New-York daily tribune., 1849-08-04
Farmers and Mechanics Bank, &c.
Correspondence OF The Tribune.

NEw BAuNswIcE Aug @ lsi9
DEAR SIR In your paper Of this morning there
appears a communication IN relation to the Far
mers' and Mechanics Bank OF this city, purpou-
iag to be from an Old Stakeholder aud citizen OF
New Brunswick and deeming a'hortststement
OF the cause Of the former failure Of the institution,
aud the reason which influenced the Legislature
Of this State to restore its corporate rights and
privileges the best answ er to the many false state
ments contained 10 N communication referred IT,
trust that you will give II an insertion.
Many Of your readers will probably recOlect
that Abraham Suydam, who was murdered Ia this
city 10 $40 as At the time OF bis death President
OF the Bank. Mr.. 5aydam was extensively ell
gagged in and speculation and as II was some ten
days after MS death before his body was tIscoy-
cred, sundry rumors that he had sbscOnfed and
gone % England gained currency. and as 10 was
Inferred that he largely Indebted 10 the Bank,
d ran was the consequence Alter redeemlnx
large amount Of the paper upon the application %
several persons here the Chancellor granted an
INJUNCTION snd appointed Messrs. Peter Spsder,
John Van Dyke and David w. Val, Receivers,
and ordered that all persons holding the notes 81
the Bank sho1ld present them and receive certin-
Gates within six months from the date OF me pub
IcatIon Of the notice, and alter the expiration Of
which period, upon the application OF the ReceiT'
ers the ChsEcelior extended the time tor the pre-
sentation Of notes three months longer.
The certificates were paid IN fuH, rtth taterest
the fees Of the Receivers and the expenses pad 10
the Court Of cnancery amounted % upward oi
$4,000, leaving about $4,000 10 the hands oi me
Receivers which belonged 10 the Stockno'defs
although not little Of the property Of the BANK
was sacrificed IN order 70 procure cash with as little
delay as possible. IL IS true that there was cos-
siderable delay, bu. Il vas caused by suits against
the Receivers which they finally compromised.
Ia vie ~ OF all these cIrcums,ancss. aud the belief
10 the minds Of this community that another Bank
was needed here the application was made % the
Legislature tor restoration Of the corporate rights
and privileges Of the bank, which was granted,
aiter the imposition Of further restrictions. Al
east three foqrths Of tae business men OF this city
signed the application most Of them customers
and some Of then stockholders n the state Bank,
and who IN my opinion, are quite as able 70 Judge
Of the wants OF this community as the a1.hor Of
the Communication referred 20.
The Bank canno. commence business anti the
oHcers swear tnst ESQ 900 has been paid IN oy
bona fde stockholders, snd the Governor OF the
State proclsi ms that the lsv has, u al resoec,s
been complied with. Those " DO know the Board
Of Directors snd officers are, thlnE sarlsned mat
the Bank will not 20 into operation until the money
hss been paid il, and the Bank prepared 70 %
bushes. .or the accom- r1odarioa VI our own CHI
zsn. and NOT residents ia other states.
Hon. John Van Dyke 10 President and Messr.
George z Stout Bepjamid D >ette. Henry h.
Scherck. D. Fltz Randolph. A,oert Miller, Jonn
Rsmer William T Rank, Abraham V. Schenck,
Dr. A. .. Newell and Jonn D1Iy Directon-aA
gentlemen Ct gnbenished reputation, and some Of
them well known 70 the public.
Yours, very respectfully, :. Z. 3.