`J. W. catißus, ricutde4 THURSDAY' , FiBR,VARY; 2t) .1851,j • , Agag..atig Safe !, Nothing has occurred - fur a long time to cause such a general outburst of joy and rejoicing in our iitiestand throughout the whole country, as the ti dtngs.brouglit, to New York on Saturday night by the arraial of the Africa from Europe, of the safety 6f Vi which sailed-from Europe about- Christmas, sill not 'having since been heard ' Qt,, was almost giveji up for lost. We have i only tOOOl tiii* week to say that on her ninth day at sea, when more than half way across. she broke herprain ahaft„ when after friiillsas-attempts to reach llaii fei*somerother western port, she was fifilly • driven back, by - westerly winds and landed safely tork..in Ireland, on the 22d of January. Her passengers were all safe toe, some of whom came in the Africa. nre again indebted to Messrs. Sanderson of the Senate and Reckbow and Mowry of the House `\otterir•esantatives for several recent favors from • =ICS= A T 4 vmperance Address recently delivered in tenox,,.:(b:y whom we aro not informed,) has been teatindfor publication ; but it wa.i not convenient to'comPly with the request this week. . . lam= 'Such of our subscribers in New Milford as *Mild be better accommodated by haring 'their papers left by the driver in a package at Boyle's Hotel than at the Post office below, will please io form us and they shall be directed accordingly. ~~~ c ~: + Y~I F~ flirWe copy the Bank Report this Week to the exclusion of several editorial articles nod matter designed fur this paper. We hare noroom nwik for extended comments, mit will uuly) say that it is acknowledged to contain several errors which will probably be indeed hereafter. • • - We last Week dropped off several non , taiying Subscribers, and after this week shall pro bably cut off a batch more to whom we have sent the paper already too long for our own interest. We can't afford to give away the paper any bin eetn those who don't try to pay; and there are some such whom we tntend to show up io awaylimy wont_ like to see their names printed, when We get time to prepare a Black List. things at Harrisburg There is but little in the last weeks proceedings worth copying when we are so cramped for room. We notice that 7 petitions fur the remova?of the muntrseat were presented one day by Mr. Reck -hew. :The Tariff Reports and resolutions, though still before the House, were passed by the Senate last week. Mr. Sanderson's amendment, sustain• leg the Tariff of '46 which he advocated in a speech offwo orAree day's, was rejected —= one part by a vote of 22 to o—another by 21 to s—and another by : 22!o 10. The resolutions of Mr. Walker of Erie in favor of discriminating duties fur protection 'Were sustained by 28 to 4on one part-25 tai ou 111034luir and finally the whole adopted by 18 to 14: Things at Washington. These things are equalky banns of interest. The Cheap Postage'bill is so buried up ,with &trend- Torts as to be nearly out of sight fur the present. A joint rwolution authorizing The President to con fer-theta& of Lieutenant General, intended es a tomplimeatio Gen.Scutt, passed the Senate by a strong vote, being eloquently advocated by Dier...rs. Clay ti!Sestitd, and supported also by Col. Benton. " CREDIT TO WHOM CREDIT is DrE.—Thift whole come rule has been violated (perhaps inadvertent- Ijr) by (le of our exchanges—the Carbon County mite--in copying the original tale entitled "The ltrild :Goose Chose," written expressly for , the Reg ititer,Withiput.giving credit tnerefor--leaving it to be inferred, of course, that it was got up in Mauch Chunk, ..lxiother exchange—the Lewisburg Chron iek---e' aphis it with sundry alterations, and though , - ~ it, .• givnigthe Register credit, imputes the authorship itnicelLunglaiw," itasad of Ebenezer B. Fea code; Esq.;• to whose geniit really belongs.— "`Mretkricu,tkese thing s ing 1 t not so to be." : ' ;11rOrrthe subject of •Ilfi - Av County seats, the 1134 idianced that, one - section flaring beta built . - '2 and enriched by the location of the county buil dinge,,,they ought in justice to be removed to other Minns to enrich • them also, ,has entgge'sted to our mind tipl urn this principle -- of giving the farnr to44:tinFtien!:by tarns, the public buildings sho'd b!untected onwheels or runners, to be removed pe lisiiiinally from - town to town to enrich each Inca -dint *turns; lifter (lie manner that some farmers 4illcf.:44llhay balms to move about front i y year to ,yetFaini,inanure different portions of their fields. 