The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1857-06-04
The Bank Case Deeided-Thars the
way he Money 6Sgss

AMC naHk Cuse Deck0e0~-hualSt Is tEAc
way the Money 66esa
The case Of the United States %. the City
Bthk Of Columbus has just been decided in the
United States Court for the Southern District
Of Ohio. The issue in this case IS about as fol-
lows:
| In 1858, when the immaculate Tom Corwin
was Secretary of the U. S. Treasury he con-
tracted with William Miner, as agent Of the
City Bank of Columbus, for the transfer Of
$4,000 from New York city to New Orleans.
1t is admitted, says the WOodsield SPIRIT, that
the bank received the money deposited it in the
Ohio Trust Company's Office in New York and
drew it out as occasion demanded. Now the
Bank with Characteristic honesty, denies the
authority of Miner to make such a contract for
them, and refuses to be responsible for the mo.
uey.
The evidence relied on by the plaintiff is the
testimony Of Mr.. Corwin, together with the fol-
lowing documents. The first being letter from
the Bank to the Secretary:
"C1TY BANK OF COLUMBUS
Columbus Ohio, October &c, 1850 {
"Hon. Thomas Cort0iH, Secretary Of the Teas1-
ry, Washington city:
STR:-1he bearer Colonel William Miner, n
Director Of this Bank, is authorized, on behalf
Of this institution to make proposals for the
purchase of United States Stock to the amount
of 100000. Any arrangements he may make
will be recognized, and fully carried out by this
Bank. He is also authorized, if consistent with
the rules of the Treasury Department, to con-
tract on behalf of this institution for the trans
fer of money from the East to the South or
West, for this Government
~ have the honor to be, sir your ohedient
servant THOMAS NOODLE
Cashier"
The second is the contract as follows:
"WAsHINGToN Cry, Nov |, 1850.
"'Fhis will certify that have contracted with
the United States Treasury, as the agent of the
City Bank Of Columbus, to transfer 100000
from New York to New Orleans, to be deposited
in the Treasury at the latter named city by the
first Of January, 1851, free Of charge. l have,
in pursuance of said contract, this day received
q draft in my own name for 100000 on the
United States Treasury at New York City,
which is to be accounted for on said contract.
WILLIAM MINER"
Mr.. COrwin testified that when he contracted
with Mr.. Miner, he regarded him as the agent
of the Bank
From the above it would seem to a man not
initiated into mysterious processes by which
banks carry ON their swindling operations,
that the bank would be bound for the money
which it got and used, Such, however, is not
the case. The Bank sets up for the defence
that Mr.. Noodle, the cashier, was not authori
zed by the Directors to contract with Miner,
and that therefore the contract is not binding
on them. To facilitate this specimen of mode
bank fnanciering, (banks never swindle, they
only tinancier) the money after being deposited
was drawn by Miner as agent of the Columbus
Insurance Company. This Company blowed up
several years ago carrying with it hnn dred
thousand dollars of the funds belonging to this
State. This decision exonerates the Bank, and
makes the Insurance Company the debtor. The
100000 therefore is not worth twenty five
cents.
Judge Mclean, one of the two pious dissen-
ters in the Dred Scott case, presided at this
trial He instructed the jury that Mr.. Corwin
did not know what he was doing when he made
the contracts; that although Miner produced his
authority as agent Of the Bank and contracted
as such agent, yet, as he was mixed up with
the Insurance Company, the jury must regard
him as the agent Of the latter. As matter of
course having such instructions the jury must
bring in verdict for the defendant.
The Bank got hundred thousand dollars of
the peoples money, paid its debts with it, and
then on account of tritiing informality in the
appointment of its agent avoids payment.
Wonder if the people don't want some more
Banks? The Legislature has presented law
for their approval, authorizing multitude of
these concerns, and few such arguments as
the above case will certainly carry it through