Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1843-05-09
#.s From the Cincinnati Enquirer.
BEAUTIES OF MODERN BANK.
INC

FEOW l0A Ci0Cinndll EUQuIIbT.
q BEAUTIES OF MODERN BANK.
...... ING.
H.. A, suit was brought, sometime during
the past year, in this county, by the Re.
ceivers of the bankrupt Bank of Leba,
non against Thomas ]. Read g. Son, OF
Louisville. The plaintiffs declared, that
in consideration that the Bank would pay
to Willard Earl, and others, $4,000 for
certain stock of the Bank, bought of
them BY Read g. Son, the defendants a.
greed to pay that sum 10 the Bank, and
also, that in consideration that plaintiff
would buy this stock and pay this money,
dts. agreed TO act as the agents of the
Bank at Lousville-sell $4,000 Of its
stock-circulate its notes-and redeem
them to the amount of 10000, if neces'
sary. The breach of this contract was
alleged, and damages TO the amount Of
$4,000 claimed. Ia an other count a
claim was set up that in consideration
that The Bank would sell TO the plaintiffs
a large quantity ofpork, they would act
as agents--circulate its nOteS-keep q
fund adequate for their redemption in
Louisville, &c.-alleging breaches of
this contract, and damages to the a.
mount of some 5000.
The defence set up was, that the de-
PENDANTS in the matter of the stock, act
ed as the mere agents of the Bank in
buving out Earl g. Co.-that the Bank
assumed the contract and took the stock
that the pork was bought Of Iglehart
g. Co., not the Bank, and paid for to
them,-and that as TO all other dealings
the defendants had setted in full with the
Bank, and had receipt from its proper
agents.
The whole rise, progress and decline
of the concern cana out in evidence
and such chapter of scientific fnanci
eriRg and magnificent rascality haa rare
" been presented. We are Of course
unable 10 give the evidence itself, which
consisted chiefly of the minutes and cor
respondence ofth Bank, and its officers
together with series ofpolite, racy anc
exquisite epistIes between Mr. N. P. lg
lehart and Read g. Sons. We can, how
ever, give a running view of the matter
that were shown in evidence.
The Bank was got up in the most ap
proved style Of modern financieriDg.-
The greater part of the stock was takeT
bv Willard Earl and his brother j.. }
Bingham, and the Union Bank Of Buffa'
10. Their stock taken together amour
ted to 2tOO shares OF $50, upon whicI
they paid ten per cent. by a certiGuGte o
depos;te in the Union Bank at Buffalo. -
Ipiehart & Co., were the next heavies
stockholders, and paid next 10 nothing
A few shares were held in and about Leb
anOn--and Iglehart sold 200 shares I
Read g. Son. The concern got unde
way with less than S 2 900 paid i'm
The two principal interests were th
Earls and Bingham on the one hant
and Tplehart g. Co., on the other. The
managed to divide the empire at first b
giving the Presidency TO the lgleha
CLIQUE, and one OF the Earls went in 8
Cashier and Director, and Bingham as
Teller and Director. The machine wa
now ready to make money plenty, and VI
rious and exceedingly scientific were Ii
methods 10 do it.
Some $4,000 to $4,000 was bOrrWe
by the Earls. About $4,000 Of this WI
left on deposite at the Union Bank
Buffalo, to meet the certificate give
I the Bank for the payment on the stock
The balance was passed to "lrlend
I Indiana, who laid It out in pork whIc
10 the amount Of near $4,000, pass.
through the hands Of flglehart d 20,
to those of Read &, Son. Mr.. N. T lgI
hart. was a little more modest. lie on
borrowed some $2O,O0O during the fl
year. His gerius was exerted to difl u
the benefits Of the concern by extendI
IFS circulation. To this end, the corr
pOndence spoken of above, took pa
with Read g. Son. The former decl
ed himself the IIlustrious founder OF
Bank--since his credit and that of
own Bank were Of the highest orde
spoke ofhis champagne wines, his
tfotting horse, his intimacy with the le
ing bankers of the city, and the frien
interest that Gov. Corwin took in the