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A newspaper article from 1838, on the "Tory" Bank of Lapeer.


TORYISM IN LAPEER TOWNSHIP.

The tories of Lapeer have carried the election for township officers, and they boast of their victory, as a great and signal achievement. But I would ask, by what means have the tories been successful? By promises to: the poor men, who unluckily were bill holders, of the Lapeer bank at the time the bank commissioners closed the doors of that swindling; concern, Alvin N. Hart the late cashier, and, Silas D. McIfeen a director, made it their business a few days before the election, to ride; through town, and call upon individual bill holders, that were not able to lose even a dollar of Lapeer money, at its present worthlessness, and by promises to them, that if they would support, and vote their tory ticket for township officers, they would exchange, or redeem, after the election, all the Lapeer Bank notes, which they severally held. They took every possible advantage of the poor man’s necessities, and by promises and threats, made a desperate effort, to support and carry out their rotten, heartless, and destructive measures. Their resort to every expedient, of underhanded night work, “bribery and corruption,” in its broadest, and most glaring features, to screen themselves from that punishment, which their diabolical tory acts so richly merit at the hands of an insulted, and much injured community.

They go so far, as even to defy the proper authorities to reach them by process of law in Lapeer county ; and preparatory to the sitting of the circuit court for that county, the April term, they have packed a grand jury, consisting mostly of their personal friends, of their own stamp and kidney. Well may they say, that they care not what complaints are preferred or made, the jury will not find a bill against them.

It may be somewhat surprising abroad, that Alvin N. Hart should have the selection and control of a grand jury, but is it at all surprising when we are told that the sheriff and deputies are relations and friends, and even dependant upon Hart for sustenance ; that the county clerk, Noah H. Hart, is a relative, and a director of the Lapeer Bank, Oliver B. Hart, also a relative, and director of the same institution, Geo. F. Ball, brother in law to A. N. Hart, Deputy sheriff and director of the Lapeer Bank ; and when we take into consideration the fraudulent manner in which the Lapeer Bank was first started and brought into, existence, under the immmediate supervision of the same individuals, as county officers ; is it at all surprising, that they (all being implicated) should take every possible step to guard against and avert the punishment which so justly hangs suspended over them ? The Lapeer Bank was first started and put into operation by the tory junto at Lapeer, by and with the aid of a notorious blackleg and swindler. Aaron Goodrich and Alvin N. Hart being the ???? ???? of the concern; Oliver B. Hart, county treasurer, Noah H. Hart county clerk, Silas D. McKeen, then tory representative to the State Legislature, and Mr. Gantt’s honest apostate, Enos Goodrich, the now president of the Goodrich Bank, at Goodrich, near Goodrich Hall, held nine tenths of the capital stock of the Lapeer Bank ; they all were directors of the institution. A. N. Hart being cashier, and holding individually five thousand dollars of the stock ; Hart was also appointed receiver, 01 treasurer of the association, at its first organization, and he received from Aaron Goodrich, certificates of deposite, to the amount of ten or fifteen thousand dollars, which were counted as specie by Hart, and then returned to Goodrich to handed-back thro’ H. H Brown, & Co. to the Farmers’ and Mechanics’ Bank at Detroit, from whence they came. The county clerk and county treasurer being themselves interested, and knowing these facts, did nevertheless at the instance of Aaron Goodrich and Alvin N. Hart certify to the secretary of State, that the institution had complied with the requisition of the law; that thirty per centum had actually been paid in, in specie, and that it was absolutely the property of the association, or Lapeer Bank. I am credibly informed that the same officers connived at, and evaded the law, at the time the Goodrich Bank stock was subscribed for and paid in ; that instead of specie, hey used borrowed certificates of deposite, for the whole family ; that great Aaron, and little Aaron, father, mother, brothers & sisters, together with a progeny of little Goodriches, all used the same means, and instantaneously become bankers, or interested in banks of the first water. That there is, or has been, a connecting interest in the Lapeer and Goodrich Banks, I have no doubt. Aaron Goodrich, the cashier of the Goodrich Bank, was a director of the Lapeer Bank, and Alvin N. Hart, Cashier of the Lapeer Bank, has an interest in the Goodrich Bank; they have acted in concert, and with a perfect understanding throughout. Their first step was, to procure two sets of plates for the Lapeer Bank. Goodrich obtained one set from New York, and Hart the other from Boston. Hart as cashier, filled up, and signed bills of the Kamo denomination, bearing the same date, the same letter, numbering the same, every way alike, so much so that one bill could not be distinguished by any mark upon it from neither ; and Goodrich, as director and agent, gave circulation to these: Three five dollar notes fell into the hands of an individual at Lapeer, and be could not see any difference in the three notes, all filled up, lettered, numbered and in every way, one like the other. To what extent they carried this species of tory deception, has not been ascertained. That the Goodrich bank has now in its possession, some thirteen or fourteen thousand dollars of individuals’ notes, discounted with Lapeer bank bills, there is not much doubt. Aaron Gopdrich and Alvin N. Hart, have both declared to the world, that they have sold out their interest in the Lapeer bank. In What manner have they disposed of their interest in that concern? After Goodrich and Hart had got the machine Well under way, Goodrich receiving some forty or fifty thousand dollars, and Hart as much more of the Lapeer bank notes, buying up property of all kinds and descriptions, and exchanging the money for other and current bank notes of the “wild cat” species, & putting in circulation one hundred and fifty or two hundred thousand dollars of the worthless trash, they then turn round and effect sales of their stock, upon which they have not actually paid one farthing ; and to whom do they sell this stock ? To irresponsible knaves, that are willing to be made tools of, for the chance of plunder, thus opening wider the door to villainy and fraud.

A recital of one transaction that took place in the township of Hadley, Lapeer county, will be sufficient to show, to what length these freebooters carry their operations. One of the minions of Goodrich and Hart, bought of a poor widowed lady, cows nnd oxen to the amount of one hundred and fifty or two hundred dollars, and paid her all in Lapeer money. About the time the concern exploded, she was forced to sell her stock, her husband having recently died, to pay for his last sickness, and cancel a few debts that he left upon her hands, and to procure provisions for her family of small children. A few days after she had received the money, she started to settle up her little matters, with her husband’s creditors, and to buy her stock of provisions, but she was sadly disappointed ; she found that Lapeer money would not pass. She returned to the person of whom she received it, and he told her if she had made a bad bargain, it was her loss. She is now compelled to go out and work by the day to procure food for her suffering family. O, Toryism ! is this thy long promised reward—thy boasted reform—thy “ better currency”—thy golden mint drops and ???? ???? Thy votaries and partizans robbing, with impunity, the very bread from the mouth of the widow and the orphan, bartering away the rights and liberties of the people, & subvening the noble institutions under which we live, move and have our political being. Shall we suffer these things to remain much longer ? A FREEMAN.

Pontiac Courier (Pontiac, MI) Friday, 20 Apr 1838, page 2

Note: The newspaper contained several obvious typographical errors, which I have tried to correct. I also set the surnames in boldface.

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