Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1848-04-26

'a S''y oth ietlucf1nS To- Inc 5QHk thcl
a.s' q. units, from which all appeared 10 be
fair and satisfactory.
| The books Of the Bank on the evening
previous to the Suspension, rs exhibited Il
the Directors in the Cashiers weekly state
| neht. showed that its assets amounted t,
SI6l,129, and its liabilities, exclusive o
the capital stock, contingent fund, profit.
and unclaimed dividends. to $492 4O3; o.
which $462, ,22S was in circulation, anc
the balance principally deposites. or the
assets they showed $92, $50 to be in specie
| and the notes Of other banks; $4l5, ,29l in
bills discounted and bills Of exchange; $685..
759 deposited with ]. S Lake & Co.; $50.
DE deposited with o. Klemm & Co; $751;.
665 in State stocks; Sl9, ,244 in real estate,
and the balance in those miscellaneous
items, that usually enter into bank ac-
count; but from what investigation have
been able to make, find that the assets OF
the bank actually in the hauds J. 5. Lake
s. Co. and O. Klemm & Co., atthe time
Of their failure, was about $40, 600, con-
sisting Of the above items charged to them
respectively as deposits, the State stock Of
the bank, drafts, bills Of exchange, &c. !;
leaving under the control of the bank q
little over $2Q0, 900, consisting Of the u
boye items of specie aud notes of other
banks, real estate and miscellanies; and the
balance, Of bills paya Bile at the bank, por-
ton Of which are bad or doubtful debts; but,
as to what amount, am not advised =.
The public will perceive, from the above
statements, which are substantia lily correct,
'thnt the amount Of its liabilities, which the
bank will be able ultimately to liquidate,
will depend upon the amount that may be
saved from the wrecks of J. S. Lake g.
Co. and O. klemm & Co.; but, as to what
amount may be SO saved, or whether any
amount, the Directors are as yet entirely in
the dark.
3 The enquiry will naturally arise in the
public mind, as to what Mr.. Lnko and Mr..
klemua have done with SO large on amount
Of the bank assets In reply to this inquiry
| would say, that they acknowledge the
loss of $50, 600 during the last year in
produce operations, which presume they
went into with its funds: and that am in.
formed, since the explosion, that il was
with its means, that Mr. Lake got up the
Branch Banks at Akron and Toledo, and
Bank in, Texas, and purchased The Mine.
raj Bank Of Maryland, and the Canal Bank
of Cleveland; the stock in all Of which has
become nearly worthless, in consequence
of his failure Of what other speculstions
the stockholders and noteholders Of The
bank have been made the victims, we are
as yet unadvised; but time will, herhaps,
develope them.
The failure Of the Bank has been caus-
ed solely by that of J. s. Lake & Co and
deem it but justice to the Directors to say,
hat believe that they have acted with
perfect integrity Though certainly not with.
'ut great indiscre,ionI in its management
that the catastrophe was as unexpected
o themIns it was 10 the public-perhaps
more so; and that ]. 8. Lake & Co. haye,
For a long time, studiously prevented, at
east a portion Of them, Of knowing the true
condition Of lis assets in their hands.
: s5o JOHN II. HARRIS.
g Wooster, April 10, ls48. 80
q Supposing the officers Of the bank had
laid before the public the statemen, Of the
condition of the bank, as contained in the
weekly statement. of the Cashier the eve-
ming before the bank suspended, and who
would have known from that statement but
that the bank was in perfectly safe and
sound condition? 1t would have shown
that, to meet its liabilities, amounting to
S492, ,403, il had assets to the amount Of
$767, ,729, which were composed of the or.
binary items comprised in bank. statements.
Ii bankers are shrewd enough to determine
from such a statement the condition of the
institution making it, we think it will not
be denied that it would afford no protection
to the people generally against the villain
GUS robberies which have been committed
against the people ever since the institution
Of banking had an existence, through the
inssrumentality ofpaper money. We think
the statement given above, as that Of the
weekly statement OF the Cashier, and tha,
made by the bank on the 7,h of February
last, are conclusive proof that no reliance
is to be placed upon bank statements-,hat
they afford the bill-holders no information
as to the condition Of the bank.
sea Note it down.