The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-08-26
URINARY OF ASSETS AND LIABILITIES OF THE AMER
LIFE AND TRUST.



proportion of the liabilities will be paid. Those
which appear in the list good have many Them
tualy been paid and settled and continued in the
SETS through abominable neglect and
Fornstance, the accepances of Mr.. Bloodgood Mobile
for $40 0O0 under date Of June 1885, paid but the
agent there notified of the fact The same things
occurred with the u. Bank assets and afford another
evidence of the singular incapacy criminal neglect
with which the affairs Of moned institutions have been
administered Our object to-day is to 60 little into the
nature ofthe Chatauque land operations of Governor
ward and their collateral bearing upon his
mendaton to complete the Erie Railroad. This Com
pany appears, holds $27s9 of those mortgages The
United States Bank committee will be remembered
ported upwards of osuspended loans and debts
detailed statement Of which they refused to give the
in that enormous amount are it
is sad 100000 additional of Governor Stewards Cha.
anque land mortgages, making $679I9s in those two
concerns. How much there in other companies will
shortly come to light The operation by which these
mortgages were procured nearly follows 1T has
been the practice with the propretor of large
lands IN the western parts Of the state OF New
York, to permit settlers to upon their ground
under contract that is to say, the settler tax
possession of farm and pays down an instalment,
entering into contract with the proprietor pay
stament from time to time until the stipulated price is
paid up He then obtains regular deed of possession
These instruments paid without pressure, almost at
the pleasure OF the settler who always received such in
diligence the circumstances of the warranted
proprietor being careful to avoid the reputation
rity, in such his lands would avoided. This
was the state of affairs in Chaauque county, when Go
vernon Seward, shinpaster schermerhorn, T.. Cary
small western politician G. H. lay lately appointed
some foreign mission, with few Others under the title
the Holland Land Co.. conceived the notable scheme
making these settlers of
Of their agrandzement through the assistance of
Erie Railroad Accordingly, they went to the propre-
tors of the tracts and bought the lands the heads
the industrious settlers They then instead Of allowing
those deserving people to work at their own convent
gave them full titles for the lands they occupied
took bonds and mortgages for the balance due These
bonds and mortgages those in the hands of the Trust
Co. and the United States Bank This Holland Land Co..
therefore stepped forward and obtained money by thrust
ing the poor settlers into the jaws the monster by whom
they have been crushed The more substantial of the
settlers would not submit to the operation the others
were crushed by the accumulating interest their
bonds and ceasng pay have destroyed the bondhoder
The money loaned to Seward these mortgages was
borrowed in London the bonds of the Trust Co. The
Company was obliged to pay its interest By getting
from the mortgages they held failed and have assigned
those mortgages directly their London creditors. In
the same manner the Southern banks borrowed money in
London on State stocks They loaned that money to
planters who bought slaves The planters ceased pay
the banksthe banks failed and assign the slaves the
London houses, no large proportion Of the
Southern negroes, and may transport them to the British
Islands where the British Government may set them Free
and indemnify the holders if they please.
The operation of Sew ard & Co. similar-they
raised money by pedgng the snews and industry of the
western settler Those settlers before had only
instalmen to pay the proprieor when Seward and his
clique wheeded them into giving bonds for the whole
amount, they obliged to make up the interest
every quarter without advancing step towards the
tingushment of their mortgages When the money was
alspen by the clique and the people uneasy under
the constant burden of the interest their mortgages the
Erie Rail Road was got up TO amuse them. They
taught to believe that that concern if by magic would
help them out of their difficulties The at
tempted and failed after its managers sponged 100000
out State ofwhch those very settlers in Chatauque
must their proportion. The Governor then had the
superative assurance to forward in his Message
and earnestly recommend the completion Of the
at any At the rate Of the expense thus far incurred
the Railroad will cost $3.50 OOO which would cost the
farmers OF Chatauque than bring their produce on
their backs to New York This operation is illustrative
ofthc in which whole sections of country are
plunged into distress by politicians in order to make them
Glamour for some humbug remedy, which he holds out
to them for his own advantage.