Merchants Farmers & Mechanics Savings Bank (Chicago, IL)

Episode Information

Episode UID
3401606190933
Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
savings
Bank ID
340160619 hash
Start Date
September 1, 1877
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7b699525a50077f0

Response Measures

None

Description

President Sidney (Sydney) Myers indicted for embezzlement; receiver found almost no cash.

Events (3)

1. September 1, 1877 Run
Cause
Local Banks
Cause Details
Steady withdrawals triggered by the failure of the State Savings Institution, producing panic among depositors.
Measures
Paid out withdrawals; managers pledged private property (president pledged assets) and honored many requests until liquidity strained.
Newspaper Excerpt
This bank has been subjected to a pretty steady run ever since the State Savings failed
Source
newspapers
2. September 19, 1877 Suspension
Cause
Local Banks
Cause Details
Unable to realize on securities and driven to close by continuous runs following the State Savings failure; bank then wound up and closed doors for good.
Newspaper Excerpt
The Merchants, Farmers and Mechanics Savings Bank ... suspended/failed this afternoon
Source
newspapers
3. September 20, 1877 Receivership
Newspaper Excerpt
petition ... to appoint a receiver; Judge Williams granted a petition ... A. D. Ward (or D. Ward) was appointed receiver with bond fixed at $350,000; receiver found only $62 in cash in vaults afterward; president indicted for embezzlement and jailed Sept. 26-26/1877 }
Source
newspapers

Newspaper Articles (22)

Article from Chicago Daily Tribune, September 1, 1877

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THE RUN. AT THE FIDELITY. There was a considerable let-up in the run upon the Fidelity Savings Bank yesterday. The crowd that gathered in the morning was not nearly so large by one-half as on the previous day, and there was less of apparent anxiety. By afternoon the crowd had so far diminished as to enable all to get lu line Juside the bank, and there were but few on the street at any time. A fair estimate would not place over seventy-five persons in line at any one time. The fact is, the depositors are commencing to find out that the Fidelity is safe. Mr. John C. Halues, the President, has lived in Chicago about forty-three years. His children were born and have grown up here, and lie has everything at stake. At the Directors' meeting, Thursday night, Mr. Haines pledged all his private property for the benefit of the depositors, If it was necessary. The excitement of the past few days has worn upon Mr. Haines, but be has kept remarkably cool under the ordeal. lle spoke rather feelingly to THE TRINUND reporter yesterday, and sald that he had lived In Chicago between fortv and furty-three years. lle had reared his children here, and no one could ever point a finger to any dishonest act of his. His property and means were pledged ito the depositors, and he would stand by them. The bank was perfectly safe and secure. It had not been tampered with, and he would never steal one dollar. Mr. Haines felt confident of the result. One thing above all others is in the bank's favor: It has paid no fancy salaries, and no one is paid except for actual services rendered. The assets, so far, are more than ample. The cash on hand is sufficient to withstand considerable of a run. The diminution in the run upon the bank shows that the depositors are commencing to feel that their money is safe. There can be no doubt as to the safety of the Fldelity, but no bank, with Its deposits invested mainly in mortgage accurities, could turn its assets into cash with advantage at very short notice. Many of those who came yesterday to draw out a portion of their money were given more than they called for. All went away satisfied and pleased after leaving McAuley, who had a good word for every depositor, The crowd was remarkably devoid of lucidents, and it was quiet and orderly, without the least ripple of x itement. It is probable that, now that the depositors have discovered that the bank is perfectly solvent. the run upon it will cease entirely to-day. The deposits yesterday were considerable, and two new accounts were opened, which shows the faith felt in the institution. AROUND THE MERCHANTS', FARMERS' & MECHANICS Savings Bank the utmost quiet provailed yesterday. The demand for money was less than it had been for several days, and scarcely equal to occasions when there was no excitement among savings depositor. The rule of the past few days was observed with all applicants, and they appeared to be satisfied. The effect upon the bank so far has not been really felt. About $0,000 has been paid out, while as much line been received on deposit. The amount which the bank has been notified would be called for at the expiration of sixty days does not exceed $5,000. Mr. Mvers does uot anticipate anything in the future outside of routine business, and is satisfied that the scare is over.


