Bank of Monroe (Feb. 20th, 1830)
The Bank of Monroe, on Tuesday, refused to redeem its bills. It closed its doors and window shutters, and after a lingering illness of some days, reluctantly kicked the bucket. Its rags are now purchased by a few speculators for a mere song. The principal (ostensible) stockholder in the concern is Thomas Bell, an Englishman by birth, an itinerant speculator, but chiefly a resident of the State of New York. He deposited most of the funds necessary for commencing the institution, made a choice of his own directors, and has controlled its affairs pretty much in his own way. It is true the other Directors have occasionally visited the Bank, for the purpose of borrowing funds if nothing else, but so remiss have they been in the discharge of their duties that Bell has taken from the Bank, at different periods, a heavy sum, without giving the least security- not even his own individual notes.
The bills have been put into extensive circulation in Michigan, Ohio, the western part of New York, and probably in other quarters. Pork, flour, real estate, &c have been purchased with Monroe funds; and up to the period of failure everything appeared to go on swimmingly.
Bell, who is now out of the territory, will feather his nest at the expense of our farmers and mechanics; and although abundantly able, there is no room to believe he will ever voluntarily refund to the Bank the trash he has taken from it. It is thought, however, that by the devious winding of the law, several thousand dollars worth of property, located in the territory, will be secured, to go toward liquidating the claims of the Bank. There is some reason, likewise, for believing that certain of the Directors near at hand, will have a heavy account to settle with much injured community, who now hold as dead property, the bills emanating from this swindling ragmill.