Merchants National Bank (Washington, DC)

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Episode Information

Episode UID
62700797
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
6270 national
Charter Number
627
Start Date
May 3, 1866
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4119c97f877aa0d3

Response Measures

None

Receivership Details

Depositor recovery rate
24.7%
Date receivership started
1866-05-08
OCC cause of failure
Losses
Share of assets assessed as doubtful
100.0%

Description

The bank failed due to criminal mismanagement and excessive loans to a Baltimore broker (L. B. Bayne). While crowds of depositors gathered after the closure, there was no pre-suspension run.

Events (6)
1. December 14, 1864 Chartered
Source
historical_nic
2. May 3, 1866 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure to meet a large government check due to massive unsecured loans to a Baltimore stock broker (L. B. Bayne) who failed.
Newspaper Excerpt
Yesterday a check for something over a hundred thousand dollars, Government funds, was presented, which could not be met.
Source
newspapers
3. May 4, 1866 Other
Newspaper Excerpt
The bank opened its doors as usual this morning, but declined to honor any drafts or checks, or transact business of any kind.
Source
newspapers
4. May 8, 1866 Receivership
Source
historical_nic
5. May 8, 1866 Receivership
Newspaper Excerpt
the idea of sustaining the Merchants' National Bank by the other national banks has been abandoned, and that its affairs will go into the hands of receivers.
Source
newspapers
6. June 2, 1866 Other
Newspaper Excerpt
Leonard Huyck, President of the late Merchants' National Bank... was to-day committed to prison... charging him... with willfully embezzling, abstracting and misappropriating the moneys of said Bank.
Source
newspapers

Newspaper Articles (22)
1. May 4, 1866 Evening Star Washington, DC
Article from Evening Star, May 4, 1866

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Article Text

THE MERCHANTS' NATIONAL BANK. We have obtained the following particulars in reference to the suspension of the Merchants' National Bank. There IS due from the Bank to the Treasury of the United States less than four thousand dollars, but as we have stated in our first edition, there were several disbursing officers and agents of the Government who deposited the public funds entrusted to them, in the institution to the amount prob. ably of $500,000. Of the total amount so deposited they have no record in the Treasury Department, as the depositors belong to differeut branches of the public service. In any event the securities in the Treasury will be applied, as far as they will go. to the liquidation of all indebtedness to the Treasury and to Government officers and agents. The immediate cause of the suspension is stated to have been the failure of a Baltimore concern. L. B. Bayne, of Baltimore, one of the heaviest stockholders, within a short time, has obtained $760,000 "on call." He first got $150,000 to keep himself afloat before the directors knew of it, and afterwards calling for more, the directors, to save themselves-as they thought he would weather the stormallowed him to draw further, and honored his drafts, at the same time be assuring the bank that he would send down his collaterals, and that they were sufficient to a overa hunYesterday thousand check for something secure them. dred dollars, Governmentfunds, was presented. which could not be met. Last evening, a committee of the presidents of the national banks here went to Baltimore to examine Bayne's collaterals, and this morning a telegram was received from them to the effect that the collaterals held by Bayne were net regarded as sufficient. It is alleged that the true state of affairs has been kept from some of the directors. who, only within the last few weeks, have become cognizant of the magnitude of the dealings of this bank with that in Baltimore. At a meeting in February inquiry was made in regard to the collaterals of Mr. Bayne, and the president (Huyck) informed the directors that they were good. The capital of the bank was $200,000. consequently its circulation, under the law, was $180.000, which is of course secured. The liabilities of the bank. aside from Government deposits, is estimated at about $250,000. An unpleasant report is afloat that special deposits of some of the customers of the bank have not been kept intact. Among the special deposits was one of $22,000 by Mr. R. W. Car. ter, dry goods merchant. Rumor mentions amongst the sufferers by the disaster, Mr. J. B. Stewart, of the Washington and Alexandria Railroad-either he or the road, or both. The esteemed President of the Board of Aldermen, Thos. E. Lloyd, Esq., is victimized to the extent of about $600, which he thinks rather hard as following upon a com. bined attack of rheumatism and typhoid fever. Some feeling has been created by the statement that the bank received deposites and sold drafts throughout bank hours yesterday at a time when it must have known its shaky condition: but we hear it stated that the bank will make good all deposits, &c., made since Wednesday, when its officers first had reason to apprehend disaster. The stockholders are responsible to the extent of the amount of their stock, (losing there. by twice its amount) and consequently in the desire to get rid of it, to avoid responsibility. it has been offered exceedingly cheap to-day-as low for instance as two cents on the dollarand even lower. The committee on examination of the Baltimore assets will return this evening, and by to-morrow we shall probably have a statement from them, which it is to be hoped will present a more cheerful look to the affairs of the bank than prevails to-day.

2. May 5, 1866 Evening Star Washington, DC
Article from Evening Star, May 5, 1866

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Article Text

SECOND EDITION. C' CLOCE P. m. s GOVERNMENT SECURITIES. WASHINOTOR. May s. 1866. Jay Cooke & Co. furnish the following quosations of Government securities: Baying Selling U.S. 6's Coupon, 1861 109% 188 U.S. Five Twenties. 1862 102% 101% U.S. Five Twenties, 1864 101% 102% U.S. Five Twenties, 1865 101% 102% U.S. Ten Forties 96% 95% U.S. Seven Thirties 101% 102% ...... One-year Certificatesnew 100% 9% NEW YORK FIRST BOARD SALES. Coupons, 199; Five Twenties, 1802, 102, Five Twenties. 1864. 102%: Five Twenties, 1665, 102%; Ten Forties, 95% Seven Thirties, 102; Certificates, 100; Gold, 127% THE MERCHANTS' NATIONAL BANK. We believe that further in vestigation has demonstrated that the affairs of the above. named suspended bank are even worse than was generally apprehended yesterday. The liabilities will exceed a million of dollars, and the available assets are less than $500,000. We understand that Mr. Bayne, of Baltimore, represented to the committee of bank men from this city that if permitted to manage his own assets, or have them managed carefully, that in three months' time $250,000 could be realized over and above every cent of his indebtedness. Apparently the committee did not take the same sanguine view of the situation or the value of his securities, and we believe the idea of sustaining the Merchants' National Bank by the other national banks has been abandoned, and that its affairs will go into the hands of receivers. Mr. Huyck, its president, is not in the city. Mr. Sherman, its cashier, and the Washington directors keep their posts manfully at the bank building, to stand the brunt of objurgation and answer all questions, thereby earning the respect of the community. A special to the Philadelphia Inquirer says: 66 Major Paulding, a paymaster, had on deposit nearly seven hundred thousand dollars, which should have been in other banks, and was unknown to either the Paymaster General or Treasurer Spinner, so the Government will lose over half a million, and private depositors will lose a quarter of a million, while the note holders are secured and the stock is all lost, being offered to-day for two cents on the dollar." Brevet Colonel Paulding, Paymaster, denies the correctness of some of these statements. He says the amount he had on deposit was about $500,000. He says further that this bank was designated by the Treasury Department as a depository of public funds in the hands of Government officers and agents; that whenever the Treasury gave him a check on this bank, he left it therein to be drawn on, as he had a right to do, and never drew funds from other depositaries to place in this bank until recently, when he did so at the request of officers of other national banks in this city, on their statements that the amount so drawn and deposited (about $200,000) would enable the Merchants' National Bank to overcome some temporary difficulties, and thereby secure to the Government the other amounts deposited therein. He represents that he desires a therough in investigation. His books and papers are now in the possession of the Inspection Division of the Paymaster General's Office, where they are being thoroughly examined.

