9395. Bank of St Clair (St Clair, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 1, 1845
Location
St Clair, Michigan (42.821, -82.486)

Metadata

Model
gpt-5-mini
Short Digest
c7170def

Response Measures

None

Description

The Bank of St. Clair stopped payment (suspended) on May 1, 1845 and subsequently made an assignment; by Feb 1846 a receiver had been appointed and injunctions issued. There is no clear contemporaneous report of a depositor run — articles note limited runs or expected runs but emphasize assignment/failure tied to the Smiths' protested drafts and insolvency. OCR corrected punctuation and dates where needed.

Events (2)
1. May 1, 1845 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure/assignment precipitated by protested drafts and heavy indebtedness tied to Jesse Smith & Sons; bank made an assignment and stopped payment.
Newspaper Excerpt
Suspension.-The Bank of St. Clair, Michigan, stopped payment on the 1st of May.
Source
newspapers
2. February 17, 1846 Receivership
Newspaper Excerpt
an injunction has been granted by the U. S. Circuit Court against the President, Directors and Co. of the Bank of St. Clair... Maj. Jonathan Kearley Receiver of the assets of the bank.
Source
newspapers

Newspaper Articles (15)
1. May 9, 1845 The Ottawa Free Trader Ottawa, IL
Article from The Ottawa Free Trader, May 9, 1845

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Bank of St. Clair. The Bank of St. Clair fulfilled its destiny by stopping payment yesterday. Suspicion was excited the first of the week by the intelligence that the drafts of Jesse Smith & Sons, on New York, had been protested ; but from assurances given by those connected with the Bank that all was right, our citizens did not run it to any extent. The information, therefore, yesterday morning, that the bank had made an assignment, came upon them like a clap of thunder. The burden will fall the heaviest upon the bill holders, as, weare informed, the depositors first, and next the holders of its drafts, are preferred by the assignment. A weighty responsibility rests upon the managers of this institution. It is impossible for us to say to what extent Michigan is to be plundered by this money borrowing machine of Jesse Smith & Sons. We forhear comment for the present.-Detroit Free Press.

2. May 9, 1845 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, May 9, 1845

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Publie Stock Exchange... MAY 3. SECOND BOARD. 50 Farm Loan... .tw 35 50 Morris 32 do. 35 The Stock Market was not very active to-day, but there was rather a better feeling. The buyer of 5,000 U. S. 69 at 1123, s. 9 months, offered to make the amount $100,000. In Exchange there is no change Sterling is 9 1-4 a 91; Francs 5 264 a 5 25. Money is more easy at 6 a 7 per cent. and the opinion prevails that it will reach 5 a 6 per cent within 90 days. There is rather more looking for paper on the part of the Banks. The Guardian Insurance Co. have declared a div- Idend of 5 per cent. payable on the 15th inst. The stock of Domestic Goods is not heavy and the trade is moderate in consequence of the lateness of the season. The export from the 1st to 6th May was 2041 packages. There was but little of the paper of the Bank of St. Clair afloat in the Western part of this State, but in Ohio and Michigan the amount must have been very large. A formal assignment has been made by the bank, and it is mentioned in connection therewith that its bills will be ta- ken in payment of fis debts. This of course embraces only those issues of the Bank proper and not Jesse Smith's en- dorsed checks. In consequence of this explosion, all Mich- igan funds are refused by the Buffalo brokers for the pre- sent. Distrust also exists in regard to other institutions. Livingston & Wells's correspondence from De- troit states that there was a rumor that the Farmers' and Mechanics' Bank had assigned, but that it was untrue. The cause for this report was, that the Bank had a note with an endorser, which was about to be outlawed, and, to make the endorser holden, they were abliged to assign the note to an Eastern friend, to commence a suit in the United States District Court. River Raisin, says the correspondent, is good, and so is Oakland. There is great excitement.- the Banks will have and expect a run, but are said to be able to meet all their demands. The Bank of Rochester bill has been reconsider- In the House and passed. The Argus gives the following statement of the earnings of the State Canals, shewing a decrease of $1000 per day, The total tolls received to the Ist of May have been as follows: 1844. 13 days. On all the Camals 8224,939 84,224 At all other offices (on dowu ft.). 140,715 At Albany and Troy (on up ft).. 1845. 16 days. $260,849 90,317 170,502 The daily average of the receipts in each year for the time given is as follows: On all the Canals.. On up freight... On down freight. $17.303 6.479 10,824 $16,303 5,647 10,656 This shows that the decrease, equal for the 16 days to exactly $1,000 per day, is on up freight or merchandise $832 per day, and on down freight $168 per day. The Farmers' and Mechanics' Bank of Hartford has declared a dividend of three and a half per cent. for the last six months. A Mr. Waters, at Derby, Conn. is making two tons and a half of pins per week by machinery of his own Invention. Another batch of Tenth Ward Post Notes has appeared in Philadelphia altered to the Bank of Northum- berland Fives. Value of exports from the port of Boston to for- eign ports for the week ending May 2, 1845: Domestic Products. Foreign Prod. In American vessels.. In Foreign vessels.. .113.664 12,303 $125,967 8,546 7,776 $10,322 800 Total value of exports... ....$142,229 Specto exported... 4,640 | Specle import... Excess of specie exported... $3,840 Whole number of clearances 42-American 12, foreign 30. Whole amount of tonnage 5,696-American 2,892, foreign 2,804. Whole number of men employed 289-in American vessels 125, in foreign vessels 164. Sales of Stocks at Boston, May 7.-80 E Boston Dividends. 7; 65 E Boston Stock, 141: 100 do, bo 10 ds 143: 150 do bo 20 ds 14; 3 Boston & Prov RR 1094; 2 do 109; 50 L I Railroad, bolm 74; 75 do 73; 100 do bo 10 ds 731; 100 do bo 15 ds 734; 50 do bolm 734; 100 Nor & Wor RRbolm73; 150 do bolm 731; 25 do so 1 m 724; 150 do bo 2m 731; 25 do 72; 50 do so 3 ds 724: 25 do solm 72; S2000 Keading RR Bonds, 1847,75. Sale of Stocks at auction, at Boston, May 7- 38 shs Fitchburg Railroad, 244 pct adv; 31 Lowell do, 18 ate pet adv; 2 Boston and Maine do, (new stock.) 16 adv; 5 do do (old do.) 16 adv; 37 Eastern do, 93 pet ade; 50 Portiand, Saco and Portsmouth do, 13 a 2 adv: 6 Union Bank. 41 D-ct adv; 5 Boston & Providence Railroad, 93 adv; 55 Mass Fire & Marine Ins Co, (bal due.) 873; 22 Boston Marine Ins Co (do) $2,30; 14 New England do, (do) $10: 7 Great Falls Manuf Co, $325 a 326; 6 Mer chants Wank 6 pet adv; 5 Nerth do, $954 psh: 60 Ameri- can Los Co, 333 a 36 pe adv; 50 Boylston do, 594 p sh; 42 U States do, $53 a 54 psh. Below we give, from the Shipping List, a table of imports at this Port for the four months ending April 30, compared with the same period of 1844 and 1843, The Increase is very general as compared with 1844, but there is a falling off in many articles as compared with 1844: MONTHLY STATEMENT OF IMPORTS INTO THE PORT OF NEW- YORK

