Bank Failure

The Detroit papers contnin notices of the "allure of the St. Clair Bank. An assignment has been made for the benefit of ihe creditor-1, in whicli depnsitors are pfêferred first; ihe holders of ts drufts next, and the bill holders come last. Tho rich have their dividends firrt, vvhile those least oble to lose nre lo stand their chnnce out of the jefuse of ihe assets. As the bilis of the Bank are to ue taken in payment of its linbililies, a few wealthy persona who niay bc owing the Bank will have n chance to grow richer by buying iij) tho bilis in circulation fora Irifie. The Free Press snys the Bank was nol run to any extent,becanse afier unfavorab'e rumor? had heen circuliited, thn fears of the citizous kVerequieted by apgurances of those connected with the Bank tliot nll wns right. The next nowa was the closing of tha Bank, and the nssignment of its assets. We are nol disposed to be very indignant at thi failu'e, nor at the heavy losses which will fa'l iipnn firmers and mechanics thro' the State, bccuuse we look uprn affairs of this kind as things to be expecled ns a matter uf course.' Some fifty Bankd in Michigan have ftnled withi the last tenyeare,nnd we suppose the people have lost to a grealer or loss extent hy cvery one olhcm. We anticípate Jhat the reniainmg ones will go down one aftcr f.no!hef by reasen of misforlune, mismanagement, or fraud; and the b:ll holders must shoulder the lossesas they comealong ns tvell as they can. Jf the people are foolish enongh to charter such Banks, tliey ehould calcúlate to take the necessary consequences without grunibling. Until Jately we cherished the hope that the mass of the people would lcarn by stern experience; and when the present batch of Banks should have fulfiiled their destiny, and gone to obhvion, llmt no more would be created. But our fuith was somewhat shaken when we learned from our exchnnges that under the new Scneral Banking Luw of Ohio, preparaiions are muking for Mie establishment of a large niKTiber of these institutions, on a basis cxceedingly frail and inaecure. The Jackeon Pntriot calis upon the au:horities of the State to execute a law of i 841, which was desigped to regúlate capes of this kind, and hopes its provishns will be enfoiced ngainst al! offenders. But there may have been no l'gal or ac'uul dishonesty in this fai!-. ure; and if there hns bei'n, whoever knew of legal penallies for dishnnes'y overtnking bank ofticers or directors? The instancesarc rare indeed. And if the oifi-nders could be finnd and imprisened, how would that help Uie bill holfiers? Their lo#e wonld not be nbated in ihe lenst. Will the Püiriot teil us why h law of 13 41 vas not npphed to thoso concern ed in the JacksonCom ty Bank, which failed sonie time since? The Ookland Coiinty Bank is said to be closcly connccli d with thebroken institutjon, und its credit in tliie vic.nity hns been somowhal shaken by ti e failure. Sonie portion of our business r i , Low ever, ti.ke ihe lnüt of that Bjnk.