The Perrysburg journal. [volume] (Perrysburg, Ohio) 1853-1861, 1857-07-02


This Bank was organized January,l855. Twenty
five thousand dollars in coin were furnished for
that purpose by John G. Breslin, then the State
Treasurer of Oho-with whom the owner of the
Bank had made contract by which Breslin was to
have the use of seventy-fve thousand dollars of
the Banks circulation for one year: and for which
BreSlin gave his note for that amount, and due 10
months after date On the back of the note was
Waggoner's endorsement of above twenty-five
thousand dollars.
But in order that the Bank could comply with
his specifications of the note, and be able to furn-
sh BreSlin with seventy five thousand dollars Of
its circulation some means must be invented by
which forty thousand dollars of its capital stock
could be paid out of the tDenty fire thousand dol.
lars coin and then there would be left for the use
of the Bank only fUe thousand dollars of its cir
circulation. Mr.. Breslin knew, of course-not-
withstanding he was very financial man, and had
all the funds of the great Stat of Ohio under his
control, and had been extensively engaged in put
ting into operation Wild Cat Banks--lhat this
would be rather difficult operation, to expand
| tUehty-fUe thousand dollars coin into fortU
thousand dollars Capital Stock and have the
transacto- honest, the ends of law and justice an
swered and the condition of the Charter strictly
complied lohh All this difficulty, however, was
soon disposed of by the prolific brain of Mr. Bres-
lin The Mechanics Bank Of Memphis Tenn,
furnished the money and controlled, and whose
notes were then selling at discount of only sirtl
per cent-could be used to great advantage in this
new enterprise.
| Mr. B. E. Smith-a broker at Columbus. O.
was the man of all other selected by Mr. Bresn
to conduct this important financial operation. He
was therefore, loaded up with twenty-five thousand
dollars coin, and fifteen thousand dollars notes oi
the Memphis Bank, and sent off on his mission to
rar,i1, 6 Tba o,,l II.
Greensboroush,' Md
The Commissioners opened the books, and the
whole capital stock was taken byS. Waggoner and
Henry Waggoner. Twenty Thousand dollars in
coin, the first instalment paid to the Commits
|. :oners.
The stockholder (for there was but one there)
then elected his Directors, and the Bank was ready
for opera ton. The commissioners then paid the
twenty thou sand dollars over to the directors. OF
in other words to Mr.. Woggoner and Mr.. Smith
again received it into his possession.
Then came the very nice operation of gold er-
punsion Ttpentu Thousand had been paid to tha
commissioners and FIVE tn housaud was all the stock
holders had left. Forty thousand must be paid
so that MIR. Breslin coaid Lave his seventy-fve
thousand dollars circulation So by some kind ol
Hocus Pocus in Mr., Smiths room,in which all these
r. 'nds were kept the fifteen thousand dollars Mem
nbis Noles,' were erchangcd for the same amount
~ coi,, = out oil the trenty thousand paid the day
% the commissioners OH the first Install.
l, ~, oni f. e whole was done and they in posses
u .;nm of ,bo o. ond twenty thousand dollars coin to
,"or ,ro socorC NstaIlment, and increase at once
tGhs G cantaI Stock 10 forty thousand dollars. The
Snc Sncond noyment was Nade to the Directors in a
Ioon, od;o;,ing that nj Mr. Smith. The mcelilg
was held at 10 o'clock p ~. ~ at winch only three
rectors w,re present. Mr.. "i'!n was lhere oI
course and added very materially VI Tue exercises
of ihe evening,
The fifteen thousand dollars Of the Memphis
notes" were left on special deposit. NJ SMITH to
carry out ii. instructions of Mr. Bresln lpo.F away
with him fifteen thousand dollars of the oln Tor
which Mr.. Waggoner gave his check Tho e''
but ten thousand dollars for the Bank, and III
place of that Mr. Smith took ten Thousand dol
lars of the newly oiaanized Bank. Then there
was difficulty in makiAg the liabilities and as
sets count correctly. 1t would read thus:
Liabilities. Assets.