The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-02-24
COMMUNICATION.
To The Editors Of &s Democrats

To The Editors Of The Democrat:
Gents-In your two last numbers proposed certain
quesiuas to Msssrs. Beldsn, Slarkweather L. Brown.
The committee voluntarily appointed by the directors Of
the T. Bank Of Canton, to investigate its concerns
Those questions nut intended to create any adj
donaI excitement against the bank; but with the hope
that candid and free 10 them would nave ten
ded 10 aay such excitement. That Committee have
not seen proper to rePyo ;hrm-pehaps they have not
the do So at oOstnot in reference to de-,
tails. Yet conceive that by pursuing a course in$
vestgatOn indicated by those questions much nf0rma-
ton of value TO the community might be elected.
A writer in the 'Ono Repository over the sigma.
ture ol "A Director dues forward aud answer
respecting hat $l0 0O0 specie SAID 10 be shipped
tu Plltsbug. think, we are bound to believe that lhe
writer IN Repository a UaitaGte director Of The
bank Inasmuch as "Brolher SaxIon,' who knows all
the directors aud has the OF The bank much al
heart, would not have permitted an Unauthorized per-
sun TO speak as director has done, through the col.
unns OF tie Repository. How stands tho case thenP
The bank accused III the OHIO statesman with SEN
dug off that specie the failure after failure
had been 'premedltaed' lhIs 'aDTeCor' denies, but
SAYS that it was not sent away Til after the close of
Banking hours the last day the bank dld businesGP
And is It then that at tue closing ol the Bank on
the last dGy The directors did not know that they must
fail aud up the next mornlnSi And that without
knowledge OF such All impending catastrophe they sent
off that SpeCle 10 PItlsbug TO obuln Oil UU0 Uf ohar
funds where With tO redeem their circulation; which at
that time amounted TO Sl2z 1851 And is it possible
thai before Banking hours lhe next day they had dis.
covered that The avas Of the $40 Wv could not bS
realized in season for that days opuraonsl for Mr. j.
A. Saxton' letter Lancaster was written before the
bank opened the next day. announcing that the back
would stop payment OH Tue morning ottha uext day.,
1t appears to from the statement of "A director that
that specie sent off uncer circumstances very
i ,i'aa Iof.If f,,l,, Al
not suppose that the President aud Cashier quite
so soft as 10 believe tor that the bank could
on the next day sustain itself ior an hour its 1894 in
SPECIE and $2, l9Oin notes Of other banks against q
run 1t was sufficient to pay the depositss then OH
hand No. the directors could not have supposed that
the bank could sustain itself tue next day without
that specie its avaS and nowhere appears that its
ayas Werein bank that next day., nor that those a.
walls or any part of them counted by the Commit
| tce.
| The confession of "a Director however establishes
! one fact which has long been asserted by the Demo.
cratic party viz that Banks have been in the habit of
sending off their specie and selling it for deprecated
currency at a premium. This sort Of inancering has
enabled the banks add largely to their income pa
per, and the farmers have been shaved to amount
fully equal to the premium. think director is mis-
taken in his opposition that the public would be satiss
fed 10 have their claims paid in good currency, and if
the bank could dispose OF their specie 10 increase
| their available means $1,000 it would to that extent
benefit The public. Il strikes me tina, this operation
shaved len per cent off the holders Vi all Canton pa.
per paid by the avas Of that SPECIE 1t also seems
| 10 me- and believe it, that the holders Of Claims
gainst the Canton Bank would rather have received rs
cents ON tho dollar that specie, than to be paid in
the avas at par, and further think worry probable
that those ayails are at still greater discount
What those 'avas consist of "A Director does not
tell us. have nothing to say as TO the confidence Of
the public once reposed in le directors of that Bank,
do any thing Dreyent their
gaining so much ofthe public confidence they may
deserve. But question much If the farmers who have
taken SO much OF their paper for wheat during the pas
season. will be disposed to restore them to entire conf
! dence when they sre that these sane directors hav
been at pains TO getleir specie exchanged into
rency less vauabs wherewiih 10 pay of those notes
Thsis question for each to answer for himself
for my part confess lhave very little confidence in
man who promises to pay me ten dSlars and who rs
fuses dc So but insists that in offering me nlne dol
lars he has done oil he should do; and moreover tell
ME TO my teeth that this IS the availS' of dollars
that he has got the other dollar in his pocket shou
be mighty apt 10 believe that Integrity and spsce pay
menis were simultaneously suspended.
Lcose now by asking "A Director, or the whol
board ofdireciors if you please, few questions.
Did not the Cashier some Directors oil the Farmer
Bank of Canton very shortly before it burScd call tn
attention ofits customers some ofthem to the ma
king offrlher loans, or make offers to do their papt
to any extent they might wlshl Was not this dor
within week OF the lailurel | respectfully ask :
Director to State the character ofhe s. $50 90 stocl
against whom are your Stock bonds '67,645 Oo'-f
as The Law was laid down in the case Ohio vs. you
bank Cat least so am iniormed1 all debtors for soc
are liable to the creditors of the bank for the anou
due. Is afact that your bank has been doing busine
upon stock paid in, and yet the large amount abo
mentioned has been paid in9 In statements mac
to the public authorities, has not your President al
cashier asserted-have not they or one OF them MAJ
oath that stock paid in was 200, QUO or morel as
would not detract from the confidence justly due
those officers hope you will explain. do not fe
disposed toj join IN the cry of the Massllon Gazette
gainst you and "fal cursng you like very drab,
scuon, but would fairly express my doubts and a
cept for myself and neighbors, with very great graft
eaton an expl anaon, or contradiction wherever
may have misapprehended The matter; Dut in prese
circumstances full explanations are due to the publ
Ifyou have erred confess il like and Christians
and thereby enable the public to be on their guard
gainst the effects of similar mistakes in others.
NECKAR.