3. May 5, 1866 Chicago Tribune Chicago, IL
Article from Chicago Tribune, May 5, 1866

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Article Text

VOL. XIX. mente, transmitted to Congress to-day. that it does not appear on record at the Attorney General's Office how much property has been seized and forfeited nor bow much has been returned 10 the enemie* of the Government The number of pardons cranted were in Geor gia. 1.228: North Carolina. 432: Texas. 269: New Mexico. 1; Mississippi. 765: Louisiana 142: Ala bama, 1,361 South Carolina, 638: Arkansas. 41 Missouri, 10 Kentucky, 18; Florida, 38: West 49 Vircinia, The Sécretary of the Treasury has no information in his department as to bow much property has been returned to owners and conúscated. Pande held by the Treasury Department were turned over in June to the Barean of Refugees and Freedmen. The Adjutant General says he has no records of the resteration of property. The Quarterma-ter Gencral ease raitroads have been returned on condition of being reorganized and electing loyal boards of directors. The Chief Engineer. Delafield, reports that lands reized in both loyal and disloval States. and occupied by the military. have been dismantled. General Howard gives a list of property seized and subrequently restored, the greater part of which nas in Virginia, and formerly occupied by freedmen and refugres The estate of William Aiken. ID South arolins. was restored on the or der of General Sickles. Some were restored be. cause the treedmen could be more dvantageously located elsewhere, and others were restored on mutually Fatisfactory agreements General Howard furnishes a peremptory order of President Johnson, directing the return of property to one Leake, a former rebel soldier, who was specially pardoned by the Presigent. The order in this case directing that such a course should be pursued in a similar case, the effect of which has been that the Bureau has been compelled to part with the greater portion of the property once under Its control. 400,000 acres of abandoned property has been reof stored to former Morners: 14,053 acres land alloited to the freedmen has been restored. and 15, 432 acrea seized here has also,been restored. CONFURMATIONS The Senate 0-day confirmed the following L D. Campbell. Minister to Mexico M P. Corr Post shell, Minister to Ecquador Jackson. Master at Providence: E Parker Scamman. Consul at Prince Edward Island L Blodgett. Consol at John, Canada East G. W. Palmer. U.S. Judge Sierrr Leone, under treaty for suppressing the Flave trade: D. B Warner. Consul St John- N B.N.N. B. Wooleey and William Reynolds, Com mander lu the Navy. The following were also confirmed breret Major Generals for callapt and mentorious services Gens Mellowell, Pope, Howard, Booker. Han cock. Schofield. Terry. Ullman, Ord, Parke. Stan Jey, Ltumpbreys, Camby Wright, A. Smith. GibECN,J.C, Davis, Mower, Woods, Wilson Emory, Thomas, Ripley, Ramsay Fry. Delaneld, Holt, Eaton, Chanler, Thomas Wood, Schover, Barner Dyer. Shiras. Townsend, Ho2man. Bryce, Mardle, Ketchum, Callom Heintzelman, Comeron. Potts. Ering, Hencks Tilison, Bowen, Doolittle Beal, Briebin, Colc. Stevenson, Duval, lloges, Powell, Kelly and Lanman. Feveral brevet Brigadiers, Colonels and Lt. Colonels were also confirmed in the regular army ORDER CONCEUNING PRIZE MONEY The order of the Secretary of the Treasury aus. pending the payment of all prize money. has been rescinded. and payments on the lists will becommenced after the first of next month. INTERSALREVENUE The month of May opened well for the Internal Revenue. The Treasury kas received $1,873,880 the first three days. THE NEW LOAN BILL Mr. Sherman's thirty year five per cent loan bill is freely canvaseed in all quarters, and favorable practicability and enccess is rap Idly increasing strong evidence of this seen in the rapid appreciation of the ten-forties. There is etrong probability of the pa-sage of the bill. REFINED PETROLEUM. In answer to numerous inquiries from customs officers, the Secretary of the Treasury azys that fined petroleum is not less than one hundred and five deprees Farenheit, and is not included in the probabition as to transportation ret forth in his circular of April 7th. Ii is also decided that crade petroleum can be transported in barges towed by passenger steamers, without the License required by the circular above named. BREECU-LOADING RIFLES General Hancock Military Board. now examining breech-loading rifles for the purpose of enbet tuting a new model for the Springfield breech-load Ing rifle, is rapidly drawing to a close. Thu, far nearly fifty patterns have been examined. and the best of them are now being tested on e strength. penetrating range and accn. e racy. All inventore. in order to secure an examination of their respect 'ive patents, must present them previous to May 21st. as noue will be inspected after that date. The report will then be it made up, and probably completed by June 1st, 6 FREEDMEN THE The reports of the intelligence office for freedmen y 1. in Alexandria, for April, show that 2u applications have been mede for servants: freed people have le applied for employment 161 were fornished with e employment, and $136 was received as fees for mak it ing contracts TRIAL OF JEFF. DAVIS. Judge Underwood. who is now here. states that the Grand Jary, which meets at Norfolk on Monday next, will bring in a true bill against Jefferson of Davis for treason. This is the first eten. As soon, in therefore, as the House Judiciary Committee have acted upon the subject which te will probably be within the next ten days, the Government will be ready to proceed with his is trial, provided Congress throws no obstacles in the way. The committee, however. are trying very hard to make out a case which will warrant them d in recommending bus trial before a multary com e mission. In this they will fall, for the President 'a does not intend to have him any other person 10 connected with the rebellion tried in any other way tban before n civil tribunal. ry THE NEW YORK COLLECTORSTITP 10 The Commercial's special save Collector Smythe cc nomination may be considered at the regular meet as inc of the Committee on Commerce next Thurs nt day, and not before. THE DLAIR REJECTION. be Gen. Frank Blair's case Is to be reconsidered bis be relection baving called out etrong expression o feeling. AMENDMENTS TO THE TAX BILL The Post special SATS: Among the amendment he to the Tax Bill is one reducing the tax on eros: ly receipts of Telegraph Companies to three per cent dTax on Express Companies 18 A so reduced to three per cent. SUSPENSION OF A NATIONAL BANK VASUINGTON. MAT -The Merchants Nations be Bank of Washington. failed to-day. The amount a of the notes in circulation is $180,000. which, how of ever, Is : ecured by United States bonds The bank WSF also a Government depository. Crowds o Ic private depositors were on the premises to-day. la ed menting their supposed irretreivable loss, Some o be them had confided in the bank to the extent o $20,000 NEW YORK, May -The Commercial's Wash ro ington special says that the ofticers of the Merchant m. National Bank, of Washington. attribute their fai ce. true large amounts Joaned to Bayne & Co of stock brokers at Baltimore, who have suspended. o.