3. May 14, 1845 The New York Herald New York, NY
Article from The New York Herald, May 14, 1845

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the States bordering Ohio, have freely supplied the people of that State with their issues, and the extended circula- tion of the Bank of St. Clair in Ohio, shows how success- fully its agents have labored to put afloat its notes. The Messrs. Smiths have for many years past carried on a most extensive business in the Western country, and the issues of the banks with which they have been connect- ed have been paid out in large amounts wherever a branch of the house was located, or where their numerous agents had occasion to transact business. In this way it is sup- posed that the circulation of the Bank of St. Ciair at the time of suspension had been swelled to at least three hundred thousand dollars. The Messrs. Smith have en- joyed an unlimited credit throughout the western coun- try and have endorsed many of the bills of the Bank of St. Clair. Holders of these endorsed bills flatter them- selves that they are good, and that they will be redeem- ed in full. In this they will, without doubt, be much dis- appointed. They will learn by dear experience that spe- culating financiers are very unsafe bankers, and are the last persons in the world who should have control of banking institutions, with the power to manufacture mo- ney to order, and to any amount. We have in this vici- nity some of these speculating financiers, and the public must look out for an explosion somewhat similar to that experienced in Detroit. We have repeatedly put the people of this city upon their guard, and should they be caught with the paper promises of certain banks in this neighborhood in their possession, it will not be our fault. We advise every one to be cautious. The exports from Mobile this season have been unusu- ally large. The receipts of Cotton up to May 2d, 1845, were greater than in any previous season, exceeding by 58,866 bales the receipts for the same period in 1843, the year of the great crop, and by 25,209 the total receipts for that year. We annex a statement showing the move- ments in this staple at that port for each season up to the 2d inst., and for the season.

4. May 17, 1845 Boon's Lick Times Fayette, MO
Article from Boon's Lick Times, May 17, 1845

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Suspension.-The Bank of St. Clair, Michigan, stopped payment on the 1st of May.

