Baltimore daily commercial. [volume] (Baltimore, Md.) 1865-1867, 1866-05-05
Suspension of the Merchants National
Bank in Washington.


yesterday suspended. The Star says:
We have obtained the following particulars in
reference to the suspension of the Merchants Ma
tlOnal Bank. There is due from the bank to the
treasury OF tho United States less than four thousand
dollars but there were several disbursng officers and
agents of the Government who deposited the public
funds entrusted to them IN the institution, to the
amount probably of S5OO,000. Of the total amount
So deposited they have no record in the Treasury
Department. as the depositors belong to different
branches of the public service.
In any event. the securities in the Treasury will be
applied, far they will go, to the liquidation of
all Indebtedness to the Treasury and to Government
officers and agents.
The immediate cause of the suspension is stated to
have been the failure of Baltimore concern. l.. B.
Bayne, OF Baltimore one Of the heaviest stock
holders, within short time. has obtained S7600GO
on call" He first got Sl5oO00 to keep. himself
aHoat before the directors knew Of it, and afterwards
calling for more, the directors, to save themselves
| as they thought he would weather the storm
allowed him to draw further, and honored his drafts
at the same time he assuring the bank that he would
send down his collaterals, and that they sui
| Gent to secure them.
Yesterday a check for something over a hundred
thousand dollars, Government funds. was presented
which could not be met. Last evening committee
of the Presidents of the National Banks here went
to Baltimore to examine Baynes collaterals and
this morning telegram was received from them to
the effect that the ccllaterals held by Bayne
not regarded as sufficient.
is alleged that the true state of affairs has been
kept from the directors, who, only within the last
few weeks have become cognizant of the magnitude
of the dealings of this bank with that in Baltimore
at meeting IN February. inquiry was made in re-
o PFeSl-
dent (Huyck) informed the directors that they
good.
The capital of the bank was $2OO,OOO consequently
its circulation. under the law, SlS0000 which is
of course secured The liabilities of the bank aside
from Government deposits, is estimated at about
S25O000 An unpleasant report is afoat that special
deposits Of some of the customers of the bank have
not been kept intact. Among the special deposits
was one of $4,000 by Mr.. R. W. Carter. dry goods
merchant.
Rumor mentions amongst the sufferers by the dis
aster Mr., J. B. Stewart. of the Washington and
oflrtor hro
The esteemed President of the Boad of Aldermen,
Thomas Il. Lloyd Esq is vctimized to the extent of
about S6OO which he thinks rather hard following
upon combined attack OF rheumatism and typhoid
fever.
Some feeling has been created by the statement
that the bank received depOsites and sold drafts
throughout bank hours yesterday at time when it
must have known its shaky condition; but we hear
it stated that the bank will make good oil deposites
&c, made since Wednesday, when its officers first
had reason to apprehend disaster.
The stockholders are responsible to the extent of
the amount of their stock. dosing thereby twice its
amount and consequently in the desire to get rid of
It, to ayold responsibility 1t has been offered exceed
ngly cheap to-dayas low for instance as two cents
on the dollar-and even lower.
The committee of examination Of the Baltimore as
sets will return this evening. and by to morrow we
ahall probably have a statement from them which il
Is to be hoped will present more cheerful look to
the affairs Of the bank than prevails to-day.
ABRAHAM DAvExpoRr.- Whittier, in the last At
lanuc, has enobled the name of the old worthy who
represented stamford in the Connecticut Legislature
IN ltoO- On tne memorable dark day" In May Of
that year, when the birds ceased to sing when the
barnyard fowls went to roost, when the cattle
home from the fields at if it were night and
superstitous people thought the Day of Judgment
had coIne and waited in terror
TO hear the doom blast of the trumpet shatter
The black sky, that the dreadful face of Christ
Might look from the rent cloud"-
the law gvers of Connecticut were sitting in the old
State House. dim as ghosts, and trembling beneath
their legislative robes. 1t was proposed to adjourn
when Abraham Davenport made speech of which.
Whittier gives us this version:
This well may be
| The Day of Judgment which the world awaits;
But be it so or not, only know
| My present duty, and my Lords command
To occupy till He comes. So at the post
Where he has set me in His providence
l choose. for one, to meet Him face to face
l No faithless servant frightened from his task
4 But ready when the Lord of the harvest calls;
| And therefore, with all reverence, would say.
Bring in the candles. And they brought them in"