Madison County, Indiana - Chapter 58, 1897

Chapter 58

Prior to tl;e organization of the First National Bank of Anderson in the year 1865, the banking facilities of Madison county were very limited. N. C. McCuUough had, in J865, established a small banking institution, which was afterward discontinued, and for awhile Anderson was without a bank. Afterward J. G. Stilwell and his son, Thomas N. Stilwell, came here from Oxford, Ohio, in the early '50s, and engaged in merchandising and other lines of business, under the firm name of J, G. & T. N. Stilwell ; T. N. Stilwell being also a part of the time engaged in the practice of law, and for a time associate editor of the Anderson Gazette. They also did a small banking business in a private way, until in the year 1865, after the passage of the national banking law, when they, in company with other citizens of Anderson, organized the First National Bank, with a capital of $50,000. The bank was very popular with the people and soon had a handsome business, being favored with the deposits of merchants, business men, corporations and public officials to such an extent that the deposits at one time reached the sum of $300,000. During the panic of 1873 the house of Jay Cooke & Co., of New York, failed unexpectedly, and threw the whole country into a state of financial excitement. The First National Bank of Anderson was a patron of Jay Cooke & Co., which fact was generally known to its depositors, and consequently they became frightened and many withdrawals were made in a quiet way, which depleted the cash resources of the bank to such an extent that it was compelled to close its doors on the 15th of November, 1873, although no regular " run "" had been made on the institution. Colonel T. N. Stilwell was very popular with all classes, and under ordinary circumstances would have been able to have stemmed the tide and brought the bank through; but owing to the universal distrust and the

At the time of the failure the bank had on hand as a part of its assets Venezuelan bonds to the amount of $100,000, which Colonel Stihvell had acquired while he was minister to that government.

The payment of these securities was afterwards contested by the authorities ot Venezuela, and a large amount of them was declared null and void by a commission appointed jointly by the United States and Venezuela, which had the effect to .greatly diminish the cash resources of the bank.

When the bank failed Thomas McCuUough, of Oxford, was made receiver, but only served a short time, when he resigned and Walter S. Johnson, of Washington, D. C, was put in charge and ^vound up its business.

When the receiver took charge a statement of the condition of the bank was given out, which showed the following resources and liabilities :

Included in the assets were the Venezuelan bonds, which, being to a large extent invalid, reduced the available resources far below the liabilities, whereby the depositors were forced to sustain considerable of a loss. The bonds are yet in the hands of the Comptroller of the Currenc}^ at Washington, and should they eventually be paid the First National Bank would pay out in full. There has been paid to the depositors forty cents on the dollar. Among the large depositors was Weems Ileagey, Treasurer of Madison county, who had in the vaults of the bank at the time of its suspension $21,000. The failure had the effect to tie up a large amount of money and caused much distress and a closeness of financial affairs, until the people had time to rally from its consecjuences.

Colonel Stihvell was a politician as well as a banker, and held several political offices during his residence in this county. He was elected to the Legislature in 1856, and in 1864 he defeated the Hon. James McDowell, of Marion, for

Cons^ress, serving one term, during wliicli time he received the appointment as Minister to Venezuela. He also assisted in the organization of the 84th Indiana Regiment of Volunteers, and was made Qiiartermaster of that regiment. It was organized at Anderson and went into camp in 1861 on what is now known as the George Forrey farm, north of White river, then known as "Camp Stilwell.'" He only remained with this regiment a short time, when he was called home by Governor Morton and put in charge of the organization of the 130th and 181st Regiments at Kokomo, Indiana. He was commissioned as Colonel, but did not go to the front, as his private affairs would not admit of his absence, and upon his resignation of his commission in the army he at once took personal control of the bank and remained at the head of its affairs until the calamitv overtook it that we have related. Colonel Stilwell was a man full of life and of a progressive nature, and used the means at his hands to improve Anderson and Madison county wherever he could in any way advance their interests. He built tiie Stilwell House, now known as the " Hotel Doxey," which was not only the pride of its founder, but of every citizen of Anderson. He was also the chief promoter of the Anderson, Lebanon & St. Louis Railroad, now known as the C. & S. E., he being the " power behind the throne " in bringing about its organization, and saw it completed as far as Noblesville before his death.

