USA > Ohio > Knox County > A history of Knox county, Ohio, from 1779 to 1862 inclusive > Part 11
Note: The text from this book was generated using artificial intelligence so there may be some errors. The full pages can be found on Archive.org (link on the Part 1 page).
Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9 | Part 10 | Part 11 | Part 12 | Part 13 | Part 14 | Part 15 | Part 16 | Part 17 | Part 18 | Part 19 | Part 20 | Part 21 | Part 22 | Part 23 | Part 24 | Part 25
1840, B. F. Smith.
1841, J. N. Burr, B. F. Smith, James Huntsbery.
1842, B. F. Smith, T. Winne.
1843, 66 J. N. Burr, Isaac Davis.
1844, 66 M. Tracy.
1845,
J. N. Burr, J. B. Brown.
1846, 66 66 M. Tracy.
1847, J. B. Brown, S. P. Axtell, M. Tracy.
1848, 66
1849, 66 G. W. Williams.
1850, 66 J. N. Burr, W. Dunbar.
G. W. True.
1851, 66
66
1852, 66 1853,
G. W. True, James Smith, Jr.
1854, G. W. True, G. WV. Stahl, B. F. Smith. 1855,
F. B. Plimpton.
169
KNOX COUNTY.
1856, Dennis Smith, G. W. Stahl, S. P. Axtell.
1857, G. W. True, J. N. Burr, S. P. Axtell.
1858, J. N. Burr, J. C. Devin,
1859, John Adams, S. P. Axtell, J. B. Beardslee, Dr. J. N. Burr, D. G. M.
1860, C. S. Pyle, S. P. Axtell, J. B. Beardslee.
1861,
Present Officers .- C. S. Pyle, W. M .; W. B. Brown, S. W .; J. B. Beardslee, J. W .; James Huntsbery, Treasurer; S. P. Warden, Secretary; H. W. Owen, S. D .; L. B. Curtis, J. D .; J. R. Wallace, Tyler.
Standing Committee, 1862 .- J. N. Burr, S. P. Axtell, N. E. Lewis.
Relief Committee .- L. B. Curtis, Thomas Harvey, John Ring- walt.
Among the members of this Lodge of long stand- ing we may mention the venerable William Beardslee, who was made a Master Mason at Ste- phentown, N. Y., in 1804, who in 1817 represented Center Star Lodge, No. 11, in the Grand Lodge of Ohio, at Chillicothe, and whose three sons-Job H. G., Wm. B., and John B .- are also of the craft.
Adam Pyle, our much-respected townsman, was made a Master in 1821 ; and Dr. Jonathan N. Burr is the oldest Past Master in this part of the country. In 1825 he was raised in this Lodge, in 1829 be- came its W. M., and since then has served in that position longer than perhaps any Master in the State. For his zeal and fidelity he was presented by the brethren of Mt. Zion Lodge with a beautiful Past Master's Jewel in 1852; and the Sir Knights for like cause in 1859 presented him with a Tem- plar's sword. Long may this bright light be per- mitted to illustrate the virtues of Masonry.
170
HISTORY OF
Thrall Lodge No. 170, Fredericktown, was char- tered October 18th, 1849.
First Officers .- Chancy Hill, W.M .; T. V. Parke, S.W .; A. Keller, J.W .; J. Wages, Treasurer; O. W. Rigby, Sec'y ; D. C. Beach, S.D .; D. P. Coffinbury, J.D .; N. S. Reed, Tyler.
Number of members, 32.
Ohio Lodge No. 199, Bladensburg; Chartered October 28th, 1851.
Eli Farnum, W.M .; A. C. Scott, S.W .; G. M. Hill, J.W .; E. Bebout, Treasurer ; J. H. Miller, Sec'y ; G. Upfold, S.D .; J. N. Hurry, J.D .; Johnson Hill, Tyler.
Number of members, 26.
Antioch Lodge No. 286, located in Danville, was chartered Oct. 26th, 1856.
