The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-06-26

banking operations with safety to society," set
afoat indie 1te amount OF paper money constituting
the circulating medium Of the community and then con-
spre to mbszze the funds cancel the securities VI
the institution they thereby policy OF the law
They make void all the checks guards which the ie
gislature have provided for the public security aud do,
IN elect create great public evA ~ IS u,nem ; ,a
tyy requires the intepositon Of the criminal Law or
the restraining influence 81 penal snactmen.s In tue
facility with which the ot may be committed In the
difficulty detection and exposure in its dastr GUS
effects upon commercial confidence and the operations
Of trade and bu ness in its oppressive operation on the
poor gnorant-tta class of society which enti
tied the special protection Of the law against the CON-
bnation of wesh and the devices Of iraud-.he offence
Of ebezzng the funds or otherwise destroying tue ere
dit Of incorporated banks OF issue to stand pre-
mon law indictment for conspiracy was designed to
remedy We OF opinion, therefore, that the facts
charged in this Indictment though the act con
sfired to be done. or the means by which II was
10 be accomplished be not IN themselves criminal
do constitute indictable offence At conimoa law
If it was mere Of judgment the defendants were
not guilty nor any of them But il they knew that the
bank insolveDt the evidence showed, then they
were guilty Of something than error of judy
mcnt The very securities upon which the circulation
rested removed and the foundation being oVerturn
cd what becomes of the supertructue BY the lowest
estimate. the circulation Of the bank, on the Both
October, the day laid in the indictment, was seo,Oo
The estimate Of the witness. Thompson made it SSH
eco Mr.. Wood made it $4,000 What were the AS
sets Just SCI l26 available upon the best the de-
feI dants make out Was this not an insolvent
bank
Mr. Miller-iu these notes not in actual circu.
lation.
Nr Little-They were out and what rope, what Hen,
vas there upon them to bring them back? The books
Of the bank lying this table to show that H. A.
Thompson got in all slo6 OIO from the bank, besides
s2Ge0o director. TO discount notes with.
Mr.. Miller and Mr.. Pennington exclaimed-No such
thing
in your own books (Mr l.. here opened OF the
books and pointed it ort Don't complain, gentlenen
at WHIST your own books show One OF the counsel VINO
jury the ether side would have them
believe that the whole liabilities Of tile bank were SlZ
COO Why the witness proved that one man returned
see Coo Was the bank not liable for there bills OF its
own II these notes seat back to be redeem
Cd the bar redeem them or fail What had they
10 their liabilities They had drafts OF thu usur
ance company Of somervi!le. Of T. A. Thompson aud
the Phnnx Bank, and $4,000 Susquehannah notes with
the full knoved that the bank Lad failed of sp.ce,
they had hut $500 hut this they drew outclamng a.
their Even counting the 10000 susquehannah
notes good securities and taking them at par value,
the bank still insovent The books showed the same
state facts that night that they do for there was
alteration the bank hay ing failed next morning
Did the defendants whose books they are, not know
the knowledge Of their books! II not what you
charge the directors Of bank with knowing Even II
you should discriminate, and say that Doy and King,
Cutler ignorant of the true state Of matters
can GU say regards sanderson and Norton, the
finance committee 1t their peculiar business -
know all abYut the books. and they them well.
The knew that the Suquehannah Bank had failed, and
that this as even Thompson the witness said in
formation that day that the State Bank at Morris had
failed THY came from New FORK by express, called
citing of Tie six defendants-no quorum fer there
twelve in al-(one Of the original thirteen Ellard
Earle, being dead) There FIVE wit bout Saaderson,
orless tina half They passed the resolution to
assigned till the next day after the bank failed Il.
L Thompson has sworn that unless the bank could re-
place the $4,000 susquehsnnah notes it must stop.
Then, what was the stock WORTH The bills and the
debts must frst be paid. What their course fair
and and c. their securities, The defendants ply
sicisns. and lawyers all honorable But you must
hold them at least to the rule by which weak mind
ed and ignorant held. 1t seems that everything
depended the promise Of Thompson to make all right.
II They had faith in Thompson then why this haste and
Why not wait till he came, before they destroyed the
security! The $4,000 draft II discounted, would
not Keep the bank alive as has been asserted 1t might
have I enough Of water in the boiler 10 prevent
mmtd explosion but it would only result in greater
destruction. 1t was doomed TO olode II was based
upon susqnehannab money and there was no soundness
in II till IL burst up That this bank not doing
legitimate business Is evident from their own books.