'f, ::.11' - ' ,_ --------•------ jtakiiitgp *bowed several weeks ago in reference ktikeit.a4legation that the eastern- portion of the county exceeded, the west in 'growth of population" and-. paid. the. moist _taxes, the., that leaving out , Brooklyn and Lathrop as being on a central line &Nets the east and west, and counting all west of these, and of Great Bend and New Milford, the weet.);iefl, had gained 137 more than the east, whilithe present populations these western tOwns exceeded the eastern by more than 2,500. Now surfortha *Era . , it may be seen by the Comity StitienikiC.Which' we publish this week, that in, iiiiiii4est;4;i4o, yir ,A.ubuni, Mush, Middle- , town, Apollaccai, -Choconut, Silver lake, Forest I liakit;44emup;- - Spriorillei Dimock, Bridgewatcr, YrntiliThi':l44 Id*" ;with tUe boroughs of 'Mont: troseifill A titiudsilllithe County tax of last year aiejlikOed to . . . 8032 i 59 'While-Abe inregate of Couuty tax in . Niiiv,lttittard,43Mat - send, ilarmaMY,,, ' l64 4 . ifli 'i .;±:4 l :°,Fisir Gibson ,tieriick,. , ifilii l §4.4*.F.lad. cliffurd, jaciu- : . - 4 --;Scliii!esdat,iaying,less taw, these western l. ogogiiiti t Aric#Ousand tiv'e,'dollars and fgur:Frote the mo a t. /Wu coveting ( 6 9u0 1 about half fel#l)..tie tatesin thin : 'Ff'ol l n to!BlOXlmidAdJthliveCAtitatumiro .-1 1' il.44#iiit;foool44:o/41rfej*iir -. . f. - ill erfurfylilrei_istiee .to * "tinifiiiined 'el: si+Ose of ,*TtDsOaidie, Eeq., .tolle 'Oetsratiiiii ticind,Fejak' addressed to,him'as clutiri4es of* Gieetliendierdtpinl nieeting. :We have no deli* to ktnito , e .r utite f triparty.to the coutroverey lay ta kingthe mitt r out of the hands of another, and the.publicican judge how far ha has made out his i case by sustaining the sweeping charges of jeal j ousy and hostility on the part of our citizens to im- ' 1 Pmm veents designed for the benefit ,of eastern towns in the cases cited. We would merely sub knitwhether the alleged remonstrance of Judge Toss to the loeition of a new Turnpike across his village iota where it was talked-of, (and which the inass of mit citizens knew nothing about,) is con clusive evidence of the hostility of the citizen.; of Montrose generally to the turnpike itself, which was calculated—to benefit this place as Much as Summers - Ville or Great Bend either. The publiC can judge also how far the movements of our citi zens in favor of a Plank road to the railroid. leav ing the route and terminus to be determined by the stock holders who should build it, upon such con siderations nf feasibility and other advantages as a examination of the subject should die. .ed any such jealousy or hostility as was ards Gieat fiend or any other. .place. survey and close, critic imputed, t• For our ill meats atleu' at-ray confl twos of the! est in prom) ity of each indiViduals • to the real . 1 uther, we p 1 munity of e tiering a re ,I terests and 112=1 grasping sp , true; but ty, our fellow . I and New 11; ly aroused, and frafern. I l in each of tl• souled and posed to tre•, DEAR SIR. inst., a cow over the gi l l which tbougi . . couched in s respectful language, as justly, per haps, to meri from me a passing notice , Though alutterly un ustomed °to newspaper scribbling] I will cheerfuliq and confidently undertake to an swer your Ittdine. inquiries, - which appear to be substantially mbraced in the following extrac+- and shouldreply interogatively, you -certainly 1: cannot compf in of my adopting your own ma.nner of address. :ou sny, ••may I ask you, to specky the acts done by the. citizens of Montrose tiE4in which you totted the following assertion contained I in one of riot resolutiOils, we are impelled to -this course of actirm by the evident jealousy on te part -ce-the i+tbitance of - Montrose and vicinity, , n, / respect to . the present prosperity and prospectite increase of pieptilation in the eastern part of the county as manifested by their indetatigable oppb sition to any and all internal improvement projecl.a calculated to promote our own interest-4.' Again you say, ''Will you chi me the favor to specify otte instance in which the inhabitants of Montrose hate manifested any opposition to any internal improvia- Ment project calculated to benefit the eastern see lion of the countyi I, sir, fro deny in direct tet Ms that any project has been attempted which they. have opposed Now, sir, why was it, that in the wiriter of 1840. .