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OrlitbrOib
CPoVrtr,
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PP*. tervitario
E. 0. GOODRICH, _EDITOR:,
Towanda; Saturday, Idarch 2 1 2, lB5l.
Terse" of The Reporter.
SS 30 per annum —ifpantseintiu theyear $0 ern!s wiil,
he desireted—hr cash paid nAtually in advance 51 00 will he,
deducted. Nopliper pent'oesr two years, uulto t rond fiz!.
Aortd3Pestoehe. Pet etuara of lei tines. 50. tma l tiCtof thei
firm. aud , ls cents for each subsequent insertion,' •
try Offito in the" Vilma „Bkieten unit h. Oda ot,the
Square:heat door tn fhi'Bredfurd hotel. I:nuance '4.srecn
!deism Adams' and Waren law °Meas. ' •, • ' • ' •
finsgtiehttatta County Hank.
The teport of !Vienne Weir:mt. Com
mislioues-to investigate the affairs at die ,hank of
Eusqriehanna County has at last made its,appeer
unce. As we Were unable to arail ourselves of the
kind and pressing invitation received by us on the
23d datof last June, to attend the investigation, we
have awaited with somtransiety kir . the forthccim
iug repo.t, and have extracted from it as liberally as
our space would permit.
The Commissioners appear to have executed, the
duty enjoined upon them' as thoroughly and impar
tially as it was possible for them to do. , It is not
to be expected that an assoc:ation offutancters, bent
nq defraiiditig community, and enjoying tis,imns.
titles and privileges which a charter giees them;
will do their work , sit bunglingly as te fear the fir
-141 investigation - whiCh a Conlin dtee'of this charac
ter will be able to instinue—they are trenched
nroun'il with too many plausible pretexts—they coffer
their nefarious transactions with arleast a show of
t fairness find legality, ofihey :bide in the bosoms
of iaterested swindlers, the knowleke of‘ the 'evil
iritport'of itelleeds—to be reached by anything
*Motor the strOug arm of the law. Under these
"oiretunstances it is'oaly wonderliit that the commit
' icelaire been able to disclose so teach of Kitten.
»ese--to unkennell so much mseidity. They hare
apparently cerisiired when censure Was deserving,
and hare brought to the light entiqh of eiridence to
give the public an opportunity of tracing (rem its
ineeption by the tienotterrehr i ; the inhirtions and
corrupt management, which has made the Basque
hannituunly Bank a reproach to oursister ctianty,
and a stigma upon* the characters of its controllers.
By the plaid meaninituid espressiodbf the taw,
this Bank was not .to,commence Banking opera.
wont, until the wholeismount of capital stock was
paid in. The evidence discloses the important fact
that ceitificates of stock to the amount of sotne thir
ty thousand &Alma was the whole amount ever is.
cued—that the balance of stock subscribed was
r ever paid in, but stood in the name of a surplus
stock company of which in its latteitlays lion. Wet.
-fusses, was the President. That in 1313, but four
years after the,Bank went into operation, the stock
was transferred to the Bank, and the stock notes
therefor cancelled—the amount belly! $5lBOO tear:
ing atfltat' time but $11,206 dollars, 'in stock, own.
ed , by individuals. Well 'may the Commissioners
say ilait the an
whole trsadion in•relathrn to the sui
phss d
stock was in open cmdfiegrctni violation of taw,
'and the groundwork of the ' , Jacquerie *tasters and
viisreCntagemeni if the institution?
From its very comnieneerrient- we need,- hardlir
Say, the Susquehanna-County Bank was a swindle
and a fraud upoddommunity By a stroke of fi.
ramie policy—Which to our mind looks like a
plain ilia outrageous swindle—the instinition was
enabled to go into operation in violation of law,
and in total disregard of the rights and security of
community, none of whom were awaits of this dis
reputable i• dodge" and most of whom looked up.
Oa the perpetrators of thirscbeene as patterns' of
morality, or pillars the church . There is no ex.
ease 'for the men . On participated in it—they are
justly eenianitifeloi all Are 'itsbeeq , : mint calamities
which befit) the hank, anktheY are artsiret4le'At
els bar of public opiOliit'fiirlliitpatraiar rb'ej '144
ecteunitted open caruniniity: 'thilthilly"tOOk the
first lisoorable opieitinity'relie4 4 :thetieetieir
from anyiegalzieipopsibilitY diey under
rids dark trausaqion, appears: from the 'rniiiist!s,
white they were careful to beirvi.historsed 'tor the
expense they hail incurred in deceiving the lis ias
tion, anti pnwing Cocamwilty for beavy lossei and
Jeep distress.
-.Thai community should, relinsit con6tiencit in the
. men r ide have thus basely betrayed them, is by no
means singular. They did not expect to see the
dignity ofthe judicial ermine, clotting the vialilion
Of ' law, perpetrated in the very origin` of this
institution—they supposed that those whose bust.'
nese it was to eltriinister end thetas'', would
1 3
not • permit it to be trespassed upon, either kt owing
ly or tacitly. Theylave forgotten that the camp:.
lag influence-id such techartered and irres nsible
monopoly, breaks down all the safe guard of !co
rility,,and by temptitions to speeulations of doubt.,
fel character;shots the eyes of sanctimonious piety
to financial operations,- which, were :bey on a erne!.
ler scale, would, bring. the operators to the bar of
ibstice. Men who would' scorns to iniiie their
neighbors to the amount of a (tidier, nevertheless
are quite ready to participate ha an open violation
of law, of common honesty, by whierislaid the
foundation of wrong and distress, when the:amount
•is hundreds of thou ands. - U it.be not so, what excuse
11 there for thoie Who have always been canal.,
tiered as examples for community =- but who were .
deliberate narticipatorie in this " surplus stock f'
swindle! it will. be nfr easy matter to satisfy corn
ier:laity in regard to this operation. Plausible ei•
etswemay be framed, but the plain and ,naked fact
.stands prominent, and will reveal itself through all
the ga6ze in which it may be enveloped—that the
bank in. 1813 had but 818,200• of its callital stock
paid in, while upon this insecnrefoundation it wae
doing business to the whole amount or-its capital
stock—and that the men-who' were'ergnizant of,
'and peimitted this outrageous deception, ens nop r ., ,
ally guily.of freed, and a gross and. inexcusable
direlection °fake dnty to community., , ,
•The ecape-goat of the first failure was iCaucir—
fot;‘the second, the Sr. iturns. 'The firit'appears to
befolly exinlpated by Our certificates of the com
mittee, which we publish — the offence,' of the se•
copitolit our eitiniatinn, affo.:ll no palliation for the
manaleis . of the institution. . The, ST. JimNs, we
believe, have auffered nothing ierePutation by their
connection with.the : Supqnehinua 'Ctiapty 8ank.....,
Nct',isitelligent business-man at that tittle would
haiijfeen..treta more ready to. esietnt their
x, 4i.
unretuoriableeneto to sw ' ;that biti
,fer public
-coufidelewlattherini_ , firoyedierfthei`
let MontroltAißro!, int, - ..,au#hav
`,:it info i skate siaasklwhith .140eil ifs.- By
, In t e; itflould hab-*it 'l 4 oe` lesOnd inT, ,
ihit ' sue*. ceietl ittiaveiseenreffectedifiti
41 0 1 CIO - km= ll 4a -bui . *:3113,i004 beeipitil.
stock - was held by individuals, ur badevir 'been
9141414CAORVIRlir
or this lititi — titiii:iiitiched fortheitairdirif,"ol Atte
Bank, itounr4ledigniuSt the Odium under Which
i labored, milli filially, it; had partially recovered.
