Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1847-11-17
MISCELLANEOUS.
rom the Ohio Statesman.

.s1~sas From the Ohio Statesman. -
-,sis. rae@ ~''TEIAT GOLD"
oart ar MICHIGAN FINANCiERING.
A .rALs OF THE TINES THAT TRIED MEMS
PURSES.
.srhsre are more things in Heaven and on earth,
Horatio, .-- .-.s..- -.
HhAn are dreampt IofSa Eeur philosophy, =
., Mississippi has been famed for her bank
.inx. The story of her financial greatness
in the manufacture Of paper promises, has
been the theme Of story and OF song. Her
6nanciering is not unknown, and never
will be, as long as the Brandon and other
banks give living illustration OF the truth
of Sam Patch's remark, that some things
can be done as we'll as others. With the
swiftness almost of the enchanter's wand,
papar was turned into bank notes, and eve
rywhig knows that little generous conf
dence makes bank notes money. Conf
dence was no, wanting, and Mississippi
fourished like n Green Buy tree until
the raseally locos destroyed the confidence,
and thus sstroyed the capital of the bank.
We sta.es ~ issssippi banking had been
said and sGag-recited and re-recited, un-
iii it has become an old and thrice told tale.
80 While thus the southern financierers-
ardent as Mississippi sun could make
them'-have had their poets and letter
writer's and newspaper paragraphists to
sound their praises, Michigan, her great
financial rival, has not had one. Had her
hanks continued little longer, she could
have beat Mississippi 'all hollow;;' but
there came frost, which nipped her rising
greatness, and bursted her whole system.
The cause of that frost coming when it did,
10 interesting, and if the reader will bear
with US q little while, we will tale unfold,
which will show the efforts ofthe Wolver.
inc bankers to regulate the currency and
routshine the financlalists of Mississippi.
The time of which we speak was about
the close Of the specializing days which
commenced in 1886. Every body hae
grown rich, and every body wanted to grow
richer. Men calculated their fortunes by
millions and half millions. The State Leg
islature had enacted general banking law
ssiselu and safely guarded, as all new banks
.,.ra and banks innumerable had gone into
operation. and their notes, thick as leaves
i'm Valumbrosia' y shade,' werein the pock
aets Of bank officers, their favorites and de
pendents.
Among those appointed to watch thes'
institutions, was Alpheus Felch, the lat
Governor, and one of the present Unlte'
States Senators from Michigan Whel
the general banking law was enacted, h
stood almost solitary and alone, in opposi
-,ion to it; and after it went into operation
sheyiewed them with suspicion. AS one o
sshe four Bank Commissioners, he had on
so,,aYter Of the banks to attend to, and wa
bound to examine them In person. HI
srnarched one day into one of the banks
sDetreit. and demanded to see their specie
eThe bank officers, who had expected h
scom;ng. were oil smiles and afiability, or
cracked their Jokes, and smoked their r r
bxalias. and drank their champagne, WI
an air that but few, except bankers can
-Lsume.
III The commissioner found the entire sp.
Gle capital ofthe bank in gold, and as
swss somewhat believer in the gold bill
sMr Benton, ,ahe gloated his eyes consider
ably over the yellow boys. Among Il
coin were some pieces of an old date, al
these, from their antiquity, excited consi
gssable attention. At bank No. ], all thln
: wers found right-the coin was there, al
ttheAooks showed that the issuerof notes WI
but three dollars to one.