A Run on the Spirit Bank

Henry Fowler, “The Christian Banker,” Chicago Daily Tribune, February 5, 1853:

The following placard in conspicuous type was extensively circulated and posted yesterday:

CHRISTIAN BANKER.—Owing to the cowardly attempt on the part of HENRY FOWLER, of the Chicago Tribune, to stop our printing those thoughts which come from God, and prove a two-edge sword to guard the Cherubim and Seraphim from the rascality of Chicago Monopolists, Priests, Lawyers, Doctors, Politicians, Bankers, Editors, Merchants and every class of cowards who crush the people, we shall be unable to get our paper out before next week, when it will be published in double sheet, and will contain enough to make the Belshassars of Chicago shake as they did in Babylon of old.

We refer to this merely to correct a misapprehension which has been awakened in the minds of many that we have before printed “The Christian Banker.”  We have had nothing to do with its publication in any way or shape at any time.  Mr. Paine applied to us, on Monday, we believe, to set up the type for his paper in our job office and print it on our power press, and the tempting douceur was held out that the profits to us, of his printing business over and above all expenses, would amount in a year to $500 or $1000, which statement is doubtless true.  We declined, however, to do it.  Some of the copy for the night paper was sent to order of office, and our foreman began to put it in type (as he would any job,) before our wishes in the matter were ascertained, which probably accounts for the delay in publication complained of.  We had no altercation with Paine, nor the bandying of any words—in fact, we had no interview with him.  The application was made through a Second, and was quietly declined.  This constitutes our “cowardly attempt.”  But we cannot refrain from confessing to our friends, that, as that vision of $500 profits receded from our view, a slight pang seized us.  The aerye of an editor’s pocket is not so thoroughly protected by golden walls as to endure such a rub without a twinge.  Poe’s poem of the Raven came to mind, and with a melancholy “Never more, never more,” we went on writing and in five minutes had forgotten it all.

SPIRITUAL MANIFESTATIONS.—The Christian Bank of Chicago made a display yesterday of its own peculiar morality and divine inspiration.  During the forenoon several persons who visited the Bank (none, however, we beg leave to say, from the Tribune Office,) were met with epithets, which according to the low ideas of this mundane sphere, would be considered abusive and insulting.  The officers of that transcendental institution should remember that men must be taken as they are, and that few have advanced to that high state of spiritual perception as to regard as either agreeable or supernatural the being called by such titles as “unclean,” “scoundrel,” “hog,” “coward,” and “rascal.”  Mr. Stanley, of the large and respectable firm of Stanley & Hutchins, of this city, received a share of these delicate salutations, on presenting some bills of the Bank for redemption.  They have been in the habit of sending these bills for some time as soon as they come into their possession—preferring to do this, for the convenience of their customers, rather than refuse wholly to take them.  From these persons the excitement spread to others, and in the afternoon the Bank and street in front were crowded.  Some were trying to present their bills, under the impression that there was a run on the Bank, and that it was about to break.  Others were trying to see and to hear, and there was some pushing and tumbling, and much talking.

Within the scene was unique.  Some of the officers were attending to the redeeming of the bills, which were presented more freely than usual, thought not to any great amount, as few are in circulation here.  One fifteen minutes were passed by the crowd in gazing at Seth Paine, standing dressed in a kind of morning gown, without a neckerchief, a wide collar turned over, arms crossed, eyes shut, and in a kind of trance.  He was said to be communing with the spirits, what spirits we did not learn.

On waking up from this, a series of angular spasmodic gesticulations followed, apparently directed to W. W. Stewart, who held a bill of the “Bank of Chicago,” which Mr. Eddy and Mr. Paine had refused to redeem.  These gesticulations partook in part of the character of the mesmeric manifestations, and a strong and continual attempt was made by the performer, either to brow-beat, or frighten, or magnetize, or miraculously anathematize Mr. Stewart.  But for some reason William Wallace was not a subject, though evidently an object, for the anathemas soon came out in the shape of plain Saxon, and a repetition was given of some statements respecting Mr. Stewart, which have already appeared in the Christian Banker.  Mr. Stewart was frequently called “a cowardly representative of this dastardly crowd,” but continued “in quietness to possess his spirit,” and calmly repeated his request that his bill might be redeemed, but to no purpose.

