The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-04-29

Dee0 gOOu,
and rates closed as follows:-
Exchange on London (city bills) Io7 lett.
Do on France, Getty billsl s7s s,s7.
Do on Amsterdam, 80 SOL.
Do Oh Hamburg, IS a 252.
Do on Bremen, 754 a76
The Louisville Journal says that the Cashier Of the
branch Of the Planters Bank, at GAINESVILLE, Tenn has
| appropriated $4,000 of the funds of the bank
We mentioned recently that the Real Estate, Of Arkan
saw, had made an assignment The trustees named
as follows Principal Bank-James 8. Conway, Samuel
C. Roane, C. H,rris. Columbia ofice-A. H. Davies,
8. C. Faulkner silas Craig. Helena ofhce-H L. Bis
coe, w F. Moore, John Presten,j Washington office
D. T. witter, George Hill Enoch J. Smith. Van Buren,
ofhce-John Drennen, Robert s Gibson, L. N. Clark.
The Bank Of shawneeewn, Illinois, has made
rangement with the Bank Of Missouri by which $780,.
900 Of its circulation will be retired previously TO
effort at resumption On the goth Feb last the circula
ton 81 ,3O0 900. Including the arrangement alluded
to- it will be reduced to 100000 which scarcely
| than the specie reported on hand at that time.
One Of the greatest of the dscredit of the
ern state stocks, has been the scandaous conduct O.
those in charge of their negotiation They have for the
most part been not only grossly deficient the requisite
skill and knowledge necessary to proper discharge of
their duties, but they have been mbued with
spirit pecuation that has made them the easy prey Of
designing men, but more particularly Of banks Ohio
Indiana, illinois, Arkansas and Penny have fallen
victims to the rupulous Vaccinations of charter cd
institutions. The Bank Of the United States like Sam
pulled down the pillars of the state credit and
ished itself in the fall Ohio, although of boundless re-
sources, decoyed to the verge Of ruin by the nu
Of its banks The agents of the Of Arkansas
fell into the hanis of the North American Trust Com
pany in this city and the result ruin That institu
ton, in seton with the Norris Canal Company has
been the instrument of ruin the State of Indiana
The Morris Csnsl Bank also destroyed the credit Of
Michigan. The report of the late senatorial vesgat
ing ni.tee Of the State Of Indiana deveopes series
of misconduct that is almost incredible. The committee
commence with the board of internal improvement, and
against the members Of that board they bring
rous charges Of violation Of law and of assumption Of
power greatly the injury of the state interests they
then pass the officers of the Madison and Indianapolis
Railroad and develope Of speculation end fraud
in the highest degree dsgraceul The officers of the
road organized themselves into Bon mpsny y for
the purpose Of evadng the la in relation to the sale o
the bonds and the TRANSACTION between the fund
missioners, Sapp Scott and this bond company
such to enrich the individuals at the expense of the
State BY those people iron spikes and other materials
for the road purchased at double price, paying in
bonds at par By their operations the state lost large
sums. But perhaps the most barefaced transactions
those the fund commissioner Dr. Coe. This while
fund commissioner alse Of the largest stock.
holders in the Morris Canal Bank the Staten Island and
| Whaling Company and also director in the Staten
Island Bank BY two of these institutions the State has
| lest the following sums -
| Morris Canal. $l,105,169
/ Staten Island Whaling Co. .......... 10000
si,7s5,7es
| The COMMITTEES reror. tina. DR.. Coe became a stock
holder in the Morris Canal at the following dates, and
| for the amounts annexed -
| Nov. and Dec. 1896. ...............7O shares.
1 July, 1891. -. ''.'''..' ..''''..2sS
| August, 1871 '....'............... ~ "
| - Total shares. ...4oS
These he held until Oct. 10, 1870. Now it is matter
of history and well known that in the spring and sum
1887 the Morris Canal recognized and large
quantities OF its stock issued to certain leading men
in Wall street at SO the dollar in order TO pro-
the ofher directors to give su efficient
credit to the company to enable to negotiate bonds
in Europe the amount of 81 III which fall due in
1916. II seems tina. DR.. Cse became asockholder at
the timeand also that the Morris Canal Company
received in 1886 $S95 s2 Of Indiana bonds A. the date
is report in Feb 1887 the company owed the State
1854 $780, and in Feb. 1888 the amount increased TO
s7333s slls25s during which period it appears Dr.
Coe received aas shares of STOCK probably at the same
rate the other influential" men, viz so cents on the
dollar. We may make extract from the report OF
the investigating committee, as follows -
"The committee also obtain ed an account of numerous
bensactons received by Dr. Coe from the Morris Canal
and Bankng Company, which, upon their face evince
anything but Just regard his duties fund commits
,ioner, exposition of the facts alone will make
evident.
He credited with commission of Ave per cen, upon
asae OF $4a0,0c0, Supposed stocks) S2OO 600
His half Of profits sale Of $50 b jnds ~ II 900 |
All his stock sss shares in the Morris Canal Bpnk
NJ par which OF the time not worth more
than 10 cents on the Collar, making difference
Also his note Far ahout 80 $50
sios $50
Here we have it evident that DR. Coe received commits
sions and profits and benefits from the Morris Canal amd
Baskng Company aloae Of more than 100000 II needs
no comment"
Here il is that the Morris Canal stock is pu, down
atpar DR. Coe stated that that sm was an error but dill
got state wherein the existed. II is os we have
shown that the stock given him at the same price as
to the others so cents instead Of par Here there is direct
evidence that the Morris Canal Company gave bonus
Of 900 to the commissioner of the State of Indiana
orderto obtain from hin 81 100 Of the credits Of ths
State which have been paid These stocks
thus obtained part of those pledged by the u s.
Tor its loans in London-the Morris Canal being but
" cats paw" for the National Bank.
such has been the process Of negotiating State credits
ana utter ruin is the inevitable result The disaster
noweVe' arising out oil these horrible corruptons ema
mating from Philadelphia shoul not rebound to the dis
credit ofshs suffering state any more than an individual
VINO Is robbed by his should bear the
OIL the melt The people and the goverpmep N, are no
sonsheh and indignant at tho dscove cries made and
as ct Know not the extent Of the disasters ps,isn.
vessation and cool rejection will soon min, o,, a.
ie', and there are fears that the pco,Ie will
ninci from the dictates Of Justice and moral in,sr,i
The position Of the fd raj government adds rreasv %
the dific aes which surround the states n, ,h,
ture Its indulgence extended to the dslinaueu, bonL
Of the dstric ia their iniqhous suspension the bor
rowing policy avo~ed land the disposition manie.., q,
resort to financial 1nackery and paper Jugxes
Of sorting to the method of raising ,h
money opy the debis only to distract the state
and to divert the from the only course BY
which their honor may be redeemed viz by dree.,sxa
lion an payment. !