The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-06-23

which that celebrated individually somesyears since made
public dinners many patriotic speeches in relation to
Americ an industry and orcbly explained why American
enterprise should be encouraged in preference to others
specially in the article OF iron talk and
lowing sneeches did not answer for skill in manufacture
ing nor did paper mutations facilitate economy in produc
lion; and standing the protection that
business enjoyed the speculation failed the funds
he Morris Canal Company lost and the reckless
operator indicted for the ohe funds with which
he was entrusted BY the company. We may look baci.
little the events which led this Indictment In 1887
when the Morris Canal Company was newly organized
under the Presdentship of Mr. McLane E. r. Bidde be
director Of the class whose time was to expire
1912 H. ie progress of events and the Morris Canal
became more intimately connected witt the United States
Bank IN its stock transactions, Mr. f. r. Bdde became
President of the institution and Edwin Lord brother OF
Eleazor Lord President of the Erie Rail Road Vice
President Messrs. Bddle and Lord about the time
became interested in iron works in Danville and
Wkesbarre, Pennsy lvania. In the former place they
erected three furnaces for the manufacture of pig iron,
and at the latter rolling mill These movements pro-
missed to be lucrative from the method Of making iron by
the of anthracite coal relation which good deal
Of excitement at that time felt and Nicholas Biddle
Esq addressed several public meetings the subject set
ting forth its great advantages pecunary and political
point oil view Mr. F. r. Biddle being then without pro-
pery his assumption of tho duties of President ed
to this city, took house in Waverly place a of
$1,000 which was furnished at expense of $4,000 To
carry the iron works the step borrow of
the Morris Canal Company SsOOOO for which boads
given payable in iron This furnished the capital
with which the iron speculation conducted for the
profit of Messrs Bdle and Lord the funds the CON-
pany which they presided officers The bonds of
Bi Idle given to the State Michigan part security
for the balance OF the taken by the Morris Ca
nal and made to the U. 8. Bank.
The failure OF the Morris Canal and the difficulties
which surrounded last summer led to the appointment
of an investigating committee composed of Messrs G. W.
Fish and Kenny of Newark, and James B. Murray who
was the European agent OF that concern the North
American Trust and Banking Company. fact of which
the Hon. Joseph Hume Nj. r., is well aware. The pro-
gress Of the investigation ped the facts as
stated above. and accordingly the direction wrote to
Messrs Bddle and Lord, requesting them to resign
Whereat those gentlemen waxed exceedingly indignant
and very wrath They denied the legality of the pro-
ceedings, and refused to vacate Nicholas Bidde Esq
then came to this city in the fore part of October
monsrae, and to endeavor to get mp counter Investigate
ng committee but was unsuccessful On the 18th of
tober the Din ecors had meeting, and by turned
both Mr. Biddle and MIR. Lord On the same day Mr. Bid
dies furniture at No 20 Washington square Waverly
place. partly sold at auction. Arssrs Biddle and
Lord being thus elected published card the NewYok
Courier and Enquirer, wherein they promised to make
public full history of their transactions with the compa
ny-a promise. however which they have never kept );
but the Grand Jury, ii seems will save them the
trouble.
1t sa great point gained when unfaithful officers Of
moned institutions can be brought for their
stewardship. If persons who entrust their money in CON-
panes would take that the officers did their duty and
draw no money from the institution except the salary to
which they entitled large proportion of the losses
and defalcatons ~onld be prevented How many instt
tons are there now in Wall street governed by arrogant
but absurdly incompetent men, whose pxrseproud arro
gance seems to increase in the rate of their ne
hciency These surreptitiousy make use of money
which does not belorg them and on that meretrcous
character for wealth, most ridiculous preten.
sions to financial wisdom