5. May 20, 1845 Southport Telegraph Kenosha, Southport, WI
Article from Southport Telegraph, May 20, 1845

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Quebec, April 17,1845. J. C. F. On Saturday the Messrs. Jesse Smith & Sons paid a considerable portion of the deposites in their Exchang Office to this city, and we understand they are making arrangements to pay all depositors. They have not made an assignment, but propose to arrange and settle their affairs as fast as means and circumstances permit. Owing to their greatly extended busidess, considerable time will be necessary to close it up, and how matters will stand at the final adjustment, is uncertain. The value of the paper of the St. Clair Bank depends much upon the ability of the Messrs. Smiths to ultimately cancel their indebtedness, and as yet the amount of St. Clair notes in circulation is a matter of conjecture. From what we hear, it is probably in the neighborhood of Three Hundred Thousand Dollars. At present it is considered almost valueless here, the Brokers not buying at any price. The suspension of the Messrs. Smith and the Bank of St. Clair, is one of the most disastrous failures that has ever occurred in the West. The issues of the Bank constituted a large portion of the paper circulation in a considerable part of Ohio, and many other sections of the West, and the loss will fall heavily, not only on business men, but on the agricultural and laboring classes. The banking, commercial, distilling, milling, lumber and shipping transactions of the Messrs. Smiths were not only on an extensive scale, but they were scattered and located at almost every point where energy and enterprise could grasp materials to bring out and render useful the resources of the young West. This very extension, rendering it impossible for even a master-spirit like Mr. Jesse Smith to keep all the wheels within wheels running smoothly, coupled with unexpected losses, and the general tightness of money matters, has produced the catastrophe which so seriously impairs the prosperity of thousands. - Buff. Courier.

6. May 21, 1845 Ypsilanti Sentinel Ypsilanti, MI
Article from Ypsilanti Sentinel, May 21, 1845

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THE SENTINEL YPSILANTI, WEDNESDAY MAY 21, 1845. # Individul Responsibility AND STATE PRISON RENALTY.' Since the unexpected failure of the "Bank of St. Clair, 'this has become the cry of a portion of the Democratic press, and so great seems to be their confidence in its efficacy, that we really wish some of their wise ones would take up the principle, irrespective of party bias, uncaring whose nomination for the Governor's chair it might effect, and solely desirous to serve the cause of the public. This, they might just as well, aye better, do than not. The truth is what the people are beginning to demand, and demagogues reckon sadly "without their host" when they think continually to gull them with well-sounding sentences, and whole strings of correct principles before election, which only serve to show the corruption of their practices afterwards. Of all failures, unfortunate for the cause of the "Democracy," the failure of the Bank of St. Clair is the most so. With our views of the intelligence of the Wolverines we see not how political capital could be made for the Democratic party out of the failure of any of our Banks. For, have they not for years, with all their perpetual Bank hatred, had entire possession of the State Government? Have they not for years had before them continual examples of the insecurity of Banks? Have they not while in quiet possession of their much loved but much abused power seen an abundance of the suffering of the people, which now, that another important election is approaching so moves their compassion? Undoubtedly!! The evils of suspension! The evils of the Wild-cat system, the evils of failures, had all been felt, previous to the last three or four years during which the "Democracy" have reigned supreme. And yet, mark the damning truth, no measure has been passed which could avert this disastrous failure or warn the public of its coming. We have heard of a commissioner to examine, and at stated periods report, the condition of the different Banks. Where was the commissioner? The Governor, we believe, has a duty to perform towards them. Where was the Governor? For any Michigan Bank to fall without warning, utterly prost rate, affords ground for suspicion that the party in power have not acted in accordance with their profession. But the Bank of St. Clair has been the subject of their special Legislation. It demanded a favor, they imposed the conditions on which it should be granted. What were the conditions? Were they such as to secure the public from being defrauded? No! but, if rumor is correct, the condition was, that their pay as members of the Legislature should be secured in funds of the Bank. In such corruption was the creature bred and we do not wonder at its end. And now how abundant the gushing sympathies for the dear people who are to vote for a new legislature and a new Governor next fall. With what countenance then can they renew their old zeal against banks? How can they expect to be trusted? But to return. We as whigs are as much in favor of any alteration in banking operations which will secure the people from losses as any party can be. And if individual responsibility and state-prison penalty will secure this end we would gladly see it introduced. We are in earnest when we ask some of its advocates to show its excellency. The following difficulties have occurred to us and we throw them out hoping that they may be entirely obviated. First, Can no man subscribe for stock in a bank unless he possess sufficient property above that which he propose to invest to secure it? Second, When stock is thrown into the market is no person to be permitted to purchase it unless he has property which he can encumber to secure it? Third. As long as a person owns stoek in a bank must he either retain the property he may

