some of the banks above mentioned, hich were deno in packages. Of the Delaware County Bank, said to be at Muncio, I can discover no officer nor owner. Banks of this class are numerous, as are also those like Wayne Bank, which we were recommended to a saw-mill to find, and the Newport Banks, three of which are in the County Clerit's office. There is now scarcely a dellar in the State except Free Bank paper, all else being engerly seized to reS. C. THOMPSON. Yours, mit East. Mr. John Rice has been elected President of the Atlantic Bank of this City, vice Mr. Isaac Otis, resigned. Mr. J. W. Baker was elected Vice-Prosident. Mr. Patchin, we understand, promises to pay the Coupons on the Bonds of the Buffalo and New-York City Road, due in July, within the next thirty days. There is no important change in the Money market, but if any, it is not in greater ease. The Banks continue to contract their loans, and while this continues but little relief can be looked for. Exchanges, however, are in favor of this City from all the prominent potnis, and but for the trouble among the Western Banks, we should expect a let up to some extent within a week or two. The rates for paper are without change. At Boston, the Money market continues easier. At Baltimore, The Sun says: The hopes of some improvement in money metters this week stimulated speculators to make time purchases of stocks to 8 rather greater extent at the close of last week, and that helped the market somewhat. The effect of last week's stringency and the heavy payments on Saturday led to the suspension of three or four houses in Baltimore, some of which, however, showing ample assets, may only need an extension whereby to continue the conduct of their businees." At Detroit, according to The Journal The difficulty of obtaining money has never been 80 great as at present. Banks and brokers have nearly stopped discounts, and accommodations are not to be had at any price. The best securities are mostly refused, and every one is content to let his neighbor take care of himself, if possible. Heavy speculations are consequently out of the reach of most dealers, and operations have been restricted to such as will bring the quickest return. The Chronicle, of Pittsburgh, says: The Money market during the last week was probably more stringent than has been experienced in this city for four or five years. The rate for money now on the street may be set down at 11 P month for strictly No. 1, and various rates for other grades. The discount on currency fluctuates between 11@2. Eastern Exchange and par funds are very searce. The report against the Commercial and Farmers Bank at Paducah, Ky., we have reason to think, was without foundation, and the brokers generally are receiving it on deposit." The following semi-annual dividends have been declared by the Philadelphia banks. The Bank of North America and the Pennsylvania Bank divide in January and July. Northern Liberties Bank, 6 P cent.; Philadelphia Bank, 5; Mechanics' Bank, 6: Commercial Bank. 5; Kensington Bank, 6; Manufacturers' and Mechanics' Bank, 5; Bank of Commerce, 5; Girard Bank, 3; Western Bank, (extra5, 10; Penn Township Bank, 5; Farmers' and Mechanics' Bank, 5; Tradesmen's Bank, 4; Southwark Bank, 5. The Oswego Palladium says: " We are gratified to hear the report that Mr. E.G. Merrick, whose recent suspension has been anDounced, has made arrragements to resume again. We believe it has not been presumed that Mr. W. was not-able to meet all his obligations, with sufficient time." The Obio banks follow up the attacks upon the position taken by Auditor Dunn of Indians. The Cincinnati Commercial indulges in pleasantries on Mr. Dunn, who may be called " Anti-Ounn." It says: If anything was needed to complete the discredit and demolishment of all existing concerns organized under the free banking law, and out a check upon the creation of any new ones, Mr. Dunn's letter is ample to meet the demand. We have recently heard & great deal about ultimate security. What ultimate security is. Mr. Dunn has defined with great clearness and elegance. It means that the circulating notes of the stock banks are to be paid some time or other-if ever. From the annual report of the President of the Baltimore and Ohio Railroad, for the fiscal year ending Sept. 30, we have the following statement of receipts and expenditures: $3,645,600 45 Revenue as per ledger balance Expenses under the following accounts via: 8872 805 51 Expenses of transportation 579 240 96 Repairs of railway 179 . Renairs bridges.
