Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1836-08-12


.Monstrous Failure. 1T is with feelings
OF the deepest regret that we have this da Y
to announce to the public abroad, 10 accor.
dance with notice which will be found in
our advertising columns, the failure and
bankruptcy Of Mr.. Benjamin Rathburn, of
this city. From the prominent situation
which thls individual has for many years
occupied in this community, the tremendous
affecting and appalling denouemeat of his
operations, taken in conjunction with all
the attendant circumstances, has ia lien upon
us with no ordinary degree OF surprise.
With his immediate situation few of our
citizens had any intimate knowledge but
the facility Of his arrangements and the
magnitude of his operations, have long
been subjects of wonder and inquiry, and
we might add, measure Of dislrust until
at length he has been obliged TO assign his
effects, aud yield to others the settlement
ola vast estate, which. it appears he was
altogether unable, as well rs unworthy to
manage. We have 1t from good authority,
that the amount Of his estate il large-pro
baby about two millions with an ndebt
edness nearly TO the same amount but
from the short time that has transpred since
his assignment, we have not been able
learn correctly the am punt of either Off y
items. We are however happy 10 lcss
and can assure the public without an,
Of misleading them that the Actual
ties OF our citizens, on Mr.. Rathbun's n
count, arc much less than has been anti =
pated by the holders of his paper, and THAI
no permanently disastrous consequences
will result TO our city and its prosperity,
from this untoward event.
II is, however, with feelings Of deep in
digna,ion. as well as pain aud regret, that
we have also to state that }orgeries to the
amount of upwards of million of dollars,
appear to have been uttered by this infatu.
aled man, and from the proceeds of whcl
he has thus far been enabled to keep along
his extensive operations. The whole cx
tent of his forgeries we have not yet beer
able TO learn. They may be even large
than the sum we have named. and scatter
ed all over the country. The eno:mou
and ruinous Shaues to which he has submit
ted in selling this paper, and the quantlt
of il in market, with the names of our mos
noted, substantial, and cautious bushes
men upon it, and of the amount of whic
our citizens have only lately been apprise
ARE not among The least surprising ma
tiers connected with this extraordinary
affair.
Mr.. Rathbun, and his brother, Lyman
Ra,hbun-who is supposed TO be deepl!
connected with him in this dcpravity-ar'
now in close confinement for further exam
nation; and we shall in due time be ena
bled TO lay before the public all the parlic
nlars connected with this dep'orable event
Buffalo journal.
The WAY 1T WAS DoNE.-The New Iorl
Journal of Commerce explains the man
ner in which Mr.. Ra,hbun, was enabled t,
forge the names of his wealthy friends n
endorsers to his paper, without detection
The Journal says:--
"Mr. Rathbun, we understand, repre-
scented the whole amount of his debts at
million and a half Of dollars, and on NOR
than million of his paper he acknowledge
that he had forged the names of his ric
neighbors. On a particular occasion b.
procured l.. F. Allen and eleven others t,
endorse three of his notes for 5000 dollar
each. The transaction was general
known in Buffalo. These notes with tn
endorsement thereon, he multiplied at hi
pleasure, and the forgeries passed unsus
pected, as whenever forged note wa
mentioned, it was taken for the well know
and genuine notes. This forged paper wa
sold in Wall street, in Canada and whcrcve
market could be found for it.