The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1851-12-17
Number 80.

power. VII EtIudI inOTHiub III SoVPeS
deposited $500 in currency. N. B. Hogg
d posted several hundred dollars, and
ohr persons were active in providing
means for the purpose Of meeting the run
On the Saw mill"
Various efforts were made TO allay the
public excitement growing out OF the resig-
naton. by the assertion that the Board OF
Control required Smith either TO resign or
I, give up the Brokers' Office, and by as.
snrances that he would receive all the as
s>tance from the citizens and the Banks
necessary to sustain him. Mr.. Sturges,
Of Putnam. hearing OF Smiths trouble,
kindly volunteered his powerful aid, and
even came up here post haste on Friday
night. During the greater part Of that
night. and all day Saturday, negotiations
were pending between Sturges. Hubbard.
the officers OF The Bank. and the depositors
to raise the wind" Bills for $5O,UO0
were drawn up and signed by some twenty
or thirty of the depositors, together with
Benjamin Elliot, President, and Gilbert
Brady. Director ofths Bank. These thinga
were made known to the public. and tho
public kept easy and quier. Negotiations
were still pending on Saturday night and
continued so ill l2 o'clock. About that
hour it was announced to the depositors.
who were assembled, that Elliott's and
Brady's names we're erased from the bills.
Then a, last conviction flashed on all minds
that all was lost. Yet some clung to the
desperate hope that Smith could show suffi-
cient assets and securities to justify the at.
tempt TO bolster him up. A call was made
for his securities and persons were sent
with Smith to his house to obtain them
That was the last the stockholders saw Of
Smith. lie went 10 his house, and from
thence he stepped into buggy. which had
been kindly provided for him close by,
and disappeared from the limits Of the oor-
poration. a'bu
On Sunday morning. the full extent of
the awful catastrophe burst upon an as
tonishished community. Consternatio
was visible in the countenances of men,
Excitement ran high. Curses were loud
and deep. Wrath and indignation filled
many hearts. and i, is highly probable that
the religious services Of the day were not
attended with the usual piety and unruffied
temper of our citizens. Yet it is well for
the credit (perhaps) Of our town. and for
the safety of certain men. that Sundays
sun dawned upon the astounding disclo.
sure sve.lTH
By Monday morning, the cooling influ.
ences of time and reflection were felt
Reason and judgment asserted their sway,
and the counsels OF peace and good order
prevailed, yet men were still excited, and
excitement grew by what it fed on. Hun
dreds came rushing into town, and every
man. many widows even, and friendless
orphans, had their tales Of misfortune TO
tell. Here were over Sl50,0O0 gone
melted away like snow before summers
sun. One hmndred and .ffy thousand dol
Iars--in sums ranging from fifty to twelve,
thousand dollars-the hard earnings of tho
people of Licking county-the widows
last mite-lhe sickly maiden's sole earth
ly stay in declining health-the young
mans painfully garnered hopes OF future
happiness fruits of laborious days
and sleepless nights. OF physical and men.
tai struggles-rcpresentative of all that is
great and good in the action of man--of
his perseverance and conquest over innu-
merable obstacles and discouragements Of
his promised happiness, social advance.
ment, and domestic comfort-all-all gone
by one fell stroke--which no one could
soc, but only felt. Had some fearful tor
nado, or devouring confagraton worked
this destruction, men could at least have
known the cause Of their ruin. But here,
the very stiffness and mystery, together
with the suddenness and magnitude of
their calamity, seemed to stun the public
mind. g8
People hardly knew whether to laugh or
cry. The hopelessness of remedy para
lived the thought of violence, and men
who believed themselves TO have been gull
led and robbed by gang Of rascals. who
used Sniih as dupe and tool, could talk
OF peace. and politeness, and courtesy,
towards the vampires who had sucked
their iie's blood. SIS 7yiag
The public excitement sought vent in .
public meeting. where speeches were made,
aud Il committee Of seven wss appointed
10 take possession Of the defunct brokers'
oiiice. and examine into Smiths relation
with the Bank This seemed to satisfy the
public. and the crowd peacefully dispersed.
We understand tha, the committee have
ascerlained that Smith is largely indebted
10 the Bank: contrary to the assertions of
Hubbard. The committee have abundant
evidence, not only that Smith is so indebt.
ed. but that Hubbard and the officers of
the Bank well knew it, and furthermore
must have known that he was totally bank.
rupl; for his bankruptcy was telegraphed to
other parts OF the State, as early as Tuesday
or Wednesday Of last week. And yet Hub
bard had the efirontery 10 guarantee Smiths
standing and solvency. 1t is safe to say
tina, Hubbarl will con snlt the hiohe eat y,r,,.