(the same year in which our legislature granted to the New Tor 4 cb Erie Railroad Company the right of-way• through this county,) i rhile an appl - cation made :by citizens of this portion of thb county:, for the incorporation of alcompany to cur). struct a turnpike between MontrcAe and Suminervi rille was pending the Legisiature, a remonstrance against the measure, headedby Hon.. Isaac Post of Mtintroge, wa r Cone to and- presented by our then reprs4entative i in that body, iMr. Case, of Bradford County, to our State Senatel Was it not occasion ed by fear that through the inflnenceof such a fa cility fur apprriacli to the railroad, Great Bend aad SummersrilleSmight be benefitted to the prejudice or Mont P 640 Why wan its that while our citizen! were asking tthe leghdaturoi for the incorporition of a company' to construct a iPlank road betireen Montrose and Great Bend, dist our Representatives were by the people of Mobtrose importuned ' and enjoined at the same thielto.have mmther company incorpora ted for the cimstruction of a similar road down Snake Creek tio tht State line; Was not the real object ,each as was nearly attained, to wit: the de feat of both prkwjectSl It aPpeSrs Jo one to be quite nn i nec!mary to multiply wqrd i s in so clear a case, aid therefore bul you a -respectful adieu. 1 - S. TRO . W - 311.1DG E. 'Nzw Comrrtks thc.—The Bradford Argus. says thereis one prOject fur the erection of a new coun ty to bp made f the eastern 'rtion of Tioga and . the ;'western of Branford; one also to divide ,Bradford in an ; eastern arid we ern direction for a co ty seat _atiAthens, and an they for a division f ~ the n. . west`to 'south east . The Argus don mention 4 . , project, said ta be advocated by sore in the w ~ portieniof .this bounty (provided Il the) can get o . County seat for this part removed to ew Milfor. ,viz to make a • new county out of tits West of Su e nehanna'and the east of Bradford, with.. a county t , t at Frieridsville. In this last project howeve lwe uniierstand some of the Rush-' vine people ar wide awake fer.getting , a county. ..i '; seat at the t fo . . of the Wyalnsing instead of Friendsville,, w , ids the/ will 'be very apt to do trAla encli a, . ;situ, it effected—unless as some folltikheee: . 1 . : 4 —tel, they get a,few to.floar of Neer:tprir *snee Ito their .new county to bruit Frietidstr . e nearer the centre, 3,457 Sb - $1,095.2#, ie Fabiatijit = ttl+ hery rainslast week and the 1 break* up of e, egrekt.frethet . wat . ipecoduend i n th e , Liebmann 24489p3ieh5,0.ialilie Wilke" -Batre-z Ta tt r.kel9 4 o-j,c!. 1 0431- 7 *-Pile4uP along i*r4Priliild*lliniK ; ~f '. z - --- •. ' -1 ":11-'1 zt r•i ":: N. ':. .."- ~ Reply of. Ur. 'Trowbridge. , n pa t we deprecate all sorts of move ated t, create and foster jealousies and ting interests between different sec county. We have all a common inter ting the general welfare 'and prosper and every part; and whatever a few n one place may 'say or do prejudicial r fancied interests of individuals in an !otest against involving the whole dem -I,ch section in a general strife, engen r iatory disposition to thwart the in. Resigns of others. That there may be • contracted, illiberal, jealous and rite in evety community, is doubtless have charity to believe the mass ofk, ,fizens both here and at Great Rend lford, if their prejudices are not undo re actuated by more liberal, generous impulses. We know some of them sluilaces to - lrie liberal mind 4 wbble ublic-spirited men; and we nre-dis t such not as. enemies but as friends. the Susquehanna Register -I observe in the Register of the oth nication by some anonymous writer, lature of "A Citizen of -I/ontrose," directed personally to myself,i is Oi _ALEN E. WIGHT OF BUCKS COUNTY, AND CHAD* BLTONALEW OF COL:01IBIA COUNTY, Commissioners to investigate .the affairs of the Bank of Susquehanna County. To the honorable Senate and louse of Rep resentatives of the Commonwealth of Penn sylvania.---The Commissioners to investi gatb the affairs of the Eank of Susquehan.• na County, REPORT That they have discharged the duties pre scribed in the act appointing them, and trans mit herewith the parol and documentary ey idtince elicited by the investigittitm. In or der to 'report accurately the causes of the failure of the Bank, a statement of its organi zation anti general management becomes necessary, and, in fact, appears to be contem plated in the act authorizing the investiga tion. The - Bank of Susquehanna county was in corporated by act of Assembly passed 3d April, 1837, [S. Laws 1837, p. 280.] The capital stock to be $lOO,OOO, disided into 2000 shares of $5O each. The capital stock was sold by commissioners upon the first day 'of September of the same year. Tile bank went into active operation 18th December, 1838, and continued to do business until January, 1843, when 'it suspended. It was resuscitated, and, resumed operations 9th April, 1845, and it finally failed, 27th Octo ber, 1849. James C. Biddle served as Pres ident of the bank from its organization until his death, in April, 1841, when William L Post was elected, who -continued President until the final failure in 1849. Isaac S. Kel lum served as Cashier until 21st June, 1843. There was then no cashier until 9th April,' 1845, when Thomas P. St:John was elected. fie served until 4th of August, 1849, when