Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-03-15


agree to take it,
0uestion-Had you not at the time you gave your
cheque in payment for the cheque on COLUMBIA,
other funds in the Phenix Bank besides the proceeds
of the ten notes to which you have referred
Answer--We had. .
Question-Was not your cheque drawn generally
on your fands in bank?
Answer-Always. - ;:
Question-Had you not large general dealings at
the time with the Phenlx Bank
Answer-We had.
Questen-Did not your cheques at the times re-
ferred 10, amount daily to large sums OF money?
Answer-Yes, Idon't know that we drew cheques
literally daily.
Qnestoa Were they frequently as much as 20 or
10000 dollars in day
Answer should think not frequently; should
think never so high as $4,000.
Queston-To what officer Of the Bank did you
make application for the cheque on Baltimore?
Answer-I cannot tell whether 1t was to the cash
Ter or assistant cashier.
Question--Do you recollect how many promissory
notes were discounted at the time you received the
cheque on Baltimore!
Answer-There were eleven.
Question-Were the proceeds of the eleven notes
passed 10 your general credit in the same way as the
former ten notes?
Answer-I take it for granted they were in each in
stance.
Question-How many of these eleven notes have
been paid
Answsr-I think all but two or three by the draw
ers at maturity.
Qucstion-How may notes were discounted when
you took the last cheque on Vlcksburgh
Answer-Five.
Question-How many of these were paid !?
Answer-I think three-but am not positive.
Queston-Do you recoect one drawn by Will
liams Marsh a. Co., for So, TIT AT
Answer-I think there such alone.
Question--Does the bank now hold all this paper
which has not been taken up by the drawers or en-
dorsers?
Answer-Necessariy suppose. We have taken
ID nothing oft
Qaestioa-Did your firm endorse this paper.
Answer-Yes.
Queston-Have you not filed a bill in Chancery
charging the bank with usury in these three transac
tons and praying that the notes may De SURRENDER
ed up to your firm
Answer-We have filed such bill bat can't an
swer for the prayer of the bill; think 1t applies to
collaeIals am member OF the firm OF Nance,
Gould & Co., and the individual that swore to the
bill.
Questionable not the bill so sworn contain
PRAYER that the bank might be ordered 10 surrender
up certain bills except one drawn by Bailey Keller
Remsen1
Answer-I presume so.
Mr. Habit therefore appears that the witness
has direct the surrendery fthe notes, and
in the result OF this investigation.
Questien-Is il not the objecl Of the bill in Chance
~ to make void the interest which the bank has in the
notesl
Answer say most decidedly that our object was
TO recover possession of certain notes lodged Tor
\ "
They were collection notes, and held as coateras.
There are many reporters for the papers here and as
l have been there too often, wish my reasons TO be
given fairly.
Mr.. Foote asked whether time oughtto be spent in
Mr.. Hall agreed with him, that the enquiry alto.
gether useless.
Question there be no usury in the three trans
actions you aude to- are you not now indebted to the
bank
Answer-The witness objected to this question as
being an admission of debt.
Qaestion-Is not one of your firm member of the
Board Of Trade1
paw his fees and told them TO strike his name OIL
don't know whether he considers himsefa member
now.
Mr.. Charles b. Grannss-Is a a member Of the
house of G. B. GranHiss e. Co. Our firm has been
regular customers with the Phenix Bank for some
tme-and has from time to time, been accommoda-
ted with discounts while il kept an account with the
bank.
Question During the last eighteen months, have
you had discounts of paper payable IN this city FOR
which you have received drafts payable IN distant
places1
Answer-I can't say we have; our OWE note, pay;
able in this city was discounted, which collateral
was left rs security with the bank for this we re-
ceved cheque payable in New Orleansf
Quesnon-Has your firm had more than one trans
action of this kind with this Bank2
Answer-It is possible; out cant say. nave
only one memorandum taken from eur books.
Question-State that transaction.
Answer-On Deer Sd, 1886, we gave our note for
$4,000 to the Bank, at 80 days; we left as collate
raj security country, paper generally, which we were
in the habit of depostng with the Bank as collateral
security in large quantities for this and other transac
tons. For the proceeds Of this note for 10 ,OOv dol
lars which was discounted, received draft on New
Orleans for precisely the same amount.
Question-What discount was charged youI
Answer-7 per cent
Queston-fIow much was that cheque on New
Orleans under par this city at the time you received
it
Answer-I sold at 3 per cent IA per cent was
brokerage; il was sold by Shipman, Corning q Co.
This was the oestI could get for IT.
Question-Was it a condition of this discount made
ty the banks that you should take draft on New
Orleans for the proceeds
Answer-Thats more than can say; may have
asked for draft on New Orleans for this
Queshoa-If you asked for such draft d,d you so
ask because you wanted funds on New Orleans OF
did you SO ask because you wanted to get the DIS
count7
Answcr-Nost assuredy to get the discount as
unques,ionably did not want to send money 10 New
Orleans.
Cues,ion-Wi,h what officer of the Phenlx Bank
did Won ha, the negotiation for this discounti
Ansver-Wirh MI Delafeld, the cashier.
Questien-what reason had you to suppose mat
asking for draft on New Orleans would facilitate the
obtaining discount .;
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