1848

Promptitude

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From Thompson's Bank Note Reporter

OCTOBER 1, 1848 — Some Banks (and we would name the Farmers' Bank of Amsterdam, N. Y.) are in the habit of omitting to remit for collections promptly. To such banks we would say, there is nothing that will so effectually and certainly destroy your credit as the keeping of money from those who send you collections.

Now, see why. A stranger, or a person whom we do not wish to trust, reaches us a note for collection, and asks, "When shall I call for the money?" Answer, "It is due on the 10th, call on the 15th." The 15th comes, and so does the man for his money; but not a word from the cashier. To pay the man, is taking a risk; besides there is an injustice in advancing money which should have been in our hands. Then again if we say that the bank to which we sent it has not remitted, he will act his pleasure about believing us, and may go from the office under the conviction that we are shaving on his money very much to his inconvenience.

We can say emphatically and pointedly, that being exposed in this way, engenders a strong feeling against those who leave us so exposed.

When Optimism Was the Order of the Day

From Thompson's Bank Note Reporter

February 1, 1848

64 Wall Street, Jan. 26, 1847

We have touched bottom! From this day, Upward is the word. Money is easier—hope brighter—stocks better—exchange lower. There will be no more banks breaking—no more specie shipping—no more panic. The bears have had their day; now for the bulls. Every thing has been down, down, for six months; now we will go up, up.

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DELAWARE BRIDGE
It is not in our power to advise, understandingly, in relation to this Bank—we do not believe it will be resuscitated. For the present, we are paying 40 cents on the dollar. It may be better, and it may be worse.

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SUSQUEHANNA COUNTY BANK
We are paying 50 cents on the dollar for the notes of this bank, and there appears to be some demand for them.

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January 13, 1848

J. Thompson, Esq.,

Dear Sir — The absence of your Reporter, reminds me that my subscription has expired. I enclose $2 for the weekly, one year in advance.

You will render the Banks and the public an essential service, by publishing the names of the publishers and all persons connected with "Mearson's U.S. Reporter," that they may know who to present to their several grand juries. Their attack upon this Bank we regard as harmless, but the motive of the publishers should be made public, and be punished.

Yours, very truly.

The above is addressed to us by one of the best Banks in the state, and we cheerfully comply with the request, and give as the publisher, the name of George Mearson, Printer. We would only remark, that while the attacks of this man upon Banks are harmless, his praise would be damning.