Richmond palladium. [volume] (Richmond, Wayne County, Ind.) 1831-1837, 1836-08-20
ASTOUNDING NEWsGREAT FAILURE
AT BUFFALO.

AT BUFFALO.
The news Of tho failure Of Benjamin Ra,hl,un. |
1t Buffalo, which was received this morning. csus-
ed very unusual sensation in Wall street. His
afsirs have ior montIss past been the subject Of
much speculation, and his notes. endorsed b. some
ten o. twelve Of The best in that CITY, have
been crowded upon the market At the enormousl
discount d three q four per cent a month. They
have served Tor the quotations Of some Of our
neigh6os in giving the condition Of the money
market. Tho credit Of every body in Buffalo OF
course became deeply implicated. and it Gas said
repeatedly that, il ''Ra'hbun failed, all Buffalo
most fails
As. Rathbun's business vas enormously extend
ed. in addition 10 large operations in real estate,
m which he was constantly ergsgsd, no vas q con-
tractor fr erecting tho great hotel, and many other
buildings. In this line no I'D shops and establish.
ments Of hrs own TO- making bricks, and furnishing
and working all sorts Of materials for building He
had no less Iran four stores kept in his own name,
three Of which were one hundred and fifty feet
deep. 6lIed with valuable merchandise. He owned
tho line Of stages from Buffalo to Batavia, and in
fact almost al the lines running out Of that city,
and Tor this aod other purposes, owned six hundred
horses. He employed twenty eight clerks, and
twc thousand Other persons in the various depart
ments OF lie operations. His skill and enterprise
sustained by . large number Of we'll known for,u
nate specuations, gave HIM reputation for talent.
and wealth, by which, until now, he has been able
10 carry these diversied and almost lim,tless Cd
crstioos. But no has failed at last. From state.
spents whicbaso a. good AZ can Be had in such a
csse, We ere led to hope that the consequences will
not be ruin on % broad scale az had been antici
pated, II indeed there 10 any ruin at all- At any
rate il does not appear that the czens Of Buffalo
arc likely to loss to any considerable extent Mr.
Ratbbun, We understand, represented the whole
amount Of his debts at million and half Of dol
lars, and on more than a million Of paper he &C
knowledged that he had forged the names Of rcl
neighbours. On a particular occasion be procure,
L. +. Allen and eleven others to endorse three o
his notes for 5000 dollars each Tho transacto,
wrs generally known IN Buffalo. These notes will
che endorsements thereon, he multiplied at his plea
sure, and the forgeries passed unsupported, q
whenever forged note was mentioned, il was take,
for 0Ge Of the well known and genuine notes. Thi
forged paper was sold in Wall Street, in Canada
and wherever q market could be found for il.
To pay the million and a half Of responsibilities
MI. Raihbun exhibits list Of property which h
has conveyed to assignees. valued at two million
and half Other persons value the list at two mil
lions. Of something under. lfthese statements ar
near the truth, II IL to be hoped that the affair viii
not IN tho end prove seriously injurious to any one
Rsthbun and . brother Who - charged with havip
executed the fosgerics, have fed to Canada.
N. y. Jour. Of Com.