Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-03-16
Answer.ws have, ON various places; and at all

Answm-We have, on various places; and at all
periods within the last two years.
0deston-You have in substance SIT ted II 10 nave
s,t condition Of dssou, At Gs
on other places, other than New York-state how,
ana IN what manner, such condition was imposed
Answer-We applied to the Cashier for the dis-
COUNT Oh certain paper, expecting 10 receive some cr
elgu snds Tor II, asking what we could GET ana WHAT
would be the rate. Then we would take that wecouh
negotiate 10 the best advantage the least loss
mean thus Il would ask the Cashier on what places
ne could draw-then if We found we could sell The
cheques 80 as TO get the money at cheaper rate man
we could get any other way, made the offer Tor
discount.
Queston--Havng ascertaned the rates of the
places on which the Phenix Bank could draw, did not
you usually apply TO the bank for such drafts
Answer-Sometimes that was the case. we often
what cheques 10 ask for by the rate IN the mar
ket, and the length of the paper had to offer.
BY Mr.. Ward well-When you carried this paper TO
the bank TO be discounted what led you to expect that
you should receive cheques drafts on foreign places
and not money!
Answer-By common practice; we shouldn't ex-
psct that the bank would discount for as when mo-
nev was very scarce, and give US funds IN New ork
QuestiOn-Why?
Answer-Because there common refusal
at the bank" no-no-no money-can't discount
QuestIon-Did you keep regular account with the
Phcnix Bank?
Answer-No.
Queslon-1hen THIS common refusal came Iom
other banks besides the Phenix Bank
Answer-It was common enough.
by MIR. Sibley-Tou have stated that you have Of
ten taken bank cheques on foreign places at par, do
yen mean that these cheques were really at par here
or that you knew they not at par when you took
them and that the money obtained would cost yea
more than legal interest?
Answer-We took the cheques but we knew we
should have 10 sell them at a discount We took them
at par although we knew they were not al par We
called IL par
BY Mr.. Hall-Were not such cheques intrinscaly
worth par SO long as the drawers and drawees were
sovent7
Answer-My opinion is they were not ntrlns
fetch?
QUESTIONABLE not United States Treasury notes in
trinscay worth par, although selling In this market
at a discount?
Answer think not.
Question-Are not bank notes of New York, al
though below the par of specie, ntrinsically worth
par?
Answer-They are worth par although specie is
worth more. Par, in my opinion, is whatever passes
current here. The paper we offered to the bank for
discount was principally business paper; $4,000 of
it payable here, and $4,000 in other places, bought
by us negotiated for others, put in hands for
advances, as II might be.
The Chairman stated that the next was the last
witness the part ofthe compliments and that the
Bank would begin its tomorrow friday morn
ing He intended to adopt the same rule obtained
in the courts of justice relative TO adducng evidence;
and the witnesses must be made to attend.
Mr. George Hastings-ls a merchant Ofthis city
Question-State the facts and circumstances with
in your knowledge showing that the Phenix Bank has
made excessive and unreasonable charges for collect
ing demands payable out of the city.
Answer-Adee Timpson q Co. deposited draft
or note with the Phenix Bank, payable 7th August
last, for collection at Charleston, South Carolina,
amounting to s5s6.76. The charge this draft was
7 per cent for collection had previously agreed to
pay Adee, Tmpson q Co the usual rate ofexchange::
IN thaO ,har Of he r., IF
Adee, Tlmpson & Co., called at my store; he stated
me that this charge had been made and wanted me
TO pay il him buck. | objected. The rate of ex.
change at that time on Charleston was 3 per cent.
had transferred the nste to them. l stated that
would pay per cent. He went to the Phenix Bank,
| and mentioned on his return that they would take
Charleston f5f pSeugih!y Ghe9ue from the Bank on
him half per cent for the cheque. l saw on the
bank book Of Adee, Timpson & Co. The entry BY the
bank OF the amount of the note, less per cent for
the collection. In another instance they have char
ges per cent on note for collection at Norfolk Va
THIS was on the 9th August last The note was for
S397S6. The rate at that time was per cent. OBJ
jected TO Mr.. Delafeld, and the parties ts whom
| the note paid. The latter referred me 10 the
Phenix Bank. told DIR. Delafeld that other banks
the Union Bank-was only charging per cent
and that that was the current rate. His answer was
that he had nothing TO do with other institutions =
that his charges were correct, they would not be
| made. He LEFT me in very abrupt manner. did not
pay IT believe II was paid by John Haggerty e.
4 i agreed
10 pay The usual rate. saw il entered on their bank
book, less per cent-whetherJ John Hageertv& Son
paid IT don't know. The book psrported 10 be
Phenix Bank book. have kRown several notes char
| ged from 10 per cent. remarked that they must
be at the Phenx Bank account Of the exorbitancy
Of the charges over the rates Of the other banks.
A desultory conversation here ensued between the
Committee and the respective Counsel as to whether
the Counsel for the Board Of Trade should be permit.
ted TO open the evidence at any future stage of the
proceedings for the purpose OF adducRg fresh facts.
Mr.. Foote commended for this rght-whlIc the Coun.
sci for the Bank refused proct ed with their case UNI
Ill the Board Of Trade declared that they had closed
the grounds OF their accusation. This Mr.. Fooie de-
cned delnc, asserting his right prove the avermens
the memorial of the Board OF Trade when he
dy. The Chairman finally decided that the Bank should
| commence tomorrow (ths mornlng) in its defence
and stated that he should be guided in his decision as
to the production fresh evidence by the rules of the
courts Of law in such cases
Adjourned till half past nine on Friday morning.
II Mr.. Carter the colleague Of Mr. Cilley, is ex-
pected every minute to breathe his last at Washing
ton. Mr. Carter was quite unaware OF the duel, and
parted from DIR. Cilley but an hour before il took
place. He next saw him, when he brought
home, lifeess corpse; and was so affected at the
sight, that he Immediately taken with vomiting
and on Saturday last his life was despared Of