James P Snell.

History of Sussex and Warren counties, New Jersey : online

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lames Roosevelt Bayley, bishop of Newark, and
lately deceased archbishop of Baltimore. Ii was on
Undertaking sufficient to deter any pastor. The ( !ath-
Hics were few and generally of humble mean-, luu



their generous non-Catholic townspeople
them in erecting their tasteful church. Its location
desirable. Its cost, with the property, was
$19,000, and at present but a small debt remain-. A
handsome brick parochial residence was also erected
a i\w years after.

During the administration of Father McCosker
missions were established at Andover, Hunt's Mills,
Branchville, Decker town, Franklin Furnace, and at
several other p irits. [n the summer of 1880 he was
removed, at his own request, to Rahway, N. J., where
he continues his missionary labors. During his long
pastorate he underwent many hardships in providing
Ibi hi Muck, and gained the reaped and i
wide communityby his self-sacrificing and religious
spirit.

On account of the growth and increase of Catho-
licity in the county two priests now divide the labor.
Two additional churches, at Deckertown and Ogdens-

burg, an- now being built, and renewed efforts arc
made to keep alive the faith in the hearts of all the

Catholics of Sussex County.

VI.— SCHOOLS.

On the Easton road, where now is the corner of
Liberty and II stood in the early days an

old log school-house. It was erected during the past
century, but in what year is not known. Pemberton
Britton's mother, who was born in 1781, went to school
in the "old log" house when she was quite young, —
about 1789.

The late Rev. Clarkson Dunn, rector of Christ
Church, established a small classical school in New-
ton, in 1825, iii the old Episcopal rectory on the hill.
"This school, though small in numbers, was con-
ducted with dignity, taste, and propriety, and at-
tended with success. The fruits of this early-planted
tree of education were such cultivated minds as the

late Hon. Martin Ryereon, Dr. Thomas Ryerson, Rev.
V Pettit, and numerous others." William Rankin,

one of the pioneer educators of Sussex, who had been
a -elect school at the Clove, re \ed to

■ in 1828 -".'.and became the English teacher
of Mr. Dunn's school, while the rector himself taught
the classic-. Mr. Rankin remained for a year or two,
then went to New England and enter, d Yale I
in |s::". he returned to NewJereeyand founded his
school ai Deckertown, which became quite famous

and was an in r for good in this p

the Stat. .

The old Newton academy building was erected in

1802, mi a lot donated .by Jonathan Hampton for
school purpo-i -. but now occupied by w. P. \ icholas,
Esq. Here, in this steeple-crowned edifice, thi
emy flourished for many year-, and until the building
was traded by the trustees, in I s l".i. t.. Judge John II.
Ball, for a property which i- now known as the old
academy, in Division Street. At the new location

more laud wa- obtained and a new building I



268



SUSSEX COUNTY, NEW JERSEY.



Samuel Tuttle, Medad Raymond, Benjamin McCarter,
and a Mr. Andrews were among the teachers in this
school. The academy on "Coon" (now Division)
Street was occupied as a school until the spring of
1S68, when Henry D. Chapin was teacher. The
select (paid) schools, taught respectively by Miss Ag-
nes McCarter and Katy Leport, were in July, 1868,
suspended on account of change in the school laws
establishing the free-school system.*

In the house now occupied by Thomas G. Bunnell,
Esq., on High Street (it was built about the time of
the Revolution), Mrs. Elizabeth Stinson taught an
infant school about the j 7 ear 1800. Among her pupils
were Dr. Franklin Smith, ex- Judge Daniel S. An-
derson, Charles P. Borbach, Charles Morford, and
others.