Look at the discounts From August 2lst to October
goth 1919 there discounted to other persons besides
directors the vast Of s3i77 81 upon which the ds
count was just s67 Will, to the directors there dis
counted, from August Il to October %, the Of
s2e.gc0 ~ the discount upon which Is 1912 IL IT IS
quite evident they not doing legitimate business.
Was II legitimate to send away money West That was
not the original design Of the bank, but to AFFORD
accommodation in the locality where 1t Is situated
IL the stock worth par IL fair act 10 take 1t
at par! II 1t was worth par why such anxiety to have
the change maae' IL the confidence Of sanierson In H.
A. Thompson Was unsbaken, and his confidence In the
bank I'm shaken Why make the exchanged There Is some
thing curious in the organization Of the finance commit
the town and its vicinity on,itt~ Who appointed,
David sand.rson Of the White House; Egbcrt A. Thomp
son Of Cincinnati and Lambert Norton his President
gentleman On the other side appropriately desig
mated him. There Is another curious circumstance. 1t
aipcsrs that sl3 shares Of Thompson the gd pro
0 accepted by defe ndants IN lieu Of Sanierons
the $500 draft. This Is just about their value
and II H. remarkable that Jest sl3 carved out
Of some so shares beforehand That they knew the
bank was insovent appears from the fact that they
stopped payment the opening ~ the bank, on the
Sist e October Counsel remarked that 1t was too late
TO relieve the bank after refusing to redeem their bills
at the counter that morning. yet they did
Thompson I'll: time after the opening Of the bank.
Colonel Cutler said at the meeting Of the 30th Of octo
Der that the stock far better than Sand-rsons
riy have doubt he would say st for the bank
ssort f idol ~ bis and DR. Doy said better security
thar the nans ofsny stage proprietor But did Norton
CT ssnde;son say anything Of that kind No because
bcyord all doubt they refused from the opening Of the
bank The 3lst to redeem small sums. and drew
cut an the funds standing 70 their individual credit
Wy all The they fethe bank was secure as counsel
otnleudcd they did' one Of the grntlcmen stated that
the whole amount bills In circulation slold and
that sr the publication IN the newspapers only ~ 900
had some in H. says too. they had dollar for dollar
n 20 Why did the bank fall The fact u this thr be-
inz dol II an informal meeting and the instance Of
the very finance Committee whtse business to pre-
vent r. shows the true character o. the trsnsacton IL
by Lambert Norton that there wa sash CO
Igal the 10Th Of August Of $1,000 Yet the receiv
Erd orly $3.50 II has been sid that ihcmpsou
hns !. The principal uierer How l. that! lie only
brought into the bank $4,000 Satquehann,h notes,
which turned 20 be wcrthleFs tTa,b Did the small
holders II stek - the amount II 2i3 share, SON, ~
hem ned by widows fur nothing ard aTc they not
tnutd a. proectcn Have The holders q ~ bills OUT.
standing suffered rCthinr. ard had they nseicrt in
tais natter II Il impossible. Therefore wei ching al The
ortuuttaucfs. TO come 10 any other ccncu on thaa
lhst The d,feldants knew the state Of tho
bank. Tho art they committed was an urliwul act,
and The law pte.uts that every sane man intends the
ctnttu trces q bis acs Ia murder tbe n 3ici1us IT.
I teut i PIE urfd ftm the act caulrs death Where
the net b uriawful law always lot gv iu.sut.
1hc character 4 lt dtftndan;s has teen made oc oG
against this charge I admit they are al honorable
There Tie very kiEd q men who are made d.
rtgVr !. barkl and ucif guilt = st4Vated by the
fatt Ctct q eVstfy does ~ 81. y, ir.m esrsr and
= II tue u sCt &c !; r. turl IT, ca ~ 4onet-
fu foitt L9 i-i better .hara ,iti Than man wh0,
/ few ttott EpIth8 tro txria.sd D. eaanea upon
he Etlcv ~ HORNED. tha emiahe Pru..fs9r Web
ser Who ever bou4ht ausM nghlnsi As Character
he I'D a Grfly aa dear 10 him sny IL those
/ drfuttnts Yea Jury found with suflicnt 10
mnu yiftUe % End hui guilty. Cod ou1 ytur coul'ry
call ycu To ttt ln he spisi ad wCie better
~ ytu lst yyrr -. Cie9y.d % the reef Ct your
mouth tLAr that you should pronuuacn verdict Of &C
guilts Ia thu rtrviv became hl def adants