First Officers Under Charter .- John White, W. M .; Wait Whit- ney, S. W .; U. B. Kinsie, J. W .; S. W. Sapp, Secretary; M. Hil- dreth, Treasurer; Z. Hibbetts, S. D .; -- - , J. D .; A. S. Church, Tyler.
Chartered Members .- John White, Wait Whitney, U. B. Kinsie, Samuel Kinsie, Isaiah Hieth, S. W. Conner, Z. Hibbetts, John Biggs, Daniel Hess, B. S. Church, A. S. Church, Miner Hildreth, S. W. Sapp, B. Casteel, C. W. Page.
First Initiation in Lodge .- Henry Hibbetts.
Present Officers .- M. Hildreth, W. M .; S. W. Sapp, S. W .; A. S. Church, J. W .; Calvin Simmons, Secretary; Alonzo Gardner, Treasurer; John C. Gaines, S. D .; Henry Hibbetts, J. D .; Mark Greer, Tyler.
Present number of members, 45.
Clinton Royal Arch Chapter No. 26, was created the 16th day of May, 1842, under a dispensation from the Most Excellent Comp. G. D. Hines, Dept. G. H. P. of the Grand Chapter of the State of Ohio.
171
KNOX COUNTY.
First Officers .- J. N. Burr, E. H. P .; B. F. Smith, King; James Huntsbery, Scribe; -- , Secretary ; C. Delano, P. S .; B. H. Taylor, C. of H .; S. W. Burr, R. A. C .; A. Corbin, A. C. Rowland, J. Garrison, Masters of the Vails; Joseph Muenscher, Chaplain.
On the 20th of May, the above officers were duly installed by M. E. G. D. Hines, Dept. G. H. P.
Officers in 1862 .- S. P. Axtell, E. H. P .; J. N. Burr, King; W. M. Mefford, Scribe; Dennis Smith, C. of H .; J. B. Beardslee, P. S .; W. B. Brown, R. A. C .; O. M. Arnold, G. M. 3d Vail; C. S. Pyle, G. M. 2d Vail; R. D. Huntsbery, G. M. 1st Vail; James Huntsbery, Treasurer; S. P. Warden, Secretary; J. R. Wallace, G.
Standing Committee, 1862 .- J. N. Burr, O. M. Arnold, J. B. Beardslee.
Clinton Encampment No. 5, of Knights Tem- plars and Appendant Orders, was instituted at Mount Vernon on the 12th of October, 1843, by virtue of authority and a letter of dispensation granted for that purpose by William James Reese, General Grand Generalissimo of the General Grand Encampment of the United States of America. The grant was to B. F. Smith, Joseph Muenscher, Isaac Davis, J. M. Smith, and A. D. Bigelow.
First Officers of the Encampment .- Sir Joseph Muenscher, G. Com .; Sir B. F. Smith, Gen .; Sir A. D. Bigelow, Capt. Gen .; Sir J. N. Burr, Prelate; Sir C. Delano, S. W .; Sir Isaac Davis, J. W .; Sir James Huntsbery, Treasurer; Sir T. Winne, Recorder; Sir Adam Randolph, Standard-bearer; Sir Joseph Hildreth, Sword- bearer; Sir E. W. Cotton, Warden; Sir D. D. Stevison, Sentinel.
Present Officers .- Sir J. N. Burr, G. Com .; Sir Dennis Smith, Gen .; Sir J. B. Beardslee, Capt. Gen .; Sir Adam Randolph, Pre- late; Sir William Mitchell, S. W .; Sir S. P. Axtell, J. W .; Sir James Huntsbery, T .; Sir S. P. Warden, R .; Sir Wm. Sanderson, Jr., Standard-bearer; Sir W. M. Mefford, Sword-bearer; Sir E. W. Cotton, Warden; Sir J. R. Wallace, Sentinel.
Number of Sir Knights, 31.
