surfaceone
Posts: 7114
Joined: 12/9/2008
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Hey Steve,
Did'ya see this:
"FROM GLASS MOGUL TO BANKER TO BANKRUPT
About 1835, an epidemic swept the country and many prominent business people caught the disease. Unfortunately, Thomas W. Dyott was one of those businessmen. The epidemic was banking, and Thomas W. Dyott’s lack of banking experience did not deter him from jumping into this business with both feet. On February 2, 1836, he started a Savings Fund, with an old friend, Stephen Simpson as cashier. However, Simpson failed to secure a bank charter from Pennsylvania. By May, having deposits totaling $13,000, Thomas W. Dyott opened his Manual Labor Bank at the former location of his drug warehouse (which had moved to 139 Second Street). Part of the reason was to encourage his workers to save money, and partially to have more financial control over the notes that he issued to raise capital for his glass house.
What Thomas W. Dyott did not count on, however, was a general economic collapse. This happened on May 11, 1837, when, in Philadelphia alone, eleven banks locked their doors because of overruns and panics. Not immediately affecting the Manual Labor Bank, because it was a private bank, Thomas W. Dyott made a dangerous step at this point, by issuing small denomination notes, from 5 cent to 3 dollars. Although intended to keep the wheels of business moving, while other banks had closed, this act was illegal by banking laws in effect at that time. This would come back to bite him on the assets!
The general economic decline continued, and finally by the beginning of November in 1837 the Manual Labor Bank began to suffer a run on assets, based on rumors that Thomas W. Dyott was about to close his doors. And quicker than you can say “self- fulfilling prophecy”, he needed to file for bankruptcy protection. In most cases, bankruptcy protects the filer from his creditors. But in this case, his creditors were so unhappy, that they brought charges of fraud and swindling against him.
Thomas W. Dyott’s financial dealings during the many years of his various business enterprises were put under scrutiny. His lack of banking and financial experience, coupled with his convoluted business dealings during the years, finally snagged him. The end result was that 11 indictments of fraud were leveled against him and they culminated in his being sentenced to prison for 3 years on seven of the charges, beginning on June 1, 1839
And much like today, by use of the appeals process, he was released from prison, after having served a little less than two years at the Eastern Penitentiary. He was released on May 10, 1841, after having received a pardon from Governor Porter. After being
released from prison, he was promptly re-arrested as a debtor, and sent to the Debtor’s Apartment at the Moyamensing Prison. On May 24th, Thomas W. Dyott was finally released, after a friend, Daniel Mann, assumed a guarantee for his debts. Having lost his bank and glass empire while in prison, Thomas W. Dyott continued to work in the drug stores of relatives until his death at the age 83 in January, 1861." Thanks to Kevin Sives.
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RE: Glass Works script money - 
"New York, New York, Jones Dining Saloon, 25 Cents, no date (1862), H615, two great vignettes include bearded man at left, sailboat with banner “Restless” at top of mast at lower right, serial #147 signed by John Jones, tiny nick out of upper left margin, extremely fine. $250" From 
"A sample of the scrip the company issued for redemption at the company store signed by Mr. Corning, one of the company owners." 
"A picture of the factory as it appears on the scrip."
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