Seneca County, Ohio - Chapter 21: The Banks of Tiffi N - I Nsurance Com Pani Es -Secret and Benevolent Societies, 1880

Chapter 21: The Banks of Tiffi N - I Nsurance Com Pani Es -Secret and Benevolent Societies

IN the spring of 1847 the question of establishing a bank in Tiffin was agitated by sonic of the monied men in the place, and it became apparent very soon that rival interests were growing into conflicting proportions. One wing followed the leadership of R. W. Shawhan, and the other, that of Rufus U . Reid, the leading rival merchants of Tiffin at that time. To the outside world it seemed at times that one party would succeed, and then the other, but finally Mr. Reid, who never was very scrupulous in any thing, succeeded in securing a charter.

( )n the i2th day of July, 1847, Benjamin Tomb, William II. (libson. Samuel Waggoner, R. (I. I'ennington, Alfred Johnson, R. W. Reid. Daniel Smith, William Meet, William M. Buel. and Daniel Brown, made the proper application for the organi/ation of an independent bank. -- Tending the granting ot the application, they became convinced that the amount already subscribed was insufficient/' (says Stewart, but the\ really became alarmed at the rival element showing greater force.) so the\\ in conjunction with others, enlarged the capital stock to one hundred thousand dollars. ( )n the 2(1 ot August, of the same year, the\ filed their amended application, which was speedily acted upon by the board of commissioners, and a charter tor an independent bank, to be located in Tittm, with a capital >tock of Sioo.ooo. was granted them on the (jth ot the same month.

Perhaps it would have been better tor all parties concerned, as well as the community at large, it the other faction had succeeded. Who - an tell ?

bonds deposited with the treasurer of state for the security of the holders of its notes in the sum of S^o^.^S: that all said bonds had been abstracted or paid out in violation of law, and that the holders of 85 7,000 of outstanding circulation were deprived ot their pro rata share ot said bank. Me claimed that the state held securities for this circulation, in the Mini of 850,000. and asked that the same be used tor the redemption of the bills.

Nothing was done upon this report. War broke out and the Seneca county bank was lost sight of. The bills were hawked about the country, and sold for whatever they would letch. In the session of the general assembly of 1804. the writer introduced a bill directing the treasurer of state to redeem the certificates so issued by the receiver, and the outstanding bills of said bank, which passed both houses and became a law on the ^ist of March. 1864. The state lost nothing by the act. ( >n the contrary, there were less bills and certificates outstanding than the securities in the hands of the treasurer of state, leaving a respectable balance in favor of the state. This balance was made up undoubtedly by bills that were lost or destroyed, and having never been presented, the state had the benefit of the loss.

In 1852. Arnold and Tomb ( Sylvanus Arnold and Benjamin Tomb), established a private banking house, which lasted two years, when it changed into the name of Tomb. Huss i\: Co. The business was conducted in this name until 1865. when the company organi/ed as the "First National Bank of Tiffin.1' with Benjamin Tomb for president, and John T. Huss cashier. For eleven years this bank did an immense business, but during the last year some people, who had a chance to know, questioned its soundness, and lookedupon the institution with misgivings. Mr. Huss. the cashier, was a native ot Tiftm. and a young man of e\< ellent business qualifications, lie was highly esteemed, and enjoved the general confidence tor honor and integrity. Nobody was willing to believe him guilty ot am wrong. The state election of 187:5 was over, and both parties quieted down to business.

1 ; was the afternoon ot the 1 51)1 of ( )ctober. i -^75. >everal depositors from tin- citv withdrew their deposit-. The money in the bank had run down to a few thou-and dollar-. The clerk- in the bank tell gloomy. Some of the directors consulted t< igelher as to the proprict \ ot borrowing some money for a few days. IIuss was :it his house, where he had been for several days, teeling unwell, as lie said. A gentleman iron; Cincinnati came that afternoon ami stopped at the Shawh an house, with a view of -eeing Mr. llu-s the. next morning about a large draft that was not ju-t a- it should have been. It was hall past tour o'clock in

U'as organi/ed in the fall of 1858. by Kvan Dorsey and A. (',. Sneath. In the fall of 1851). 1\. \\'. Shawhan bought the interest of Mr. Dorse}-, .uul the bank was continued by the same name until it merged into the organi/ation of the National Exchange bank in 1865. The Hank of Tiffm \vas kept during its whole existence in the room now occupied by |ohn Neligh as a clothing store. Mr. Shawhan was then, as now. the owner ol the building.

Mr. A. (i. Sneath was cashier of the old Hank of Tiffin during the whole time of its existence, and of the National K.xchange bank for about three years from the time of its organization.

Instrancf. Comi'Aniks

"I'he first meeting of the incorporators was held in the sheriff's office in Titiin. in pursuance ot notices published in the .SY//<r</ .-li/rf/'//s<'r and the St-iit'iii //'///;--, when the Hon. A. I aigenbeel was appointed chairman and Hon I. \\ . Wilson secretarv.

William Lang was elected president for the ensuing year. J. W. Wilson secretary, and Oeorge Knupp treasurer. 'I'he secretary was authori/ed to act as general agent of the company: and thus the coin pain started on its career with a good board ol directors and officers, and with one of the most favorable charters for a mutual lire insurance ( onipanv ever passed by an Ohio legislature.

Immediately iijion the organi/ation ol the company Mr. U'ilson took charge ot "all its business and appointed verv many agents in various counties in northern Ohio, the larger number ol whom had no experience in insurance matters, and whatever they lacked in knowledge they m.ule up in impudence and avarice.

Tliev recommended all manner of risks, and would have insured puwdi '' mills it tliev had toiind anv. In addiiioii to all this, main' ol the app'ii ;mts were worthless and irresponsible, and \\hen assessments v, < !".- made upon them, thev < ouli! not be < ollected. The premium note w.is a lien upon the real estate of the insured, but ver\ otten prior en < umbrances swallowed up the whole value. The agents themselves

Seneca lodge No. 35 was instituted under its charter February Joth, 184^, by District Deputy Grand .Master Joel Searles. of Columbus lodge No. g. assisted by S. II. Bradley, I', G.. of Morning Star lodge No. 26, Medina. Ohio. Applicants for the charter present were: H. G. \V. Cronise. K. R. MiMeens. James Sivils, B. 1 ). ( 'hapnian. '['. H. Sheldon, J. Oyler. who jiroc-eeded to elect the following officers, vi/:

The following brethren served as officers in Sandusky lodge No. 77 from the date of its charter until the present writing i April jo, iSSo», as follows:

U'as organi/ed at Republic August loili. 1848. with the following charter members, vi/: Josiah Rooj). Job.n P. \Vorstell. II. llenton. I'latt Benedict. Daniel Watersons, Daniel ISrown, Hiram Humphrey. M. Y. ISogart. Mdward \\iuthrop. Jl. I,. Harris.