172
HISTORY OF
DUYI GREEK BANK OF MOUNT VERNON.
CHAPTER XV.
THE OWL CREEK BANK OF MOUNT VERNON.
ITS PUBLIC AND PRIVATE HISTORY. - LET IT BE RELIEVED FROM ODIUM!
THE history of Knox county would be incom- plete without a faithful and true account of an institution with the above cuphonious name, lo- cated upon the banks of Owl Creek, and within the sacred precincts of Mount Vernon. The en- graving above gives a view of one of "the owls" issued by this bank. They were of every denomi- nation from the shinplaster form of 64 cents up to $10. The paper, engraving and finish of the notes, although not so perfect in every respect as those issued by banks in the present day, never- theless is of a higher order than those put forth by the so-called "Confederate States of America," of which Cotton is king, and Jeff. Davis vicegerent. From the journals and old files of that day, as far as accessible, we have compiled the following.
There being great complaint of the scarcity of
173
KNOX COUNTY.
money after the war, large numbers of people in various cities and towns in the United States, and more particularly in the West and Ohio, conceived the idea of multiplying the quantity of paper in lieu of money by manufacturing what is called a "currency." Among other points, those of Mount Vernon determined to engage in the business of making money. As early as December, 1814, a meeting was held, and articles of association for the organizing of a bank, to be called the "Owl Creek Bank of Mount Vernon," were entered into, fixing the capital stock at $150,000, divided into shares of $50 each, payable in installments of not exceeding $5 each, and appointing certain commis- sioners to open stock books, &c. Petitions were then presented to the Legislature, praying for a charter; and after having petitioned the Legisla- ture for an act authorizing such an association, and been denied the grant, determined to "go it alone," on their own hook.
On the 10th day of April, 1816, the first meeting of record of those who inaugurated the Owl Creek Bank was held at the court-house in Mount Ver- non, and as this is the most important of all events in the early history of Knox county, we give the proceedings entire of this the first meeting, and also of the first meeting of the Board of Managers on the 17th inst.
" Agreeable to previous notice, there was a meeting at the court- house on April 10th. Jonathan Miller was called to the chair, and Joseph Brown appointed Secretary. The following independent sentiments were set forth :
"Resolved, That we have by the Constitution of this State guar-
174
HISTORY OF
antied to the people of this State a full and fair right and privilege to have charters granted when we shall petition the legislative body of this State for that purpose. We, the undersigned, having complied with the requisitions of the Constitution, and will con- tinue so to do, without waiving our rights and privileges.
"Therefore be it resolved, That we do form ourselves into a com- pany for the purpose of establishing a bank in the town of Mount Vernon, Knox county (Ohio).
"2. Resolved, That the following named gentlemen be appointed managers of said bank, and to draft articles of association and by- laws for the future government of the company, viz .: James Smith, Wm. Mitchell, M. Merritt, Abraham Darling, Hosmer Curtis, John Warden, Gilman Bryant, Jonathan Miller, L. S. Silliman, Benja- min Martin, Joseph Brown, John Green and Jacob Young.
"From this number a committee was appointed to draft the arti- cles, who met at the house of Joseph Brown on the 17th April, and adopted the following:
ARTICLES OF ASSOCIATION OF THE STOCKHOLDERS OF OWL CREEK BANK OF MOUNT VERNON.
" BE IT KNOWN, That we, the subscribers, having formed a com- pany and limited partnership, do hereby agree and associate with each other, to conduct banking business in the manner hereinafter specified, under the name and title of the Owl Creek Bank of Mount Vernon.
" And we do hereby covenant and mutually agree, that the fol- lowing are and shall be the fundamental articles of this our asso- ciation, by which all persons who are parties hereto, or may in future transact business with this association, shall be bound and concluded :-
" ARTICLE 1. The capital stock of the company shall be two hundred and fifty thousand dollars, current money of the United States, with the privilege of extending it to five hundred thousand dollars, and of commencing business so soon as twenty-five thousand dollars is subscribed-to be divided into shares of fifty dollars eachı.
