New-York daily tribune., 1849-02-20
A Card.

The undersigned has noticed several articles in
the newspapers within the last few days relative to the
Nautilus Mutual Life Insurance Company, Of which
Company he the vicePresdent
resigned ths, Office on the 10Th January last as will
be seen BY the following letter also my Trusteeshp
after Protest and not in any way connected except
Policy Holder in said Company.
-Astor House Feb. 10 lsi9. r. B. COLEMAN
AsToRHoUsE, NewYork Jan 9 ls4e
To the Prtsdaf ana Trustees e ne NaltHs Mutual LIFE
Insurance Company.
GENTLEMEN The charter Of your Company section
: says it shall be lawful for the said Company to loan
all premiums received and invest the same 10 bonds
and mortgages on uniucumbered Real Esis;e.
During the month Of July. ls4s an application was
made 10 the Nautilus Insurance Company for loan upon
bond and mortgage which was declined By the Presi
dent Subsequently. and during temporary absence
Of the President the same loan spilled for sane
toned by the Attorney and passed BY the Finance Com
miIteo On the return Of the President NJ. Merchant
Esq to his official duties be was surprised to fad that
the loan bad been passed and portion Of the money
PAID on account Of Il At the next regular meeting said
loan resc.nded in consequence OF rs iegsty and
the money paid ordered 10 De refunded The feel
ngs excited by this Transaction, aud the Presidents op
position 10 the Illegal loan, birth - opposition
10 him. which terminated In the following resolution
Resoired Thai Committee be appointed ascertain
Any OF s officers
that Committee labored with much zeal and appa.
rent sincerity but not able inish their uyes-
gsor the Board required that the evidence far
~ il had been elcited, should Be laid before them.
Ths requisition WAS complied with, and the whoie
matter Ear the lnvesrg eating Committee con-
| oerued, was. By vote, isid on the table
| Up To this time pothing had been brought 20 light
hing in The smallest degree against the ishiul and
honorable discharge Of the duties Of the President
A NJ Merchant, tsq The proceedings were qusshed,
and an Arrangement now began - buy 90 the Prrs.
dent, which wss accomplished BY Withdrawing Ill
charges made sgAlnst aim, by giving up % Mr.. Mer-
chant hs subscription notes for six thousand dolars
more less paying him his salary for one year when
be hsd served bat eight months ans by sgreeing %
pay him commissions upon the premiums received "
! % the time Of his leaving the Company.
The course Of proceeding consider entirely wronz
II the President hst been guilty he should have been
! condemned Il not guilty, be should have been as
| think he would have been exoncratsd | csnnot re
train from expressing the opinion that the President
sitter having submitted o near iuar months persecG
ton was to blame for becoming party 10 the compro
mise which placed one Of the investigating COMMITTEES
At the head Institution which he had presided
with Justice 10 every concerned neither eau ou
stating my regret ihii Mr. Frsnke. uDdsr the eireum
stances accepted the Office rc-ouiC ~ss passed by
the Board of Trustees allowing - 10 Be paid 10 each o
the Trustees for attendance ezch u the stated meet
ings Of the managing affairs Of this Institution Ihs
consider bersl Il not iilessl snd unnecessary
appropriation OF funds held trust for the widow
! ph-ns and heirs oi the policy holders
With these tscis before me deem Il te be my duty
10 resign the ofce u Nceprrsd~nt and 20 take sucl
step. will exonsrs,r me from al matters connected
with the msns. ueni Of your company lnde,d can
not icel any CONFIDENCE IN rs success ~hen reject
uyou The SctoBs Wtich have Witnessed during las
few months. very respectfully su your oo serv't
K. 3. COLEMAN.