Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1841-03-23

MANHATTAN BANK.-We make The
following extract, for the information Of
our readers, from the report of the Spe-
cial committee appointed by Judge Potter
Of the 18th Judicial circuit, for the pur-
pose Of closing up its affairs. 1t does
moi look as though the bill holders would
realize any considerable sum upon the
bills Of the Institution.-TOLedO Blade.
Among the assets Of the bank, the un-
dersigned, found two certificates of de-
posite; one made by Calvin l.. Cole, a
stockhnlder, and ihe other by the Blng-
hampton Bank, understood 10 be controlled
lby the said Cole, the former for the sum
Of five thousand dollars, in specie; and
Ethe latter for The sum Of eighteen thou
sand dollars, redeemable afer sixty days
notice, and subject 10 the payment OF in-
tetesi, at the rate of six per centum per
annum, BY ins'alments, every sixty days.
These certificates appear TO have been
placed IN the bank to represent its stock
in lieu Of specie, and although utterly
unavailable, for any legitimate purpose,to
have constituted in part, the basis of the
issues Of the bank, and the security Of the
public. They niso found balances of ac-
count on the books oGthe bank, agansI
Mr.. Cole, and other principal stockholders
amounting to Toriynine thousand dollars
and making an aggregate of no less a
sum than seventytwo thousand dollars
contracted in the course Of srxly days
whilst the entire amount OF capital stock
paid in, including these certificates, wa'
only forty five thousand six hundred ant
! seventy five dollars, being less, by mort
than three thousand dollars, than the mon
les drawn out by the stockholders them
. selves. Facts have come TO the know
a edge Of the undersigned, unnecessar
g here to state, which justify the fear, lha
Of this enormous SUN, moi less than ftt
six thousand dollars should be considers
. so extremely doubtful as not 10 be relie,
q upon for tho payment Of debts.
A comparison oflhe former returns O
D the bank, with the statement snbmitle,
!. herewith, Of the condition Of the bank o.
!, the 10Th July, will show the increase il
the amount Of circulation 10 be nearly, o
quite, equal 10 that Of the debts contrac
/ ted as above stated, by the stockholders
= At that time the amount ofthe circulation
. was eighty-nine thousand, two hundred
and eigity.three dOllars,whilst the amour
{ of the stock actually paid in, was oul,
i. twenty-five thousand six hundred ant
!. seventy five dollars; and the amount o
!. specie, and other means available for tn
# redemption of such circulation, was onl
o nine thousand three hundred aud FIVE do
E lars ana fifty five cents.
!, No attention appears to have been pal
% by The officers and agents Of the ban
e in this unusual expansion of lis issues, t
J. the security Of the mere stockholders, q
II the public. In loaning the monies and i:
sues Of the bank, to the Stockholders VIII
n controlled, and, in some instances, to pc
f sons not known 10 be connected with tn
s. institutions, not only where no adequat
d. measures were taken to secure the pay
> ment, Tut the only evidence preserved {
&c the transaction, were nero entries mad
ID upon the books Of the bank. And in on
lr instance at least, which has come to til
knowledge Ofthe undersigned, even th
he precaution was omitted. On the 10Th
1t May last, no less sum than sixteen thor
i, sand dollars, Of the small bills Of the ban
he which had been redeemed from circul
rs ton, were forwarded to Mr.. Cole, at Gil
al Cinnat, which were not even charged I
~ him, until tbs 2Sh Of July following, an
GO which now remains in this shape, del
Il against Mr.. Cole.
re-