The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-03-17

and the fiOal transfer OF benuey's stock, 10
the amour, of $9I 900, for the extinguishmen
Of his liabilities.
In the issue OF small notes we find an at
tempt To evsde the provisions Of the FE@.
July -, 1889. The Wellmans transferred
the stock, aud by the charter, their connec-
lIon with the bank as directors, was dlssoIv-
ed.
January 4, lS4l Resolved, That Wm.
McComb be appointed president of the Ger-
man Bank OF Wooster, TO take effect from The
1t day of February last eleven months pri-
or 10 the above date, lth Of July, lS4O.)
Benjamin Bentley swears-"ll has been
The uniform course Of this bank 10 conform
to the laws Of the Stale as near as praclica-
BILE. have, therefore, never received or paid
out bills not author,zed by law, or the act Of
the 2nd March, 1910, in the business of the
bank, to the best Of my recollection, since The
Is, day Of April, 1910"
February 9, 1912. Samuel L. Lorah swears
-'rhat in the year lS4l, large amount Of
one dollar notes, dated February l, 1910, and
signed VIM. McConb, as president, of The
German Bank of Wooster, were put into cir
cuIa'ion, and that the execution Of said notes
Was nearly one year before il was known that
said McCombs was made presidents; and The
act prohibiting banks from putting INTO circu-
laon notes, &C., Of less denomination than
five dollars passed March %, lSl0 and took
effect ffom and after The lst day Of May l640
as appears from cOllaed statutes of the state
of Ohio, by Joe r. Swan
Ia The above we have perspective view Of
the office of tho presidency of tine Bank of
Wooster, being filed nearly one year after The
vacancy occurred, by a resolution, and in the
sequel, this president executing notes of less
denomination than five dollars, for the purpose
Of evading the law Of the State prohibiting
the circulation Of certain denomination.
From the minutes Of the directors, il is im~
possible to ascertain the amount of notes pres
pared and put into circulation. The only Gu
tries TO be found are the following:
'20h July, 1888 Resolved, That the pre-
sldent and cashier sign notes for circulation
to The amount Of $50, OOO'"
"August IT, 1928. Ordered that the off,
GERS of the bank execute the balance of The
paper now on hand, for circulation"
80 far as it relates 10 the amount put into
circulation, no means are sforded by any mi
nutes made Of this nominal directory, 10 ar.
rive at any conclusion. We are therefore dr
ven 10 the testimony, he states, lha.uhe entire
amount prepared for circulation was, 81 !, 900;
and Of this sum, there was burnt, about The
time of the passage of the law repeating the
charter of the German Bank of Wooster,
$246 600, and necessarily. there mus, now re.
main the sum of $65, 900 in circulation, or
unaccounted for; which nearly corresponds
with the amount unredeemed on the general
ledger, of SO, ,445 dollars.
In McMillen's testimony, it appears that
there was in circulation at the time of the fai-
lure of the bank, $4,000 dollars, consequent
ly 60 600 dollars must have been purchased
by the agents of Bentley, upon his or their
terms; and estimating the value paid we have
the testimony Of the persons employed in ro-
deeming their paper.
John Hamm swears-That VIM. McComb,
the president, has received at his store, in ex-
change for goods six thousand dollars or ore
of the paper of the German Bank Of Wooster
and applied the same in discharge of his own
indebtedness to the Bank 10 the amount of
1900 dollars, and the residue 10 payment of
notes purchased of Benjamin Bentley, assig-
nee of ssid Bank; iha, the amount of bonds
or notes belonging 10 The bank was about A.
600 dollars; that deponent declines giving the
names of the persons indebted to the banks on
the bonds or notes purchased.
James Grant swears, that about two months
since lie sold TO Anthony Wright, a clerk in
the store of Wm. McComb, the president Of
the German Bank of Wooster, PAL per 10 said
bank, to 100 dollars at 81 per cent discount
Samuel NenGer ieslifes to the prices paid
for goods sold IN the store Of VIM. McComb,
al about % per cent advance, when paid in
the notes Of the German Bank of Wooster.
VIM Ch'ds sweas-That at the time the bank failed he
was indebted to it 800 dollars and paid since own pa
per- and since the 9th of September 184 he has exchanged
with b. Bentley the paper of the German Bank Wooster to
the amount OF about $500 dollars 5000 dollars for bonds
&C. due said bank that within few days he has taken
ohe bank at so cent discount that about three weeks ago
he selected lot of unsaabe goods and placed them on the
counter oexchange for the paper ofhe German Bank of Woo
ser that he has purchased of B. Bentley real the am.
cunt of 5000 dollars which he is pay for in paper of
the German Bank of Wooster that he purchase about
the middle of last week." 9Th February, 1842.
VIM Armstrong tesfes to nearly the same facts.
shaz bentley swears sthat he present the the
transfer was made b. Bentley of all the effects of the bank
excepthe liabilities Of such holders wished discharge er
Indebtedness by transfer of stock the bank that he
indebted 10 the bank at the time failed about 1890 dollars
vcr and above his deposits that his bond assigned D.
Bentley and has been paid for in the German Bank
of Wooster, and that he has also purchased nf Bentley
due the bank and paid for them the of the Ger
Bank of Wooster which notes mostly obtained
the goods discount fifty per during the pre-
week. which money is to be applied the payment of
tract of land bought of B. Bentley.