4. May 9, 1866 Raftsman's Journal Clearfield, PA
Article from Raftsman's Journal, May 9, 1866

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The failure of the Merchant's National Bank of Washington appears to be the result not SO much of imbecile as of criminal management. If the statements are correct, as we suppose they are, the managers of the bank have deliberately swindled their depositors out of a very large amount of money. It is impossible to suppose that the loan of $800,000 to a Baltimore stock gambler, without security, was honestly or innocently made. Equally impossible is it to suppose that Major Paulding could have innocently withdrawn Government funds from other banks to the amount of $700,000 in order to deposit them in this crumbling institution, in violation of the explicit order of the Paymaster General. The case is black all through, and we trust is to have some daylight let into it-that won't help the losers much.-Tribune.

5. May 10, 1866 Maryland Free Press Hagerstown, Williamsport, MD
Article from Maryland Free Press, May 10, 1866

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Stand/From Under to Another National Bank-the Merchants, of Washington D. C., relosed its doors on dep sitors and note holders last THIS week. A correspondent of the Balt. Sun saysipa out HUT RAMBOO The bank opened its doors at usual this morning, but declined to honor any drafts or checks, or transact business of any kind. The presentation of a heavy check of a government official yesterday disclosed the shaky condition of the concern, and upon investigations city is stated in an- afternoon paper, that Baltimore broker, some time since, got $150,000 from the bank, and afterwards, to save themselves, the bank directors allowed him other sums. Last eveningia committee of national bank presideuts here went to Baltimore to examine the collaterals of the borrower, but they were reported insufficient, though a full report of the examination will probably be rendered by them to-morrow The bank stock is selling to day as low as two cents on the dollar, by holders anxious to get rid of it, because of individual responsibility. There is believed to be 'd' deficit of about a million of dollars, three quarters of which is owing by L. B. Bayne, of Baltimore, and whose reliable assets are less than fifty thousand dollars The government has $140,000 security for deposits, and only $5,000 on deposits under the draft of General Spinner. Major Paulding, a paymaster, had on deposit nearly seven hundred thousand dollars, which should have been in other banks, and was unknown to either the Paymaster General or Treasurer Spinner,.so the Government will lose over half a million and private depositors will lose a quarter of a million, while the note holders are secured and the stock is: all lost, being offered today for two cents on the dollar Bayne lost very largely by operating in stocks and gold, and was a heavy dealer in Cutawissa and Michigan Southern &c. He lost heavily some months ago, and has been going deeper and deeper, in order to try and, get out whole, a The bank has no se, curities from him, and he has assigned a large amount of assets to them, but they are of comparatively little value. An examination of their liabilities and the assets will be made public to-morrow The liabilities of the Bank will. exceed $1,000,000, (while its capital was but $500,000. And yet we see it stated in a Washington paper that one paymaster of the army had on deposit in the bank $500,000-the institution having been designated as a government depository.-the payinaster representing also that recently he had drawn some $200,000 from other depositories to place in this bank, at the instance of officers of other National banks in Washington, on the hypothesis that it would enable the Merchants' National Bank to overcome some temporary difficulties and thereby secure the other amounts deposited therein. All this is anything but a right indication of how National banks may regard their peculiar relation to the government and its funds. It shows how the funds and credit,of the government may be indirecly brought to bolster private interests, faney stock schemes, and general speculation.

6. May 12, 1866 The Charleston Daily News Charleston, SC
Article from The Charleston Daily News, May 12, 1866

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By Last Night's Mail. Our dates from the North by last night's Mail and Express are to the 9th PROCEEDINGS IN CONGRESS ON THE 8TH. In the Senate the House joint resolution in relation to the attempted assassination of the Emperor of Russia was passed. Mr. Chandler, from the Committee on Commerce, reported a joint resolution directing the Secretaries of War and the Navy to unite in establishing a uniform system of quarantine in the ports of the United States. The expiration of the morning hour postponed further consideration until the next day. The joint resolution to exclude crude petroleum from the internal tax was taken up and passed. Consideration of the Postoffice Appropriation Bill was resumed, the pending motion being on Mr. Trumbull's amendment relative to appointments to office. Mr. Trumbull offered a substitute for the above amendment, which was discussed by several members, but no action' was reached. In the House, Mr. Washburne, of Illinois, offered a resolution which was adopted, directing the Committee on Banking to examine into all the facts and circumstances connected with the recent failure of the Merchants' National Bank at Wash. ington. the House then proceeded to the consideration of the special order, being the joint resolution reported by the Reconstruction Committee, proposing an amendment to the Constitution of the United States. The debate was opened by Mr. Stevens, of Pennsylvania, in support of the joint resolution, and continued by several other members. At the evening session the Tax Bill was taken up. The first section, imposing a tax of five cents per pound on cotton, was adopted. The following news paragraphs are from the Washington correspondence of the New York Times, dated 8th: THE RECONSTRUCTION DEBATE. The great debate on the Reconstruction Report opened the House to-day/in a prompt and vigorous manner. It was the first thing in order after the Chaplain's prayer, and an effort by Mr. Garfield to have the consideration of the matter postponed until the Revenue Bill was disposed of, was voted down on a call of the year and nays by 51 against 82, 60 the House resolved to go on, and Mr. Stevens opened in B carefully prepared speech, supporting the report strongly, though it was not in all respects what he could wish. He was as sarcastic as usual toward "the man at the other end of the avenue," and then turned and flaggelated his political compatriot, Sumner, rather se verely. Mr. Blaine (Union) followed briefly etriking the first blow against the diefranchising section of the amendment, by showing that it would be an act of bad faith to all those who had been pardoned by Presidents Lincoln and Johnson in their amnesty proclamations, issued in pursuance of the Act of Congress of July, 1863, which would clude all the participants in the rebellion except those of the excepted classes. Mr. Stevens at once gave his case away by admitting that all thus pardoned would not be affected by the disfranchisement: but Judge Bingham suggested that this amendment, as a part of the organic law, swept away all provisions of acts in conflict with it. Whether it was good policy to do that was another thing. Mr. Finok (Dem.) then followed in a half-hour written speech of the usual Demo cratio argumente, when Gen. Garfield took the floor in opposition to the section, and said that as it stood, it was no penalty and no punishment. He would disfranchise rebels forever or not at all. Mr. Thayer (Rep.) made an eloquent speech on the same side, approving heartily of the whole plan except the third section. Mr. Boyer then took up the Democratic thread of argument, and was followed by Judge Kellvy, whose oratorical rapier made some brilliant thrusts in a running debate with his Democratic colleague. Mr. Kelley favored the plan as reported from the committee, though not In just such shape as he wanted it. General Schenck then spoke, directing his ohief argument against the third section, approving all the rest, Mr. Green Clay Smith closed the debate for the day in a speech of diffuse opposition to the whole scheme, interspersed with more or less interrup tion. The result of the debate is highly import ant in showing a strong apposition to the disfrank chising section and a hearty approval of all the rest. It really looks as though the section in question would be stricken out, and the others agreed upon by & full two-thirds vote. This, with the adoption of Mr. Bingham's amendment to the bill 60 td State to be represented as fast as they ratify the amendments which will undoubtedly prevail, will ensure the unanimous support of the Republican majority in the House, with exception of possibly two or three mem bers from the Border States. INDIAN AFFAIRS-ARRIVAL OF COL. WYNXCOP. Qbl) W Wrakoop thin (city

