Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1848-04-06
The Wooster Bank, again, Look ont

Notes on this locofoco institution are aooin in
diSroPule,--the reports arethalitha fnaIIygone
by the board. Rumors to the effect that il had
gone down have been circulated so frequently
before that we were in this instance somewhat
slow to believe the story, but inasmuch as it
seems 10 be generally credited throughout the
S'ate' and as we have long supposed it to be un-
sound, we have but to bow to the opinions of
others. 1t may be regarded as certain that the
bank has suspended.
There are some important facts connected
with the charter and management of the Woos-
ter Bank, of which, at the present state of aE
fairs, it will be well to remind the public. We
will enumerate few of them.
For some fifteen years or more, a verv pener.
;aI and prominent topic in the political circles of
tOhlo has been the subject of Banks and Bank.
'lng and each of the great political parties has
mad It's turn in presenting plan. AT time
when the LocoEoco party held undsputed swav
IN both branches of The General Assembly, the
wooster Bank was chartered. In process of
4tllne, its charter underwent revision. bv a Le-
gtSGtHre tocotOcO in both brdncheS--and was
4 made to conform to their boosted notions Of
"BaHk Reform." The doctrine of "indipidu-
cHE1sa6iI1ty" was applied to it, with which the Of
flcers and stockholders were satisfied, for thew
were the party who regarded this principle
1, as an offset against all the evils of banking
/: theytoere IOcotocos. Such is brief history Of
this l0eqfoeo model Bank.
Now, in the case of the Wooster Bank. the
! public will have practical demonstration of the
: operation of system of banking which was ur.
ged with so much vehemence as the ultimalum
OF monetary wisdom. If it be found to answer
= the promised end, but little injury will result 10
the public from its failure,--for the serious loss
would fall upon those who have managed its af,
I iaIrs We shall see--but il seems that in this
casethe end is not to be answered. The locofo-
co prints, themselves, already tell us that the
public are to suffer heavy osses,-not only as
holders of Wooster notes, but by having in their
possession notes on other Banks that will be ef
tectcd by its failure. Such, they tell us, will be
the luct,--and, coming from Their own lips, how
can we but conclude TINT such is IocofocO bank
ingl
Take the locofocos on their own assertions in
regard to this institution, and Two important
iacts are established. First: That their boas,ed
"'"d'U'd~aI liability" system has proven to be
worse than " flash in the pan" undor their man
"gement,--lora bank regulated by its provisions
not only fails TO maintain its existence. but in inc
fall carries with it the innocent holder Of ts :
notes. Secondly: That the Wings stand vindca. t
ted Tor declining to adopt it as measure Of pub r
lie Precouton, and for devsing another, more a
prompt, and vastly more ample and certain, :
which surrounds the system for which as par II
~ they are responsible. b
Below will be found the second section Of the Il
act 10 amend the charter of the Wooster Rank q
passed Feb. .l5, 1914. We publish i, for the
benefit Of those concerned:--, n
"Sec. 2. That from and after the first dav or tc
March, in the year thousand eight hundred and 81
foryour, the stockholders Of said Bank of Woos 10
Ter shall be severaly liable in their individual and ST.
private capacity, for each and every valid claim ci
against said Bank, except in cases where depositors ~
dd SAID Bank shall otherwise agree. 20. H., VOL ON
2, ls. '''