USA > Michigan > Monroe County > History of Monroe County, Michigan : a narrative account of its historical progress, its people, and its principal interests Volume I > Part 46
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Monroe was an important wool market and the leading merchants, James Armitage, William H. Boyd, R. O'Connor were heavy buyers for Boston and other New England markets, paying out large sums of money to farmers, thereby helping in a marked degree the development of the
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county. Besides these dealers there were often outside parties in the market as buyers and sometimes the prices were boosted by competition, very much to the advantage of the seller.
The wheat market at Monroe was also a factor in the commerce be- tween Michigan and the east. Our facilities for shipping were equal to those of Detroit-sometimes better, and it was not unusual to see teams in the streets with loads of grain drawn from Branch and St. Joseph counties, sixty to seventy miles distant.
BANK OF RIVER RAISIN CONTINUED
It is believed that the first bank organized in Monroe was the Bank of River Raisin, at least that was the first legitimate effort at substantial and permanent banking, owning its own building. This stood on Wash- ington street at the northwest corner of the public square, and presented quite an imposing appearance with its row of lofty, massive Corinthian columns. A view of this building is seen on page 348. After the bank had passed out of existence the building was used for a private banking office by Smith and Clarke, a firm organized in 1858, composed of Stephen G. Clarke and Dr. William M. Smith, which, however, discontinued busi- ness after a few years. The postoffice then occupied the building until its destruction by fire in 1868.
THE ACT OF 1857
The character of banking underwent important changes in Michigan following and caused by the general banking act of 1857, but the in- difference with which attempts to improve matters and provide the surest safeguards in our public financial operations were manifested when the legislature of 1861 submitted to a vote of the people an amend- ment to the general banking law to create a single bank with branches and containing other radical and important provisions, was most sig- nificant and surprising.
It might be naturally supposed that such a public measure authoriz- ing an institution that might modify or change the entire banking system of the state and one that gave additional security to note holders would attract very general attention and excite much discussion. But that it did neither is shown by the vote upon the question; with a total vote of 6,111 the measure carried by a majority of 5,067, while the total vote for governor on the same occasion was 130,818.
The financial history of Michigan presents many strange and mys- terious characteristics that not only arouse wonder at their eccentricities, but a vast amount of interest in the working out of the problems. One feature that attracts unfavorable comment was the granting of charters to railroad companies to establish banks. A special session of the terri- torial council in 1835 passed an act authorizing the Macomb & Saginaw Railroad Company and the River Raisin and Grand River Railroad Com- pany to establish banks, under very liberal conditions. But that they were not needed or wanted is shown by the fact that no advantage was taken of these acts, except in two instances: The Erie & Kalamazoo Railroad Bank and the Detroit & St. Joseph Railroad Bank. The latter transacted business at Jackson, Michigan, for several years.
FIRST TELEGRAPH WELL USED
An episode of the early trials and tribulations typical of pioneer banks and banking in Michigan in connection with the experiences of the
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old Farmers & Mechanics Bank is related by one who is familiar with many interesting occurrences of that day. That bank was not only the foster-mother of the first express company established in Detroit, but was the dry-nurse of the first telegraph office in the town. The bank was situated on the south side of Jefferson avenue, between Shelby and Gris- wold streets, in an old building which was demolished a few years ago to make room for a business block. There were two other tenants of the building, the express company occupying the basement, the telegraph company the second story, and the bank on the ground floor.
The incident occurred the same day that the telegraph office was opened for business as far as Jackson. This event was the occasion of great interest and the people were mildly excited over the great advance in science and possibility of rapid intercourse with the outside world. While this was going on the cashier of the bank in his pride in the bank was showing a New York friend the magnitude of the transactions of the institution, exhibiting the figures of a ledger kept by a system of bookkeeping, so complicated that it subsequently wore out his mental powers, also those of his successors, in vain attempts to unravel its mys- teries and intricacies.