Article from The Rock Island Argus, September 20, 1877

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GEN. GEORGE B. McCLELLAN NOMINATED AS GOVERNUR OF N. J. $10,000 Reward Offered for the Train Robbers. Another Bank Failure in Chicago. TRENTON, N. J., Sept. 19.-In the state democratic convention to-day, during the first ballot for governor, Gen. George B. McClellan's came being announced caused great enthusiasm, and he was nominated. McClellan 84, Carter 21, Abbott 55, Stockton 2. The prohibitionists to-day nominated Rudolph Brigham for governor, CHEYEENE, W, T., Sept. 19.-To-day the Union Pacific Railroad Company and Union Pacific Express Company offer a reward of $10,000 for the arrest of the thieves and recovery of money, a prorata of the reward to be paid for the recovery of any portion of the money or capture of any of the robbers. The sheriffs of the surrounding counties and commanding officers of military posts throughout Nebraska, Wyoming and along the Union Pacific railroad have been notified of the robbery. and everything possible will be done to affect their arrest. CHICAGO, Sept. 19.-The Merchants, Farmers & Mechanics' Savings Bank, No. 75, Clark street, failed this afternoon, and O. H.Horton in behalf of many depositors, will to-morrow morning petition the United States court to appoint a receiver. Thisbankowes the States Savings $50,000, secured by bonds of the city of Cairo to the amount of $60,000. The sixty-second quarterly statement, published last July, shows desposits $760,310; investment certificates $103,800; capital and contingent fund, $112,000; investment loans on real estate, $354,230; office equipment, $3,358; loans and demands by collaterals $233,161; U. S. bonds and other available securities, $259,706; cash in vault, $124,656. This bank has been subjected to a pretty steady run ever since the State Savings failed, and it was deemed best for all interests to wind up its business. Sidney Myers, manager and owner, refuses to give any statement of the assets and liabilities.


Article from The New York Herald, September 20, 1877

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SAVINGS BANK FAILURE. [BY TELEGRAPH TO THE HERALD. 1 CHICAGO, Sept. 19, 1877. It was reported at a late hour to-night that the Merthants, Farmers and Mechanics' Savings Bank of this city had suspended. Inquiry of Sidney Myers, the president of the institution, establishes the truth of the rumor. The bank, it recms, had been in a strait for some time, being unable to realize upon its securities, and the recent runs on the banks and the pamcky feeling occasioned by the failure of the State Savings Institution caused the Merchants, Farmers and Mechanics' to go under and close its doors for good this afternoon. The financial condition of the concern is not yet known. Mr. Myers has made out a statement, which will be made public to-morrow.


Article from New-York Tribune, September 20, 1877

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A FAILURE OF A CHICAGO BANK. CHICAGO, Sept. 19.-The Merchants, Farmers and Mechanics Savings Bank, of No. 75 Clark st, fatled this afternoon, and O. P. Harton, on behalf of many depostors, will to-morrow morning petition the United States Court to appoint a Receiver. This bank owes the State Savings Bank $50,000, which is secured by bonds of the City of Cairo, to the amount of $60,000. The sixty-second quarterly statement, which was published last July, shows as follows:


Article from The Dallas Daily Herald, September 21, 1877

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A Chicago Bank Failure. CHICAGO, September 20.-The Mers chants, Farmers and Mechanic Savings bank has failed. Later-Judge Williams granted a petition, filed by a number of depositors in the Farmers, Merchants and Mechanics savings bank, to appoint a receiver. A. D. Ward's bond is fixed at $350,000. Little excitement on account of the failure, as it is believed it will not prove disastrous to depositors or the general public.


