Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-03-14
Answer-I take it for granted they were in each in

Answsr-I think all but two or three, by the draw
ers al maturity.
Question-How may notes were discounted when
you took the last cheque on Vicksbarghl
Answer-Five.
Question-How many Of these were paid !?
Answer-l think three-but am not positive.
Question-Do you recolect one drawn by Will
hams, Marsh d Co., for So, TIT "A
Answer think there was such one
Queston-Does the bank now hold all this paper
which has not been taken up by tbs drawers or en-
dorsers?
Answer-NecessariIy suppose. We have taken
up nothing off
aaestion--Did your firm endorse this paper.
Answer-Yes
Quesiion-Have you not filed bill in Chancery
charging the bank with usury in these three transac-
tons; and praying that the notes may be surrender
ed up TO your firm 2
swer for the prayer of the bill; think it applies 10
collateras. ] am member of the firm OF Nance,
Gould g. Co., and the individual that swore TO the
bill.
Queston-Did not the bill SO sworn contain a
prayer that the bank might be ordered 10 surrender
up certain bills, except drawn by Bailey, Keller q
Remsen2
Answer-I presume so.
Mr.. Habit therefore appears that the witness
has direct interest in the surrendery of the notes. and
IN the result of this investigation
Queston-ls il not the objecl Of the bill In Chance
TO make void the interest which the bank has IN the
notes?
Answer-I say most decidedly that our object was
to recover possession of certain notes lodged by US for
collection in the bank and which it refused 10 give up
They were collection notes. and held as collaterals
There many reporters for the papers here and as
have been there too often, wish my reasons to be
given fairly.
Mr.. Foote asked whether time oughtto be spent in
this way
Mr.. Hall agreed with him, that the enquiry alto
gether was useless.
Question-lf there be no usury in the three trans
actions you allude 10, are you not now indebted to the
bank1
Answer-The witness objected to this question as
being an admission of debt.
Question-Is not one of your firm member of the
Board of Trade
Question: don't know. Mr. Manice declined to
pay his fees and told them to strike his name off
don't know whether he considers hmselfa member
now
Mr. Charles 3. Grannsse-Isa member Of the
house of G. b. GranHisse g. Co. Our firm has been
regular customers with the Phenix Bank for some
time-and has, from time 10 time, been acc0mmoda-
ted with discounts while kept an account with the
bank
Qaestion-Durng the last eighteen months, have
you had discounts of paper payable in this city for
which you have received drafts payable In distant
places7
Answer-I can't say we have; our own note, pay
able in this city discounted, which collateral
was left as security with the bank for this we
ceived cheque payable in New Orleansl
Queston-Has your firm had more than one trans
action of this kind with this Bank?
Answer-lt is possible; but can't say. have
Dnly one memorandum taken from our books.
Queston-State that transaction.
Answer-On Deer Sd, 1885, we gave our note for
Bis 900 10 the Bank, al 80 days; we left colafe-
al security country, paper generally, which we were
n the habit OF deposlng with the Bank as collateral
ecurty in large quantities for this and other transac
ions. For the proceeds of this note for Is 900 dol
ars, which discounted, ] received draft on New
orleans for precisely the same amount.
Quesnon-What discount was charged you1
Quesion-How much was that chequc on New
Orleans under par in this city at the time you received
~
Answer-I sold at 3 per cent; IA per cent was
II was sold by Shlpman, Corning a. Co.
This the oestI could get for it.
Queston-Was it condition of this discount made
by the banks, that you should take draft on New
Orleans for the proceeds
Answer-Thars more than can say; may have
asked for a draft on New Orleans for this.
Qusstioa-If you asked for such draft, did you so
ask because you wanted funds on New Orleans; or
did you so ask because you wanted to get the dis
count?
Answer-Most assuredly 10 get the discount as |
unquestionably did not want 10 send money TO New
Orleans.
Queston-Wi,h what officer Of the Phenix Bank
did you ha the negotiation fer this DISCOUNT
Answer-With Mr. Deafeld the cashier.
Questen-What reason had yoa to suppose that
asking for draft on New Orleans would facilitate the
obtaining discount
Answer-We had drafts previously in transactions
Of similar character, and were thereby induced to
ask for a chequs in this way; as we were more likely
to gdt it than # we asked for city money.
Qucston-Were those previous transactions with
the Phenix Bank1
Answer-Yes.
Question-To what amount has your firm had SIM
liar transactions with the Phenix Bank, as near
you can recollsct3
Answer should think one or two other notes,
about 5000 OF $4,000 each.
Queston-Had you similar transactions with the
Phenix Bank on paper payable out of the city aRd
TO what AMOUNT
Answer-About 100000, with what has been be-
fore stated payable in the city-frem that TO $780,
DoO
:. Queston-State your first transaction with the
bank upon paper payable out ofthe city.
Answer will state the first Of which have
1t is October l8, 1885, | received
cheque from the Phenix Bank on Cincinnati for Sc,
500; for which they took Mississippi and Alabama
paper, at per cent exchange on this average. be-
sve II discounted, and we paid interest IN addi
ion. This was the usual mode Of passing it to our
credit. The chsque on Cincinnati was Sd under par
including brokerage. This was the best we could do
with il il was sod to Henry Ward. The cheque on
New Orleans for ZOO was sold to Shipman. Corn
ing & Co.
Questionable you, before ShlPman, Corning d
Co. disposed Of that checqus for ou cell on the
Cashier of the Phenx Bank, or any other and what
nfhcey of the in stuop and state your difficulty