<p>The story of Benjamin Rathbun’s ruin reads like a primer for<br>the scandals and studied neglect that triggered America’s<br>economic crisis today. Banker, builder and architect, a revered<br>citizen of the flourishing American northwestern frontier—in<br>the end he was also a convicted forger. And his forgeries were<br>of such gravity that they added momentum to the Panic of<br>1837, the rapid collapse of a system of credit and debt that<br>brought down the young nation’s financial system.<br>Rathbun was surely a rascal, but a rascal somehow of<br>great decency. In Buffalo, a half-built landscape was strewn<br>with Rathbun’s broken vision. Concerned for the thousands<br>who had depended upon him, he begged for release from<br>jail long enough to fix the damage. Instead, he spent five<br>years in prison shouldering the blame for others who fled to<br>Texas, beyond the reach of American law.</p>
Roger Whitman (1905-1954) was a reporter for the Niagara Falls Gazette in the 1940s. His manuscript was discovered in the archives of the Buffalo and Erie County Historical Society.
Scott Eberle is vice president for research and interpretation and chief historian at the Strong Museum in Rochester,
New York.
David A. Gerber is professor of history at the State University of New York at Buffalo.