Article from The Cairo Bulletin, September 21, 1877

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THE Merchants', Farmers and Mechanics Savings bank, of Chicago, failed on Wednesday. A Chicago telegram says: "This bank owes the State Savings $50,000, secured by bonds of the City of Cairo to the amount of $60,000. The sixtysecond quarterly statement, published last July, show< a deposit of $700,310; investment certificates, $103.801; capital and contingent fund, $112,000; investments, loans on real estate, $355,320; office equipment, $3,358; loans and demands by collaterals, $233,161; United States bonds and other available securities, $239,705; cash in vault, $124,656. This bank has been subjected to a pretty steady run ever since the State Savings failed, and it was deemed best for all interests to wind up its business. Sidney Meyers, manager and owner, refuses to give any statement of its assets and Habilities,"


Article from Daily Kennebec Journal, September 22, 1877

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General News. John Hutton, an employee in the print works of a Manchester (England) firm, recently attained the age of 100 years. He has been in the service of that firm for the last 79 years. Col. Arthur M. Eastinan, the projector of the direct United States cable, has just died at Riverside. N. H., at the age of sixty six. Difigent and thus far fruitless search is being made among the democratic members of the Kentucky House of Re₁ resentatives forobe who is not a candidate for Speaker. Another Chicago savings institution-the Merchant's, Farmer's and Mechanics' Savings Bankhas gone under, owing to the run which was started after the failure of the State institution. One of the bibles which Father Grogan threw out of a car window on the Ininois Central Railread, has been found, but dingent search fails to discover the objectionable drawings which, be alaged, were upon it and induced him to throw it away. According to an Alabama paper, John F. Beecher, a cousin of Henry Ward Beecher, and at one time " prominent lawyer of Pike county, that State, is now an imb. cire and (I) invalid, and utstiture of LLE Deceasaries of life. It was SLOWD by experiment, last week, that the New York steam fire-beat can supply eight secOuu c.ass Amoskeag engines WITH all the water they may require from the North OF East rivers, each engine being able to reach a fire with 2500 fuel 01 bose from enther river. Mr. Daniel Douguerty says, in relation to the suit of ejectment brought by one William B. Forrest in the Supreme Court of New York against the estate of Eawin Forrest, that the person claim. in, a share in the property of the deceased IS not Edwin Forrest's nephew, and never claimed any relationship to the deceased actor until advised 10 do so by some Boston lawyer. Mrs. Mumore, the aged mother of the sculptor of the Boston monument, was seriously injured by the fall of a platform during the dedicatory ceremonies the other day. But her pride and pleasure in her son's success was so great, that she refused to be taken away until he had passed in the procession. She waited patiently for this purpose more than an hour, and, after her wish was gratified, was carried to her home. Mrs. Sieu Chin, wife of Kwang Ki Chin, official interpreter and translator for the Chinese teachers and students at Hartford, died on Monday, aged twenty-two. She was the daughter of a wealthy merchant of Canton, and was married five years ago, coming to America not quite two years since. She leaves a boy fitteen months old, to whom she was most tenderly attached. Indeed, her devotion to the baby has made for her many friends among her neighbors. "Who will love my little baby now?" ?" were her last words.


Article from The Cheyenne Daily Leader, September 26, 1877

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WORSE THAN TRAIN ROBBERS. The Chicago Losings Bankers. Chicago, Sept. 25.-The receiver of the Merchants', Farmers' & Mechanics' Savings Bank reports that he finds scarcely any assets in the vaults of that institution. So far his investigations have discovered $62 only in cash, and $20,0000 worth of encumbered real estate. Mr. Myers, its manager, is in town, but cannot be induced to give any information concerning its condition. The Prairie State Loan and Trust Company, which has for some years been doing a savings business, is quietly liquidating with the view of going out of business. The owner of the bank, Mr. Scoville, will pay depositors dollar for dollar, using, if necessary, his large private fortune. He expects to have settled every liability 'by the 1st of January.


Article from Ottumwa Weekly Courier, September 26, 1877

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Another Chicago Bank Failure. CHICAGO, Sept. 19.-The Merchants, Farmers and Mechanics' Savings Bank. 75 Clark street, failed this afternoon, and O. H. Horton, on behalf of many depositore, will to-morow petition the United States Court for a Receiver. This bank owes the State Savings $50,000, secured by bonds of the city of Cairo for $60,000. The 62d quarterly statement, published last July, shows: Deposits $700,310 Investment Certificate 103,800 Capital and Contingent Fund 112,000 Investments in Loans on Real Estate 355,280 Office Equipment 3,358 233,161 Loans and demands by collateral U. S. Bonds and other available securities. 259,705 Cash in vault 124,656 This bank has been subject to a pretty steady run ever since the State Savings I failed, and it was deemed best for those interested to wind up its business. Sidney Myers, manager and owner, refuses to give any statements of the assets and liabilities.


