East Saginaw courier. (East Saginaw, Mich.) 1859-18??, 1859-11-03
THE COURIER.
THURSDAY. NOVEMBER 3, 1859
The Currency.

II seems 70 be the peculiar misfortune
of this section to be "stuck" whenever
any bank bursts, no matter where the
institution is located. Being somewhat
remote from the commercial centre OF
the State, the Saginaw Country Is looked
upon as nur field for operations on the.
part Of those who deal in bogus banks
and red dog currency generally, and so 1t
has proved The last Gift" of this kind
came from the Colonial Bank Of Canada"
bills Of which, to the amount Of some ten
or twelve thousand dollars, we are told,
were in circulation here when the fabric
collapsed, and as usual, they have mostly
fallen into the hands of people who arc
the least able to bear the loss. The
money came from the Flint and Pere
Marquette Railway Co, and if the mana
gers thereof are as honorable men as the
contractors here, we have faith to believe
that the bill holders will not be allowed
to suffer If business men here, men
who ought to know sound money from
; "wiH cat" and fred dog" would set then
: faces against all manner of suspicious
currency, we should be relieved not onl,
I from the disastrous effects of such "smasl
t UPS" but from the name, which is abou
as bad, Of being a community so easily
dnped
: The following from Preston's Ban
l Note Reporter, gives, in plain language
what style Of Banks this Colonial" an,
q the International, Of the same species
Q were:
o On Tuesday, Octobar %, the notes @
j the International Bank were thrown on
Il in New York, on account of their fund
|; being exhausted at the Mctropolita
e Bank, where they kept their account an
o redeemed their notes. AS their note
Y had been diScredited once or twice bcfor
e in New York, we supposed tho ditf
l. Guilty to be nothing more than a tempo
1t ray one in New York, from which the
N would recover in a few days, and contii
$, ued to received their notes rs usual through
8 out that day, (Oct. 25.) On Wedncsda.
" Oct. 26, We ceased TO take their note
lie and dispatched a messenger to Toron'
l. TO learn the true condition Of these lai
kee- Canadian Banks, He arrived at Il
- ronto Thursday, Oct. q, at ii. =. NJ
Is The International Bank was "Closcd
g "Gone down." "fastc5 up" "Run away
IN 1t failed Gc... rs. Our messenger foul
u nc Colonial besieged by multitude
We maddened bM-hoiders, not depositors, {
'n the telegraph announced that day. II
an conflict was short. The small amount
lie money the Bank had was soon exhaustc
- The windows were smashed in, and q
gallant officers of the Bank made has
retreat out of the back door, and il
!. mediatly cleared for the "Land of Z
y Free, the Home of the Brave, 1T
r. United States. After the Colonial clos
= On her doors, the notes of these two Ban
' were offered in the street at 20 and
!, cents on the dollar From what o
=: messenger learned, we have no doubt b
"a that these failures were prem1ditatC
10 downright swindles, which exceed eV
nN the famous "Joint Stock Bank of Tore
- to" swindle. 1T appears that, but she
T. time since, the stock of both of tho
IN Banks was privately and illegally tra'
ID fered, so that there was sort of union
u these Two ''birds of feather" Tn
&c then went to work and peddled their not
"a in every direction--stole all they col
-. in this way, and then stole the emit
os available assets of the Banks, and +
h. away
&c We speak this undcrstandingly of I
nJ International Bank, and presume it "
no ho,d good with the Colonial.