C. P. De Lamater was chosen, who continu ed to be cashier until the failure in October. No bail was ever given by Thomas P. St. John or a P. De Lamater while they anted as cashiers - . The names of the Directors, as they were annually chosen since 1843, ap pear in the evidence herewith repc)rted. Prior to Ist September, 1837, (when the Stock was sold,) a company was formed for the purpose of taking all the stock that was not wanted by individuals, resident in the'vt ciaity of the bank, end to this end the com pany procured $lO,OOO from the Towanda Bank, to pay the 10 per cent. required by the act of incorporation to be paid at the time of sale. For purposes of 'designation, the stock so taken by the company, was call ed "surplus stock." One of the members of this Stock Company was chosen Treasurer to the Commissioners, and acted as such at the sale. The stock was sold on the -Ist Sep temper, 1837. It was bidden off in the names of individuals, and the 10 per cent. paid, principally in, the notes s f the Towan da Bank. But over three-fourths of the whole stock so sold, was, in fact, (although in individual names) on account of the Stock Company, Find subsequently held by it. The Bank did not go into operation for more than a year after the sale of stock, and du ring that time some few 'shares of the sur plus stock were taken by individuals, to hold in their own right, and transferred to them. On the 10th of May, 1838, the Directors, by a resolution, appointed the President of the Bank and Wm. Ward a committee, with full power to negotiate in Philadelphia, or elsewhere, sale of a portion of the surplus stock ; but no very considerable amount ap pears to have been 'sold. Promissory notes were given upon the 4th December, 1838, to represedt the Surplus stock—one of them signed by the members of the Stock Compa ny for $60,000, and the other by James C. Biddle, on their behalf, for $15,000. These notes were drawn payable to, and were de posited with, Allen and Paxon, merchants, in the city of New York, and a format credit therefor entered by them in favor of the Bank, about the time of its organization : A special loan of .$11,655 37 was made from Allen & Paxon about the same time, and that sum actually remitted to the Bank about the 7th January, 1839, apparently upon the $60,000 note above stated. But shortly af terwards, in 1839, these stock notes were re turned to the Bank, and on the Ist Novem ber, 1839, two new notes given in renewal _ _ thereof, both drawn payable to the Bank, .and signed by the memberi of the Stock Company—one fcir 648,344 63, and the oth- er for $15;000.-These two notes remained in the Bank until the time of the suspension in 1843, when they were carried off by Bel lum, the retiring cashier, and by him left about 3d Alas , , 1844, with John F. Means, Esq., of Towanda, where they have remain ed ever since. Upon the 27th November, IS-12, the Di rectors of the bank passed a resolution au thorizing an assessment or transfer of the surplus stock to the bank, and that the. stock ' notes therefor should be cancelled. Thesame day the transfer was made accordingly., The amount of surplus stock so transferred to the bank is stated upon the transfer book to be 1630 shares, amounting to $Bl,BOO. The whole capital stock being 8100,000, there would therefore remain but $18,200 (364 shaies) at that time held by individuals in their own right., The eVidence is clear that the stfrp/ui stock was never actually paid in, and that no certificate tens ever -issued there for. The 10 per cent. in Towanda money. .paid thereon at the sale, and the special loan Of Allen & Paxson, were arranged by the auk, the stock company eventually being Sobjected to no responsibility or loss. The liurplusstoCit notes were simply used or held by the bank for. a time, and eventually can 4eiled by the directors without payment.— The whole tniusaction in relation "to tbesur tins stock was 'an open and - Illagnuit Leon of law, and the ground work of the. pub aequeit Misnuuuteat and disasters/of the institution. 40 - The act incorporating_ the , bank provides as follows is relation to the payment of the stoat LaWa I,` 8.7; pi 280.) "Section No discounts ishail be made nor litiyi,hotis ionic! by - ; said until Ole whole easpii4 REPORT stock thereof be paid in ; nor shall the said bank purchaie any, nor shall any loan be made upon the pledge of its own stock." The fact that the capital stock was not paid in was suppressed and unknown to the Legislature and the public. The annual re port to the Auditor General represented the capital stock at its full amount of $lOO,OOO, during the whole existence of the bank, and the evidence of one of the stockholders, resi dent in Montrose, is that he had no suspi cion that the whole stock was not paid in un til after the suspension in 1843. - The returns 'to the Auditor General were usually sworn to by the Cashier before a Justice of the Peace, who was one of the Directors of the bank, and constituted the official intelligence given to the public by the institution in re lation to its condition and management.