Article from The Sun, September 27, 1877

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A Chicago Bank President In Jall. CHICAGO, Sept. 26.-Sidney Myers, President of the Merchants, Farmers, and Mechanics' Savings Bank, is in jail. The petition of depositors for a receiver was granted by Judge Williams on Thursday last 8. D. Wards was appointed receiver. with bonds at $350,(NK) There were about 2,500 depositors, their accounts aggregating nearly $500,000.


Article from The Cheyenne Daily Leader, September 27, 1877

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Thieves in Limbo. Chicago, Sept. 26.-Sidney Myers, president of the Merchants', Farmers' & Mechanics' Savings bank, which suspended last week, was indicted by the grand jury to-day for the embezzlement of $200,000, and was subsequently lodged in jail in default of $200,000 bail. The grand jury also indicted the officers of the defunct Protective Life Insurance company, on on the charge of defrauding its policy holders, and officers were sent out to arrest them.


Article from The Wheeling Daily Intelligencer, September 27, 1877

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WAR ENDED. A telegram received to-day from an official source in Yeddo says the rebellion in Japan is ended. The chief rebels, Sa. go, Murata and Kierino, committed suicide on the 24th inst. Bank President Indicted for Em bezzlement. Chicago,September 25.-Sidney Myers, President of the Merchants, Farmers and Mechanics Savings Bank, which suspended last week, was indicted by the grand jury to-day for the embezzlement of $200,000, and was subsequently lodged n jail in default of $20,000 bail,


Article from The Wheeling Daily Register, September 27, 1877

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Bank President Indicted for Embezzlement. CHICAGO, September 26.-Sidney Myers, President of the Merchant's, Farmer's and Mechanic's Savings Bank, which suspended last week, was indicted by the Grand Jury to day for the embezzlement of $200,000, and was subsequently lodged in jail in default of $20,000 bail. The Grand Jury also indicted the officers of the defunct Protection Life Insurance Co., on the charge of defrauding the policy holders.


Article from The Leavenworth Weekly Times, September 27, 1877

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A Rather Stim Showing. CHICAGO, September 25.-The receiver of the Merchant's Farmers' and Mechanics' Savings Bank reports that the deposits that he finds are scarcely anything that can be considered as assets in the vaults of that institution. So far, his investigations have discovered only sixty-two dollars in cash and twenty thousand dollars worth of incumbered real estate. Mr. Myers, its manager, is in town, but cannot be induced to give any information coucerning its condition.


Article from The Rock Island Argus, September 27, 1877

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Indicted for Frauds. CHICAGO, Sept, 26.-Sydney Myers, president of the Merchants'. Farmers' and Mechanics' Savings Bank,which suspended last week, was indicted by the grand jury to-day for embezzlement of $200,000. and was subsequently lodged in jail in default of $200,000 bail. The grand jury also in. dicted the officers of the defunct Protection Life Insurance Company on the charge of defrauding its policy holders.


Article from The Milan Exchange, September 27, 1877

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ed Gen. George B. McClellan for Governor on the first ballot, by an almost unanimous vote. The platform deals mainly with State affairs, and has no allusion to National finances. . THE Merchants', Farmers' and Mechanics' Savings Bank, of Chicago, suspended on the 19th. The bank has been subject to a pretty heavy run ever siuce the failure of the State Savings, and was finally forced to succumb. Sidney Myers was the manager and owner. 2. THE steamer Grand Republic, the largest boat ever run on Western waters, was burned to the water's edge on the night of the 19th, while lying at the foot of Lesperance Street, St. Louis. The origin of the fire is unknown. The steamer Carondelet, lying alongside the Grand Republic, was also partially destroyed. The Grand Republic was owned by Capt. Thorwegan, was valued at about $200,000, and insured for about $50,000. The Carondelet was owned by Capts. Hicks and Grissom, was valued at about $40,000, and insured for $17,500. ni


Article from New-York Tribune, September 27, 1877

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CHICAGO BANK OFFICERS INDICTED. CHICAGO, Sept. 26.-Sydney Myers, President of the Merchants', Farmers', and Mechanics' Savings Bank, which suspended last week, was indicted by the Grand Jury to-day for the embezziement of $200,000, and was subsequently lodged in Jail in default of $200,000 bail. The Grand Jury also indicted the officers of the defunct Protection Life Insurance Company on a charge of defrauding its policy-holders.