Turning over leaf after leaf to show the visitor the various methods of recording the transactions to show that his position in the bank was not a sinecure by any means, his eye fell on a certain entry. Staring at it a moment, he suddenly closed the book and without an excuse for his erratic movements darted out of the office and up the street at a record speed. The New Yorker stared and wondered what had happened, but waited his friend's return. He waited an hour, very impatiently, but no cashier turned up. The clerks in the bank were equally mystified and astonished at the sudden and prolonged absence of their chief. Finally the perplexed visitor returned to his hotel. After supper he concluded to again call at the bank and investigate; for in those days banks closed at almost any old time, and frequently transacted more business at night than in the hours of daylight.
The missing cashier was there and fully prepared with an ample apology. He explained that while showing the big ledger his eye hap- pened to fall upon an entry under the head of "Bills discounted, past due." The bill was for $3.500 and had been overdue just six years to a day ! The maker of the obligation was a man residing near Jackson. IIe suddenly remembered that the telegraph line was opened that day to Jackson. What was to be done? It was three o'clock in the afternoon. Ile ran to the office of one of the bank's attorneys, returned with him and at once sent a message to an attorney in Jackson to commence suit that day to prevent outlawry. The machinery was set in motion and suit commenced before dark. This dynamic procedure was eminently successful in its results. The bank obtained security and finally pay- ment in full of the debt.
THE FIRST NATIONAL BANK
The First National Bank of Monroe may be said to be a lineal de- scendant from the old Bank of Monroe, created in the territorial days of Michigan, or about the year 1827-8. It was during that period of early financiering, when "Wild Cat" banks were flourishing, and all previous and subsequent systems of banking were set at naught, and the flights of financial gains were lofty, if not sublime. The "Bank of Monroe" failed in 1837, in common with hundreds of other western and eastern institutions. There were five banks in Monroe county, the Bank of Monroe, the Bank of the River Raisin, the Merchants & Mechanics Bank, Vol. I-23
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the Bank of Brest, and the Bank of Manhattan,-capitalized each for from $100,000, to $1,000,000, but with total cash assets of about $10,000. (In the chapter of "banks, bankers and banking" some attention in detail is devoted to this period of Monroe banks.)
In the year 1854, Charles G. Johnson who had been a dry goods merchant in Monroe for many years, sold his business to Morrison Paulding, who had recently realized a handsome sum of money from the bequest of a relative and with the cash thus made available, Mr. John- son joined with Talcott E. Wing, in establishing a banking office under the firm name of Wing and Johnson. This partnership continued until the creation of national banks by act of congress, when steps were taken to organize a national bank in Monroe, the nucleus of which was the banking firm of Wing and Johnson. Application was made for a charter under this act, signed by Caleb Ives, Wmn. H. Boyd, T. E. Wing, C. G. Johnson, and recommended by Jacob M. Howard and Zachariah Chand- ler, senators from Michigan, both of Detroit; Fernando C. Beaman, member of congress, and H. P. Baldwin, president of the Second National bank of Detroit. The bank was finally organized with $100,000 capital, in August 20, 1865, the following being incorporators: William White, Newport, 250 shares; Charles G. Johnson, 200 shares; Wm. H. Boyd, 250 shares; Caleb Ives, 200 shares; T. E. Wing, 100 shares; the par value of shares being $100 each. Caleb Ives was the first president and Charles G. Johnson, cashier, T. E. Wing, vice-president. The sum of $1,000 was voted by the directors as a bonus to Wing and Johnson for the transfer of their business. The new bank went into operation on November 1, 1865, in the building occupied by Wing and Johnson to whose business it succeeded. The bank continued to occupy these premises until 1911, when it removed into the new and elegant offices among the finest in the state, built by the bank, on the corner of Front and Washington streets, where it now transacts a very large business with a clientele extending over the entire county. The officers of the bank are as follows: General Geo. Spalding, presi- dent; Edward C. Rauch, vice-president; William G. Gutmann, cashier; Fred J. Sill, assistant cashier. Directors, General Geo. Spalding, Wm. G. Gutmann, E. C. Rauch, Fred J. Sill, John E. Landon.
The bank building was erected for banking purposes and con- tains every modern convenience for the use of the bank and its patrons. The second floor is devoted to suites of offices, reached by a hall from Washington street. These are handsomely finished and provided with all the accessories of the modern office building. The occupants are Charles R. Wing, A. L. Hanson, John M. Bulkley, A. B. Bragdon, Thornton Dixon.
