Spirit of the times. [volume] (Ironton, Ohio) 1853-1858, 1855-10-02
Report Of Charles Rcemelin, Examin
er Of the Condition Of the State
Stock Banks.

STOCK Banks.
TmE following extract, relative 10 the
Bank a, this place will be read with in
lcrest by our cliz,ns. |, shows the man
ner ia which the fraudulent currency OF
other States is scattered among us. The
lfopton Bank, which circulated thou
ssnds Of dollars OF Ken,ntky T'ust,
Corner,villc and Elkhar Bank notes,
ius, before these sh.m concerns explo'
lied, ought TO have been compelled ie
redeem every dollar it put in circulation
here. The Report by NJ. kEEMEL's
shows what every body in this community
knows to be rue, that the Iron Bank
like all similar Institutions, is mere
instrument, in The hanIs Of a few per-
sons, 10 advance their own private IT,
le,ests.
The facts Sc, forth in this report are
sufficient TO authorize the Prosecuting
Attorney 10 institute an examination o
ascertain, il there is not something due
from the Bank n the shape Of excessive
interest, 10 the Common school Fund.
Tho Report Of MIR. REEssL'S is re
plele with useful information on the sub
ice, OF Banking. He is not the man
that the sharp and polite officers o.
Banks can practice the slightest deccp'
ton upon. There are many items in il
of inlcesting correspondence Of banks
which we will lay before our readers
from time 10 time, as opportunity offers
IRoxroS, Nov. 25. 1854.
Hoy. WV. D. MonGAs. auditor Q,
State:
Having closed my examination Of the
Iron Bank of lronlon, ] herewith Ell
close the Cashiers statement, and an
nexed 10 it the tabular statement exhibl.
ting the condition oIthe Bank for twelve
months past, which coIla,ed from the
bo ,ks. These. with few supplements.
~ remarks by way of report, will,
trust, sfforl you q full insight into the
afairs Of the Bank.
This Bank has not now, nor has il
had for several months, the amount OF
specie lunds which The law requ res for
the circulation it has out. This con.
linuel violation Of the law is the more
extraordinary, since the location OF the
Bank in a town inaccessible until very
lately on account of extreme. low water
has saved it from those constan, drain
from brokers to which other Banks were
subjected, and it is therefore clear at the
Bank has not taken the proper steps in
tim T. bring its II up to the require spe
Gle standard. A few days ago The Cashr
transmitted 5s4 shares of Little Man
Railroad stock 10 New York, (his pr,
vate property with instructions to sell
III IN at 81, anl the proceeds are n,en
ded 10 he placed TO the credit Of til,
Bank, and this would give her the full
amount of Eastern Exchange, out would
no, repIeni,h her specie funds. 1t il
more than probable, too. that The stock
may not be sold a, the price fixed for it
and 10 that event the Bunk would he it
a precar,ous positlon. csnno. giv'
much credit 10 he officers for this voiun
tary absence Of their private means.
thnk Banks and the public are bette
served by those prudent officers wht
keep the institutions entrusted 10 thei
care ou, Of difficulties, rather than lhos,
who with great chivalfy fly to their res
cue with their own private funds,
have taken some pains TO have Sc
forth in the cash statement the kind o
funds it consists Of, and to obtain from
the officers the proper informa,io,
whence the Bank obtained The neatl,
done up bundle OF bank notes from
PennsyIvania, Connecticut an Rhod
Island. They are borrowed by the off
GERS aud stockholders Of the Bank, t
be used in their private business throus|
the Bank good and diHuse circula
lion ofthsse notes through the W est be
ing the gs, # the contract. Thus, q
those prolific fouhtains from which use,
10 flow those supplies Of Ksntucl~'
Trust, Newpcr, Safety Fund, Conners
Vile, and such like currency. are drle'
uu, our Bankers, with an un.iring devo
ton 10 the cause cf paper curtenc.
which cannot be conveItsd into speci
at the will Of the holder, open up new
sources Of supplies from the East. Oh"
is thereby rendeted the plumber groun'
for sil kirds Of mushroom currency
through institutions which agreed TO Civ
US home currency equal TO specie
/ Large amounts Of interest are draw
from our State for foreign bank paper
which our bankers borrow sbroad vii,
an understa nding that they are to b
kept from their real home as long q
possible. Such currency loans are mis-
named f" facilities 10 our trade" The
compIicaie our business matters, All
} their only taugible effect is that We pa
roundly for the worst form Of credit.
took tho liberty to treat this subject q
large in my general repoh, and thsr
assumed that tho real cause Of wan
Of on Ohio currency lay al the door
/, our bankers, and not our tax laws
This position is fortified by the followin
leuef ftom the Cashier OF the Iron Ban
10 Mr.. Updike. President lof the Me-
Camille Bank, Providence Rhode Islam,