— The two Last reports were not sworn to, but had attached to them a statement, bearing the appearance of an affidavit, although not such in fact. The lack of actual capital by the bank doubtless led to the arrangements entered into in 1844 and '45, for the reor ganization of the institution in connection with the resumption of operations. The suspension in 1843 is imputed by the bank mainly to alleged misconduct of Mr. Kellum, the Cashier, and to losses conse quent thereon; but the President of the bank states that after the suspension, upon a careful examination of its affairs, it was as certained to be solvent, and able to meet its engagements. Yet, with scattered credit, and with little capital, and that mainly out standing in the shape of debts due the insti tution, the Bank was not in a condition to resume operations without some new ar rangement in its organization that should in vigorate its credit and put it in possession of' funds. Such an arranOment was made in 1845, but it was one of a visionary charac ter, that could not reasonably be expected to eventuate otherwise than in disaster. That arrangement was substantially as_follows First. That the Directors and Stockhold ers of the Bank should make a donation to St. John and Goddard and A. St. John of one third, amounting to five or six thousand dollars of the stock individually held by them, the said Directors and Stockholders. Second. Sell to same *flooo worth of the surplus stock for half price, ($3000.) feted with S. H. inn. 'The corn. . was accord- Third. Give St. John & Goddard and A. ingly executed, in vrriiin . g, and the 820,005 issued St. John - the manag_ernent of the Bank, and, thereon. Of this amount 88000 have been redeem if required, the right of naming a majority of od and returned to the bank, leaving *12.000 to be the Director adjusted between the parties. A. The Thompson Lean .— Among the papers of 1 Fourth. St. John and Goddard to loan the the bank, found after the failure, was en agreement bank funds to reinstate the credit, at 6 per between the bank and Edgar A. Thompson, of Cin- T ci h nnati, dated 10th I June, 1849. but signed by cent., to be repaid when the bank was 'able. o- t p e s T on he a na l to tzo se vi re de o d f 6,fottroaeolooanepbeye the ban St. John & Goddard were then a firm of brbank pilse.on, kers in Philadelphia. A. St. John is now a same terms as these'ortbe Mann contract. By the broker and a resident of the city of New -cash book of the bank it appears that 829 000 of York. Pursuant to this arrangement, Tho's notes were issued to Thompson in the early part P. St. John came to Montrose, was chosen o a f m A ug;uswt,aelti-c9r,eatisneddttboa.ts6bl,osuoobseardeen.t issu ood aetsththeet Cashier, and the bank resumed business 9th sum at iho time of tho failure. ' This amount April, 1845. 1845. A. St. John aid into the bank mains unaccounted for by Thompson, and he is be s3ooo for the $6OOO worth of sal-plus stock lived to be insolved, sold him, and also paid in an 'additional The President of the bank testifies that $lOOO for 2000 dollars worth 'of the same the Thompson loan was, without the' consent stock afterwards sold him on the same terms, or knowledge of himself or itie, Directors.— This amount of four hundred - dollars (inde- Tbat the two cashiers T. P. St. John and pendent of funds advanced Ou loan, if there De Lawater, were cognizant of it, is evident, were any.) constituted the basis of subse- and the filling up of such large amounts of quent banking operations, which were so ex- paper would naturally hare attracted the at tended that, at the time of the failure the tention of the President and clerks also. t amount of notes out was about two hundred under the evidence, perhaps, with' g butt and five thousand dollars. In addition, h ow grOss negligence and inattentione nbe char ever to this four thousand dollars, property ged upon the President and, rectors in re owned by the Rank, and debts due it, s h ou l d gard to the Thompsoixi‘Sues which were be estimated among its ultimate resources, stated upon the cash4ook in the same way and a portion of the notes out, issued under as those to Mann; in figures and initials. special contracts hereafter stated, although These s peal loans were alone adequate beyond the control of the bank, were possi_ cause f he failure of the bank, the issues bly not in general circulation. un them being (except the $20,000 to A. The