Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1864-10-04
The Recent Bank Failure 6
In Chicago.
(to-ssf.. 0G' fsse Nc-se.n ~ srs.c
ssni afsr. INSURANCE sSssssn en-
Saturday.

Satn norn'ag II was yeucral'y made
knoeu W., thr Western Marin ard Fire
insuran" ,o,r nv h;,uk ha,i fAi.c,l. ant
""ruaayl . me Its liabilities This, a.
Ia ugn nReAr rtea. was ig. following ii..
eXamIe that had nrcn .ct by other banNs
on the p'eecdng ays. fhc uubr are
aware that WITHIN he ias, hundred hours
number of banking In,ii utions have been
closed in which the strongest confidence
has hitherto been felt. This misfortune. or
rather this series of msfortuneS, cannot H..
hailed rs the precursor Of u general panic
1t Is fairly known to men actively employed
in important branches Of business, that the
present bank failures are the result of dis.
astrous specuatIons and were ir, etreyablr.
Wheat seems TO have done the mischief d.
rccty, although gold, as is always the cas-,
was the root of the evil Thetuctuations "a
the gold market within the last ten daf
have exercised terrible influence unon IT,
grain market, i'll which i..aiority of oar
leading bankers have been largely interest,"
ed. The banks which have failed wlih;a
the last three days are those Of e. &. Par
q Co., ). u. Conrad and the Western Ma-
rihe ana f..e Insurance Bank. The sus-
pc sio". OF the two first named created bat
il'.ie excitement, and was received as any
other similar circumstance has been received
heretofore with signs of much dissatisf.e-
uon and danger OF course, but as "a thing
that couldn't be helped and therefore un-
worthy waste of argument. But the lat-
ter was more unfortunate. In the Ca lure of
the Western Marine and Fire Insurance
Company the public, or large portion
n Ions -lat 1.
strned into deliberate robbery. II w far
this surmisc YVES correct ii must remain for
our readers to decide which will be decs.
ion between the assertions of a few cool
headed individuals interested, and an excl
ted multitude similarly concerned.
The circumstances cannot be more plain
~ or briefly stated than as follows: In the
Western Marine and Fire Insurance Bank
the sum of $500, which sum had been
raised by subscription TO relieve the Twelfth
ward OF the draft had ben deposited near
the close Of bnnking hours on Friday. In
this ward, as is well known, the drat, occur
red on Saturday morning, and scarce had
the drawing ceased, when the tidings spread
abroad that the bank in which the money
was deposited had failed As The deposit
had ~ med mi, the lav precious. the
entire citizens of the Twelf h ward lclt tha.
the "a.'~ naa lcin ate., ana ,,litully
wronged them by receiving the meaey. and
Ii Is not n wonder that lA.ir INDIGNATION chi
mi,a'ed in threats OF vei-e canoe By say
ing it is Not a wonder does rot lmpiv III If
their action was justiiaDlc on the cont ar,
4 could not bc 9th, rwls Tran ondepned
ny al pcace-loyins and law abisl;ag citizc,,s.
int nl;scrctinns The excited passions ofa
eioNd Of people led them to commit will be
apparent Ii ON " hat follows:
ASSEMBLING or TIE caowp.
At hali-p4st one o clock a crowd began 10
gather IN front OF Ne bank on The southwes,
corner Of STATE and Randolph streets. Grad
ually and con'nu i,v ,ha thrcn- was aus-
nientei nail Two O'clock, when It was est
'natei tns' there were abou, one thousand
persons efs~ Mt. The denunciations of the
bank. Is HE excited crowd, were loud and
bitter, and there was no cessation until
there was violent assault upon gentle
man connected with the inst, suiion.
ATTACK UPON BANK OFFICER.
Mr.. Frederick lu.ile, Of the firm Of Tut.
tie, Hubbard Il Co., formerly president of
the Western Marine and Fire In urance
BANK, ana at present stakeholder, was
coming out of the bank through window.
when he was set upon by crowd of men.
six or eight in number, knocked down and
severely beaten. At this time the police be-
gan to arrive, and might have stopped the
disturbance without much difficulty. but
suddenly th,y found their authority taken
from them and their services rendered sub.
ordinate and inferior by the unwarraptable .
ana inexcusablc. not to say outrageous.
INTERFERENCE OF rnE MILITARY.
Mjor samuel K. Williams. Of The 9Th
Veteran Reserve, ehanccd to be passing
through the crowd, and suddenly feeling
nimself called upon to preserve the national
nonor, Appealed to half dozen unarmed
.Nssf