Indiana State sentinel. [volume] (Indianapolis [Ind.]) 1845-1851, 1846-01-13
The individual Liability Of Bankers

One of the strongest speeches we ever recOlect of
have heard was delivered In the Ohio Legislature in
1870 By Col. DAVID TODD, the present United States
Commissioner to settle the difficulties in the copper
country on Lake Superior. The subert the in
dlyidnal liability Of bankers, and In the course of
which Col Todd related anecdote, which hal fallen
under his own observation.
When quite YOUTH he happened to be in one Of
the government land offices, and while there man
came into the Office to make the last payment for
lands which he had bought under the law which al
lowed the buyer to make annual payments for the
land purchased. The last payment which, by the
terms of purchase, 10 be made that dav, on the
land with all the purchase money would be forfeited,
amounted to eighty dollars. The purchaser handed
roll of bills to the receiver who found them all to be
on the bank of Buffalo He handed them back TO the
farmer, informing him at the same time that news
had that morning been received that the bank had
broke TIE farmer told him it every cent he
had-that for IT, he had toed day after day, clear
inr land for nelghbor, and that night after night
wien his children asleep, his wife had assisted
HIM in his work. Ills family during the time the
farmer said had scarce the nccessarIcs of life SC
anxious was he to all he could to purchase the
land upon which his cabin stood To make out the
crhty dollars he had sold his last cow. The looks OF
the mantle deep distress painted on his counten
ancc aud the efforts which, lac made to the mon
ey in the town where the land office was situated
left not doubt of the truth OF his tale His lant
became forfeited, and he returned 20 his starving
family, beggared man. with no roof he coul'
call his own To- cover the heads of his family .
himself.
A few days after, Col. Todd said his boyish curl
ositv was excited by the appearance of "A carriage
drawn by span of fine horses, which rolled into tli
village 81 much splendid was the cquipag
than any thing he had before seen, that curiosity in
duced him 10 inquire the name Of its owner. II
was told that it belonged to tho CASHIER 81 NE rcr
Bug,tio i1mt, whose explosion but n few days bcfor,
had caused the ruin Of the poor man he saw in III
Land Office Upon inquiry. then, did he first fin
that in our boasted land of equal justice. that Bank
were not holden for their liabllites-and the law ha
created them privileged class. Struck with iis il
Justice, said Col Todd. ! then sworc that if Iii
spared me- and Fever became member Of legslati,
body, would never rest satisfied, until IN like case
the carriage and horses, and other property of Il
privileged banks, could be taken TO pay the deb
contracted by the bank Such law would ha,
saved from run the poor man, for the Bankers ca
rage and horses would then have paid the debt
- we'll was the oath kept. that during the tin
Col Todd IN the Legislature, in every act
special legislation, the stockholders were made ind
yidually liable.
Since the day we heard that speech we have bet
found ranged upon the side of those who have do
battle at all times. aud all occasions for the pri
ciple of individual liability. While life lasts. ,
freely pledge ourselves to continue is advocate, n
only In bank charters but in all other acts of inc
poration--D ID frOif Free Press.