The Lancaster gazette. (Lancaster, Ohio) 1846-1852, 1848-01-07
ForeIgn Ranks.

Last week, we informed our readers of the fall
ure Of the "DelaUare Bridge Co. Bank" OF the
''Lewistotoa Bank" Of the "SusquehaAaa CoUaty
Bank" and we now add to the list the names oil
the "Atlas Bank" of New York, and also Of the
following, whose notes says the Journal, are re-
fused by the Banks of Columbus: Erie Bank,
Houesville Bank, West Branch Bank, Farmers
and Drover's Bank, Miners Bank PottsViuc, and
Wyoming Bank.
Against some OF these Banks, we have already
warned our readers. They now can take warning
against the rest Ifthey want to keep money,
let them get Ohio Bank paper. We had intended
to say few things in regard to foreign Bank pa-
er,when we met the following from the Cleve
land Herald, which saves us the necessity:
Bankers and Brokers of course better
know the management and solvency of
Banks than men of other pursuits; and
when they discredit the issue of an in
stitution, the safe way is also TO refuse
the paper.
A system of giving undeserved credit
to hfeing institutions abroad. is entirely
too prevalent with our local banks. The
local banks should be shield against i'm
position, and should take no paper at
their counters in which they have not the
fullest confidence. They ought in no
case to receive the paper of doubtful
institution under pledge from the Off
GERS or agents that they will be saved
from harm in case Of failure for this at
once gives false credit and undeserved
currency to the notes ofthe institution a,
mong unsuspccting people. The notes
are quoted at par because received in
bank; the merchant, the farmer, and the
laborer takes The money because it goes
in Bank, and although the Bank receiving
the paper sends every dollar home for re-
demption, whom the crash comes many
honest bill holders are swindled.
The local Banks pursuing this course
are accessory TO the fraud, and the dear
bought lessons of the St. Clair, River
Raisin, Lewistown, New Hope, &c. fail
ures, should put stop to such practices
with all honorable and honest officers Of
Banks, at least. We speak plainly, for
we feel that the public good demands it.
For the benefit Of our readers we add thefol
lowing list oil Free Banks, in New York, the notes
ofmany Of which are now passing freely in the
community. By means of this table, they can
act circumspoctly in receiving money and will
never lose adollar. There are many sound bank.
in other States and many unsound--the safes
plan would be to reject all; but as this is alnos
impracticable, they can refuse those, which ar,
liable to fail and prove a heavy loss. The re
marks below will guide those who receive none,
to lay up.
From Thompson's Bank Note Reporter, Dee %
New York Free Banks.
We have divided these banks into foul
classes: The first class are secured Who'll
ly by New York State stocks-makine
their notes safe under any event.
The second class are secured by bond
and mortgages andNew YorkState stocks
In case ofthe failure of this class these
notes would be worth from rs to 90 cent
on the dollar.
The third class are secured in part b,
Arkansas, Indiana, Illinois and Michi
gan stocks. They are at preset wei
managed and safe. but should they fal
into bad hands and fail, there would b,
loss offrom 10 to 40 per cent on thei
notes.
OF the fourth class we are glad ther,
are but few. The owners ofthese shoul,
substitute good securities with the Con
troller foI their foreign stocks, or wind up
FIRST CLASS.