Soon after this Mr. Payne suddenly leaped on to the counter and harangued at some length, after his usual chaste style, as seen in his paper.  Two ladies were present behind the counter, supposed to be Mrs. Payne and Mrs. Eddy, and at one point in the exercises, an infant was brought forward and held up to the crowd by one of the actors, who said: “Behold the infant, except ye become as this little child, ye cannot enter into the—Bank.”  There were several in the crowd that seemed to enjoy the personal tirades and attacks, and some who held bills of the Bank would not present them, saying, “they had no fear the Bank would break.”

The whole scene was a strange mingling of the ludicrous and melancholy.  It remains to be seen whether the Bank will persist in refusing to redeem any of their bills.  If so the consequences are plain and inevitable.

Henry Fowler, “The Bank of Chicago and Spiritualism,” Chicago Tribune, February 10, 1853.

The commission of lunacy which was instituted against Mr. Ira B. Eddy, was a sure death blow to the spiritual Bank and all its strange operations.  During the forenoon of yesterday there were many rumors as to the doings of the mediums in connection with Mr. I. B. Eddy, amongst them that they had carried off the money of the bank.  Mr. D. Eddy, the conservator, having good reason to believe this to be correct, caused a number to be immediately arrested and carried before Mr. Justice Rucker.  There was at once a general rush to the Court House to obtain admission.  The room was filled, and an immense number were unable to gain entrance.  The Summons was against Smith and his wife, Herrick and his wife, Mrs. Ryerson, Drysdale, Arnold and Pilgrim—their first names we were unable to learn.

The Court was crowded to excess.  The charge was for breaking the peace, but the investigation embraced the whole management of the Bank under the pretended guidance of spirits through mediums, and the examination was very irregular from beginning to end, and was a mournful display of the lengths to which spiritual fanaticism had gone.  There have been many statements afloat as to the management of this Bank, being professedly under the directions of spirits; but the examination yesterday, brought to light the most humiliating fact that men of property, and who hitherto have had credit given them for at least ordinary intelligence, would submit to be led by silly women as to the disposal of their property and their reputation.  From the lateness of the hour at which the proceedings terminated, it would be impossible to give a detailed account of the lengthy examination; but for the satisfaction of such of our readers as are at a distance or incredulous as to the possibility of such infatuation, we shall give some part of the evidence taken yesterday.

The first witness called was John M. Holmes, who has been acting as Book-keeper for the bank for some time past, and stated that for some time past, the affairs of the bank had been carried on by the use of mediums.  A female was in the habit of retiring to a back room with Mr. Paine or Mr. Eddy, and there professed to hold conversation with the spirit of such men as General Washington, General Jackson, and many others, who directed how the affairs of the bank should be carried on; and according to this woman dictated the bank was managed.  These women were constantly about the bank.  Mrs. Herrick retired several times a day and pretended to tell from the spirits to whom they should and should not redeem money.  Some time ago she pretended to receive a revelation that if any party brought a bill who smoked tobacco, or drank liquor, or sold liquor, that such persons should not have their bills redeemed.

She had stood behind the counter and pretended to reveal such persons on their entering the bank, as were honest or dishonest; that she had called persons absurd names, such as fools, unclean, dishonest, robbers of the poor; that she had snatched segars from the mouths of gentlemen who had come to the bank on business.  There had been great excitement at the bank for some time past, occasioned by these proceedings.  He knew all the defendants; most of them were mediums, and Eddy was completely under their control.  He advised with them on all matters and followed their directions in all things.  Yesterday Mr. Eddy went into the bank and demanded the key of the safe.  He (Holmes) refused it, when Mr. E. pointed a six-barreled revolver and threatened to shoot him thro’, when he gave it up.  Soon after he saw Arnold load a similar pistol, he urged him not to load it with balls.  Arnold replied that without balls it would be of no use.  Drysdale said it would be right for Eddy to shoot any man, as he was pronounced insane and was not responsible.  Most of the defendants were present when the pistol was loaded, and advised Eddy to defend himself.  Soon after this he left the bank.  So long as Eddy was under the influence of the mediums he should be afraid to conduct the business of the bank, had no fear of him if left to himself.  He returned to the bank in the evening; found the defendants present; they were consulting the spirits; said they were in communion with the spirit of Alexander Hamilton, who recommended Eddy to defend himself.  Soon after he was told that they had received spiritual revelations that he (Holmes) was an enemy and a traitor; that they knew all his secret doings, and Eddy and Paine ordered him to leave the bank.

