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Introduction to Bank of Geauga v. JS et al.

Bank of Geauga v. JS, Whitney, and Rigdon
Geauga Co., Ohio, Court of Common Pleas, 6 June 1837
 
Historical Introduction
In March 1837, the president and directors of the in , Ohio, initiated a lawsuit against JS, , and to reclaim a debt the men owed the bank. JS, Whitney, and Rigdon had taken out a loan for $3,000 from the Bank of Geauga on 2 January 1837, likely related to the opening of the , and signed a promissory note for repayment in forty-five days at the bank’s office in Painesville. JS and Rigdon were elected officers of the in November 1836 and retained official positions when the Safety Society was restructured as a banking company in January 1837. Whitney was not an elected officer of the Safety Society but served as a temporary clerk in January; he may have agreed to act as a cosigner to allow JS and Rigdon to obtain the loan. While the officers may have needed money to pay for their recently erected building or other supplies, the majority of the money the banking company had would have functioned as its reserves of specie, or gold and silver coins. Although the Kirtland Safety Society had almost $12,000 by January 1837, this amount constituted only 4 percent of its revised capital stock of $300,000. Thus, it appears that JS took out the loan from the Bank of Geauga to bolster the Safety Society’s specie reserves.
By March 1837 the promissory note remained unpaid, and the began a lawsuit for repayment using the common law action of . On 24 March, Sheriff arrested JS, , and . The following day, and signed a allowing them to be released. On 24 April, the law firm Perkins & Osborn filed a on behalf of the Bank of Geauga, claiming $4,000 in damages. When the case came to trial in early June 1837, the debt was already settled by mutual agreement. This indicates either that it had been paid between 24 April and 6 June, or that the parties had agreed to some other arrangement for repayment. The court ordered JS and the other defendants to pay the court fees for the case, which were paid by mid-June 1837.
 
Calendar of Documents
This calendar lists all known documents created by or for the court, whether extant or not. It does not include versions of documents created for other purposes, though those versions may be listed in footnotes. In certain cases, especially in cases concerning unpaid debts, the originating document (promissory note, invoice, etc.) is listed here. Note that documents in the calendar are grouped with their originating court. Where a version of a document was subsequently filed with another court, that version is listed under both courts.
Bank of Geauga v. JS, Whitney, and Rigdon
Geauga Co., Ohio, Court of Common Pleas, 6 June 1837
 
Historical Introduction
In March 1837, the president and directors of the in , Ohio, initiated a lawsuit against JS, , and to reclaim a debt the men owed the bank. JS, Whitney, and Rigdon had taken out a loan for $3,000 from the Bank of Geauga on 2 January 1837, likely related to the opening of the , and signed a promissory note for repayment in forty-five days at the bank’s office in Painesville. JS and Rigdon were elected officers of the in November 1836 and retained official positions when the Safety Society was restructured as a banking company in January 1837. Whitney was not an elected officer of the Safety Society but served as a temporary clerk in January; he may have agreed to act as a cosigner to allow JS and Rigdon to obtain the loan. While the officers may have needed money to pay for their recently erected building or other supplies, the majority of the money the banking company had would have functioned as its reserves of specie, or gold and silver coins. Although the Kirtland Safety Society had almost $12,000 by January 1837, this amount constituted only 4 percent of its revised capital stock of $300,000. Thus, it appears that JS took out the loan from the Bank of Geauga to bolster the Safety Society’s specie reserves.
By March 1837 the promissory note remained unpaid, and the began a lawsuit for repayment using the common law action of . On 24 March, Sheriff arrested JS, , and . The following day, and signed a allowing them to be released. On 24 April, the law firm Perkins & Osborn filed a on behalf of the Bank of Geauga, claiming $4,000 in damages. When the case came to trial in early June 1837, the debt was already settled by mutual agreement. This indicates either that it had been paid between 24 April and 6 June, or that the parties had agreed to some other arrangement for repayment. The court ordered JS and the other defendants to pay the court fees for the case, which were paid by mid-June 1837.
 
Calendar of Documents
This calendar lists all known documents created by or for the court, whether extant or not. It does not include versions of documents created for other purposes, though those versions may be listed in footnotes. In certain cases, especially in cases concerning unpaid debts, the originating document (promissory note, invoice, etc.) is listed here. Note that documents in the calendar are grouped with their originating court. Where a version of a document was subsequently filed with another court, that version is listed under both courts.
 
 
Geauga Co., Ohio, Court of Common Pleas