Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1848-05-10
Another Bank Gone.

Ihe prospects are fair for the people get
Ting surfeit OF the Blessings Of rag mon
ey. There is scarcely month rolls round
that we do not have The announcement Of
the failure or suspension of some one Of
the numerous ssrag mills that are scatter
ed over the country. But few months
have passed since several ofthe New York
State banks and several banks in other
states, the papersof which formed consid-
cradle portion of the circulation Of this
State, had failed, cheating the honest and
industrious noteholders out of their just dues.
S Scarcely has the sensation produced by
the failure Of the Bank Of " oosler. subsid-
ed, ere We have the intelligence Of the fail.
Of another bank.-The Erie Bank, at Erie,
Pa !, .ssuspeandeda payment on Friday last,
and LETT q large amount Of its rotten prom.
ises in the hands Of Tho people. ~ hat is
the amount of lis circulation, or what the
condition of the bank, we do not know; but
wesdo know that there is considerable Of
its paper in the hands of people here who
have given it credit, notwithstanding the
unfavorable reports that were incirculation
but about month ago against tho solyen
|. .cy ofthe bank, because they believed Mr..
Reed, who was the principal s:ockholder
| in, if not the sole owner of, the bank, was
wealthy. and would sustain the credit of
| bank. But the accounts state that the fail
ure Of the bank was in consequence Of tho
sfailuteof Reed.
1 The Erie Observer contains the follow
ing paragraph in relation to The future Of
the bank:
sSusPEssIos OF THE Ears BASK w q
| stop thespress to say that the Eric Bank
suspended payment to dny. We haven nei-
/ tber time nor inclination for comment To
| bill holders we would say, don't sacrifice al
/ present. Tho Cashier assures US i. has
mems, though just NOT now available. 10
| redeem its1circnlation dollar for dollar.' B
S Il may be well for those who can, to
heed the above caution. as nothing will be
lost by holding onto the notes for short
time, and ii aaay Be that the bank will
eventually redeem its entire circulation.
asI1is a caution which is almost universally
Ithrown.ont whenever bank fails, for the
purpose Of allaying the storm of just indig-
dntion which IS melted by these villainous
robberies of tho people by the banks; and
it has been but too successful. Had il not,
been so, there would not now be bank a
sbove ground TO feed and fatten upon the
productions Of labor. But should this bank
Ienrentually redeem all Of its Liabilities, the
ibsak advocates will claim that itshas injur-
/ ed E.nosone, and that the community has not
suffered in any degree by lis existence.
/ Yet such is not the case. It impossible that
Ia bank should fail, having large amount
of its notes in circulation, without there be-
ing much Of it in the hands Of persons who
are unuer the necessity Of putting it TO inn
mediate use, and yet they cannot do so un-
/ less they dispose Of il nj n sacrifice OF from
lg25 10 IS cents on the dollar. When the op
| portunity offers there are always enough
| greedy spectators, who have suficien,
money, and who can wait until the bank
can gather up its assets. to buy up the bills
at a discount, and il is in this way ihat tho
asails OF Inbor, through the instrumentality
of bank failures and gross bank frauds, are
| transferred from the hands Of The producers
| 10 whom they belong, totl, hands Of speeuu.
lators and bank olficsrs and agents who
ssloii aases neither do they spin. 9 .ssi :sss
ThD liaLility Of banks to fab is not q ille
only objestoaIo 10 ,hose institutions, trough