'limit chin iheillintil in Vain - ii - belaboillii ST:
Jonas, loi without tithplit4Oft4iotiltiffif 140 1- '
. ./.1... .r. 1...
big, they had been powerless to do hann .
- Miirtfiediefireinistrolthertaittitirdt ' ,Verearlleo ll , I_'_4l6lW-1.41-41
I=aiGaiii;a
• •
‘,:4
(if we leave ont . sdlriewl i thttiiitiitind nothing to do
business upon) shislhe loans to Slstab and ninny
sox.— -ThiChistory of these 1311texamplildtinutcial
transactions, is given is the report oftheConmiii
sionets,. -:,Who were tha, speculators_ here; is obi
asontained, and the Sc. JOHNS' came in fOr all the
blame. • If this 'satisfies, the conscience of the di
rectors wko Sanctioned these , loans—if such a lee
blerexcusenvails them in the eye* (of ' the public,
we am content., They have either 'been actuated
by mercenary motives,-or hire been •-gressly and
culpably careless.;" , -•Either hum of the .Iliter:iron
leaveithem in an unpleasant situation. While the
public ate aware that their sanction was. given in
the transaction;•..they trill net , sinew as an: excuse
that they were the dupes ol designing men, its'ilut
ting in ~circelatiow .300,000.0 f their money,
under circumstances' which rendered it: me.
roll certain, that•a loss most necessarilyovertake
community. If there •is one Shade
,in the affair
darker than the rest, it is this lending such a large
amount to irresponsible persons,- without security.
There is no explanation for it, consistent with ho.
awry and fair-dealing. „
So much for the published history of this
and the rnisilettds of the men who directed its.opel
rations.- It shows a lack of moral ptinciple, by no
,means creditable to human nature. Bat while we
can thus aseerttiiu in dollars and cents the amount
el loss to community ; we cannot determine bow
much of suffering and eorrow it may have owes
sinned. Not a paper bubble bursts but carries
tress to the homes antliamiliss of the laboring etas
ses. . While the rich; man, by his unhallowed
schemes, matinee to fill his coffers, the poor labo.
On is deprived ; of the necessaries of life; by thein.
elantaneons sleirecialionef the paper money hobos
received:tor his toil. The bupaing of the Towan.
da Bank, caused great distress among - the laboring
classes end fanners of this county, as• well as
stbroad...The Public Ledger, of 1841, bites the-fol.
lowing, affecting incident, of that memorable occur.
mice; • ,
• •
"ifundred*of poor laborers:were to be seen run,
ning in every direetion,-with their hands full of the
trash and not able to induce a broker to give a Six
peace,on the dollar fur them, We passed in the
market a'-woman Ono makes her living ; by selling
butter r eggi and vegetables, who had almost• at 'she
is worth. *boat Sl7, in Towanda bank notes. When
apprized that wa3 worthless she Mild.' in
agony upon her stool and wept like a This
is but one oft hundred, similar cases, for the msr
ket has bees fall of the trash fora week or snore
Yet the Towanda Bank in its darkest shades, was
as light compared with this .Sostineltanna County
frond.
The 'collapse of theirs air-itoefteblatideri which
pass for Dinka,. in the' Nonb, he generally caused
by 'wild and expanded banking operatiens, or
sionary ipecuiatiOalt. ikto 'Omer isthe thing Map
defunct, .beforee set of hat** like hassled's, fix
upon the carcase; and 'geneialty' manage to genge
themselves to repletion. The assets, under their
management, are diminished with frig,htfal raptaly.
Who . ever knew of a broken bank, which, however
abundant may have been the means originally,
was not completely - cleared out by those whose con
nexion gave them opportunities, while the bill
holders and Stock-bolderewhistled fortholv money
An instance to the contrary Would, be remarkable.
An investigation of the asks of the rotten concern
here, which still emits a stenh, would show a se
riei of stnaciotps villa's's, hid' from the gale of men,
and the perpetrators ..enjoyingrheic ill-gotten gains
—if there can be any enjoyment in whatis unjustly
obtainett -Serie preeinint,'srilibe the' calks with
thir'OaViiis:Shannir 'tear *S
'ink :::-.:..11/31'ilieSe ,
are deetaimhig i r4aiiiit the 4 gt.ldlisfthe mast in . -
dkiinitilly, "int be 'the nice-t irociferciin, witi!e
they ere qrtie‘ly picking 'roar the defunct body an
the subinance left (If the widows, young ladies
1110 .-iarn 2 ,Re-PPna!' hers been .beneoll9 l ,A9 the
fatherly care manifested tot thorn, indeed be
a "gleam of light" upon. this dark transaction)
Naar You 5L1C170.11.....11013. MINIM FIWWI,*
elected U. S Senator from New York, on Wed.
nesrlay morning last, the Legislature being in see.
sion until 2 o'cloch, A. M. The " silver graysP
decrand Soling. . - _- .
Gacr.tx announces a sal-ate of one hundred in
the Battery, in honor of of the election of HAMILTON
Fists, and adds that " the Union Conunittee I. 'KW
expected to pay far the powderP
Loos err irate Commarem.—A dattosres
counterfeit has gust beep put in - Circulation. It is.*
two on theYntnam County . Bank, N. Y., an end
imitation of the gomiine-vi,g.irmiH State arms and
fig 2. Ora the right.upper end is the word "Two,"
on an oval die, and-below-is amenity maid churn.
in;, Ott the left upper , end 'the wordATlre," with
a blacksmith, anvil, Ike. below. - •
We understand- that quite_ a number. _ofi these
eountesfeits hwrwtostest offerld,in•this . County, and
that the penman dealing. its dont hair ahead, laid .
himself under suspicions.. : -
Lira InscluncrAs the titlientiOn sad'princt
plea of Life becoMe undershiod in this
country; all . dames of community - are availing
themselves of its benefits. !rhea:moan be no doubt
that as a beneficiary institution,:if is. More desery
ing than any other. One of
.the besi companievini
the United atm, is the United States Life &orange
and Trust Company § of Philadelphia, lot whiula.