The present public-school building, located on Hal-
sted Street, upon the heights near the Sussex depot,
was erected in 1869 and 1870 at a cost of $26,000.f
It is 64 by 100 feet, 3 stories high exclusive of base-
ment, and is constructed of pressed brick and lime-
stone, with Newark brownstone dressings. J. D. Daly
was the architect, and Messrs. Hoppaugh & Moore,
of Newton, the builders. The grounds upon which
it is built are spacious, inclosed, trees planted, and
walks laid out. Trustees in 1868, Bobert Hamilton,
Moses Northrup, and Rutherford Tuttle. No schools
were held in 1868 (after July) or in '69. The first
principal in the new building was Elisha M. Allen,
1870-79 ; he was succeeded by Frank Transue, the
present incumbent. The trustees at the present time
(1881) are Jacob L. Swayze, Henry M. Ward, and
Rutherford Tuttle.

The corps of assistant teachers in 1870 was as fol-
lows: Misses Kate Leport, Kittie Trusdell, Theresa
Badgley, Carrie V. Hamilton, Annie J. Gustiu, Agnes
Hallock, Sarah Bibble, Eva Couse. At the present
time (1881) the teachers employed are Jennie Hand,
Sarah Bibble, Maggie Franks, Hattie Bidgeway, Anna
Bryan, Annie Nichols, Emma Ryerson, Ellen Connel,
Stella Smith.

Since the present school building was erected, in
1870, the salary of the principal has ranged from
S600 to .$1500 per annum, starting at $1000, rising to
$1500, and falling back to $600. During the same
period the salaries of the assistants have varied from
$17.50 to $40 per month, the average at the present
time being about $30.

The number of children of school age in the district
in 1880 is given at 718; the number enrolled on the
school register was 465. School was taught ten and
a quarter months during the year, and the average
attendance was 297 pupils.



* Another school of considerable notoriety in its time wiih the "Female
Seminary," Btnrted byttaoMisses Linn, and continued until 1801. It was
n most deserving and successful institution, and its discontluuanco was
not from any want of patronage.

t This does not include the cost of four hentors, which aggregate SHJ0O,
tho furniture, which cost $;100, and the grounds, grading, etc., S4500,—
a total of J30,200.



The receipts and expenditures for the year ending
March 1, 1880, were :

State appropriation 8161.13

Surplus revenue 101.12

District tax 375U.OO

Two-mills tax 1642.20

From Hampton township 6U3.81

86218.26

Total school expenditures S3770.12

Of the latter amount, $2962.51 was paid for teach-
ers' salaries ; $276.43 for fuel ; $77.88 for repairs ;
$453.30, incidental expenses.!

THE NEWTON COLLEGIATE INSTITUTE.

This institution was organized April 5, 1S50, and
incorporated Feb. 12, 1852, as the " Presbyterial
Academy at Newton." It was then, and until 1856,
under the direction of the Presbytery of Newton.
In the year last named the title of the school was
changed, by legislative enactment, to " The Newton
Collegiate Institute." A boarding-house was erected,
at a cost of $4000, on grounds adjoining the school
edifice. The buildings were repaired in 1865.

The institute buildings were on lands formerly
owned by William Beach, and the school was first
started under the management of Rev. James I.
Helm, and afterwards continued by Bev. Baker John-
son.

Other principals have been Bev. William Travis,
W. A. Magill, A.M. (about 1869), J. Sauford Smith,
Chester Teel, etc. ; it is at present under the manage-
ment of Prof. S. S. Stevens.

This school was first started in a buildiDg erected
by John S. Potwine, and now owned by W. W. Wood-
ward. Later it was removed to a new edifice on the
hill.

There is at the present time a select school for small
children taught by Misses Moore and Borbach. It is
located on Halsted Street, in the vicinity of the public
school.

VII.— SOCIETIES AND CORPORATIONS.
There have been from time to time various secret
organizations in Newton, but the only order now
represented in the town is the Masonic, the first lodge
of which was instituted in June, 1788, and was
known as

HARMONY LODGE, No. 8, A. F. AND A. M.

