New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-08-04
and a. to which, if to anything, they might
he expected to be wide awake.

and as to which, If to anything, they might
be expected to be wide awake.
T,ke, for instance, the late Tuckermsn fraud
in Boston, By which the Eastern Railroad Com
many of Massachusetts, has been dIddled out OF
a quarter Of million Of dollars. Ten years
ago this Nr. TucbermsD, then young man just
Of age, and with OILY few bundred dollars Of
bis own, was appointed Treasurer Of this CorpO-
ration on salary Of fifteen hundred dollars
yesr-rssed perhsps to two thousand dollars q
year by his sdoitonsl salary as Treasurer OF this
Eastern Railroad in New Haupshire. In a
short time be purchases an expensive house in
Bos ION, buys lands in the vicinity, builds an
expensive country house there, lives at the rate
az the Committee of the stockholders now esti-
mate, ard as everybody saw and kDe. at the
time-of at least three thousand dollars year
over and above the amount received by him as
salaries and il, in addition to all this, notori-
ously engaged in a variety Of speculations OF the
most % 81 and hazardous kind.
With these operations openly going on before
their eyes, is it not astonishing that some OF the
shrswd business men among the Stockholders
and Directors Of the Eastern Railroad did not
ssl themselves where Mr.. Tuckerman got the
money TO carry them on Instead of putting to
Themselves this simple and, it would seem,
very pertinent question, these shreWd business
men appear to have been entirely engrossed by
ihe delightful idea Of having obtained for their
Road tire services Of so shrewd man OF bust
ness and fnsncier so spacious for the very
moderate salary Of two thousand dollars a
yesrc without once thinkiDg-goOd, easy souls
that all Mr.. Tuckermans shrewdness and hnan-
cisl skill were limiteo to the simple operation
of helping himself TO their money and keeping
them In the dark 10 his defacatons Had
ANYBODY taken the trouble to look into Dir.
TuckeImsn's accounts his frauds on the Company
must long since have become manifest. Bat it
was ken for granted that one who apparently
was managing go we'll for himself must of course
be managing equally well for the Company.
The annual Committees of investigation seem
to have been mere formalities, or rather white
washing bodies, who contented themselves with
annual eulOgies on Mr.. Tuckermsn's admirable
system Of bookkeeping, while all the time, as it
low appears, he kept no books at all, or at least
none worthy of the name.
1t strikes us that the mere fact that Mr.. Tuck
eIman was Spectator ought long since to have
caused his removal from Office. That he was a
SPECTATOR everybody knew, since it vas only on
the supposition of very bold and very successful
speculations that such sudden acquisition of
wealth as he exhibited could be honestly &C.
counted for. Any moneyed Company whether
Bank, Railroad or any other-tbat chooses to in
trust the management Of its affairs to known
speculator, may reasonably expect, if bis specu-
lstions prove unsuccessful, as in forty-nne cases
out of fifty they certainly will, and especially If
he is living all the time in an extravagant mae
ner, to come in for large share of his final de-
felt. 1t would seem to be no more than the die
tate Of the most ordinary prudence for such
Companies to require that those intrusted with
the charge of their finances should have nothing
to DO with any speculatioEs, and that to be 80
engaged should of itself alone afford sufficient
foundation for dismissal from Office. Even if
there ia no dishonesty, man whose time and
thoughts are absorbed in golden dreams for him.
self must always make the affairs of the COM
pspy he is acting for a secondary considera-
ton. In this particular case the Company had
warnings in the whole conduct and career OF
their Treasurer that he was not the sort of man
to be safely trusted with their aifars; and other
Companies that go on leaving their affairs to be
managed by like sort of men may expect a
similar fate. Shrewdness and smartness are
excellent business qualifications no doubt, but
then corporation ought to recOllect that such
an officer, extraordinarily gifted in that way, is
q two-edged tool which may cut them as we'll as
their neighbors.