Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1849-12-06
The Fsamk Of Chester County.

siOH VI ito iS"1O. w io'Oo az
circulation at the time Of the robbery Of its Presi-
dent. The following statement, we are assured,
presents briefly, but correctly, the conduct Of The
bank, in this matter, and the reasons and motives
/ by which it has been governed and we give il
due alike to the bank and the people, refraining
however, for The present. from expressing any
opinion of our own the case as thus presented :
Ii is we'll known to the public that the PreSi-
dent of the Bank of Chester Co4nty robbed
| in the city of ofPhadelpha, on December %, l847
of his trunk, containing $5I,I60, in notes OF the
/ bank. Notice of the robbery was Immediately
given, through the papers of all the principal cit
les of the Union, and information OF the same LETT
at the Offices of the brokers in Philadelphia New
York and Baltimore. and large reward offered
! for the recovery of the money and the conviction
I Of the thieves.
| No more notes of the kind stolen were issued,
the holders Of the notes in crcu laion at the tine
OF the robbery, were requested to present them Tor
redemption and the issue OF which the notes sto-
/ len were part. was Withdrawn from circulation
rapidly as possible, and their place supplied by
notes printed in a different manner. This was
done TO prevent The thieves from dvailing them
selves of their lgotten gains and to save the
banks and the community from loss
! After sixteen months had elapsed, when the old
| issue had been redeemed to an amount beyond
J WIdl was ltSdliy IN CHGuidilOi. dHi ditSt
time had been given for every holder Of the notes
in the Union, 10 send them in for redemption, the
bank published another cauonary notice, stating
that recent attempts TO push such stolen notes into
circulation, demand the repetition of the caution
that after the great noortY of the robbery and the
extent Of publication made, such stolen notes can
not be received by any person, without just liza
bility TO rigid scrutiny into the Circumstance,
and defence being taken to the payment of any
such notes.
This notice was given under the advice Of the
most eminent legal talent that could be obtained
and the course received the approval of the most
respectable bankers, brokers, and merchants OF
the city of Philade phia, and was the course pur
sued by the Planters bank Of Georgia, under sim
liar circumstances. in the year lS4l. 1t was hoped
this notice would induce the public to refrain from
receiving them as currency, leaving those who still
held them to present them for redemption, with
statement Of the sources whence they came. Had
this been done the thieves and their accompces
could never have made profit Of those notes still
remaining in their hands.
Some FIVE months after this notice was published.
! a couple of brokers. of Philadelphia, presented,
through their legal counsel, small amount of the
old issue Cn the whole $751; for redemption. This
was withheld for the present, their counsel being
unable to give any more specific account OF them
than that the had been received by his clients
" in the regular course of their business" Suits
were brought against the bank before justice OF
this county, who after a hearing. and nights
reflection, in,ima,ed TO the plaintiffs counsel that
ne would give judgment for the defendant. On
this inlimalion the suits were withdrawn
The plaintiffs counsel was Immediately informed
that the bank was deslrouS Of asceranue its rights,
and anxious to discharge It's legal liabilities and
that to ascertain those liabilities, it would agree
to " a case stated with the plaintiffs, by which
the whole matter could be settled in the cheapest
and speediesl manner. That proposition has new
er been responded TO in anV form.
Soon after the withdrawel of those suits, an
erroneous statement of the circumstances of the
that transpired before the justice, appeared
in the money article OF the Public Ledger which
was copied or commented on by various papers in
Philadelphia and elsewhere. That article was
the commencement of the clamor that has since
been followed up by newspapers in various quar-
ters, which, not being conversant with the true
facts OF the case, have supposed the bank guilty
of open reputation.
The amount stolen from the president, as above |
stated, was $5I.I60 the amount recovered from !
the thieves, $39 40; the amount unrecovered |
$ll,720; and the amount of the old or stolen issue
unredeemed is S9,6
The Bank has not repudiated and does not in
tend to repudiae any legal liability. 1t redeens
all It's new issue at the Bank of Pennsylvania, and
at lis counter, IN Specie, and redeems all the old
issue at the latter place, fast presented with
such account OF them raises reasonable presump-
tion they not of the notes stolen.
The Bank, acting under legal advice, thinks it
has right to make such inquiry and the only
point IN controversy about the old issue, is the
single legal one, whether, after the general and |
extensive notice given of the robbery, and the re-
peated cautions against taking the old issue as
currency, the bank has the right 10 make inquiry
into the sources whence notes of the old stolen
issue may come for redemption, or whether she
must redeem them from all persons and under all
If the latter is the case, is con-
tended by some, it would seem TO follow that banks
may be robbed with impunity and must redeem
their stolen notes unchalIenged. aaea
The capital of the bank is unimpared and her
assets sound, and her legal liabilities will coniin
ue to be met as heretofore and as soon as a court
of justice shall advise her that the course pursued i
in illegal, she Will instantly change it, and redeem
The amount of the old issue yet outstanding by
whomsoever presented and without inquiry.
Living, however, in land flaws, she does not
recognise an attempt to excise popular .indgna-
ion, as the most appropriate way TO convince her i
hat her course is wrong. but would prefer to be
convinced III way more consonant to the spirit !
of The laws This end can be attained by those
who think themselves aggreved, in the easy, cheap
and speedy method Of" a case stated" and argued
before court, and if she be found in error. such
error will be corrected Immediately, and in such
way to compensate for any injury hen course
nay have caused WestcheSter Republican
Young Philadelphian who was tempted to