The Grange advance., 1874-04-22

| w" cs9e 10 41Rnt. rOf m
stance, Ira lays odt subdivision to.
Chicago, as I have said, and he sells
these lots to H. E. Picket, prominent
director Of the bank, then the bank
makes loan of 81 300 on each lot
their full value pr which Picket is
sues his bonds, RUIZ ming five years, at
eight per cent; be then gives Ira
Holmes 5000 per Got, secured by his
notes, and second mortgage both the
bonds and notes col Institute part OF the
assets of the bank, FRA having sold the
notes to the bank and got his money
tor them. Here is another: Ira had
some land near H pmbolt Park, worth
about $4,000. He sells this land to
a "dummy" for 100000, the bank
loans the dummy $50, 900 and holds
the note and mortgage as assets. I
said Ira had hotel, the Clifton House.
Well, this is how he built it. He leased
lot on the corner Of Adams and Wa
bash avenue, issued bonds running ten
years for $780, 900, and sold tlene5 to has
bank. There is nothing like Knowing
how to do it. Sol me queer scene, have
transpired in the reception room i that
bank. A burly fellow strides in, looks
tiercely around, declaring he a0iW have
his money, that he is ruined man
without it, There is no compromise in
his eye, he means war. Holmes hast
ems to meet him he is little man with
black hair and eyes, but his face is
aglow with smiles as he grasps the
horny hand Of the irate depositor,
shakes it, and SO queezes it cordially, tells
him how sorry he is, how the fates have
been against the bank, &c., &c., and
soon the two are sitting together upon
the sofa. Ira's friendly arm thrown
kindly around the aggrieved mans
neck he hears 1ra's story, laughs at his
jokes, and departs believing Holmes the
finest fellow in the world. Ira is
eharacter-bold and unscrupulous, he
has magnetism which wins him hosts
Of friends. His audacity is boundless,
in fact it takes your breath away. You
came to contend with the fellow, and in.
sist upon your rights, but he opens be-
fore yon field Of brass, new and won
derful, so much larger than you had
even conceived that you are completely
non-plussed, and be beats you, but you 90
away liking him. An attempt was made
to throw the Manufacturers National in
to bankruptcy. The ablest counsel in the
State was retained on both sides, but
the court decided that the bankruy: law
takes precedence to the banking law,
settling the question that a National
Bank cannot be thrust into bankruptcy.
Thus the Manufacturers National Bank
went down, and what is the moral to be
drawn this, viz. ]: Put not your trust
IN Princes. What are we to saw of
bank inspector Sphinx who continued to
certify to the SCUM ndness Of this concern,
when, if he had made proper use of
the power invested in his Office, and
had made an honest report the deposit
OTIS would have been warned before it
was too late? Such inspectors are
frauds. 1t is public disgrace, that
such unreliable, incapable men afeIsuf-
fered to hold responsible POSITIONS.
Many man deposited his ea}ningl in
the bank relying upon the vigilance Iof
the Government Inspector, and now he
awakes to the knoyledge that he was
leaning upon bl oxen reed, and the
Government o6oiab whose salary he is
taxed to pay, is a d4lusion and snare.
Hon. JOHN T. AvER1LL informs US
that if our people will get up petition,
stating inst what increase Of mail SER