as one of the boldest robberies that ever occurred in Michigan. No public statement was made of the total amount of the loss, but the financial standing of the bank was not affected in the least, nor was there any special uneasiness manifested by depositors as to the security of the institution.

BURGLARY OF LA FOUNTAIN & LORANGER BANK

The private bank of La Fountain & Loranger, was also the victim of burglars about ten years later. In this instance entrance to the bank was gained by cutting out an opening in the floor of the bank, from the basement beneath. The safe or vault was blown and the contents removed, without disturbance to the sleeping neighbors, and the burglars escaped without molestation, with a large amount of money and securities. This bank occupied the ground floor of the southeast corner of Front and Monroe streets, the most prominent business corner in the city. In this case as in that of the First National Bank, no clew to the burglars was ever found.

CHAPTER XXVIII

COMMERCIAL DEPRESSIONS

DEPRESSIONS OF 1819-22-REVIVALS OF 1824 AND 1827-WILD-CAT SCHEMES AND PANIC OF 1837—“UPS AND DOWNS (1839-56) —PANIC OF 1857-PERIODS OF COMMERCIAL DEPRESSIONS.

The panic of 1819 caused by the inflation of the currency, succeeding the War of 1812, began to be felt uncomfortably about the first of April of the former year, when the Bank of the United States set about putting its affairs in order, and uncovered the rottenness of New York, Philadelphia and Boston banks.

DEPRESSIONS OF 1819-22

Monroe was more or less affected, because the disturbance interfered with the settlement of the territory, and delayed the emigration which had begun to set in towards this place. By the month of August in that year, the business of the country was prostrated. In the then small city of Philadelphia there were twenty thousand people thronging the streets looking for employment. Thirty traders of that city which usually employed about ten thousand persons reduced their combined force to two thousand with the same ratio prevailing in the other large cities of the east. There were a few failures among the dealers in Detroit, but Monroe, being a very small community, with no manufacturing at all worth mentioning, and but small general stores, catering only to the people who bought the simple necessaries of life, did not suffer materially, except in the manner stated, in the falling off in the number of emigrants from the east. This, however, was serious enough because there were no signs of a general revival of business until June, 1821. By October, the movement was fairly started toward better times. A set-back, however, was experienced in December, 1822, when a reaction in manufacturing occurred, which reduced prices sharply, amounting, in a case of cotton goods to as much as fifty per cent.

REVIVALS OF 1824 AND 1827

Business recovered from this, and went on improving rapidly. The general prosperity was very marked in 1824, and everything was going on swimmingly. In 1826 a panic was caused by commercial and financial disturbances in England, which was felt quite severely in this country, and lasted through the years 1826 and 1827.

In the latter part of the year a revival in business came, and the country entered upon a period of prosperity; business increased rapidly, with but few temporary stringencies, in which Monroe and all western towns participated, and in this year there were many arrivals

of business men and farmers to engage in business and in the general movement to build up the west; and of others, seeking farming lands, mill sites, etc.

WILD-CAT SCHEMES AND PANIC OF 1837

It was during this period that many wild-cat schemes were exploited in this neighborhood, which by their impracticable and visionary nature, met disaster and ruin, carrying with them other more meritorious enterprises. Monroe had its share of these schemes, and became so involved that when the panic of 1837 struck, which was one of the most disastrous that was ever precipitated upon the country, it was in a deplorable condition, many fortunes were wiped out, and young and growing business firms were reduced to bankruptcy. The brunt of the crash occurred in the great centers of trade, as usual, especially severe in New York, in March; and by April, the whole country succumbed. This depression continued throughout 1837, but the following year the sun began to shine through the dark clouds, trade revived, and the banks generally resumed specie payments in August. Matters began to assume a little brighter aspect for the struggling towns west of Buffalo.

ness.

"UPS AND DOWNS" (1839-56)

This however sustained a disastrous check in 1839, caused by the defective banking system, or lack of systems, and the irresponsible methods by which so-called banks were allowed to begin and conduct busiA special chapter is devoted to this period, during which 543 of the 850 banks then doing business were wiped out of existence and entailed wide spread disaster and losses. With its wonderful recuperative powers, the country, again got upon its feet, and passed two years of prosperity.

