The Tiffin tribune. [volume] (Tiffin, Ohio) 1848-1859, 1857-07-03
About the Peoples Money!
Low FUNDs wERE UsEDl
LIdHT pRHAKuNe INl
Bresiin Trcnsurer ana Hreslin wnd Cat
Wankcrif

erence 10 the Greensborough Bank, was
published IN September, 1850. Il Is,
therefore, somewhat old, but Il is never
theless interesting. Il shows very clearly
the disposition made Of portion Of the
! jp,ople's money by tho anti-Bank Demo
cratic Treasurer, J. G. Breslin. lie used
the public money for the purpose Of swim
ding the community by means Of Wild
Cat Banks--so itappears. The following
sketch win prove more entertaining just
at this time, than the most exciting chap
Tor in Dickens last novel:
TnE oREEssBoRoUon BAEE
The Bank was organized January, 1855.
S25, 600 in coin were furnished for that
purpose by John g. Breilin, then the
State Treasurer Of Ohio-with whom the
owner Of the Bank had made contract
b. which Bteslin was 10 have the use Of
s75, 900 Of the Banks circulation for one
year; aud for which Breslin gave his note
fof that amount, and due ! 2 months after
date. On the back Of this note was Wag-
gonor's endorsement Of above e25.O 900.
But in order thai the Bank could com.
ply with his specifications Of the note, and
be able to furnish Breslin with the S75,- -
900 Of It's circulation, some means must
be invented by which $4,000 Of its cap
ital stock could be paid out Of the G25.-
600 coin; and then there would be left for
the use Of the Bank only $4,000 Of its
circulation. Mr.. Breslin knew, Of course,
Notwithstanding he was a very keen fnan-
cial man, and had all the funds of the
great State Of Ohio under his control, and
been extensively engaged in putting into
Ioperation "WTid CaF5 Banks-that this
would be rather a difficult operation, to
expand $4,000 coin into e4O, 900 oAP1-
TAI STOCK, and have the transaction HON
EsT, the ends Of law and justice answered,
and tho condition Of tho CHARTER STRICTLY
COMPLIED WITH. All this difficulty, how
ever, was soon disposed Of by the prohac
brain Of Mr.. Breslin. The "Meohanic's s
Bunk Of Memphis, Tenn, another "Wiid
Cat, for which Mr. Breslin had fur
nished the money and controlled, and
whose notes we're then solling at discount
ofonly 90 per oent--could be used to great
advantage in this new enterprise
Mr.. b. +. Smith, a broker nj Columbus,
was the man Of all others. selected by Mr.
BrJslin 10 conduct this important f nanoial
operation. lio was, therefore, loaded up
with $4,000 COIN, and $3.50 notes Of
tho Memphis Bank. and sent OIL on his
mission to organize "The Farmers and
Merchant Bank Of GreonsborouQh," !" Nd.
The Commissioners opened the books,
and the whole capital stock vas taken by
5. Waggoner aud Henry Waggoner.-
500. 900 in COIN, the 6rst instalment, was
paid to the Commissioners.
The stookholder flor there was but one
there, then elected his Directors, and the
Bank was ready for operation. The Com
missioners then paid the eco, 900 over 10
the directors, or in other words TO Mr..
Waggoner; and Mr Smith again received
II into his possession.
Then came the very nico operation Of
Gold Expansion. SEQ, 900 had been paid
% the commissioners, and $1,000 was all
The stockholders had left $40, 900 must
be paid. so that Mr.. Breslin could have
his $4,000 circulation. So by some kind
of Hoous Pocus in Mr.. Smiths room. in
which all these funds were kept, the 81 :
600 memphis Notes" were exchanged
for the same amount Of coin, out Of the
$50, 900 paid tho day previous to the com .
missioners, ON the first instalment, aud
the whole was done, and they in possess
ion Of the second SEQ. 600 coin, to pay
the second nstalmeut aud increase at once
the capital stock to $40, 900. The second
payment was made 10 the directors in a
rom adjoining that Of Mr. Smith. Tbs
meeting wa held at 10 O. 'cl, OK, z. NJ, at
which only three directors were present.
Mr.. Smith was there of course, and aided
very materially in the exercises Of the
evening.
The $4,000 Of the "Memphis notes"
were left on special deposit. Mr.. Smith,
10 carry out the instructions ofiMr. Bres-
lin, took away with him $4,000 Of the
coin, for which Mr. Waggoner gave his
check. This left but $4,000 for the
Bank, and in place Of that, Mr.. Smith
took $4,000 Of the notes Of the newly
organized Bark.
This whole matter being so satisfaoto
rily arranged, and Mr.. Smith having faith
fully fulfilled The important mission =
trusted to him by the State Treasurer of
ONO, ne lett on tho following moraing
} worry early aud so did Sl5. 900 in coin,
and $4,000 Of the notes Of the Greens
borough Baa,', SO Mr.. Breslin, through
his agent Mr. Smith, received back lust
as much money as he had sent out, Sl5,-
600 Of which was tho identical coin, had
Organised bank. and paid up It's coin 20
the amvunt of $4,000, had SIC, 600 Of
her notes for circulation, aud would have
S65,O0O moro as soon as the machine
could possibly grind them out.
Mr. Smith claimed, that the Bank was
Broslin's from the beginning; that he
(Breslin) furnished tho funds, and that
Waggoner was to have pay for his trouble,
and that he (Smith) acted as Breslin's 5
agent under his instructions. Breslin
VAS therefore, principal in the whole
transaction,
The organization Of the Bank was a very
fair index 70 It's future greatness.
| In May following, Il was thought adyi.
sable to pay up the balance 500, ,OOO-of
tho capital stock, Il was thought by so
doing, the credit Of the Bank miqht be
Improved, Accordingly, another draft
was made on the "Staie Treasurern az n