History of Orange County

Late in the forties and early in the fifties the evil effects of the prevailing intemperate use of ardent spirits was strongly felt, not only in Orange County but throughout all the West, if not the United States. People began to find out that alcohol was not one of the necessities of life, as had been previously and erroneously thought by many. Drunkards became alarmingly numerous, but owing to the prevailing custom and the tendency of public thought to overlook the evil, the sorrowful homes were likewise disregarded. During the decade of the forties the truth came out visible to the masses, and temperance organizations sprang up in all directions like mushrooms from a hot-bed. In March, 1850, a public meeting in the interest of the temperance movement was held at Paoli. Dr. W. W. Dougherty was made Chairman of the meeting, and J. C. Thornton appointed Secretary. John Baker, Z. W. Coffin and W. W. Murray were appointed to draft a constitution and by-laws similar to that of the Washingtonians and the Temperance Union, their report with some changes, the object of the Paoli Temperance Association, "being to remove the evil effects of intemperance." The following permanent officers were elected: John Baker, President; Bennett Grigsby, Vice-President; J. C. Thornton, Secretary; Benjamin McCann, Treasurer; James Abernathy, Auditor.

This institution began business in 1854 with a capital stock of $50,000 based upon Louisiana six per cent bonds, and the combined real and personal effects of the stockholders was declared to be worth over half a million of dollars. The doors were first thrown open December 16, 1854, with the following officers in attendance: James M. Hains, of New Albany, President; Elijah Sabin, of New Albany, Cashier; Zeno W. Coffin, Teller; A. J. Simpson, Cornelius White, James M. Hains, George Lyman and Elijah Sabin, Directors. It was officially announced that six per cent interest would be paid on deposits of six months' duration or over. The paper of the bank began to appear, and at first was received with some fear and at a slight discount, but soon it went up to par and became current in exchanges. The following are the articles of association, and the names of the original stockholders with the number of shares held by each:

"The undersigned associate themselves together for the purpose of establishing an office of discount, deposit and circulation, to be known as the Bank of Paoli, under the general banking law of the State of Indiana, approved May 28, 1852, and as such used in its dealings and located in Paoli, Orange County, Ind. The capital stock is $50,000, divided into 500 shares of $100 each. This association shall commence on the 1st day of December, 1854, and terminate on the 1st day of December, 1874." The names of, places of residence of, and number of shares held by each person are as follows:

Z. W. Coffin	20	Paoli	$2,000
A. J. Simpson	15	Paoli	1,500
Cornelius White	1	Paoli	100
W. C. DePauw	50	Salem	5,000
Elijah Sabin	177	New Albany	17,700
J. M. Hains	100	New Albany	10,000
J. J. Brown	50	New Albany	5,000
Phillip Lindsey	10	New Albany	1,000
Mary A. Lindsey	50	New Albany	5,000
George Lyman	10	New Albany	1,000
Martha Friable	10	Milltown	1,000
Samuel Stalcup	5	Valeene	500
Maria J. Woodford	2	Paoli	200

As the years passed numerous changes were made in the officers and stockholders. In July, 1856, the officers were as follows: J. M. Hains, President; A. M. Black, Cashier; Z. W. Coffin, Teller; J. M. Hains, A. M. Black, C. White, Jacob Hungary and M. C. Kerr, Directors. Among the new stockholders were M. C. Kerr, A. M. Black, R. S. and Libeas Frisbie, Jacob Hungary, P. S. Kentner, S. H. Owen, W. T. Otto, C. A. Reineking, W. A. Wininger, Esther Walker and J. G. Williamson. The following is the financial statement of the bank for the six months preceding the first Monday of July, 1857:

RESOURCES

Bills receivable			$81,939.27
State bonds			72,000.00
State bonds on hand			7,000.00
Furniture			1,002.27
Profit and loss			91.00
Expense			977.49
Due from banks and bankers			62,994.57
Cash -	gold	$7,150.00
	Silver	4,198.43
	Bank notes	11,859.00	238,207.43
	Total		$249,282.03

LIABILITIES

Capital stock			$50,000.00
Circulation			59,959.00
Discount of State bonds			5,527.00
Deposits on certificates		$67,422.82
Deposits casual		13,151.47	80,574.29
Banks and bankers			43,778.00
Surplus fund			602.87
Interest			1,452.10
Discount			1,449.30
Discount and exchange			4,550.28
Premium			1,339.69
	Total		$249,232.08

This statement represents the usual condition of the bank. John C. Albert gradually secured the stock until he owned a controlling interest. He steadily assumed the liabilities also, paying its debts and buying its stock, until the institution belonged to him. The issues continued to circulate at par, during and long after the war, indeed until after the expiration of the charter, December 1, 1874. Every dollar was redeemed, but the vicissitudes through which the bank went, the efforts made by the proprietor to meet his obligations and successfully compete with the National banking system, would have disheartened the majority of men, It wound up its business soon after the charter expired, having redeemed all its obligations. Since then Paoli has had no bank.