7. May 13, 1866 Daily Union and American Nashville, TN
Article from Daily Union and American, May 13, 1866

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ITEMS OF GENERAL NEWS. The Senate, in Executive session, has confirmed the nomination of Henry A. Smythe to be Collector of Customs for the District of New York, vice Preston King, deceased. -As the investigation into the affairs of the Merchants' National Bank of Washington extends, the more is the complete rottenness of the concern exhibited. It has transpired that in addition to Government losses already published, there were $250,000 deposited by J.B. Hobbs, the disbursing clerk of the Treasury Department. The indications are that the wreck is complete, and the depositors will get little or nothing. It is the general impression among business men that Freeman Clarke, Comptroller of the Currency, is highly culpable in the matter, as it is his business to know the condition of the National Banks. The run upon all the other banks in the city to-day and yesterday has been promptly and fully met by them, and this has tended to allay the excitement. - The President has proclaimed the treaty recently negotiated with the Bois Foot band to Chippewa Indians, by which they code to the United States all land heretofore claimed by them, and more especially that portion of their territory at and near Lake Vermilion. The Government, in consideration of this, will give them land elsewhere, and provide for their domestic comfort. -Horace Rublee, editor of the Madison (Wis.) Journal, has been nominated by the President as United States Consul to Rotterdam. -The Cincinnati Commercial says: "Dr. John H. Callender, of Nashville, Ira P. Jones, Esq., editor of the Nashville UNION AND AMERICAN, and J.D.B. DeBow, of DeBow's Review, are on a visit to this city, to confer with the municipal authorities and Board of Commerce upon the question of a railroad between Nashville and this city. A public meeting, to give the Nashville Committee an opportunity to present the merits of the enterprise in which they are engaged to the consideration of the "solid men" of Cincinnati, will be held at the Merchants' Exchange on Saturday evening." -A chap representing himself as a son of D.P. Holloway, late Commissioner of Patents, who has been doing an extensive swindling business, was eaught at Louisville. Gov. Cox, of Ohio, has commuted the sentence of Thomas Simms to imprisonment for life. Shums was convicted of committing a murder in Baker street, Cineinnati, in 1863. - The New York Herald's Madrid correspondence states thatSpain fully prepared for another revolution, which will have for its object a completechange of her royal dynasty. General Prim is spoken of as being engaged in the movement, and a son of Victor Emanuel as likely to succeed Queen Isabella. - A shell that had been purchased for old iron exploded in a foundy at Walthom, Massachusetts, instantly killing three persons. - The anniversaries of the captures of Camp Jackson and Jefferson Davis were celebrated at St. Louis, The first regiment of Austrian volunteers for Maximilian's army in Mexico, was sent from Trieste for Vera Cruz in the last days of April. -The murder of Mr. Lincoln has been dramatized and performed at Mulhausen. The piece is entitled Le Vie et Mort d'Abraham Lincoln," and divided into seven tableaux. In the fourth Mr. Jefferson Davis appears upon the scene, and gives it as his opinion that as long as Lincoln is permitted to live the cause of the South is lost, and exclaims, "Who will get rid of this man for us?" "I," replies his future murderer. The ladies of Franklin realized a net profit of $1,000 from their recent concerts in behalf of the Tennessee Benevolent Society. -A public meeting has been held at Gordonsville, Virginia, for the purpose of inviting "cooperation of the citizens of the adjoining counties in the purchase of a suitable lot near Gordonsville, to which the remains of the late Confederate dead who have been buried in the counties of Orange, Greene, Madison and Louisa may be removed: and said cemetry to be 80 laid out and beautified as to make it a tribute to our node dead."

8. May 15, 1866 Chicago Tribune Chicago, IL
Article from Chicago Tribune, May 15, 1866

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INTEREST ON DEPOSITS. We pointed out the dangers and the false principles involved by banks, except those for savings, paying interest on deposits, a few days since. The article had scarcely reached our readers before the failure of the Merchants' National Bank at Washington was announced, by which the Government was swindled out of three-quarters of a million of dollars. In the investigation subsequently had it has transpired that the Quartermasters and other Government officials were paid intest on the deposits they had there, and lience the effort to keep. them at as large a figure as possible. or course the people must suffer the loss and bear it as best they can, though taxes are high enough in all conscience. It is high time this false principle of paying interest ou deposits was exploded. Business men and banks out of the city of New York can correct the evil. The fact that in most cases a bank becomes unsafe when It begins to pay interest on deposits, should induce business men to cease keeping their accounts there. Bankers outside of New York should withdraw their accounts from Wall street concerns that do business on unsound principles. We hope the press will discuss the matter and show how unsafe It is for the public to countenance such a system. Let all our city and other Western banks refuse, under any circumstances, to pay their depositors interest, and by a little exertion and united action our financial system can be brought to the good sound old principles on which our fathers acted. Until that is done we shall have a constantly recurring brood of swindles like that of the Merchants' National Bank. The only difference will be that the losses will fall upon individuals instend of the Government, and hence their effects will be the more disastrous and crushing.

9. May 29, 1866 Cleveland Daily Leader Cleveland, OH
Article from Cleveland Daily Leader, May 29, 1866

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Financial. The last exhibition of the Comptroller of the Currency shows that their are 1,650 national banks with a circulation amounting to $276,540,510, which is secured by bonds held by the United States Treasurer estimated at $324,364,350. The total capital is $414,921,279. Of the these banks nearly 400 are national depositories for the reception of government funds. The security for such funds is $376,766,600. The regulation of the Treasury Department in regard to the settlement of claims of States for reinbursements of expenses incurred in raising troops, have been so amended as to allow the proper cases for the transportation of men by wagons, an important matter to many Western States, where railroads were scarce, and the State authorities compelled to transport volnn teers and drafted men to distant rendezvous by wagons, stage coaches and private conveyances. The Comptroller of the Currency gives notice to all persons who have claims against the Merchants National Bank, that they must present the same and make legal proof thereof to James Kennedy, Receiver of said bank, at Washington, on or before the 26th day of August next.

10. May 30, 1866 Baltimore Daily Commercial Baltimore, MD
Article from Baltimore Daily Commercial, May 30, 1866

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$26,385,782 Total"since Jan. 1, 1866 The Comptroller of the Currency gives notice to all persons who have claims against the Merchants' National Bank that they must present the same and make legal proof thereof to James C. Kennedy, receiver of said bank. at Washington. D. C., on or before the 26th day of August next. The report is that Bayne & Co., who owe the bank three-quarters of a million. have been insolvent since last fall. and owe in Baltimore over a million dollars, that about onehalf the stockholders will be able to pay an amount equal to their stock, or probably $40,000 or $50,000 will be realized from that source, and that $20,000 or $30,000 may be realized on the bills receivable.