original by-laws'of the Bank, adopted-Sf.Juhn)to irresponsible persons in large a 12th December, 1838, appear well calc.irlas mounts, and without security. The issue-to ted to secure a wholesome administration oft Mann alone was more than 'double the ectu its affairs. The third law provides that pa- lal capital stock of the' bank at any time du per exceeding two hundred and fifty dollars, ring its existence, and vastly, beyond the offered. for discount, should have at. least whole assets of the bank. . three responsible names including the maker In the fall of 1849 large sums of the notes or drawer. The sixth, that no note or bill of the bank found their way to New York be discounted except with the assent of a for redemption, and of Inevitable necessity, majority of the directors present, exclusive of i the bank sunk under the pressure. At the such as might appear as drawers or enders • time of the failure the amount of specie in erg of such note or bill. The eleventh, that ,the bank was 37 1-2: cents, which was in the President and Cashier might discount I creased by a repayment of one of the clerks paper between the regular discount days with to 42,56. It is impoSsible to ascertain the the consent of the resident directors • but all amount of good debtS due the bank at the such discounts to be submitted to the Board time of the failure, in order to fix the - value for their consideration at. their. next meeting. of its assets, from the certainty of the evi- The thirteenth, that no note over four thou- deuce in regard to discounts made to Wil sand dollars be discounted for any person at liam Bradley and some four or Elva others one time. The fourteenth, that the cashier lin the West. • But independent of those and clerks should give bonds with surety f or transactions, the assets of the bank appear the performance of their trusts. The twenty- I about as follows at- the •.. ',., date of the failure : fifth, that no note should be discounted for Specie 1,4256 persons living out of the State without at Bank notes,good , t .500 , Good debts 24 000 00 ]east one responsible endorser resident with, Doubtful debts . , in the State; and the tweets-ninth, that Claims taken by 1.4 000 06 &John . 1 166 72 none of the by-laws should be -rwinded or ...,. Personal property . 10000 littered unless at a meeting of two-thirds of , the directors, and after notice of such propo sed alteration. ' The by-laws. do not appear to - have been rescinded or changed by the directors ; yet the bank was.conducted in direct violation of their provisions. On the 9th of April, 1845, the directors adopted a resolution ." that the Cashier or President be authorized to dis. count notes or make loans during the-recess between the meetings of the Board," and upon the 13th of February, 1847, they fur ther resolved,'" that the Cashier be ptuthot ized during the recesses in the meetings of the Board to discount such paper asmay in his- discretion -think best." A mo te com plete surrender of the discounting business of the bank into irresponsible hands, could not well be conceived. The Cashier had never given bail; 'and besides, the 6th and 11th by-laws of the bank were by these resolves deliberately disregarded. , I But the grossest violation, not only of the 1 by-laws, bid of a system of regular. banking, was is regard to special loans. There were three loans classed under - thisi(ead, two of which are admitted to haVybeen made un der the authority of Diptdort, and the oth .er, t is asserted by the Imilg, was made by the i Cashier, withiptfauthority. For the,pur poses cif designation these loans are named respectively, the Mtnit Loan, ; the St. John's loan, and the Thorn - 00n loin.. - The Mans Loan.''- , Oni - the 'itth of May, - 1846, the Directors resolvedfthat the Presi -,i . dent and Cashier were anthonzed to make an arrangement withßeth H Mani; cashier of the Canal‘Bank - 61 Cleveland, or with him;. and T. E. Severance, cashier of the City Bank. Cleveland, Ohio, to furnish him or them with the circulating notesiof the . Susquehanna County Bank, in amount not-exceeding one hundred thousand dollars, on such terms as they might deem proper and just, and pend ing the exchange of contricti between the parties, to deliver to thesaid -Mann' or Seve rance such sums as they deem proper. ' Pursuant to this resolution, ft contract was enter ed into between the bank and .S. IL Mann, the terms of which were in substance—that the Bank would roan to said Mann its circulating notes to the amount of 8184,000 for his use, and to be put M. circulation by him ; that while such notes were in aetual circulation Mann should pay two per cent inter** thereon to the bank; that account should be'kept of amounts put in circulation, as well as of