The details of its history are as follows :
A petition was sent to the Right Worshipful Grand
Lodge of the State of New Jersey, June 19, 1788, by
Thomas Anderson, Samuel Kennedy, John Holmes,
Mark Thomson, Edward Dunlop, John J. Hcndrie,
and John Johnson, praying for a warrant to establish
a lodge in Sussex County, in which memorial they
asserted they were " not within cable-tow of any war-
ranted lodge." A warrant of dispensation for the

X We are indebted to Rutherford Tuttle, clerk of tho hoard of trustees,
for much valuable information. Ho has held that position for tho past
thirteen years.



NEWTON.



-



period of three months was granted to Thomas An- ;
lerson by the late David Brearly, Grand Master, on
tune 24, 1788, to " congregate the brethren together
!\n«l form them into a regular lodge." On the 28d of
mine of the same year the Grand Lodge issued the
■barter which constituted " Brother Thomas Ander-
ftn, Esq., Counsellor-at-law of Sussex, Master, Dr.
Samuel Kennedy Senior Warden, and Mr. John
Holmes Junior YVarden, of a lodge of Ancient York
Basons to be known and distinguished by the name
of Harmony Podge, No. 8, with full powers to hold
their lodge in Newton," etc. The only lodges in the
Rate al that time were "Solomon," No. 1, at Plucfc-
Anin, Somerset Co. ; "St. John's," No. 2. Newark;
•Trinity," No. 3, Freehold; "Hiram," No. 4, Mor-
ristnwn; "Trenton," No. •">. Trenton; "Essex," No.
<;, Hackensack; and "Unity," No. 7, at Kingwood,
in Hunterdon County, — seven lodges only that were
older than old " Harmony."

In IXOtf authority was given hy the grand body for

ll;n !iv Lodge t i meet alternately in the townships

of Newton and Hardwick, but it ceased to hold its
at Marksborough after March, 1811.

The first meeting of Harmony was held at the
house of Jonathan Willis, July 16, 1788, at whirl,
was present the three brothers named in the charter,
Edward Dunlop, Secretary, and Joseph Hendrie.
Jonathan Willis was the first candidate initiated in
1 1 1< - lodge.

The following served as its principal officers after
the year of institution :

Mr,- 17 i - i 170 John IIolmM; 1703, Abraham

Builoy ; 1794, Mart Th ; 1795-97, Thnmiu Anderson; 1798,

Juliii Johnson; 1799, Anthony 9

18(1 i :, Joseph I Hendrie; 1808, .1 ibn OiisUn ; 1809-13, John John-

lon,

gftlar Warden.— 17 01, John Holmes; IT:'-'. Jonathan Willis; 1703,
Murk Thomaon ; 1791 95, T I us Armstrong; 1790-97, John John-
ion; 1798, Anthony Squior; lT'.'J, Van Tile Conrson ; 1800, JonaUmn
Johnson; 1801, Hubert C. Thomson; 180 I pli I Uendrio;

Stewart; 1808, Stephen Strong; 1809-11, Js
art; 1812-13, ll.-nry M. Miller; 1814 W, Samuel John! in.

Jui.ir ntorfea.— 1789, Ti thy By ios; 1700, John Johnson; 1701,

Joseph I. Ilondrie; 1793, Ibraham Bailey; 1793-04, Charles Bards-
He; [70S, William Cos; 1790 ■''. Anthony Squler; IT 1 '-. Joseph t,
Hendrie; 1790, Samuel Johnson; 1800, Robert C. Thomaon; 1801,

Joseph I. Hendrlo; 1802 5, William Johns n; 1800 10, Sa 1 .1 >hn-

eon; 1811-12, Thomas O. Anderson ; 1813 10, Peter B. Shaver.