THE MONROE STATE SAVINGS BANK
This, the youngest of Monroe's financial institutions was organized in April, 1905, and opened for business September 7 following, with a capital of $50,000, and reserve of $6,000, and with the subjoined list of officers and directors, constituting the first board of managers: J. A. Baker, president; L. W. Newcomer, vice-president; H. H. Bridge, cashier ; W. A. Meier, assistant cashier. Directors: J. A. Baker, H. H. Bridge, L. W. Newcomer, Edmond Dull, L. C. Knapp, E. C. Betz, F. H. Hum- phry, H. E. French, C. A. Boehme. Dr. Baker, the president, sold his holdings in the bank a couple of years later and retired, when L. C. Knapp was elected to succeed him and still remains at the head of the bank.
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At the last election of officers, the following were chosen: L. C. Knapp, president; John P. Bronson, vice-president; Walter A. Meier, cashier ; A. E. Durbar, assistant cashier. The total assets, at this time, November, 1912, are somewhat over $400,000.
B. DANSARD & SON'S STATE BANK
In 1836, while Michigan was still a territory, Benjamin Dansard came from Paris to Monroe and entered the mercantile business. By good business methods his business increased, keeping pace with the growth of the town. In 1858 the need of a banking institution was apparent and Mr. Dansard decided to supply it. He formed a co-part- nership with Louis Lafountain, and opened a bank in the back of his store, and it proved so successful he decided to follow it exclusively. He at once purchased the building on the corner of Washington and Front streets, where the banking house is now located, and upon its completion disposed of his mercantile business, and devoted all of his energies to building up the bank. At this time he took into partner- ship his son Joseph, and B. Dansard & Son's Bank was successfully launched. Twenty years after it was founded, Joseph Dansard died, and Benjamin Dansard, Jr., who at the age of twenty had been taken in as a partner, became the active manager of the institution.
In 1888 Benjamin Dansard, the founder of the bank died, and Benjamin Dansard, Jr., became its head. On the first of January, 1893, Boyez Dansard, the oldest son of Benjamin Dansard, Jr., entered the banking house of his father as a partner and a perpetuation of the old established firm of B. Dansard & Son, making the second and third generation now in control. This continued until 1903, when Benjamin Dansard, Jr., died. Boyez Dansard then succeeded to the presidency, and the latter's brother, Benjamin Dansard III, became a partner.
The business continued to be successfully conducted under the original firm name until 1905, when B. Dansard & Son's Bank recog- nizing the tendency toward state and national banks, decided to incor- porate into a state bank. The change went into effect on September 1st of that year, and the bank has since been known as B. Dansard & Son's State Bank. It was capitalized at $50,000. In reading the names of the new stockholders it could be seen at a glance that they were among the city's best business and financial men. Insuring as it did their efforts for the promotion of the bank's future progress, the wisdom of the change was readily recognized. Under the new conditions, Boyez Dansard remained at the head as its president, Benjamin Freidenberg became vice-president, and Benjamin Dansard retained the position of cashier.
With the continuance of the able management, the bank's business developed a remarkable and gratifying growth, and the stockholders and directors had for some time been considering the advisability of increasing the capital stock. Plans were quietly perfected and in April, 1910, at a special meeting of the stockholders it was unanimously voted to increase the stock from $50,000 to $100,000. Most of the stockholders took advantage of the opportunity to increase their holdings, the balance was distributed among fifty-one of Monroe's progressive men. To accommodate the increased business which was growing steadily, it was further decided to enlarge the bank building. The bank purchased the store adjoining it on the east, on Front street, which was embodied in, and made uniform with the present building. The safety and conven- ience of the new banking house is admirably provided for. Every known mechanical protection against fire and robbery has been installed. There
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is first the safety deposit vault. This is two stories in height and built of concrete and steel; the walls being practically impregnable and absolutely fire-proof. Within this outer vault is the safety deposit vault, itself of design and material to defy all dangers from fire and robbery. Added to this, the best electric system of burglar and fire alarm in the market has been installed.
In another vault is the safe, in a cabinet which is also electric lined. The system of alarms are operated by a time lock device, which makes it impossible for any one, whether employee or outsider, to enter the vault without ringing the bell. Besides being fire and burglar proof the safety deposit vault has other protective features for papers and valuables stored therein.
