The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1875-11-18
Fhs Geld Bank Failure.

Inc NablOnAl GolQ BANK Ol 0hn rKhh~
cisco was organised in 1870 upon the
basis Of a specie-paying bank Of Issue.
| It's notes were received with general IA |
yor, and its business became prosperous.
Its limit Of issue amounted to $500, goo,
| and as security for the redemption OF
| this issue the Bank was required to de-
posite 81, ,0oe 600 Of bonds in the u. 8.
Treasury. This was done. Its affairs
were well conducted, the q. 8. Bank In
spector made an examination and re-
lported the bank solvent. The bank ON
GERS stated their assets to be $1,30Q,eoo1
greater than their liabilities.
But in an evil hour o little "accident"
happened, which is thus detailed by q
correspondent Of the New York. Herald,
and which gave rise to the run and sus-
Ipension:
I A few days ago, about l o'clock r. NJ,
q man presented at the counter cneck
for $4. 600. There was some irregularity
about it and the cashier on that account
refused payment until 1t should pe
amended. The man, piqued ~ the 70,
fusal, went on the street aad reported
been compelled for lack OF ready coin to
Idscline payment OF check Tor $4,0vo.
J rhe result affords q striking illustration
OF the state OF peoples minds on the
: finances of the coast. The oyershadow-
ing memory of the great panic, the par
tial failure of the crops, the hoodlng
i of some of the principal mines on
1.-The Comstock, the destruction OF VIZ
I ginia City and the works OF the Bonan-
1 "a mines, with the consequent heaVy
decline in stocks, created feverIsh
. state of mind in which people were pre-
1 pared to believe almost any tale OF dis.
: aster. Improbable as was the story OF
/, the rejected check, as it found currency
5 on the street it was believed. and, as 1t
y spread, depositors, pale ana anxious,
u bayan to rush to the bank to draw their
9 money. The throng increased rapidly,
y aud soon the counter Was crowded, tDe
Q inside OF the bank building was iull and
+ there was a large assemblage on the
: street. The police were Appealed 70,
and with their assistance semOlance
8 of order was maintained, although the
II inevitable pushing and crowdlng and
N fstruyehng for place which ensues on
d sucn occasions, took place. The Other
d hanks in the city close business at IL
s O'clock on saturday. The Trust Com
a many was always kept open until
% 1 in the afternoon. While this was
% A great accommodation 10 prok-
le ers and others and did much to build uI
o. the popularity OF the pank, ~ aist
e nroveu the ruin of the institution Ii
t. both panics it has experienced. AS the
le throne increased the cashier began Will
n. wistlul ewes TO watch the clock anG
compare the tagging hours with thu
I'd rapidly vanishing piles ol coin. he saw
IN that it would require close sailing ant
es shreWd management TO weather th'
In point of A +. M, and he resorted to ev
in ery device he could contriVe to save tn'
of lite of his bank. All but one teller wa
oil dismissed, and ne was gwen ms cue
be lie spent as much tfme as possible III
70. specting each check presented, readin
and re-reading it time and again uHde
Dy pretense OF assuring himself Of Its ger
IL ,lIueness; then he used small coin TO pa
ne il. counting it slowly three or four time
p over.
10 By these means the problem of maxim
ed the smallest possible amount OF COL
nd. cover the longest possible period
he panic was elphered cut. meantime tn
Gu crowd had Increased tehfold, and th
W. struggling to get to the counter in prt
norton, Men were jammed III doorway
ar. til they were blue In the face. The
Us Istrugeled and sw0re and shouted ON th
he steps leading to the doorway like demon
ne in conflict. One excited little HeDrev
lg. after being repeatedly repulsed at III
in door nd.hurled back down the steps D
In. a muscular policeman. struggled
is again, frantically entreadng, "Mil
;ed Got! let me in; let me IN or I'm ruined
nd and af the imminent peril Of his lite,
Ali soueezed through the doorway. He hs
oi a check for $87 SO. The cashier contIl
ws ned TO pace the room nervously at
or, counting the tagging moments on II
the clock.
Ier While the minute hand lolteFea az o.
of and the supply OF. coin was nearly 9
ELL gone, a man presented check. ~
ra- cashier looked at 1t tor a moment al
then gave nervous little start. WI
Mr.. two other representatives Of the press
,he was inside the counter beside him notl
act tha progress Of affairs, and saw as
zen held the paper in his trembling gras
the that it called for $4,000. Tne cashi
is ihesitated for but moment, and the
Of with considerable presence of mind {
wo ID an old soldier), passed it quickly ba
ion Ia the holder anu hastily whispere
the 1--we haven't money enough now TO p
lite that" 1t was done SO quickly and q
lni-l city as to escape the notice OF the throl
Key and the teller put In the next TWO m
IL utes in paying small check.
the The regular hour for closing had Q
lail rived. and the cashier addressed t
key crowd, saying that the bank had here
her fore kept open an hour later than a
ak other in the city, and every business
BY alike. tor the accommodation Of the pu
icn Iic. but advantage had been taken Of
} OF and they were the sufferers, and hen,
be, forth it would observe the same bn
re- Lness hours as the other banks. The {
Icited crowd was with difficulty eject
the from the building, ana tne doors ol