Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-08-20
OLD TIME BANKING.
How an Ingenious Cashier Saved
His Bank From Ruin.


ness methods in the olden time, one
/ which will bear repeating as an illustra-
/ ton OF the advantages silver dollars
| possess as q bank reserve-and which,
| by the way, We especially commend to
| Secretary Sherman.
The old Farmers and Merchants
| Bank was established in Detroit IN 1899.
| In 1915, owing to some disastrous oper-
| alton in Ohio, it was temporarily badly
crippled, and to tide over the crisis the
! Directors lent their best energies. The
bank had large volume OF notes out
standing, redeemable in coin on presen-
tation, and il was apprehended that the
moment the condition OF the institution
/ became known a run would ensue which
would compel tho closing ofthelr doors.
/ Nowadays a bank officer would throw
up the sponge under such circumstances
and suspend payment like little man,
but then bankers were both bold and
fertile of expedient. The coin had run
down very low, and there was no time
To be lost. The services OF friend OF
the institution were secured and he was
privately sent to large creditor (Lyell,
the subsequently defaulting banker, by
the way), to whom the critical state OF
the bank was whispered, and the wis
dom of some measures for self-prOtec-
ton suggested. Lyell snapped at the
bait and, upon a hint from the Otficious
visitor rushed around to the nearest
court and got out an injunction forbid
ding the bank to pay out any more coin
pending the order of the court. This
effectually saved the concern, for when
II nraGantaH
the banks papers for redemption they
politely met with the reply, 1--WE should
be very happy to Oblige you, SIR, but
unfortunately we are for a few DAYS tied
up by process OF the Wayne Circuit
Court. We hope the injunction will
soon be dissolved when" &c.
Ii was late in the afternoon when the
Injunction was served, and the stock OF
coin had some heurs previously dwin-
died TO S53. The cashier meantime was
on nettles. Ii the injunction did not
come quickly the concern was ruined.
At every opening of the door the poor
man trembled in his shoes, lest the new
comer should be note-holder in quest
of coin. One more demand would close
the concern forever. Slowly the clock
licked off the minutes, full thirty OF
which must yet elapse before the hour
of closing. Would that injunction new
er come! At last the door opened, and
a nervous, busting man hurried to the
counter. The cashier saw at glance
that il was all up with him; but while
there was life there was hope, he
thought.
'Here, Mr.. Cashier, / have got $500 OF
your notes | want coin for.
The Cashier endeavOred to preserve
q placid exterior while he deliberately
bethought himself how he might delay
the refusal of payment for little while,
until, perchance, an officer would come
in with the hOped-ior-injunction.
$50 YOU want coin for your bills, do
yOu?" suavely remarked the Cashier,
tlancing with the corner of his eye
through the open window into the all
quiet street.
"Why, yes! live in Dexter, and |
want to catch the four o'clock train; so
please hurry up the specie.
"All right! What's the news in Dex-
ter? How DO the crops look? How's my
ODD friend? Is he living there still?
And, by the way, what in the world can
you do with specie in that little country
town that Farmers and Mechan les bills
won't accomplish?
ooh! never mind. Give me my
money so that | can catch the train.
The fact is, there is little furry out
there about the safety of your bank, and
want to make sure OF my money!
ala, ma, ha!" laughed the Cashier;
"oiraid OF our bank, are they? Well
they must be getting pretty fastidious
when the conservative old Farmers and
Mechanics won't suit them. Why, my
dear sir"
"Never mind the pedigree OF your
bank, but give me my money or l shall
miss the train
Certainly, my dear sir" (AnOther
glance through the widow, but still no
Sheriff in sight, Aside; what am | to
do?"
There, I've got only ten minutes to
catch the train. II you will assure me
upon honor that 1t is all right, and that
the bank is not going to bust, | won't
wait now but il you are going to shut
up want my money. Come, how Is 1t,
old fellow
"ReaIly, sir" said the polite Cashier,
"you place me in very delicate position.
III tell YOU the bank is safe, and any
thing happens hereafter, you will blame
me; on the other hand, il tell you il is
shaky, shall be unfaithful 10 INV en-
plOyers, and shall very Justly be dis
charged. Iprefer not to make any state
ment, but simply count out your 1000
half-dollars." Half-dollars were the
principal coinage in circulation at that
time.
Turning, screw-driver in hand, TO a
strpng wooden box, apparently tightly
screwed together, such as silver coin
was usually packed in those days, but
which the Cashier knew well to be abso-
lutely empty, he wiped off his brow and
set himself to work as if to herculean
task
The man glanced at the clock, then at
the iron-bOund coin-bOx; then mentally
calculated the weight of thousand half
dollars, then burst out with: Never
mind; see you have got the coin, and
III be id il I'm going to pack a
thousand half-dollars all the way to
Dexter tonight. Never mind, Mr..
Cashier, won't trouble you, and out
OF the bank he darted.
The Injunction was served soon after
and the danger passed. But the old
Farmers and Mechanics still kept up
their habit Of being short OF coin, and did
so till the last, when, nearly twenty
wears later, what was left Of it was con-
solidated with private bank, and be-
came the now prosperous American
National Bank OF Detroit. The worthy
Cashier still lives in Detroit, and finds a
bonanza Of enjoyment in recounting the
amusing incidents OF old time financier-
ing