The last preserved record is the minute of a stated
held Oct. Hi, 1815. On that occasion there
were present Brothers John Johnson, W. M. ; Samuel
Johnson, S. W.; David Kerr, J. W. [pro tern. \ Jo
sepli Y. Miller, Treas. ; Amos liassett, 1'vler; .Joseph
1. Roy, and Jacob Armstrong. Particular notice had

previously i n given of this meeting by the lodge,

and by publication in the 5 B ' "This

being the meeting," says the record, " to consider of
Die question and finally decide on the expediency of
raving up our warrant to the Grand Lodge; where-
upon the lodge . . . unanimously agree, and it U oc-

■ly ordered, that our warrant be surrendered,
and that the funds Of the lodge he settled and divided



as our by-laws require." Among the members of this
ancunt lodge who wer; carti ularh Listangut bed and
useful in public capacities maybe mentioned the tir-t
Master, Thomas Anderson, occupying a front rank in
the bar of the State; Col. Mark Thomson and
Merkle, both members of the Legislatun . etc. ; John
Holmes and John Johnson, efficient on the bi i
judges; Gen. Thomas Armstrong, a prominent
lutionary patriot and officer; and Lieut. Thomas O.
Anderson, who in the navy assisted the gallant Deca-
tur to destroy the " Philadelphia" in the harbor of

Tripoli.

The lodge held its sessions at the hotel of Brother
J ~.ii . - Bassett. During its existence many of the

Masonic anniversaries were commemorated, ai ig

others the celebration of St. John's day, on the 24th
of June, 1809, by a joint meeting of Harmony and
Olive Branch Lodge, No. 16, at Hope, N. J. Among
iho.e of the latter organization who participated were
Gen. Jona. Hill, Maj. Hayes P. M. . ('apt. Chos.
McHenry, Gen. Ahr. Home, Thomas Bullman Ma-
ter), George Wolf, Esq. (S. W.), Dr. Jacob Reesi
(Tyler , Maj. Barthold, Capt. D. Swayze, Capt John
Kinney, Hyman McMiller V. Br >. . and < '. Dusen-
berry, < Orator. Thos i present from No. 8 were Brothers
Jolm Johns in, Jac ih Stewart, ( ' ipi Samuel Johnson,
Daac Bassett, Dr. Palmer, Maj. Jacob Kerr, Peter
Smith, Dr. Marvin, Dr. Hendrie, Jacob D.Howell,
Capt. John Mackey, James Ryerson, Capt. R. Cour-
se:!, Theophilus Phillips, Adam Hibler, Epbraim
Green, Jr., James Kinney, and Amos Bi

Other- than those who have been already men
who were members of Harmony, No. 8, were Samuel
Hull (2d . Jacob Norcross; Joseph M. Schoi
Jacob Pah', Christopher Longstreet, Dr. S.
Christopher Cose, James Hoggerty, Nehemiab Brod-
erick, Charles Lamb, Eev. Holloway \V. Hunt. .!• - •■
Holly, Daniel Pierson, John Lam - Paul,

John Coolbaugh, David Reynolds, Robert Morrison,
James Beatty, Samuel De Puy, Robert Hoops, Henry
Hoffman, Isaac Willis, Henry Cherry, Benjamin Bar-
ton, Eugene McFarland, James Hyndshaw, Cyrus
Beckwith, John Cars..!,. Charles < Iroxall, John Brod-

hcad, Moses M ■<•, Jacob De Witt, Stephen Potts,

Robert Morrison, Wilson Carman, Alcxandi
Adam Runkle, < !har Jr., Drecil B ipkins,

George R. King, Jesse Carkhuff, Peter Merkel, etc.,—
representing all portions of Sussex and Warren. The
last-named member, a resident of Stillwater, 1

faltered Apprentice Feb. 15, 1818, passed March loth.

and rai-.d to the sublime degri f Master Mason

April 12th of the same year; and at the time of his
demise. \ iv. 1 t, 1874, it is said he «a~ not only the
oldest member of the fraternity in the county, but

- it of over 1 uem-

bers.

The charter was surrendered, as before state 1. in

1815. After aii interregnum of three years ti;

-o-.'it it..], the warrant having been I



270



SUSSEX COUNTY, NEW JERSEY.



