Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1851-10-06
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We noticed last week the failure Of son'e
Ave B,.ks in Maryland aud New Jersey.
The lie etegraph cf The Is; lust. brings news
nf tie lai!me Of three more, viz: The
Bank of New kccssell, Farmers Bank q
MINI, ana James Bark, making eigh'
Baak foi.u,es within tie space pf two
weeks.
Ills said that much Of the paper of hese.
country for the purpose Of purchasing The
produce uf the farmers Aud who does
not know tha; our own 6ahks instead Of
fulfilling their promises to furnish the peo.
pie with ''sale and solven, rome curren.
cy, easily Convertible n, all times into
specie at the will Of the holder" are sends
ihg their paper abroad from home, ond
leaving n vacuum for The '.worlh!ess trash
Of other States nbou, which We know moth.
ing and over which we can have 10 con-
,rol.o .-'.
And still Another.
The Western Bank Washington, al
White Creek, Now York, reported failed.
/, There are ia few more Of The same sort
.eli'' With will soon "follow in the foot.
steps" of these "llustrious predecessors"
Who is not az admirer Of paper money
4 seheap curreucy!" Ain'l these rug
mills great blessing TO the toiling, produc
ing masses. We have read in the Whig
pnpe,s sonew here that they were created
for The especial benefit Of The ''tear people" !"
and who don't believe it! OF course the
people suffer nothing from the winding up
OF these swinding shops! They don't, eh!
A lelegrephc despatch, dated New York,
October 1st, says:
The reported bank futures Of to-day have
created the widest excitement Among
the failures considered bad ones, are the
Farmers Bank, Minors Bank Of New
Rochelle, aud the james Bank.
Early in The day, Brokers refused to re-
deem New York country bank money, bu,
in the early part of the afternoon number
commenced buying very cautiously.
Verify, things begin to look as though a
crisis in the monetary affairs Of the coun-
try is nigh at hand like unto that Of 1887.
1t is the legitimate result of on indulgence
in ''the perilous use of paper money!" and
one which is sure to follow sooner or later.
No system Of paper money banking ever
devised by the ingenuity of man has been
uble TO stand the test Of time, and none ever
,,,;il I'D n ~
people, the toilers, are the ones sure TO suf
fer. We say agaiD, let the people beware
Of this paper trash.
IL The crash is coming in other States,
cur banks will not be able to long Withstand
the pressure. They have sent their paper
abroad from home, in order to delay as
long as possible its redemption; but the
failure of banks abroad will set bnck the
tide OF paper promises that has been flow
| ing out from our own State, which, s.when
taken at its ebb leads 10" bankruptcy
Then let the people be cautious how they
handle the .'unclean" trash.
And Still another Batch!
Since the above was in type we have re.
ceiyed the Cleveland Plain Dealer contain.
ing the following additional list:
Ocean Bank, New York; Phoenix Bank.
Ellery; Commercial Bank. Friendship
Living gston Bank; Lewis County Bank;
Chataque County Bank-Safety Fund, and
the Government Stock Bank.
The Plain Dealer says: Several more
are preparing to burst soon as favored ones
get from under" We have received a
letter from THOMPSON, the Bank Note Re.
porter, N. T., in which he says che shall
is ue an extra every half hour, until the ex.
osions are through with. F"
Such are the effects Of tinkering the cur
renoy and attempting 10 patch it up with
rapS