Much litigation grew out of the failure relative to the setate of Allen Makepeace, one of the stockholders of the bank, which, as will be seen further on, resulted in a mortal combat between the litigants.

The Tr.A.Gedv

It is not the purpose of the writers to tear open afresh old wounds, but we bring before the public the particulars of this sad tragedy only for the purpose of placing it where it belongs as a part of the history of events that have transpired in Madison county. No better friend of the writers of these pages ever lived within the borders of Madison county than was Colonel Stilwell. This is also true of the central figure on the other side, Mr. John E. Corwin. Many favors have been extended to us by both of these men, which will be gratefully remembered while memory holds its seat and as long as we are possessed of a proper sense of gratitude. While it is our intention, only as a matter of history, to make a record of this

The most authentic account given of the affair was published in the Herald on the 16th of January, 1874, following the tragedv, and for weeks thereafter it gave the full particulars of the shooting, the testimony taken before the coroner, and at the preliminary investigation before Asa Pratt, Justice of the Peace.

At the preliminary investigation, the ablest counsel in the State of Indiana was employed upon both sides of the case. The prosecution was conducted by Amzi \V. Thomas, who was then deputy prosecuting attorney of the judicial district composed of Madison and Hamilton counties. lie was assisted by Jonathan VV. Gordon, of Indianapolis, acknowledged in those days to be the best criminal lawyer that the State of Indiana had ever produced ; Col. Milton S. Robinson, the Hon. John \V. Lovett and the Hon. S. F. Cary, of Cincinnati, Ohio.

The defence was represented by the Hon. Benjamin Harrison, now e,\-president of the United States, the Hon. James W. Sansberry and John A. Harrison, of Anderson.

From the account of the tragedy published in the Anderson Herald, we quote as follows: "The usual quiet of our city was suddenly disturbed on Wednesday afternoon by the occurrence of one of the most tragic events that has ever taken place in our local annals. At the hour of 5 o'clock, p. m. Colonel Thomas N. Stilwell entered the office of Mr. John E. Corwin in the room lately occupied by the Citizens' Bank on the north side of the square, and drew his revolver on Mr. Corwin. The latter was occupied at his desk inside the counter, and on discovering the Colonel's motion, sprang over the counter and advanced toward his antagonist, whose right arm he seized and threw down when Stihvell's pistol was discharged. The ball struck Corwin in the left groin, but fortunately was checked in its course by striking a key and a silver dollar in his pocket. Corwin then seized Stilwell by the shoulder or coat collar, pushed him around and fired two shots, both of which took effect in the left side of the head, killing him instantly.

"But few words passed between the men. Colonel Stilwell said something about settling up old business, as he entered the room, and that it was time that it was settled, and

Mr. Corwin, after croosing the counter, told Stihvell to put up his revolver. Mr. Lafe Burr, of Anderson, and Mr. Geo. L. Rittenhouse, a commercial traveler, were in the room, and were excited spectators of the deadly encounter. The weapon which Colonel Stihvell had in his hand was a double-barrelled Derringer, and he also carried a single-barrelled pistol in his pocket.

" The report of the homicide spread with great rapidity throughout the citv, and in a few minutes a large and excited crowd had gathered in the building and on the streets.

" Corwin walked out of his office and across the street to the court house, and placed himself in the custody of Albert J. Ross, then Sheriff of the county, who permitted him to remain at his residence during the night under guard.

