Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1836-08-11


ble services while on that duty. The
invitation was declined on account Of
pressing public duties at the South. We
were yesterday favored with the Erie
Gazette containing the Committees let
ter to 1t. b. and his answer, which we
regret were handed us too late for inser-
ton in this number. They shall be iu-
serted however in Our next.
From the New York Com Adv. of Saturday last
ASTOUNDING NEws.--Wall street was
thrown into ferment of wonder and conster-
nation, this morning, by information that MIR.
Rathbun, the well-known great speculatur Of
Buffalo, had absconded, leaving behind him
debts to the amount of a million and q half,
some said two millions, land, worse still notes
and other paper to vast amount, with forg-
led endorsements, which had been discounted
at various banks, in this city as well as in the
country. We are, as yet not fully Informed
of the particulars, but the report is universal
Ily believed. Mr.. Rathbun, it is said, has gone
TO Canada. We are informed, and that from
"a source entitled to the highest credit, that
demands, including the forged notes. lie
made a regular assignment before he left
Buffalo, and it is believed that nobody will
lose dollar. The event is unfortunate how
ever, for Buffalo, the rapid increase and pros
perity of which were largely owing to his en-
terprise and large employment Of capital. On
Monday we shall doubtless have full informa-
ton.
(From the New York Com. Adv Of Monday.
Mr.. RATnBUN.-Thc following letter gives
all the particulars relative to the failure and
forgeres of Mr.. Rathbun, that had transpired
at the time when it was written, and more
than are furnished by the Buffalo papers.
Correspondence Of Commercial advertiser.
BUFFALO, Aug. a, 1896.
Before this reaches you, common fame will
have announced the failure Of Benjamin
Rathbun, of our city, whom your papers have
pronounced the "Girard of the West"
The prominent situation of Mr. r., the
magnitude Of the failure, the painful circun-
stances connected with it; taken in connec-
tion with the effect which it may have on the
public mind abroad in relation 10 the interests
of this city, induce me to detail to you such
facts as have come to my knowledge.
lag nature had been in circulation relative to
the amont of Rathbun's paper, endorsed by
our principal citizens, which had been or was
in market in New York. The arrival, last
Saturday evening, of an agent from New
York to secure certain demands against Mr.
r. led to the disclosure of the alarming fact,
that nearly all the endorsements on his notes
were .Jorge,1es. The disclosure of this fact
to few Of our discreet and wealthy citizens,
satisfied them that his failure was inevitable;
and immediate measures were taken to in
duce him to make an assignment Of his prop
erty for the benefit of his creditors, which
was completed on Monday evening.
On Tuesday commenced the great land
sale at Niagara Falls, in which Mr.. X. was
deeply interested. The assignees being de- !
sirous that the benefits of that sale might ac-
crue to the creditors, permitted him IL attend
it on Tuesday and Wednesday; but about
noon on Wednesday, some of the assignees
becoming alarmed at the fearful extent of the
responsibility which they had assumed, took
possession of the keys of the vaults. About
the same time also, reports Of the forgeries
began to circulate. This alarmed Lyman
Rathbun, the brother of Benjamin, and his
chief financier,who despatched messenger to
npprise his brother Of the crisis, and ilnInedi-
ntely left the city himself |,
Prompt measures were then taken 10 Sc
cure the goods and property in the various
stores, workshops, warehouses;, barns, &c.
all of which was effectually done and cheer
fully acquiesced in by some two thousand in
in his employ, although thrown out
of business for the present. II
Measures were mme diately taken by the
police to arrest both Of the Rathbuns; and
they returning to the city during the night,
were secured, and are now in jail. Every
thing that sound judgment and perseverance !.
could accomplish, has been done by the as
signccs to secure the property and they have
already commenced the llercucan task Of
executing their trust.
My dear sirs, the part which duty compel
led me to act in this affair was most painful.
To commit my friend, whom l have known
and esteemed for the last sixteen years, as
kind and benevolent neighbor, public-spir-
tied citizen, and a uniform friend to good or
der; 10 commit such man as felon, would
make you act the woman. But justice, requir-
ed 1.-THE character of our city required IT,
j he facts which transpired on the examina-
ton, and have come TO my knowledge since,
have utterly astonished me. First, as to the
amount OF the forgeries, which 10 doubt far
exceed million of dollars. Probably about
seven-tenths Of the amount have been dispos.
ed Of east, and the balance west of this city.
Indeed lbclieve he can comparatively have
but little genuine paper alloat, or in bank.
II Is ascertaincd that the name of Daniel r. !
Evans has been forged to paper, exceeding
two hundred and fifty thousand dollars; and
the names OF several Of our respectable cni.
zens toa very lafge amount each. About
seventy thousand dollars Of Mr. RS. paper is ,