Ciatrumm, Peg ,Of Allsensksamt. - Any infer.
minion desired.-may-be obtains-o}, him,. by ad.-
&eosin binbpsrsonally or,byletter.. -
Ctaravorstroc—tyr. C. 3. Suss and f: Pfo
Hammill imanrafAhiner`i'irsii, on F riday nye •
nitig 4 npon wondirs , of Claidioyantte; and - give
• and vine • rime ti Ai
_many interesting
_con ingnxpecents;: no-one
should firil of seeing theirpoctical4eatonatrations
of this wonderful science. .
• r • , •
Qtr-tants lirrcult has Alivosetl of the ' thin*
tollaj. A. 3: DoNer.aow um, AerasTeetko r of
Tenneast. The former wain tricoiedime of
..I,ltry9.N ; and sr-an able matt..
•
.. ,
_ s
,
mil ~ GUTt BU , :A ,
:::
I "7r ~,1 1* / IV! . ,:- T: 7I
I A - tt. ,-It or , Tkiltv ' . 1 ":,/ VI - 44,i
aide flfiragtehannit ' a
x i
• ~
- o LAVE*SIigrCIVISMIIt.
- p entry mut: -
The commiesioners to investovp . Oft_ 41 1 1ir t s
the Bank of Susquehanna Ceiiiity. report : ' •
Thitt.they,havusdifiehargeilitteirdcuiee.fipiscrilio.
ed in the net appointing themand transmit here.
ritg thefdirol *Of doerSwinfii... , o4l.6o;)eljaiteil
'byte'iAreatig o itioh. fn flitter teporiiacceretelY
Au1ata944644415 , 144;c01,4 4 10145 1 .9140 .44,111 .me1011ef .
iteorganizatiort - and gthlerut management beenmes
icisatalyrink 'fad, fteCifral be etiefeniplated
In that sok authenizing ihe mreiakation.
Thet .44 11-1 1, 4 d$411.1 1 alutctle goulltYwao ineorfou
need by, art of , Apegibly, pasted -. 3 d April,, 1837
(P. LaWs,p.2Bo,)lhe:impitalstnek to berme Inn:
died' theuritadellitie;divided 'into 'ttfo Ann:iota
fithares of Shy delhuseach: ' , The capital stock. was
*Old by commtielottens upon Me., fiat day , 'of Secs.'
i tentber, of the prune 3 ear. The,bankstvent into l ac•
tnal tiperation on the, 18th of Deceinber,lB3B„ turd
Continued irf.do bUsiness until )initierjr, 18.13;'wlien
itairipended: . - It was resuscitated, and` Intuited
operations IHb April, 1815, and it darkly failed 27th
Oc
'tober, .184g.,. James D. Diddle pared, rui presi;
dent of the bank from its Oroa,, niention turd
death, in April, 1844, when L' Post was
eleeted, - who continoed president until the' linil
failure . in 1847..,•15aa0 ellumeerreil as cashier
anti! 21st june, 1843.. There was then no eashief
until 9th April, 1845,, When Themes, r: St. John
was elected." fleserred until ddi 'Aligns; 1849,
when C. P:.DO Limner was ehosett,,who confirm.
eillo be theceshier until the failure in Pclober.—
No bed was ever g i ven by Thomas,. a Joh,, C.
P. Di L2mater., while they acted 'es cashiers; the
names of the directors as they Were annually 'ChM
sen since.lB44ilippear in the eritleneWherettith
re ed. • • •t •
/Prior to. IstSeptembet• 1837 (when. the stock
/was sold,) a company was formed for the purpose
of taking nil the stock that was not wanted by:indi
viduate residing In the vicinity of the bank, end - to
this end the compertyproctneJ • thuuraind tailors
from the Towanda Bank, to, p;- -Ago rke
required by the , net of incorpot paid ,at
the time of sale. Poi purpose 'the
Amok so taken bfthe camper wino.
Ow stock" One of the mean :com.
party, was chosen treasurer, to loners,
and timed as such at the , sale. - as all
lid(' lit September, 1831.:•1[1 'in the
names of indirktuaKitud the 'paid,
rnincipellyln. notes .ol the T' But
over ..__ tee.fosittbsof the Whok ~ was
in fact (tlthotigh In individual names,) on account
of the stock emittang, and subsequently, held by it.
The tranlidid'inot gritinoUperation for more than a
year-after the intact the 'flock, and-daring thattime
some. few shams Ogle earplasstoek wws-taken by
individuals to bold in their own right, and transfer
to them. On Ifitti"blay, -- 1838. the directors . by a
resolutionospitointed the prestdent of the bank, and
William Ward, .11 committeei with foil powersto ne.
gotiate in Philadelphia, „Or• elsewherek &gee of a
portion of the surplus stock; but ticivery,Cousidara •
bid amount appears to have been sold.. Promissory
notes were given Open' 4th Deeembei; 1 1 83'ff te rep
resent thelurplus stock, one of them, signed f, t the
members of the stock company, foisittly dant:rand
dollars, and the wirer by James C. (fiddle, on their
behalf, for fifteen thousand dollars. These notes
were drawn payable to, and were deposited With
Allen & Pain, merchants in the cey ofNew Teti, -
and a formal credit therefor entered by them in fa.
vor of the bank, about the time of its organization.
A specie loan of eleven thousand Six hundred'and
filly-five dollars and thirty seven cents wits 'made'
from-Allen & Patton about the same time, and that
sum actually remitted tothe bank about 7th Jana:
ry,,1839, apparently, on the sixty thousand dolls;
'note,vabove stated. ...,13etshortiy aterward ,s in 1839
these stock notes weraSeturnedlci the' bank, Mid
at 'lst November , 183 i two new 'notes given in re =
newel thereof, both d wn, payable to the bank, and
signed by the mem rs of the stock company, one
for foity.eight thousand. three hundred and Son.
four dollars and sixty three cents, and the other for .
&teen thousand dsllers. These two notes remain.'
ed in the bank imalths time of the suspension in ,
1843, when they were carried off by Kellum, the I
retiring cashier, tuiti.by him' lekuboet tbe3d May, I
1844, with John F. Me*OsElCr r OfTowantla,where
they bare remained _ever spite. Upon. the 27th
November, 1843, thedireeters of the bank passed ]
a resolution authorizing eat or transfer of
the soy*, stock to the funk , cosi
that the stock notes
therefore sheaf lierantufted. The same'day the trans.
for was made accordingly.. The tartormtof surplus
'toasts transferred Luther hank, instated sport the
transfer boob, to be sixteen hundred and Thirty-six .
shares e amounting to eighty - ate thoossnri eight,
hundred dollars, there would, therefore, remain but
eightitenlhonsand two liantated &Ohms (diree - him
: dred and laity-four shares? at that time' held by
itidividitals in their - owe nglit.'' 271 E eVileneeiserettr
that the sterphis darkens never Utta in; and
that no certgicales were ever issued! , slur. The ten'
per cent. in Towanda money, 't thereon at, the
saleiend the specie loan of. Alf , et' Peace, Were
arcane d, by tie, bank,:tbiatock company events.,
ally being subjected tone rerponsibilny or !wa—
nts surplus stock notes were simply used or ' held '
.by the bank. far &time, and eventually, cancelled by
the directors With* payment. The whole , trans.
action in relation lathe surplus stock was in open
and flagrant violation of law, and the ground work
of the subsequent mismanagement and disasters of
- the institution.