From Friday to Monday there were great crowds of people about the bank, the peace was endangered, all the mediums said that they were not to redeem the bills presented by useless or dishonest persons.  Mrs. Herrick frequently asked those who presented bills if they had obtained them honestly, and told them that they had not the mark of honest labor about them.  He had been to the bank to-day, but they would not let him in.

Cross-examined by Mr. Drysdale, as to whether he had ever written what had purported to be a communication from spirits.  Witness declined to answer the question, as it was not pertinent.  You were present when the pistol was loaded, and distinctly said that it would be right for Mr. Eddy to shoot any man who should attack him.  After several unimportant questions by other defendants, Mr. Rucker asked what right all these people had in the bank.  Witness—They were there, some as door-keepers, but most had no legitimate business.  Mrs. Herrick, with much warmth, here emphatically announced that she was the Cashier of the bank (much laughter)—and there was considerable altercation among some of the defendants as to who were present last week, and their duties at the bank—some asserting that they were employed by Mr. Paine as door-keepers.

Mr. Edward Hate testified that a short time ago Mr. Ira Eddy, and a man whom he recognized among the defendants as Pilgrim, came to the store of Mr. Dominic and asked for some pistols.  He showed some Colt’s and Allen’s; they conversed as to the merits of the two, and Pilgrim advised Eddy to take Allen’s, as it was best for “quick work.”  They spoke about borrowing one, when he referred them to Mr. Dominic.  They afterwards left with a pistol.  Soon after that Arnold came to the store and purchased some powder.  Has since seen the pistol, it was loaded with six balls, which he drew.

J. R. Hugunin went to the bank this morning to get redeemed two dollars, and was treated respectfully.  Some time after, he went again for the same purpose, when a woman, (Mrs. Herrick,) was behind the counter, told him that the bill would not be redeemed, and he was ordered out.  He refused to go, when he was seized by the collar by Herrick, and dragged away from the counter and put out at the back door.

Mrs. Elizabeth Burton, sister to Ira B. Eddy, corroborated the statements that her brother was under the control of the defendants, and that they advised him to defend himself, but they kept their conversation as much as possible from her.  Heard they were talking about the money, and her brother say “take it, and keep it.”  Saw Drysdale climb up through a window into the bank or vault, and return with it.  In doing so, he lamed his arm.  They all assisted in wrapping up the money—it was gold and silver.  There was a large amount.  Some of them took it from the bank, and she followed them over Randolph street bridge.  A desultory conversation followed of no interest.

Mr. Cyrus Bradley, the city Sheriff, stated that he had found money, gold and silver in the house of Pilgrim, on the west side.  Pilgrim told him it was there, that he got it from Eddy, who told him to take care of it; asked the defendants if they had any keys or property belonging to the bank; they all denied it.  Pilgrim gave the key of Harmony Hall, and said that was all he had.  He afterwards admitted that he had taken the money.

Mr. Ira B. Eddy who was present the whole of the time, and in constant conversation with the “mediums,” here wished Mr. Holmes to be re-called, and asked him the name of the banking firm, and if he, Eddy, was a partner in the bank, and several questions as to his (Eddy’s) connection with the bank, the purport of which was to show that the bank was not his, but “Seth Paine, Brothers & Co.”  He said that he did not hold stock in the bank, that he had only deposited money the same as any other depositor, and charged them with interfering with the affairs of a bank with which he had nothing to do as partner.  He demanded that Paine be brought to prove the fact.  The Justice remarked that Mr. Paine was in prison and that he had no jurisdiction over him.  From the cross-examination of Mr. Holmes, there came out the startling fact that Paine had little or no capital in the bank; that all the stock amounted to some 4,000 or 5,000 dollars, deposited by Ira B. Eddy, and about $3,000 by other persons.  This disclosure produced considerable excitement in court.