Nov. 9, 1819. But, unfortunately, the minutes have
not been preserved. The Grand Lodge records show
that the following served as Masters :

1821, Teter B. Shafer; 1S22-23, Robert A. Linn ; 1S24, Joseph Y. Miller;
1S25-20, William Beach ; 1S27, Gen. Lyman Edwards ; 1S2S, Thomas
A. Dildine.

In the last-named year the lodge suspended, and was
not represented in the grand body for thirteen years.
Twenty-four years later it was succeeded by

HARMONY LODGE, No. 23, A. F. AND A. SI.

It was instituted, under dispensation, April 15,
1852, at the Cochran House, with Gen. Lyman Ed-
wards, Worshipful Master; Ira Beach, Senior War-
den ; William Beach, Junior Warden, pro tempore.
John Beach was the first initiate. Jan. 1, 1853, a
charter was granted, the lodge having worked over
eight months under dispensation. The meetings were
first held in a room at the Cochran House, later over
a store, and for six years in the third story of the
brick building of Dr. J. R. Stuart. In August, 1864,
all its furniture and property, except the charter and
records, was destroyed by fire. They temporarily
met elsewhere, but, the sum of $1500 being promptly
raised, they refurnished their hall. They also suffered
some from one or two other fires. About 1873 the
Masonic hall was established in the upper story of the
brick building owned by Jacob L. Swayze, corner of
Spring and Moran Streets.

Its officers since 1852 have been as follows :

Worthy Master. — 1853, Lyman Edwards; 1854, John Hunt; 1855, Benja-
min Stewart; 1S56, Walter Johnson ; 1857, David N. Deazley ; 1S58,
Nathaniel Pettit; 1859, John It. Stnart; 1800, D. N. Deazley ; 1801,
John Hunt; 1802, It. A. Sheppard; 1803, Andrew J. Itogers; 1SG4,
IsaacS. Hnnt;lS65, Nathaniel Pettit ; 1860, W. II. Hagaman; 1807-
08, John T. Stewart ; 1800, William H. Hagaman; 1870-72, John T.
Stewart; 1S73-75, George Hardin; 1876, William E. Itoss; 1S77,
George Hardin ; 1878-70, Oscar C. Laing; 1880-S1, A. J. Bale.

Senior Warden.— 1853, John Hunt ; 1S54, Benjamin Stewart ; 1855, Waltor
Johnson; 1850, David N. Deazley; 1857, Nathaniel Pettit; 185S,
John Ii. Stuart; 1850, D. N. Deazley; 1800-01, It. A. Sheppard ; 1802,
Andrew J. Itogers ; 1803, Isaac S. Hunt ; 1SC4, William II. Hagaman ;
1805, Hiram C. Clark ; 1800, J. T. Stewart; 1S07, Theodore Morford ;
1808, G. B. Dunning; 1S09, J. P. Edgortou; 1870, G. B. Dunning;
1871, F. M. Hough ; 1872, George Hardin ; 1873-74, Itohort T. John-
son ; 1875-78, Simon S. Cook; 1870, A. J. Bale; 1880-81, Thomas
Decker.

Jvnior Harden.— 1853, Bonjamin Stewart; 1S54, Walter Johnson; 1855,
David N. Deazley ; 1850, C. 11. Yotman ; 1857, M. Cochran, Jr. ; 1858,
Gerald Howett; 1850, Gabriel Post; 1SC0, C. Crook; 1801, Thoodore
Morford; 1802, Thomas Anderson; 1803, Josoph S. Hunt; 1801, E.
D. Goodrich; 1S05, Jacob A. Coarsen ; 1800, Pern. B. Horton; 1807,
G. B. Dunning; 1808, J. P. Edgerton ; 1869, Wallace Myers; 1870,
Frank M. Hough ; 1871-72, Bobort T. Johnson ; 1873, Ira S. Biglor;
1874, Androw I. Van Blarcom ; 1875, William E. Boss; 1870, Jamos
W. Ciigar; 1877, Oscar C. Laing; 1878-70, Benjamin E. Knox; 1880,
D. F. Dockor; 1881, M. It. Snyder.