She act incorporating the bank provides:as fol.
lowsiin rotation to payment of the stock (p. Laws
1837, page 280,4,
~„
'rk dirierneita shall be made, nor any
me* betted by saighank, with the whole of the
isapitatatockiherw be paid in ;i . ror.thall tiny loam
be made. upon, %splodge. of its own stock."
. The fact that the Cpital stock was not pail. in,
was supprese4 and '
unknown to , the. Legislature
,arnt the pubtkr; 'TM runnier *vont:tit 'nit editor
i.Genetal..vepreeented Abe:, eaphat ., Most :at lar
amount of One hundred thostone dollors,ditring the
w.hole existence.of the bank; and the evidence of
one 'of the stock.holderi, L resident in • Montrien is,
that he had ncisuipicion Mantle' Whole Stock was;
not paid in until after the suspension in 1843: - The
Mums to die Auditor. .General were tonally sworn
to by the cashier, before a jristice of the peace, who
was one of directors oldie bank, and conefito..
teal the °Mehl intelligence given to the 'piiblio by
the institution, in relationnxits condition and man
ogemott. , . Ihelwrir last reports were not sworn to,-
hnt .bad to thews . ..statement :beating Aut . appear,
ante of an redittit,ebbinigh not Sint in fact. 1 Oe
lack eliiitual fripitalty the hank, ditribittris. lid to
the arrangements entered into in 1844 - and' flak
for the re.orran,, ization (gibe - institution; in connec
tion withibe resumption of 'operation.. The -tut.
pension in 3843',tmputeid by therbank mainly to
alleged misconduct of Mr. Kellum, the cashier, and.
to losses consegnent thereon;: bathe, president of
the bank statesOlittager •-the 'upon a
careful examination' Of 118 elltilt e ;it,Wittasceriained
to be solvent oria't Wit tofnreet
Yet with shattered cieilit Sid With little capital, and
that mainly outsumdingiwthe'slinper:of debt* due
the institution, therbankswas not' in is condition to
resume Operations within* scime new arrangement
in its'organixation, thatebould invigorate its credit
and put it b postessiorroftmde." Such an arrange
ment was Made itt 1848, bat: it , wits- one" eV's . vii.
toasty character, that could :not rearl e nably . be: ex
pected to'everituate - othereise than in disastr...
That arrangement was, substantially, as follOics - : :'
Buaf: That the directors turd stockholdersof the
bank. stiontdmakolt,donationto St, lot t o 41t, co4da r d.
and KSt.Joha (gene-third famountifig. to li ve or
sit ditiusandlitlllitY'aiberstotk . tralisidially held.
brdrenri . the said ~ dirticteitif and stockliOltlas;'.
to came sirthousand dollars worth
°Me torples sfotk: - for. half pries.r-ttireo. thousand
donuts
, • 1 -- ' '''''' ' `; -...- - cc i ), lli i - i - ' 7 '''-''''' -,
John, the men ~e . eat-of the bank, and, if tegnir
ry
ed i the right of n inettpajorit
_pflhe dimmers.
Tiltiorkf=klo d ot titlosti thA batik
hinds, Wreioalst itb e it s ix: ' centMo be
11
, • Attlee th! batik :. stile t•;‘,.s .
-- . :On & ilio res,tien 11$Irtil ortfr4ers
fit filkielpti '. iti. St.' °hills utrite:, ahnik - 07` d
a - ident of e city el . 'Valk. r - ti ..a,t .. 1 ,.
--.. Pursuant - to .this itiningem'ent, - netball' P. -
John came to Montrose, was chosen cashier,. and
the bank resumed business oth of Apry, 1845.—A.
IW36ltri likVittiti thir i btitittliiitiitlialsitulAtibinC
for the six thousand dollars worth of -surplus sleek
soht him; entralsepaidzin tin adtlitional one thou
sand dollars, for two thousand dollars worth of the
sat= stock afterwards sald - Idm - . en the IMO laths.
This amount offeei t thpatiand doliers i iiedfpendent
elf fshNittikneekt en kiwi, if theri Wind twirl - eon'
stitutecl the basis of subsequent blinking operations, -WhieFaritrielifelfehiledrthiltirtruk" -- tiinirenhi
JAiktret,all 404 9 i di" oxf!PlifirAlltetslo Mils ; Wel ebabr
two hundred,und ilye thett*tul dollen- ,111..addi
tioo, lwitteser; to this fottetlictmetnd dellatiqrriper
ty bete& bY the bank and 'debts tliiblcishe 'ld be
estimated, timing its . ultimateirisittnees, and riper:
Lion of thenotes put, issued under special contracts
hereafter stated,.although beyond , the cettliol,of the
batik, were . posiell not legenend aircelati3h.
'''The ori gi nal by• arra of 'the bank, adopted-'l2th
Decembei; '183A,. appear. calculated to secure.*
wholeimmesdministrauon Wits affairs.- !Thelhiril
bylaw providesthet paper eieftetlieg two hundred
apt ' fifty Atillant offered - for if - meant; shOtild haVent
leasiihree rciponsible naines, including thettiaker
andtdrawer: .: The sixth, that no note or bill sheold
betrgounted, except; with the essentol-emajority
of ! directors present,, exclusive. of such *might
appear as driwers or esideriere of said note or bill.
The 'eleventh, that the presiderdand eashieipiight
discount paper, between the replay' discount days;
with thecotwentof Ike residsmV directors, .but*ll
such disepenteto be submitted fettle board far their
consideration at their nezt,theeting: ' The thirteenth,
diarist) Tete 'trier four theusind'dollate, '-he dia.
counted for any person at one time. • The four
teenth, thatdie cashier andelerks should-give bonds
with, surety, tor the performance el. their ,trusts..-
:The twenty-fifik - that no note should be disceented
'for *tomtit tiring oat of the State, witlimit' at least
onereepcinsibtereudenter; resident within the Suite;
luldf 4 he twer47-rrinlhc-lbal - none of the bylaws
shnold be tescindedor altetedonlese at a meeting
of two-thirds br the "direttors, Mid' isCer notice ol
such prepoied :Meriden. ' . -
~ The by laws de riot appear Usher. been rescind
ed or changed bribe directors; yet the- bank was
conducted in direct triblation.ofAkeir provittions.—,
On Oth4prif,lB4il,' did directors.adoptid a resole.