Mr. Goodrich here summed up and addressed the Court at some length, pointing out in strong terms the mournful fact that while some were evidently deluded in this novel and painful matter, there were evidently some who, as master spirits, were working all things for their own mercenary ends.  He spoke of Mrs. Herrick as a coarse, vulgar, impudent woman—as evidently the High Priestess of the affair.  Mrs. Herrick became much excited, began to twitch, and show the usual signs of spiritual affections, previous to making some revelation; but on being ordered to silence, she grossly insulted the Court, and for contempt, was taken into custody.  After going through the evidence, Mr. Goodrich contended that there was sufficient to convict most, but not all, the defendants.  Several of them then made statements, explanatory or otherwise, of their conduct, and some were much ashamed of their position.

Justice Rucker then summed up, and stated that as the Grand Jury was then sitting, he should not feel it his duty to notice the grave charges that had been brought out in the evidence, but should confine himself to the breach of the peace.  Whatever part Smith and his wife had taken, there was no evidence against them, and they and Mrs. Ryerson would be discharged; but the others he should bind over in the sum of $500 each.  Mrs. Herrick’s case would be disposed of in the morning.  We did not hear whether or not they obtained bail.  As might be expected, there was much excitement during the whole proceedings.

New York Daily Times, February 18, 1853:

The End of a Delusion.
From the Chicago Journal

The operations of the Bank of Chicago, which its proprietors have conducted in this city for some time past, affecting to have communications in regard to it from spirits of the departed, were summarily closed yesterday by the interposition of the law.

A commission of Lunacy having been issued and Conservator appointed in the case of its President, Mr. EDDY, the mediums took the matter in charge, and avowed that the “Spirits” counseled resistance even unto death, and for that purpose arms were provided.

During the forenoon several persons having business at the Bank, were somewhat roughly handled and put out by force.  Mr. D. C. EDDY, the Conservator, learning of these facts, entered a complaint before Judge RUCKER, and John Drysdell, Charles Herrrick, Ambrose Smith, Joseph M. Arnold, Henry Pilgrim, Mrs. Herrick, and Mrs. Ryerson, were arrested on charge of conspiracy, threatening to take life, and for assault and battery.

GRANT GOODRICH, Esq. conducted the prosecution, the prisoners being asked if they had counsel, DRYSDELL replied “yes.”  The Court enquired who, to which he replied “God.”

We copy from the Press the following synopsis of the proceedings:

JOHN W. HOLMES was the first witness called.  He testified that he had been directed by the Conservator of the affairs of IRA B. EDDY not to deliver up the keys of the vault to any person, but IRA B. EDDY demanded them on Tuesday evening last, and with a pistol in his hand, threatened to blow him through unless he surrendered the keys.  Witness then gave them up.  He further said, he heard DRYSDELL remark in the Bank, about the same time, that there would be no harm in Mr. EDDY’s shooting a person now, as he had been declared “insane” by a jury, and he could not be harmed for the acts of an “insane” man.

A meeting of the mediums was held at the Bank on Tuesday evening, and communications were held with ALEXANDER HAMILTON, Gen. WASHINGTON, and other deceased personages, who unanimously declared that HOLMES was a traitor to the institution, and was working against them.  He was accordingly told by Mr. EDDY that he must leave the Bank.

Mr. R. H. HAIGHT was the next witness examined.  He testified that IRA B. EDDY, in company with Mr. PILGRIM, went to the store of W. F. DOMINICK & Co. and inquired for a pistol.  They were shown some and while examining a lot of revolvers, PILGRIM recommended to EDDY to take one of ALLEN’s patent, as it would work quicker than COLT’s, and, therefore, would be more useful.  The pistol was procured, and they left.  Shortly after PILGRIM returned for some powder and ball, and was supplied.  The pistol was returned to the store yesterday, and six ball cartridges drawn from it.