7. May 23, 1845 The Kalida Venture Kalida, OH
Article from The Kalida Venture, May 23, 1845

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ST. CLAIR, MICHIGAN, AND SANDUSKY BANKS, &c. We have received but little intelligence in relation to the Smiths and the St. Clair Bank, since our last. Either from inability or unwillingness, (both, perhaps,) the Messrs. Smiths, who have done most of the business of the St. Clair Bank, have not furnished the public any statement calculated to throw light on its condition, or to allow of an estimate as to the value of its paper. The Newark Gazette speaks feelingly of the severity of the blow to Licking county. It expresses the opinion that from $50,000 to $100,000 of St. Clair money is in the hands of the people of that county, who, from their unbounded confidence in the solvency of the Smiths, were always willing to receive it. One farmer is mentioned, who had 340 dollars of it. A young woman, who was teaching school, had one hundred dollars. Thus owing to the absence of a good banking system of our own, an irresponsible affair has been permitted to swindle those, of all others, who are least able to bear the loss.-Ohio State Journal. And we have now what the Journal considers a "good system of our own" in Kelley's State Bank law! By the time it has existed as long as this swindling concern of the Smiths (if it should unfortunately so long possess vitality.) Ohio will have lost far more than she loses now. But we do not believe-no reasoning man can honestly believe that a "good safe system" of Banking can be established in this western country. Within the last fifteen years one half of the Banks of Ohio have failed, founded on as "good a banking system" and we believe infinitely, better than we have now. Yet we hear of no Whig sympathy for those persons "of all others who were least able to bear the loss" swindled by these "irresponsible affairs." It really however is mockery for the defender and eulogist of our State Bank to talk of responsibility. We have it not, or ever will have it if whigs rule. But in this case it is the whigs who are responsible for the circulation of this trash of the St. Clair bank, Michigan. Twice the Democracy passed a Law to render penal the introduction of "irresponsible paper" from other States, and twice the whigs repealed it. They now claim it was a dead letter on the Statute book. Would a circulation of $100,000 in one county ever have taken place if either of these laws had been in force? Or would these Smiths have come to our State with foreign paper to swindle our farmers and mechanics? The Journal does not believe such an absurdity. At all events, Whig legislators took care to do away with the protective laws, lest they might be an impediment in the way of such financiers as the Smiths, and should receive full credit for their acts, and be compelled to bear the odium attached to their consequences. The Pittsburgh Post of Tuesday last says: "MICHIGAN MONEY which enjoyed a short credit among our business men, is down again, and this time we think it is "gone for good." The Bank of St. Clair, is a complete smash, and as a large amount of its paper was in circulation, the public will suffer seriously. "This failure, as in all similar cases, falls most seriously on the laboring poor. Many of them in our city, who have been endeavoring to save a portion of their earnings have it in the paper of this Bank, and we think it very doubtful whether they will ever be able to realize anything from it or not, as we observe the Cleveland Brokers refuse to buy it at any price." Michigan Bankers are only a little more eager than others. They fail too rapidly. Our Ohio Banks are more moderate. They fail in rotation and thus avoid the sudden panics raised by their neighbors. But one thing is clear in this as in other cases that our small bill system causes these failures to fall most seriously on the laboring poor.' This is one reason why rich men are pleased with Banks. They participate in the profits and bear little or none of the losses, of these swindling institutions. WHIG TAXATION. Let it be remembered that in reference to the tax law, the Ohio State Journal used this language: "The bill taxing merchant's capital actually employed, money at interest, and

8. May 24, 1845 Iowa Territorial Gazette and Advertiser Burlington, IA
Article from Iowa Territorial Gazette and Advertiser, May 24, 1845

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The Money Panic in Cincinnati.-The Cincinnati Atlas of the 8th, says: In consequence of the failure of the SMITHS, who are said to own the Bank of St. Clair, Michigan, to meet the payment of certain drafts drawn by them on New York, the notes of the Bank of St. Clair, have been refused by our merchants and others, and have been subjected to a heavy discount. A rumor also became current in the city yesterday, that the Smiths were in some way connected with the Banks of Sandusky, Norwalk and Wooster-and all holding the notes of these banks. seemed anxious to get rid of them, by deposit in bank or otherwise. Some of the banks refused to receive them, and the panic became general. The brokers continued until after business hours to receive them at a aiscount of 10 per cent. We could not ascertain that there was any substantial reason for discrediting the notes of our Ohio banks, and think this panic will only prove a havest to the brokers. There is no information that the banks have failed, or refused to redeem their notes in specie which we believe they are better able to do than the banks of Indiana, whose notes are scattered all over the whole Mississippi valley. While remarking upon this subject, we feel ourselves bound in justice to notice the fact, that the Citizens' Bank, which paid out in the morning notes which were subsequently discredited, promptly exchanged them during the day for other current notes,

