The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1851-04-03
ga LEAF FROM THE HISTORY OF A
BANK,

on the ordinary topics OF the day, including
the proceedings of the Legislature, he OBJ
served that he was afraid the Free Banking
Law would not pass. Our fears were in the
other direction. The gentleman is me.
chanic. OF course he expects to be bene-
| fitted by the establishment of the proposed
system of Free Bark ing, with its attendant
increase of nominal capital and expansion
of the currency; end elf he knows the
ropes" and works them right, he may. But
while individuals may be benefited, the
mass must suffer and though the anticipa-
lion of some may be realized, the hopes of
many are doomed TO disappointment. In
considering the probabilities Of mechanics
such as our friend who fears the free bank
ins system may be defeated, being benefit.
ted by bank facilities, lel US take a leaf from
history,
II is now some i6 or II years since the
Exchange bauk of Pittsburg, was chartered
by the Legislature of Pennsylvania with the
privilege of branch. Hollidaysburg was
then new and thriving place: the compile
tion of the main line OF the public works
had given fresh impetus 10 business lots
were laid out in a new part of the town and
in Gaysport; with increase Of business came
increase of population, and many industn
Gus and enterprising mechanics wore among
those wEo came 10 share in the business and
and the advantages of the place.
Hollidaysburg and Beaver became the
contestants for the priu,hge of having the
branch of the Exchange bank, and the vic.
tory was finally gained by Hollidaysburs 10
the great joy of its inhabitants, including of
course many of the mechanics. We thougt,
at The time, that the latter were IN error, and
and looked forward to see them deceived IN
their expectations of the great advantages 10
be derived from having bank in their
midst, TO furnish them, not merely curren-
cy, but the means of extending their busi-
ness; and we were not disappointed in the
result. The men who were most anxious
for the location Of the Branch in Holidays
bnrg were the first to suffer from its opera
tons. Thus things went on swimmingly for
while it was a nice affair TO be able to
get money: neat, new notes too, dated IN
your own town, merely by sending in your
note to The Board. of Directors, wi,h the
name of neighbor or two on the back and
il was so comfortable to have the power of
assisting neighbor to obtain money also,
by giving him the use Of your name and
then it was so much easier to borrow mon
ey from the bank than 10 collect i! from your
debtors that il was no wonder that all were
tempted 10 indulge in the new process, and
did indulge as long as it was the interest of
the President Director & Co., 10 allow them
Every body, Of course, bought lots and
as matter of necessity almost, commenced
the erection OF houses; and every body lex
tended their tusiness," as the phrase is But
after while "a change came DER the spirit
Of their dream;" discounts were less readi.
ly obtained, and notes, when due, were not
so easily met and it was not unusual to
find mechanic running the street, when he
should have been in the shop attending to
his business and his customers, borrowing
five dollars here, ten there and twenty in an.
other place ITO help him out Of Bank scrape,"
with the comfortable assurance that by the
time he would be able TO replace what he
had borrowed, the thirty or sixty days would
be round, and he would be ready to go thro'
precisely the same operation.
OF course this would not lost always, Fif-
teen or sixteen years have rolled away since
the citizens of HollidaysbuIg were blessed by
the location of branch bank among them,
and looked with feelings Of mingled awe and
admiration upon the little brick building,
with its wooden shutters and door frame COW
cred with sheet iron, the latter strongly bar
red, as the source from which was to flow
unnumbered blessings to the town, and for.
tune, 10 its inhabitants. Let us look around
and sac the results.
Of all the mechanics ard business men
who were in that place, in active business
and with fair prospects, very few remain
some have gone west to recruit tker shater.
ed fortunes; some have died and left moth.
ing for their heirs TO quarrel about; and the
instances are rare indeed, in which they who
remain, are as we'll off this day, as they
were at that time; and rarer still, in which
they have continued prosperous through the
whole term, or retain the property they then
possessed. Of the lots bought and houses
erected, few indeed remain in the hands Of
the original builders and purchasers, and the
court records will show, we think, that most
! OF the present owners hold their titles, direct.
| ly or indirectly, from "the President, Direct
ors and company, of the Exchange Bank Of
Pitsburg" The only portion of business
men, who have, as general rule, secured
the bank blessings, are the forwarding men
and to them the bank was useful and neces
sary. But there have been some wrecks a
mong them also, and ''the Pilot line," and,
and ''the Baltimore line" will be long re-
membered with regret by those who, invest
ing there the savings of their past life, ex
pec,ing to exc out the deficiency by bank
accommodations, find themselves in the con
dition of the dog in the fable, who lost wha
he had by grasping at its shadow. Thei
real capital has gone to swell the the pocke
Of the president, Directors & Co." So gen