The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-11-11

/ The Journal Of Commerce gives an account OF ked-
field, tho Ascending cashier Of the Commercial Bant,
and aher stating that he was respectfully connected
and an excellent man Of business, it says:
"He was a member, and believe an officer, OF
the church In Market street. of which the Rev. DIR.
Ferris 10 pastor yet he has been for four years en-
gagged in making fraudulent appropriations Of The mo-
ney Of the bank, and has every SIX months sworn 10
the accounts Of the bank rendered to the State,
though he knew that the accounts were false, by
means OF his depredaiions. Men always have
some way Of settling such things with their con-
sciences, and told that Mr. X. says the state
ments which he swore were true transcripts OF the
accounts Of the bank they stood upon the books, and
that therefore his oath not false. The bank com
missioners however entertained different opinion,
as we understand and thought il it their duty to cause
a complaint TO be entered loI perjury.
The defalcation was known TO the commissioner
who examined into the affairs of the bank some ten
days ago. On the disclosures being made, MIR. Red
field himself make security to the bank, hoping
that if he did So the matter would 90 no further For
this purpose he procured the notes OF one gentleman
for ten thousand do lars of another for twelve thou
sand and of third for fourteen thousand, making
thirty six thousand in ALL which, with the bond for
twenty thousand signed by his falherin-law and ano-
Their friend that he had given at his entrance upon his
Office of cashier, covered the whole dealcaton hese
large notes he was able obtain of bis friends by
ly saying that he in need Of them without going
into the details of his necessity great was the con
fidence placed in his character.
He repaired 10 the house Of his father-in-law on
Friday night for the purpose Of completing the mat.
ter Of security but he had said nothing of his errand
when, ON Saturday morning, of bis friends in the
city percesing he criminal character which the affair
was taking sent him word of his DANGER and he I'M
mediaely told his fatheTin-law that he was IN trouble,
| and left abruptly. OF course he did notgo IN INC
steamer fun, Boston that afternoon for was inpos'
sble. Mr. Redield owned two three houses IN the
city though they probably morgaged for their va
ue He said he had lost the whole amount OF his de-
falcation by dealing in stocks. His style OF living
wagon at little value which he purchased at the re-
procured from his friends for thrtysix thousand dol
lars are in possession of the bank but whether they
possess any legal validity, remains to be seen.
| A bond given by the Directors Of the Commercial
Bank TO the Bank Commissioners has been mentioned
in several Of the papers The last dividend was de-
clared in vio,lion Of the well understood opinions
| the Commissioners. II was advertised in the news
papers before the Commissioners had any suspicion
that after what passed the Directors would think o
declaring another dividend. The Commissioners ex
postulated with the Directors for what they had done
and well nigh came TO the conclusion TO prevent divi
| dends from being paid. But the Directors insisted
that they able TO pay that the stocks were SCUM.
| and that the Bank had surplus notwithstanding al
its losses and the fact also that 900 Of its capita
| had been used 10 pay its own stock. The DIVIDEND
had been advertised, ana bad business to coun
termand it,. The Commissioners took the bond Of thu
Directors TO the amount of the DIVIDEND for the pro
lection of the Safety Fund, and allowed the dviden,
to be paid. fthe Bank has assets enough to meet il
debts this bond will of course not be resorted to.