Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1842-05-30


tai amount Of stocks bought and sold by the wit
ness ON account of Mr. Hoyt, he states, rs near as
he is able 10 ascertain, was about eighty or ninety
thousand dollars. The witness further stntes
that il was the general opinion at the board of
brokers', that MIR. lloyt was greatly embarrassed
on account OF his stock operations and tina; many
brokers having demands against him had com
promised with him on that account. The witness
is of opinion that these enbarrassInents were oc-
cesoned by stock operations before Mr. Hoyt be-
came collector. From these facts and crcum
stances it may he fairly inferred that the stock OPP
ernons Of MIR. lloyt, after he became Collector,
were carried on through selected brokers, piM
money drdt0n from The receipts Of The Custom house
IN .NeiD York.
Several other brokers testified that they had been
employed by Hoyt TO purchase stocks for him at.
ter he was Colector-ha he was in embarrassed
circumstances at the time OF his Appointment
that these embarrassmens grew out OF stock ope-
ratlons prior TO his appointment, and not IN those
which occur ID Afterwards, as after his appoint
ment he paid large sums on his old Indebtedness
There can be hut little difficulty, from this evil
dence in arriving ut the conclusion that the public
money in the custody Of the Collector of the
Customs at New York was, from time to time, APP
propriated to his own use in stock speculatOns.-
The transactions of Mr. Hoyt with the North A
merican Trust and Banking Company, call for
particular notice. AT the time Of The second sus.
pension OF the banks in Philadelphia, the Collect
or deposited in specie nearly 81 100000, within
very short period, in the vaults of failing bank,
the stock of which was animated or depressed,
according TO the frequency aud amout of those de-
posities. Mr.. Hoyt himself being large specu
lator in this stock through the agency Of certain
brokers in Wall street held tho destinies of the
bank in his own hands, could purchase stock at
depression, and sell ont, Mt the moment OF maxi
ing his own depostes at n large advance Tor no
other purpose than to promote his own interest, at
Al ,atn,, ,t,a inc linn in hal md
in which no prudent merchant would deposite a
dollar actually loaned TO it nearly 100000 in
gold and silver, while the Treasury was empty
and the Government compelled to issue its own
notes to meet the current demands on the Treas
ury. In some instances the advance in the price
of the stock TIN ough thrse operations, exceeded
90 per cent. This profit accrued exclusively TO
the Collector and his friends, who were advised
of the intended depose before it was made. Mr..
iloyt made sweeping business ofthe public mon
ey at the Custom House in n. York lie paid old
debts, dealt largely in stocks loaned money to sus
tain a sinking bank, TO say nothing of elections
and rewards to tuvourites and partiZans; aud all
these high handed acts were committed in the
face of the American people, aud if not fully APP
proved by the Executive, passed without rebuke,
until they resulted in the detucalion Of Mr.. Hoyt
TO very large amount, Il knowledge Of which,
10y Congress, arrested his career and drove him
from office.
by lioyt on the money received for imposts at the
Custom House, lie derived nn immense revenue
on his own private account, from the following
sources:
His salary, MS Collector $4,000; dates pail I'M
| der protest. amounting, at one slime, to $l50,000
| compromises with foreign importers, on suits and
prosecutions Instituted, or threatened, $S9, 343
storage at the public stores, $4,000; fees retain
ed, $4,000; sale of burnt goods in Front street,
| $4,000; duiie, retained from 1888 TO 164l, 81,
| S53 duties in the hands OF Mr.. loyt for goods
under seizure the cases being not yet tried, 81
| 1926 duties retained M a pending in the Cir
cult Court, - 9S4 duties paid on which the Au-
dtor says me can give no information, S3, 533; du-
ties paid TO Hoyt aud credited TO the Government
| in the cash book returned as cash duties in his
weekly return to the Treasury Department., and
subsequently Withdrawn without being credited
in the quarterly return, SS,250 duties received
in 1889 and passed 10 the credit Of the Govern.
ment in 1871, 1880; duties no; credited to The
Government IN the quarterly return TO the Treas
ury Department, $3o, 755; amount of entries on
| which The duties hud been received, distracted
| from the Office of the cashier during January lS4l
not debited 10 the Collector, S63 039; excuses OF
cash balances received at the Custom House and
paid TO the Collector, of which no entry was made
on the cash book, 81, o24 making the aggregate
| sum OF 459,4I7. These sums were retained 10y
Hoyt, and not entered on his quarterly returns 10
| the Treasury Department. On all money SO held
| by him he pnid no interest to the Government
while money in The New York market was com
handing very heavy rate Of interest, as high, il
some Instances, as per cent. month In al
controversies arising out Of the sozure Of goods il
became the interest Of the Collector procrasti-
nate the decision as long as possible, because, in
| the meantime, ne held the dules, and the accru-
| ing interest eDured to his benefit so long the
goods remained under seizure. The same benefi
resulted To the Collector on duties received unde
protest. All these advantages Mr.. lloyt enjoyed
besides the immense sums which he claimed a
his exclusive right, and his unqualified appropria
ton of money received at the Custom House Il
purposes Of his own in violation of law, and o
official duty and integrity.