The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-28
Bills receivable.
State stocks,
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Deficit, $iooOso
The only marvel in the matter it, that that concern
should long have been able to deceive the peoP'
We have long and perseverngly endeavored to rouse
the stockholders the danger oftAeir situation Ia our
article Of September 9th, expressed ourselves as
follows
Besides the cspita Of the United States Bank.
900 Of bank capital in Phadephis has deprecia
ted greatly and the holders to be reposng IN
security The Girard Bank, the Schuylkill, the Yves
tern, the Mechanics and the Lehigh Coal Company
with its enormous debt, amounting to near seooO o0
among the worst Of these. Do the stockholders aud
creditors to submit to total loss without taking
any steps retrieve their aairs7 II il time they were
up and doing
Again. the 26h of September the current Of events
drew from us the following observation -
In no case however can the resusctation Of the dis
credited institutions be hoped for aid the more speedily
they put it in liquidation the better, both for the commu
nifty and the stockholders This IL particularly true
the banks in Philadelphiathe Schuylkil the Cirard
aud those other institutions that are invoed in the
bankruptcy Of the United States Bank
On the I'd of November, when urging upon stock
holders the necessity of into the state Of
affairs, remarked -
II no expose of the affairs of the United States Bank
had been made that institution wsuld still be source
Of fraud and disaster to the public. the schayikii
like ordeal can any one suppose they Will present
better Of affairs than did the United States Bank
That the concern was irrerievably rotten, was evil
dent from notorious speculations of its officers in Uni
ted Bank bills and assets and when the election
took place. resulting in the choice of the Bidde ticket
ample arning was given that crisis approaching
The following are the directors with description Of
them
lSAl-GRARp BANx-BoARD OF DIREcToRs.
Charles s Boxer william H. Hart
Johnston MLanshsn 8 Charles Humphreys
Henry Welsh Stephen Baldwin
John II. Vogdes 10 George A Graham
David .. Brown II Henry ); Boiler
Benjamin 8. Bnrling IL Charles Rugan
Is E. d. Wolfe.
No is in some respects suitable for President,
though il he would not invite Nicholas Bddle to his
dinner parties he would be popular. He was for.
mery in the shoe and straw trade, and is said to have
left with a clever sum. No. is the former partner
and the dry goods part of John A. Browns
businessa prudent men, but has little to say No is
Of the firm of Welsh Longenecker Co, very respecta-
BILE obbe-a good director and is said to want dis
count for his house. No. and No. 10 are lawyers of
second rate standing Why they kept in the direc
ton it would puzzle any business man to No. is
principal of the house OF David s. Brown Co.. our
largest dealers in eastern dry goods, on commission.
Mr. B. is an active business man, and bad director
you leave the fact that he could in his bust
ness use up all the of the bank. No. is in the
West India trade selling $500 produce OF the islands
annually, on commission, and making money. No is
retired grocer, rich by business and by marriage-a
gentlemanly man. bat presumed will take no active part
in hedrection No is a second rate produce comnifa
sion merehana stirring man, but better men plen
ty. No. lis Captain Baldwin, formerly master Of the
Alexandria in the Liverpool tradehc is rather popus
lar man but is doing business than his
warrant No. IL is small German importer. No. IBIS
small trader to Laguira, presumed to be particular
friend of No 6. No. l3 is ofthc firm Of Wolfe Bozwe
obbers in very fair credit Nos IL and 10 the only
new names in the ticket
On the occasion of this election remarked as fol-
lows =
This ticket ia the selection of the scho and Bidae
clique, and without doubt W. d. Lewis, the remarkable
6nancier W i'll be retained as cashier His talents are
SO that he lives at the rate of $1,000 per
annum a salary Of $4,000 This is brought about by
the help Of those speculsons for which he is famous,
such as the in U. 8. Bank notes. which dc.
scrbed recently The following is sample Of the
rency issued this institutions in order to relieve the
people -
8 PHILApkLrHIA, FEBRUARY IS, lsil. g
No. 296, A g
g will receive as ONE HUNDRED DOLLARS this
eCertiicatc when rendered in ment Of debts due to
THIS INSTITUTION.
900
Ills most strange that in,itution notoriously in.
solvent should be permitted to go imposing upon the
public in such extraordinary manner.
since then the issues Of the Grard Bank have been
forced upon the public each day in increasing ratio
until at least ninet nths of the circulating medium con
sisted of those shinpaer and yet the public endured
until even the other insovent banks in self defence
| we're obliged to dscredit them. This concern wal
allowed to go on, although the very prototype of thu
United States Bank when the officers Of the latte
concern were under arraignmcnt for fraud Greast as
the misery caused by the United States Bank failure
may be doubted whether the local distress caused by thu
rard is equally as great The United States Banl
| CAPITAL was much heavier, but it mostly ownc,
abroad whereas the Grard stock all owned at home
The following table will show the sufferers by each in
| stitution
STOCKHOLDERS IN UriIEp STATES BANK AND The G,R,R
| U. $. Bank. f;frard Bank