" ART. 2. The books for the subscription of said stock, shall be opened on the first Monday in March next, at such places and under such agents as the commissioners may think proper, at the hour of ten o'clock in the morning, and continue until three o'clock
175
KNOX COUNTY.
in the evening of the same day, and from day to day during said hours, until the whole number of shares are subscribed for. The books thus to be opened, are to be under the direction of the fol- lowing named commissioners, viz: Jonathan Miller, James Smith, Gilman Bryant, John Warden, Benjamin Martin, H. Curtis, W. Mitchell, M. Merritt, A. Darling, Jacob Young, John Green, L. S. Silliman and Joseph Brown. At the time of subscribing, there shall be paid to the commissioners or their agents, on each share subscribed for, the sum of one dollar ; the further sum of two dol- lars and fifty cents shall be paid on each share, within ninety days thereafter, at such place as the commissioners shall appoint, of which due notice shall be given ; the residue in such portions and at such places as the directors hereafter to be chosen shall appoint; they giving at least sixty days notice thereof in the public news- paper of the county : Provided, such installments shall at no time exceed two dollars and fifty cents ; neither shall any subsequent installment be called for until a previous one has become payable.
" ART. 3. No person or persons, body politic or corporate, shall be permitted on the first day to take more than one hundred shares, and if the shares are not all taken on that day, the foregoing part of this article is not to operate.
" ART. 4. If it shall so happen, that more than the stipulated number of shares may be subscribed for, the commissioners shall apportion them by deducting from the highest subscription ; and if more persons subscribe than there are shares, the commissioners shall determine by lot to whom such shares belong; and as soon as may be thereafter, receipts shall be issued to the stockholders, and certificates of the amount of stock held by each.
" ART. 5. If any stockholder shall fail to pay his, her, or their installment, to the amount of three dollars on each share at the time or times, or in the manner heretofore specified, such stockholder shall forfeit to the use of the company all monies paid antecedent to such failure or default; however no forfeiture of stock shall take place, after three dollars on each share shall have been paid. But to secure the regular payment of any installment or call, after five dollars on each share hath been paid, such stockholder shall not be entitled to a dividend until such installment or call shall be fully paid; and the dividend thereafter to be paid to such stockholder (as well upon the money regularly paid as upon the money paid
176
HISTORY OF
after default) shall be calculated only from the time when said installment shall be fully paid.
" ART. 6. The affairs of the company shall be conducted by thirteen directors, and a president, whose place, if chosen from among the number of directors, shall be supplied by the choice of that body, the whole of which is to reside within the county of Knox; and five directors, together with the president, shall form a board or quorum for the transacting of all business of the company. Each director shall be a stockholder at the time of his election. and shall cease to be a director if he should cease to be a stock- holder; and the number of votes to which each stockholder shall be entitled, shall be in proportion to the stock he may hold, as follows, viz: For the first five shares, one vote ; for ten shares, two votes; and for each additional ten shares, one vote ; and no stockholder shall be entitled to vote, who has not held his stock six calender months next preceding the election, except as to the first election-all stockholders, residing within five miles of Mount Vernon, shall vote by ballot in person, and those who reside a greater distance from Mount Vernon than five miles may vote by proxy, which at all elections is to be made in such form as may be directed by the board.
" ART. 7. The first election for directors shall be on the fourth Monday in May next, under the superintendence of the commis- sioners, four of whom shall form a quorum. The directors so elected shall take their seats at the board the day following their election, and they, or a majority of those present, shall proceed immediately to the choice of a president, all of whom shall continue in office for one year, and until their successors shall be regularly elected and qualified. All future elections for directors shall be held annually on the fourth Monday in May, under the superintendence of three persons, being stockholders, to be appointed by the president and directors for the time being, of which at least four weeks notice of the time and place shall be given by advertisement in the public papers in Knox county. The bank shall be established as near the court-house, in Mount Vernon, as may be thought most conven- ient by the board of directors,
" ART. S. As to vacancies.