9. June 7, 1845 The Spirit of Democracy Woodsfield, OH
Article from The Spirit of Democracy, June 7, 1845

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From the Pennsylvanian. The recent explosion of the Bank of St. Clair, Michigan, with a capital of one hundred thousand dollars, and a circulation of more than half a million, together with the tottering and doubtful condition of many other banks in that section, not only in Michigan but in Ohio, and the failure of several large commercial houses connected with it, have produced an excitement almost unprecedented, and seem to have aroused the people ton realization of their insecurity under the present reprehensible system of banking with no safeguards and but few restrictions. The enormous issues of the Bank of St. Clair, and the remarkable industry which it manifests from all accounts, its agents exhibited in extending its circulation through all parts of the West,can leave no doubt that the disastrous result was either produced by the most wild and reckless speculation, or by a determination of the directors to get as much of their paper out as possible, and suspend with full hands. In either case the result affords an insight into their mode of operations, and it is confidently hoped a lesson so dearly bought will not be lost upon the community. As is ever the case with the failure of such institutions, the loss has fallen principally upon those least able to bear it; and widely as were the issues of this rotten institution diffused through every part of the State in which it was located, it will be seen from the extracts below, that the people of Michigan are by no means the the only sufferers. The law prohibiting incorporated banks of other States, from establishing agencies in Ohio, for the circulation of their paper, having been repealed by the last whig Legislature of that State, this bank seems to have eagerly embraced the opportunity, and flooded the country with its worthless issues, so that at the time of its failure they constituted a large portion of the paper circulation in a considerable part of Ohio and other sections of the West, and the loss now falls heavily not only on business men, but on the agricultural and laboring classes; scattered and located at almost every point where energy and enterprise could be useful, and where such a disaster will be most severely felt. It cannot be but that these enormous abuses of corporate privileges, which are becoming of such frequent concurrence, will ultimately lead to a more sound and correct feeling in relation to our monied institutions, and convince the people that speculating financiers are unsafe bankers, and the last persons in the world who should have control of banking institutions with power to manufacture money to order and to any amount. In no section of the country have the people been plundered to that extent by bank failures, that they have in Ohio and Michigan. Their "Red Dog" and "Wild Cat" currencies have for years been eating up the substance of the people, and destroying their prosperity, and it may be regarded as the harbinger of better times that the citizens of those States have now taken hold of the subject at their public meetings, at many of which the standard has been boldly planted upon the principle of individual liability, and State's Prison penalty, and a determination manifested ere long to raise the cry of extermination, unless the practices which have been carried on so long by these swindling concerns are stopped. There can be no good reason why those who plunder under the shelter of a bank charter, shall not be regarded in the same light as those who commit the same crimes on the public highway; and there can be no security to the people until our legislatures enact and enforce wholsome and salutary laws and restrictions against bank swindling. In reference to the failure of the Bank of St. Clair, and the discredit which attaches to the issues of several other banks, by which their notes are depreciated from 25 to 50 per cent. the Detroit Free Press uses the following language, which may be regarded as an indication of the future course of the Democracy of Michigan, upon the question of which it treats: "The people of Michigan, we doubt not, have learned wisdom from the past and will not submit to any more bank charters being given, for the purpose of robbing them. The time to prevent the organization of banks is when application is made to the Legislature for acts of incorporation. The past must have satisfied all, but those determined not to be satisfied, that the nearer we

10. June 12, 1845 Portage Sentinel Ravenna, OH
Article from Portage Sentinel, June 12, 1845

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From the Pennsylvanian. The recent explosion of the Bank of St. Clair, Michigan, with a capital of one hundred thousand dollars, and a circulation of more than half a million, together with the tottering and doubtful condition of many other banks, in that section, not only in Michigan but in Ohio, and the failure of several large commercial houses connected with it, have produced an excitement almost unprecedented, and seem to have aroused the people to a realization of their insecurity under the present reprehensible system of banking, with no safe-guards and but few restrictions. The enormous issues of the Bank of St. Clair, and the remarkable industry which it manifests from all accounts, its agents exhibited in extending its circulation through all parts of the West, can leave no doubt that the disastrous result was either produced by the most wild and reckless speculation, or by a determination of the directors to get as much of their paper out as possible, and suspend with full hands. In either case the result affords an insight into their mode of operations, and it is confidently hoped a lesson so dearly bought will not be lost upon the community. As is ever the case with the failure of such institutions, the loss has fallen principally upon those least able to bear it; and widely as were the issues of this rotten institution diffused through every part of the State in which it was located, it will be seen from the extracts below, that the people of Michigan are by no means the only sufferers. The law prohibiting incorporated banks of other States from establishing agencies in Ohio, for the circulation of their paper, having been repealed by the last whig Legislature of that State, this bank seems to have eagerly embraced the opportunity, and flooded the country with its worthless issues, so that at the time of its failure they constituted a large portion of the paper circulation in a considerable part of Ohio and other sections of the West, and the loss now falls heavily not only on business men, but on the agricultural and laboring classes: scattered and located at almost every point where energy and enterprise could be useful, and where such a disaster will be most severely felt. It cannot be but that these enormous abuses of corporate privileges, which are becoming of such frequent occurrence, will ultimately lead to a more sound and correct feeling in relation to our monied institutions, and convince the people that speculating financiers are unsafe bankers, and the last persons in the world who should have control of banking institutions with power to manufacture money to order and to any amount. In no section of the country have the people been plundered to that extent by bank failures, that they have in Ohio and Michigan. Their "Red Dog" and "Wild Cat" currencies have for years been eating up the substance of the people, and destroying their prosperity, and it may be regarded as the harbinger of better times that the citizens of those States have now taken hold of the subject at their public meetings, at many of which the standard has been boldly planted upon the principle of individual liability, and State's Prison penalty, and a determination manifested ere long to raise the cry of extermination, unless the practices which have been carried on so long by these swindling concerns are stopped. There can be no good reason why those who plunder under the shelter of a bank charter, shall not be regarded in the same light as those who commit the same crimes on the public highway; and there can be no security to the people until our legislatures enact and enforce wholesome and salutary laws and restrictions against bank swindling. In reference to the failure of the Bank of St. Clair, and the discredit which attaches to the issues of several other banks, by which their notes are depreciated from 25 to 50 per cent. the Detroit Free Press uses the following language, which may be regarded as the indication of the future course of the Democracy of Michigan, upon the question of which it treats: "The people of Michigan, we doubt not, have learned wisdom from the past and will not submit to any more bank charters being given, for the purpose of robbing them. The time to prevent the organization of banks is when application is made to the Legislature for acts of incorporation. The past must have satisfied all, but those determined not to be satisfied, that the nearer we approach the standard of hard money the better we are off, and the less the danger of fluctuation in the price of produce. Banks should be made to do business safely. The Individual liability clause in bank charters has been a cardinal principle of the democrats, and has always been opposed by the whigs. We believe with this safe-guard the people would be less liable to losses by failures, and banks would be conducted much more carefully. When the late banking law of Ohio was before the Legislature, the democrats in a body asked for this security, and the whigs in a body opposed it. It has ever been so. The two great parties have been divided on the bank question, since the first charter of a national bank: but experience has taught the great mass of the whig party to no longer follow their leaders. Numerous failures have taken place in this State within the last eight years, and not one of them has ever paid any thing to the bill holders.

