Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1843-01-07

and 10 instruct the people Of Ohio what they
ought 10 do with them, that If he did not intend
10 deceive, he certainly took very little pains To
unders nd the report. As il will soon be before
the public, and there matters in II that may
he msunders stood, will further remark tina, Mr.
Palmer differs materially from the officers Of the
branches to he losses that the bank will pro-
badly sustain in the collection Of its debts, be sup
posing, that by bad debts, depreciation Of real
property and all other losses, the whole will a.
mount 10 1913, lSS 81 To meet this. he calcu.
iates that The whole surplus fund 1892 632 70
heretofore laid by to guard against losses, I'LL be
sunk and the balance come out Of the stock
There will then be even by bis calcula ton.
S2,4l7 1916 81, after the payment Of all l,ab,li-
lies, TO return 10 the stockholders, SO that in no
event can the holders of the paper or other cred
itors Of the Bank be losers.
In the opinion Of The officers Of the branches
$50, $50 Of The debts bad, and SOC 37S doubt
full. Taking neither Of these into the account
and leaving out also Si9,3ll O5 suspended in
ieres,, there will be the whole capital of the
Bank and SlS2, 672 70 of unlmpaired surplus
fund TO divide among the stockholders. Ii is a
matter OF some consequence TO them but certain
~ very lttle to others, whe her these istakes
ia calculation are In Mr.. Palmer the Off
GERS of the branches. They are personally &C,
quainied with the debtors Of The Bank; II is their
business 10 look after the responsibility of prin.
cIpals and endorsers ard The value Of The secuI-
ties they hold, and they certainly ought to be as
good judges of these matters any stranger no
matter how capable, "ho had only spent hur
RED week amongst them. Even were the Bark
closed up in time Of greater depression than
the presen',ihe means secured from It's good debt
would be valuable in proportion.
The examination Of Mr. Palmer, has been in
many respects, laborious and searching. and he
deserves much credit for detecting Mr.. Fon,aine.
who by false entry Of so 900 in April 1911,
had tha rHta rf Ra,,k
and the Terre Haute branch. That he has not
been mistaken in some matters, will not be pre-
tended Had IT occurred TO him, he would prob
ably have remarked thai the orer checking he
fers to, except that which has been he'd was
mostly for very small sums and by mistakes that
were usually corrected a soon as known ard he
would also have stated in reference to Drec tors
under protest, that while in that situation i, is IN
defs;ood that they do not vote. From the re-
peaied references in the report 10 losses by faint
of usWy, 1t might be supposed that such losses
had taken place, We, there have never been any
Of tho KIND. lie is mistaken also, to The high
exchanges during suspension having been inju-
rlous to the people as estina ted, for the exchan-
ges were not generally paid by citizens, and all
so, as 10 the officers believing il better not TO
have joined in the suspension of 1888. 1t is true
that in The situation of the bank, there only
choice Of evils; bat the general course taken
could not have been avoided without still
suffering the community. I have
only part of the Report before me, and have only
hastily glanced over the other part. There may
be other matters requiring notice, but suppose
persons no have mnrc leisure VIII attend to
them.
The Eiior of the Statesman ought not TO hav Q
intImaied that institution is in any manner
connected with the parties Of the day. The
State md Branch boards are composed Of men Of
both parties, who uniformly conduct their bust.
ness so that party preferences are never known
TO have been exhibited The officers Of the IN
s,itu'ion appointed by the State. have heretofore
received an equal support from both parties, and
il will be their pride, II is Their du,v TO be I'M
Influenced in all :helr official conduct by the po~
ll,ical differences Of the day
S MERRILL, President.
State Bank, Dec. 81, 1912.