!ion, "that ilfe eishlef of preeident be attlienized to
discount notes or malts •loans , dining • rebel's be 4
tween the meetings of the board : ;" end upon 43th
February, 1841,..they Janitor . resolved .'' that the
cashier be authorized disrieg the recess in the meet
ings - of the beard; to &Sweet inch'ishir teirj IN his
discretion think best." •A. more , complete soften.
der Odle discounting business of the bank into it.
re:Tensible hands, could apt be corsceive&—.
The ea - shier had need given bait, and besides the
sixth and - eleventh try-latreof the . bank wettei bs l
these resolves,• deliberately disregarded: • - '''' '
thit the grossest violation, not only of the by-fatter
but of a syistem.of regulaultanking, was in regard
to Special Lune; There were three loaner, classed
under this head, two of which antr admitted relieve
been made under the antherity.ol thedirectom, and
the other. it is.asserted by diehard!, was made by
the cashier without authority. For proposes of de l i. 1
ignition, these loans are named' • • respectively—the
Mann loan—the St. 3olin'illoan=arid the Thomp-,
son loan. • , , • . i
,L 1
tun the 13th day of May the directors resolved,
1 that the president and cashier were aotfiotized to
make' an arrangement with Seth H. Mann, cashier
of the Cedar Bank of • Cleveland, or with him and
T. C. SeVeranesi, Cashier of the, City Bank, Cleve
hunk Ohio', te fdrnisti -him or tem with , the circa•
fining notes of the .gristrehanna Conntrilank, in
ansent. not ezededing, ortettindred .thousand dot.
faux; oar each terms ah' thay might deem proper
and jrnst, raid *dirt the'extbenge at contracts be:
tweak the parties;'[* deliver Ire slier Mann or Seve'j
ranee, Inlet somsaritheitritight dens proper,. :1 ..
Pursuant-AO this vie:Solution 0 contract was en.
tered into . bettreen tlii_bank'arid S I{. Mann, the
terms of Which were itt' inbititnee':" thfif the bank
would loan te'eald Mann itsettordatieg notes to file
amount of one hundred tlionsandslullare fer.histuse,
'and to be put into circulation by him ; thai while
such notes were in stelae! emulation, Miuui'thould
pay two per cent- intim* thereon' to the bathe`; that
accounts shogld be kept of amounts' pall trild'eht.e.
latioo,,as well, of amounts ledeemeiVatid• returned
to the bankoind . settled tremi,annually between the
parties; that the notes issued ' to rono. shoal& ,be
distinguished . by ti particular mark or desigliattlii
from all the ether notes or the bank ; that • Mute'
should „proVide funds lot Atte redemption . of the
notes in the of lie* Twit; and upon failure to
Jo so for . sixty dais after, wrOsn notice . from the
bank, the lidleihave the iigti eit Itnitiltine Mit gon,
tract, and thereupon the whole amount ittened.to
be. -forthwith:: doe ?, and :finally,Ahat ;+het2.cantrect
Itlttlattr, remain in Pree t (=dem. forfeited, mi before
provided) for one, year after written notice from
the bank to Mann. Of a desire to terminate it. 'This'
contract was submitted to the directors' of the 'bank
7th at September, 1846,und by thew natifieti and
'confirtne,l „. . . - ..- . „- - f • , ;
• Oa the lath of rehmars , „ 18i7, the directors, by
resolution; authorized, another Joan to Moon, in
,arnettnt roartereeeding one hunched thousand dot= .
'lays, in addition to the' former ken, and subject to
same conditions. jl'he President, of the bank
states his recollection to be, that this additional aim
was bat ten' Marsala Jolla;m bat this is in - con.
uudictibir or the regular entry upon - the innte
book of the director!) , No itere-0 was t •
, t , y the
bankfivne Afrava,fir the', redemption. of notes ,
.. ,
pile
or for the per/ ,mane of anrother r,if the Ai lions
of the contract. 'lt remains 'but .to stale, it it this
point, that-at the time el the failure of the' ilk, in,
October, Ore, there was se,balance Of th notes ,
i
issued to Mann, onaxonnted for by him , o „men.
ty three thousand &Hri
a, . and that the (mile Ce dis.
closes the fact that he , is Wholly . ineeponeib .
. .. i Tat BT. solfti tips*. , . , 1 ,
• tkies . tilittion:Of 18 *ti
0 nt erDireetorte dated . '
Bth .of September,'lB49, a contract for albeit. o
W elles! thodsand dollars to . Jitiveli &T. .P: . John,
'was authorized, upon the sarne4s•the one existing ,
'with S. H. g a mtt • rii contract was accordingly
executed in writing; and this - tiredly thonaind dol
lars boned' thereon. Of this amount elglit'thoin .
sand dollars has been redeemed and reamed' 'to
thelanktfOlt?inglweice ihctis9o; l ° ll "k' b.' ad' 1
ittatedi between the partiee. , ' . . 1
• . int snewesim ioas. I
, . ,
. „
. Among Abe paper! o f; the, bank,.found' .
eller. the
failarei was an agreeinent 'between the bank' and
Egbed A:'.Tfibmge.ort - ,. eitiehttiani; tiiifed;3olif
,lane;,hintretned .Th011'0;011 , aletie.t%
ProYeti.fur *Joan by the bmtk, do Thompaton in.
the,eurp,9l ninetyiltomatql dollars, upon the,amne
rarina as theie:ofthe Mann con - tract. the cash'
book Of file blinkNi a*ars thittlwenty•nine
sand-dollaatof antes.wele Waned Theimpson in
the eatty l gatiof ; Loggai r ie49,4uniAltal., by. 513 b
quent ietmee,, the amonnt,wat inereased;. tg eiAt3r.
fire'thimeind Aellent t amf stood' at that sum at the
time cif the`.This `arnthint unite:
counted for by . TiaOmpeon; atat he is believed' WIG.
insoltrent ti , .
,
, 0i,A0., Bank:, Metirn* that; the.
[Tlitimpsoiloan was: alilicinetficiponsent or know 'lefterot timsetVor ilitictota. - That' ilia 'in.&
cashiersi-T.4: - St. johnni-and IDIi Emitter', - wire
oogaitani:olit, isis, ideal ;And the fillings" of Loch
f lange anionnic.ol? paper n . ent . i.imq‘atah7-,,haeo,,
traeletrthe attention or the ricsiiten! and Clerk se
'so: raider lite eSidenca'Peihaps - gitssi'
genes and inimentioni•aan:be-rhar.timl. isPoti the
Presitiem antl Directors in. reptriLto the Thompson
issoes r wh eohlere. apnn,, (Tal!,
the . same way as , those to 1 1, 10 . 1 1 ,'hil,figMes , anti
These speeialllmms vete alone
for the failure' ettlte, bank', she
FsvePt the itrp.urci
Tilt DIANN 'LOAN.
