Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1858-08-18


Messrs. Wiliston and Miller.
Pending the discussion of which,
Mr.. WillistOn moved TO amend, by adding
to the end of the resolution the following:
sAnd that said Bank Committee be instruct
ed to inquire if any persons have attempted to
levy black mail on said banks, or either of them
and report the name or names of such persons
TO this House;''
Which was decided out of order.
The question recurring the amendment
offered by Mr.. Abrams.
Mr.. Rhodes moved that the House do now ad-
journ which was not agreed to.
Mr.. Hillegas called for the previous question,
which WAS sustained.
And on the question,
Shall the main question now be put it was
agreed to.
The question again recurring.
Will the House agree to the amendment Of
fered by Mr.. Abrams. it was negatived.
The resolution then passed finally, by the
following vote:
Yeas As Ma, 80. Here we find Mr.. Wilcox
to the very last voting nay upon the final pas
sage of the resolution, notwithstanding his op-
position to them. Justice still has taken place
there were honest members enough still TO
pass the resolution.
There is no individual in this County who,
more than |. deprecates the course of Mr.. VIII
cox upon this question, as well as host of
other questions, not necessary for me now to
notice.
Here we see member of the Leg islatrre rise
in his seat and make charges of reckless frauds
open and defiant violations of the laws of the
state in relation to Banks and Banking, and
yet our Member, Mr.. Wilcor, SAYS by his vote.
that he is pleased with the course of the above
named Banks, and desired that his immediate
constituents might be robbed of their daily
earnings by receiving their worthless issues
Neither Mr.. Wilcox nor his friends can plead
ignorance in this matter, it was well under
stood by every person at Harrisburg last win
ter, that the above Banks, with some others
not named, were vile fraud upon the people
and the sequel shows the fact to be such-the
greatest fraud inflicted upon the people of this
part of the state since the enactment of the
notorious Bankrupt Law.
In few days after the passage of the above
resolution a committee of three members was
appointed to investigate the affairs of the in
stitntions named in the resolution, after the
adjournment of the Legislature. They have
discharged their duty and have made report
accordingly.
The following synopsis of the Committees
report is taken from a late number of the
North .4nlcTicdn
ssThe first OF these PENNSYLVANIA banks. all
of which were chartered at the legislative
session OF 1857, is the Tioga County Bank.
The letters patent state that the substitution
~ iVOS ana Inc committee
found that l040 of these had been subscribed,
and the first instalnent paid in a single day,
10y certain Buffalo hnancierS, of whom Wells
ID. w albridge, for himself and various females,
took 640 shares. while Edward E. Thayer, OF
Buffalo, took 200 more, and j. Porter Brawley
took the remaining 200. Thayer belongs to
a nest of financers of that name in Buffa 10,
one of whom opened the bank, and at once
entered discounts to the amount of $50. .655,
all TO Buffalo parties. q. P Steers, of Butf.-
10, who was elected teller of the bank, says
that upon taking charge of it there was de-
felt of S6.3I3. The discounts now amount
to SS9 ,O66 SO, nearly all of which has been to
Buffalo parties, and all, except one note OF
SllO0, in sums of from $4,000 TO $500. The
Thayers and Walbridg figure either as drawers
or endorsers in nearly all of these. 1t is clear
that this bank was purely speculative, the
subscription notes having been Immediately
discounted.
The same parties appear to have been the
operators in the new Bank of Crawford Coun-
ty. To this concern, 1854 shares of stock
were subscribed, of which 1910 were by the
Buffalo gang, and the rest by J. Porter Braw-
ley, as one of the same party, except about
forty-four shares. This subscription was paid
in Tioga County Bank notes, being chiefly
the $50, ,l55 discounted at the organization of
that concern, except about $500 paid in specie.
The bank has circulation of S34 ,055 against
reach Sl27 ,9l7 81, of which S63, 800 has been
to parties out of the State. The teller states
that he and the President ordered at the same
time the engraving of the plates for both this
and the Ticga County Bank.
The Thayers again figure as the parties TAX
ing the stock OF the new Shamokin Bank, of
which the whole subscription was 1910 shares
while they and their associates took 1920
shares. One of the Thayers settled for all
the stock subscribed by persons not residing
in Sham okin, and paid no money except $1,000
in gold and S2S 900 in notes of the Tioga and
Crawford counties banks. Immediately upon
the organization of the bank, the books show
that SAL ,015 so of discounts were granted to
j. Jackson, of New York city, and Underhill
& Lockhart, 600 being in one item to
Jackson. The endorsers of these notes are
j. W. Underhill and R. r. Underhill. while
the teller of the bank is Robert UndcrhiI |
The circulation amounts to $26, ,460 and the
cash to $5372 05.
The cashier, David a Robinson, formerly of
Buffalo, explains that the money paid in as
capital stock of the bank, was discounted to
the parties named, and the notes were left as
the capital of the bank. a person named
Street, on pretence of being man of means,
who intended subscribing $40 ,0G0 to the stock
of the bank, was entrusted with $4,000 to
arrange system of exchange with the banks
of western Pennsylvania, instead of which he
the money to his own uses, but
was afterwards arrested, and obliged to dis
gorge. j. Jackson, who figures as principal
operator in this bank, alleged himself to be
worth sig, 400, which on investigation turns
out to be moonshine. J. II. Robinson was
another of the wircworkers in this institution.
and appears as the party to whom the discoun-
ted S3S 900 was transferred on check. About
$1,000 fthe bills of the Shamokin Bank were
obtained from it by Robinson, and used to
pay the first instalment of subscription of
stock by him to the M'Kean County Bank