The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-08-27

delivery would have been imperative Where then is the
equity this one party was bound SO entirely and
Arguments of similar tendency and equal force might
be multiplied to show the ncompatby Of the decision
Of the majority of the arbraors with the long tried en-
peence of what is just and fair in transactions OF this cha
racter and tina, seeming admission of its soundness by
silence part would place in the liable po-
son of acknowledging our decisions hitherto to have
been wrong, while it would in future impair the inhu
ence we have hitherto successfully exered to preserve
at every sacrifice and honorable and punctual compliance
with all contracts-not founded in fraud.
Your committee take leave of the subject without
avertng to certain paragraphs in the pamphlet Of Messrs
s ns;sin X boiling up to public 0du% ins
they term its Inqustoral and Star Chamber" pro-
ceedng Cases Of an ordinary character your Committee
would be the last to commend the notice Of the Board
but where respectable and influential firm IKE the one
IN question: thinks proper to go beyond II: ieguua!e
sphere, and condemns institution having its origin IN
elevated principles OF right and justice becomes the
duty associates repel their Instructions and offer
few words in their vindicaton to the same tribunal call
ed upon to pronounce judgment against them.
We are aware of rreudices which exist in minds emit
tied to respect against business We our
conviction that these reudcss greatly enhanced
not altogether created the mistaken refusal of our law
givers enforce compliance with ours as with other
IL a sna greatly IN
exen Is chiefly the great extent to which the spe
cuatve spirit may be carried that constitutes its evil
member shall operates they enquire the stock is
Of the individual offering to SELL nor into his
in no way justly responsible for them. Further he stocks
of incorporated institutions in which we chiefly DEAL
aby and I'd in Value the
consequences of which can hardly be expected to
guard when those specially selected from the most saga
cous most experienced and most honorable OF fellow
citizens have frequently and so sgnaly failed in their
efforts to avoid them.
In regard the charge that business conducted
in secret, my stersus, manner-neetings held with
closed doors,n concealed from public view, sc. The
simple truth which can at any moment be tested is that
vnaa Nv Ind int
proceedings from impertnen interruptions so far as the
compiling of the merchant the hall every asso
ciation There obligation OF secresy upon the men,
hers other than his prudence may impose. Our mi
nutes of proceedings carefully recorded and to
them; subject awcys to be- as they frequently are pro-
duced in Justice The misapprehension Of
facts has doubtless produced these charges mas ied 70
laons simultaneously with the admission that they had
not been read and of expressions and respect for
individual members Of Board coupled with the idea
that they sanction which should deprive them Of all
claims to such regard The mpuation has been freely
urged against u.s. that sanction illegal transactonsn
We would ask if the multitude of engagements daily
tered into by in their ane SOCIAL and other
latons and which dependent solely on confidence in mu
tua good faith and proby merely verbal and conse
quently entirely devoid Of protection by law, may not
with equal propriety be sgma.ised as illegal and if
with less detesation in consequence a...
With these and every view that present itself to
their minds Committee report to the Board the fol-
lowing resolutions as and proper to be adopted
in the case before them
very OF the Stock of the Bank of Kentucky between
Graham Rollins Graham, and Phalen and Searles and
j. Little Co.. made under the rules and regulations
ofthe Stock and Exchange Board and are binding upon
the parties in conformity thereto and that the assumption
of them by Boormaa, Johnston & Co., in wise altered
Resolved That the decision of the arbtrators in this
should have been given with reference to the fact
that the contracts remain precisely as they were when
originally made by the brokers Of Boorman Johnston
principals, Who guaranteed them for their own &C