Wpiide'cantie
:ureter; heau
pakti4,doljim
..
' Cr" .- -
''••• . - • -----'-'',' - - '';'''''''.`7 put-. -- r -0
'amounts, and without km:4y.. , . 1 e issue to Man
-al_.onetses MorejW. ilbublajlart - jiquelca its
ollbck-ij thisfWali n 1: any time i'donvO: It e
ioenert,:tairiltiwYond the !siliftlti twits o
1
Istintr.; ' '',,,- ,4- : 1 - -,.- f =t , ,-,,t
jitt :ha a r rft(ft large Some' ectlittnates or. e
Pink kilinallieir telly to New Yorkilat redithrgon
sled oflitevilible ;:ilecessity the, bank. stink wider
'the preiettle.'lathtt time of the falttrnsitheiiiitie
amount of specie inithaibnitrwa 3 thiriPoin'en'zin
alelf pentej . which WAS to reared bY a rePayiners_ .
of one- - af tho'brilikiriEWOPWerife.lltire - sitFfilli e ,
Sixlcents. It is impossible to imertaia the amours
of good debts due the bank at the time of the fai
lure. in order to fix the Value of its assets, from thl
sintorteintrof die Mannar la Itsgard td discouni .
Istft-f 4O Viillitiajltred y4rid funs or five' ott e
.
"Inlitle'Weset3l64). ' ' Aden t of those transec
tions„ the asset* of the .. ' k_ ti:7 appear about as rol
` Iciiiititt the'drifectibriltilifir l7- _ -,, !:!...
• • :1• • ••• 14 ,•-• • ---;,r,: 1 -7- , r , :.....0 .
• Bpbeitr: 1 ...1f - e'“.ti , .."-..i , •. Ift .-..,•:.....-. (.:. - - - ose•-8 .
'..2„.... , Banictiotes. good. -1 1 '' fr ".: 1 - 4 'W.a/...!..:-)A'' •
,C100d.debt5......t.....i„ ...:. ~ ' ' ,, - .,24:000 t)
. Ddubifol do, • - / ' - 14,000 it
Claims taken by rieStitio'' ' • . ' ' .. `1, 1387 b
~I tersotial propenv; . *.';'.,.;,,•/.:/''../...• ....' :100 01
:,$30,214 20
: -.-The. _ amount due deppsitorts,Wits. th ree thousand
kte-iiundred and fifty•five dollaivi and fbe.syltols
einofint of 'notes out over tiro ` hundietc thenian
defiant:- 'The greeter partiathelfceittetin dietitian' ' 't
dothnei maitel doubtful 1 a tit wel will' serer( o sta.
thierli , ... : •,;, 'tit. -,' s---: -..,.,-• : , ',, ..1-
Upon the . disoppot book appear entries in 'elk
lion to discohnta niarleCto rancois persona in 'ili;
West, throug,b inicagency of 8 . ..- A Thenntisbnr or
in'connection , Whhhis dealingy*ldr the - bank)...
Toe entries bear date ftemrMityentil Aughat,e Rik;
and are of notes discounted; some of the lateronits
being, apparently renewals, of farmer ories. 'The
that note disedtmted s wad' Oda stgrieilby William
Bradley •and others,' and , imbued cby ; Therntion;
for twenty thousand 'dollars. Subsequently:mote
of two thousand , five.hundred defiers weressepeet.
fully discounted to W,,,flaltideori,leter,Poorld.-
I: C. BrOwir, Williiim • Bradtes„ ' &C -- • - ' The , ' tWent •
thousand dollar note is in:1)6830)40a eif-she.pank
and theothers are .allegett wilier, . gone: into. I -
bands of- A. St., Joitn,l, is I nalttiownk ! __The , worm
due froth - those persons is , urilinowst; but it is Oea
(flit ''a large . sum is irretrievably lost to - the bank'
upon those tmnstiotions:' Nothing-but tetkleethes
could have prompted-such disicounts by, the•-•bank;
made, as they . wenp,ip violation of every principt
of prudence, and apparently with'an niter disregard
Of:winks; ' • .'' •: 'i' - ' .' .
The lack of capital "toloim the basis of opera
tions-.the special; loans Ii), Mena and others— , •
these discounts to _Br:Wi l ey iond -others, were un.
doubtedly the centres' of, the Ware of the Bank o
Stisquehattna County . ";
TheC l Ommissionerts" as
impressed with itratioirsietierip that air the manse
Meat of the institution otiginated• in, and-was con
nected with, the deceptiVe. and unlawful arrange
Merits in regard to the capital stock, that a stringen
Provisinnin the clntiteri'rendering . directors Perso
nally liable to nowt tioldersi-• to the'unthont" of th -
"peal stock-of • the .bankterstme provisioned a
similar charectet;. ;would . have :created: a whiole
seine restraint Oponfthe 'oen; of the batik, end in
aft' probability seedielf i Publent . and Careful ma:'
segment of its affair,. J , le cairn of a hoary perso.
eel responsibility uPotrthe officers()) the bank, it is
reasonable to, belie,ve that . any, sech reckless leans
ell discounts as those before sorted, , 194141110 9
erer been - made; '' ' , ; i • -'' -- ' ' '
_An explanation evert-for the faet of •-ergenizing
the bank without the payment of the-whole capital
stock, is, that sanitteh capital was not considered
necessary. In thin case, an application the Legits
faith* to reduce *a capital stock, wit the 'plain
come. to pursue.' I AO all evenbs, this er),,,i?on is'
no excuse for a-violation; of the charter; and a ca
me: of deception -pursued for years toward the i.e.
gislature, aid the publie. , A loss o 1 over one hap.,
dreirthonsand dollars to innocent note holders, is
the practical result 'of• the policy adopted by those
who had the-organization and subsequent,nranage
spent of the ,bank in charge.
The commissienera'in- i. conelnsion, hthe pleasure
iii stating, that The Persons ecinnected withthe bank:
arldcintrose wi th Were'relred upon,efforded 'every
reauthable f acility' to- , the making vithe investiga
tion;prd tharthoseof,theny .who were examined
as witnesses, testified with, appirent fairness and
"fidolity.'Nor did itappial in evidence that any er
' them . hid; frantbilently &lint-stied the' funds or , the
bank or itopropedy applied them-to their own par.
poses. - vs? C. E IVRIOHT. -
i . C. 41. BUM:ALM.
lITRACT6 FROM TAE EVIDENCE.
An: William friorp, affirmed.
