The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-03-19
BAGLAY's ExoBAkGs AID bnKIsG Horsg, |
CtscISRAJI, OhiJ aa'oo IA, 1887. ]


BAoLsY's ExoHAsGs bNNsG AorsE,
CIscisRA,I, OhiJ, ss'oo II, 1887
TO THE EDI ron or rne HEsA.D.
rotcec irequ. Mt Al IN ons 10 wealsy n - having
tome CT bMcop with he vA.ey SANK ar-oor spd nav
come 10 tie coneiaspu from yon rh nsnls .hstthey
Ar ,he owners OF tbsL "ousted 1uo isn " Il 60 ald
ey can be sompsueo N take The 1te, am dtposd
10 give Them chsDcs TO do 90 II tney ~i do ps&cs
victims" Of tbs, concern, ,ps 20 uasnsuus's a, l.
bAve several ht ndfed toiirb Of tte naod Eh'p
me bank failed ! am now dispMed 10 Use the rene
IN such cases provided by law, there any for ,aS
kind Of Wholesale business II, tnsref,rs. you osu sve
me sny information TO enable me 70 get light etart
win "p.toh into" hem g. BA}LEY.
Some time sinre Wesley the priocpa pro pFie'or Of Che
Daily rme IN ctrncoton with Other partes, stated
ba,h 10 tho eascrs par OF hi ssts uader the scnari
bsntpg law. The uson ,se,arsd by ,ae De post o.
pubic eocAs, Nj ind Tor tire the bnh pss,ed cnrn'.
The tans secured moderate circulation, cut Us bun as''
otherwise wsS !ioned. The partes engaged could no
afford TO keep 70 much ospha losset mp merely Tor To-
purpose OF puaog Gu! lew csrcule log nole., aad
every opportunity Tor getting ou frAudu eut clrcu'o
remov ed by tie ges ci bADkpg law the affairs OF TIE
bank were soen wound np the securities thirawn PIT
uoon the arbt ard the proceeds Appropriated 20 tn
pay men OF Iressr debts Not long after the ooog
that CT ncsrp the ssme ares der the guidance Of
individual who was at one time . porter slefk In {,
Massachusetts bank, started IN, vSuey Bank Of Mary
land AL Inc capital thai eu required, under he loo
ard defective lave Of Mar, sne to put that bank 10 90
ran n was 'urrhhcd by we'ley, one OF the p'opSe:o7
az the Daily fms. As Ioon 20 the law had oon
fc med to IN mskrg up the ospi A. the Hale oaey used
withdraw. ard individual notes OF hand made h,
some Of the parties Immediately Interested were suos
,uted Ito ark onos in operation. ;enton Vas surnec
to getting out toe sest circulate 10 the st ,res
eib time. To sccoa plish this loans MAJ in,
psly 10 Western rsiiroad isaies who in nssruopt
thsir rcacs employed srSe lumber OF uen. rnaa
railroad companies paid o., Va ley Pa ,lls 10 all the
expenditures, pailculnl7 to lsborsrs, ~ho would CIV
them wide distribution. Agents we're enpl,yed in th
city 10 get Vsey Bank bills Off IS 'ast ~ possible
Bucbe,s grooers ats printers repcrters CLERKS
&c , were foycM 70 tsse them. Toe pro2rie.ors
them In al their bl-iGtss arrangements here and
effort was left uptried 10 increase the is,ue Any on
could get loan who would take Valley BAak bills. 10
his way the circulation was 10 . few months run uot
between two and three hundred ihou'sud dollars f,
which the holders hsd moi the nst oent Of secury-ao
evsn the personal responsibility Of Wesley one Of ths
nma prop-etors. rho furnished ali tho capital the
bank ever had BE managed not to identity himself with
the oohcesa publicly that when Il collapsed he
como las be spos has) the assignee OF those con
icderaies to wh,p the public lookei for the rede mp
ton Of the bsps's issues. Having thus sesavec
thom Gives against pscunis-y liability, and Their.
being no other security tho bllhoidr has Loaf all
The Visible asset, Of the bank ware composed Of the
notes given for capital. o. parties who had previously
enec;ually protected themselves against suy ooutu
eenoy aud few old chairs and desks tho whole moi
actually worth Any doa.s Mono Of the railroad bonds
stocks certificates notes, &c gwen security for loans
were 10 be found, and IL 10 supposed the marketable
porsn has been dsposed OF q the 81 sck Exchange b,
wesley Of the Tsmer. ono OF the oearsH cases from
ih<v hasa hvs
financial operation q least atty thousard dollars But Tor
this Al similar operations the N~ would have COLLAPSED
pg since. In open sbovo board sps,uls'ioss they
been unfortunate suffered serious Losses, bat
npanciering where few months ssa,ce 70 put Of upos
the public when tue enjoym Of extraordinary fsc.
res Two or three hundred thousand dollars bank bill,
ihey have been more stcctssful.