The other officers for 1881 are A. F. Fellows, Treas. ;
J. S. Newman, Sec; Andrew J. Van Blarcom, S. D. ;
John Pinkney, J. D. ; G. R. Leport and D. F. Decker,
M. C; L. 11. Trusdell, Tyler; A. II. Bunnell, J. T.
Slewart, and It. F. Goodman, Trustees.

The lodge numbers 159 members in good standing.



BALDWIN CHAPTER, No. 17, B. A. M.

This chapter of the Royal Arch branch of Masonry
was instituted in Newton in January, 1867, by Grand
High Priest Israel Baldwin, of Newark, in wdiose
honor it was named. G. H. P. Baldwin always mani-
fested a great interest in this organization in various
and practical ways, one of which was the presentation
to it of an extremely beautiful and very valuable
High Priest's breastplate, whose setting of precious
stones is undoubtedly equal to any in the State.

Its convocations are held monthly in Masonic Hall.
Officers are elected at the December convocation. Its
first officers were: M.\ E.\ W. H. Hagaman, High
Priest; E.\ Theodore Morford, King; E.\ H. M.
Ward, Scribe ; P. B. Horton, Capt. of Host ; Jonathan
Havens, Prin. Soj.; D. L. Wyckoff, R. A. Capt.;
Jesse Ward, M. 3d Veil ; S. J. Coursen, M. 2d Veil ;
E. D. Goodrich, M. 1st Veil ; Theo. Morford, Treas. ;
Thos. C. Elston, Sec. ; R. B. Westbrook, Chaplain ;
Aaron H. Bonnell, Sentinel ; J. R. Stuart, Thos. An-
derson, Trustees.

The principal officers of the chapter since that date
have been as follows :

Sigh Priest.— 1868, Theodore Morford; 1S09-71, Jonathan Havens; 1S72,
Theodore Morford ; 1S73-81, John T. Stewart.

King.— 1S6S-70, William II. Hagaman; 1871, Thoodore Morford; 1872-
74, Jonathan Havens; 1875, Oscar C. Laing; 1S70, Thomas G. Bun-
nell ; 1S78-81, Wallace Myors.

Scribe.— 1808, Henry M. Ward; 1800-73, Benjamin Stewart; 1874-70,
Wallace Myers; 1877-78, James W. Crigar; 1870-81, Aaron H. Bon-
nell.

Bro. John T. Stewart was District Deputy Grand
Master of the Fourth Masonic District, embracing
fifteen lodges in the northwestern part of the State,
in 1876.

THE SUSSEX BANK.

This institution was chartered Jan. 31, 1818, with
an authorized capital of $100,000. The first board of
directors, elected June 8, 1818, was composed of the
following named gentlemen : Daniel Stuart, William
T. Anderson, Job S. Halsted, James Stoll, Grant
Fitch, Ephraim Green, Jr., John Gustin, John Arm-
strong, David Ford, Gershoin Coursen, and David
Ryerson, — all men of note in their day, and probably
among the best business men at that time in the
county. In the course of years, as their places be-
came vacant by resignation and death, they were
filled by other men from among our citizens, among
whom were Nathaniel A. Shafer, George H. McCar-
ter, Pettit Britton, Peter W. Blair, John H. Hall, G.
Fritts, Cornelius Smith, Ephraim G. Coursen, Elias
Mushback, Charles Munson, Jonathan Whitaker,
Robert IT. McCarter, David Thompson, Stephen
Hedges, Robert A. Linn, Martin Ryerson, Aaron H.
Kelsey, James R. Hull, Henry McDanolds, John H.
Neldcn, George M. Ryerson,* J. N. McCromond,
Thomas N. McCarter, Robert Hamilton, Thomas
Lawrence, David M. Sayre, James H. Strublo, A. H.
Kelsey, William McDanolds, Charles V. Moore,
James B, Huston, John D. Evcritt, and others.



