THE FARMERS' REGISTER. 



255 



that, like most other leg;al remedies against IVauduIent 

 banking, it would be null and void. If the notes, when 

 so endorsed, should be retained by the first holder, the 

 transaction would simply amount to lending the notes, 

 or obligation of the bank, to the delinquent batik itself, 

 and for a time altogether uncertain; and that the lender 

 may finally get 6 per cent, interest for the loan, which 

 he could get from any other and more prompt, and re- 

 sponsible and trustworthy debtor, than the hank. If 

 he puts the notes into circulation, he will get nothing 

 by the endorsement, which would be erased as soon as 

 it came into possession o( any bank, or any bank slave. 

 Nevertheless, we desired to see how this new requisi- 

 tion of law' would be obeyed, as we desire every one 

 of the few and feeble penalties imposed on the banks 

 by law to be exacted. By a rare chance, we recently 

 received $900 all in notes of the Branch Exchange 

 Bank of Petersburg. Specie was demanded for 

 them, (as a preliminary matter of form) and, on the 

 refusal, the endorsement directed by law was required. 

 At the request of the Teller, the notes were left for 

 the purpose, and called for the next day. The writ- 

 ing then found aiBxed was simply "April lOth, 1841, 

 P. Durkiii, Cashier ,•" and that was on the face of the 

 note, and in such pale red ink as to be very nearly ille- 

 gible, and in some cases entirely so. On one note 

 only, black ink had been used, and which was abun- 

 dantly plain. Regarding this writing as no endorse- 

 ment, and, even if endorsed, as furnishing no obliga- 

 tion whatever, we returned the notes for the authori- 

 ties to try their hands at writing again. After two days 

 more, (which we cheerfully waited, to give .abundant 

 time for deliberate action,) we called for and again re- 

 ceived the notes, endorsed indeed, but so illegibly in 

 almost every case that no one can read the whole of 

 each, and sometimes not a word, and signed by the 

 bank runner. Now this mode of endorsing a legal ob- 

 ligation is clearly a refusal to endorse ; and if we had 

 chosen, or should still choose, we might exact, by law, 

 the heavier penalty for a refusal. But, for the present, 

 we prefer to take sufficient evidence of the signatures, 

 and to send abroad, and especially to the countiy, these 

 notable evidences of bank obligation. And, as the 

 endorsements would not otherwise be noticed we have 

 had printed and pasted below each endorsen^ent, a label 

 with the following words : 



" The endorsement on this note should read thus : 

 " Payment refused April lOth, 1841. 

 James Boyle, Run." 

 And, according to law, it carries interest (to be paid 

 whenever the bank shall pay the principal,) at 6 per 

 cent, per annum. But as the writing is too pale and 

 indistinct to be read, this printed explanation is annex- 

 ed for the information of all concerned. 



EcMUNn RUFFIN." 



We shall continue to compel the endorsement (legi- 

 bly or otherwise as the officers may choose) of all the 

 notes which fall into our hands, on which the demand 

 can be enforced ; and if other individuals who are op- 

 posed to the non-specie-paying banking system, would 

 systematically do the s? me, feeble as the means are, 

 (and intended by the legislature to be so,) they would 

 not be without important effects, in correcting both 

 the great frauds of the system, and the little and piti- 

 ful meannesses of its practical operations. 



Dr. Benjamin Drake of Cincinnati, the author of 

 several scientific and literary works, died on the 1st. 



" The book keeper of the Union Bank in Nashville, 

 Tenn. has been arrested for stealing some eighteen or 

 twenty thousand dollars of the notes of that bank, 

 to which charge he has confessed himself guilty." 



" Gold and silver have been rushing off to the 

 eastern specie-paying states ever since the suspen- 

 sion of specie-payments in Pennsylvania, and the 

 states south and west. Should any bill pass the legis- 

 lature of this state, tolerating our suspension for a 

 period, its effect will be to deprive the state of what 

 specie yet remains in circulation. It is a most un- 



wise policy, and those of our newspapers which think 

 the people are in favor of it will find themselves mis- 

 taken sooner or later." — Phil. Ledger. 



