The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1854-11-22
The State Bank Of Ohio.

al tnebe utyb Ol DdHA AoiiuiSSi SoSN
every one IS making the enquiry: care the
bill holders Of the State Banks secnre."-j
Some seem to entertain the opinion, that the
State is responsible for the State Bank cir
eulation. This is an error There is no
such safety for ball holders, and it is the opin-
ion OF many who are familiar with the con-
Germs of the State Banks, that the whole
system is on the eve of failure. The Mer-
chants g. Traders Bank, one Of the branches
of the State Bank at Cincinnati, is already
reported failed" and how many more will
soon be declared insolvent, time alone can
determine,
Thompson's Bank Note and Commercial
Reporter, under date ol Nov. llth, contains
the following. .... ......
r"We have but little or no confidence in
the STATE BANK OF OHIo--it is a large in.
stitution, and from its extended business is
liable to Be brought docn before pe hare an
easy money market. We fear that this is on
ly the beginning of trouble in Ohio. 1t is
no uncommon thing for Ohio Banks to 90 to
protest on their drafts. This fact shows a
weakness admirably calculated to destroy
confidence"
There are now we believe, thirty-seven
Branches of the State Bank in active opera
tion. From the reports made by these BRAN
ches during the last year,w understand, that
their average circulation amounts to nearly
EIGHT MILLIONS OF DOLLARS. To secure this, as
is evidenced by the same reports,the Board of
Control have in their hands as Safety Fund
eight hundred and ten thousand nine hun
dred and nine dollars and eighty cents. The
real estate and personal property belonging
to the Banks amounts to one hundred fifty-
three thousand, sixty-seven dollars and fifty
nine cents, making in all $963,977,59 as the
sum which can be appropriated for the re-
demption of notes.
Thus it can be seen that the State Bank
of Ohio, instead of being in sale and sol.
vent condition, has not sufficient available
means TO redeem one-sixth part of its bills
now circulation,i fthey were to be presented
at the counters ofits several Branches to-day
so long as the run is only upon one or two
Branches at once, and the others are per
mitted to come TO the rescue, this institution
may stand, but the very day any considera-
BILE amount of its paper shall be presented
= for redemption at its several branches, that
day, must the whole system suspend pay
ment. The State Bank is not able to re.
deem all its circulation.
We have presented these facts not with
any disposition to increase the feeling OF
insecurity which pervades all parts uf the
business community, but because il is right
that the people should know how much the
promises to pay which they hold against the
several priuiliged institutions of the State,
are worth. BY virtue of whig inanceering
and legislation we find ourselves surrounded
by host Of soulless moneyed corporations.
They have been declared exempt from tax.
alton contrary to the will and wishes of four
hundred thousand intelligent voters. Their
bills are scattered over the whole country,
and now when the crash comes, our people
find themselves holding the worthless PROM
ises Of an insolvent debtor.
But a further inquiry is made: "Is the
Branch Of the State Bank at Ravenna in
solvent condition." Reports have been put
in circulation that this Branch also,is labor
Jag under embarrassments. Again on the
other hand, we have been informed and
we presume it is true, that it is now
~ fully able to redeem all its bills as it
ever has been. We don't know wheth-
er there is any truth in the rumor of il
insolvency or not Such statements are apt
to be made with but very little foundation in
fact. We however regard the whole State
Bank System as liable to explode at any
time In this period of severe pressure in the
money market, gold and silver is full as good,
and in our opinion much better, than the
paper of any Bank. 1t might therefore be
policy for those who have bills upon any of
the Banks around US, to convert them into
specie at the frst convenient opportunity.