The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1854-07-26
NEW YORK CORRESPONDENCE.


Panic in Wall St-Schuylcr's Stupendou,
Speculatious--S2.30 100000 Missing-Lia
biiiy of the Compnnv-Character and
History of Robert Sehuyler-Cause Of
his Fraudulent operaiions-Stranpc DO
mestic DeveloI ments--Spicer W. Schuy.
ler-Deprcciation Of Railroad Stocks
Alarm of Capitalists-Seven Million dol.
lars paid over to the Mexican Minister
Our New u. 8. District Attorncy-Q uick.
est Passage on Record across the Allan
tic-Barnum Driven from the fieid-Thc
Crystal Palac TO close in October.
New York, July Ia. 1854
Mr.. EDITOR:
The stuPendous fraud just discovered al
the date Of my last letter and alluded to
therein, continues To be the absorbing theme
Of discussion not only in Wall Street circles
but in the community generally. A thor
ough examination of the books ofth New
York and New Haven Railroad Company
has been bad; and the result proves that
the original rnmors were by no means ex-
aggerated. Robert Schuyler, the late Pres.
ident Of the Company and transfer agent in
this city, has 'pi:hin the last few months
made an unauthorized and fraudulent isue Of
shares to the amount Of 81 90O,0 900 he is
likewise defiultcr TO the Harlem Railroad
Company for 100000 and has succeeded
in appropriating about three times that A.
mount by the conversion into cash Of large
quantity of Railroad iron purchased by him
In hahale nf v,xiaus .n,nn,n;a. x,,;th ,,,h;.h
he was connected. The total amount of
his defalcation, therefore, does not fall short
Of $2Ioo,ooo-a snug, part Of which is no
doubt safely Invested for the future support
Of some princely establishment in Europe,
though the greater has been sunk In the un-
fortunate speeulations which have led TO
this Wholesale dishonesty. As the stock has
been duly ISSUED by the proper officers, the
company are of coursc bound 10 assume II
and will no doubt do 80, especially as there
seems to be no legal kink by which they
can evade responsibility. The stock fairly
issued is Of course immensely deprecated
and the loss will fall heavily on number oi
innocent parties, who, regarding the road a,
above all suspicion, bought It's stock as
permanent Investment
No man has ever held fairer character
in the community tian Robert Schuyler
The grandson of Gen Schuyler, of Reyolu
tionary memory, and the nephew Of Alexan
der Hamilton, he was no less respected OF
account Of his family connections than foI
the personal.integrity which was unvisably
attributed to him. His sbrewdness and
clear.sightedness In monetary matters wer,
proverbial, and procured him the PresideBc,
not only Of the new Haven Company, bu,
Of several other important rail road organi
cations. The extent Of bis connections anC
operations was equalled only by those o.
George Hudson, the famous English specu,
lator, whose astounding frauds in the latte'
part Of his career present striking parable
to the peculations recently committed. Mr.
Schuyler does not seem 70 have forfeited his
honor as business man until the tightnssa
Of the money-market last fall and the sud
den depreciation Of stocks embarrassed the
house in which he was senior partner. To
prevent failure, he seems TO have yielded 10
temptation, perhaps with the fsIlacious hops
Of redeeming his error before discovery
The downward step once taken, there ws.
no possibility Of stopping. The result Y
before the world.
Some peculiar domestic circumstance
have lately tsasspired, which place sehsy
lers private chsracter ln q strange light
Twenty five, yesss ago he married but fol
some ioerplicabls reason not only eqacealst