Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1841-10-15

m The Illinois State Register gives some further
PARTICULARS concerning the robbery Of the Hlnoss
State Bank, which furnishes another link IN the
chain of testimony against the use OF banks as SAFE
depository of funds, public or private That paper
states that after the robbery by Cornwe was disco
vered, the acting President and two OF the private
directors. in compromising with the thief agreed to
pay the amount of mortgage on Cornwcifs house
and lot and to give him $500 cash in hand, before
tho full extent of his frauds had been detected. In
stead of calling meeting Of the Board OF Directors
and laying the matter before them they, at regular
meeting Of the board handed in the resignation OF
Cornwel, assuring it that Cornwe retired in conse-
ouence of an advantageous connection offered him
with a commercial house in that place. The Board
was 10th to part with his services but the directors
having knowledge of his theft assured it that Corn
well would not changehis mind and accept the office
of teller, made vacant by the promotion OF the former
teller. Since that time $3.50 more have been Disco
vered as having been taken by Cornwcll, which ad-
ded to the Mechanic s lien on the house, $780, makes
the loss of the Bank by Conwell, S724. In contn-
uation the Register says:
at will thus be seen that the secret compromise,
made by only three officers of the bank, without the
knowledge of the board has resulted already in loss
to the bank of 1924, which amount may yet be in
creased bv future discoveries. 1t is truly wonderful
what could induce these gentlemen to give Cornwell
5000 of money belonging to the bank before they
could possibly know the extent of his robbery. Pro-
perly, they should not have given dollar, even IT
balance had been fairly due him after he gave up his
property: and this for either of which Is
sufficient. First in doing so, they cut of all OF
| Cornwell's remaining creditors who would thus be
left without the prospect of dollar. Secondly, in
| doing so, they compromised with a robber-an I'M
moral and illegal act-which although their feelings
Of compassion may paiate it, they do not excuse or
justify it.
| "The proceedings of the board on Tuesday last,
as they have been communicated us, show conclu-
sively that the conduct of the executive officers in
this case has been wrong from the beginning. pre-
amble and resolutions then adopted, which had
been prepared by the CASHIER setting forth that on
| any future OCCASION no member members OF the
son. robbing the bank but these resolutions passed
over in silence the compromise which had been al
ready made with Cornwell thus leaving that COM
promise, as matter of course, obligatory on the
bank While these resolutions were pending Mr..
Hickox offered an amendment to them, in substance
that this board would not sanction the compromise
with Cornwell but this amendment was voted dove,
In order to get direct ,Ote on this compromise Mr..
Hickox then moved to take up resolution previous
y offered by private director approving the COM
promise and this also was voted down! The Off
of the bank were thus unwilling approve what
had been done by direct vote, and were equally
willing to undoit. They accomplished by indirect
means what they afraid to do by direct means
More wonderful still, resolution unanimously pas
sed thanking Mr.. Hickox for causing CornwelI to be
arrested And yet more wonderful, resolution
passed requiring the whole proceedings of the case
to be kept secret!'
While banking institutions are liable to robbery
by its officers, who, if they do not escape, CON-
PROMISE "~n Tic UdIlk anu get us dsssttCe Ill heeP-
ing the matter silent and getting into business with
| respectable men, what confidence can be placed in
them for the collection safe-keeping and dsburse-
ment of the revenues of the Government? This is
but of the hundreds of instances that have occur
red since the passage of the Independent Treasury
bill. and still opponents in favor Of entrus
trusting the public funds to the keeping of this dis
honest class of people, instead irresponsible govern
ment officers.