Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1857-10-09
cLARKsBURG, FRIDAY. ocT. ., 1857
The Bank Panic.

The Bank Panic. s4s
Since our last, the crisis in monetary
affairs has become more alarming to the
people of this section. 1905 XIII
Between l2 o'clock and day light last
Sunday night trustees wore appointed on
the Mineral Bank of Maryland at
Cumberland. The excuse given for the
failure is. that large amount Of the
funds Of the bank was loaned to miners
who had failed and were unable to meet
their obligations. which so crippled the
bank as to render it necessary to make an
assignment. but many shrewd men think
that the "miners" was the bank itself
At all events. it is considered chad
break" and the money is looked upon as
nearly or quite worthless.
On Tuesday last. the Merchants and
Mechanics Bank Of Wheeling. went by
the board. It is said that this bank has
been in the habit of furnishing money to
eastern brokers to "shave" with. and that
the failure of the brokers has brought
down the bank. II the bank has pursued
this course it deserved to break.
In this vicinity there were more notes
of the Merchants and Mechanics Bank in
circulation, than Of any other, and the
Mineral Bank stood next. The failure OF
these two institutions in such quick sue
cession has causeda severe loss to our
people, and created no little CONSERVATION
among our business men.
The Fairmont Bank. we understand,
refused to meet demands made upon it
from distance, but meets its home de-
mands.
The bank at Weston, seems determin-
ed 10 weather the storm, and will prob
ably succeed. unless the mother bank at
Norfolk is compelled to close, when, as
we understand it, it closes as matter Of
course. The cashier, Mr.. McCandlish,
returned from the east (where he had
been for the previous week, on last
Monday morning with large and heavy
carpet-sack which gave indication Of a
disposition 10 stand seige. at all events.
We look upon this institution as one of
the safest in the country.
What the final result of the present
panic will be, no one can tell, but it is to
be hoped that it will be soon over. In
the mean time we would repeat our ad.
vice TO keep cool. and not add to the ex-
citement by any unnecessary alarm. The
State stock bank notes cannot become en-.
tirely worthless. as the State Treasure,
has stock for their redemption, and the
other banks have been generally be.
lieved 10 be solvent. The quarterly re.
ports from the different banks for the Isl
Of October will soon be given to the pub
lie, when some idea can be formed Of the
standing of the different banks of Thu.
State at least.
We hear an extra session of the Legis.
lature talked OF, in imitation of the course
pursued by Pennsylvania, but leave tc
those more acquainted with financial
matters. to de eide whether anything can
be gained by anticipating the regular
time Of its meeting. one month.
LATER.-Since the above was in type
we learn that the rumored failure of the
Merchants and Mechanics Bank OF
Wheeling is no. correct; but that the
Merchants and Manufactures Bank of that
place had failed.
The probability Is that most Of the
banks in the country will go, though
many of them will come up again.