Click image to open full size in new tab
MONDAY MORNING, NOVEMBER 6, 1854. # The Money Panic. Brokers are interested in the depreciation of paper money, and people are too apt to become alarmed by the panics these brokers have the power of creating. As an instance of this fact, we give a few items below in connection with the reported failure of several of the Maine Banks. J. Thompson, a broker of New York, the gentleman who publishes the "Bank Note and Commercial Reporter," and one who is generally considered good authority in connection with money matters, publishes the following telegraphic despatch in his issue of Oct. 28th: BOSTON, Oct. 25. The "Bank of Hallowell, Maine"; The "Ship Builders' Bank, Maine"; The "Brunswick Bank. Maine," are thrown out by the Suffolk Bank. The date of the despatch, 25th October, will be observed. On that same day, the "Maine Farmer," published at Augusta, was sued for libel by the Ship-Buiiders' Bank, for having fallen innocently into the Brokers' trap, and denouncing that instution as having failed. On the 26th the editor of the Farmer "owns up" that he was deceived, in the following manly style: "We are informed that the Bank has been very much troubled by the rumor of its failure, and has been obliged to redeem its whole circulation--upwards of $90,000. Any one who has been at all conversant with the course of the Farmer, must know that the libel with which we are charged was entirely the result of accident on our part, as it has ever been the rule of this establishment to refuse admittance, upon any conditions, to any and all articles reflecting upon individuals or companies of whatever character. These are the facts in the case--and now, having done all in our power to make amends for the unintentional evil suffered through us, we rest our case, and await the decision of the Court in the matter." The report of the failure of the Hallowell Bank now proves to have been gotten up for the purpose of accomplishing the success of certain political movements in Wisconsin. A certain journal published in St. Paul, of very limited circulation, but under the control of well-known bankers here, "let the cat out" on Friday morning, by coupling the reported failure of the Hallowell Bank, in a most disgraceful and libelous manner, with the name of C. C. Washburne, of Mineral Point, Wisconsin. The next time the journal alluded to mishes to make political capital, and shinplaster capital, for its especial favorites, it had as well be somewhat more careful. The solvent condition of the Hallowell Bank, if it needs more to sustain it than we published on Saturday, is well shown by the following note received too late for our Saturday morning's issue: "WINSLOW HOUSE, ST. PAUL. Friday Evening, Nov. 3. EDS. MINNESOTIAN:--Will you do me the favor to correct the report of the failure of the Bank of Hallowell, Maine. It is not true. I will, with pleasure, furnish current bills or drafts on the East for any and all amounts which may be presented. Yours truly, DORILUS MORRISON." We presume the Pioneer can find out who Mr. Morrison is, by enquiring of Corwith & Co. Galena, B. H. Campbell & Co., same place, or even of any of its own particular friends in St. Paul, Galena, or elsewhere. ELLSWORTH BANK. The mere fact that an Eastern Bank refuses to pay tribute to the Suffolk Bank, Boston, is no valid argument in proof of its insolvency. This appears to be the only difficulty with the Ellsworth Bank, which has, in common with two other of the soundest Banks in Maine, been bruited all through the West recently, as having failed. The Boston Daily Mail says: "Bills of Ellsworth Bank. of Ellsworth, Me., are not received at the Suffolk Bank. We are not advised that there is any doubt of the solvency of the Bank." The Indiana State Sentinel addresses the holders of the notes of the Northern Bank of Indiana at Logansport, and the Bank of Connersville, lately suspended, not to sacrifice them, as the securities on file in the Auditor of State's office are amply able to protect the bill holder. BANK OF CIRCLEVILLE.-A foolish rumor (says the Cleveland Herald) was put in circulation that the Bank of Circleville had failed. Cashier Foot this morning telegraphed to the Bank. and has received the following reply:" All right, reports are false. O. BALLARD, Jun., Cashier." KALAMAZOO BANK. We learn that this bank. located at Albion. Ind., and owned by ex-Gov. Ransom. of Kalamazoo, in this State, has made arrangement to have its notes redeemed in this city, by J. L. Lyell, at one per cent. discount, and also at Indianapolis, Ind.. Cleveland, Ohio; New York city, and also at Kalamazoo. Detroit Advertiser. LAKE SUPERIOR. A correspondent of the Cleveland Herald says:-" There is probably at the present time no part of our country attracting more general attention than Lake Superior. The copper which extends its rich veins-I might almost say-everywhere, and the huge mountains of iron ore, have attracted the eyes of capitalists. The developments of mineral wealth are astounding; discoveries are being made almost daily of new veins promising rich results, and companies formed of substantial, enterprising men. are pushing forward the work vigorously. The earth can no longer conceal her precious wealth, her bosom is opened, and she is made to reveal what she possesses. The Cliff and Minnesota-the two mammoth mines of the upper peninsula--are taking out masses of copper unheard of in the history of mining; silver, too, is found in large quantities, and forms no unimportant item. Aside,
Click image to open full size in new tab
