Wednesday 3rd January 1877.
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In the middle of April, the financial depression had come to such a pitch, that it was resolved at a meeting of the Trustess of the Savings Bank that the business of the bank should be temporarily suspended with respect to the receiving of deposits and paying of demands, and that the necessary steps should be taken in order to wind up the affairs of the Bank, and later Commissioners were appointed to regulate and liquidate these affairs, and two instalments of 20 % each on deposits have already been paid. The Colonial Bank had stopped business from the beginning of the year, to the great regret of the whole community, but it was felt that it could not be otherwise, and, like so many other adversities, had to to be borne in the best manner possible; but when the Savings Bank crash came, it was felt by everyone how much more serious that might turn out to be, although involving smaller money interests. A great many of the depositors were poor, ignorant people, whose financial notions are of the most primitive stamp, and to whom the whole transaction might easily appear a most villainous act of swindling. What would these people do? Could they be made to understand the situation? Would they not clamour for getting every cent of their money back at once, and if that should not be forthcoming, would they not commit excesses, which of course would have to be put down by summary means, always regrettable. It was anticipated that, on the first bank-day, there would be trouble, at least "some fun"; but there was nothing of the kind, we are happy to say; the poople, down to the field-hand, behaved as if they were old financiers, or perhaps even a trifle better. They were easily pacified with the assurance from the Bank officials that their money was sure enough, when only they had patience. Thus was this threatning storm avoided by a degree of good sense evinced by the people, almost marvellous in their case, but it seems yet to be a moot point in the community, upon which we shall not enter, whether affairs might not have been settled in another manner, so that the Bank might yet have existed.
(St. Croix Avis 3. januar 1877. Uddrag).
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