amounts redeemed and returned to 4he bank, and settled semi-annually between the parties; that the notes issued to Mann should be distinguish ed by a particular mark or designation from all the other notes of the bank; that Mann should provide funds for the redemption of the notes in the city of New York, and upon failure to do so for six ty days after written notice from the bank, the lat ter to have the right of annulling the - contract. and thereupon the whole amount loaned to be forthwith due; and finally, that the contract should riniain in force (unless forfeited as before provided) for one year after written notice from the bank to Mann of a desire t? terminate it. This contract was sub mitted to the Directofs of the bank on the 7th Sep tember. 1846. and 'by them ratified and confirmed: On the lath of February, 1847, the Directors, by resolution, anthbrized another loan to Mann, in an amount not exceeding 8100,000 in addition to the former loan, and subject to the same conditions.— (The President of the Bank states his recollection -to be that this additional sum was but 810,000, but this is in contradiction of the regular entry up on the minute book of the Directors.) No security was taken by the Bank from Mann for the redem tion of the notes isxacd, or for the performance of any of the other stipulations of the contract. It remains but to state upon this point,, that at t i tle time of the failure of the Bank in October, 1849, there was a balance of the notes issued to Mann. unaccounted for by him, of seventy-three thousand dollars, and that the stridence discloses the fact that he is wholly iry .. esponsiblo. The St. John's Loan.—By resolution of the Board of Directors, dated sth September, 1849, a contract for a loan of 820,000 to Ansel and T. P. St. John, was authorized upon the same terms as the one ex *ed - 'th ' Mar arse' The' amount due depositors was 3,555 and the whole amount of notes out over 200,000. The greater part cf the . 1,4,000 dollars marked doubtful above will never be realized. , Upon the discount hook appear entries in relation to discounts Made to various persons in the West, through; the agency of G. A; Thompson, or in connection with his deal ings with the bank. . The envies bear dates from Igny . until August - 1849„ and are of notes discoitnted, some of the latter ones be ing, apparently renewals of former ones,--: The first note discounted was'one signed ,by William Bradley and 'others, and endorsed by Thompson for 20,000. Subsequently notes of 2,500 were respectively diseouoted l e to W. J Hodson,, Ppter V - rhies, J. C., )3rown, William Bradle7;Acc. The 20,00 dollar note is in posseision of he bank and the others are allegidi to have gone into tbe , hands of A. St. John. i . - So far as the tondition oft claims eau. be ascertained , whatever is due t o:the bank upon them.will not ba realized. • ifoirmuch if aiiy,-bas been eolleitted - by L:StiOhn; ii un s ho3lll. The,lirnOtin _due ftom these per-. sons isinknouiti but i it • clear that. a large sum is: irret*eshly - p t:' to tbe bank upon these .11 1 4sinii0a 6 4 1, - -4ing tit. re c kl ess. near= eou!d-lhakiii-4!e~ stick- sliScount, aig*weliht violatioa eivarypnaciPle awl apparent_ ly *ilk an utter diireglird ofresnite. 1 ' The lick - Of Capital the %oho( - eraticat---th e special lOab tp Mann slievoth ers l — and , therdiscounts to'Bradlsy and °ther e .--ware undoubtedly the causes of the fail. ore of Ahe'llank ,of S,usquehannit County.-- The •CoinmiisiOn'erie hupriiiiirwith the conviction that' as' tke Thiemmagathent of th e institution ur linate4 *O l l4 may: connected ...d;ceptive ments in retard to the iipi ta i aZ6at stringot-Prnifsion th e'uhuni; - rendering the directorq perionally liable to lieu -hold er* to the tutronnt, of the capital ste e i Fo4 Bank, or sothe other provision of a' simil ar character, would.have created_, a whnlee eele restraint,upon tthe . officers 'of the bank,. ens in all probability, secured .prudent and careful.management of its affairs.l In caw of a heavy personal responsibility upon th e officers of the bank, itis not reasonable to /*ilex° that any such reckless leans and di a . counts as those before stated, 'would )o re ever been made. An explanation given teethe fact of orgug e i l , the bank without•the =payment' of the whole capi. tat stock, is.thet,so much capital was not emula te d necessary. IP - that ease an apphcation•toth e La t . islature to rediace-the capital stock was the pler, l and proper counsel to -pursue. -At all create, this suggeStion is no excuse fora Wfolatioa of th e - d m ! ter and a career of deception pursued for ya n k. wards the legislature and the public. - 1A tester over t100,080.t0 innocent note holders 'stile pi a . tical reiult of