Prior to opening the:boors for subscribing stock,
some persons ;iphbantrose . who designed taking
stock,/, having teamed that pensors—brokers in•
New Yorlt. and Philadelphia, proposed to take,stock;
at a !netting deterntitied;thst the stock should.: be
taken here, arnre foreign ilifirienee thotiliinot go:
verrr the matter.-- Therobjeca .ptivored. , :la*as; to se--
cure theitock inthiesod adjoinipgceuntips..When.
the boOks were openedtbP islCcit Nvigi iSken =not
*
din. ' rtni:ithabfento'llsoY *heirs; or in whir
sums, stock wirs•taken: - .A , company having been
formed for the purpose-el biking . all surplus steels
that resident individnolkdid not want to take them.
snlves; the surplus stock beyond , that was wanted.
by ineividuala in their Gird unifies, Was liken 'GS ,
this company to the whole' shining of the capital
stock. The arrangementlelthal surplus stock was
left to L C. Biddle and tA L' Ward. %Vine amount
was paid by stockholders; who held - stock in their
own names; t cannot say Whatever Minnie vras'
actually required. to' be paid by the dharter, vas'
paid to commissioners. l'he commisidbeittr , stert
Air, George
f uller, and others. What arrangements
was made by Ward ,and Piddle afterward with the
surplus stock, tarn riot able to state. ,The'stirplus
;*
stock alierwanirfearitie in the name of James C.'
Biddle EiCor.-, the comp tay consisted of Isaac Post, . 1
David Post, Svlvanus S. !Word, C, L- Ward, Da--1
1 1
nip! Searle, W , Ward, IJesse LarreiWm L. Post,
hand myself.r e . star 'stood in the name of
James C,' BAH & Co. For about a )fear after the,
subseriptim4' etSarts 'area • made • to ,' distribute-this
stock iu the-eountry; loin unable wispy bow much•
wart ilistritiiPed.; So :much of the original ,capital ;
as Was dettiriedfnecesitrq to do binsiness by the
directors,' Was actually paid in, and the residue of
the stock, *as represented by the notes of this corn
parry. Recipe the: bank went into operation, I cease
ed to be a director. ,From time to time I wee af
terward calla upon to sign renewed stock notes,
and did so. James C. Bidder died ahem 1842 "Ore
was the presictentothei bank froth La organization
. until; bis daatk and bad ;the princifial ohirg,e of He
financiateoncerns, eel undetathod: l Atter his:death ;
the ,company *named t h e name of Wm. Jessup 4:. •
Ca'.; for die purritis ereli the Bistieli" sitiiittitt iii the '
itaate'of litintes - C;llittdielet•ti. :41 lotnn sable= •
Twat Perictdi.Natuu,desittskby ntheni composing
.14 . qemparty, and having„ichargeof il from tithe to,
time, to Webster the stock scan n " iii their name ,th .
thetwoki it did ici;: thelreititer` hooks' Wilt show
the. touthaction. ''• lAtrthe ihnitrif 'the transfer, I tt
deretood ii,wan hreontemplation tt:• windiaPilieltk
tairs.of tkir.l.wr.la*, This is. the,autsitance. ofthy •re. -
oolliction its I th the :stock : nnotets,ot the bank, A
referePee rib ilirs'.. &rots ' aid' papers Of 'the ' bunt
woulttleOttabffrefteiti` thy feiottectidtt ail to ftithei : '
kliallater. thilrcorreectinic.- 7 :,: ,_..• f....:....:-.,. ,•.,- ~..:. ,
In 1843, iii•Fnlntary. or March, Ywaidesited by
die.direvors la el ip i rhil !t delpina follthe 4 , pthitctse
of;there' ithasisting hir.,`',lsm, , the . , . president . ef n i e ,
bark in'erratig,entehi`tif Ilier bust neris:Of 'te hank;
which hint fallen filth ililiiiiiitt With 'Stiiiiii . :St - Sier.'
ItanAtm ) ifirs 'The)! hail -beetriatraiteit4ith' be .
funda 01 pie. hank la a: larmatnthod s . anti 't hail ag•
proiniatnd ' them in. their own: purposes, %And the
bank Weis 'enable' to feeovet :these from them. :1
,wenuto philidelphia; found that Storm &' Mtmte,'
were thtterlpiasolvinkand lhad so•Aarge e-aten to
their hands, fos-,whick they : 4ll4'6ot account, that '
re4mPliPtip yi PeAle!phist had tple suspended.
Litige 'snms...eri e papernr thtilitiik Ind,buisf
fledged! by' them for loans or eitonsp
,in 'smaller'
4tntinti Inc the redeniptitm . or Which • arrartiemer.tr•
:wens think: l'he account -wititiSlarM 4 Morgan
aitalance of, y think,' $11",090, was ' found d 1; tht;
1 i , 4
t r
bank at' at time . iiccePttmcirs hid been receireit
i';'. , l i cpri4r to' that Ante, on that account, to.
-,.. o nt 0 1 10 ; which! have since been proved
on ire .yitatatlabe and worthless ; maim...the
Ow ..
tole a teal loss tote bailfof *taut -Sao°
OSttli I! 'The Whole amount ot ,liability in the
titst- ins 4 7 was.abont tslB,ooo, but-the bank rea:
fixed irrtliewartsactions, so as to reduce the even.
Mal loss, to the sums I have stated. The difficul.
ties into which this ct„epf. th#W.the baaktsether
Wittnritidifilitriain , Colfeetnittoine ritterlirge
elaime, compelled it (00U:twilit; anitafterwarft e
Aransferpf stock of the banlevitue . - ' , W in content,
teMplauort of a,ctiuding,Fp . oltht , piTairs of the
''
The 'bank remained suspended
. tintil St.-Johns
came intb h. About the Wile the St. hams came in
it, a careful statement Watt Medal the jnesident
MEI ift teillkWilitkiiiikirtloivleg it' iikie — al.
ertdiat if a‘detirtAlSNOW, reatin,..*ip a judgment
ri properlyfle 'nflorlin Mew' York, and a debt
of abotit s2,txo due , bysome persons at Towanda,
could be rectiveretlohe bank Tin* briAble to pay
all it tired;_ the amount of stock paid in.
I hid 8.500 worth of stock, originally , in the bank,
which I subsequeptly#ansferted. 1' -, p
Moses C Tyler nffirmai---"-'---
I was one of the corniiissioners to - sell I stock; I
attended the sale, at least a part of the time. I sub•
scribed for firs'ghtues of the melt, *5O each. I
paid in f 0 per gem. On the 6ve,.stuttes, ;
never held more thou Eire shrires4paid in the Wade
amount subsequently. osificai A . sold
my shares titter January, 18 , 0., kW.sn,account
at the hooka greeter part of the lime, and ; sit.
ed my surges funds there when I had any 1 did
not know, after the blow up ia,11342, flat the
whole of the caphajentek was not nip .
posed afwaySonitil then/ that it bad been paid in.
