The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1854-11-18
OttaWa s1.ss Nra0tr.
Ilank Panic In Ottawa.

Bank Panic in Ottawa.
The bank panic which broke out with so
much violence at Chicago on monday, very
naturally extended its influence 10 Ottawa.
The failure of three or four Chicago Banks
at once brought into d,,credit The "Milledge,
yillc, merchants Bani: o. = con, ""chero-
MO-. 100" 90 n-q-,i-rth rrG sogia banks,
which have large cir,u tioA in mi rion.
and whose paper is Issued Eo.ely Ca .ho re.
sponsbility Of these Chi,aso Gans.s \ gen.
eral overhauling q pocket 5or'-s at once
took place, and as sctody-was ,i.yd with
distrust and appr9heaaJoD, an i,u t.adiato
suspension Of our own Bank was feared, and
general rush was made by IS hill holders
and depesitors Up 10 This time however
the bank has stood ont b. a!y against the
storm, and as it appears 10 have nearly sub
sided, we prcsu,Ae iho.e is no doubt
but shcis fully ahle 10 weather it.
Alta time like thia, we know, men are III
tic inclined to step and reason, bat if per-
sons who havO Ellis on or any deposits in,
the Bank of Ottawa, will look at the matter
cooily for moment, We are satisfied they
will see at glance that to make A rush at
TINS time will be the only sure way to en-
danger their fusds. A few words in refer
cnce to the exact Position of The Pank Of OF
tawa will raado this meter clear, The Rank
oiottawa pro ..er, a. We understand it, has
financially no correction with TIC Agency
and Exchange C:tco ofGeo. :. Fisher. The
Bank Issues he circulation, and its assets
are liable alone .or all IL redemption. This
circula':o.', according 70 the st off ,ial state
ment OF The aH,, amo nlod to some STl,-
900, ard ne 11sets to ,edeem Il arc $50, no
of well secured ard interest paving state
stocks deposited VIA the auditor the real
estate occupied by the bank, 81 900 notes
OF other aG.!ks, &c, C. itisapparcat then.
should dc an!it0r bc compelled TO sell these
state stocks, (0h.ch are now worth par in
the mar.-ct,} alta sacrifice Of even % or 80
per cent, t-.ey would stii. be aMple 10 redeem
all the circulation Vile there can thus be
no possible 'oas On the bills, the depositors.
as few words ill show, arc equally
secure. The deposits arc made with Mr..
Fisher, and rot with the bank. The mon
cy is received by Kim, and the certificates
&C given in his iudiriiual name, and he is
personally liable for tler payacnt. But as
there would be no gso in receiving dcpostes
merely to he locked up in his safe. this mon.
ey is loaned by Mr.. I. = small sums at 30,
60, and 30 days 70 eur business men, and
their business pc! or taken foc 1t. Now it is
obvious, that .lr. p. is 10 more able to pay
back I'll these f;p's.tj ia one Gay dian he
is able to colecs all tnc tes he holds of our
business men in one day. There is not one of
these notes, however, but is perfectly good
and as rapidly ashley mature just 50 rapidly
can Mr.. /. pay his dep0sitors Rut besides
these notes Mr. +. possesses on his indiyidu.
'alacccnnt, rs many ofour lr,t business min
who have made themselves acquainted with
his affairs well know, a large amount ofp.o-
perty, roa. and personal, estimated ut from
$4,000 10 100000, Moro than abundant of
itself . secure his dcposilors, and every cent
of wh.ch is liable on thyir account. ..
There can, thus be no question of the en-
tire safety Of The bill holders and dcpositors
as the matter ands, and indeed ultimately
in any ereai, Int an immediatc run ON the
bank by ell parties, a suspension, assign
ment, &c, il is not to be conceded, would
materially change the face Of affairs. A
compulsory sale Of state stocks, Of assets
real estate, and other property could only be
accomplished at an enormous sacrifice, and
while it would in no way expedite The real
izing CT their demands by bill holders and
dcpositors, would only have the effect to ru-
in, or very nearly ruin, financially, Mr.. Fish
or, catastrophe we are sure none of our
people desire.
The sympathics Of this community are
with Mr.. Fisher, and will sustain him lie
has had touching proof of this in men of
small means, in several cases, voluntarily Of
fcring him their little savings of gold, in the
hope, as they said, that ii might be of as
sistancc TO him. They know that whatever
he possesses lac has made among us, not by
wild and reckless speculation, nor by grasp
ing or oppression; by commencing with lit
tic, by prudcntly managing that little, and
by close, careful, overtaskcd and unwearicd
business application. lie was fortunate in
purchasing property when it was low and
realizing when it had advanced. But no
banker has ever dono business on more hon
orable and liberal principles The same
high minded course, we have every conf.
dcncc, will mark him throughout. No man
can bcmorc concerned for the safety Of those
who have claims on him than himself. So
perfect is the confidence of those who know
him in this respect, that Notwithstanding the
run that was commenced ON Tuesday, his
dcpositcs have increased during the week
instead of diminished. This Of itself is sure
~ enough to diSsipatc every cause Of alarm,
and has done so already, if any was at all
seriously felt.
Since the above was in type, we have re-
ceivcd the following card, which shows exact
ly the feeling ofour business men.
We, the undersigned, merchants, dealers,
and business men of the city of Ottawa and
vicinity, having full confidence in the sound
ness, safety, and stability of all the Illinois
stock security banks, aud of the Bank of OF
tawa in particular, and being convinced that
there is no cause for panic except to bcnc-
la, hrn al IA