The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-08-28

rBE MECHANICS BANK DIFFICULTY.
Curious Developments and the Mystery
Solved.
Ex.slsH,ER EDnesDs BEFORE THE PUBLIC.

TO THE STOCKHOLDERS OF THE MECHANICS BANK.
After sixteen years. service your cashier, have
n,n driven from place by the action Of your presi
dent and assistant cashier and that under circumstances
~ lar affecting my character 10 render il due alike
con and 10 myself that should make full expose Of all
The causes which have produced this result.
regret the necessity which conpels to utter the
plain truths which must speak. But this necessity is
rot my seeking 1t Is forced upon by the treat
ent have received at the hands OF those officers and
ty the regard for my character, which Is mpera
lively dems ndcd OF me.
have valued my reputation very dearly, and to its
preservation have been but too prone to sacrifice the
wishes OF nay friends my comfort and the opportu
mites OF becoming rich which have been frequent
around Yet, with all these sacrifices, have found
myself driven from your bank with mputatiols my
integrity which, If true, render me unworthy the respect
OF any honorable man.
At hrst il was imputed to me that was delaulter,
and that had caused large dealcatons in your funds
This rumor few in all directions and found its way into
be newspapers. Upon investigation it found not
only to be untrue but To have owed Its origin to the as
distant cashier
Next It was imputed to me by the direct authority of
your PRESIDENT
FstThat Mr.. Edmonds has been in The habit Of using The
ssIe 10 do sy The loose way IN which tho bank like all The old
ssns r. The bank G rssps 20 Ledger
loans KEEP, in drawer under The care Of the first teller
As interest drawer, The denominations d which
N ons t has 1 pSssea tbs hi Sw ~g +
This practice has obtained for years The average monthly
second esr has received the profits in domestic er
sssn hut S s"s Contain OF he
ansaccn The cashier received his exchange monthly but
oay $500 more ihas alone, without regard
nie pGnS c year @ Mr. %ods used $4,000 of
e old bin circulation all n $1,000 notes. which had been put
TS spposrl he loaned % Messrs Dykers Allstyne Who
Mr. .a S sSa Sa a. Lin sr @ s S
S ssrwasa ga into s bank by Mr. ha
Third-Tha Mr., Edmonds drew out large sums on his
out teng charged 70 HIM and when the money was reared
no interest WAS credited to The bank
don due the bank keeping the transfer books os the Can
hon and other companies
II ie to these charges which given the world
''ofcia y that am to speak, and, Il have hither
to been sen-and perhaps silent too longt has bcen
you will perceive partly owing TO circumstances
which could not CONTROL and partly because had been
willing TO repose upon the character which thirty
years Of action as banker In your midst has created,
and which hoped would be sufficient 10 protect me
against mere vague rumors, that had so manitcstly
their origin in bad feeling deuson self in
teres might perhaps be content thus to rerose sti
longer, and trust time To deveope my ample lnstica
tion, as know full well il will But am painfully SEN
sitiye any attack my character and AT the
hazard Of being charged with egotism must speak in my
own defence, and preserve, II Gun, thst reputation
which IL indeed dearer to me than life.
Cruelly wounded az have been, have endeayored 70
he patient, and win endeavor stu 70 be and avoid all
unnecessary recriminaton though the temptation 10
wound in is rendered almost irresistible by the
pain which has been wantony and gratuitousy in
picted upon
!. An EEFArITFRy
Conscious myself Of the entire integrity Of my as
your casheraware that had been scrupuonsy careful
not 10 appropriate 10 my dollar Of the funds in
trusted to my guardianshipso much so, indeed that
knew had been regarded by many as fasdious In re-
sosng avail myself Of advantages which generally
regarded egitimatey belonging iy positionand
posing with confidence upon the belief that bad establish
ei character for integrity, which nothing but my
isconduct could impair was suddenly, without any
vioas warning held Up "a the world q deisUlter, add
position gave 70 their charges at least temporary cre-
They alone who value reputation as have valued
i-who have willing have been pay for It the
price ofa life OF toll and anxietycan appreciate the
uisito pain which this gave mo was crushed beneath
he fa- Ia nh
lived gone and forever; and the blow came from
those whose forbearance, II not Friendship thought
had earned by many many acts Of kindness know MOI
what to do what to think .sgitated ~ the novel
unexpected and painful position in which was placed,
yet called upon, suddenly and abruptly. 70 cx
plain transactions which had long since passed from
my memory and ] could recover my self
ty yoa- oeaeers As he degraded wretch who had
betrayed the trust reposed in him. How just this treat
nent OF was let facts determine.
