The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1857-12-09
From tie philadelphia Press.
THE BANK OF PENNSYLVANIA.

more fully possessed the confidence Of our
citizens than the Bank Of Pennsylvania. 1t
was an old established andia iavorhe bank. !
II maintained high reputation for long
series of years, and had passed successfully
and triumphantly, through all the great mon.
etary convulsons of the last half century.
1t had been the financial agen, of the Com
monwcalth in many Of It's moneyed lransac.
tions. II had at one period branches eslab-
lished In number OF tho towns OF the Stale.
Its capital stock (sI I,s75,OoO) was, until 70.
Gently, greater than lha, of any other bank
farmers and Mechanics of Philadelphia)
has grcales capital. These circumstances,
and its popular name, had given it such
prestige, that generation after generation had
grown up in the belief lha, il was one of the
safest and best banks in the. Urion. Men
distinguished for their sagacity considered
it's stock tho most reliable investment they
could make, and we hear :every day of peo.
pie OF the most pIuden, and cnuiious charnc
Ter who had uree proportion OF their means
in il, and who will lose nearly their all by
'ls failure. Until within the last few yesi. i,
always Ind the reputation, and no doubt,
deserved it, of being honestly and prudenlly
managed, and is stock readily sold at high
premium. Within the last month, however,
It's notes have been at a discount OF from len
10 forty per cent. lls deposiors have been
uneasy about The safety OF their deposiles
aud its slock has been selling lately at 80
| per share. Those who have been induslri.
| ously investigating lis affairs find lis condl-
tion indeed deplorable. There seems no res.
con TO doubt, however. that its circulation
| will all be fully redeemed, lha, its deposiiers
mny receive The amounts due them, but
| whether the stockholders will recsve any.
thing or if they do, how much, are malers
OF conjecture. II seems certain that nearly
the entire capital stocks has been lost
Whatever may be saved from The wreck will
be only small portion OF the whole.
The censure OF the public for The Inconve-
niences and losses thus sustained by the
nolehoIders and deposi,ors OF the Pennsylva.
| MIA Bank and the almost entire destruction
OF It's capital stock, falls most exclusively up
on its late President, Mr.. Thomas AIlbone,
and in directly upon some OF the directors,
! for not having exercised closer scrutiny up
on hls management, He was first elected
It's President in February, 1853, and speedily
became the ruling spirit of The institution, en-
tirely regulating and controlling all its trans.
actions. MIR. AlIbone was bold, able, and, ,
as the result proves, an inscriptions man.
! He brooked no Interference with bis man.
! agement. The cashier occupied a much
mofe subordinate and uninauential position
| in the bank that such officers usually do.
! Mr.. Alllbone's control over a large amount
oil The stock Of The bank, united 10 his fac,
and activity, enabled him 10 have boards OF
directors personally friendly 10 him through
socialues, business relations, OF other infic-
ences, elected ard a number OF these have
b d barely enough stock in the bank 10 le-
gaiIy qualify them 10 become directors. Men
disposed 10 dstrust him, or 10 be inconyeni-
emily inquisilIve, were removed from The
board al The first opportunity, The sphere
| Of Independent, action which be reserved ior
| himself in The bank was almost uuIimned
It's true condition was known only TO him
OF tie lola! business OF the bank Only small
portion was done with The knowledge or
sanction of the board He delighted in la
king the responsibility" of dong as le pleas
% al H.
ledge or consent, and without The saac'ion
OF the directors Those who basked in the
sunshine OF bis favor were couhIe1t OF OBJ
tanning such accom- modal ioCs "a they desired
hose who did not, soon learned that heir
chances Of obtaiLing discounts were stgn,
indeed, The bank had gradually cesu ce-
clinins ia The favcr Of ne business nsu ai
/ this city for seTerai years past, aud the sus-
[ picon IN genera that - means we're used
/ raihet 10 ADVANCE ID. ambitious projects, and
( to further the speculative designs, ant TO ac-
/ commoJats The lrsads ol VI. AIIbcus,
I taan to render any service 10 general bust
cess Interests, or TO benefi its siockholasrs-
Mr. 4. lived II magnificent sy's-sdve
sumptuoGs entertainments, aal was hoefL
. to a fault with those whose power De lrsi-
/ dsd OF whose indaeuce De coGrtsd. Wasn
the preEoaild;y symptoms oI .ae !Lts crash
i,st appeared, ,ds crippled ccnJIdua Of ne
SanS OF Pennsylvania rsuds7ed 1t rscs>sary
icr can e afpeaI - he otaet banks d tae
cay tor srd. y, irst 4 eemPafauvsiy small
/ suu,-s lew huaired thousand ioiafs-was
considered necessary 10 re,ieSs ne oanS q
( i.s smba,rsssneats eGl klosssdgs % us
necsssllies seccminy puohc induced 1 run
u,c1 Il ey soRe ci It's heaviest dePess,crs,
sEj he growing alarm lucfsassc ,hs anoGnI
OF as>JsIanes re needed Win sESh asw iay
uaul ths otner banks also cecans trigntsaeI,
srd REUSED 10 acesus 10 his isnsnSs unless
ne mate taIi exh DIT oi tas sfar> OF 'he
cask. rnis ae refused 10 60, aad learning
TIA, there vas lilis of no oroese,iny ot his
gaining tas s,d ne required. as resolved o
psscip,late tas catastrophe Of saspsas Oh
Of specie psymsass, aud 10 jtag me othsf
banks down 10 The Posstto0, wnich De knew