The Findlay Jeffersonian. [volume] (Findlay, Hancock County, Ohio) 1870-1881, 1872-12-20
NTY. OHIO. FRIDAY MORNING, DECEMBER 20, 1872
FINANCIAL FINESSE.
Old Nick BIddIe and the Savannah
Branch Bank.

1 Forty years sgo the brokers 81
- SPECTATORS knew very little of "cC
III ners, >uch as have rendered the o
. erstiOns Cf these gentry in New 70
.e and Chicago notorious in these latt
! days. Stocks, grain, and provision
: we're bought and sold then iu quite
.. primitive fashion according to o.
! present ideas. But, nOtSithstandil
:, their ignorance of the improve
u u facilities for making money whi,
y these latter days have develope
u our fathers at times conducted fna
cisl schemes so daring and startlir
3 as to evidence they were not u
worthy progenitors of the brillIal
geniuses OF this day. One Of thos
q desperate and reckless efforts, MAD
!; during the fore part of General JAG
sons's administration, to gain contr
of the then United States Bank, Il
the aid its funds would afford abol
election times, was entirely worth
of the best OF our present part
maaagers.
The first effort was made upon II
branch bsIk at Portsp Duth; n. q
OF which the celebrated Jeremia
Mason was President but the resu
was so hopeless that the tactics wer
chang ed and so 8 great hue and CT
was finally commenced upon the banE
as q monster of political corruptio,
and public danger. This aroused tn
bsnk-for i's charter would expire
ii not renewed, in soms FIVE or sis
years. This new element Of contro
versy speedily drew in all the adher
ents OF the respective parties and il
a short time the entire nation wa
hotly by the ears upon a subject tina
nobody had thought about at all IN
til the politicians cried aloud over it
From insinustions, the assailantl
of the bank coon proceeded to specif,
charges; and finally they came on
with the astounding assertion that tht
bank was positively insolvent, anC
they made the confiding "old hero
onestly believe this was so. A
charge so grave only added to the
contest, as might well be supposed
but the story was stronger meat thar
the public mind was yet ready to di
gest. In this state OF the struggle
the idea was conceived Of breaking
one OF the branches OF the bank, OF
which there were twelve. If the at
tacking party could do this, they
might feel certain the adversary
would fall under the shock. Such an
effort wa' full OF danger. a discov-
cry and disclosure of q plot so disbol.
lcal would have overwhelmed its or.
;ginators, end swamped the party.
But it IVES not lime, or were the
managers in q mood, to stick at
means, nor hesitate over dangers.
The agent chosen to do the work was
New York broker, whose name we
will call Clark. For the valuable
consideration which the job would
bring to his purse he reality UNDER
took it--ln a regular business way, oi
course. The branch selected to be
assaulted was the Savannah Bank
This was not SO difficult task, either,
as might be supposed, for thst bank
was II q very remote quarter in these
days, and its business was compare
lively small Ususlly the amount oil
specie in its vaults was only from
eight to twelve thousand dollars. To
secure far more than that sum or its
bills was easy; and as every bank was
liable to pay epecie for every bill
presented, and was broken LaDk if
it fails TO do so on demand, it ap-
peared to be an assured work that
the Savannah branch would be bro
ken. True, even il The matter proved
q success, the scsndslous mesns and
the malignant motive, would be plain
ly exposed and everywhere denounced
among intelligent and business men.
But the great mass of voters would
only see and hear that the bank had
failed and one part being proved to
be rotten, the whole concern would
be regarded in like condition. The
insolvency of the ULited States Bank
would have too much probability
with the masses for it to stem the
tide or secure a renewal ofits charter.
And so 5000 900 were placed at the
disposal Of Clark, with orders to call
for as much more as be required, and
70 take his own time to complete his
work.
As broker, Clark quietly gather
ed and boarded Savannah Branch
Bank notes as they came along, or as
he could secure them without suspi
cion in the regular course Of business.
But there was another chspter
which was forgotten or unknown to
Clark, but which came into the story
and gave it the finishing touches; and
that vas the inexorsble laws Of finsn-
cial tides, and the system pursued by
the mother bank at Philsdelphia in
dealing with its branches-no. omit
ting Nicholas Biddle, President OF
the mother bank--fsmiliarly known
in the strategy OF thai. notable war
as s-Old Nick" This7lhpor,ant con
sider alton eeems not to have been
fully studied nor comprebeuded by
the Nav York broker, nor the politi-
cal field rnsrshsls IN Washington
From the Revolution up to the days
of which we write, neither money nor
fame were sufficient to secure men in
place OF high trust and responsibility.
Integrity, experience, and brains
we're the essentials for such honors.
1t was certain, therefore, that no
second rate man would holt the vast
power in the money world, and the
complicated duties involved in the
presidency of q bank with thirty
millions Of capital, collecting and
disbursing every dollar OF the nation
al revenue, and with business credit
that had penetrated even to Hong
Kong. Nicholas Biddle was the
happy individual upon whom this
distinguished honor fell, and right
ably did he sustain his place and
reputation. So, while Broker Clark
was mousing around New York,
slyly gathering in Savannah Branch
notes, and boarding them, Nicholas
Blddle sst on his golden throne in
the bank parlor at Philadelphia,
| Calm as a summers morning.
We know what Broker Clark was
sbout, with his little corner in
New York. Now let Us see what
Nicholas Biddle is about, in his par
lor in Philadelphia.
The branches of the United States
Bank made weekly returns to the
mother bsnk, including the amounts
OF respective branch notes received
during the week. This kept "OlC
Nick" always informed OF the gen
eral amount Of notes 10 circulation
from each branch, IS well as q birds
eye view OF the circulation and busi
ness Of the whole. Necessarily tnesl
weekly returns were critically scan.
ned and compared. An understand
ing of this part OF the business sys
tenn pursued by the principal bsnl
will make what follows clear, gid in
cline rs TO feel curious -oy>< the sue
cess OF Mr.. Glare, the bfoker, 10 hi
search for Savannah Branch notes.