Plymouth banner. (Plymouth, Marshall County, Ind.) 1852-1855, 1853-07-28
THEPLYMOUTH BANK.

We insert the following article from
ing nothing about the truth or falsity Of
the charges made, or the manner in which
the institution is managed. 1t seems to
have location in our town, but if con-
Quoted in dishonest and corrupt man.
ner, as citizens we do no. wish 10 be held
responsible for its misdeeds, nor subject
TO the ISLANDERS heaped upon it; but if the
charges are false. it devolves upon the
officers of the institution 10 seek their
rights, and assume the responsibility; and
at the same time it devolves upon US. as
public journalists, to show unequivocally.
that we nave no Partially for covering
up such proceedings, and we therefore
give to our readers the charges preferred
against the Bank;
LOOK OUT FOR SwINDLING BANKs.-We
have seen several letters from the Nor h
ern part of Indiana, complaining of the
conduct of the Plymouth Bank, Ma rshall
county. This is one of the free banks NOM
inally located in Indiana. with a nominal
banking house, without funds, without a
director in the State, and without cash
Ter. The bank is owned and the business
transacted in New York. We will give
one instance of the workings of this new
system of banking, as practiced by this
| institution.
About the first of May last. merchant
at Plymouth, bought of this bank draft
On A. S. Foster. (who is said to be the
owner.) No. 234. Pearl Street, New York.
The draft, which was for the sum OF
S739.52 was presented. and returned
protested for non payment. After beg
| ging, coaxing. and threa tening for some
time, the merchant obtained $500 on his
protested draft Unable to get the re-
mainder, he placed the note in the hand S
of all attorney for collection. who com.
promised the matter, and gave the bank
ing $50 dollars, including discount and
cost OF protest. &c; the bank paying d
bonus of S25 for such extension.
! We are not very we'll versed in the in
tricacies Of banking, and we should like
TO know from those that are, if this is
considered legitimate banking. How
long can bank stand to pay S25 month
for the use Of $3.50?
This bank has circulation Of $50 900.
yet we are informed that the nominal
| President mas been in the habit of run
ming around and borrowing ten dollars OF
Peter and five of Paul, TO redeem this
shinplaster currency, when payment is
demanded at the counter; yet in the late
semi-annual report, the President reports
under oath. Sc, 46O,50 in gold, & S6l3,-
81 in silver on hand. On being interro.
gated as to the reason why he was com
PEELED to borrow few dollars to redeem m
his paper issues. this spacious financier,
the President, replied that the specie was
in New York. Now where does the law
require the specie to be kept? In the
vaults of the bank and no where else
At the bank the holder Of the notes has
a right to demand specie. and no othel
place. The holder of a note presents il
for payment a: the counter of A. S. Eos
ter, in New York, and he is told that the
law only requires him to redeem the notes
at the Plymouth bank, in Indiana. but he
can be accommodated if he will submit
to shave. At the Plymouth bank. he
is :old that the specie is in New York.
This is evading the law. and the bank is
rotten at the core which is compelled tC
resort TO such stratagems. We caution
the public against the concern. Touch
not the filthy rags.