JAMES R. HUGUNIN testified that he went into the Bank yesterday forenoon to get two one dollar bills redeemed.  The acting Cashier, Mrs. HERRICK, refused him, on the ground that he had got a two dollar bill redeemed some half hour previously, and the present money was not his own.  After requesting an exchange several times, and being refused, he was ordered out of the Bank by the back door, and was very roughly treated, and finally thrust out by force.

Other testimony was offered, but of a character very similar with the above.

Mrs. RYERSON, one of the mediums, stated she had never visited the Bank until Tuesday evening, when she had a communication with the spirits, who directed her to inform Mr. EDDY, and the officers, that they must go on with their Bank, although they would find it up-hill business, but that God was at the head of it.

Sheriff BRADLEY testified that he found, yesterday forenoon, in PILGRIM’s house, on the west side, a lot of gold and silver coin, and a small amount in bank bills, in all to the value of about $3,000, which had been carried thither from the Bank a few hours previous by PILGRIM himself, and was deposited in a chest, the key of which was immediately delivered on the demand of the witness.

JOHN M. HOLMES was again called, and testified that IRA B. EDDY’s interest in the Bank of Chicago amounted to from $4,000 to $5,000, most of which was on deposit, and the balance was loaned to the Institution.  The rent of the building, &c., also belonged to EDDY.

After the testimony was gone through with, Mr. GOODRICH commenced summing up, during which Mrs. HERRICK assumed o have a “communication.”  The rules of Court not being proof against woman’s tongue, she was committed for contempt, and lodged in jail.  She will have her examination this morning.  From the evidence adduced, it would appear that Mrs. HERRICK was then great High Priestess of all this delusion and folly.

Upon the conclusion of Mr. GOODRICH’s speech, PILGRIM and DRYSDELL each addressed the Court.

AMBROSE SMITH and wife and Mrs. RYERSON were discharged, Messrs. ARNOLD, PILGRIM and DRYSDELL were bound over in the sum of $500 each.

As an addenda to the above, SETH PAINE was arrested on a charge of assault and battery upon E. L. SHERMAN, and in default of bail, on the indictment found against him for illegal banking.  He refused to go with the officers, when he was carried to jail and there safely lodged.  This we trust will put an end to a monomania which has embraced many worthy people in its grasp, and given the vicious and the depraved an undue influence over them.

It is a sad termination of a still sadder affliction to the parties, but the prompt and efficient steps taken, we have reason to believe, has prevented the adding of the crime of murder in melancholy record.  The unfortunate victims of their own delusion, and the prey of the dishonest and intriguing, it is hoped may be brought back to the possession of their reason by this arrest, while those who have seized upon them like vultures, for the purpose of prey, it is hoped will be dealt with to the utmost rigor of the law.

P. S.—Mrs. HERRICK was brought before the Court this morning, and bound over to appear, in the sum of $200.

Hornellsville (New York) Tribune, March 5, 1853:

The Spirits in Chicago—Spiritual Banking.

Some accounts have been published in the papers, of the strange proceedings of he Spiritual Rapping mediums in Chicago, which have attracted considerable attention.  The following statement of the facts, which is more minute than anything we have yet seen, says the Fredonia Censor, is contained in a private letter from that city to a friend in this village, which has been obligingly furnished us for publication:

CHICAGO, Sunday, Feb. 13, 1852.

Last summer, Messrs. Paine and Eddy, two rich citizens of this city, opened what they styled a Spiritual Bank, called the Bank of Chicago, issued their bills and commenced business.  Not long after, they established a Spiritual Church, which was soon filled with proselytes.

They worshipped regularly—holding three services on the Sabbath, and stated meetings or Spiritual Dances on other evenings of the week.  On the Sabbath non-members were not excluded, but other meetings were purely spiritual, and strictly confined to mediums.  In their public meetings they spoke as the spirit moved them.  They pretended to be under the influence of some departed spirit—both bodily and mentally, and therefore what they uttered was not of their own mind, but of the spirit of which they were mediums.  Their harangues were always accompanied by outlandish jerkings of the body—head—and arms.

