The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1854-11-15
The Bank Failures.


The Bank Failures.
Failures are the order Of the day. A
commercial crisis has come, which threatens
to overthrow the ,could be "money Kings"
of the country, and exhibit their affairs in
true but not very enviable light. Storms
are said to purify the atmosphere, and it is
to be hoped that the financiel storm uow up
on us will clear away the rubbish and show
bus mess men where dhow they stand.
The heavy failures which have recently
occurred, have caused feeling OF insecuri'
ty throughout the whole country, and the
people very justly begin to make an exami-
nation of their financial concerns. month
or two ago every day brought us news OF
Bank failures from New York. Michigan,
Indiana, Kentucky and other States around
as, 30 that some began to congratulate
themselves, that our home institutions were
better than foreign (this may be the case;
they are all bad enough) but the recent
news from Cincinnati, Dayton, CircieVille,
Columbus and Cleveland, is beginning to
shake the confidence of the people in every
thing, like banking institutions anywhere.
First came the failure Of Ellis & Sturges;
about the same time, word was received that
the Circleville Bank had gone by the board
Ths next day the Miami Valley Bank "sus-
pended payment" The day after, the Clin'
ton bank of Columbus was said to be in a
fanting condition, and last, but not least
the Canal Bank at Cleveland has "given up
the ghost'' and robbed its depositors and
time draft holders of one hundred and eighty
thousand dollars!
Beautiful institutions truly. If poor
man were to steal $35 to get food for his
family, he would be deemeda lelon and sent
to the penitentiary; but a Bank may receive
thousands on deposite just on. the eve Of
failure, suspend payment, defraud its credit
ors, out of their money and its directors
and officers 60 unpunished! These are the
same privileged institutions which are ex-
empted from the payment of taxes, and as a
consequence are licensed to defraud and
wrong the laboring classes without hinder
ance or restraint.
The circulation of some Of these Banks
however, is secured by State or United
States Stocks. Where this is the case the
bill holders are secure. But the depositors
of money with them, are without security
and as a consequence lose the whole amount
of their deposites.
Below, we append list of the only Banks
in Ohio whose circulation is secured by State
or United Statas Stocks deposited with the
officers of State:
Bank Of Geauga;
Canal Bank oil Cleveland;
City Bank Of Cleveland;
City Bank Of Columbus;
City Bank of Cincinnati;
Commercial Bank of Cincinnati;
Franklin Bank of GAINESVILLE;
Mahoning County Bank, Youngstown;
Sandusky City Bank;
Seneca County Bank, Tifhn;
Western Reserve Bank, Warren;
Bank Of Commerce, Cleveland;
Bank of Marion;
Champaign County Bank, Urbana;
franklin Bank of Portage Co., Franklin;
Forest City Bank, Cleveland;
Iron Bank of lronton;
Merchants Bank Of Massillon;
Miami Valley Bank of Dayton;
Pckaway County Bank, Crcleville;
Springfield Bank;
Siurk County Bank, Canton;
Union Bank, Sandusky City.
HTP. s. Since writing the above, news
has reached us of the failure Of the City
Bank of Columbus, Farmers Joint Stock
Bank, Buffalo; Woodbury. Bank, Connec-
ticut and Exchange Bank, Buffalo. So
they go. We are fast people.