Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1871-10-16
Merchants National Bank


al in installments.
Merchants National Bank.
The Merchants National Bank declines n
enter into the fifteen per cent. arrangement
proposing to do business as usual from tie
start.
The cash deposits and valuable papers which
were IN the Merchants Savings, Loan and
Trust Company's vaults we're taken out all
right. The bank itself was destroyed with n
contents however.
The Commercial National Bank, which stood
on the east side of Dearborn street. between
Randolph and Lake. will be Immediately re-
built. Workmen were this morning busily en-.
gagged in clearing away the Debris. Mortimer
Taper are the contractors, and quick lob
is assured.
Bankers' Resolutions.
At an adjourned meeting of the bankers
held yesterday, the following resolutions were
adopted unanimously:
WHEREAS, Our city has been visited with a
contlagration in extent and destruction Of prop
erty scarcely equalled in the history Of the
world; and
WHEREAS, The banks, while they have suf
fered quite as severely the business commu-
nifty generally, feel that, if left to peaceable
adjustment OF their affairs they can pay an
their liabilities in full while any attempt on
the part of the banks to force immediate nay
ment from their debtors, or any effort BY their
dep0sit0rs to compel iorcible settlement from
the banks would augment and intensity the
widespread ruin and desolation which is upon
us,
Resolred That the banks of this city will
open for business as soon a possible giving due
notice of time and place, that they will nav AN
immediate instalment of not more than fifteen
(l3) per cent. in the ease of any individual
bank, and VIII continue 10 pay additional ia
stalments as fast as their assets can indicinusly
be made available, until their entire liabil ties
are liquIdated, Il being, IN their opinion. an
advantage To the entire community To reserve
portion Of their cash assets to furnish req
sonable accommodations 60 surviving CONNER.
cial interests, which must inevitably perish
without such aid.
Resolred, That until the respective banks
and BANKERS can examine their assets and condi
ton, aud be IN "A situation to submit "A state
ment TO the public aud resume active bu siness
II is recommended that the presidents with
other officers of the respective institutions. re
ceive and pay out deposits and do business as
trustees tor their customers such officers sign
ing declaration that they are such temporary
trustees OF the new banking business transacted
at their respective banks.
Resolved, That the Savings Bank Of the city
ana corporations having savings deposits should
50 arrange the manner of paying depositors MS
TO furnish the greatest possible r lief to the
most destitute of their depostors.
Resoiued, That in the opinion Of this meeting
It is very desirable that the banks should IN
locate themselves as near each other as possible
Resoired, That the chairman OF this meeting
be authorized to call a meeting Of the bankers
at his discretion, to form permanent organiza-
ton for the purpose OF devising such means as
may be necessary TO meet the txigehcies upon rs
Resotred, That as citizens Of Chicago. the
bankers and bank Officers here repre- entrd deem
it their duty 10 express to the world their belief
that the wonderful growth of Chicago in wealth
and power has been the result, under Divine
Providence, of its remarkable geographical sit
uation; that this element OF greatness remains
unchanged, and that with the courage and
energy hitherto displayed, we are justified in
believing that our prosperity will again be re-
stored.
Resolced That while we propose to stand by
our beloved city in this, her great hour Of trial
with wills undaunted, the overwhelming gener-
osity Of the world has filled our eyes with tears
and our hearts are too full to express the graft
tude that wells from the bosom Of every inhabi-
tant of this city. We can only say, God bless
the noble hearted people of the world, and spare
them from such calamity has beiallen US.
W. f. CooLBAUGH. Chairman,
lRA HoLMEs, Secretary.