Article from Ottumwa Weekly Courier, October 3, 1877

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A Bank Without a Bottom. CHICAGO, Sept. 25.-The Receiver of the Merchants, Farmers & Mechanics Savings Bank reports that he finds scarcely anything that can be considcred as assets in the vaults of that institution. So far his investigations have discovered $62 in cash and some $20,000 worth of encumbered real estate. Mr. Myers, its manager, is in town, but cannot be induced to give any information concerning its condition.


Article from The Toledo Chronicle, October 4, 1877

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PERSONAL. PRESIDENT HAYES and the party accompanying him returned to Washington, on the evening of the 25th, from their Southern trip. They met with a hearty reception and cordial greeting at all points on the route through Kentucky, Tennessee, Georgia, Alabama and Virginia. The President concluded to defer his proposed visit to Richmond, Va.. until October. DR. V. A. TURPIN, a Chicago busi ness man of good reputation and large means has been appointed Receiver of the suspende. Fidelity Savings Bank, of Chicago. SYDNEY MYERS, owner and manager of the defunct Merchants', Farmers', and Mechanics' Savings Bank, of Chicago, was, on the 26th, indicted by the Grand Jury for embezzlement, and taken to jail in default of bail. The same jury also returned an indictment for the alleged embezzlement of $200,000, against the officers and managers of the late Protection Life Insurance Company-L. P. Hilliard, President; A. W. Edwards, Secretary; John Reed, Treasurer; Martin Ryan, Actuary, and L.M. Sawyer, Assistant Secretary. SIDNEY MYERS, the President of the defunct Merchants', Farmers' & Mechanics' Savings Bank, of Chicago, has been released on bail of $20,000. COL. DAVID H. ARMSTRONG, of St. Louis, has been appointed by Gov. Phelps to fill the vacancy in the United States Senate caused by the death of Lewis V. Bogy, of Missouri.


Article from The Jasper Weekly Courier, October 5, 1877

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daring train-robbery on the Union Pacific Railroad at Big Springs Station, Neb., 360 miles from Omaha and 160 miles east of Cheyenne, on the night of the 18th. Just previous to the arrival of the Eastward-bound express train, due at 10:45 p. m., two masked men entered the stationhouse, and presenting cocked revolvers at the head of Mr. Barnhart, the agent and operator, compelled him to sever his telegraphic connection by removing the instrument. They then ordered him to hang out a red light, as the express train did not stop at that station except on signal. Upon the arrival of the train, four of the robbers entered the express car, and, putting the messenger under guard, they proceeded to ransack the car for valuable packages, among those which they secured being two treasure-boxes containing about $60,000 in gold. Others of the gang meanwhile took possession of the locomotive, putting out the fire, while the remainder went through the passenger-coaches, relieving the passengers of their watches, pocketbooks, and other valuables. There were from 10 to 16 persons engaged in the robbery, and having secured their plunder they mounted horses and rode away, their departure being hastened, it is thought, by the timely arrival of a freighttrain. The stolen treasure was in charge of the Union Pacific Express Company, and was a through shipment from California. The railway and Express Companies immediately offered a reward of $10,000 for the arrest of the thieves and recovery of, the treasure, and a number of parties at once started in pursuit of the robbers. The Merchants', Farmers' and Mechanics' Savings Bank, of Chicago, suspended on the 19th. The bank has been subject to a pretty heavy run ever since the failure of the State Savings, and was finally forced to succumb. Sidney Myers was the manager and owner. The steamer Grand Republic, the largest boat ever run on Western waters, was burned to the water's edge on the night of the 19th, while lying at the foot ef Lesperance Street, St. Louis. The origin of the fire is unknown. The steamer Carondelet, lying alongside the Grand RepΓΊblic, was also partially destroyed. The Grand Republic was owned by Capt. Thorwegan, was valued at about $200,000, and insured for about $50,000. The Carondelet was owned by Capts. Hicks and Grissom, was valued at about $40,000, and insured for $17,500. It is now stated that the defalcations of Parsons, the absconding Mayor of Burlington, Iowa, will aggregate $100,000, of which the bank is short $50,000, the School District $36,000, and numerous other interests the mainder. Some months ago Jasper Maupin shot John Burnam at Kingston, Madison County, Ky., wounding him severely. Maupin was indicted, and his trial set for the 20th of September. On that day the parties met in the street in Richmond,each accompanied by friends, when firing began. Jasper Maupin, Jno. Burnam, Chas. Ballard and Wm. A. Cornelson were killed. The survivors were arrested. The Convention of the Independent Greenback Party of Kansas, held at Wyandotte, on the 19th, nominated S. A. Riggs, of Lawrence, for Chief-Justice, and D. B. Hadley, of Wyandotte, for Lieutenant-Governor. Their adopted platform demands the making of greenbacks a full legal tender for paying all public and private debts, the remonetization of silver, the repeal of the Resumption act, etc. Seven deaths from yellow fever, all white, occurred at Fernandina, Fla., on the 20th, and 15 new cases were reported. The first frost of the season occurred throughout Northern and Central Illinois on the night of the 17th. No material damage to crops, excepting late fruits. It is reported that the entire crops of cotton, corn and fodder in the Black Warrior Voller. No


