The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-11-09
STATE BANK OF Pennsylvania, Fer, s. 1912.
81 982,458

II was the failure Of this Bank that the immediate
cause Of the failure of the State of Pennsylvania. Th
above statement is dated Feb ls42 On the st Feb FIVE
days before the State interest sseO was DUE besides
the premium the deprecated currency will be o..
served that this bank owed the State about that The
Treasurer of the State had caused to be placed to the
credit of the Common eah in this Bank between the
hrst Of August 1884, and the 3st of January ls4 abou
$7Ss 600. This sum received at different times,
different amounts, partly in checks Banks in
Philadelphia and its neighborhood on Harrisburg
and Eason the principal part of which paid in notes
Of and checks the Grard Bank. 80 large amount
othese notes received being six undred
dollars and upw ards that thought expedent pay
them out to deposors and others freely possible
order to diminish the The oeposes the Com.
monwealth never were of special character, and had
been always treated all other general deposes By
this measure the circulation and deposits Of the Bank
greatly reduced. The Bank being then undoubted
in its credit fully expected that its notes. then
every where current would be- they always had been
received in payment of the interest the en,y
venth of January the officers of the Bank no
doubt Of the payment Of the interest run then COM
menced which broke the concern and the State
also. On the three consecutive days. the ath 2sth and
and Goth of January the Bank stated that paid Of is
Deposites, S 06 qS6
And OF It's notes. 60 ,692
Over and above its receipts. s4ss,77s
The State had been for two years difficulty and i'm
mense efforts had been made meet the interest and
was not until late the evening of the LIST February
1884, that arrangement made which consisted IN
the application the available of the ank of Penn
sylvania, TO wit -
Foreign Bills Of xchange ofths value Of. .$i6 900
Bills receiv able ana soon available $50 900
aud the proceeds of requistion made upon the other
banks, which thought sui cent to pay the balance
Of the interest DUE
The result was explosion which shook down the
vast fabric of the State honor Of put
finishing touch to National disgrace, and illustrated
the folly of putting faith in corporate banks This mise
rable bankrupt concern has the audacity, without
making any expose OF its concern, its deormed
ont above the mighty ruins that surround and which
it was the cause, and to claim public confidence. On
what ground does bare business Has its real esste
Improved in value Has it collected its loans to bank.
rupt spectators Have its PeDnsy stocks
ed their value Has II collected the 81 800 OU0 of u
Pest Notes The bills demand sell for cents on the
dollar Has the Grard Bank paid up 4, is probable that
It has bought up its post notes and bills at very low
rates shaving the public out OF the balance There
appear TO be any ether ground for its claim Of credit
II it has resumed, it has probably paid the State. If So
what has the State done with the money The creditors
have not got it. Or does hope to obtain circulation
by paying the State in its own bills