Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1836-08-18
Atn,rous Orrnr.
MORE OF THE RAruBuN FAILURE.

MORT. OF THE ArilBtN FAILURE.
Mn. r ,rnuu N.-'rha following hotter gives all
the particulars relative to the failure aud lnrgcrcs
OF Mr.. R,rur, y, that had r1nsplrcd at tine time
when ii WAS written, and more thln are furnished
b, the Buffalo papcrs.
Correspondence othie Commercial iiccrii>tr.
Br1suo, August /, 1896.
Before this reaches Won, common fame will have
announced the failure oi benjamin Ralhbuu, Of
eur city, whom you' popors have pronounced the
" Gitard of the West"
Tho prominent situation of Mr.. r.. the mapni-
lude Of the failure the painful circumstances con-
necied with it, taken in conneNion with the ci-
iect which IT may have on the public mind IL
broad in relation to the interests ofthi> city, induce
me to detail to YOU such facts rs have come to IN,
knowledge.
For tlle last few DAYS reports of an alarming ma
turr had been IN circulation relative 10 the amount
oiRahbnn's paper, endorsed by oul principal cit
izrnS, which had been WIS IN market N New
York. The arrival, last Saturday evening, of an
agent from New York, 10 secure certain demands
against Nh X. led to the disclosure o The alarming
TACT that nearly all the endorsements on his notes
were to,gcrics. The disclosure of this fact to u
few OF our discreet aud wealthy citizens satisfied
them that his failure W. inevitable and mp,c-
date measures vcrc taken To induce him to make
an assignment Of his property Tor the benefit of
his creditors, which completed ON Monday
evening.
On Tuesday commenced the great land sale at
Niagara Falls, III which Mr. Il. was deeply inter-
cstcd The a,Sgnccs bcing deSiions that the ben
ehts of that sale might accrue To the creditors, per
United him To attend it Tuesday and Wcdnc>-
day bat about noon on Wednesday some of the
as>ienccS, becoming alarmed NJ the fearful rcspon-
slbililv which they had assumed, took possession of
the keys of the vaults. About the same time, also
report, OF the orgerles began 10 circulate. This
harmed Lyman Rahbun, the brother of Benjamin,
and ms chief Gnanc,r, who despatched m sscn-
ger to apprzc his brother OF the crisis aud inmc-
dately left the city himself.
Prompt measures were then taken to secure the
goods and property IN the various stores, work
shops, warehouses, barns, &c. all of which was
eilectnay acquicsccd in by some two THOUSAND in
dvluals in his employ, although thrown out of
business for the present.
Measures were Immediately taken by the police
TO arrest both Of the ialhbuns and they, returning
TO the city during the night, were secured, and arc
now in jail. Every Thing thai sound judgment and
perseverance could accomplish, has been done by
the assgnces to secure the property, and they have
already commcnc, the lIcrcucan task OF cxccu-
ting their trust.
My dear sirs, the part which duty compelled me
TO act in this affair was most painful. To commit
my friend, whom have known and esteemed for
the last sixteen wears, kind and benevolent
neighbor, "A philosophical citizen, and uniform
friend TO good order to commit such Il man as
elon, would make you act the woman. But us
Tree required 1.-THE character of our city rcquir-
ed it. The facts which transprcd on the examine
ton, and have come to my knowledge since, have
utterly astoniShcd me. First, as To the amount OF
the forgcrcs, which no doubt far exceed million
of dollars. Propably about scven-ientls of the
mount have been disposed Of east, aud the balance
west OF this city. Indeed, believe he can com
have but little genuine paper aGoat or
in bank. II is aSccrlaincd that the name of Dan
lei +. Evans has been forged TO paper exceeding
two hundred and fifty thousand dollars and the
names of several of our respectable citizcns to a
very large amount each. About seventy thousand
dollars OF Mr. RS paper IS IN one bank in Ohio
every dollar of which is probably forged. And
what appears marvellous in this transaction, scvc-
raj thousand dollars OF forged endorsements are
held by brokers in city, the counterfeit so
perfect, and the payment SO pnnetual, that 1t has
not been discovered, although such paper has been
in market weekly if not daily, for the last ightccn
months.
This failure, although of such AN immense mag
nltule, VIII MOI, 10 any seIlOus eA'eHt, aHcCt 'nf
ofthis city. The loss, if any, will not
be great, and will principally fall on the rich.
learn that the assignment, first, provides for his
workmcn of all classes next, those who furnish
ed materials for buildings, &c. thus the laboring
classes are provided for. Farther details in rela-
ton to the assignment have not come to my know
ledge, but | am informed by the assignces, whose
integrity will not be questioned, that the provision
for all classes of creditors is not only equitable
but unexceptionable. The cash value olreal and
personal estate, | cannot pretend to estimate, but
am confident it will exceed two millions of dollars
and should the times be favorable for closing the
concern, all the creditors may be paid, even in
Guiding the holders of forged paper. A large por-
ton of the real estate is located near the centre of
the city, and will always command high prices and
a ready sale. Ii may be supposed that so large a
failure will affect the price oirea estate in the city
or, Judging from some articles which have appear
ed in some ofthe Eastern papers, it might be APP
pretended that the failure of MIR. Rathbun would
be the failure of the city. A few weeks will prove
such opinions totally unounded. His place as