Article from The Abbeville Press and Banner, October 10, 1877

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more than 10,000 shares. A loss of over $100,000 was incurred by the burning of the Phoenix Print Works and other buildings at Greenpoint, Long Island, opposite New York. The Presidential party were welcomed at Atlanta, Ga., by over 10,000 people. An address of welcome was delivered by Gov. Colquitt, and the President replied in a lengthy speech. Secretary Evarts and PostmasterGeneral Key made addresses, and a reception was given in the evening to the visitors and the people of Atlanta by the governor. At the banquet the President, Secretary Evarts, Hon. Ben Hill and others spoke. The Fidelity Savings Bank of Chicago closed its doors on account of inability to pay its depositors, and a receiver is to be appointed. A fire broke out in the United States Patent Office at Washington, and before it could be subdued & part of the roof and third story was destroyed. From fifty to seventy thousand valuable models in cases and large amount of correspondence were lost. The Patent Office edifice was one of the finest public buildings in Washington, and the loss to the government will amount to between five hundred thousand and one million dollars. General McClellan replied to a committee of New Jersey Democrats, accepting the nomination as the candidate of the party for governor. He says in his letter of acceptance that if elected, his policy will be honesty and economy in the expenditures, and the promotion of prosperity throughout the State The Presidential party arrived at Lynchburg, Va., where they were welcomed by the citizens. The President replied at length to an address of welcome and held a public reception which was largely attended. Brief addresses were also made by Secretary Evarts and Postmaster General Key delegation of twenty-three Sioux Indians, including the well-known chiefs Spotted Tail and Red Cloud, arrived at Washington for the pourpose of stating their grievances to the President. Their principal complaint is that the government is trying to put them upon some reservation that does not suit them. The Republicans of New Jersey met in convention at Trenton, N. J., with General Kilpatrick as chairman. William A. Newell received the nomination as the candidate for governor, and the platform adopted was as follows The first resolution reaffirms last year's Cincinnati platform. The second declares that President Hayes had majority of the electoral votes as well as the decision of the most august tribunal ever created by Congress, and that efforts by part of the Democratic party to throw discredit upon the tribunal are puerile. The third resolution is That we cordially recognize the earnestness and sincerity with which President Hayes is laboring to promote the reconciliation of all sections of the country, and to secure an efficient and economical administration of the business of the government. We are united in desiring the accomplishment of these great objects, and we pledge our hearty support to every wise measure calculated to secure the lasting unity and prosperity of the whole country, on the basis of impartial justice and equal rights for all citizens of all sections. The fourth resolution congratulates the country upon the success made toward the resumption of specie payments, etc.; demands the adoption of all measures necessary to insure the restoration of a (money) standard uniform throughout the world at a date not later than that now fixed by law. The fifth says: That the Democratic party of this State, by nominating DB their candidate for governor, one who is in no sense identified with the agricultural, commercial, manufacturing or other interests of the State, nor familiar with its people and their wants. and who has twice within the past two years been a candidate for office in an adjoining State, have disregarded the uniform practice of both political parties, have shown themselves to be willing to sacrifice the most important interests of New Jersey to the demands of a designing and ambitious political ring, and have insulted the just State pride of every citizen. The sixth charges the Democratic party in the State with extravagance, and demands a reduction of official fees and a revision of the tax laws, and pledges the party to labor to these ends. The seventh agrees that the rate of interest should be reduced to six per cent.: the eighth does not believe in sectarian interference in civil affairs or