It was pretty generally understood in S----that the Clinton Bank was
in the hands or parties in New York, and that a large proportion of
the discounts made were of paper bearing the endorsement of Floyd,
Lawson, Lee, & Co., which was passed by the directors as the
legitimate business paper received by that house in its extensive
business operations; or of paper drawn to the order of John Floyd &
Co., given in payment of goods manufactured at the mills in S----.
It was also generally conceded that as, through their partner, Mr.
Dewey, this firm of Floyd, Lawson, Lee, & Co., had invested a large
amount of capital in S----, and by their liberality and enterprise
greatly benefited the town, they were entitled to all the favors it
was in the power of the bank to give; more particularly as the firm
was one of great wealth--"solid as gold"--and the interests of the
stockholders would, therefore, be best served by keeping the line of
discount mainly in so safe a channel.
Now and then a disappointed storekeeper, whose small offerings were
thrown out, would inveigh bitterly against the directors, calling
hard names, and prophesying "a grand explosion one of these days;"
but these invectives and predictions hardly ever found a repetition
beyond the narrow limits of his place of business.
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