Much might be written about the successful career of B. Dansard & Son's State Bank. Perhaps the greatest compliment that can be paid to the management, is the statement that at no time during its existence was there a time when it could not meet every obligation. It has weathered many financial storms, and its policy while progressive, has ever been careful and conservative, so that it has well merited the unqualified confidence reposed in its integrity and stability.
At the present writing the officers are: Boyez Dansard, president ; Benjamin Freidenberg, vice-president ; Benjamin Dansard, cashier, and Carl Kiburtz, assistant cashier. The directors are: Dr. P. S. Root, Benjamin Freidenberg, Boyez Dansard, Benjamin Dansard, E. L. Dan- sard, and E. R. Gilday.
CHAPTER XXVII CRIMES AGAINST BANKS
THE BANK OF RIVER RAISIN-THE CRIMINAL-THE CASHIER-FIRST ADVANCES IN PLOT-ATTEMPTED MURDER-WOULD-BE MURDERER SENTENCED-CASHIER RECOVERS-FIRST NATIONAL BURGLARY AND ROBBERY-BURGLARY OF LA FOUNTAIN & LORANGER BANK
The history of banks and banking in Monroe is an interesting one, though it necessarily embraces some of the unpleasant incidents, and encounters a limited number of the dangerous episodes which beset the course of financial institutions. With the exception of Detroit, no other city of Michigan has a longer or more varied banking record. It has an interesting past, as it has a prosperous present, and a richly promising future.
Yet a tragedy of most somber hue has a place in its annals, which, even in the early days when it was perpetrated, the circumstances of its enormity and black treachery, aroused not only this quiet community on the Raisin, but caused the most profound sensation in the general public.
THE BANK OF RIVER RAISIN
The story as told by a still living resident of Monroe, is vividly remem- bered and clearly narrated, which runs as follows: In the early "for- ties" for several years, the "Bank of the River Raisin" was one of the most stanch and important in the commonwealth of Michigan. The bank occupied a building of its own, on Washington street, at the north- west corner of the public square, the site now occupied by the Park Hotel. It was decidedly a striking and substantial structure of brick, two stories in height, having a row of heavy Corinthian columns along its front reaching the height of the two stories. (See illustration in chapter on "Banks and Banking.")
The bank usually carried quite a large amount of specie and currency to meet the demands of business of the growing town, for the mail, ex- press and telegraphic facilities of three quarters of a century ago were not such as they are today-and it was not, as now, possible to provide for an emergency on an hour's notice. Silver coin, the principal circu- lating medium, was transported between Detroit and Monroe in kegs or boxes, by stage or by private conveyance as required, a mode of trans- portation offering excellent opportunity for highwaymen to practice their vocation,-though "hold-ups" were rare. At the time when a special temptation was offered, which led to the crime referred to, the bank was known to have in its vault an unusually heavy amount of cash.
THE CRIMINAL
There lived in the town a man of dissolute habits-a "black sheep" in a most respectable family. He had no regular occupation-but occa-
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sionally worked at the trade of a tinner-in fact one of the class who spend a part of their time looking for trouble and seldom fail to find it without the aid of a microscope.
THE CASHIER
At this time the cashier of the bank was Mr. Lewis Hall, a young man of high character, who was custodian of the bank's funds. He was also quite interested in the reformation of the ne'er-do-well, who we will call Wells, and on many an occasion had extricated him from difficulties, and was constantly using his influence to direct him towards a better life.
FIRST ADVANCES IN PLOT
One evening as Mr. Hall was sitting in the public room of the Ex- change Hotel, Wells appeared at the door and called Mr. Hall out. He informed Mr. Hall that he was bringing a keg or two of specie from De- troit, to deposit in his bank, that he had met with an accident a short dis- tance north of the city and asked his assistance in bringing it to the bank, also stating that a lantern would better be obtained at the bank, for he had secreted the silver in the woods, and it could be more easily found with a lantern. (This was apparently done for the purpose of ascer- taining if Hall had the keys to the bank.)
