The weekly Placer herald., 1854-04-22

Sworn and subscribed before me, this
9th day of February, 1854
GEORGE p. JOHNSTON, Notary Public.
STATE OF CAL1FoRNIA, ,
Office of Secretary of State
This is to certify that Geo. P. John
ston, whose named is signed to the fore
going certificate of affidavit, was, at the
time of signing thereof, duly commits
stoned Notary Public in and for the coun-
ty of San Francisco, State of California,
authorized by law to administer oaths and
atfrmations in al matters incident or APP
pertaining to the duties of his office, and
that full faith and credit are due to his
acts in that capacity.
Witness my hand and seal of the State
a the city of Bencia, this 9TH day of Feb
ruary, 1854.
JOHN DENVER, Secretary of State.
The whole of the circumstances reat-
ing to the account of Palmer, Cook & Co.,
with the American Exchange Bank
charged with failure by the State Treasu-
rer have been referred to by the press
in this city, since the arrival of the last
mail from California The general loose
ness of the New York accounts of this
firm, not only with the bank hut with
their old correspondents, are notorious in
Wall street, and the point now to be
considered is, whether their default was
the result of financial ncapacity or party
recklessness. Either would be bad
enough, considering the nature of the
public trust they were bound to execute,
while the last would argue something
more than even wifu negligence. In
reca capitulatng the fact, we propose to use
a single official note from the General
Land Office at Washington, to the Cashier
of the American Exchange Bank, as con-
firmatory Of the view which that lnstltu-
ton was compelled to take of the charac-
ter of the remittances the State Agents
affected to rely upon both to pay the
State interest, and to meet their own
drafts, of which the bank held $50, 1000 for
collection on the LIST of January What
the bank might have done for the honor
and account of the State of California, or
what it ought to have done under the re-
Iations it sustains to the business of San
Francisco, we shall not here discuss But
what it was bound, in prudence and self
defence, to do with the account of Palmer,
Cook & Co., admits of no question: =
There is scarcely banker in New York,
count was conducted, and the evidences
of Who'll y unauthorized, not to say WORTH
less, remttances for it, who would have
ventured an advance Of 100000 or $780,,
600 on their credit alone on the 1>t of
January last. The affidavits made by
their book keeper-we are not sure that
he is not a partner Mr.. H. b. Jones, and
of Mr. Cashier Read, only weaken their
bo e bc Lii
which 90 to make up the alleged balance
in New York is considered.
The facts appear to be, that Palmer,
Cook & Co., who write themselves hank
ers, are the money agents of the political
party or faction in the State with which
they have identified themselves. The
Surveyor eneral is one Of the suretes;
Mr.. ID. G.. BroderIck, an aspirant to the
L. 5. Senate, another The General
Government has had large balances in the
Sub Treasury at San Francisco, ranging
from a million to million and a half of
dollars, for the past eight or ten months;
and on the 7th of August last, notice was
given by the Secretary of the Treasury
that all Government dues on the Pacific
would he paid out of this accumulation.
On the 9th of the same month, this notice
was sent by tHe UeneTdI Ldilu CulCe u
Surveyor General Hays, Of California
On the 5th of October he acknowledged
its receipt. But on the 31st of the same
month he makes his requisition on Wash
ington, instead of San Francisco, for $15,'
600, and this is sent as cash by Palmer, !
Cook & Co., to the American Exchange
Bank On the 29th Of Move 'ber it was
received and forwarded to Washington.
On the 2d December, the following reply |
is returned to the bank On the 9th of J
the same month Il copy was forwarded by |
the Cashier to Palmer, Cook 81 Co.:
GENERAL LAND OFFICE,
WASHINGTON, Dec. 9, 1854.
To G.. A. MEIGs, Cashier American
Exchange Bank, New York:
Yours Of the 29th ult., enclosing order
Of John G. Hays, Surveyor General of
California, in your favor for $4,000,
was duly received, and yesterday siml-
lar requisition reached this office by the
express
have to inform you that in conse-
quence of an order from the Secretary OF
the Treasury, communicated to this office
by the Secretary Of the Interior, on the
17th August last, the Government liabili-
ties on the Pacific are to be paid out of
the public funds which have accumulated
there and which advice was communicate