The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-10-22
Navigation OF the Ohio Rlv
MONEY MARKET.


Wednesday, October AIS p. M.
The market was heavy to-day, and prices fell off a
fraction. Harlem declined u; Norwich and Worcester ~
At the second board further decline was experienced
The explosion of the Oakland County Bank of Michi-
gan has fallen with great severity upon the poorer
classes This is the third bank in Michigan which has
exploded within the past six months; and notwthstand
ing the warnings of the generally the public con-
nued to take the issues Of tins institution Many have
paid dearly for their misplaced confidence and we trust
II W II be a lesson they will never forget We have 80
frequently exposed the rotten condition of such banks as
the st. Clair the Oakland County &c, that it is matter
of much astonishment that single individual can be
found who will receive them to say nothing about
keeping them. The Indifference exhibited by the public
generally relation the solvency of the institutions
the issues of which they freely take enough to dis
courage the press from TAXI any further trouble to
protect them from the swindng intentions of these
gagged in sustaining these banks, until they roach GER
tain circulation and the most favorable point for an ex
ploson Most of the banks in Michigan and other West
ern States, which have exploded within the past Eve
years. have been very bad credit for length Of time
previous the grand crash and every effort has been
made to put the public their guard against their bills,
but appears without avail as, in every instance, the
result has shown that circulation to some extent has in
spite of the frequent warnings been obtained gsnrrsy
among that class the least able to bear the loss 1t full
time for the Legislature of Michigan TO do something in
relation the banking business of that State II 10 full
time that the most restrictive system OF banking should
be perfected the protection Of that class Of the public
who will not protect themselves. Michigan has long
been celebrated for its wild cat banks and for the CREDIT
of the State and to remove possible the stigma which
il now bears the most rigid inv estigaton should be
made into the co. dition of those institutions which
the least tainted and complete revolution should be
ma ie the earliest moment in the system of banking ge
neray The present system a to the State, and
retards the prosperity of people than her public
debt ever did.
We annex the official statement Of the Bank Commits
sioner of the State of Michigan.
OAKLAND County BArK-BANK CoMMIssroSERs REPesr.
''For the purpose of ascertainng the true amount Of
the liabilities of the Oakland County Bank and its
sources visited Pontiac the 9Th inst with the Hon
D. " Bell, Auditor General With this is statement of
the condition OF the bank sworn to by the cashier Mr.
thorough examination of the books of the bank OF the
circulation appears from the books OF the bank as well
as from the Mt of the officers 500 was sent to
house in New York in November last with the expec
tation that IL could used and If used TO protect the
same has been used and still remains in their
hands If this is so, the actual circulation vas on the
amount which Truesdail has redeemed from time to
time before and since the failure Of the bank He has
placed in my hands the sum Of which reduces
the amount of $57 1858 So or this amount Mr. Tresda
Is individually liable for Sal s97 30. OF the balance
s. 900 worthless, or nearly So The remaining portion
Iieved by the officers will be collected and made avaiis
BILE TO reduce the bills and notes Of the bank Proceed
ngs have been instituted to wind up the bank and PLACE
its effects in the hands of receivers and Mr. Truesdal
and his unset have pledged themselves that WILL as
the deeds be prepared tansferto tne Hon
property TO the nc h ., ms Of Ss no, es
Oh the 0'nA as '''' HENRY N, WALKER,