Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-03-15
Legislative Com mittoc OF Enquiry into eer-
tain proceedings Of the Phenix Bank.
THIRD BAY.
Continued from ssrenth Psgs.J

Answer.-I believe Mr.. Dela0eld has gwen US funds
a considerable amount, that came from another chan
ne with respect to the direct Indirect of the
Bank, cent say Phis understood more from sub
sequent transactions than from what TRANSFERRED at the
time.
Question:, not the collateral paper left with the
bank of by yeur house now dishonored for non-pay-
ment2
Answer--I believe it is
Questionable you state TO Mr.. Delaheld that
the two notes were in part of the bonus!
Answer can't say did.
Questionable you ever hold any communication
with any officer cfthe bank except Mr. Deafeld in
laiion these notes
Answer did not.
Question by Mr. Sibley.-Did the cashier give you
any receipt for the $4,000 any credit for
them ON any book, or any acknowledgment whatever,
that he had received such notes
Answer.-No / can'tsay ne did.
Question-By DR.. Hall Are you a member of the
Board of Trade.
Question.-Have you made any affdavits rela.
live subject matter of this examination
Answer.-Never.
Question.-Have you held any conversation with the
Board of Trade their council relating the exami-
nation Of yesterday or today
Answer.-I have not.
On reading the examination over the witness ad-
ded that the the Bank discontinued furnishing
supplies, was, that the securities offered were not sa
tlsfactery.
During the reading over the evidence to the witness,
Mr. Sibley stated that there Obscurity in the
sense, and could not be understood unless the ques
ton was written down in connection with it.
Chairman, Mr.. Lawrence-That's no matter pro-
vded we get the answer,
Mr. Sbley-The questions and answers should be
so taken, as that when they printed every one
may comprehend. We here, know what it means,
because we heard and remember the question: but
others, who had not that advantage, will be at
loss.
Chairman, Mr. Lawrence-Thats nothing; we
have the answer Subsequently, however, Mr.. Chair
man inserted the question.
The witness then signed his examination.
Mr. David M. Stebblns was sworn-Is merchant
of this city, formerly in business with two partners.
Previous TO August last, was in the firm of Wright
Wilson q Sebbns.
Qusston-What amount did the Phenix Bank
charge for collecting note on Columbus, Ohio.
Answer-There was a note that originally belong
ed to us, which we had passed TO N Berthoud, that
came due the 3s December, 1887, for $685. payable
al the Clinton Bank in Columbus. When we passed
away the note we allowed the individual 3 per cent
difference of exchanges considering that the full
Some lime after the note was due, were present.
ed bill by the person TO whom passed it, of 1874
Is, being additional charge, as he stated of per
cent on the said note This note, we were informed,
was deposited in the Phenix Bank. l do not know
that the note was deposited there understood that
II had been collected by it. | went to the PhenM
Bank and called on Mr.. Delafield aad made men,
ton OF this particular note in relation to the exchange
OF s per cent that had been charged. He made re-
mark that he did not know to that particular notes
but that per cent was the fair rate of exchange, IL
think that was his word) between New York and
Ohio.
Qsestion-Did you request the cashier to return
you portion of the exchange?
Answer-I id not. / stated the fact, and the
cashier said, it was fair rate of exchange.
Question-What was the object Of your call at the
bank Z
Answer-To learn whether the charge of 8 per
cent was correct. l thought there might be some
mistake IN regard TO that charge.
inf m n a
your remarks that you were dissatisfied with that
CHARGE
Answer dld-bst | could not state the precise
expression used.
Queston-Did you know what at that time
the current rate of exchange between New York and
Columbus Ohio, or at what rate drafts could be OBJ
tanned at Columbus on New York at that time
ARswer-l have some memoranda which made
when was travelling in Ohio. About the 10th Nov.
was IN Columbus, and procured draft of the
Franklin Bank there on the Leather Manufacturers
Bank in New York. for $500, for which paid Sl0
2 per cent. This draft considered a matter of IA
vor and considered III at they did IT to retsrn some
obligation they under to me. On the I'd Dec. /
procured safety fund notes of the Clinton Bank, in
Columbus for which paid 2 per cent premium. Pre-
vious TO these dates, about month, procared sight
drafts on New York Of the Wooster and Massllon
banks, for which paid per cent premium in notes
of their own bank. The Banks of Ohio were draw
ing at that time their paper, receiving it at
per cent premium. had received safety fund notes
VI AscW VA NJ pei ScHt PISHiium III tSH oWu pa
per.
Cross examined question: When did you pass
the note to Nr. Berhoud7
Answer-About 60 days before its maturity.
Question by Mr.. Jay-Whsp you were at Column
bus what was the price of specie in paper of the Ohio
banks
Answer am unable to say, having had no occa-
sion 10 buy.
Question-WheR the note passed to Mr. Berhoud
fell due, what was the rate at New York on Colum.
bust
Answer-I am unable to say was then on my
way here.
Quesilon-Who was the Cashier Of the Clinton
Bank, Columbus in Dec. 1877
Answer-I cannot say as to December. l under
stand there has been a change have been intro
duccd s Mr.. Deahed, a son Of Mr.. Dslafeld of
New York. who reported to be the cashier Of the
Clinton Bank; but did not see him IN December
last. Fer some time previous to December | can say
that DIR. Delafeld cashier Of the Clinton (Ohio)
Bank.
Questionable ysu learn when in Ohio, that there
was a general arrangement among the banks of Ohio
TO draw upon New York at or per cent?
Answer believe that was the general under
standing at the banks where procured notes; gave
them per cent in their own paper for such drafts.
The Chairman SAID there must be a stop put to the
naare Of proof; was no use TO multiply proof OF
the same kind.
Mr.. Foote said they had concluded to proceed to
other specific charges and prove all the complaints
Of the memorial OF the Board of Trade. Having
done thie he would offer other evidence on all the