Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1848-11-29

the BANK WoS lot ss.e ana tHuS WAS COM
Gdenca, the largest portion Of tie capital
destroyed.
The great financial manager of the
Wooster concern was very jewel OF t.
naEcier. He knew men, and knew how to
use them. He was soft and easy spoken.
and his dark eye wculd light up with much
brilliency While he would sca2itu!ats the
strength and safeguards of his Bank, and
how he would DEFY all tie locofocos in gen.
eral, and that vilianous paper, the SOhie
Statesman" in particular to lnjure his Bank,
for it was the Bank Of Banks the model
Bank of the State .
In its amended charter, he had procured
the insertion of clause that deposites ac-
taally in the hands Of an eastern Banker Of
good credit, should be taken as gold and
silver coin in the vaults of the Bank, ard
he would point with much pride and self
glorifcation to the fact that this improve
ment was his own, and that NJ. Alfred
Kelley, as the chief actor in getting up of
the new system of Banking, vi hch now so
beautifully encircles the State, much after
the fashion that the boa constructor encir-
clas its victim, had adopted in spirit and al
most il SO many words, the sight draft
portioa of the revised Wooster charter.
That was proud day for our Eank Presi-
dent, and MIR. Joseph s. Lake swelled high
and locked unuterable things, as fancy de-
picted him going down to postegity, as the
author the famed author Of the plan Of
converting "s5ght drafts" on Banker in
New York, by single dash Of the pen into
gold ard silver in the vaults OF the Wooster
concern.
Great was the discovery, the manner that
it was carried into execution was greater.
The financial manager had heard much Of
New York, and the glory and the iaue of
s3 Wall street inanciers, and in the pride
Of his heart, be determined to outshine them
all - to cut faancier the tinanciers. The
charter of his Bank, gave him the right 10
issue three dollars in promises for every dol
lar of the hard in his vaults, and ths sight
draft section, made actual deposites with an
eastern Banker, liable to be drawn for, at
sight, Just the same as gold and silver. On
five thousand dollars in specie, then, the
Bank could issue fifteen thousand in Woos-
ter Dank premises, and If this fifteen tbous-
AID in W ooster promises ccu!d be seut to
New York and placed in the hands of
Banker there, who would keep the secret,
forty-five thousand dollars in addition could
be issued on the deposite. This forty-fve
thousand sent east to the same Banker
would allow the concern 10 Issue one hun
dred ard thirty-6ye thousand dollars more
in promises, AID so on without limit. Tie
acuteness Ct our fnancier saw all this, and
he became, himself, the eastern Banker Of
undou6ted credit, upon whom the sight
drafts" were to be drawn. His fame IN
creased, and, among his friends, our fnan-
cier ranked high as once DID Nicholas Bid
die.
But the name ofsWooster on tie Pank
notes became too common in tie " est
they were scattered too far from home, and
tco broadcast over the land, to remain long
in credit, aad besides this, the democ. aIIc
press, from time to time, warned the people
to stand from uader lest they might be in
cured by the explosion. The Banks fou d
that among the notes Of ether Banks In
their drawers, Wooster held too pgomi-
nent place, and its owner was outstrip-
ping competition, and hence they resolved
% cut short his career by sending his notes
acme for redemption, and then commenced
lie grand preparations for the expulsion.
First in acuteness, ard first to take the
alarm, were the Cincinnati Bankers. Since
lie days when the people Of tia. city prac-
iced Bank reform by rising, aid with
strong arms ard deter mined hearts, rent
rom turTet to foundation stone, some of the
Banks in that city, because they swiLdled
hem out Of their ..hagd earnings, ard made
all concerned to flee for very life, there Lad
oeen no Bank failures in TIE Queen city,
md the Banks there determined that if they
we're Eot allowed to fulfil the destiny in
ended for all Banks when chartered, that
,thers should not fleece them
Among those despatched as special
.sent, was one SO little acquainted with Fl
lance aud Financiering that he was silly
nough to believe that honest men mig ht be
ound among Banks.
In March last Con the 25th dav, and ear
y in the morning, for we like to be particu-
ar in dates this Mr.. H., having previously
ntered his name in the. stage Office, Pro-
eeded to Wooster with e7,299 (and no
enSe) in notes of that institution for re-
emption. In Lis pocket hook were writ
en- instructions for the @kard"-or for CiL-
innati notes, and with strong caution a
ainst all and singular the pieces of paper
nown as "sjgM drqtts." These latter, hs
vas to %touch not" or if he did touch them.
bove all things was he commanded not to
eceiye them in pay meht, but to secure the
otes of Banks that dare not break for
,ouths yet to come, or else to secure that
uIgar locofoco stuff called gold and silver,
,hich, unlike Gov. Vauce's celebrated gum
astc currency, neither expands nor con-
acts, but to-day and to-morrow-next
,eek and next year, is the same.
In due course OF stage, he arrived at
Wooster, at ii O clock, p. Nj. of Monday,
le 9th of March. He here met an old
lend, one who ranked high in the church.
nd withal was friend to Banks. Find
lg out the errapd cf Mr.. Agent, he talked
ng and learned of the soundness OF tho
aux, and Of the fame Of its owners. In
onverse sweet he held our Agent entranced
,e whole dav. until the words Sa*s