Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-05-26

the general opnionat the board ofbrokers that Mr. Hoyt
wasgrcaty embarrassed in consequence ohs stock opera
ons aud that many brokers having demands against hind
clmpr with him On that account. The witne sof
opinion that these enbarrassnens accustomed by
nd stock or rations bofe Mr. Hoyt became Collector.
From these facts and circumstances 1t may le fairly in
tered that the stock operations OF Mr. alter he be-
eano Collector, were carried on through selected bru-
kers. ,rth money dnc from The receipts at The customs
House ia .Ne,o York.
Several other brokers testified tina, they had been
employed by loyt To purchase stocks for him after he
was Coloctor-tlai he wasn embarrassed clrcuf
at the time Of his appolntnonthat these embarrass
grew out Of stock operations prior To bis appoint
mcnt. and not IN those which occurred aeraards,--
asalcr hts appointment he paid large his old
Indebtedness.
arriving at Tie conclusion that the public moncy ia
the custody OF the Collector Of the Customs at New
iork was. from time 10 Time, appropriated to his ow n
use IN stock speculaun~. The transactions of Mr..
lloyi with tho North American 'Irus, and banking
Company call for particular notice. AT the time Of tho
second suspension Of the banks in Philadelphia. the Col
lecor deposited specie nearly 81 ,OuO,d0o, within
very short period, IN the vaults a failing bank, the
stock Of which was AMIN ai,d dCptetd. he,oidng u
the frequency and ount Of these dep sits. Mr..
loyt himself, being large Spectator IN this stock.
through the agency Of certain broLcrs in W all street,
held the dsslines o the bank IN his ants and caul
purchase stock at the depression, and SILL out al
tho moment ol making his own depdses, at largs
own interest. time when the Institution
in had credit. and III which no prudent merchant
would dcposr dollar actually loaned toii nearly $780,.
900 in gold aud silver. while the Treasury empty
aud the Government compel ed TO Issue It's Ioies
meet the current denan,ls the Treasury. In sous
instances the advance III the price Of the stick hrorrh
these operations exceeded 20 per cent. This profit
cucd exclusively 10 the Collector and his friends. who
were advised OF the intended dcposlie before IL was
made. Mir llo,t madea sweeping business Of the pub
lie money al the Custom House in New Nurh. He paid
old d,bis. dealt largely in stocks loaned money TO
tain sinking bank, 10 SAY nothing of 'loettits. and
wards 10 ia,ur,s and Iarlizans; and all these high
handed committed IN the face OF tho American
PEI pie aud if not fully approved hy The Executive pas,
sed without r,buke until they resulted in the delacatlo
ol Nh. lloyt toa very large amount, knowledge Of
which, by Congress, arraed his career aud drove hp'
from ollicc.
Ia addition to tie enrroaehmcnts made directly BY
loy on the money received or imposts at the Custom
House. he derived immense revenue his pr
yatc account. from the following sources
His salary. ms Collector, $liO0 duties paid under
protest. amounting, nj ono time, 10 Sl5U,0oo compro-
misses with foreign importers. suits aud prosecutions
instituted or threatened So3l3 storage III the public
stores, 10000 fees retained $4,000; sale If burnt
goods IN Front street. a2noUO duties retained from
1888 10 1871 500; duties III the hands q Nj How
Tor goods under 4cizaro, the being yet tried
81 d2J; duties retained in i pending in the Circuit
Court, $685.. duties paid, on which the Auditor ssrv
he give information, =: $685. duties raid TO floyt
and credited To the Government in the cash book return
ed cash duties in hs weekly return to tie Treasury
Department, and subsequently withdrawn Without TO
my credited in the quarterly tolus 25e; duties feeeiv
ed 1899 ard passed 10 the credit Of the Governments
in 1871 $500 duties not credited TO the Government
in the quarterly return To the Treasury department.
So, 49,; amount OF entries which the duties hal
been received, distracted tom the ,lier If the tasl
lei during January 1871 not dobicd 10 tho Collcc-
s63 1879; f cash balances received tia
Custom ilouse and paid the Collector a whi,h no
entry made on The cash book 1924 making tho
aggregate Of 59, III. These sums retained
Ivy lloyt, and not entered his quarterly the
Treasury Department On all money heidi by him no
paid interest 10 the Government, while money ia
the New York market cummanlinga very heavy
rate o interest, at per cent, mouth. In all con.ro-
yersos arising out of the seznrc Of goods lecame ha
interest Of the Collector TO prcrasnale tie decision
long possible because, in the meantime. he held the
duties, and the accrang ntetos, enured 10 his benefit
80 long as the goods remained under seizure. The
benefit resulted To the Collector OH duties received under
protest All these advantages Mr. loyt enjoyed sides
the immense sums which he claimed as hs exclusive
right and his unqualified appropriation Of money recciv-
ed at the Custom House In purposes If his owh, III vio
aiion OF law. ard Of ol'itinl duty and integrity.