The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1857-12-02
From the Philadelphia Press.
THE BANK OF Pennsylvania.

~as ah oiu estaoiisneo and lavoTiIe bank
II maintained a high reputation for lon.
series OF years, and had passed successful,
and triumphantly, through ali the great mon
etary convulsions of The last half century
II had been the fnancia agent of the Com
monweah in many of its moneyed Iransac
tions. had at one period branches estab
iished in a number of tho towns of the Stale
lie capital stock (si,s75,0O was, until re
Gently, greater than that of any other bank
in Pennsylvania, and but one bank now (the
farmers and Mechanics of PHILADELPHIA
has a greater capital. These circumslan ces,
and its popular name, had given il such u
prestige, that generation after generation had
grown up in The belief that it was one OF the
safest and best banks in the Urion. Men
distinguished for their sagacily considered
its stock The most reliable investment they
could make, and we hear every day of peo.
pie OF The most prudent and cautious charac.
ter who had lsrse proportion Of their means
in il, and who will lose nearly their all by
lie failure. Until within the last few years it
always bad The reputation, and no doubt
deserved il, of being honestly and prudenty
managed, and lis stock readily sold at a high
premium Within the last month, however,
Its notes have been at discount OF from ten
10 forty per cent Its deposiors have bccn
uneasy about the safety Of their dcposics,
and its stock has been selling lately at $40
pet share. Those who have been induvri.
ously investigating its affairs find its condI-
iion indeed dsplorable There seems no rea'
son 10 doubt, however, that its circulation
will all be fully redeemed ha, its dcposilers
sady receive tho amounts duo them, but
whether tho stockholders will recoive any
thing or If they do, how much, arc matters
of conjecture. II seems corain Iha, nearly
tho entire capital stocks has been lost,
Whatever may be saved from tho wreck will
be only small portion OF the whole.
The censure OF tho public for tho lnconve-
niences and losses thus sustained by The
ooieholders and depositOrs Of tho Pcnnsylva'
mia Bank, and the almost entire destruction
OF ils capital stock, falls most exclusively up.
on It's late President, Mr.. Thomas Allihonc,
and in directly upon some OF the directors,
for not having exercised closer scrutiny ua-
on his management, He was first elected
its Prosiden, in February, 1853, and speedily
became the ruling spirit OF tho institution, en-.
iirely regulating aud controlling all it's trans,
actions. Mr. Allibone was bold, able, and,
rs the result proves, an unscrupulous man,
lie brooked no Interference with his man
agemcnt The cashier occupied much
more subordinate and unnnueulial position
In the bank that such officers usually do.
MIR. Allibone's control over a largo amount
oi tho stock Of the bank, united 10 his fact
and activity, enabled him to have boards OF
directors personally friendly TO him through
socialues, business relations, or other mnr-
euces, elected ard number OF these have
had barely enorgh stock in the bank to To-
gally qualify them to become dteciors. Men
disposed 10 dsuust HIM, or 10 be nconvcni.
emily inQusinvc, wete removed from the
board at the first opportunity, The sphere
OF independents &Iion which he reserved Tor
It's true condition was known only to himself,
OF tie total business OF the bank only small
portion was done with The knowledge or
sauclion of the board. He delighted III la
king the responsibility OF doing as lie pleas
ed. lie loaned money without the know
ledge or consent, and without the sanction
OF the directors. Those who essked in the
sunshine OF his favor were coniident ct ob
tanning such accommodations as they desired
those who did not, soon learned tha, their
chances of ohtsbins discounts were slight
indeed, The bank had stadualy been De-
clining in the favcr OF the business men VI
this city for several yeats past, aud the sus.
picicn in general lha, is means wece used !
rather TO advance ths smbUious proIec,s, aud
TO further the speculative designs, and 10 ac
commoda,e tho friends ol Mt Alisens,
than TO render any service 10 general eusi .
ness Interests, or 10 benefit iis stockholders !
Mt. A. lived in magnificent s,yle-ssve .
sumptuous entertainments, snd was hSsta
10 a tsua with those whose power he drea.
ded OF whose infiaeaee he coGdei When .
The preIoatety symptoms Of the la'e crash ,
first appeared, the crippled condition. oi ,as +
Bank oI Pennsylvania reoisrei il necessary ,
for him to appeal 10 The o;aeV banks oE he .
city fos aid. Al hrsi comparatively snsI! .
SUM lew hundred thousand doliars-wss
necessary 10 relieve the haas .
iss eUhsrressneats, Sui kaooIsJss 81 I.s
necessities becoming Pgh6c iHieced rna
. ,,oa IL hy soSe Of Rs heaviss; dsPo>ijors,
md the growing aia'm Increased he anona
Il assistance re needed Ei;S each Ecv day,
NATL the oghsS haaks also became (rjsAlsbel,
md refused 10 aeceSs 10 his demands sg'sS<
he made iaA exaisi ot The adams Of .Ae
bank. This he rei assa 10 Do, aud learning
hsi there was liitls er no h5oSGsUi'y .. his
yaiains The sid Re recnIEea. he resolved =
orecipaa,s the csIasroFhe ni suspension
81 specie payments, and 70 drag the o;ss-
banks down 70 he aasi;ios, vajcA - knsp
Rsv i&sly awaited his oVa. Al az ealy
srrs be called a NEE ING Of he as.eciars sai
esosusions 10 isvoJ oi s0sfensioa passed