The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-11-10

enc Of these swndling concerns used mp, than mp
springs another that the public s continually prsysd
upon by these cormorsnts Any quantity Of indigna-
tion Is exhibited when Of these money manufactu
ring machines expodes, and those who have been
svinded wonder how they induced TO take such
trssh but after few months the affair is forgotten
and the first thing the public know is another similar
shave by come bank located in the immediate vicinity
Of this city For the past fifteen years have
the public against every Of these swindng shops
months and months before they exploded; and those
who followed our advice escaped The most prominent
case, Of late years. is the Pained Bank of New Jersey
Every one Knows the crusade We carried against
that concern for more than year before 1t burst up
and every knows the result The Lehigh Bank, Of
Pennsylvania is another instance The Canal Bank OF
Albany succeeded by false swearing its previous high
credit &C. in keeping its actual condition secret,
til a collapse took place; and the public was not,
therefore, on its guard and was most extensively
swindd There have been several other instances Of
similar character and in a while must expect
such things of he system of making
turns to State authorities but general thing suf
cent has been given of the condition of these
banks managed by modern hnsnciers Of Wall street,
TO put the public Its guard and prevent any loss
II the issues of these banks refused from the
men notice is given Of their worth,essnes the public
would suffer much it is the object Of these
Germs to get large circulation before explosion,
and the managers make every effort to have their issues
promptly redeemed to give them good credit aud
extended circulation. As q sufficient circu
lstion has been OBJ aimed the bank suspends and the
bill holders apparently astonished; whep II they
had carefully watched the columns Of the Herald they
would have looked upon the affair matter of
The most recent Of this system Of swindling is
that Of the Susquehanns County Bank, OF Montrose,
Penn. This goes ahead Of the Plan6ed, the
Canal Bank Of Albany 1t will prove swindle Of the
deepest dye and the holders of its bills to the amount
Of about two hundred thousand dollars will not
realize the first red cent on them What enormous
amount to extract fro the pockets Of the farmer and
the mechanic; and what punishment is bad enough
for those who capable Of concevng and performing
such villany? There are Q good many Susquehanns
County Banks within two hundred miles Of the city
New York. They swarm in the vicinity of this city,
for the purpose OF putting forth their bills from Wall
street. the headquarters of every financial genius of
grades, from the management Of q Wild Cat Bank
to the management of any fancy railroad, any
other incorporated company. These banks have
an agent In some dark cellar In Wall street, with
. desk and Q chair, and contrive in way
TO redeem, for . time, the bills presented for
redemption. At any time the credit Of the bank
may be alluded to publicly, this agent advertses that
he will redeem the bills at such discount, and will
hold himself responsible for the institution This goes
just long it is object with those interested
and the explosion is brought about by this agent
fusing to redeem any longer.
The Susquehanns County Bank Is probably one OF
the most extensive swindles known since 1886 and
1887 Its circulation is large and its assets nothing
Its bills literally not worth the paper they
printed The State Bank Of Msrris County, N. j.,
Is another Of the kidney Its circulation is not
large but IL Is in the condition the Susque
hanna, regards assets The fact that the two
Germs have been partially managed by the indvi
dusls who have played into each others hand, Is
alone sufficient to satisfy every that these nnan
sers have reaped rich harvest. One Of them has
opportunity Of cosy rejecting upon his financial ops.
rstions inside Of prison. while the others still at
large. II there is any justice in Jersey Pennsylva
mia trust 1t will be meted out to ell those engaged
In this wholesale swindling, with liberal hand.
The expose alluded above Of the State Bank Of Morris
county NJ emanates from Of the parties
ed from Norton the President Of the institution
and shoudbe viewed In the light the evidence Of
criminal for the purpose another
or sort Of States evidence; and to that extent only
Is II entitled to credit We have not the slightest con-
hdence In the truth and correctness Of this statement
rather do not believe that half Of the vilany
be true far goes but not half has been tsld
and probably will be- vast deal will be left to
the imagination but there is very little danger of ina
ginning too much.
New Jersey appears to be fsvorite place for tho
location Of swindpg banks and Insurance companies
From the old Morris Canal Bank down to the State
Bank Of Morris, there has not been time within the
past twenty years when there not In existence In
that State ZONE enormous incorporated swndling con-
eern, that shaving the community In some shape.
Not satis6ed with extorting money from the travelling
public, by encouraging railroad monopoes, the Lesis-
laturs of New jersey from time to time grant char.
ters to the most unprincpled SPECTATORS for banking
and insurance companies, apparently for the express
purpose of cheating the public. Sometime since
gave erpsse Of the Camden Insurance Company
showing the rottenness OF that concern; and
have another Of Q similar character. The Protection
Insurance Company, Of somervle, N. j., figures very
largely in the operations Of the susqushAnns County
Bank and the State Bank Of Morris The parties
ing and managing the Morris County Bank we're
nsgers, and probable owners Of the Protection Insu-
rance Company; and, after carefully reading the
count published in another column Of this days pspsr
those who hold any policy Of that company will be very
likely to look out for insurance In some solvent
company, II can be found. IL IL most extraordi-
nary that the individuals practising this system Of
swindng manage to keep out Of the State prison 50
long IL only makes It more necessary, when one Is
caught, to make example Of him.
is impossible to trace out all the ramiaeations Of
these swindlins institutions; but their managers
have generally dozen ireps In the Gre at the same
time IL would be well to keep sharp lookout, and
touch nothing in the shape Of bank BILL but such as
properly aud thoroughly sscsred The head devil
In the mansg cement Of the Susquehanns County Bank
does not sonhne bis great financial genius to nst
tuition he has his finger in other pies The Eagle Bank
of Cincinnati is badly tainted The Salisbury Bank Of
Maryland poor credit and struggling along with
the grsatest difficulty. The managers Of the State
Bank q Morris also managers Of curious
called the "New England Live stock Insurance Comps
ny - located at New Haven, with nominal capital Of
stOooo with privilege TO increase to 100000 organ
lied as ar nexed-