INDIANA BANKING. The latest bulletin in regard to the Indiana banks i. the following letter from Indianapolis: INDIANAPOLS, SATURDAY, Nov. 4, 1854. John Thompson, Esq., No. 2 Wall street, N. N.: DEAR SIR Having during the last two weeks visited most of the principal towns of the State to ascertain the position of the free banks, I am sorry to state that nearly the whole of them have suspended specie payment, and many of the accessible ones already protested. Of the owners of the free banks, a large number of whom are in this city, I regret to say that some entirely disown any connection with banks that are currently reported to belong to them, and as some of these banks are inaccessible, and others have only a nominal place of business, it becomes almost an impossibility to get the notes protested, and as it is well known that the banks have stopped specie payment, what recourse have the billholders? The following banks have been protested to my certain knowledge, and others I will report to you as fast as I learn the fact: Merchants' Bank, of Lafayette; Wayne Bank, of Logansport; State Stock, Pennsylvania; Elkhard's Company Bank; Bank of Connersville, &c. Of the State Stock Bank of Logansport I could find no office, no owner, nor anybody that knew anything about it. The cashier of the Northern Indiana Bank at Logansport, I had heard asserted would redeem its notes, but on presentation be very liberally offered me fifty cents on the dollar for them, which I declined. Of these banks situated in the remote swampy districts of the State, such as the Bank of America, at Morocco, the Wabash River Bank at Jasper, &c., I am not yet able to say anything; nobodoy, to my knowledge, having yet penetrated to them. I presume, however, they have stopped payment; the owner of one of these residing in this conviction. The banks of this city still continue to redeem, although the owner of one last night said he intended to stop redeeming to brokers. At present I know of only about twelve banks that redecm. The auditor has declared that notes protested in packages will not be received by him, as the only legal way is to protest them singly, thus rendering useless the protests on some of the banks above mentioned, which were done in packages. Of the Delaware County Bank, said to be at Munote, I can discover no offier nor owner. Banks of this class are numerous, as are also those like Wayne Bank, which we were recommended to a saw-mill to find, and the Newport Banks, three of which are in the county clerk's office. There is now scarcely a dollar in the State, except free bank paper, all else being seized to remit East. S. C. THOMPSON. Yours,
Click image to open full size in new tab
Free Bank Money. There is only one reason why every individual should not take freely of the paper of every one of our State Stock Banks, and that is, the money is. not taken in bank, and will not buy exchange. This objection may hold good with those who have to buy exchange, but is no objection, or should not be with those who have no exchange to buy.The money is all perfectly secure, and if farmers, mechanics and laboring men would determine to take every dollar they could get oi it, there would be no difficulty in the way of a good, sate, secure home currency. If the bankers and merchant's won't take it of you, pay it out to somebody elue that will. It will not be long before the merchants will be glad to get hold of a currency which they find out circulates freely among the people.' There is but three Banks in the State whose paper is uncurrent, and they are better secured than one half of the balance. These banks are the Northern Indiana Bank at Logansport, the Elkhart County Bank, and the Bank, of Connersville. The Northern Indiana Bank is secured by $91,000 in Indiana 5 per cent. Bank bonds, and $5,000 in Virginia 6 per cents. The Journal of this morning, justly remarks that the "5 per cent. Bank Bonds of Indiana, which always paid their interest promptly, and were always at par, when other State securities were down at 50 per cent below par. And then the stock is owned entirely in our own State, where the individual liability clause can be made available for any beficit. It is impossible for the bill holders to lose on the circulation of this Bank, unless they blindly allow themselves to be fleeced by intersted parties." The Eikhart County Bank of Goshen, is secured by $150 000 Virginia 6 per cents, $73,000 Louisiana 6 per cents, $35,000 N. Carolina 6 per cents, and $25,000 Indiana 21 per cent. These latter stocks were received by the Auditor at 55 cents on the dollar.Who can doubt the security of the bank, with such stock as a basis? The Connersville Bank is secured principaliy by Indiana 5 per cents, $190,000 Indiana 21 per cents, $12,000 Indiana 5 per cents Bank bonds, and $31,000 Ohio 6 per cent Canal bonds. This bank has authorized the Auditor of State to deliver up to bill holders its stocks at their market value, when presented in quantities of $1,000. The owners of this Bank are responsible men, although ore of them has been somewhat embariassed by the failures of the Cincinnati banks. We have no doubt of the solvency of all three of these banks, and that they will pay specie in a lew days, to every body but brokers and sharpers, and no Indianian will bla ne them for refusing to submit to the runs of the carpet bag gentry. Keep it before the people, that we continue to take paper of either of these Banks, in payment for the Courier, for advertising, for job work, or wind work. Don't be backward, gentlemen-sent it along. [Lafayette Cour.
