The Indianapolis journal., 1885-05-26
A CONTEST AMONG 0UAKERs.
The Failure of the Richmond National Ban
and the Change 1t VIII Cause

Richmond (ind) Letter in New York Sun.
The failure of the Richmond National Bank a
few months ago, and the discovery Of the de-
plorable condition of its affairs, since the
brought about an interesting contest for su-
premacy among the leaders in the Quaker
Church in the West. This house did business
many years as branch of the State bank, and
afterwards as Morrison, Blanchard & Co., the
junior member being Albert G.. Blanchard,
father of Mr. George r. Blanchard, first vice
president Of the Erie road. It's standing was
always good. The fact of its having been the
last house in Indiana to suspend specie payment,
and the first to resume helped to establish its
reputation. The active management of its
affairs from the beginning Of business in 1884, to
the day of it's suspension was largely intrusted to
the Coffins-f;Sher, son, and grandsons-Elijah
Coffin being its first cashier, and his son
Charles F. succeeding to large share of the
stock and controlling influence, on his death
in 1862 or thereabouts. The latter had con-
tinuouS connection with the Institution for
fifty years They were men who had the conf
dence of large business connection abroad as
we'll as the community in which they lived and
were credited with goodly share of business
acumen. Mr.. Charles f. Coffin, besides being a
Quaker preacher of much more than the average
learning and ability, was a recognized authority
in prison reform, and frequently represented the
State and national governments in conferences
and investigations at home and in Europe. From
early manhood he had held the position of clerk
or the lnQlana 1early Meeting or Orthodox
Friends, the largest body of Quakers in the
world, including the famous London Yearly
Meeting, to which Charles Lamb has referred in
his essays. The clerk presides, and is the high
est officer in the church. In this capacity his
ability and fairness were never questioned He
is perhaps, az favorably known among Quakers
and penal reformers in England and Germany as
any man in America.
After so long and successful a career the sur
prise and disappointment of the community on
finding his doors closed and notice of suspen-
sion on it, knew no bounds, and the shock to the
business interests that followed has never been
eaualed in the history of the city. An inyesti-
cation showed that the failure had been pre-
cipitated by discounting paper for firms and
corporations in which Mr.. Coffin or his FIVE sons
were interested. The assets at first appeared to
be next to nothing, and the liabilities very
large, and an assessment of one hundred cents
on the dollar was at once levied against stoc--
holders, some of whom were compelled to lose
an amount equal to twice their investments and
in addition a share of deposits. Several failed
and the excited creditors were very bitter to-
ward Mr. Coffin, but as the receiver gets the
property into shape, and the firms against whom
the bank held the heaviest claims grow stronger
the prospects of large dividends are having a
pacifying effect.
Mr.. Coffin, having assigned all his property to
the receiver, accepted a general agency for the
providence Life and Trust Company of Phila-