The Belmont chronicle, and farmers, mechanics and manufacturers advocate. [volume] (St. Clairsville, Ohio) 1848-1855, 1854-08-18
COMMUNICATIONS.
Ma. EpITsR:

plR. EDlTSE.
Good morning brother Democrats! How
do you do! am glad to see yeu--hope you
are better and feel greatly relieved after the
fine meeting Of the 9th have seen the re-
port of the proceedings, and Taken some
notes and faith I'll print em". You swan
through pretty well, but there was drag that
made the landing bad. For some time
past there have been rumors, rife and strong
that the old Democratic Bank of Belmont
was in very tottering condition. Some OF
the better informed directors and stockhold-
ers, knowing the condition Of things parted
with their stock, while there was some sale
! for it. At the large sale on the 9th some
"green ones" were picked up by making con
siderable purchases. early in the day. The
cashier afterwards. (very silly) made an ex-
posure of the situation of affairs by COM
ing out with large bundle Of endorsements,
indeed the endorsements for the mother Bank
at Washington (Which is in n much worse
condition than our Branch) were enormous,
and founded on such shn.low and kitc.fyng
81 lis, that the sensible portion Of the Direct
orS, objected anr were for having nothing to
do with 50 hazardous IA business But the
cashier whose financial abilities consist more
in concet than anything else succeeded in
drawing the wool over the eyes OF u majority
OF the Directors and put the endorsements
through.
The President was afterwards called on for
n financial exposure and tried to bolster up
matters, but his statement had great draw
back, some Of the l,rmer directors, having
charged, (and the Books OF the concern prov
ing the charge) that much the largest por-
tion OF the funds had been drawn out by the
Preside mt and his immediate friends; under
these circumstances the stock fell of amaz-
ingy, so much so that the sound Backs
throw out the paper of the concern and the
Brokers utterly refused buying it at any
price IL Is said some of the Groceries are
giving three cents pound for the paper in
snuff and six Twist Tobacco--and that at
one or two places in the County halt pint
| Of impure Whskey is exchanged for a pound
OF it--but these prices cannot be maintained
| long when it is remembered that still larger
draft has come on from Washington since
the meeting and which must be endorsed, 10,
the Branch has gone 50 far and is so mucl
under the Influence of the mother Bank, tha,
it fears to resist any demand made on it nc
matter what IL may be. The last Draft, Ia
be endorsed Che River and IIarbor veto Bill,
is very nauseous 10 the Directors, but as the
concern was about broke before, this too must
be honored, as fur as an endorsement can dc
! it, but after the endorsement is procured the
paper wont sell.
! Under such a state of things it might 6e
! expected there was great deal of distress
in community, but it is quite different. 1t is
true that the "Suiferng of the President,
cashier and thei. immediate friends is intol-
erablc," with the exception of one who has
the assurance that the "Patronagc Of the
General Government shall not be used a.
gainst him." The Bank contrary to Demo-
cratic rule had not the individual liability
clause inserted, and the most of the stock
holders had drawn out more than they put into
the concern. so that they have their means
to use as they please. This Bank was start
ed by Doctor Jackson, who was a great hum
bugging tinancler, aud had the adrotness to
keep up the credit of the concern After he
retired Doctor Van Burea managed it so
badly as TO burst It, after some time Doctor
Pok was placed at the head of il and after
some wicked and unconstitutional fnancier-
ing set it going again;-but the late Doctor
Pierce, having had fall from his horse in
Mexico, cracked his brain and run the insttu-
ton into the ground. From the exposure
made II Is and has been, a rotten, worthless
concern. IL was got up AT first to resemble
in name the old Democratic Bank started g.
kept going by such officers as Jefferson and
Madison. which was on principle. But the
revised Bank under Jackson and successors
expected to succeed better by leaving the
principle out, and substituting humbuggery
and keeping the vaults free of coin. IL wa,
thought better not to take up any of the
circulation and when any Of /. was pre,
sented subuterluge OF some sort was usual
! ly resorted to.
AS to the issues Of the late Bank, all OF
which come from the mother Bank at Wash.
ington. II Is remarkable tha, they should eve,
have obtained as much currency as they did
when II Is remembered that the paper issue,
had nothing but humbuggery, Gas, and false
Illusions TO back II to the small stockholders
A number Of the Directors were fattened nv
"a handsome provision" While we are
thus giving very imperfect history of this
monster, il might be well to remind the pub.
lie Of the character Of some of its circula,.
ing medium. The first Bill put ou, for cur.
rency were chiefly composed of charges Of