the letter Of the assistant cashier 60 the lo 81
directors Of the 18th July in which he preferred his
charges against me, he sait;--
My investigations hitherto do not impress with the belief
that the has liabilities less assets ihan the books
call for.
In a card 10 the public inserted in tie Ecsiag Po.t,
On the LIST Of August, your President said
Various rumors have been pm, circulation, and articles
appearing in several Of the puzzle papers 10 re- gard to dc
ports or statements affecting s assets q 1bss are entirely
In letter To the Mayor, accepting my resignation
CIty Chamberlain, he said
MAYORS orrcs Srw yoRs Aug. IA, 1855.
ONCE City Chamberlain, and stating that your
VIII he , found r ss -, mai
yonr CONNECTION With the city finances nohng has ransprse
sfyoar appointment ...,.. -. - ..... IN.
rSe aeso Sour eaoy ha S & '@a @
as os as Spy @ S Sn S1ss w
q The large raoneyed institutions Of Tits city readily ap
prcciae motive Tor rcsgnns when no longer 80 Ma
Win he hndesl feelings toward You personally aud bes
wishes for your future prosperity am,
" FFESxSDo WOOD, Mayor.
am not then d defaultcr Wide spread as the impu
taton has misunderstanding il has been to megra
tuous has been the charge by your cfcersl tIanh
God sm not dcfaulter, Ny innocence in this regard
established, my possession is restored and all else
can bear with comparative cquanimity.
H. The remaining charge presents the question 'ave
been guilty Of other misconduct or rrcguarityp ant
intend to meet this question directly a have me,
the other but to do 80 must Of necessity 80 into de
tails which may mo 70 ~ prox for my design I.
to disclose the whole truth and reposc upon my
Justification, and not upon surnises.
In 1928 al the age Of sixteen years | became lerk
in the Tradesmcn's Rank. served in various cay4s ie.
there, until in 1880 was appointed cashier Of bank
IN my native place the Gig q Hudson. N ~ wa
Rsnk, in the city and remained there, in situaton Q
much ease, un in 1882 was tenlered the hil
nj your institution. hcsitsed about accepting Il, he
cause the peculiar condition in which your bank then
was. From causes 10 which need not refer its mir
very much involved. Its capital was nominal,
81 600 600 with an apparent surplus Of 1000 yet
had suspended debt Of over 81 0ooe which ultimate
90 DC worthless. Its were IN state
almost nextlcable confusion that il number
OF before the state OF its accounts, 18th
the city ascerained It's President 10 ale yed
lad committed suicide, and MI Shepherd Knapp who
had been time his successor, had been una
bic 10 lift il from its crippled condition. II cx-
pected of me. IL accepted the place that should
raise K from that condition, and restore II TO a
healthy and respectable position again. saw plainly
what the task that before mo. Inca that II
involved wears Of toll aud a capacity which hardly
h"Yed chat possessed I saw, too, that IL would dc.
mono . me the partial abandonment az least at pur
4
necessarily place in position where, 10 do atty
70 you we'll should often have 70 give personal offence
Ia othors.
sun honght could perform the task. and in un-
happy honr Welded 10 the suggstions of ambition, and
exchanged ne Of ease and comfort Cor ycar OF toll
JcrphNity and anxiety. But accomplished the task.
found the bank with 81 stock greatly DEPRECATED ia
value insomuch that long dsIlends u.re suspend
ed, and the market price " the stock fell 10 about 70.
ts surplus Of 100000 all gone IT, capital 81 a. eoo 600