the Policy adopted by those who hed the organization and subsequent managemetof th e bank in charke.. The cenunhisionertiiis conelusion _take Ka ma in stating dui the persons connected with the bank, • at Montrose, Who wore called upon, afforded even reasonable &citify to the making of the iiireati gi . nen and; that those of them who were elamk e d . as witnesses testified with apparent faire sue and fidelity. Nordid it appear in evidence that sayer them had fraudulently abstmsted the funds of the Bank or imprin?erly . appliedythem to their- owa purposes. - • C.E. WRIGHT. Feb. 8, 1841. a C..R: BUCKALEW. The steamer Georgia arrived in New York on Satuty with the Pacifie. mails. She brought 3osipassengers,lloo 4 ooo gold dast on freight, and $700,000 I in The hands of the passengers. The Empire City .areved a day or two previoui, 'Wits ' 210 'fiasSengers, $750,000 on freight, 250,000 in the Lauds of passengers. The .news by th6o,,arriris is brought down to the first of iNsg,aty, LIFO , weeks later than previous accounts. . • Business in California consi s dered favor able though. there is -no - dotibt sacrifices were occisicAsally making in the sale of ship's invoice cargoes of goods by auction or, other. wise. The People there seem to be turning ' their attention to agricultural pursuits, which under favorable circumstances, promises to be as good if not better than gold digging. The cholera has entirely disappeared:, Gorgona, 'Was partially destroyed by fire on the nightiof the 25th. The loss was not ascertained. It is supposed that about 81 houses *ere burned. . The whiga hese" carried the. election in Sacramento , city and hare now a majority is t egislateie of California. In theSepate, ere are 8 • I fi'higs 6 loco focos and 2 doubt ful. In the; House there are 21 whip, 12 loco focos and 4 doubtful.' The electron of U. S. Senator, in place of Col. Fremont was the: all engrossing topic. The were candidates aniong the Whigs were Editard! Bryant :and John 'Wethered, and among :the dernocrati, Col. ' John li. - Well , -r, 11. W. lialleck, 'Col. John W. Geary and Col. Fremont. The latter gentleman. it appears stands no chance fdr an election, if the 'plurality governs the election. • It is thoug l ht that it, Whig will be elected. The Legislture meets at San Jose on the 6th when 'an l elec.tion will take place. • There is no money in the treasury, and it -is thought.that a loan • Wilt be asked to re plenishits iiiipoverished coffers. Horace Sonith, the Whig candidate in . Sacramento for Mayor, beat. J. It. Harden burg, formerly of New Brunswick, 68 votes in a very :excited contest. - : - San Francisco, with a poPidation of, over 35,000, sustains seven daily paperoi>while New York numbering half .a, million sea boast of only double that number.' The Pacifiei news estimates / t e te gold dust shipped frOm 'California_ lasti y rat forty two millionsliesides six millions:- retained in California. During thic same year 1,743 vessels arrived there,id :1,461 left - there.— There are forty • seven strearobisata and 270 craft of all other navigating the rivers , There are sev dmly papers! in San Frannie co. One hundred and seven miles Of stags have been/ out, one quarter, of Which: ii. " built upon. Seven miles of streetii . liave been r planked. One marine Insuriiiio „ piimpany • has ali•eadj"bn'"forined, with * mipitst Or il l 8800,000, an another is in. progress of or ganization: ' - - The custom HOuse at M o nterey has bees robbed of 82'0, ;000... i ..-.. The twines are at presenilyielding less preP. fitably than durint - the palfaessorli but it is e a matter of doubt whet,hai, : 6 yield 'dale next year'wfll I . oOfectuat. th ! a of the pie , — The quartz gold will be lid : : With - a good deal of energy v iaring ti le in g spring and, summer ; end: itlx the aid 0 ittachinery and' steam,-the prat's,' will 'aide . Willy be very large. ... , -1 , 1 1. - . ;:2" .. . , , 1 -,' .- ' A miner- in essr.Ophii. 'Set. ter Comity, pi i tked_up Alu _ of-891441th $10,00(1 says' "tia pApai; l *Otberl'lll:4o sail `that same,lumis . was mrctiSA 9,1142,000. $39,214 24 . A gentlemanin,one of the Weetere.Stite , became the prciktetor of ninfleammblaps sit te "Prink. -Ar I N' to .9 •In a" . 1 461 1 0 14 t he inverte4.a b Ilmedo or* and when ilia I r gas bad - is:Cue,' ledia *eitly,.estea lice 'self uPc,'#*: bar ing k "MletAbleith ro ugh tbe.toiii . philosophically ila a POW co' die - to the 11,* .'::Tbe net;. that w a g sea of bimlie will • '-. *pier ere44ot boob Put of= 4o- 1 14joi iiiir iiiii4 iiiit_whiii lis 0 4 , Aincelide:47l - Orgi:' 'll4 iiiiviiiio l4o, I " c Ori l.... „ ..... ,••At#liilotialtiti***4 - 00nti t wyquoui,'-;-.•,-.4•: Latest . froin California.
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