Click image to open full size in new tab
From the Crawfordsville Review. The Free Banks of Indiana. The following list of Free Banks of Indiana were reported in the recent Convention at Indianapolis, as specie paying banks: Hoosier Bank, Logansport; Prairie City Bank; Indiana Stock Bank, Laporte; Gramercy Bank; Western Bank, Plymouth; Canal Bank, Evansville; Fayette County Bank; Lagrange Bank; Bank of Indiana, Michigan City; Bank of Syracuse; Cambridge City Bank; Bank of Rockville; Salem Bank; Bank of Monticello; Crescent City Bank; Central Bank, Indianapolis, Indiana Bank, Madison; Bank of Goshen; Bank of Salem; Farmer's Bank of Westfield; Keutucky Stock Bank; Kalamazoo Bank; Bank of Warsaw; Bank of Mount Vernon; Bank of Paoli; Bank of Elkhart; Merch. and Mechanic's Bank, N. Albany. Bank of the Capitol; Trader's Bank, Indianapolis; N. Y. & Virginia Steck Bank, Evansville; Farm's & Mech's Bank, Indianapolis. The following resolution among others was adopted: Resolved, That we will receive and pay out the notes of the banks represented in this Convention as specie paying banks in all business transactions, and that we will in no case treat as par funds, the issues of any suspended bank whatever. The above list comprises all the banks covered by the foregoing resolution. It is thought that twenty or thirty more banks will acquiesce in the arrangements in a :week or two. Here is a list of those which the Indianapolis Journal says "have no place of doing business,-no owners in fact that anybody can find,-and don't redeem their paper in coin, currency, or exchange." Bank of America, Morocco; Bank of Connersville, Connersville: Drover's Bank, Rome; Elkhart county Bank, Goshen; Merchant's Bank, Lafayette; Orange Bank, Poseyville; Merchant's Bank, Springfield; Northern Indiana Bank, Logansport; Plymouth Bank, Plymouth: State Stock Bank, Logansport; " Peru; Trader's Bank, Terre Hante.
Click image to open full size in new tab
FREE BANKS OF INDIANA.-At a convention of thirty of the specie paying free Banks of Indiana, held at Indianopolis, lately, the following resolution, among others, was adopted: Resolved, That we will receive and pay out the notes of the banks represented in this Convention, as specie paying banks in all business transactions, and that we will in no case treat as par funds the issues of any suspended bank whatever. The Indianopolis Journal gives a list of the following shaving shops which have no place of doing business, no owners that any body can find, and which do not redeem their paper in coin, currency or exchange: Bank of America, Morocco; Bank of Connersville, Connersville; Drover's Bank, Rome; Elkhart Co. Bank, Goshen; Merchant's Bank, Lafayette; Orange Bank, Poseyville; Merchants' Bank, Springfield; Northern Indiana Bank, Logansport; Plymouth; State Stock Bank, Logansport; State Stock Bank, Peru; Traders' Bank, Terre Haute.