1 wail, daring
the time, o resident of Montrose, and
a merchant. There was a.resolution: ()tiered, a n d
lost, that payment of the: 10 per should be
pea in specie. When:l went to pay for my shares,
the officer, Mr. likfditiligi4 they were mitt in
the stock. ,
George Fuller (Owned. ,
I attended as, .onc' of the edinmissicnrtra, to sell
the stock in - 11137: - loge
,n motion : that . , the ten
per cent. be paikin specie, which motion was re
jected., After, Wit resolution was mied to pay in
current bank' nOtOs ai speeip,Tionng rAO ;ego
tire, I refused to sip the eommi*ioatea,report - to
the Uosemor-,,, I think the Ave pey eit4t: tiraolpsid
principally in smoney of the Tr/Wanda Bank. Ther e
was some person here conne cted with the Totran.
da Banks never a stockholder in the , Bank
of Susquehaunteounly.':
John F. Means Stearn— • . • ' •
1 have two notes left ; With Mr. tsaar
lam, (produced and copied
815,000. - Mowtaoss, Nom I, 1.839.
Six months after date,,,we,jointly and severally,
promise to pay to•-the:Ba'nt 01-SosquehannaToun
ty or order, fifteen thinitand - dollars with interest
from date, for value irein‘d. • '
(Signed. WARD.
Cl 4
" DANIEL SEARLE',
S, S. MULFORD ?
J:C. BIDDLE,
: t ,. ISAAC POST,
- DANIEL POST,
.
. WILLIASI JESSUP,
ittitiay DRINKER,
•
WILLIAM L. POST.
Endorsed J. C. DIDDLE, President.
Corr oid szirosu•mars.
548,344 63. Moltruosli, Nov. 1, 1539.
Six mondramfter damp, - see,jointty and - sereraly,
; promise to pay, to,- bank of Susgdebanna Coto
.ly, or order, loilY-Oiglif theusand thret. brindled
and forty four dollars end silly4ree cents, will in.
terata:Aiaciate,,,4" !Aloe received.,
(Signed as above, but not endorsed.)
• Ifiinefai.-Q4're4eiied them of- Mr. - Kellum; Ca
shie: of* Sisquehanna county Bank, the 3d 4.4 f
of May, 11344,
_at Towanda, where . I reside. Mr,
tellum Wei going West, and left them with me.
under`the itiipiessrb fr dint two one of his bonds
men to ber' &Were& cfp to the Bank Open settle:
mentor the.diftienhies between him and the Bank 4
The notes were to be giVen, pip upon settlement as
atoresail, and:deliVery up . by the Bank of Kellum's
two bonds that-he:had pied as' cashier. 1 hare
retained the notes singe, then. Kelthm then
went West,where he has resided; he is-now in.
California. I let Mr. Post, the president, kitow,
some time Offer I received the notesohat,,,l had
them—of he spoke tb me on the "iiihjset,
reefed mw , to retain them. I know% %V. L
and C. L. Ward's signatures to the notes.
Errracts from Book of hfinutt.l of the, Board of Bp
rectors, Pate 55.
Reso/vcd, That the hank take - an assignment or
a transfer ill the stock held by Wm. Jessup & Co,
for whieti beets' given, and that lie notes
'have beedgitekirand that thencites given' for *nth
stock be. surrendered.atid-cancellgtl, , no stock has
ir!g been , issued
tovembek - lh 1043.
P. 57,9 th July, 1844*.
4. - ; Resolved, That we accept tEepietposition to re
instate this bank, of Si. John kGoddartl, and A. St.
Jebp
,Unanimovs/y adopted,"
P, 60.-13th May, •1846.
' .Piesent L. Searle, A.:l33lJwin,"Wm..l.3lnitord,
V.'S. Chandler, T. P. St. John, and Win. L. Post, •
Presrdent, °
• - . :•03 Motion, - of
"Resolved ; That the president' aztd cashier Le
hereby authorized to enter into and conclude aq at
ratygement on the part of this bank, 'rah Seth fl.
Marin, eaShier . Of the Canal'llarik'of Cleveland. or
5.-R. Mann anti T. C • Soventnee, cashier of the
CO/ Asa, Cleveland-,-Ohio, to furnish said Mann.
or Alonn,&,Severance ; with the,pirculating notes of
Milbank, to an amount not exteedin,,a $lOO,OOO,
upOn such terria'as they may client proper - nail's:,
amid that bo authorized to deliver to the said
Mann or Severance, such amounts as they roaY
deem vivo!, cfurAngthe (tendency of - exchange of
contracts between the parties."'
P. 66.-;-Ist 1849. •
Present t W.L. Nov.,i rust, D: Searle, W. J.: Ttiiireil,
Webb, T.4'. St. Ibbri, lialset;:ttel pursu•
am. to cell .o tite %ardent, ,;
Searle, Torren t C.
Avety,,,and W. L . Post, be a cornet ittee to examine
iottilhelui - iness of tti6 Variki,anil report '
as catty
ailinteiieabletO tber bear& •
That the President, W. L. Post, he,
an,4,110 is h.erfsby.skut);(o24, and
_Zirected to ehh.
It laird 3 tMettlenry Dmaker, their heirs
or aim' lathe interest of the bank of Sumer
hatinwerinttlyAri‘and•thithei - teal*state in Carol',
in. die:State ritliew knOwd sr , the , t
frar( lunpetty/looer ift possessioi, of 13. Sacker,
otultatung 2 0,a9Mte,,11 tfulltitOugs the said Ward'
and:Drinker to _sell 'and "dispase of the same !of
tilidt,'•eir On eredit, anti apply the proceeds in NY'
:mem orthe seventitlepositom, who now hare Wl
anted due feorkthe iri : the first place and
the surplus i - o,such.certiheatea of deposit as frIEY I4
issued by the Baird Of - Directors; 'applicable to the
'futtilihrtihreatikthelmitch 'mdi or purchasers not
'fittlfuitrirthdir-this affected. in any way by any lute'
rippiication,ofTheimtehaso money.. •
- • a 4kinived,That the President also further assign,
and danifer girlie same pnipo.t4; to the Fah!
'Henry Drinker, entre. L 'Ward. the note of Henry
Randakfors3,4s9' 70, dated 4th July, 1818; the .
:proceeds to, berapplied as aboret"
P:49:—April 25; 1343:
Ths.eommutee appointed by the directors to cm
,fero with Mr. Kellum, state that they have had a cow
furence with him, in which he expressed a reset'
'antrapidik,wites foffoing'refased to proc3hd with
the business oi the bank on his retorts from Ithaca-
That•aber a long conference; with Mc. K., the com
,mittee,:from his statement, became satisfied that
the'suspicions heretofore existing in reference t o
his` inipropet connexion with" Storm, &s e , wercoto i •
outlimndation. I
Thor are not aware of ariythiag militatinz spirts!'
MI