in any diversion of schools funds to sectarian purposes, and the ninth points with pride to the evidence which the history of the Republican party affords of its elevation to the interests of labor. This resolution ends by saying That the past record of the party is a guarantee that the future policy will be one of justice to workingmen as well as to other classes of the people, and which, by the adoption of wise financial measures and the encouragement of industrial interests, will, 80 far as it can be accomplished by legislation, tend to open new avenues for the use of capital, empoyment and labor. The tenth and last resolution pledges "earnest and individual support to the party's candidate for governor. At Harrisburg, Va., Anderson Shufflett was hanged for the murder of DavidS. Lawton in 1875. The victim was farmer, and his wife and her brother hired the murderer to do the deed by paying him $25. The two accessories to the crime are in jail under sentence of death. President Hayes and party returned to Washington from their Southern tour, after a visit to Jefferson's old home at Monticello, near Charlottesville, Va. It is said that OX Controller Connolly, a prominent member of the defunct Tweed ring, has offered to make restitution to the city of New York, in the sum $1,000,000 L. Samuels & Brother, large exporters of cattle, failed in New York, with liabilities amounting to $300,000 and about $100,000 in assets. The Democrats of Wisconsin held their State convention at Fond du Lac, and nominated a ticket headed by James Mallory for governor. The platform adopted declares its firm belief that the will of the people was defeated in the late Presidential election by fraud and chicane, under the protection of the Federal milita-y, and through the ballot box will express its condemnation of the act and the actors. It declares for the freedom of the ballot unawed by the bayonet,' and insists that military interference in regulating and controling elections is subversive of the first principles of free government. It declares its hostility to the financial policy of the Republican party, withdrawing capital from taxation, increasing the burden of the public debt by declaring currency bonds payable in gold, demonetizing silver in the interest of the creditor and at the expense of the debtor, and attempting to force resumption when it will bring ruin upon the general business interests of the country, and demands instead that the property protected by the government pay its just proportion of the expenses of the government that silver be remonetized and the present resumption act be repealed and resumption be postponed until the financial condition of the country will permit it. It declares its opposition to the longer continuance of national bank currency, and demands that the government furnish its own notes in the place thereof. It declares its unyielding opposition to high protective tariffs as vicious in principle, advancing the interest of the few at the expense of the many John S. Morton, president of the Market street railway company, of Philadelphia, and the secretary and treasurer of the corporation, were arrested on the charge of conspiracy and attempt to defraud the stockholders Sydney Myers, president of the broken Merchants', Farmers and Mechanics' Savings Bank of Chicago, was lodged in jail The National Prohibitionist convention of the United States held a session in New York, among the delegates present being a number of men and women who are prominently connected with the temperance movements in the Eastern and Western States. The necessity of temperance legislation was discussed by several speakers. An Automatic Horse.


Article from The Milan Exchange, October 25, 1877

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THE Receiver's report of the condition of the Merchants', Farmers' and Mechanics' Savings Bank of Chicago shows that the concern has been in an insolvent condition for over four years, a fact which must have been patent to every one connected with the institution, from President Meyers down to the smallest clerk, yet the sworn monthly statements published represented the bank as being in a sound and prosperous condition. The Receiver found that the bank had been systematically plundered of its deposits and securities almost from the date of its organization, and the only assets are a few worthless first mortgages on inflated real estate, which will hardly more than pay the expenses of foreclosing the concern.