" ART. 9. The president, directors, and superintendents of elec- tions, before they enter upon the duties of their respective offices, shall take the following oath or affirmation, as the case may be :
177
KNOX COUNTY.
I do solemnly swear (or affirm) that I will impartially, faithfully, diligently and honestly execute the duties of a of the Owl Creek Bank of Mount Vernon, conformably to the con- stitution and articles of association of the same, and the trust reposed in me, to the best of my skill and judgment. And the cashier, the tellers, book-keepers and other officers, shall also take a similar oath or affirmation, and shall besides give bond with security to the satisfaction of the president and directors for a faithful discharge of the duties in their respective stations.
" ART. 10. The board of directors are hereby fully empowered to make, revise, alter or annul, such rules, orders, bye-laws and regulations for the government of the company, and that of their officers and others whom they may think proper to employ, as they or a majority of them shall, from time to time, think expedient, not inconsistent with law or these articles of association, and to use, employ and dispose of the joint funds or property of said com- pany (subject only to the restrictions hereinafter mentioned) as to them or a majority of them may seem expedient.
" ART. 11. As to signatures to bills, &c.
" ART. 12. As to books.
" ART. 13. The board of directors shall have power to appoint a cashier and such other persons as they may think proper to employ for executing the business of the company, and to establish the compensation to be paid to the president, cashier, and others respectively ; all which, together with all other necessary expen- ses, shall be paid out of the joint funds of the company.
"ART. 14. Two-thirds of the directors shall have power to call a general meeting of the stockholders, for purposes relative to the concerns of the company, giving at least two months notice in the public newspapers of the county, and specifying in such notice the object or objects of such meeting.
" ART. 15. The shares of the capital stock at any time, owned by any individual stockholder, may be transferred on the books of the company, according to such rules as (according to law) may be established in that behalf by the board of directors ; but all sums for which the stockholder is liable, as drawer, must be satisfied before such transfer can be made.
" ART. 16. No transfer of stock in this company shall be con- sidered as binding on this company, unless made in a book or
12
178
HISTORY OF
books to be kept for that purpose by this company. And it is hereby further expressly understood that any stockholder who shall transfer in manner aforesaid all his stock or shares in this company, to any person or persons whatever, shall cease to be a member of this company, and that any person or persons whatever who shall accept a transfer of any stock or share in this company, shall become a member of this company according to these articles of association.
"ART. 17. It is hereby expressly and explicitly declared, to be the object and intentions of the persons who associate under the title and firm of the president and directors of the Owl Creek Bank of Mount Vernon, that the joint stock or property of the said com_ pany (exclusive of the dividends to be made in the manner herein- after mentioned) shall alone be responsible for the debts and engagements of said company, or to whom they shall or may become indebted by such engagements, and no person or persons to whom this company may in any wise become indebted, shall on any pre- tence whatever have recourse against the separate property of any present or future member of this company, or against their persons, further than may be necessary to secure the faithful application of the funds thereof to the purposes to which by these presents they are liable. But all persons accepting any bond, bill, or note, or other contract of this company, signed by the president and coun- tersigned or attested by the cashier of the company for the time being, or dealing with it in any other manner whatever, thereby give credit to the said joint stock or property of said company, and disavow having recourse, on any pretence whatever, to the person or separate property of any present or future member of this com- pany, except as above mentioned. And all suits to be brought against the president for the time being, and in case of his death or removal from office, pending any such snit against him, measures shall be taken at the expense of the company for substituting his successor in office as defendant, so that persons having any demands upon the company may not be prejudiced or delayed by that event; or if the person suing shall proceed against the person first named as defendant (notwithstanding his death or removal from office) this company shall not on that account, take advantage of such proceedings by writ of error or otherwise; and all recoveries had in manner aforesaid shall be conclusive upon the company, so far as to make the funds or joint stock of this company liable for such
179
KNOX COUNTY
amount, and no further ; and the company shall immediately pay the amount of such recovery out of the joint stock, but not other- wise ; and in case of any suit in law, the president shall sign his appearance upon the writ, or file common bail thereto, it being expressly understood and declared that all persons dealing with said company agree to these terms and are to be bound thereby.
