The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-18

project is said to be foot at Buffalo, to
thei broken Commercial Bank Of Buffalo safety fund
Such an attempt would be madness in the present state
ofthe markets. The general causes of the failure of
the Buffalo banks was the redundancy of Bank capital
The immediate the necessities of the specu
lators, who were brought into being by that redun.
dancy still greater reduction jim capital must yet be
effected in this state before the remainder will be proa
bly, or even safely invested.
Frederick E. Whiting the ex.Cashier Of the Gallipo
lis Bank has broken jail The sheriff and prose cutting
attorney of Galla county have offered 5000 for his
prehenson. The SupremaCourt of Ohio have set Far.
rington, the President at liberty, rather granted him
trial.
In other column will be found the details of popu.
lar commoon in Cincinnati, Ohio having for it, ohjec
the subverson Of the numerous shnpaster shops in that
city and the desperation Of the gangs of uterers offau
iulent paper, under the cloak of being brokers and
agents for Banks The people of Ohio have for several
years been the prey of swindling bankers from this
State Michigan and of their own raising These
people have followed humbly in the footsteps of the
great Philadelphia fnancers and like them have hith
ero escaped the vengeance Of the law. The people
finding that both the laws and the Legislatures are
erless against the chartered privileges of corporate
bankers and being unable any longer endure the op
preston Of rredeemabe paper currency have been
aroused to acts Of violence which even under these
cumstances scarcely to be palliated The immedi
Of the outbreak the publication of the fol-
lowing card
Miami EXPORTING CoMpArY)
Monday Evening, January 10. 1870
The Directors Of this Bank compelled to
their inability longer to redeem the issues Of ha
Company They have assumed this painful alternative
only after all expedepts to sustain the Bank have failed
snd their united exertions have been rutless to obtain
the useful means.
They deem short review of the operations of the Bank
hO1d ;ch
they therefore suhjoin
In May 1887, when the Bank came into the hands of
its present Managers, it had debt Of S6l5 7ls H.
and circulation of S3S023 OF the debt $3.50 oOs 49,
due at Connesut besides about bv debtors in
Cleveland and vicinity. Ofthe circulation $e9 800 was
at the Branch This circulation Of the Branch
been reduced to less than 81 800 by the Bank here
while the debt the Lake shore remain at an
rising 500 0o0 than enough pay all the abili
ties Of the Bank, without touching the Cincinnati por
ton of the debt.
Thus it will be seen, the of the Company have
been devoted to the exiting Of the Branch circu
ation in addition to that payable in Cincinnati while
the Branch debt although considered good has always
been dead weight
The circulation this Bank has not since 1899 been
greater than the capital Of this bank warranted and
might in ordinary times have been sustained without
difficulty. From July L. ls4l to the pre,ent time six
month the circulation upw ards of $40 oOO
and yet recurring rapidly Besides the securities of
ered to note-hoders in the debts due the bank the
directors solicit attention to the item real estate This
consists property taken fair prices for debts in Blu
alo Toledo, and elsewhere and although not at ono
available, is believed good prices may be reslized
eventually.
To secure an equal and fair distribution OF the
OF the bank, well to aav unnecessary alarm the
board have determed to make full and entire assign
Of all the effects OF the company; and as
of this trust have chosen three gentlemen of
integrity, whose knowledge Of the business in all its
bearings warrants the hope Of speedy and lust settle
ment. Messrs. Aug. Moore, r.. Buchanan, and J. X.
Chids are the gentlemen named in the deed of assign
ment.
The state of the bank the evening of the 10th Of