11. June 12, 1845 Portage Sentinel Ravenna, OH
Article from Portage Sentinel, June 12, 1845

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Bank of St. Clair. The following extract of a letter we copy from the Cleveland Daily Plaindealer of the 9th inst. DFTROIT, June 4th. The Bank of St. Clair still keeps its. own secrets, for the same reason, we suppose, that "dead men tell no tales." The conduct of corporate bodies, says Lacon, would incline one to think criminality with them was a matter of calculation rather than of conscience, since the individuals composing these bodies, provided they can divide the weight of the odium attached to an obnoxious proceeding, have no objection to the full weight of the profit and the whole weight of the guilt. From what we can learn here, there is no prospect of a statement from the Bank at present.The people of Michigan have comparatively little interest in the matter, as there was but a slight circulation here when the Bank went down, and that has been mostly taken up by the merchants of Detroit, at or near par. There is no demand for the Bills except to pay debts due the Bank, and as the Smiths are now its principal debtors, it remains for them to fix a value to the bills in Ohio, where the circulation is now mostly to be found. We are informed the Bank has real estate security to the amount of seventy-five thousand dollars on part of the loans to that firm, which, should it become forfeit to the Bank, will help to redeem its circulation. The Smiths, however, are known to be the bank and will not be apt to force collections against themselves. This is one of the beauties of Michigan banking, Stockholders and Directors turning speculators, and loaning themselves money to carry on their speculations, the people only running the risk. There is a better feeling towards this bank in Detroit than in Cleveland, perhaps because its citizens have suffered less by its failure. Some suppose its bills are in fact worth near their face, and will yet be redeemed. Among such, we find the old President, Mr. Cook, who says, next December will see the Bank clear of debt, and from 80 to 100,000 dollars of assets to divide among its stockholders. At several of the stores we saw placards, saying, St. Clair money taken at 50-75 cents, and at one place at par for goods. Brokers pay 50 cents in cash.

