The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-02-17

GREAT FNANcRR IN THE ToMBs-CAREER OF
ALBERT O. DE MERRIrT.-Thls man, known in the
days of 1886, 81 and 49, as one of the inAaters of
Wall street currency. land SPECTATOR, stock
jobber, and nancier, is an inmate of our city
prison, from whence he will, in all probability, be
| transferred 10 Sing Sing. He is fully committed on
several clear charges of obtaining goods by false
pretences and conspiracy, and also on Of grand
larceny, which will be fully proved against him.
The particulars OF these were published last
week. when he arrested.
The career OF this De Merritt presents some curl
| GUS points. In 1888, when he was moving on the
largest scale. extending the circulating medium
of the "New York Loan Company" the "Man-
J haitian Association" the "United States Granite
| and Loan Company" &c &C., and humbugging
the public by wholesale, his plans and schemes were
more than once frustrated by the New York Herald,
and II was then, like some hundreds others of "lke
ilk," that he made several Intellectual attempts to
obtain indictment against us for publishing the
| truth.
De Merritt differs materially in personal appear
ance from the accomplished swindler and inancier,
Monroe Edwards, the sleek, smooth spoken Mitch
ell, the cunning Otis Allen, or the talented Ross
DeMerrt is of the most illiterate ignorant, and
vulgar men in the dress of Wall street inancer
that could be conceived, and notwithstanding this
his operations have been more varied, and have far
exceeded all the others in magnitude. He stands
about six feet in stockings, is 40 years of age,
and was learned the trade of blacksmith in his
youth at Dover, New Hampshire. He left his en-
ployer when an apprentice, and went to Boston,
where he remained forseveral years the capacity
otporer clerk, &C., in various groceries and book
binders establishments, and by management and
close attention to business, accumulated some few
hundred dollars. In 1884 he arrived III this city,
which was then the scene of commencement for
the imitation of the paper currency that has produced
so many evils in community and country. He
soon branched forth here, rented splendid dwell
ling, furnished it on-credit, took conspicuous Of
fee dealer in all the bubbles of the day, spor'ed
pair Of greys, with carriage, Sleigh expensive fur
robes and, at times, would turn out with attendants
| in livery His champagne parties were set down
by his associates as The crack of the season,
and he was thus looked upon by those unacquainted
with his real means or capabilities, one of
| the n,iHiondires of that age. Through the aid of
talented and experienced clerks in his employ
| his correspondence conducted and his trans
actions in fictitious banks, real estate citieS on
maps, bonds and mortgages, and exchange paper,
with several whose names need not now be men,
toned, reached at times nearly million of dollars,
| in the currency of that day.
Several hundred thousand dollars of perfectly
value less mortgages were obtained by him and his
associates, through which means their notes, checks
| and bills Of exchange obtained currency from the
United States Bank and other large insolvent con-
Germs that then stood high in the market. The Re-
| gisters of Deeds OF almost every county in the
| were yVYIt IN nv fhe
to obtain knowledge OF property of great extent in
acres, but OF little value in money. Many indi-
vlduas OF limited means were ruined by cash ope-
| ratons upon the notes end mortgages OF this man,
| and numerous attempts were made to bring him 10
| justice, but without effect
Through the aid of associates in the Western part
| of the United States h. circulated nearly half a
million of notes of the r,tten New York Loan
| Company and Manhattan Association, and the
| very Bank Note Lists of this city used 10 fur
| ther his schemes upon the public His correspon-
dents at this period were numerous, and the notes
were forwarded % them by nail, addressed to the
Of certain Post Masters of the town where his
contederaies resided. These bills were principally
of the denomination of 500, and the difference of
| exchange being so much in favor of New York, al
most any thing that ever came from the city in
| the shape OF bank note was current at the West
him from the persons who had the direction of these
institutions solely condition that it should be
sent West to be "circulated''
Among his prominent correspondents some of
| whom were forwarded bills TO the amount of $50 900
at one time, were The following named persons, vino
may be probably better known since the fog and
mist of the paper age has cleared away. Russell
| Austin, OF ST. Lons. Missouri, was among his cor
| respondents; II. ID. Gilman. Of Cincinnati. Ohio
Samuel X. Page, OF Louisville, Ky; A. H. Harris
ton, of Monroe, Michigan; N. ]. Durant, Of Ann
| vile, Tennessee; Daniel o. Kefchum, of Perrys-
burgli, Ohio; J; F. Gordon, of Passamsquoddy, Me;
and Messrs Joseph J; Guthrie, George. F. Rev
correspondence with these persons contains much
rich and entertaining matter in the art and mystery
| OF fraud. and will probably be presented to our
readers at some future time.
Becoming reduced in funds and reputation and
oa'loon and fancy stocks being out Of market, De
Merritt and the rest of his associates evacuated the
city aoont two years since, and returned last
mer, saying that he bad been in Europe from
whence he had returned to take the benefit of the
bankrupt law, and come out clean and pure as
white sheet from the paper mill Since then he has
been proving about our city, collecting associates
10 begin new career, until at last he found in the
| person Of Thomas Nelson, one whom he thought
| could be used as his .dupe. Arrangements being
Brown, succeeded in obtaining lease of part of the
second floor of SO John street. and opened a com
mission house, under the firm Of Thomas Nelson &
20. Ihey represented the firm as having cash
capital OF $A,OOO, and not note in circulation.
among their references was the celebrated William
G. Watrous, of 40 Fulton street, who is now in pri-
son on a charge OF conspiracy with De Merritt and
several others, who will sooner or later find their
way into the same domcil. A correspondence
opened, and the following circular sent forth to
the world -
New YoRx, Nov. rs, ls42.
DEAR Sin: We the undersigned have taken the spa
cous store No. SO John street. of Gold, (up stas
where We intend doing regular package, jobbing and
commission business. We willing to purchase or
make advances any kind of goods, end humby solicit
10 purchase make sales of your goods mar
ket prices. Respectfully yours,
THOMAS NELSON'S COZ
These letters were addressed to numerous houses
in England; Ireland and Scotland, and among
others, one of peculiar cast and character 10 the
house Of Learmouth 81 Ticknor, Landon
The bent o. the genius OF the firm, and the man.
ner in which they intended TO branch out. and take
in, is evident from the selection they made among
the Eastern manufacturers, as follows To Chas
Whiting, manufacturer of edge tools, bingham,