N KWTOX.



271



Daniel Stuart was elected the first president in
July, 1818, and Samuel D. Mort'ord cashier. • »n the
17th of August the bank commenced business. The
first dividend was declared Jan. 17, 1820, being three
and a half per cent, upon a capital of $27,300. In
1833 the capital was increased to $41,000 by calling
in an instalment of $10 on a share. In like manner
it was increased in 1837 to $67,500, and on April 2,
K49, an extra dividend of fifty per cent, was made in

stock and the capital raised to $185,000. Another
Evidend in stock, in 1858, increased it to $200,000, at
which amount it remained until March, 1865, when
hie old Sussex Hank was merged in the present na-
tional organization.

During the last forty-six years of its existence rcg-
uhn - rim annual dividends were made to the stock-
holder-, varying from three to five per cent., until the
Knety-second and last dividend in July, 1865.

The first president, Daniel Stuart, was also surro-
gatc of the county, and held that office at the time of
his diath. lie was one of the most popular men of

hi- il , possessing qualities of head and heart well

calculated to will the favor and confidence of the
community, lie died in the prime of life, lamented

and honored. At his death he was succeeded l.y

Bphraim Green, who was elected president Jan. 28,
1S2i>, and after his decease, on Dec. 29, 1828, David
liycrson was chosen president, to which office he was

annually re-elected until and even after] tl Id

bank was merged into the present one, — the lengthy
period of thirty-eight years' incumbency. To the
kbove aami I officers and to the long-time and faith-
ful cashier, Samuel 1>. Morford, as well as to the cili-
hient management of its directory, is due much of the
success of this financial institution.

Mr. Morford died April 11, 1865, and was BUCO ded
by his sou Theodore as cashier, who served in that
position 80 long as the bank had an existence, and
then acted in the same capacity in the national bank,
its successor.

The bank was firsl located on Main Street, where
Dr. Sheppard now resides, and about 1828 the build-
ing on the corner of High and Church Streets was

erected and occupied.

From a sketch of the bank prepared a few years
since by the Hon. David Thompson, who was for

nearly twenty-live years a direct. ir of the same, the
following is given as showing some of the clement-
bf its BUI

• Tl,.. nil. II, by-law of tl II bank is u follow*: 'Ku nolo or MM

mini., by uny of tho dtrecture of iho oompauy shall boon".

Iinll bo doddad bj ballot.' Although this by-law hatlongai

become ubaoli ... and forgotten, yol Iti eAccts and Influence bare always
l... .1. recognised. The dlreotora ol Iho bank hare nerer, as ., general
rule, been borrowers. 1 And, upon oxamlalng the old minutes, that If
[oi should happon I

bo i thy, .m.l ftnally lap io Into s permi ul loan, bo would bo dell-

I .'. f the board, thai m niy iubsequei|l

renewal ol his notes three por eeut. hum be paid; and In

inonoy became i « abundant Intliac itry, the amount to be

paid ut Bitcli ronowol was raised to ten por cent.



"Another reason for tho past success of the Imnk Is found In the
policy, mi. if.. only pursued, ..f extending ii» loans to lbs many rather

than in acoomi latlng o few In llrlduals »i'h large ai lots. This

policy has I n found ■•■ combine ti ith safety and utility.

"The location of the bank was In former yearea clrcum

its success. H.hi^ the only bank In the county, it enjoyed a m poly

of circulation, which, In the days when tho cin nlarged

according tu the dl W

Until tho Incorporation of the Belrldere Dank, In 1-

: In the district comprising Sussex and Warren. Tho banking



Online LibraryJames P SnellHistory of Sussex and Warren counties, New Jersey : → online text (page 68 of 190)