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Editorial March 26, 1846

The Kalida Venture

Kalida, Putnam County, Ohio

What is this article about?

An 1842 editorial condemns bankers for defrauding church funds, citing a $89,634 loss on investments by the General Assembly in various bank stocks and bonds, as reported in Gouge's Journal. It blames the church for trusting 'sharpers' in 'paper money gambling' akin to worse than lotteries.

Merged-components note: The table lists the specific bank stocks mentioned in the editorial text on robbing churches, indicating it is part of the same opinion piece. Merging the table into the editorial.

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OCR Quality

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Full Text

Robbing Churches.

Some there are who look upon robbing churches as not legitimate bank business.

The following, however, shows that the banker is ever true to his character and holds in his hands "the balances of deceit," ready poised to deal equal treachery to all who trust in the system; whether the public at large, the school fund, the orphan's fund, or the church fund. All is seized by the greedy, luxurious creatures who in their sacrilegious takings substitute the finesse of thieves for the bold robberies of the ancient temples. The Church is blamable in this, and touched hands with iniquity, by leaving in the possession of sharpers and shavers, the charitable trust for the perishing heathen. The bankers in return did only as might be expected from their character—rob those who trusted them:

From Gouge's Journal of Banking, 1842.

Bank and Church.

$136,339 62

These stocks were estimated on the 27th May, 1842, by Charles Macalester, Thomas Wickersham, and Joseph Swift, brokers, to be worth, at that time, $46,705, showing an estimated loss of $89,634 62."

The New Era, in a notice of the stocks above referred to remarks:—"So much for the unholy connection of Bank and Church.

If any one had proposed to invest the funds of the church in lottery tickets, the whole body of clergy and laity would have been "horrified" at such a proposal. But those who had the management of the financial concerns of the General Assembly, chose to employ its funds in a far worse kind of gambling, to wit, in paper money gambling, and no one ought to regret the loss that has consequently been sustained."
2 shares Bank of North America, $800 0020 do Philadelphia Bank, 2,000 00115 do Mechanics' Bk. Phil. 4,828 001 do Bank of Pennsylvania, 400 0011 do Bank of U. States, 1,100 0045 do North American Ins. Co. 450 002 do Pennsylvania Ins. Co. 800 00100 do Planters' Band of Miss. 11,077 00200 do Agricultural Bk. of Miss. 23,701 7610 do Grand Gulf Bk. of Miss. 992 00150 do Mer. & Mec. Bk. Wheeling, 15,425 00250 do Planters' Bk. Tennesesee, 22,106 25150 do Union Bk. of Tennesesee, 15,262 50100 do Bank of Mobile, 11,029 62100 do Bank of Louisville, 10,527 2410 do Chel. & Willow Gr. Turn Co. 1,00 09$1020 Phil. & Wilm. R. R. bonds, 940 00

What sub-type of article is it?

Economic Policy Moral Or Religious

What keywords are associated?

Robbing Churches Bank Fraud Church Funds Investment Loss Paper Money Gambling Bank Stocks

What entities or persons were involved?

Bankers General Assembly Charles Macalester Thomas Wickersham Joseph Swift Gouge's Journal Of Banking The New Era

Editorial Details

Primary Topic

Loss Of Church Funds In Bank Investments

Stance / Tone

Critical Of Bankers And Church Trustees

Key Figures

Bankers General Assembly Charles Macalester Thomas Wickersham Joseph Swift Gouge's Journal Of Banking The New Era

Key Arguments

Bankers Rob Trusts Including Church Funds With Deceitful Balances. Church Is Culpable For Entrusting Funds To Sharpers. Investing In Bank Stocks Is Worse Gambling Than Lotteries. 1842 Estimation Shows $89,634 Loss On $136,339 Church Investments.

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