The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-07-07


as she is tardy in her progress, does she deal
heavier blow to the guilty in the end. Tempted
by the IMMUNITY given to the Plainfeld fnanciers,
other operators have followed suit; some of them
have been caught ia the meshes of the law,
and sentence has been passed upon them. Har-
vey Dayton, Cashier Of the State Bank at
Morris, was sentenced on Thursday, by the Sup
reme Court, at Trenton, to a fine Of $500
for perjury, in swearing false affidavit, that said
bank had bona fde cash capital Of $40 900, when
the securities upon which the oath was based were
fictitious, and the men whose names were alta shed
to the n were men of straw. The punishment is
extremely light, considering that he got his own
5000 check out of the bank, and many thousands
Of dollars more were realized by the operation.
But 1t must not be forgotten that the conviction
was the first one for such an offence, and that the
convict was a subordinate officer, and acted under
the direction of others. Lambert Norton, who
occupied the highest position In the bank-being
both director and the president-is to be tried
for the same offence in September, and it remains
to be seen how he will be dealt with. Some of the
operators in the State Bank at Morris, are still
unwhipped of justice, who ought to be placed at
the bar, side by side with him, for subornation Of
pt Ijury II appears that the confidence man'-the
One. eye of all these financial operators-E. A.
Thompson, has come out in a letter in Cincinnati
paper, denying that he is more than agent in
the matter and telling the editors and the rest Of
mankind that he is q very i'll used man-that he
was working merely for pay, and doing the bidding
of his employers His letter is follows; and if it be
a correct version of the affair." there other par
ties behind the curtain who ought to be brought
the stage. 1t is to be regretted that the writer did
not give their names, pro bono lubtico, that we
night see whether there was Beach among them.
His letter is as follows
(For the Cincinnati Gazette
MEssRs. EDirons -ln your notice of the New Jersey
ban trials in your paper Of the 26h connect
with the failure Of the Morris County Bank well of
the State Gank st Morris. In this you are mistaken
have had any connection whatever with the first
named bank, nor has 1t failed.
In relation to the State Bank at the instance of some
Of my friends, have word to say. About two years
sgo employed to negotiate for the purchase OF
majority Of the stock Of this bank went to New York
for that purpose under the pay Of my employers, and
through he agency of New York broker the
purchase Of majority Of the stock The money and Sc
cures for that purpose put into my hands by the
purchasing parties did not advance dollar myself
and the stock all transit red to me tor the time
being for convenience only to be by me Afterwards
transferred to the pur chasing parties. know that l
act. honestly, and in good aitn in the matter, and
believe the parties for whom the purchase made in
tended to honestly in the matter and l think the
following facts prove it. The purchase made in
August, le4Q-the failure Of the bank about first
November ls49 During all this time the credit
# the bank good ito notes being bankab,e in all
the banks Of New York and elsewhere and if there had
been intention to defaud the public, it would have
been easy matter to have put Of even two hun
dcd thousand dollars afoat the community, and to
have pocketed the proceeds while the facts show that
when the bank failed the actual circ uaton less than
SIS 0oand the Assets Of the bank since converted by
the receivers, will redeem this in full that the BILL
holders will lose nothing admit that, at the time Of
the failure there than SIS 600 Of notes out Of
The bdnk but they not IN circulation. ana were
returned the bank after it's failure and these notes
in circulation. because the If the bsnk
anxious to sustain its credit, and were cautious
about pay ing them out
The bank having failed before had transferred the
measure fails This shall bear in silence. be.
ing eon,cious that intended injury TO my fellow
nrn n citizen Of Cincinnati-l expect to live and
die here; and have family here that shall try to
support.
other papers, viii not iDjure me among these who know
me, although they calculated, and doubtless will,
create prejudice among others. don't exactly
by the papers Of city thou and miles of should take
20 much interest In broken bank, especially
s money was ever seen here and none OF It's citizens
injured byit L. A. THOMPSON.
Probably his partner, NJ. A. Bradley, who, in his
own proper person, was president, cashier, and
directors Of the Phoenix Bank at Cincinnati, will
also shift the responsibility from his own shoulders
to some "great unknown" II he succeed in doing
this satisfactorily it will afford a new phase to
FIR ancierng operations, worthy Of the attention of
the public. As at present advised, the mode Of do
ing business is this rotten, tottering bank is pur
chased by worthless doubtful securities Bills
struck of at infnituni, and scattered ia the west,
and when much Of the paper ~ can be disposed of
is thus sent abroad far and wide, and suspicion
falls upon the bank, and run Is made, il is either
let down, and the public robbed, it is bolstered
up for a short time by the redemption Of its
Issues, with notes Of bank as ricketty as itself,
while the lingering existence Of the latter Is pro-
longed in turn by the notes of the former, both
playing into each others hands. II thus with
the State Bank at Morris, the susquehannah and
the Phoenix banks; and it was the intention, af-
pears from the evidence, to play the same game
with the Oxford and Phoenix banks, by pur-
hasing the controlling interest of the former; and
after making fortune by issuing its bills in unl
mtsd quantities thsn falling perhaps to the amount
Of half a million Of dollars What high game
The Gnanciers of the West plsyed is pretty
evident from the fact Of Hobart demanding $4,000
Tor his nero services agent In efecting the
arrangement, and consenting a: last " take $500
The game, hswever, was lost, partly because those
ho played it were false to each other, aud partly
because Of Yankee shrewdness, which discovered
hat the greater part Of the securities offered were
Tot the genuine article and that there some
hing rotten in Denmark" Having faded In the
ONT operation, the PARTIES operate against each
,ther; and If we TO believe them all, each IL n
shaver, aud rogue of the first water.
neither they al telling the truth. or, if not,
v hich Of them, remains to he sees by the result.
We tball shortly furnish our readers with richer
than any they have yct seen.
In conclusion, we have again to call upon the
proper authorities to bring the PlAbGeld hnancisrs
10 justice, and also the operators in the Maryland
.windL. IL IL upon these, that the Law ought 10
ioal cut its heaviest Yer geance, making them
'ignal example, and Ga terror 70 evil ioers " al
J-er the land.
1iIE AMERICAN NEwsrAFER Pass ~ LONDON
concentration receally appeared in the London
y,g1es the subject ef the American contributions
10 the Worlds Fair ia London, in which the writer