, 1859-02-17
How the Affairs of the Old State Banl
have been Managed.
Another Rad-Loodng Case at The Capital.

The correspondent Of the st. Louis RpuNi-
can, under date Of the 14.h inst, gives the fol-
lowing particulars relative to the management
Of the sar4irs Of the old State Bank:
The Stats Bank, one half OF the stock Of which
vss owned By the State, suspended specie pay.
ments sometime between tho years of 1887 aud
1883 It recuperated, however, but sustained
another reverse about the year 164G. when the
State took the Bank into ito care, b7 an act
passed on the Last day Of the session Of l8t7, to
finally close its affairs. In the oct 1t Was pro-
vided that 10 case Of the non:closing Of the
Bank before the first day Of November, 1s48,
the Governor should hare authority to appoint
three trustees to take charge Of all the assets Of
the Bank. and wind up lts business. These
trustees we're required to make an annual re-
port to the Governor. The trustees appointed
xers N. IL Ndgely, John Calhoun ono. uri Man.
y, who ut ones assunsd the dutlea OF their
trust
Al this lime the assets of thu Bank, on the
book, amounted to from fhree to fse snit!ioas
douars. including $500 600 eath and a suspead*d
Le6t Of p<rhaps q million and huff The r.:
naming asseA CONSISTED ot real estate IN all
parts Of the State, embracing two exceedingly
valuable properties in Galena and Chicago, and
large property in Wisconsin. Tho liabilities
we're 81 400, 900 Of stock belonging to the State,
for which bonds had been iAsued, and q like
amount OF stoek on the part OF private stock
holders, besides other liabilities Tne trustees
it seems. declared and paid dividend Of 16a{{
= cent to the private creditors, which exhaust.
ed the amount Of funds On hand, except about
$50, 600, which was reserved for the pay yment Of
tue expeutea ot administering the trust 1t q
subse auent period the honda issned BY the Stats
vera returned to the Governor, thus caucelling
the States d.recs interest iu the BANK Since
This time no public report has been made, and
the object looked to BY the resolution alluded to
is to discover what has been done with the ss-
set&.
A recent decision Of the Supreme Court has
called attention 10 this matter, the Court having
decided that the trustees appointed could not be
removed except BY suit IN Court Of Chaneesy
for malfeasAnce in office, or BY reason Of death
or reaiRnation- Fhe investigation which bss
bean ordered ia objected to By the acting trustee,
{Mr. Ridgaiy,} who contends that a. the State
ha0 no longer any immediate interest in the
trnst hs il not responsible to the State, but only
to the private stockholders, through the Courts.
The COMMITTEES. on tue other hand, hold shat tho
parties and the Bank, retains her right to super
Tile the tfnst, morn especially ~ the aet (which
was a compromise with tho stockholders) TO-
quired IN annual statement which has never
been furnished, during the whole Of the ten
years intervening between their appointment
of preliminary meeting Saturday evening, but
Mr. Ridgely aaked tius to consult his lawyer,
Who il oil Of toxu. which xaa asseuted 10 and
50 it cannot be said that the investigation has
sctually commenced. ). Some few questions we're
asked. however, which showed the propriety Of
pushing the examination TO close With "a much
fhorouR h1sss As il practicable.
II appearad IN the course Of the evening, Is
am informed, that ca the appointment Of Aeszrs.
KtdoalY. Qa1Aoun sud Manly; the former wa aa-
jected by sRreement TO attend 10 the business Of
the Bank, for which he was 70 have salary Of
81. 800, tho other t1o. Escsivtng $50 sdch,
clark being appointed who had $500 per aunun
during tao ar.t txo year, .at =, ,ooo per sn.u1n
Daring tho last session OF the Legislature Gov.
Bissell attempted to remove the'u trustees by
tho appointment Of Guatavas koernet, Geo. T.
Bruxu And Richard fateA, but the late decition
Of The Supreme Court above referred to declared
While ths matter was before the Court, the old
trustees had been crjoined from rece,virg;an
salary but, BY The Judgment 1t appears they ars
now entitled 10 It, 1omethiug like &c. 900 has
been drawn Or II sabjsot 70 drift for sslariss
growing ont OF tAts tfast, independent Of iss
on hand tnss IL sat.ls pirate stock, 81 ,loo,.
600, has been se1q1stssJ "swsmped," :" sud that
thsts Is fir probability that 3so,ooo of IL
liabilities Of the Bsalt il in similar condifoa,
though it is poaslh,e thss the latter msysons time
b paid II u Aeik tkat the titls to The pd{xa-
81 pi4o4s Of lsa4 Il I4&1ago and galtna Aas not
trapsltd many Asits tsoa Springfield; indea ID it
il thought thgE u1deF ta6 Law governing trusts
q strict exaxinaaoa ~eola and these still among
the assets Of thu Bautz II the trustees stand
upon thstt ni61itg md 7esus6 to account on the
alleged Rrssud II estaashdbg precedent,
ehefs vii be no othsr recourse for, ths LRglsla-
'tufo but to repsAi the &et Of 1877 and appoiht
Committee OF Iny&stigssmn with authority to
institute suit in GhAnceEy, based On the viola.
lion Of thst part Of tbs law requiring ths tus-
tesa' 10 lasks IN annual report Nj. RtdSely
'aRteed hefbfs tAe Qommtttes, I 'nn3erst@nd,
i6a& ua1at thu law, ! yaatly report shoaM havo
bsse ua&s, bAk eaaiGad that thz provision had
hoSn OVERLOOKED. ding the feos that
b., hiusssl1, dtsw up III .aat'