ANNALS OF CLEVELAND

10
Abstracts 59 - 64
CLEVELAND NEWSPAPER DIGEST JAN. 1 TO DEC. 31, 1838
BANKS & BANKING (Cont'd)
59 - H&G Feb. 16:2/4 - We are informed upon competent authority that
the officers of the Commercial Bank of Lake Erie answered fully, under
oath, all the questions propounded to them by the Auditor, under the
direction of tbe Legislature; the assertion of Le Grand Byington, the
ADVERTISER'S Columbus correspondent, to the contrary notwithstanding.
(1)
60 - H&G Feb. 19:2/4 - Caution to the Public. In a letter to the editor,
Thomas P. May says: There has lately been put in circulation in this
part of Ohio, (and probably elsewhere), Bills of the Exchange Bank of
Shiawassee, Michigan, purporting to be redeemable in Cleveland by T. P.
May. Of the solvency of this Bank I know nothing, but the use of my
name was wi thout my knowledge or consent. My absence has prevented an
earlier notice on this matter. (2)
61 - H&G Mar. 3; ed:2/3 - Movements on the subject of the currency in
Detroit indicate the prospect of an improvement in the standing of the
Safety Fund Banks of Michigan.
"So long as the Ohio Banks continue to curtail their issues and discounts,
Michigan paper from necessity will constitute our principal
circulating medium, and it is very desirable that the 'Wild Cat' and old
chartered Banks of that State, should be placed on an equal footing in
the estimation of the public." (2)
62 - H&G Mar. 26; ed: 2/3 - The Legislature of Michigan has passed a bill
suspending the operation of the General Banking Law of that State for
one year.
"What wi 11 the Locofocos in this quarter say to the legislation of
their brethern in Michigan? The General Banking Law of that State is
the ne plus ultra of bank making, if their assertions are to be credited.
No chance for more banks - how the anti-bank Loco Focos will wail!" (1)
63 - H&G Apr. 3; ed: 2/2 - "The beautiful operation of practical Van
Buren Anti -Bankism, as exempl ified in Democratic Michigan under a General
Banking Law, may be learned by the following paragraph from the Detroit
ADVERTISER.
'Great distress and excitement prevails in the country. Farmers have
parted with their last years produce at high prices & received bank bills
that cannot be passed or redeemed ior anything.... Every day discloses
to them the hopeless condition of some new bank. Every sun that rises
finds them ten or fifteen per cent poorer than they imagined themselves
the day before. '
(H&G) "Consoling, isn't it, loco focos? How do the 'wild cats' agree
with your own pockets these days? Any caterwauling?" (2)
64 - H&G Apr. 11; ed:2/3 - The new mammoth Bank of Mississippi, with a
capi tal of $15, DOD, DOD, is to be put into early operation. The stock is
to be owned by individuals who are to pledge their real estate for the
redemption of the scrip authorised by the Governor.