11. May 30, 1866 Public Ledger Memphis, TN
Article from Public Ledger, May 30, 1866

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From Washington. WASHINGTON, May 29.-In the Senate the Colorado bill was passed over the President's veto. The reconstruction resolution was then considered. Johnson moved to strike out the third section, which disfranchises the Confederates until 1870, and the section was stricken out by a unanimous vote. Several amendments were offered, embodying the views of the Republican caucus. They excluded from Federal and State offices those who had been members of the Confederate Congress, or had been Legislative or Judicial officers, or took part in the insurrection, or gave aid and comfort thereto. Congress may, however, remove such disability by a two-thirds vote. In the House the bill to continue the Freedmen's Bureau bill passed; yeas 96, nays 32. The United States Consul at Liverpool has received official advices that the steamer City of Dublin would carry back to New York 15,000 bushels of wheat, of American exportation. The President has appointed William Faxon chief clerk of the Navy, and Assistant Secretary of the Navy, vice Capt. Fox, resigned. F.C. Collingsworth made the extraordinary run of 2256 points, in a game of billiards to-day. Don Frederick Boulda presented his credentials to-day, as Minister from Peru. The usual diplomatic courtesies were passed. The following appointments of Assistant Assessors of Internal Revenue have been made: Alexander H. Hall, of Mississippi; Charles F. Hascall, of Charleston, S. C.; Horace B. Marshall, of Texas; Lucius J. Bruner, of Little Rock; W. H. H. Watson, of Atlanta, Ga.; Read G. Watkins, 3d District of Alabama, and Edward Lacroix, of the 2d District of Alabama. J. B. Smith was appointed Consul to Athens, Greece. The President of the Merchants' National Bank has made an offer to the United States Treasurer to compromise with the Government and all other depositors by paying forty per cent. of the amount deposited. The other deposits will be submitted to the authority having the right to accept thera on the part of the Government Gen. Scott was out on Saturday afternoon. but showed then signs of early demise, and on Sunday he began failing fast, though no one anticipated his death, and he was entirely conscious until the moment beexpired. He recognized the chaplain of the post just before dying, and grasped his hand in silence. The following was issued to-day: EXECUTIVE MANSION, May 29.-The President with profound sorrow announces to the people of the United States the death of Winfield Scott, late

12. June 4, 1866 New-York Tribune New York, NY
Article from New-York Tribune, June 4, 1866

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FROM WASHINGTON. The Davis Trial---Preceedingsi Judge Underwood's Court To-Day. Prospects of the Reconstruction ResolvesOther Congressional Business. FINANCIAL INTELLIGENCE WASHINGTON June 3, 1866. A NEW CHURCH. The Calvary Baptist Church, the finest Church edifice in Washington, built by the munificence of Amos Kendall, was dedicated to-day. A sermon, strongly antiSlavery, was preached. PERSONAL. Jeff. Davis's counsel are here to-day, but expect to proceed to Richmond to-morrow to be present at the opening of Judge Underwood's Court. Major-Gen. Scofield is in town. THE MERCHANTS' NATIONAL BANK AND ITS PRESIDENT. Leonard Huyck, President of the late Merchants' National Bank, who has been held in durance for the past two days, was to-day committed to prison, being unable to procure bail. He is committed upon a warrant sworn out by Controller Clark, charging him as President of said Bank, with willfully embezzling, abstracting and misappropriating the moneys of said Bank. SOLDIERS' FAIR. The Ladies' Fair in aid of the National Soldiers' Orphan Asylum is to open to-morrow. The ladies have had erected a large temporary structure at the junction of Seventh-st. and the-avenue, and anticipate a large pecuniary return. RAILROAD OPERATIONS. It is expected that the Alexandria, Loudon and Hamp= shire Railroad will be in running order to Farmwell the latter part of the present month, the bridge across Broad Run being nearly completed. The work will be pushed forward to Leesburg with vigor. An engineer is now surveying the route for a railroad to run from Winchester to Salem, Va. This will give Baltimore command of the Shenandoah Valley trade, and take it away from Alexandria until the Manassas Gap Railroad is rebuilt. THE TREASURY. The following shows the amount of funds in the cash vaults of the Treasury at the close of the week ending the 2₫ inst.: United States legal tenders, $200,000; National notes, $4,516,330; fractional currency of all denominations, $1,028,025; gold, $302,500; silver, $2,560; cents, $590; Re. serve Fund-temporary loan, $30,000,000; Reserve Fundsurplus issue, United States notes, $37,932,425; Reserve Fund-surplus issue compound interest notes, $11,136,000; compound interest notes in redemption division, $18,495,300; total amount of funds on hand, $103,613,730. MUNICIPAL ELECTION. The Mayor election occurs here to-morrow; both candidates claim to be Old Line Whigs and Eight-Hour Men. The contest is quite exciting, with the best chances of success for Mayor Wallach. RETURNED. Most of the members who went on to attend the funeral of Gen. Scott have returned, and others will be here in the morning trains. RECONSTRUCTION IN THE SENATE. The Senate will resume its consideration of the Reconstruction Committee's report, and well informed Senators express their belief that a final vote will be reached before adjournment to-morrow. If so, the propositions, as reported, will be sustained without amendment in the House. The New-London and League Island Navy-Yard question is expected to come up, which will give rise to a lively debate. Judge Kelley of Pennsylvania and Mr. Brandagee of Connecticut are the champions of the respective interests, and as both are able and determined men, and the question an important one, the discussion is anticipated with lively interest. CONTRACT AWARDED. The contract for engraving the illustrations accompanying the report of the Commissioner of Patents for 1865 has been awarded to John W. Orr of New York. The illustrations exceed five thousand, the largest number of patents

13. June 14, 1866 Evening Star Washington, DC
Article from Evening Star, June 14, 1866

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THE MERCHANTS' NATIONAL BANK.-The receiver of the Merchants' National Bank, of this city, has brought suit against the stock. holders of the bank to the amount of the cap. ital of the bank, viz: $200,000, under that section of the currency act which renders the stockholders personally liable to the amount of the stock held by them respectively. This proceeding is in equity, the receiver praying a judgment for an amount equal to the capital stock, viz: $200,000. He also prays the court to dete: mine who are the bona fide stockholders in several cases in which recent transfers of stock have been made, in order that the proper persons in these cases shall be made parties to the suit.

14. June 29, 1866 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, June 29, 1866

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Personal. The courtmartial upon the case of Paymaster Paulding have found him guilty of disobedience of orders and gross neglect of duty; he had kept about $400.000 on deposit in the Merchants' National Bank of Washington since last October and within three weeks of the bank's suspension had deposited $70,000 of government funds. Gen. Osterhaus has been confirmed by the Senate as Consul at Lyons, France. The United States District Court in Alabama, has indicted E. W. Jones, formerly Judge, and the former District Attorney, Clerk and Marshal, for conspiracy to overthrow the government of the United States, they having taken similar positions in the "Confederate States District Court." Jones has given $15,000 bail. The trial of Judge Smith of Oneida County, N. Y., for complicity in notorious bounty frauds, and for taking $500 as a bribe to retire from the office of attorney to the board of Excise Commissioners of that County, is postponed till August 28th, the Senate before whom it comes having adjourned till that time.