12. January 24, 1846 The Spirit of Democracy Woodsfield, OH
Article from The Spirit of Democracy, January 24, 1846

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# FOR GOVERNOR OF OHIO, DAVID TOD, of Trumbull. # THE CONSTITUTIONAL CURRENCY. In our paper of last week, we published the proceedings of the Democratic 8th of January Convention, which put in nomination, as the Democratic candidate for Governor of Ohio, the able advocate of equal rights-DAVID TOD. On the first page of to-day's paper will be found the proceedings of the Democratic Editorial State Convention, for which we bespeak an attentive perusal. The democracy of this county are well aware, that, when the democratic party of Ohio raised the "bank reform" banner, in 1838, they were triumphantly victorious at the ensuing elections. The people were well satisfied, from past experience, that the old villanous banking system needed much reformation, in order to secure them from the almost daily loss of thousands of dollars; a loss resulting as well from the total failure of these rascally shaving shops, as from a partial depreciation in the nominal value of their "promises to pay." In accordance with the views and doctrines, at that time advocated, the democratic members of the General Assembly, at subsequent sessions of the Ohio legislature, passed laws which, it was supposed, would have the effect to make bankers honest men; or, in other words, to prevent the old system of bank swindling of "contractions to-day, and expansions to-morrow"- from ever being again fastened upon the people of this State. Laws were enacted making stockholders liable in their individual capacity for the debts of a bank, in case of failure, as well as other laws equally salutary. When these laws were passed, it was thought that the people would, thereafter, be secured from losses by bank failures, and bank suspensions; and that all banks thereafter chartered would have engrafted in their charters these salutary provisions. But how have the people been disappointed in their hopes and expectations? Would bankers accept of charters with the individual liability clause? No. The determination of the moneyed aristocracy of this State was to grind down the people by enormous taxes, by bank failures, and bank suspensions, until they should be brought to tamely submit to any banking proposition that might be brought forward. The result has been, that by "deception, corruption, and accident," the bank power of the State has once more gained the ascendency in our legislative halls. Immediately, all the salutary measures, demanded by the people, were repealed; and a system of banking enforced upon the people only equalled by the old defunct banks of Gallipolis, West Union, and a host of others. Who does not recollect, and, not only recollect, but, by experience, know the thousands, and we might safely say millions, lost to the people of Ohio, by the explosion of such dens of iniquity as the Bank of Cincinnati, German Bank of Wooster, Bank of Steubenville, Bank of Granville, Bank of Urbana, Bank of Gallipolis, Bank of West Union, Miami Exporting Company, new Bank of Circleville, Lebanon Miami Bank, Bank of Cleveland, Commercial Bank of Lake Erie, Commercial Bank of Scioto, and a long list of others in this State, together with the losses sustained by the failure of the banks of the States of Illinois, Michigan, and others; and we might particularly mention as "last though not least," the Bank of St. Clair, familiarly known as the *Red-dog* bank? Have the people, we ask, forgotten all their losses occasioned by the failure of these institutions? No. They feel that forbearance will soon cease to be a virtue; and will, ere long, speak in tones of thunder to those nabobs of the bank-paper-mills, whose only rule of action seems

13. February 17, 1846 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, February 17, 1846

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The Detroit Free Press states that an injunction has been granted by the U. S. Circuit Court against the Pre-sident, Directors and Co. of the Bank of St. Clair. W. Truesdail, E. Smith Lee and E. Anderson are its Trus-tees, and Maj. Jonathan Kearley Receiver of the assets of the bank. A meeting of the Stockholders of the Great West-eru (Canada) Railroad was held in London on the 2d inst, George S. Tiffany, Esq. of Hamilton, was called to the chair. After the adoption of sundry resolutions, the following gentlemen were elected directors: Sir Allan N. Macnab, James B. Ewart, George F. Tiffany, John O. Hatt, Peter Caroll, Robert W. Harris, Henry W. McKins-try, Esqs. At a meeting of the Directors held on the 5th, Sir Allan N. Macnab was unanimously elected Presi-dent, and George F. Tiffany, Esq. Chairman. The bill authorizing the Banks of Virginia to is-sue notes, to a limited extent, of a less denomination than five dollars, which passed the House of Represen-tatives of that State a few days since, has been defeated in the Senate by a vote of 11 to 20. On the 31st ult. the total circulation of all the Banks in New Orleans, as appears by the official report, was $5.503,828 56; deposits, $7,310,936 54; due to other banks, $836,645 28; other liabilities, $147,273 08-total liabilities, $13,798,683 46. The amount of specie was 86,558,974 24; loans, $6,743,787 52; due by other banks, $2,960,692 65; other cash assets, $323,044 91-total cash assets, $15,586,499 32. # New-York Cattle Market.... Feb. 16 By our own Reporter. At market, 1100 Beef Cattle, 500 from the South; 100 Cows and Calves, and 1000 Sheep and Lambs. PRICES.-Beef Cattle-The offerings last week were fully 300 head greater than those of the week previous, and buyers have operated liberally-not more than 200 remaining unsold at the close of the week's business on Monday evening. $5@5 50 are fair quotations for in-ferior and middling sorts, and $6 50@7 for superior and prime qualities. We hear of a few sales of extra to-day at $7 50. Cows and Calves-We quote prices from $15 to $25, as in quality-at which figues all but 20 head were sold. Sheep and Lambs-A slight improvement is noticed. All at market taken at prices ranging from $2 80 to $5. according to quality. Hay-Sales of loose are reported at 87½@100 cts per cwt. North River bale commands 80@85 cts. The mar-ket appears to be well stocked. Markets.... Carefully reported for The Tribune. MONDAY, Feb. 16. ASHES-There is very little doing. Pots are steady at 3 94@4, and Pearls 4 25. COTTON-The sales to-day have been 1500 bales, of which one list of 900 bales 'mid fair' Uplands were ta-ken for France, and the remainder by spinners. Prices are without change. There is nothing doing for Liver-pool, nor is much business likely to be transacted for English account until after receipt of the steamer's news, now 12 days out. FLOUR AND MEAL-There is no new feature in the market, which continues very dull at 5 56¼@5 62½ for Michigan and Genesee. 100 bbls N Orleans sold to-day at 5 25, and 100 do Howard-st. at 5 18½. GRAIN-There is very little demand at present, and we have only to notice 6500 bush Southern Corn at 64 cts, wgt, and 1000 do Barley at 62¼@63 cts, cash. PROVISIONS-All descriptions are decidedly heavy, and prices generally are nominal. 100 bbls Beef Hams sold at 8 80.

