The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1857-06-06
For he Cecil Whlg.
FARMERS AND MERCHANTS
BANK OF CECIL COUNTY.

II ban n DE CECIL COUNTY.
II Ma. RICKETTS, AS the proceedings of tn,
\ Commissioners for selling the Stock of Thu
\ Bank have never been published, and as thcr
II Is III the minds Of some persons, Sigh
Il misrepresentation of a part Of their proceed
\ ngs, | deem it due to the Board and to thos
| interested, to send you for publication thu
/ following Statement:
II The Commissioners met ON the Slb O
4 April 1886, and after organizing by tht
choice Of proper off .ers, examining the char.
:cr of the proposed Bank. and consulting
4 together upon their powers and duties undo,
1 he charter. they adjourned to meet again
on the 18th of April On the eth they me,
and gave nnticc of their intention to open the
books on the 2?;h 3Oih and 3lst of May
| foil IWng. At that meeting they paSscd
, among others the following Resolution -
"REsoLyBD, Tha. va will receive no s,i,scrip
ton IRON persons or parties VIII rsc connection
with thp Bank aUJGt to he established will in
! our judgement. be ricuat-d TO impair the credit
ana usot'il!ness Of the Bank destroy the con.
hlence OF our own community in the IN nagemcnt
and future solvoncy Of the Institution
Your readers VII readily understand the
object Of this Resolution which was to
| keep of distant SPECTATORS, whether they
hailed from Vail Street or elsewhere.
AT the opening Of the Book only l12 shares
OF the Stock were sold, Of which % were
taken ny members Of the Board and 10 Tins
day no more has ever been actually sub.
scrlbcd, although several gentlemen are, or
profess to he, ready to subscribe so soon ms
II can be certainly astertantd that the Bank
viii go INTO operation.
Shortly after the opening Of the Books,
PROPOSE ions came to us from different sources
20 the effect, that if the citizens of the town
and vicinity would take some part of the
stock the bartles proposing would take the
balance OF the shares, whatever that balance
might be. Their propositions were either
silently disregHr'ed or promptly rejected.
About the 2Olh Of Apr! last letter was
received by Mr.. Mccullough, The Senator
from this county, from gentleman of Bal,i-
more inqnirIng on behalf of gentlemen whom
lie represented ms permanent citizens of
Maryland VIVA. amount Of stock was sold
and desiring to know, whether the Commits
sl"ners were willing to sell the Stool: to rc.
able business men Of that city. This letter
was submitted by Mr. Mccullough to the
Commissioners. who replied by giving an ac-
count OF what had been done copy of the
above Resolution and the then views Of the
Board On the 18th Of April an interview
took place in The city of Baltimore, between
the writer Of that letter and a member of the
h"ald, who returned and reported 10 his
fellow Commissioners the substance Of that
interview. whrreupon letter was addressed
to the gentleman in question on the Both of
April Informing him that AS then advised we
were unwilling TO he come ted with the es.
tabli>hmrnt Of anything short Of purely
local institution: and that before ANYTHING
beyond that could he any longer entertained
we must be furnished with the names of all
the parties who proposed to subscribe to the
stock. and an opportunity Of communicating
directly "lth them in pcroon. This infUrma-
non waHlnmcdIatcly promSel and in few
laws the names Of the proposed subscribers.
and their PLACES Of business were furnished
70 us. also the name Of one of the first law.
yers ol the city as their legal adviser.
HE matter now presented i self in such n
form. as seemed TO demand at our hands Il
careful AMI candid consideration. We there
fore called u meeting Of the Board. and of
those ~ho mad already subscribed, and those
who intended or contemplated subscribing
to meet on the 18th Of May. for the purpose
Ii is TO BE- regretted that at that meeting
very few attended the Commissioners find.
ing but illlc disposition Oh the part of the
citizens to meet The issue fairly and to con-
suit with them upon The proposition submit
ted, knowing well the ground upon which
they stood. and .he responsibility that rested
upon them took care IL obtain not only the
views OF those who were present but of
those also who failed to attend. although
they were known to be Interested; and the
result Of that consultation was unanimous
agreement in the following points:
LIST. That the Bank TO be successful must
commence business with the entire confidence
Of this community IN which it is to be
located.
2nd. That, that confidence cannot be Sc
cured to it, unless the whole CT large and
controlling ma jority Of the Stock is held by
our own citizens.
3D. That IN view Of these considerations.
it is better to wait until our own people are
prepared to take the whole or a large MAORI.
~ Of the Stock, or until Legislative action
can be had. authorizing a reduction of the
amount to be paid in TO SOS 600 which it is
believed can readily DC secured here, and in
creased hereafter as the business of the
Bank requires it,.
The commissioners therefore declined the
proposition from Baltimore not however MS
has been unfortunately remarked because
upon inquiry the financial ability of the
proposed subscribers was not satisfactory.
80 FAR as any inquiry upon that particular
subject was made, it was satisfactory. But
the Board did not enter upon any snch in
vcstlgation Their first purpose was to con-
suit those already interested, and other citi-
z ms who designed to be. as to the general
proposition intending if approved by them
ii personal conference with each of the pro-
posed subscribers to arrange certain matters
of Importance with regard to the future man
agelncnt of the institution.
1t must be remembered that the object Of
the charter, was the establishment of local
Bank for local Accommodation. Unless this
object could be certainly secured, we were
not anxious the Bank should so into opera
ton. Considering this subject the commits
slonerS were unable to see how any arrange
mcnt could be made. by which that Oh
ject could be permanently secured while the
majority of the stock was in the hands of
business men of the city. 1t was not there
fore a question of financial ability alone
which we had 10 consider. but also other
and equally important questions. have un-
deTstood that some of the proposed subscrl-
bers having heard of the remark referred to
have felt aggricvcd and wounded by the i'm.
putation. This is matter of sincere regret
to the commissioners. MS nothing of the