Page:History of Richland County, Ohio.djvu/508

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��HISTORY OF RICHLAND COUNTY

��continued to grow in popularity and power until the crash came on the 26th of Septenilier, 1878. Tt was the old, old story of misplaced confidence. If Mr. Hickox was not dishonest, his weakness bordered so closely upon it as to justity the community in calling him a ••thief" which Avas done with considerable unanimity and earnestness.

The excitement and indignation of Mansfield people, and especially of those immediately in- terested in the bank, knew no bounds, and after withstanding the storm for a time the cashier fied to parts unknown, and is yet a fugitive from justice. The failure of this bank dis- closed to the astonished gaze of the public, the incapacity, dishonesty and knavery of other men in the cit^-, who had Ijefore occupied high positions of trust and responsil)ility. This was the beginning of the financial panic of 1873, and although Mr. Hickox must ])e held to great responsibility in this matter, he was but the representative of an unnatural and diseased condition of society, and came to be the door. as it were, through which the public gazed upon the rottenness and corruption that for years had been gathering, and which Avas no more than skin-deep. It Avas like a carl)uncle on the human Ijody. Avhich must burst and discharge its corruption, before the healing process can take place, and this I)ursting and discharge in the case of Mansfield came through the First Xati(jnal Bank, as Avas natural. It took several years for this great carbuncle to gather, burst and heal, and the process Avas very painful ; but it has l)een accomplished, leaving only a few scars.

The panic and its consequences have been briefly referred to elscAvhere. The Directors and stockholders took possession of the l)ank, appointed a receiver, and wound up its affairs as rapidly as possible. 3Iany good, honest and trustworthy- citizens Avere dragged down to ruin by the failure.

The other tAvo l)anks. the Farmers' and Rich- land National, fearing a run, and consequent

��ruin, determined, if possible, to save themselves, and the next day the officers and Directors of these banks met and passed the following reso- lution :

Resolved, That in view of the monetary crisis, and suspension of New York, Philadelphia, Baltimore, Cin- cinnati, Chicago, Toledo, and banks of other cities ; and also in view of the welfare of our various friends and depositors, it is hereby agreed by the undersigned na- tional banks of this city, that we temporarily suspend currency payments, exceeding $50 on all balances."

This was signed by the cashiers of these banks, and checked a run Avhich would probably ha\'e caused them to close their doors.

October 28. the first official report of the con- dition of the First National Bank Avas published by the receiver, in which it appears that the as- sets were $246,767.91 ; liabilities, $398,559.48. which would indicate a loss of more than $150.- 000. The expenses of settlement and of the litigation that folloAved. probably increased this amount somcAvhat.

The ^Mansfield Banking Company opened for regular business. July 12, 1873. on the corner of Main and Third streets, where it is still in operation. The first officers were : James Dick- son. President ; John S. Neal. Vice President : J. :\I. v^harp. Cashier ; E. R. Rockwell. Teller. Some changes have since l^een made in these officers.

In February. 1873. the Mansfield Savings' Bank was opened in an elegant ncAV block on the corner of 3Iain and Fourth streets, where it yet remains. Its officers were : Barnabas Burns. President ; M. D. Harter, X'm^q President ; R. Brinkerhoff. Cashier ; and 8. A. Jennings. Teller. The only change made in these officers has been the retirement of Mr. Harter, and the election of William Stevens as Vice President.

In addition to a regular banking business, this bank added a saA'ings department, and thus supplied a long-felt, but never before enjoyed want, to the people of Mansfield. The bank was organized under a general law of Ohio, passed February 26. 1873, and its stockholders

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