Wildcat Bank

By dhowell - Posted on 28 December 2007

Like many other villages, Manchester was to receive its share of hardship through the "wildcat" bank which was established about 1836. It complied with the banking bill of 1835 by backing thirty per cent of its capital in gold and securing the remainder of the circulation in real estate. There was one catch. It shared its specie with the bank in Sharon. George Howe was president, and James Erwin, cashier.

As soon as the inspector, Commissioner Alpheus Felch, had approved the local bank and headed for Sandstone, the gold was loaded for Sharon, too. According to the reports it was some race. When the dust cleared, Mr. Feich's coach and four stood exhausted at the door of the Sharon bank, and there was no gold in the safe.

The people lost much, but they gained in return for all their losses and trouble some very valuable experience. Reuel Ambrose was president of the Sharon Bank and S. Baldwin was the cashier.

The Manchester 'Wildcat" bank was incorporated for $100,000. George Howe was president and Andrew G. Irwin, cashier. It stood on the location of the Dr. L. C. Kent residence. Dr. Klopfenstein sold it off the lot to Joseph Faulhaber Sr. who moved it to S. Macomb St. where it was stuccoed. It is now owned by the Leon Balls.