The Lancaster gazette. (Lancaster, Ohio) 1846-1852, 1848-04-07
Wooster Bank.

We have as yet received no definite
news of the suspension of this Bank
The Wooster Democrat says:
"At a meeting of the Directors of the
Bank of Wooster, on Tuesday evening
last, resolution was adopted, as we are
informed, authorizing suspension of
payments on its notes. Depositors are
paid as usual. We understand that this
course has been resorted to in conse-
quence of the Banks of Cincinnati
throwing out their paper, measure pro-
duced by rumor prevailing in that city,
of the failure of Joseph S. Lake, Esq, of
New York, who it is we'll known has
large business connections with the Bank
of Wooster. We are informed by the
Cashier that meeting of a full Board of
Directors will be held to-day, at which
the future course of the institution will
be determined upon" A.
This is one of two or three Banks, that
accepted the Locofoco principle of "in-
dividual liability and if tbs worth any
thing we will soon learn the fact. One
thing is certain, it did not keep the Bank
from suspending. The following is one
of the sections of its charter, passed
February 18th 1874:
SEC. 2. That from and after the first OF
March, in the year one thousand one
hundred and forty four, the stockholders
of said Bank of Wooster shall be sever
ally liable in their individual and private
capacity. for each and every valid claim
against said Bank, exceptin cases where
depositors and said Bank shall other.
wise agree."-O. L. vol. AZ, p. 10.
1t would appear that this is not the on
ly connection that the Bank has with Lo
cofocoism. From the notice above j
will be seen that the Bank did not sus
pend operations until Tuesday evening
Yet on the Monday preceding, the Ohio
Statesman gave out hint that the Banl
had gone by the board. So it would ap
pear that that paper had obtained som'
information not communicated to others
But this is not all. The Ohio Pres,
also Locofoco paper, in speaking of TIL
failure of the Bank, makes the followin,
grave charges:
"Medary seemed to know more abou
the coming event than any body else a
bout here, except the banks. BY the wa
we hope that an account Of all the asset
of Lake and the Wooster bank may b
J published. 1t would present some curl
GUS items. Among others, unless Media
Diary has bought it up within the las
year, would be found mortgage upo
the Ohio Statesman; all its property an
patronage. for ten thousand dollars--pal
of the money that Medary sold himse
for in lS45."
a The Statesman in return evades d
S rect reply to his brother Locofoco, b'
/. concludes long article as follows;
"The foul imputation that we had an.
thing to do with the Wooster Bank, i
mortgages, orits claims, is only worth
J. the coward and paltroon, the insignifcal
s puppy who dare bark at others heels, b.
!. never approach to bite. The foul slal
|, ders of daddy and son, public and pl
vate, whose wealth consists in the pa
= robbiugs of bank charters, will be ful
IS appreciated, and properly understood
T. Thus rests the matter. We shall II
Is interfere with the family quarrel. Th
5. the Locofocos must settle among ther
d selves. The Bank of Wooster has bee
70 one of their pets, chartered by a..Legisl
IT ture of which they had majority al
in that charter is ongrafled one Of the
darling principles. So let them quar-
% it out. We have no doubt but that ra
IS developments will take place. should Il
Of whole truth leak out. ThePresident
is the Bank is an old crony of the Editor
10 the Ohio Statesman and while member
" the Ohio Senate from Wayne county '
or ted for hlm as State Printer and withc
his vote Medary would not have be
elected.
~ The Ohio Statesman says that OI
~ "now is the third, if not the seco
% State in the Union, and rich in all Il
= constitutes the real wealth of a people
~ Who could ask better commentary u
on Whig measures, from LocOfoco |
" per, than the above? The truth "
sometimes leak out by accident
%, WThe Mineral Bank of Cumberlal
ma Md. has failed We have received