In 1843 a revolution took place which lasted throughout the year, and which was very seriously felt in the west. The years 1844 and 1845 saw a great betterment of conditions; financial institutions were upon a more substantial and conservative basis, and confidence was restored to a satisfactory extent. This comfortable state continued until 1851, where it received a temporary chill, encountered a mild panic, which fortunately was not of long duration, and the years 1855 and 1856 were very prosperous seasons.

PANIC OF 1857

During 1857, the farmers suffered severely from bad crops, and consequently this had its logical effect upon the business of the country. Great uneasiness prevailed and apprehensions of trouble which finally came on the 24th of August, when the Ohio Life and Trust Company of Cincinnati failed with $7,000,000 of liabilities. This started the ball rolling, and between the 12th of September and the 13th of October, the banks of Philadelphia, Washington, Baltimore, the New York banks with the exception of the Chemical Bank, all suspended payment, followed within a few days by all the Boston banks. The excitement in the country was unparalleled, and the business in the west was prostrated. This marked the climax of the trouble. On December 11th the New York banks resumed specie payment, and others followed along one after another. Another of the wonderful exhibitions of the vitality and energy and hopefulness of the business communities was furnished in the rapid revival of business which ensued.

PERIODS OF COMMERCIAL DEPRESSIONS

A recapitulation of the foregoing shows that the length of commercial depressions has been in duration as follows: That of 1819, two years; 1825, two years and a half; 1837, one year and a half; 1843, one year; 1853, six months; 1857, six months.

CHAPTER XXIX

HARBOR AND TRANSPORTATION

RAILROADS TRAVERSING THE COUNTY-FIRST NORTHWESTERN RAILROAD OPERATED THE MICHIGAN SOUTHERN RAILROAD-ERIE AND KALAMAZOO RAILROAD COMPANY INCORPORATED-FOURTH YEAR OF MICHIGAN SOUTHERN RAILROAD UNDER WAY AT LAST (DETROIT, MONROE, ADRIAN)—DETROIT AND CHICAGO-MAUMEE BRANCH RAILROAD COMPANY-RIVER RAISIN AND GRAND RIVER RAILROAD-MANHATTAN AND HAVRE RAILROAD-LA PLAISANCE BAY HARBOR COMPANY-NORTHERN DIVISION OF THE DETROIT, MONROE AND TOLEDO-LA PLAISANCE BAY— THE SHIP CANAL-THE TRANSPORTATION BUSINESS FOR 1912.

Monroe county does not lack ample transportation facilities; not less than eight railroad lines intersecting it in all directions, and few portions of it are beyond the sound of the locomotive whistle and the roar of the numerous heavily laden trains as they whirl through the county every hour of the day. Thriving villages and many passenger and freight stations have sprung up along their pathway to facilitate and augment the substantial growth and development, where but a comparatively few years ago stood the great forests in their primeval and luxuriant splendor, where the only highways were Indian trails.

RAILROADS TRAVERSING THE COUNTY

Parallel with the western shore of Lake Erie and separated by a distance of but a few rods or a half mile, the Lake Shore Railroad, and the Michigan Central traverse the county from north to south, between Detroit and Toledo; while still another line, the Detroit and Toledo Shore Line parallels both the former.

The latter road was built either as an independent line or as a branch of the Wabash Railroad, to give it a terminal in Detroit, and it was undoubtedly contemplated to include the operation of an electric local line, for it was double tracked and fully equipped for both steam and electricity, and provided with station buildings at the principal towns, along the line. The plans for electric service were later changed and the equipment sold to the Detroit United Railway and a portion of it utilized on their line from Monroe to Detroit. The whole property and franchise of the Shore Line was afterwards sold to the Grand Trunk Railroad System, and has since been operated by that company, exclusively as a freight line, no passenger service having ever been installed between Detroit and Toledo.

To the westward, the Pere Marquette Railroad enters the county from the north, swings to the southeast near Monroe, and passes through the western portion of the city about a mile west of the Lake Shore tracks, of the Detroit division-and crosses the main line of this road a few rods south of its passenger station, which is located on Front street a short distance from the River Raisin.