Mr. Paine is, or was a talented man, and made some interesting discourses.  Some of the women also were not fools (?) judging from their language.  At their medium meetings (I have this from a beholde.—an apostate) they frequently had spiritual demonstrations similar to Rochester knockings—table moving, &c.  At other times they had Spiritual Dances not unlike the Shakers, when they would have a regular pow-wow.  Some of the women—a few of whom are known to be of an abandoned class—would whirl about, at the same time throwing their arms around them like a Quixotic windmill until completely exhausted, and then tumble head under heels, on the floor, putting Bloomerism to the blush by the immodest exposure of the nether limbs.  Seth Paine advocated that if we lived as we ought we should never die—that the bodies which we now possess would live forever, and continue to grow nearer perfect, until entirely spiritual, like the bodies we shall possess after the resurrection, and therefore escape death, which is the penalty attached to not living as we ought on earth.  When we arrive at perfection, (says Paine,) we shall need no more food nor drink, but be wondrous fair.  To rid himself of all earthly, sinful matter, for two weeks previous to Friday the 4th inst., he took only three soda crackers and a half pint of water per diem.  The spirits commanded Paine and Eddy, two months since, never to shave again, and they have not as yet.

Eddy went home one day, and at the instigation of the spirits began to cut down the stairs of his house, (which is a fine brick building,) and did much damage before he changed his mind.  Then, moved by the spirits, he went out, got a cudgel, and beat his wife.  The neighbors interfered.  Paine has contended for some time that he was God Almighty, and brings forth many arguments in proof thereof.

Their Spiritual Bank has been a wonder.  When first started, it was not so much under the influence of spirits as latterly, and gained the confidence of the public, and had quite a circulation.  In connection with the Bank was a publication entitled, The Christian Banker, edited by Seth Paine & Brothers, specimens of which you have seen.  Paine and Eddy both forced their wives to stay in the Bank and help transact business—though report says they do not partake of the spirit, and are intellectual women.  But they must attend during banking hours or be horsewhipped—so said the spiritual guides of their husbands.  Seth Paine’s daughter has for some time past signed the bank bills, “Fanny Paine, Cashier.”
Last Fall the Spiritual Bank, with several other City Shinplaster Banks, was indicted before the Grand Jury.  Eddy was placed before them and asked what was the basis or security of his bank.  He replied, “Better security than any other Bank in the world.  The stock-holders and directors are God Almighty—Jesus Christ—the twelve apostles and all the saints.”

On Friday the 4th inst., someone carried a $5 bill to the bank for redemption, with a cigar in his mouth.  Paine told him no one who smoked, chewed, or drank liquor, could have their money redeemed. The bill holder soon got others started with money, and the report soon spread through the city that Paine & Brothers could not redeem their bills.  Everybody who had any of their money in possession immediately hurried to the Bank, where a crowd of some hundreds were soon congregated, and much excitement prevailed.  Seth Paine elevated himself on the bank counter, dressed in a long easy gown, reduced to a skeleton for the want of food, his faced covered with a beard uncut for months, his sunken eye gleaming with all the wildness of a maniac’s, and spoke for several hours (as moved by the spirits) with outlandish gestures.  Some money was redeemed by Eddy for those who neither smoked, chewed or drank.  At dark the crowd dispersed.  Next day, however, as soon as the bank was opened, the crowd gathered again, and in the afternoon, assumed quite a mob-like appearance.  Paine took an iron poker and Eddy a hatchet and were proceeding to clear their office, but found themselves disarmed in less time than it takes me to write it.  The cries of “tar and feathers,” “smash in the windows,” “drag ‘em out,” &c., were now loud.  The arrival of the City Marshal and several Police Officers, however, prevented violence.  Last Monday, the officers of the Law closed the Bank, placing papers, books, &c., in proper hands for adjustment.  Paine and Eddy were examined before a jury—pronounced crazy, locked up, and thus endeth Spiritual Banks, Spiritualism &c., in Chicago.


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