Maumee express. [volume] (Maumee City, Ohio) 1837-1838, 1838-05-05
AND PuBLIsuED EVERY SATURDAY,
BY II. REED 4 S. T. HosMER.
BANK INVESTIGATION.
THIRD CIRCulT.1


you the annexed schedule, showing, in
part, the condition Of such banks as I
have examined in the third circuit. A
further report. showing more fully the
resources and liabilities of all the banks
in the State, under the supervision of the
Commissioners, will be made by the
board, so soon as all the necessary facts
can be obtained Sufficient develop
ments OF bank frauds have already been
published, to put the people on their
guard against further imposition and
loss, until sufficient time and opportuni-
ty have been afforded to form a just es-
timation of the real merits Of each insti-
tuition. The resumption Of specie pay
ment on the 10th of May. the action of
some Of the grand juries, and faithful
continuation Of the probing process by
the Commissioners, will, tits confidently
believed, do much within the next few
weeks towards restoring a sounder and
safer currency, and projecting in future
the honest part of the community against
the evils they now suffer. The time Of
excessive and fraudulent banking in this
State, at least, is nearly over. The pub
lie have been cloyed and Disguised, and
many good men ruined, by worse than
worthless paper currency. BaDkrupts
will no longer be permitted to turn
bankers. There is a redeeming spirit
in the virtue, intelligence and energy of
the people, and the conductors OF the
press, upon which the Bank Commits
sioners confidently rely for support in
the performance of the arduous and res
ponsibe task they have undertaken
The most they can do, on account of
their so recently coming into office, will
be to ferret out and expose bank frauds
and violations OF law, and to endeayor
to sustain all lawful and honest institu-
,ions by all the means in their power
Previous to the late amendments to the
general banking law, several new banks
had been projected, and their plates or
dercd. Some of these, have under
stood, intend going into immediate ope-
rations, SO soon as their plates are re-
ceived, without a compliance with the
law, or procuring the endorsement of a
Commissioner. Among the rest, is the
Bank Of White Pigeon, which has been
so much in want Of money as TO have al
ready commenced the issue ofone dollar
( bank bills, on common paper, in true
shinplastef form. Their necessities have
probably ere this, been inquired into by
the grand jury Of St. Joseph county,
The earliest opportunity will be taken
10 inform the public of any ne,o banks
going into operation contrary to law,
and to have the bankers arrested. The
Farmers and Merchants Bank of st.
Joseph, at Centcrville, was not consider
ed by theAttorneyGeneral as.being suffi-
cienily unlawful as a corporation,to JUS
iify proceeding by an Injunction against
it but criminal proceedings will no
doubt be commenced against those con-
cerned, if their bills be not redeemed.
II has not been in my power to visit
the banks of Grand River and Singa.
pore but believe the former entitled
10 confidence. The latter went into ope-
ration unlawfully, has made no report.
and giucn no security, and should hence
forth be considered as an unlayful insti-
tuition, and without any right to banking
privileges. Their circulation is beiev-
ed to be about $4,000, which, from the
character and ability of those who have
received the benefit, will probably be re-
deemed without loss to the bill holder.
Whether it is necessary to adopt further
measures, either by criminal or chance
ry process, will depend upon further in
formation.
Most of the banks in this circuit have
completed their securities, and the re-
mainder have nearly perfected theirs,
with the exception Of the banks of Ho-
mer and Berrien County, which are not
yet received, though ! have assurances
and explanations, that are satisfactory
for the present, that they have been
making every exertion to comply with
the law. ;af
On the 22d Of March, | found the Cal
houn County Bank in a very unsatisfac-
tory condition. A majority ofthe stock
had passed into the hands of men in
whose honesty, as bankers, lhad no con-
fidencc. A large portion ofiheir specie
and notes had been taken out without
the knowledge and consent Of the direc-
tors, and without any satisfactory vouch-
ers, and under circumstances that left no
doubt Of some fraudulent design. The
directors, who are honorable and high
minded men, gave strong assurances
that every effect should be made to rec
tify what had been done, but as yet no
satisfactory information has been receiv-