« PreviousContinue »
reports and garbled statements," were actuated by "personal pique against the Directors;" and that this action upon their part entitled them to nothing but contempt from all.
The character of this report and of the editorials in the lowa News was not such as to quiet the opposition to the bank. After an ineffectual attempt to secure the privilege of having printed in the Iowa News an article already written, and of one not yet written, the opposing faction had recourse in having their articles printed in the Miners' Free Press' of Mineral Point, and in other papers of the territory.
This newspaper war was followed up by flooding the Legislature with affidavits and statements, both for and against the financial condition of the bank. These were referred to a select committee which reported that a joint committee should be appointed to investigate the affairs and conditions of the Miners' Bank of Dubuque. In accordance with this recommendation, a joint committee of two from each house was appointed; and was to make a report at the extra session of June, 1838.
4. The Second Investigation.
The select committee appointed3 under a Joint Resolution of the Council and the House of Representatives of Wisconsin Territory, on the 19th day of January, 1838, to investigate the conditions and affairs of the Miners' Bank of Du Buque, met at the town of Du Buque on February 3rd, 1838, and proceeded to discharge the duties assigned to it.
Mr. Thos. McKnight was chosen chairman, and Joseph T. Fales, Clerk.
The committee addressed to the President and Cashier of the Bank the following communications : MESSRS. LOCKWOOD & MARTIN,
Gentlemen :-The undersigned have been appointed a Special Committee by the Council and House of Representatives to
i Col. W. S. Hamilton, son of Alexander Hamilton, was the editor. 2 Journal of House, 1837-38 p. 349. 3 Joint Resolution of January 19, 1838.
examine into the affairs and conditions of the Bank under your direction, in pursuance of the following resolutions, viz : Resolved by the Council and House of Representatives of the Territory of Wisconsin, that a Joint Committee of two from each House, be appointed to investigate the affairs and conditions of the Miners' Bank of Du Buque, thạt said committee have power after adjournment to visit the bank in person, examine its books and papers, count the money in its vaults, and to examine whether the said bank has complied with the provisions of its charter or not, and that they have power to issue subpænas and attachments, to compel the attendance of witnesses to testify on the subjects submitted to them by this resolution, and that said committee report at the extra session of the Legislative Assembly in June next.
Isaac LEFLER, Speaker of H. R. Attest: John CATlin, Chief Clerk.
In pursuance of the power vested in us, we respectfully address to you the following interrogatories, to which your answers in writing under oath or affirmation are requested:
ist. What amount of capital has actually been paid in ?
2nd. In what kind of funds, how much specie, what amount of notes of other banks, and what banks ?
3rd. What is the amount of your bills in circulation, with what amount purport to be payable upon demand, and what amount after date ?
4th. What is the amount due the bank by directors and stockholders ?
5th. What is the amount of debts due by other persons ? 6th. What is the amount of debts due by corporations ?
7th. What is the amount of your deposites with other banks ?
8th. What is the amount of your real estate and other property ?
oth. What is the amount of bills of other Banks in your possession, and what banks ?
Ioth. What is the kind of funds with which your discounts have been made ?
IIth. And what amount of notes of each bank ?
12th. What is the amount of stock you hold in other banks or corporations ?
13th. Have you at any time refused the payment of specie for your bills when demanded at your counter ?
14th. Have you at any time taken more than seven per cent. per annum in advance for loans and discounts ?
15th. Have any of the directors been indebted to the bank at one time to an amount exceeding the sum of five thousand dollars by loans, endorsements or otherwise ?
16th. Have you, upon discounted notes or drafts, given your notes payable to bearer, 12 months after date, and if so, was it agreed or understood that you would take such notes in payment of debts due the bank ?
17th. Had you forty thousand dollars in specie on hand before any bills or notes were issued ?
18th. If you have discounted with notes of other banks, will you receive the same notes in payments of debts due the bank?
19th. Are your deposites in other banks general or special, and what are the amounts ?
Thos. McKnight, Chr’m.
Jas. P. Cox.
February 3rd, 1838.
In reply the committee received the following :
MINERS' BANK, Du BUQUE, February 5th, 1838. Sir :-Your communication informing me that you had been appointed a special committee by a joint resolution of the Council and House of Representatives of the Territory of Wisconsin to investigate the affairs and conditions of the Miners' Bank of Du Buque, enclosing a copy of the resolution under which you act, was received on Saturday evening. With the same communication I received the interrogatories which you propounded relating to the condition of the bank. Enclosed you will receive answers to the same which are respectfully submitted to your consideration.
I am, Very respectfully,
Your obedient servant,
E. LOCKWOOD, President. To Hon. Thos. McKNIGHT,
Chairman of Com. of Investigation.
In answer to the interrogatory : ist. $100,000.
2nd. $40,000 in certificate for specie deposited in Detroit. $50,000 in notes of Jackson Co. Bank and Bank of Manchester in the State of Michigan, and $10,000 in specie and various other bank notes.
3rd. $14,030. $1,350 demand, $12,680 twelve months after date.
6th. We have certificates for $40,000 in specie deposited in Exchange office of Henry Brown & Co. in Detroit.
7th. We have no deposites in other banks. 8th. $950.
9th. $20,150, of which $19,520 are in Jackson County and Bank of Manchester, and $635 in Wisconsin and various other banks.
ioth. Our discounts have been made in part with the notes of other banks and in part with notes of this Bank.
Itth. About $20,000 in Jackson Co. and Bank of Manchester, about $20,000 in the notes of this and other banks; it is impossible to ascertain the precise amount.
12th. We hold no stocks in other banks or corporations.
13th. We have never declined paying for our bills when presented at our counter.
14th. We have never taken more than seven per cent. in advance on loans and discounts.
15th. No director has been indebted to this bank at any one time to the amount of $5,000.
16th. We have paid out post notes in the manner proposed, and have always received them in payment of debts due the bank without regard to maturity.
17th. We had made arrangements for $40,000 in specie, as referred to in our answer to the second question.
18th. We shall receive them in payment for any debt due the bank, which may have been created by the issues of these notes.
19th. We have no deposites, special or general, in other Banks.
E. LOCKWOOD, Pres. : T. O. MARTIN, Cashier.
The committee then proceeded to examine the money in the Bank and found as follows:
The following questions were propounded to the President and Cashier by the Chairman :
ist. Do you redeem the post notes when requested ? Ans. We redeem them by notes of other banks.
2nd. Have you ever issued notes of a less denomination than five dollars ? Ans. We have not.
State of the funds of the Miners' Bank of Du Buque on February 3rd, 1838:
Certificate of specie in Detroit .....
. $40,000.00 40,809.05 1,450.00 2,000.00 1,010.26 4,463.98
7,375.75 • 1,318.02
Capital Stock paid in.......................
....$100,000.00 Discount Received......
864.01 Profit and Loss...............
1,113.00 12 months notes in Circulation.....
12,680.00 Notes on Demand in Circulation...
1,350.00 Individual Deposites......