The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1826-08-02
GUorreater:
THE WORCESTER RANK
WEDNESDAY, AUGUST 2, 1896.

OI1s
'he suffolk Bank, is already well known to
the public; and the shameful conduct of The
Directors of the latter institution has. desery-
eddy, excited towards them, in the minds of
the community, the deepest Indignation, and
has justly exposed them to the sharpest ami
madversion. But, extraordinary and intol-
cradle is the course which they have seen
proPeF to pursue, the briefest history of the
transaction itself furnishes the severest rebuke
which can be uttered against them.
On the morning of the 26th ult bills of the
Worcester Bank, amounting 10 forty
thousand dollars, were presented their
counter, and payment of them in specie was
demanded 10y the agent OF the Suff1lk Bank.
Tweoty-eight thousand dollars in specie, pre-.
vioUsiy~ counted, were Immediately handed
out to this agent from the vaults OF the Bank:
and, Tor theremaining twenty thousand, there
was offered a check for specie, to chat amount.
on the New-EEgland Bank, in Boston, in
which the Worcester Bank thenihad suffi.
cient cash deposit. This was refused; ant:
1t was then proposed TO pay the specie at the
counter Of the Suffolk Bank on the ensuing
morning. For the purpose of making that
Payment, the Cashier of the Worcester Bank
"NHS ~ DVstpu IA Tue evening Oi tUe same
day, and. early after the Suff1lk Bank was
opened, and some hours before the arrival of
the wagon, in which was transported the
twenty sight thousand dollars already paid.
me offered toraY the balance which was due
for the bills which had been presented. A
conversation with the Cashier was introduced
by the oIiicers Of the Suffolk gouk, as 70 lhc
manner IN which this business should br eos
ed; and while that conversation was passing,
and within the walls of The SuGylk Bank, and
as the Cashier was offering TO pay the SD Gle
Tor these bills, a writ against the Worcester
Bank, claiming twoper cent. month danlag-
les, was privately procured by those eff cers,
and there served upon the Worcester Bank
by copy delivered 20 The Cashier. Mt sat
,isied with this, the JfIrer was despatched
with the utmost haste, sud directed to push
forward 10 Worcester witt the greatest speed.
to complete the service Of this wri: by deliv-
ering copy 10 The President, AMI by an at
tachment of the Real Estate of the Bank
While this officer en- his way to WcrCcs-
ter TO procure the ttschmeat oil this Real Es-
tate, the specie was carried into the Suffolk
Bank, ami formally ten lcred for the whole a.
mount o., me twenty thousand dJllars; and
this specie was as formally refused, undoubt-
n eddy Upon the ground that an action had al.
ready been commenced, and that, throu1 III this
!. refusal, their writ would enable them TO re-
covcrtyo per cent. a month until tn catry OF
tire acton in CnG:t in Ccto Ter next.
Such is the brief story Of this transactons-
The bills, which made up the amount de-
{ handed ofthe Worcester Bank, were unques-
Ii tionabiy collected by no common effort. We
hazard nothing in asserting, that they could
not have been collected since the last previous
draft by the Suffolk Bank in the ordinary
course OF their business. Perhaps, for the
! purpose oil deluding the officers Of the Worces-
ter Bank, the Directors Of The Suffolk have
suffered these bits, to their own loss of If ter
4 est, to accumulate, from week to week, on
Their hands, in the mean time presenting for
: specie only a part CT their weekly receipts;
and then, finally, by powerful effort, adding
to their Accommodations all they could add by
, This strenuous effort, they hoped TO find the
worcester Bank unprcpared with an amount
J OF specie sufficient TO redeem the ILLS they
, should present. But, defeated in this, and
finding the Worcester Bank possessed of many
thousand dollars in specie beyond the amount
presented. they resorted TO base trick and dis
honorable art6ce TO dolttle, if any, better
than'pilier from another corporation the pen
atty OF twoper cent. month for The identical
money which was urged upon them in gold
and silver on the very counter of their own
banking house.
That this suit was not instituted to secure
: the Suffolk Bank against apprehended loss, is
obvious because their agent, under his in
strGctiops, consented TO accept the offered
, check, If The Worcester Bank wonld accede
to the terms of future negotiation proposed to
them; and, further, that the currency Of the
, Worcester Bank notes was no where disturbed,
: by ths.stat Of things and, finally, that the
cash itself was, in fact, offered and pressed
4 tba CnH,iLy a,Ylz 81.
: of the institution of their suit. But if this
suit was commenced for the sake of securing
to themselves the profits of a penal statute,
| andf the Directors Of the Suffolk Bank were
: willing to assume the degraded character of
6 common iniormer TO possess themselves of the
exprbitant usance of two per cent. month,
it was the sinking, OF every honorable and
: manipulating in the mean thirst of gain--of
Y such gain, too as any decent man would be
D ashamed TO acquire. Indeed, had this cruel
. coercion been practised by one individual to-
i wards another, where is the man in the COM
: munity who would not, in the fulness of his.
heart, have denounced it as disgraceful OF. ~
: rage?' The most shameless mser that eyer
e smiled over gold, couldlnot SO have ha' denea
his eouhtenance as to demand this sacrifice of
his debtor.
If the object of ali this was TO dig ,-,. s..
Worcester Bank or to shake the .,,,bi,c aa;,r-
dence in its ample responsible dr. tGe rss,lN
has shewn, and wilt c"ntip 40 10 sbew. III
what miserable miscalcula.t don their WIN
, tions were formed. The statome anticPs'
dition which has been elicite-' 1nt OF ITS con
I ton from tho Directors. "a by this transac
necessary TO satisfy though by no means
public mind, ev' any approximations ia tliS
, 10 the hc', --Aibits the most ehtira secnrty
nigh ..ders Of IFS notea and It's. stock. i
~ always have heep said, and never will
greater truth t'Asn at the present day. that tn,
. personal chf.rscter Of its Directors is above al