Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-04-13

nightly placed all his treasure In that
safe, located in a cheap pine shanty,
end retired to his peaceful couch, was
the Very sublimity of faith. It needed
only visit to neighboring blacksmith
shop for cold chisel, or TO carpenter
shop for even a Ratchet, as the only
tools necessary for the enterprising bur-
A glar to force the outer door or window,
then cut thru the thin sheet-iron outer.
casing of the formidable safe, then the
Iplaster filling and slight wooden interior
work and all the coveted treasures
were within his reach; but fortunately
the bank burglar of those days did not
4 follow the advice of Mr. Greeley to .'go.
west" perhaps because he had suspi-
c.on that II would prove too poor pick
/ ing"
1 This article has already reached such
great length that can only briefly re-
i call some events connected with the
understanding and disastrous panic of
1857. with its long train of failures and
/ disasters. The Ohio Life and Trust
4 Company, whose principal office was In
4 Cincinnati. established a branch office In,
New York City. This soon became the
rain office as far as business was con-
cerned, and was the representative and
depository of nearly all the leading
banks In Ohio Indiana and other west
ern states Aug. "a of that year the
New York branch. without premonition
4 of weakness or danger. closed its doors
4 AS described In the papers of the day.
the failure acted like a clap of thunder
III clear sky Contrary to the prelic-
tons of well-informed men that its fall
ure would not affect Others or even af-s
! feet the parent bank at Cincinnati,
prominent houses and chartered banks
all over the central and western states
closed their doors. and after develop
| ments showed them to be rotten and
/ bankrupt. The parent Trust Company,
lst Cincinnati. was then regarded as one
/ of the most substantial banking insti-
tutions in the west In July. 1857. it paid
semi-annual dividend Of as per cent
its stock the day before the failure was
quoted at 99A; IN September 1t sold at
Is, and soon dropped out of sight Sew
4 cral Iowa bankers of considerable
prominence were forced to close their
DOORS and withdraw from business, but
the most serious results to this state
and its banking interests grew out of
the decided depreciation Of state stocks
which formed the basis of free banks OF
tissue.
The methods of banking and facilities
FOR conducting business. as they existed
4 a little less than half century ago,
4 were far different from the present or
der of things, then the currency con-
sisted of notes issued by banks char
tered by state legislatures or under a
Estate system Of banking (and each inSli-
Sdual state had its own peculiar sys-
4 temp, and a little national coin. The
systems and kinds of currencmy num-
Itcred perhaps Twenty-Five in all; con-
4 trasting with our present system of one
Tor al most two forms of circulating
ll'notas. both based upon and solid as
ticredit of the national government IT.
lSself Then, for means of communication
between business centers we had the.
lcid-fashoned stage-coach. with n few
short and incomplete lines of railroad:
i now lightning trains on our Well
i .duipprd roads, and perfect express
Il telegraph and telephone service Then
q tfe methods of exchange, keeping books.
i snfe- keeping of money and valuables.
4 we're all cumbersome. primitive and ex-
fpensive; now everything that modern
q skill and ingenuity can throw around
1.-the conduct of the business is brought
Z into use. Thensthe banker and his Gus
We're known to each other hut a
!. few months or years--ro long acquain-6
q lance To build up personal or firm credit
Land friendship. upon which real security
Iiests: now the banker IS brought into
contact with men and firms whose long
history for probity and fair dealing
l have laid foundation for credit as sub
stantial and safe as the highest order OF
collateral. Bankers of the present day,
Whose business experience is limited to
the last score Of years, can hardly i'm
I5agine or realize the difficulties encoun-
Uttered, the risks assumed and unknown
!, in this later period which confronted the
banker of nearly half century ago.
and were part of his daily experience
Looking at the past with modern eyes
s 1T is only wonderful that any of the
! first generation of bankers sailed safely
II thru the breakers and wrecks of worth
less currency. dishonest borrowers and
insecure methods for the safe Keeping
Of the treasures placed in their charge.
While great differences existed between
the manner of conducting the business
IN all its varied branches then and now,
that difference does not extend to the
: personal character8cf the banker. The
lsucSesslul banker. now as tneh. repre-
i sents in his profession the highest order
LOT citizenship honesty, probity, truth
7ifulness, correct habits. public spirit and
:. that dignity and simplicity Of character
= Ithat insures perfect confidence and re-
spect.
9 A Raging, Roaring Flood
I Washed down telephone line which
e Charles c. Ellis. OF Lisbon Ia, had to
e repair standing waist deep in icy