15. July 25, 1866 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, July 25, 1866

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TERMS OF ADVERTISING One square, of eight lines, one dollar. for the first insertion, Liberal nd twenty-five cents for each subsequent one. forms made with yearly advertisers. Marriage Notices and Obituaries, exceeding five lines, will 03 charged for. All communications, of a personal character, will be charged for at advertisement rates. All communcations must be accompanied by the names of heauthors, and rejected communications cannot be returned GENERAL NEWS. The 4th of July was celebrated in the city of Mexico by the citizens of the U. S. residing Sere. Gen. J. B. Magruder, of the Confedeate army, and Prince Salm Salm, formerly of the U. S. army, paid their respects to the American consul during the day, besides quite crowd of less distinguished individuals. The Declaration of Independence was read by the Consul, the memory of Washington was eulogized by ex-Governor Reynolds, of Missouri, and Magruder responded to the toast of the army and navy of the U.S. "The memory of our martyred President" was received with disinguished honor by all, the ex-Confederates joining with marked respect in its observance. George C. Freeman, of Lowndes county, Ala., died July 15. The Montgomery Mail, states that he "was earnestly opposed to the commencement of the late war, and did all in his power to prevent the secession of the State, but after it was accomplished quietly acquiesced and was elected major of the Forty-fifth Alabama Infantry, in which position he lost a log at Atlanta. He was lately elected to Congress from his State. The President has signed the bill fixing the number of Judges of the Supreme Court of be United States, and to change certain judioial circuits. The bill provides that no vacancy a the office of Associate Justice shall be filled by appointment until the number of Associate Justices shall be reduced to six, and thereafter the Court shall consist of a Chief Justice and siz Associate Justices. The President addressed a colored delegation from Louisiana on Saturday, in which he told nem that no one endorsed their efforts for education more cordially than himself. He said that he was the true friend of the black man. The delegation retired convinced that the President was a better friend than the radicals, who are SO blotant about their right of uffrage. The New York Times states that the receiver of the Merchants' National Bank of Washing.on has instituted a suit in the Circuit Court of the United States for the District of Southern New York, against one of the national banks of that city, for the recovery of $209,000 of the securities of the exploded Washington concern. in October an exhibition of productions and manufactures of the different provinces of the empire of Brazil will be held at Rio de Janeiro, ander the auspices of the imperial government, at which other nations are invited to become contestants for the premiums, which will be ;warded alike to foreigners and natives. A party for German unity and freedom has been recently formed by a number of Germans i New York city, in pursuance of a call by the German Revolutionary Committee in London, with a view of agitating in favor of a German epublic. The Board of Trustees of Wofford College, 3. 0., at their session last week, conferred the nonorary degree of Doctor of Divinity upon the the Rev. James A. Duncan, pastor of the Broad street (M. E.) Church, Richmond.

16. July 26, 1866 The Jeffersonian Stroudsburg, PA
Article from The Jeffersonian, July 26, 1866

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Observe on counterfeit the butt of the musket on lower left corner touches the scroll work around figures 0203 and the hand of the female on the man S breast the fingers can scarcely be seen. O genuine no part of the gun touches and the fingers are quite distinct. On counterfeit under the words "Thispote" where it reads This note is secured, & there are but three flourishes-genuine has four. and also one between I nited and States, which is omitted in counterfeit.These lines can be added. however, in in future impressions. The letter stit "Treasurer" under Spinner's name is larger than the other letters, and while the counterfeit is the same length of the genuine it is at least one quarter of an inch narrower. Oncounterloittheshicld beside the eagle on back of note contains but six stars, and they are very imperfect -on genuine seventeen stars are visible. No doubt the plate will be improved upon and altered to many other banks, as this can be done with a slight alteration. 50s imitation-a fifty dollar counterfeit note on the Tenth National Bank of New York, was a few days since presented at the Treasury Department. We have not seen the new fraud and at present can only say to our readers to use care in receiving the notes of this denomination.50s and 10s raised from 1s-vig, (on lower centre) two females with hands clapsed, one pointing upwards. 20s raised from 2s-vig. (on left hand) female seated holding flag. 50s and 100s raised from 5s-Columbus discovering America on lower left end. First National Bank Notes.-20s, a close imitation of the genuine notes, and well calculated to deceive. The back of the bill is rather course. The plate is liable to be altered to any of the National Banks. Merchants National Bank, Dubuque, Iowa.-10s altered from 1s. The figure 1 on upper right hand corner erased, and a large X substituted, letters one on left of vignette, and along the top and bottom of note altered to ten, general appearance good. Merchants National Bank, Washington, D. C.-The suspension of this bank will not effect the notes, as all National Bank notes are secured by Government bonds.

17. December 13, 1866 Nashville Union and Dispatch Nashville, TN
Article from Nashville Union and Dispatch, December 13, 1866

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THURSDAY, DECEMBER 13, 1866. # NEWS OF THE DAY. The receipts from internal revenue on the 11th inst., were $850,810. One hundred thousand dollars is offered for the apprehension of the thieves who robbed the Royal Insurance Company. Thad. Stevens has several bills for enabling acts for organizing the Southern States into territories, which he will introduce into the House in a few days. The receipts from customs during the week ending December 8th, were in New York $1,418,000, Boston $304,000, Philadelphia $95,197, Baltimore $100,132 28. Advices from Tampico announce that the Liberals there, and Mefia, the Imperialist, at Sa Luis, are exacting heavy forced loans for th support of their soldiers. The veterans of the war of 1812 are making an effort to procure from Congress the passage of such a law as will secure them from want, and it is believed the aggregate amount to be paid annually would not exceed $3,000,000. The Memphis correspondent of the Cincinnati Gazelle says: "General bankruptcy is expected throughout Mississippi. West Tennessee and Arkansas are in a better financial condition, but will see hard times." Col. Paulding, the paymaster who lost some $50,000 of government funds by the failure of the Merchants' National Bank of Washington, and who afterwards was sentenced to pay a fine and be imprisoned, has just been pardoned by the President and the fine remitted. The official count of the State canvassers in New York announce the majority for Gov. Fenton at the recent election as 13,789. The aggregate vote of the State is 718,841, against 730,821 in 1864. The increase in Gov. Fenton's majority over what it was in 1864 is 5,496, notwithstanding the increased vote in New York city. A terrific tornado passed through Henderson, Rusk county, Texas, on the evening of the 4th inst., killing six persons and seriously injuring twelve. Great damage was done to the surrounding country. Five or six houses were blown down, among which was an academy wherein four scholars were killed and twelve seriously injured. Acting Governor Arny, of New Mexico, has issued a proclamation calling on the citizens of that Territory to organize volunteer military companies to protect themselves against the Indians. The Governor places no confidence in the treaties recently made with the Sioux and other tribes, and expects the renewal of hostilities as soon as the government annuities lately distributed are exhausted. It is reported that after the adoption by Congress of the universal suffrage bill for the District of Columbia, the city charter will be taken away and the city governed by a Board of four Commissioners appointed by the President. These Commissioners will absorb the functions of the city government of Washington and Georgetown. A long bill on the subject has been prepared for presentation to Congress, A bill has been introduced in the Senate from the Committee on Retrenchment, which prohibits the removal of any officer below a Cabinet Minister without the consent of the Senate. It provides that the President may suspend a man from office for malfeasance, during the Congressional recess, but unless the Senate shall concur, after examination, in the verdict of the President, the officer shall be restored, The bill regulating Congressional sessions, which passed the House on the 10th inst., simply provides that each Congress beginning with the Fortieth, shall hold three sessions, viz.: Two as now, and another beginning the 4th of March next, and every second year thereafter. It was put through by a vote of 123 to 29, the negative vote being entirely made of Democrats. The bill is not likely to be taken up in the Senate till after the holidays. It will probably pass by a good majority whenever reached. The following dispatch or circular has been received at Washington by the French legation, and settles, officially, all doubts about the evacuation of Mexico. It was addressed by the French Minister of War, to the Departmential Intendents, as follows: "The entire expeditionary corps of Mexico is to return to France at the early part of next year. I request you, in consequence, to order the administrative councils of the corps of troops stationed in your divisions, and who have portions employd in Mexico, to cease, henceforth, to send any stores to that country." Mr. Bingham, of Ohio, introduced a very important bill in the House of Representatives on the 10th inst. It declares valid all acts, proclamations and orders of the President and acts done by his authority after the 9th of March, 1866, and before the 1st of December, 1865, respecting martial law, trial by military commission for the arrest and trial of persons charged as Rebels during the late insurrection, or as aiders and abettors thereof, and of all proceedings done or had by courts martial or military commissions, and of all arrests or imprisonments made in the premises by the President, and declaring the same to be valid to the same extent as if previously authorized by express laws, and providing that no civil court of a State shall review or reverse any of the proceedings held, or hold any person for acts done or committed to be done by these orders by the President.

