Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1848-07-26
From the Baltimore Sun.
Beautiful Bank MANAGEMENT.

WARNING TO THE PEoPLE.-The exam
ination of Messrs. White and McMuiler
into the affairs Of the Canal Bank, Albany
N. Y, has disclosed more corruption than
the public could have anticipated. The
books of the bank are in utter confusion;
but the examiners have ascertained thai
the bills of the Bank in circulation, unre.
deemed and unpaid, amount to about one
hundred and eighty nine thousand dol
lars; that the bank is indebted to individu-
ais, for deposits, above fifty thousand dol
lars, and to the state of New York about
siktylthree thousand dollars They found
in the Bank the sum of eleven hundred and
two dollars in coin, and in good current
| bank bills not exceeding ten or fifteen dol
lars besides some worthless, or almost worth.
less United States Bank bills, of the nomi.
nal amount of two hundred and ten dollars
! The above constitutes all the assets of the
bank except their real estate and stocks,
and debts due them-the amount of which
has not been ascertained, owing to the con-
fusion of the books. The examiners pro.
ceed to say this:
ssThey are fully satisfied that the assets
of said bank will not be sufficient to pay
their debts and liabilities, Independent of
the original stock paid in, and deponents
further say that it apperrs satisfactory to
them, from the books and papers Of said
bank, that more than one half of the a.
mount of the capital stock of said bank
has been loaned to, and is now due and
owing from Directors OF said Bank. And
further, that the late Teller of said Bank,
according to his own testimony before de-
ponents taken, has has been in the habit of
making large loans to many individuals up
on his own responsibility and without the
knowledge or authority, or consent of the
Directors; but, as he testifes, with the
knowledge and sanction of the Cashier
That such loans now due and unpaid, a.
mount, according to deponent's understand
ing, and the best knowledge as derived
from the said Teller's testimony, together
with the books and vouchers, to at least
twenty-five thousand dollars. That said
amounts have been loaned principally, and
almost or quite entirely, without any notes,
endorsers, or sureties, but upon simple
memorandum checks,post dated and months
to run. That the said amounts, and other
large amounts have been uniformly count.
ed as cash. in making the statements of
the affairs of said Bank, and in calcula.
tions for and making their semi-annual
dividends. And it further appears that
Edwin Croswell, one of the directors of
said Bank, is indebted to said tBank about
seventy-6ve thousand dollars, and that John
Leyes Paige, one Of the said Directors, is
indebted to said Bank for about fifty thou.
sand dollars, for moneys loaned HIM by
said Bank, as President, ola Glass Compa-
ny in the city of Albany, about the solvep-
cy of which Glass Company, deponents
have no satisfactory knowledge"
The Evening Journal says Of the banks
"Other banks with which it had dealings,
suffer severely; very little if anything
more can be realized from the assets OF
the bank than will be sufficient to redeem
its circulating notes. The Canal Bank
has long been depository for the Canal
Tolls collected in Albany. The amount
how there exceeds 100000, which fortu
nately, is much less than it has usually
held. In addition to the liability Of the
Bank, the Comptroller holds the bond of
the President Of the Bank and two of its
Directors, who, in executing the bond,
made an affidavit that they were worth
100000 over all their indebt edness.'