"As to the causes which led to this unhappy event, we may mention that a bitter and relentless feud had existed between the parties, they having quarreled at different times publicly and thus developing a feeling of deep animosity against each other. The difficulty had its origin in regard to some money which the late Allen Makepeace, Mr. Corwin's father-in-law, claimed to have deposited in the First National Bank, but which Stihvell denied ever having received. Mr. Corwin, as administrator of the Makepeace estate, had instituted suits for the recovery of the alleged deposit which were still pending in the court. After the unfortunate complication of affairs which compelled the suspension of the First National Bank in November preceding the tragedy. President Stihvell, being of a proud and sensitive nature, believed, from evidence real or fancied, that Mr. Corwin rejoiced in his humiliation. This, coupled with a terrible mental strain to which he had been subjected on account of his financial embarrassment, tended, as we believe, to precipitate a state of mind closely bordering upon insanity. We do not think Colonel Stihvell was responsible for his acts on the day on which he attempted the life of Mr. Corwin, and on which his own was ushered into eternity.

"A feeling of profound grief and gloom pervaded the city over this terrible drama. While the liveliest and most earnest sympathy was expressed in behalf of the bereaved family, public opinion so far as it found expression was generous towards Mr. Corwin, regarding his action as having been done in selfdefence."

The funeral of Colonel Stilvvell took place from his residence on Main street at 11 o'clock on the 16th of January, being one of the largest ever held in Madison county. The Colonel had enjoyed not only a local and state, but also a national reputation. Prominent men from the adjoining, and also from distant states, came to pay their respects by attending his last sad rites. He was a man who was well beloved by the plain country people. Almost the entire population of Anderson, and a large assemblage of the people from the county attended the funeral. His remains laid in state in front of the spacious grounds surrounding his residence from early in the morning on the day of the funeral until the cortege had taken its march to the city of the dead for interment.

The preliminary trial of Mr. Corwin was begun at Westerfield's hall before Squire Pratt, as before stated, and a large and interested crowd of people, many from the country, were in constant attendance throughout the proceedings. The utmost decorum pfe^vailed, and the testimony was listened to with the closest attention. Occasionally Major Gordon would break the profound solemnity of the occasion by some sally of wit or remark of pleasantry, and thus kept himself on excellent terms with the audience. General Harrison confined himself very closely to the business before him. This gentleman mainly conducted the examination of witnesses. The aim of both sides ^vas so far as possible to get the facts in relation to the unfortunate affair from the best recollection of the witnesses examined. The Squire discharged his duties in such a manner as to secure the approval of all parties. His decisions upon points of law were prompt and were gracefully acquiesced in by the distinguished attorneys in the case. Reporters from the Cincinitati Commercial, Gazette. Cincintiati Enquirer, Indianapolis your?ial A-nA Indianapolis Se?itinel were present and took notes in shorthand of all that was said and done by the witnesses and attorneys in the case.

In relation to the deposits that the late Allen Makepeace claimed to have made with the First National Bank of Anderson, the following receipt was introduced in evidence, to wit : " The First National Bank of Anderson received of Allen Makepeace for safe keeping 114,000 in 7 3-10 United States bonds, said bonds to be returned to said Makepeace at any time called for. Interest on said bonds due August 15th and

It would .seem, from the reading of tliis receipt, that the bonds were not actually deposited with the bank as money, but that they were merely left with J. G. and T. N. Stilwell for safe keeping. In a suit afterwards brought by the Allen Makepeace estate a verdict was given against the estate of Colonel Stilwell for the full amount of the bonds so deposited (it!l4,(IOO).

It will be unnecessary in these pages to go into the full details of all the doings and sayings at the preliminary hearing, or to make any comment on the affair at length. It was decided by the Justice of the Peace, Asa Pratt, before whom the case was tried, after all the evidence that could be offered was heard, that Colonel Thomas N. .Stilwell met his death at the hands of his antagonist, John E. Corwin, while acting in defense of his own life, and Mr. Corwin was accordingly acquitted.

This affair cast a gloom over the city of Anderson that was not eflaced for many years, and it is never mentioned or referred to by anyone but with regret and the deepest sorrow.

Mr. Corwin remained in this city for several years after the occurrence and organized the Madison County Bank, of which he became president. It w-as afterwards merged into the Madison County National Bank, of wliich he was also elected president, and did a thriving business until the vear 1884, when he sold his business to Major C. T. Doxey and Daniel F. Mustard, and removed to Middletown, N.Y., where he at this writing is residing.