" Gallipolis Bank. — The present maflagers of this 

 late swindling shop, report that after having redeem- 

 ed more of the paper of the bank than the late of- 

 ficers said was in circulation, they have learned that 

 there is still out more than .ift^OOjObo." 



"The bank of Mineral Point, Wisconsin Territory, 

 has exploded, and the managers are charged with gross 

 misconduct in conducting its aliairs. They were con- 

 nected with the Gallipolis Bank's fraudulent opera- 

 tions." ' 



Thomas L. Budd, book-keeper of the Union Bank 

 of Baltimore, has been committed to prison for stealing 

 about $10,000 of the funds of the bank. -'lie has 

 heretofore borne a good character, and was believed to 

 be a pious Christian." 



Saturday, April 24, 1841. 

 Publications of self-defence, mutual crimination 

 and recrimination, continue to be made by Nicholas 

 Biddle and the other late and present authorities of 

 the bankrupt and now prostrate United States Bank. 

 Each of the disputants has succeeded much better in 

 assailing his fellows than in defending himself; and 

 their combined evidence serves to expose, in the 

 bank and its management, one of the most stupen- 

 dous and flagitious frauds, carried on by men of the 

 highest reputation, that has been executed since the 

 days of the great Law and his Mississippi scheme, and 

 the South Sea bubble. 



" According to Mr. Biddle, the resumption of spe- 

 cie payments was a fatal blow to the United States 

 Bank ; its continued vitality depended upon a con- 

 tinued suspension. The Boston Courier takes up this 

 notion, and comments upon it in the following man- 

 ner : 'Ah ! that fatal resumption of specie payments ! 

 The bank might have enjoyed its ' vitality' to all eter- 

 nity and the day alter, if its directors had not, in an 

 evil hour, (good simple souls!) tliought it best to show 

 a disposition to be honest, and meet a few of their 

 promises to pay. Let all bank directors take warning 

 trom this blunder of their Philadelphia cotemporanes, 

 and never resume specie payments, il they have alrea- 

 dy suspended. If they now foolishly pay specie for 

 their bills and notes, let them suspend at once. If they 

 have 'vitality' enough to issue bills and post notes, 

 which they are bound to pay only wnen it may suit 

 their pleasure, tliey may continue ' strong and prospe- 

 rous for ever.' " — Phila. Ledger. 



The Vicksburg Sentinel ot'the 31st ult. says : " This 

 city is now crowded with blacklegs. One of our prin- 

 cipal hotels, we have learned, is literally crowded with 

 them and their gambling apparatus." This shows that 

 the outrage upon law, by hanging several gamblers, in 

 Vicksburg, some years ago, has had no more benefit 

 than mob law usually has. 



A Portuguese slaver was lately carried into Rio Ja- 

 neiro by the British brig of war Tower. She had 380 

 slaves on board, and had lost 14(» on the passage ! 



On the recent benefit night of Fanny Elssler, the 

 celebrated daiicer, at New Orleans, the receipts for 

 tickets were $6,000, and the presents to her besides, in 

 diamonds, &.C., raised her profits, for that night alone, 

 to between .$8,000 and $10,000. Certainly the peo- 

 ple of this country are the most gullible of all upon the 

 face of the earth. It would be difficult to decide whe- 

 ther the enormous tribute of money, and even respect, 

 paid throughout this country to this foreign dancer and 

 "demi-rep," or the tribute paid to the banks and 

 their authorities, presents the stronger evidence of 

 folly and slavishness, and willingness to be robbed. 



Accounts from China as late as Jan. 6'th have been 

 received, by the American ship Panama. The pre- 

 vious advices were to December 18. Still nothing more 

 done, either by the British forces, or by negotiatioo 

 with the Chinese authorities. 