18. January 18, 1867 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, January 18, 1867

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# The Impeachment Project-A Negro Admitted to Practice in the Supreme Court-Receipts for Customs. WASHINGTON, Jan. 17.-The impeachment project makes no progress. The Judiciary committee has not yet begun the investigation. It is now rumored that nothing will be done this winter, as an impeachment by the House is impossible, for want of time. Brevet Major General Rucker has been assigned to duty as Acting Quartermaster General; Brevet Brig. Gen. C. H. Hays has been relieved as Chief Quartermaster of the lakes; Brevet Brig. Gen. Horace Heide, Special Inspector of Colored Troops, has been ordered to report to Brevet Maj. Gen. Scott, Assistant Commissioner for South Carolina, for duty; Second Lieutenant Hogarty, of the 45th U. S. Infantry, having passed a satisfactory examination before the board at Chicago, will return to Louisville. This morning, on motion of representative Garfield, John M. Langston, of Oberlin, Ohio, a colored man was admitted to practice at the bar of the Supreme Court of the United States. Commodore Alden has been detached from the Susquehanna, and Captain Fairfax ordered to command her. All present officers are also detached, and most of those on the Rhode Island ordered to her. United States Treasurer Spinner has ordered that the disbursing clerk of the Postoffice Department, Colonel Olmstead, be relieved of the responsibility of monies to his credit in the Merchants' National Bank of this city, at the time of its failure. The American Colonization Society has 700 applications for a spring expedition to Liberia. During the past year $133,000 have been deposited in the treasury by the patent office after paying all expenses of office. This makes the total amount now to the credit of the patent office nearly $300,000. The receipts for customs for the week ending January 12th was from New York $3,304,465; Boston $226,327; Philadelphia $105,488; Baltimore $109,967. This shows considerable increase over the receipts for some time past, owing probably to the new tariff disposition being to pay all duties before changes made, particularly where duties are to be increased by provisions of a new bill.

19. April 1, 1867 The New York Herald New York, NY
Article from The New York Herald, April 1, 1867

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Peels and Fraude in Walk Street. The arrest of several NewYork stock operators and the developments that have been nade consequently 2 to the manner of doing business among that class of people have created an extraordinary fermentation in Wall street, around the stcolt boards and act the hotels. We refer to the acrest of Daniel Brow, JamesFish, Jr., and William Belden. They were sgreated on the complaint and affidevit of Joseph B. Stewart. Tip-names of several others are usentioned in the complains, and conspieneasly that of Leonard Huyck Subsequently.Btewart himself and: Hayck were. arrested oava-clarge of fraud connected with the failure of the Merchants' National Bank at Washington The arrest of the latter, though made, it is said, by the government, through James €: Kennedy, the receiver of the Merchants' National Bank, is evidently a counter blow on the part of the parties first arrestedito embarrass the matter and to, save therselves. A vast amount of money is involved in the transactions which led te the proceedings. A3 to the guilt of the parties, one side or the other, we must leave that for the courts to decide. No doubt the whole matter will be thoroughly ventilated and 3 great deal of light thrown upon the secret and fraudulent dealings in Wall street. The trouble arose from one set of operators," as they are called, forming a combination and a pool" to sheat others and then cheating each other. The "pool" was formed to operate in Erie Railroad stock 80 as to control or exercise a powerful influence on the market, and thus secretly to make money by catching the gudgeons and cheating the public. The parties charged with the operations for the benefit of all operated for themselves and cheated their partners, it is alleged. Such combinations and pools have become quite common, and wealthy men who stand high in the community do not hesitate to enter into them. Something similar to this occurred recently in operations in Pacific Mail stock. The biters were bitten in that case also. Now, in all other transactions in business we should call such conduct cheating and fraudulent. Gambling at faro is not a bit more dishonest or demoralizing. The gambler who secretly packs the cards to obtain the money of his victim does not act worse than these so-called gentlemen and Wall street speculators who form pools to cheat the unsuspecting public and cheat each other. In fact, it is the worst sort of gambling. While this is e going on we need not be surprised that the moral sense of the community becomes blunted and that we have a plentiful crop of crimes as the consequence. The Legislature ought to take the matter in hand to protect the public and punish the guilty. We have laws against / ordinary gambling, though they are not ; strictly enforced, it must be confessed. Why should not these gambling combinations and Z pools be declared fraudulent and punishable e Unless something be done to check the grow7 ing evil Wall street will become so notorious e that respectable business men will shun it as , they would a plague and button their pockets whenever they approach it. We call upon our ) legislators to watch the developments in the case referred to and to provide a remedy against such frauds.

20. April 2, 1867 The New York Herald New York, NY
Article from The New York Herald, April 2, 1867

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SUPREME COURT-CHAMBERS. The Ripplings of "the Pool "Motion to Vacate the Order of Arrest. Before Judge George G. Barnard. James C. Kennedy, Receiver of the Merchants' National Bank, of Washington, ve. Leonard and Jos. B. Stewart.-This case, the particulars of which have al. ready been published in full in the HERALD, came before this court yesterday on a motion to set aside the order of arrest, and for a reduction of bail in the case of these defendants, who are held in $200,000 each, on a charge of conspiring to defraud the United States government. The affair bears a certain relation to the "Erie pool'' matter, which has recently been brought so conspicuously before the public. After a lively spar between the respective counsel concerning the merits and demerits of the case, the counsel for the defendants stigmatizing the arrest as an outrageous abuse of the process of the court, and the case as being instituted for vindictive purposes solely, while the opposing gentleman asserted that the suit will develop one of the most astounding frauds on the government is connection with the organization and subsequent workings of the Merchants' National Bank at Washington, the court adjourned the argument until this morning.

