Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1845-11-12
The individual Iiabllitiefef Bankers.

1nU lnQlVluutdi 41laBH'tiiqeSW ba4keTS.
One ofthe strongest speeches We ever
recollect to have heard. was delivered
in the Ohio Legislature ID l440 fbyl Col.
DAVID Top, the present United States
missioner I ossettis he difficulties in
the copper country on Lake Superior.
The subject was the individnal liability
of bankers and ID the course of which
Col. Tod related an anecdote. which
had fallen under his own sobssrvstiens
When quite a;youth, hSihappenedste
be in one OF tho government land Offices.
and white there man Guns Into tho
Office to make thsr last payment for
lands which he~had bought under the
law which allowed the buyer to. make
annual payments for the land purchased.
he last, payments which, by the terms
of purchase, was to be made that day,
or the land, with all the purchase saon--
ey would be forfeited, amounted soAsigh->
ty dollars. The purchaser ihaaded q
roll OF bills to tho tecaiyer. {. who,i found
them all to be on the Bank Of BuGais.
He handed them back to the farmes, in.
forming him at the same time that .newa
had that morning. been received that the.
bank had broke. The farmer told him
it was every cent he had--thus for 1.-THE
had toiIsd day after day.. tn clearing
land for neighbor, and that night after
night. when his children wore asleep,
bis wife had assisted him in his work..
His family during the time, the 4srmss,
said. had scarcely had the neesssasiss.
Of life, SO anxious was he to save oil he
could, to purchase the laao ppon which
his cabin stood. 70 make oht the eighty
dollars, he had sold his last cows The.
looks Of the man--the deep distress pain..
ted on his countenance, and the efforts.
which he made to raise the money inths
town where the land office wss situated,
left not doubt ofthe truth Of bis tale.
His land became forfeited, and he -.
turned to his starving family, abegSaFsd
man, with 10 roof he could cali his ewa
to cover the heads Of bis family or him>
self. ,. u..1E5 4uw
| A few days after. Col. Tod said. hia.
boyish curiosity was excited by the ap-.
pearance Of q carriage drawn by spsR
of 6ne horses, which rolled into the yill..
age. So much more splendia was the
equippage than any thing he had before
eeen that curiosity induced him TO in
quire the name OF ito owner. He was
told that it belonged to the Cashier s
Ibis very Buffalo Bank. whose expiosioa
but few days before. had caused the
ruin Of the poor man he saw in the Land
Office. Upon enquiry. then. did he irst
find that in our boasted land Of squal
Justice, that Banks were not holden for
their liabill.ies-that the law had created
them privileged class. struck with
its injustice, said Col. Tod; then swOrs
, that II life spared me, and | ever became
a member OF a legislative body, would
never rest satisfied, untIl in like ycases.
the carriage aud horses, and other prop.
erty Of the privileged Banks, could bs.
taken to pay the debts contracted BY
the Bank. Such law would have sav>
cd from ruin the poor man. for the Bank.
: ers carriage and horses would shea have
paid the debt. ~ :. ..
So we'll was the oath kept. that duriaG
1.-The time COL Tod was in the Lesislalurs
in every act OF special legisla.ton, ths
stock holders were made individually Ii.
able. Es.@ .,0 N"E lu0 eNaa sss. "a
Since the day we heard that spsdsh.
, we have been found ranged upon the
, side of those who have done battle, 4 sss
all times. and on all occasions, fof the
/, principle Of individual liability. While
life lasts, we freely pledge oursslvss =
continue it's advocate, not only in Baak
Charters, but in all other acts Of inssT-
! pora.ion Press. -. II 80