The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1859-01-19
The Seneca County Bank.

As there is considerable Seneca County
money in the hands of different individuals
and officers in this county, the following
will be ofinte.est. 1t is from the annual
Report Of the Treasurer of State.
1t is highly probable that this money
will all be redeemed at par, either by funds
recovered from the stock. k.holders or by
funds provided by the S ate.
This Bank went to protest on the 1 1th
day of March last have redeemed of
its circulation $l00,s79, being more by
1919, than should have been outstanding.
There is lef: $2,l2l, still in my hands,
belonging to the Bank. On protest i'm
mediately appointed Hon. w. B.
Thrall as Receiver, who took possession
Of the books and papers of the Bank
Soon after, Judge Thrall was appointed
Comptroller of the Treasury, and there
upon he resigned his position as Receiver.
I thereupon appointed J. 7. Claypoole
to gil the vacancy. who At once gave bonds,
and entered upon the duties of the post
No assets Of any value were found. 1t
will he seer by the annexed history of the
Bank. carefully compiled from its books
by the Receiver, that on the 25th day of
April, 1851, the stockholders met and di-
vided all the assets among themselves,
leaving the circulation to be provided for
by the stocks deposited with the State
Treasury. Although this transaction was
wholly illegal, yet having provided for the
general creditors, no wrong would have
grown out of it had there not been an over
issue of circulation still unprovided for,
and unknown, except to the parties con.
cerned in the fraud. What the amount
of this fraud is am unable to say, but the
probabilities are that it is $2s, 900 or $685..
1887. The Receiver has given notice to
the bill.holders to return the circulation
to him, giving receipts for the same. and
will commence suit against the stock
holders to recover back the amount BY
them divided. There is no doubt o.
their liability for every dollar Of this over
r issue
But, while these suits are pending, the
bill holders must wait for their money
The opinion seems so very general tha
the State, in good 18th. is not only boune
to take up the o'cr-issue of this Bank
. bnt also che over-issuc of the Canal Banl
of Cleveland. This opinion is undoubt
edly founded on the rule of law, that
}principal is bound by the acts of his agent
so far as he has authority to act for him
These frauds could not have existed, ex
listed, except by the acts of an agent of tn
State. Ii is also equally true that the Law
positively forbids the Treasurer from is
suing more circulating rotes than ther
were stocks deposited.-But, having con
sented to become kind of stake holde
between the bill-holders ard the Banks, i
is at least debatable question whethe
the State is not morally bound to assum
. the responsibility of the acts of its agent
This question should be settled by tn
! Legislature, that the people may kno,
what to depend upon in this class Of cases.
o The London Times and the President
Message.
The London Times is terribly exercises
q about the Presidents Message, and !
O quite as severe in its comments upon 1t a
: were the Republican papers in the Unite