Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1857-02-20

a bright and shining example. May they
follow her. even as she followed Christ.
and ultimately meet her where death and
sorrow shall be no more. I" Blessed are
the dead that die IN the Lord" aas 4
e February g, 1867. eei3ol5t aai ss1lE
Assignment ofthe Lancaster Bank
The Directors Of the Lancaster Bank
on Monday instructed their President to
make an assignment Of the assets Of the
bank to Horace Rsthvon, Esq, the CASH
Ter In trust for the benefit Of its creditors.
This action was rendered necessary by a
suit which had been instituted by a de-
positor, on which judgment against the
bank. mall probability, would have been
obtained on the 9Th inst.
The assignment, we understand, is
made under the act Of 1916, which is the
law governing assignments by individu-
ais. The stockholders under this assign
ment. will have no voice in the selection
of the assignee, as they would have had
II the assignment had been made under
the act OF 1842. -,i4 ~, a. ,t Nc
Under this assignment the assets will
be first applied to the redemption Of the
circulation, and after that shall have been
all redeemed, the funds remainingwill go
to the payment Of the depositors. If the
assets should not be sufficient to pay note
holders and depositors, the latter will OF
course lose a portion Of their claims cor
responding to the amount OF the defcien-
cy. l..z.'.tet
The checks of depositors will not be re-
ceived in payment Of debts due the bank.
except in cases where the debtor was the
owner Of the check or deposit at the date
Of the assignment. 49,,
1.-THE assignment had been made un-
der the act of 1912. checks of depositors
would have been received in payment Of
all debts due the bank, the practical ef-
feet of which would have been to absorb
all the deposits in the payment Of debts.
and to cause portion Of the circulation
to fall upon the stockholders for redemp>
ton under, the individual liability provis.
ions of the charter, The bank would
have been wound up, and all its debts
would have been paid. We have no doubt
that if the stockholders had been consult
ed; large majority would have prefer
red an assignment under The act Of 1842.
They are abundantly able to pay all their
debts, and would doubtless prefer to do
so. They could then walk the streets
with heads erect. in the honest pride that
no one had lost through the fraud or fol-
ly oftheir agents. and that they had not
resorted to any legal shifts or eyasions to
avoid responsibilities morally, il not legal
~ incurred. We most sincerely regret,
for the general credit of the county.
whose reputation is so intimately connect
ed with that Of the bank bearing its name.
that policy should have been determin-
ed upon which may possibly have an en-.
during stigma upon her fair fame. ...
The directors doubtless acted from
good motives, and were influenced by. an
honest desire to shield the stockholders
from any further loss; but it is to be res
GREETED that they did not ascertain the
views Of the stockholders upon this point.
The failure Of the bank renders it neces>
sary that losses should be borne by some
body-should it be the stockholders, who
have been getting their 10 and 12 per
cent. from the bank. or by the depositors.
from the use Of whose money these large
dividends have been made? We hope
measures will yet be taken to test the
views of the stockholders on this ques~
ton. Lancaster Examiner.