Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1861-10-02

The Democrats Attack On Mr. Woods
OF late years most candidates Oh tht
selfstyled democratic tickets might wei
exclaim, save US from such friends, ioI
the kaoping editor hits some Of them nios'
decided blows. Thus in his article ot las'
week. where a foolish attempt is made to
conneet Mr.. Woods with the failure OF the
Iawistown Bank, Mr. Turner, one Of It's
own candidates. who was a director Tor
some wears prior 70 its failure, must have
felt little e..easy on reading some OF
those queries. We had not supposed
there was any one silly enough to make
reference to that defunct concern, but as
the editor Of the Democrat wants light on
the subject, we will proceed to give him
some.
An election for directors of the Lewis
town Bank was held some weeks previous
to the failure, and f. z. Locke, Hon. Jas,
Burns, W. W. Wilson, Of Juniata county,
Col. John Mcdowell, Hon. Jas. I. Hale,
Francis Mcclure, S. S Woods and others
were elected to ell the places Of the old
board, and this we learn was done without
the knowledge of s. s. Woods. Previous
to that time he had nerer been connected
in any way with that institution. When
the board was organized, (Which was not
more than two weeks before the failure, it
was desired by the new members (ot whom
Mr. Woods was the youngest) to ascertain
the situation of the bank. On investiga-
tion it was found that the Joaa .1i}s circu-
lation Of the bank was very small, but
that there was a very large amount IN
Philadelphia, which had been pledged BY
the agent Of the bank at the rate Of
from 81 TO 81 for every dollar Of the debt
owed. 1t was at once seen that if this
enormous amount Of pledged paper was
thrown into circulation the bank could pay
nothing, and the directors agreed to try
and lift this pledged paper, and commit
tee consisting of t. +. Locke, Wm B.
Norris, and S, S. Woods was appointed for
that purpose At this time there was
very little money in the bank, and the
received none Of it, while the
assets, with butsmall exceptions, were in the
paper Of a few individuals The commit
tee went to Philadelphia and had made a
partial arrangement to lift this pledged pa
per, when word was brought that nearly
all the principal debtors had failed, which
the arrangement. Had it not
been for this, the pledged notes would
have been lifted apd the entire circulation
probably redeemed This was all the con-
nection Mr. Woods ever had with the
Lewistown Bank. As to the insinuation
that be or any one transferred assets fraud
ulently to A. g. Wilson, it is utterly un-
true, for Mr. Wilson, who Is well known
among US, lost from 81 900 to $4,000 by
its failure Neither before nor since that
time has Mr. Woods directly or indirectly
had anything to do with the said bank, but
as counsel has always been adverse to it.
As to liability, Mr.. Woods never incurred
any, as the bank was utterly insolvent
when ne was elected director.
The idea that an act was passed releas-
ing Mr. Woods from liability, if he had
any, is simply ridiculous, as
the constitution Of the United States, as
we'll as Of this State, forbids an ex post
facto law. The only parties who were la
ble-at least believed to be so-assigned
their property to other parties and under
suit long on the list but never tried, esca-
ped. Who those parties were, the Demo
erat can ascertain by applying to James
Turner, its candidate for Associate Judge,
or several other members Of the so-called
democratic party.
As to the quarrel with his partners, the
dispute with one of them was referred to
a Master in Chancery, G. W. Sanders, Esq,
of Union county, who made report fix
ing the account substantially as Mr. Woods
has it. The two partners sold out by the
Sheriff were certainly not sold out for firm
debts, as Mr.. Woods would also be liable.
The charge that he circulated the Ian
easter Bank notes knowing them to be
worthless, is base libel which it would
serve the editor of that paper right if he
was indicted.
If any notes were endorsed by the firm
of Woods, McFarlaee & Co, as stated by
the Democrat, those notes are good for the