THE ATTEMPTED MURDER
The lantern having been procured, the two men drove northward; arriving at the spot where the silver was alleged to have been concealed, they entered the woods which grew thickly along both sides of the road; not many steps had been taken, when Hall, who was carrying the lan- tern, heard a sharp though not loud noise resembling the snapping of a percussion cap.
Startled slightly, Hall asked of his companion, "What was that noise, Wells?" He replied, "I stepped on a dry twig and broke it."
Directly Hall heard a pistol shot (this time the percussion cap had not missed fire) and felt the sting of a bullet, and turned quickly upon Wells, crying ,"What in the world are you doing, man ; you've shot me!"
The other explained that he was trying to get his pistol out of his pocket and it was accidentally discharged.
Still unsuspicious, Hall said, "Well, you had better be more careful. I am not hurt much, but I don't want any more accidents."
Hardly had he uttered the words than a second shot was heard, and a bullet took effect in Hall's body, and brought him to the ground. "Are you trying to murder me, Wells? What does all this mean ? Take me back to town at once. I am badly hurt."
Wells helped his victim up and to the wagon, unhitched the team and started back to Monroe, driving rapidly until reaching the river, when, instead of crossing the Macomb street bridge, as he should have done, he drove down a short but steep incline leading to the river, which was occasionally used for watering horses, or to reach a fording place, when the water in the stream was at a low stage.
Hall cried out, "Where are you going, are you crazy, man ? drive me home at once !"
The river was crossed, and the wagon driven south on Macomb street, but instead of stopping at Hall's home, which was in a small house at the southwest corner of First and Macomb streets, known now as the Armit-
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age corner, he drove past, crossing Second street until opposite the pres- ent Waldorf house.
Hall, thoroughly alarmed, managed to throw himself from the wagon, and then to painfully crawl to his home. Here surgical aid was summoned and the alarm given. Wells coolly drove his team to the barn where he had procured the outfit earlier in the evening, made no attempt to escape, went to the "Exchange" where he lodged, and after visiting the bar, retired to his room.
WOULD-BE MURDERER SENTENCED
By the arrival of daylight, the report of the affair had been spread through the village, and a crowd gathered at the hotel, demanding that Wells to be turned over to them. But the city officers had already secured Wells and put him safely in jail. He adhered to the story of accidental shooting and showed a hole in his coat pocket where the bullet had cut through, but it availed him nothing. He was tried at the next session of the circuit court and sentenced to the state prison, at hard labor for twenty years. After the expiration of his sentence he is supposed to have gone to the Pacific coast, where he is said to have been seen by an acquaintance.
CASHIER RECOVERS
Mr. Hall recovered from his wounds, but carried one of the bullets in his body during the remainder of his life. The theory of this at- tempted murder and robbery, coupled with the outrageous circumstances of ingratitude and treachery towards his only friend, is, that Wells had in some way learned that there was a large amount of money in the bank, and that Mr. Hall carried the keys to the bank and its vault, devised this desperate scheme to decoy Hall to the woods, as he did, there to shoot him to death, possess himself of the keys, loot the bank, and escape with his plunder in the wagon which he had hired for that pur- pose. Of course there were no kegs of specie to be conveyed to the bank, they had no existence, whatever, except in Wells' false story. The plot which was a most diabolical one, must have succeeded had not Wells lost his nerve and courage, like the arrant coward that he, desperate scoundrel, was ..
Mr. Hall was restored to his position in the bank and lived for many years in Cleveland, Ohio.
FIRST NATIONAL BURGLARY AND ROBBERY
Another sensational incident in the banking experience of Monroe, was the burglary and robbery of the First National Bank, on Novem- ber 24, 1875, which stirred the city to its very center. It was one of the boldest and most successful crimes of the kind that had occurred in Michigan in years. The story is told in the Detroit Free Press of the 25th of November, the day following, which, somewhat abridged is here given: "The business portion of Monroe was electrified this morn- ing by the report that the First National Bank had been burglarized at an early hour, and a large sum of money taken. Entrance to the bank was first thought to have been effected through one of the front doors which it had been customary to keep closed and locked. The supposition is that the thieves were in the bank during the day previous, and unperceived, unlocked this door, in the hope that it might escape notice, when closing the bank at night, which would afford them easy and noiseless entrance. This theory was logical because the door was
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