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


Now the plain history of this transaction is ,his
speak from memory for it must be borne in mind that
since the middle of july have had no access to the
books Of the bank and private papers have
hccu withheld from me by the president and his as
sis.ant cashier; yet think that my memory is
rate.
in The fall Of 1852 stocks high. thought the rise
would lie temporary and would soon be followed by
iall therefore sold out some stocks which owusd at
the high prices determining TO keep the money by me
until they should fall when would invest again. But
that funds in the meantime should not lie idle ASK
my friend Mr.. Alsyne, 10 take them and allow me
seven per cent which he did The fall of stocks did not
happen expected, and so the loan remained
longer with MIR. A. than originally calculated
This the whole transaction out Of which this charge
was fabricated in all its various phases
told the board II was loan from my private funds.
Mr. Alstyne told your assistant cashier that it
And why II imputed to that il the funds OF
the hank was using h % officer Of yours
after the transaction that he thought the original Loan
OF the bank had been paid off in od mutilaed 1000
bills and the first teller said he had not paid such
bills in great WHILE" therefore that officer inferred
must have made the loan from such bills Of yours
will not pause to comment on the various modfca-
ons this charge has undergone, you will thus
showing you how much Of is mere surmise but will
ask attention TO the fact that in the charge pub
shed by your president in thei Etsainq Post am
cused by him OF having thus appropriated to my own use
$500 your money and now, in the account rendered
by assistant cashier, the amount with the aid of
compound interest, is set down at $i9i.
The latter charge you will see is founded on entire
abandonment Of the original charge that had loaned
the funds Of the bank my individual benefit and Il
made to rest on the idea that appropriated to my use
| fcssedly belonging to the bank.
mAs TO DRAWING OUT sIARCE suNsi on MY MEMORANDUM
cnEcKs.
AZ director, was entitled to line Of discounts Of
from SIS Ot0 to $50 GEO. but livery seldom used
it, though the President had at times, much $780,
| coo. But when did want any small sum, dealt with
myself as did with others, TO whom ] every day
and without awaiting the action Of the board leaning
thousands of dollars Of your money; and thus made
myself sundry small loans at distant intervals but
without full and adequate security against loss by you
and in any OF these loans II was omitted to charge me
with the interest them the fault could easily have
been corrected by charging to my account.
One such transaction was in existence when this diff
Guilty occurred The first teller had my check for 81 500
and when went to take It up your assistant cashier
had got it into his possession and could not pay II.
After while found that officer had very properly
charged 1t to my account, with some twenty days in
telest
Your board of directors did find fault with this
Transaction, and this your president well knew when
without their authority and against their expressed
intention he again assailcd me by the published charges
| which he made.
r.--As TO MY ArpBorIu,1ISG To MYSELF REMUNERATION
DUE TO TIE RANK FOR KEEPING TRASsIIg BOOKS.
1t is usual thing among bank presidents and cashiers
70 have these pequisites added to their means and il
has not been unusual for directors TO bring these
things to their officers, as friendly acts 10 help them
along. Your board have known it. and sanctioned II,
and yet without being under any obligation to do
have allowed TO the clerks al least two thirds Of all have
received.
But your president in his charges instances the Can.
ton Company Of the Of misrepresentation by
me- Now, it Is fact, well known to Mr. Knapp that Il
was by an express assent Of the board, that al
transfer books.
ray that this was a usual thing with bank officers.
and add your president well knew that also, for he
gagged In the business Gar extensively than
did and that without the consent OF your board
WHILE by his action, he subjected your bank TO mpua-
tons calculated 70 be injurious to Is fail standing
II is wen known 10 many of you, that within ew
years there has sprung practice for many panies
such railroad, mining marble and the like procure
funds by issuing coupon bonds, secured by mortgage
their property the mortgage being given to in.
dvdual in trust for the bond holders In order to give
much credit possible to their bonds individuals are
selected trustees who connected with some bank
In good standing and whose will be likely give
currency 20 the bonds or course the trustee receives
compensation for this 81 his name.
Now, your president accented good many such t.usts
-frcm The Parker Vein Coal Company and other like
conccrns-for which he received Ismnneration as he
calls t. to such extend that he boosted that in one
In the mean tin,c he signed the bonds with his
name and made them payable at the Mcchan-
ics' Bank" THIS he did without the csnsent OF
your board. lie used your clerks 70 pay the
coupons when they were paid, without allowing them
any compensation, and when they not paid he
subjected your Institution to the htlna ion II sending
away, unpaid and dishonorcd from your counter obga
tons which had attached so them the same name which
appeared ms your president tho bills yol issued
and which were presented al the counter for re-
denption.
How could suppose under such circumstance that
my receiving "remuncration," transfer agent vas
~rong; and how, above all could ever dream that he
would make my action ia this regard the ground Of
driving me from the bank With obIoquy'
I'M m1T cAtsg hgsov4r
AMI pow-fhese being the charges preferred against
me- and published % The world by your pr. aensme-
tanks bear you ask Can Il l tha, for such causes
cashier who has served as for sixteen ycars with marked
pacty IL on all hsnds admitted haS been driven son
our serviesg I answer, No; saeh arc not The real
causes o. the aseaut up"n me, but sg tel you VIA:
they are