21. December 3, 1873 Nashville Union and American Nashville, TN
Article from Nashville Union and American, December 3, 1873

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HOW THE GOVERNMENT HOLSTER. ED UP THE COOKES. The Milwaukee Sentinel, the leading Republican journal in Wisconsin, in enumerating the causes of the Republican defeat in that State, says the Jay Cooke failure shook public confidence, and caused a loud demand for reform at Washington. It appears from developments which are not disputed, that the government was in the habit of bolstering the Cookes in the most unwarrantable ways. The Secretary of the Treasury allowed Cooke's bank in Washington the use of large sums of money without security. Deposits of government money in other banks throughout the country were secured according to law, but the Cookes were made an exception. How could the government lose two hundred thousand dollars by the failure of the First National Bank of Washington, if the law had been complied with? And the sum lost might have been much larger had the suspension of the bank occurred at an earlier date. A correspondent of the New York Sun makes a statement on the authority of the Hon. John Lynch, of Maine, who was a member of the House Committee on Banking and Currency, that there was at one time a government deposit of $7,600,000 in this same First National Bank. This was discovered during the investigation last winter of the causes which led to the failure of the Merchants' National Bank, of Washington. It is also stated that the First National was at that time engaged in an effort to bolster up the tottering Merchants' at the government expense. Whether or not the deposit of $7,600,000 was fully secured it is impossible to say. The law requires that the Secretary of the Treasury shall demand from all United States depositories ample security "in United States bonds and otherwise." The United States bonds must be put up as security. If the law was violated in the case of the $200,000 deposit, it may also have been violated when there was a deposit of $7,600,000; and, if the crisis had come then, the Government would have been compelled to stand the larger loss. This case demands investigation, and it should not be delayed. The country should know whether the Secretary of the Treasury has been in the habit of depositing money in Cooke's banks without the security demanded by the law. If the Secretary is guilty of this unlawful proceeding, let the fact be made known, and let him be punished as he deserves. If he were a Democrat, the country would not be long in learning the exact state of the case, for there are Congressmen who would hardly have waited for an organization to proceed in the matter of investigating so serious a charge. The fact that the Secretary is a Republican should not be allowed to screen him.

22. December 12, 1874 National Republican Washington, DC
Article from National Republican, December 12, 1874

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for the THERE instances ARE of self-sacrifice TWO REMARKA- Example good of others bie now before this left community. home and friends to first: Three us. lubricate and run Big Pine Kole and call upon men second: have The arrangements our local govern- for ment. Company Example after come making here from the of North First a Would mild winter, established have an office at the the corner people with and Pole D streets and Wood northwest on the co-operative to supply plan. "de12-2t" Coal and COMMITTEE OF THE have NEW perTHE York Republican Association series of four sociaofficers bles equal their fforts of past years. of the R fected which, the preliminaries in character for and a arrangements, of the will Asfollowing rates, viz: sociation Tickets can and be the obtained gentlemen named below, at $3 00 the 1 50 Single Season Fuller, United States Whitney, Capitol, Cash House Room, of Representatives: N. A. H. Kreidler. A. General Land House: Office: E. Treasury; E A. Pension Office, Seaton of RepresenH. T'. Hutton, Stationery Room, House Anditor's Office: E. Young, Post Office Geo. D. Scott, General of Judge Advocate General: tatives: F. F.G. Miner Saxton, Office Office Second of Adjutant Department: General: Office; H. E. Woodward, Wallace, United States Treasurer's Office, ComSamuel H. C. Dobbs, Government Printing de12-S&Mtf mittee. OFFICE OF THE COMPANY1 HESAPEAKE hereby ANNAP POLIS, MD., AND December OHIO CANAL of 10, the 1874. preferred -Notice 1, construc- 1861, will given bonds that the of this coupon Company, House due of Mesers. July Alexan- after be tion paid Brown at the & Banking Sons, Baltimore, 23. 1874. on and dell-dtd der WEDNESDAY, December A. P. GORMAN, President. Let K Y. M. C. A. EVENING CLASSES. Latin, Greek, English, French an only German. $2 In CIRCULATING LIBRARY: terms and g p. per m. qualter. DAILY NORMAL PRAYERMEETINGS CLASS, for Sunday School *2:15, teachers, 7:30 o Saturday LITERARY evening SOCIETY, 6'o'clock. Saturday evening, Sabclock. YOUNG MEN'S MEETING, (exclusively,) bath. LINCOLN at6 o'clock. HALL SERVICES, at 3:30 p. m. dell-tf McFARLAN. DENTIST, resumed HAS pracDR. returned to the city and del0-1m* Office 1340 New York avenue. tice. NOTICE.-THE informed PUBLIC that the No. office ARE 4:3 Tenth of RE- InE of spectfully Gas and Meters-location, be opened on MONDAY all pector street northwest-will November, and after abovedate and on 5 business NEXT, 30th days, between the hours of sa. inspected m. and p.m. Consumers will makewritten of gas desiring application meters in complaint book, proved to be found at this S. office. CALVERT FORD, no28-2w United States Inspector District of Gas and of Columbia. Meters, e TREASURY DEPARTMENT. CURRENCY, OFFICE COMPTROLLER WASHINGTON, OF Oct. 7, who 1874, may Notice is hereby given The Merchants' to all persons National be Bank, prehave claims against that the same must of Washington. at this office. D. C., with the this legal date, proof or they thereof, will be disallowed. within sented three months from JOHN JAY KNOX. Comptroller of the Currency. oc8-sm A. PRATT, GRADUATE 411 Sev- OF DR Oh College of Dental D and Surgery. E, a few doors n+ sweet, east Fellows' side, Hall. bet. Washington. eitner Gas jaw. used south in extracting of odd Teeth. Teeth 87 a set, v17-tf MILBURN'S ORIGINAL POLAR SODA. 1429 Pennsylvania avenue, near Whilard's, DEPOT FOR MINERAL WATERS. ap16-tf DR. S. S. BOND HAS REMOVED H and I 813 First street, between corner of to Calls No. left at the Drug Store will receive prompt attention. Tenth streets. street and New York avenue inh21-tr Q ALL THE COUGH MEDICINES, the TemCod Liver Oils, Troches, &c at nov1 ple Drug Store. CURRENT AND BACK NUMBERS NATIONAL X of the and DAILY all other AND city WEEKLY papers, can be and obREPUBLICAN, J. BRAD. ADAMS, Stationer of F and Ninth streets. tained News Dealer, from under St. Cloud hotel, corner fe16-tf I AM NOW PAYING OTICE. prices for second-hand Clothing the goods I just high cash started this business, and need addressing R. have store. By calling on or and Tenth to fill my 917 D street, between Ninth be given. jan22-ly streets HERZOG, northwest, prompt attention will DRUGS, CHEMICALS, PERFUME at lowries, Pomades. Toflet STORE. Articles, &c., est K rates, at TEMPLE DRUG PURE WINES AND LIQUORS FOR Drug Store. medicinal purposes, at the Temple nov1 X WHEN YOUCANNOTFIND WHAT Temple you want at other places, try the nov1 Drug Store, F and Ninth streets. WRAPPING PAPER FOR SALE at this office e HOMEOPATHICMEDICINESAND specifics at the TEMPLE DRUG STORE, corner F and Ninth streets,