JOHN HULL TO WORTHINGTON [June 11, 1813
I shall just scribble a few lines to you on last Wednesday on the meeting of the Stockholders of the Bank of Chillicothe and a number met accordingly so as to form the number requisite General Joseph Kerr was elected President or chairman we began to talk like a ship at sea, without commander, compass, helm or steersman, until we grounded upon the shouls of nonsense or nothing, first the object of the meeting was taken into view it was requested that some of the directors should furbish materials for consideration, and at length it was blundered out an increase woud obtain popularity this Idea was granted it was then enquired if more Capital coud be made use of, it was feebly answered in the affirmative, the Question then arose if popularity was the object woud it be proper to sacrafice the present value of stock to gain a popularity rest- ing upon Contingencies, I myself with several thought not. the increase of stock was further urged, upon this it appeared all was agreed, but here I think the directors were intirely remiss, they being acquainted with the demands of the bank ought to have recommended, some specific sum, but this was not done the stockholders were left in the dark, hence 50 thousand & 100000 was proposed but both were lost, by taking the first step wrong, for instance of taking the question to increase, the different sums were proposed to fill the blanks, it was my opinion and still is that the first question ought to have been shall vire increase the stock. Two thirds being requisite on this point the question would have been settled, this question separate and apart, I believe woud have carried, the next was the sum which I believe ought to have carried by a majority, then we woud certainly have fixed upon a sum, hence the inten- tion has failed, and if again attempted we must have some gentlemen of better address than composed the present where we considered a business with under- standing at the close, what has been doing, Mr. John McCoy to the very last contended we coud by law extend the capital and not the number of shares, and that if the bank stock was extended it must be added to the old shares sold, a very extraordinary Idea indeed. I think you had better prevail on your friends Kersey &c, to agree upon some mode and reserve it till your return I think by so doing aomething may be done.
Col. Gains from Tenessee has just arrived at Franklinton with his regiment it is said upward of 1000 strong. I suppose by the Presidents Message a law will pass to raise an internal Revenue, I have been an old settler here perhaps it may be in your power to provide a place for me in the collection of the same, or if there shoud be a place in part stationary to serve in the war de- partment. in this state I woud like to fill it, I think as an old revolutionary soldier, some little attention and indeed the preference ought to be given, I presume it woud be in my power to keep books tolerably correct, perhaps an opening may take place other than the above two mentioned, it will be needless to guard you against my fitness as I suppose you will be the best judge your- self. If you should pass any law reimbursing the Mounted rifle men called out by G. Harrison at different times I would advise caution as many are deter- mined to take all advantages one or Two has come under my notice, of throwing away their own property and taking that which was understood the united states woud pay for, if lost, as in the Instance of a saddle being taken from a man accidentaly killed, his saddle was taken and the man who took it threw away his own and will not deliver the one he took, saying the U.S. will pay for it, hence the U.S. must pay for property for the benefit of an individual
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