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The Oakland County Bank

The Oakland County Bank image
Parent Issue
Public Domain
OCR Text

From u statement of the Attorney General, il appars that the nctual circulation of the Bank is $01,730. Mr. Truesdell hos piaced in the hnmlsof the Atu.rney General $13,002, vvhich redueed the circulatiun 10 $38,723. The nominal assuts of the Bank amount to $57,853 66. - Of lliis aiiiount Mr. Truesdell is indmduully liable lor $-11,897 36. About $10,0ÜÚ of the remaining aast-id of the Bank are said by its officera to bo good. Proceedings have been tn3tituted for winding up the Bank by appointing receivers, nnd Mr. Truesdel! and his counsel have pledgcd theiiibflva that he will transfer to Hou. A. S. Porter, property to the amount of his liabili:y to ihe Bank, as soon us deeds can be prepared. This property to be applied to the payinent of the noles of the Bank as faal as poasible.Such is the present aspect of ufiairs, by which it nppears, that unlcss the resources on hand are c-onsumed in settling tí concerns, the holders o the noies of ihe Batik may expect to reaüzt, someihing on them. It ia-not very Jikeiy. howevcr, that ihey wil! receive the full face of their demanJs, unless it should be deemed wortli while by ome epeculators to pny off the whole circulaiion for the sake of commencing the banking business nnew. VVhether those concernec could mako it for their interest to do eo, we know lOt.For our part, we hope the institution will go Jown 10 oblnion ns soon as possible, with as litlle lossto the public aa mny bc. An insolvent banking corporauon uhowld liever bc resuecituted. If B.mks are necded, botter nmkí new ones, on a benei bisis. We do nol like institutions like this. whicli, in a sensc, cjnipel ihe business part olcommunity to ta!;e tlieir notes, without iualcing their ciedttorsat all tcctire agninst loss. - In tho present cna?i it was only by the influence of pubüc meetings of ihe mos respectable citizens he!d in Detroit nnd Pontiac, thnt Mr. Truesdoll hus been induccd 10 promic the funds for the redemption of the bilis. Bow fnr public opinión niay be effectuol in bringmg the funds iiio the bands oí the bill holdrs. remuuis to ba seen. We should be sorry to have the people lose a single dollar by this corporación ; but if they wore to lose the whole omount of itscirculation, it losa would be nmply componeated by learning a lesson of wisdom which ouüht to hive been taughi them by th experienco of the last ten yaaro - which Jpaaou Js, jsíj to vísJu str ioitra?, for a ingh êsy'. en irrrg ?'.: -'; j Bsn.