The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1826-08-02

specie directly TO Boston, for which purpose
lie had team with him. Ii was ihcreupoi
! repeated to him, thai tiis Dunk had u deposi
| erceeding $4,000 dollars, Of their oicn prone
money, IN The .NeW- England Bank : that tht
specie would be as early in the possession o
the Suffolk Bank by accepting The proposed
draft, as it could be placed there by transpor
tation from Worcester: in addition TO which
the useless and idle labor and expense of
double removal, first here, and then back
would be avoided. No doubt was expressed
| by The agent Of the truth CT this representation
On the contrary, he offered, under his iasiruc
ions and az conformity arHh them, TO accep
a draft, if the Directors here would engage IL
future TO redeem their Bills and make the
deposits at the Suffolk Bank, so as to secure
to that Institution the advantage Of our con.
slant and large deposits. This proposition
the Directors rcjected.-It had been before
made 10 them, under circumstances and witt
accompanying conditions, which, in their opin-
ion, were both humiliating and dishonorable
! They had heretofore been urged to become
the Brokers Of the Suffolk Bank in collecting
and deposihng with that Institution the Bills
of other Banks, and they had been offered i'm
munity to their own Corporation from runs
/
| cedent engagements, or of departure from
an honorable and scupulous system of regu-
lar and legitimate banking. 1t was therefore
with fFmness that the Directors determined 10
yield nothing to the spirit OF unjustiiable CO.
ercion. Tic Agentof the Suffolk Bank was
told that no negotiation Of the kind could be
sfected. lie was Immediately paid in specie
| $4,000, and inlo.tned that, by the opening oil
the Suffolk Bank The next morning, and prob
ably before he could reach Boston, the bal.
ance would be offered d their cou.ter.
| Our Cashier was forthwith despatched TO
execute this purpose, and it was our hope and
expectation that this would have been salts
! actory. What then was our establishment,
! at 3 O'Clock, the next day, 10 be addressed
by a Sheriff, charged with Special Writ oil
| Attachment, to secure upon the Real Estdte
4 of the Corporation The aforementioned bal.
| ance of 10000 dollars! Upon Writ, too,
made in Boston, at the instance of the Direc-
tors OF the Suffolk Bank, after an interview
with them by our Cashier, with the money in
his possession TO satisfy the claim, and for.
| warded by an express through the country
at the rate of 10 miles an hour, to attach
| Real Estate in security for the payment oil
Bank Bills, for which the specie was offered
| before the process issued
| We have time only to add that the Worces.
ire Bank was never in more Solpent state.
| We appeal to all our former semi annual off
ciai returns, and ask only for comparison
| with other Banks, even the Suffolk Bank, to
prove with what fidelity to the Institution and
security to the public, our concerns have uni
forn1ly been managed.
| On tie morning of This foolish, wantcn, and
| unnecessary attack upon us, the state of the
! books exhibits an account Of SO. 800 dollars in
| specie % ,655 OF which wasin-our own FAULTS
and 80, los deposited in thu New England
Bank-tosether with d, 269 IN currcnt Bats Of
other Banks-to redeem, 38;271 dollars, the
whole amount OF our paper in circulation
making bat an excess Of Sl4,714 of Bills oyep
the funds actually on hand for their redemp.
ton. And we had $215, $685. SO in debt on
interest due 10 the Corporation, besides the
| Real Estate, which, with such wise and nee
essaiy precaution, the liberalty OF the Direc.
tors OF the Suffolk Sank caused to be attached
10 secure their claim.
We haze reason to complain of the utmost
dlsingenaousness on the part Of the Director;
OF the Suffolk Bank. That they did not dis.
trust the solvency and punctuaity of the
Worcester Bank, is conclusive from the fact.
that they instructed their Agent TO receive a
draft, il we would consent TO pay the tribute
of our own independence, and become Brok-
ers to them in future. They artfully design.
ed this surprise upon US. Heretofore they
had been in the habit of sending an amount
Of 6 or thousand dnilars whenever they had
received it, and as frequently as once in a
week or fortnight. About four weeks since.
they made draft to this amount. Where
then was this sum of $4,000 dollars now pre-
sentcd? Has it since been collected by Run.
ners and Agents through the country? Or
has it been carefully accumulated for the
present occasion?
The Suffolk Bank, and its Managers, and
the friends Of such measures Of hostility tc
the country Banks, as solvent as their own. a.
/ pruGently and honorabiy, II not as cunningly
aged-these fomenters of jealousy anG
distrnst between town and country-have 3
short-iiVed enjoyment in the patry gratifca.
ton of exciting suspicion Of our Institution
We have now rendered them The specie for al
/ The BITS they hare presented! and in future
on our o,cl counter, dollar for dollar, CAREFUL,
told and counted, hey shall recetve al.
To the public we need offer no assurances
The credit we have ever maintained is no
forieited.-Our doors have never been closed
Our paper will be redeemed with spocie
whenever and by whoever demanded. On,
business is not interrupted, our discounts
even will not be.suspended, or the more res
tricted. BY order of the Directors,
DANIEL WALDO, President.
Worcester, July %, 1926.
For the Massachusetts Spyi
I