" ART. 18. Dividends of the profits of the company, or so much of said profits as shall be deemed expedient and proper, shall be declared half yarly in every year, and shall from time to time be determined by a majority of the directors present, at a meeting to be held for that purpose, and shall in no case exceed the amount of the net profits actually acquired by the company, so that the capital stock of the company shall never be impaired by dividends; but the directors shall be at liberty to retain at least one per centum upon the capital, as a fund for future contingencies.
" ART. 19. If the directors shall, at any time, willfully and knowingly make or declare any dividend which shall impair the capital stock, all the directors present at the making or declaring such dividends, and consenting thereto, shall be liable in their individual capacities to the company, for the amount or proportion of said capital stock so divided by said directors ; and each director who may be present at the making or declaring such dividends, shall be deemed to have consented thereto, unless he does immedi- ately enter in writing his dissent on the minutes of the proceedings of the board, and give publie notice to the stockholders that such dividend has been made.
" ART. 20. These articles of association and agreement shall be published three times in the public newspapers of the county, at least two months before the books are opened ; and for further information, to all persons who may transact business withi, or in any manner give credit to this company, every bond, bill, note, or other instrument or contract, by the effects or terms of which the company may be charged or held liable for the payment of money, shall specially declare in such form as the board of directors shall prescribe ; that payment shall be made out of the joint funds of the Owl Creek Bank of Mount Vernon, according to the present articles of association, and not otherwise; and it is hereby ex- pressly declared, that no engagements can be legally made in the name of said company, unless it contain a limitation or restriction to the effect above recited.
180
HISTORY OF
"ART. 21. The company shall in no case be owners of any real property, except a site for banking business, or directly or indirectly be concerned in trade, or the purchase or sale of any goods, wares or merchandise whatever (bills of exchange and bullion excepted), except such lands, goods, wares, or merchandise as may be truly pledged to them by way of security, or conveyed to them for debts due, owing or growing due to the said company, or pur- chased by them to secure such debts so due to said company.
" ART. 22. This association shall continue until the fourth Monday in May, one thousand eight hundred and thirty ; but any number of stockholders, not less than fifty, who together shall be proprietors of not less than five hundred shares, may, for any pur- pose relative to the institution, at any time apply to the president and directors to call a general meeting of the stockholders, and if by them refused, the same number of stockholders, proprietors of not less than that number of shares, may and shall have power to call a general meeting of the stockholders, giving at least two months' notice in the public papers in Knox county, specifying in such notice the object or objects of such call.
" ART. 23. Immediately on the dissolution of this association, effectual measures shall be taken by the directors then existing, for closing all the concerns of the company, and for dividing the capital and profits which may remain among the stockholders, in proportion to their respective shares.
" In witness whereof, we the undersigned have hereunto set our names or firms, this - day -, one thousand eight hundred and -. "
Shortly after the opening of subscription lists, the following notice was published :
" NOTICE.
" It. is requested that all persons holding books for the sale of shares in the Owl Creek Bank of Mt. Vernon, will be pleased to receive the installments due thereon, and forward the same by the 20th day of the present month.
B. MARTIN, JOS. BROWN, Bank Commissioners.
JAMES SMITH,
" MOUNT VERNON, July 3d, 1816."
181
KNOX COUNTY.
The preliminaries having been arranged, the bills are ready to circulate, and the officers publish the following in the Register, page 175, which explains the modus operandi:
Need help finding more records? Try our genealogical records directory which has more than 1 million sources to help you more easily locate the available records.