14. February 17, 1846 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, February 17, 1846

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The Detroit Free Press states that an injunction has been granted by the U. S. Circuit Court against the President, Directors and Co. of the Bank of St. Clair. W. Truesdail, E. Smith Lee and E. Anderson are its Trustees, and Maj. Jonathan Kearley Receiver of the assets of the bank.

15. June 11, 1846 The New York Herald New York, NY
Article from The New York Herald, June 11, 1846

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He believed that there was a motive which (actuated the Colonel, and he left the office of the Courier and Enquirer. Here was the beginning of the difficulties. In 1844 the Doctor and Col. Webb pulled together in the same harness, and fought the same battle-both Mr. Webster and Mr. Clay were lauded by them Notwithstanding the course of the Courier, Mr. Webster was actually recommended as Vice President of the United States Mr. W. have commented on the course of the Courier, and condemned its recommendation to elect Mr. Webster, after imputing such charges against him : he next related the particulars connected with the publication of the Mysteries of Iniquity," by Dr. Bacon, which was criticised by the Courier s Enquirer, and which provoked the at tack from Dr. Bacon. The whole was a mere newspaper squabble, in which the editor got the worst of it. He went on to say that the Courier lauded the Mysteries of Iniquity," and in a long speech of nearly two hours made an opening of his case, which showed the particulars of the controversy between the parties as he intend. ed to introduce in evidence. In the course of his address, he took occasion to read another letter from Dr. Bacon, which was written against Colonel Webb in the Tribune containing, he continued, severe libels; but this was not noticed, and the milder portions were selected. Mr. W. next commented upon the law and cited authority to support his position. when he ofared to read the origin 1 article from the Courier, which the defence alleged to be the causa teterrima belli. It imputed lunacy to Dr Bacon, as was alleged. This article from the Courier & Enquirer, was dated June 11, in relation to the "Mysteries of Iniquity." It was put in as evidence, and was a criticism on Dr. Bacon's work. Mr. HALL here said this had no reference to the present suit. The charge was specific against Col. Webb, as it charged him with being bribed, and there is no connexion between it and the libel. Mr. H. here cited authority, in support of his position. Rochester vs. Anderson reports, R.S., also, Lee Walsey, and several other cases, from the books. Mr. WHITE replied, and contended that the article formed part of the res gesta, inasmuch as the alleged libel was a criticism upon it. After some argument The court sustained the objection on part of the plaintiff, on the ground that the declaration did not embody or refer to criticism in the Courier. The evidence was then gone into. The alleged libel having charged the attacks upon Mr. Webster from the Courier, and the plea of justification having been founded on proof from its columns, the documentary evidence was put in, and a series of long articles were read, which condemned Mr Webster's political course in the Cabinet on the Ashburton treaty, and generally as a politician-whose ccurse had deviated from sound whig principles. Some of the articles took to task the Journal of Commerce and the Tyler administration. These were read by Dr. Bacon. The first was dated July 9th, 1841 th - other dates read were 10th July, 1841; 13th, do.; 20th, do 22d, do.; 23d, do. 16th September, 1841; 17th, do.; 22d, do.; 16th July, 1842; 18th August, do.; 8th September, do.; 9th, do. The Court here adjourned over to this forenoon at 10 o'clock. Before Chief Justice Jones. Wesley Truesdale et al. vs. Thomas Underhill. -This was an action for money had and received. The amount claimed was about $7,000. The defendant was formerly a broker in Wall street, doing business under the name of John T. Smith & Co It appeared that a year ago last fall, Messrs. William & James Curry were agents for the bank of St. Clair, Michigan. The bank sent their bills to Messrs. Curry to get them cashed; the defendant knowing that the Currys were the agents of the bank, applied to them to know if they would give him some of the paper, and that he would get it cashed on better terms than they could get it from the banks. They gave him bills to the amount of about $13,000, for which he got cash. He paid back a portion of it, leaving the above balance behind. In 1845 the bank failed, and plaintiffs were appointed assignees; and the present action is brought in their names for recovery of said balance. The defence was technical, and the Jury found verdict for plaintiff's for $5,360. For plaintiffs, Mr. Bushwell; for defendants, Mr. Waite.