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

must speaL myself In connection with those Affairs
and the results which have been attained
bss been 10 - osss
say how that be- merely intending to say that
compelled by the circumstances surrounding me- TO feel
that that task had devoved upon me- and forced from
the very nature Of things into assuming Its responsible
ties without any to share them with me- have acted
as deemed II my duty to actas If that task and its
responsibilities had devoived upon me- and that convc
tion, whether well i'll founded, influenced my whole
action, during the whole OF my connection with your
bank
have said had share those responsibilities
with me- alude, OF COURSE to the administrative depart
ment Of the bank and as to that the remark strictly
true
Your president was, in this respect, never Of
much assistance to me. He had extensive private
affairs Of hts to attend TO, and the time
which he spent in the bank was always mte occupied
with his affairs than yours He often engaged in
private specuations which drew largely upon his time
and attention He too in6rm Of purpose to be able
AND hat duy, With
and imperturbable poteness he always bowed" upon
me-. lie seemed incapable Of taking, at one glance,
birds eye view of the whole concern and the du
ties Of chamberlain when he held the Office were as
much performed BY as when held it, and far, very
Every dealer with the bank can bear witness to the
truth Of this statements but one except myself can APP
sumption Of my time or how much additional labor it
imposed upon me- how difficult 1t frequently rendered
ii for to perform the legitimate functions OF my Office
Those cashiers alone efficient and capable pre-
sdents can realize the difficulties Of my position.
The vac hanks nrcv eommersa in their Cha
race dealers consisted Of two classes mechanics as
well ~ persons engaged in trade and commerce. One
class involved large transactions and the other small
being measured by tens of thousands and the other by
hundreds of dollars Both were important to the bank,
and both represented in the board But out of this
grew constant liability 10 conflict of views, for he
whose deposits discounts only few hundreds at
time, looked upon operations involving thousands with
very different feelings from him whose deposits at
times, hundred thousand, or more; while the larger
mail mn
bank, because of their aggregate amount.
This element Of conflict required constant watchfa-
ness lest IL might break into open action and impair
the business of the bank and its profits
OF late, so numerous have banks become, and
practice has grown up whereby most of the
discounts made by the president cashier
rather than by the board and when money easy il be
necessary that that course OF business should be
diligently attended to, the line of discounts would
soon a Of In this branch OF the business the rres.
me- and he might have been of ii it had not been for
his attention TO his private affairs.
or your line OF loans and discounts amounting general
ly about 81 900 00o from fourth to third
generally done BY me, and thus the great ee Of tbs
business was cast upon me- and II had neglected H. the
successful results to which have already referred could
not have been attained.
During the time have been your cashier have been
frequently called upon engage in important aud intr
cate Investigations involving great labor mental ankle
y and the occupation of tie the Manhattan Bank and
the Delaware and New Hope Bridge Company, some
of the instances OF this nature.
Your bank had to be reorganized lis act of ncorpora
of forming the articles Of association Of bringing the old
bank With all its complication OF business and nacbin
oits capita and Of explaining the whole matter
six eight hundred stockholders dcvolved almost exci
Much Of the task Of establishing the Clearing House also
fell to my lot and, as chairman of its committee was
required to keep constant supervision over ~ ana
that, parcuarly during period Of pressure and dis
trust when its operation depended the pfotec
ton Of sound and legitimate banks from the discredt OF
false or ins0lvcnt institutions
The NJ mber of persons having business with the bank,
being very great 1t very for ne 10 be sur
rounded by quite crowd that gentlemen had often
to wait long time to obtain their turn to speak TO mo,
nsomuch, that the manager of the Clearing House
has been compelled to wait his hiatt hour.
For several years have also been Of your arcc
tors and charged under your bylaws with the duties
and responsibilities Of acting president in the absence Of
| that officer
Fgotis;ical all this may SEEM repeat, ii
~ for 70 say it because out Of this state of things
faults For instance how possible for to keep
accounts and make entries myself, without devohng to
that task time which could use so much more probably
for you, and without negecting of your most i'm
porant nerestsS was not possible ieF NE 70 do
and therefore have very seldom during my whole
nccticn with your bank, myself made entries but called
upon others TO do it, Thus when dealer in. aud
with ne arranged the payment Of loan, would call up
the clerk TO me- and send 80 the proper desk the
necessary message for the due entries, without having
even the power of experimenting the entry TO sec h
made right.
This state Of things was, repeat, inevitable. | could
not isip IT, unless ihad president who wond fully per-
| form his part Of the work.
| ] was not disposed 10 complain OF this for / be-
leved that could accomplish a, that thus de
battered mysoF that lid do 20. The board Of
directors fully Of this multiplicity Q. duties
a. the dealers generally were, and many OF you must
have been and did not 10 reflect that the situa
ton OF accumulated responsibility in which was placed,
and the confidence reposed in me, subjected to the
hazard OF demonstration by those who did not share
that confidence became anxious to destroy il. Conf
dent self IN the entire integrity Of my action, and
mislod by years Of acquescencc by your board in this
state Of things l never dreamed that my exposure to
such misconatrucon could be fatally used against nae
condemnation those before whom my action daily
apparent and from whom had no secrets ever to your
affairs.
Now bearing these things in mind, proceed to the
consideration of the several charges made against
| J..
The charge here u, that had drawer ia my desk in
which kept moneys belonging to the bank, Of which
kept account and it is surmed by my that
used those moneys for my purposes.
RNow deny that ever appropriated dollar Of that
money to my use, or that ever expended do iar
oft for any other purpose than the benefit of the bank
And il Il because that cannot render account of
those expenditures that am suspected Of having been
guilty Of a foul wrong
had been engaged speculatons private account il
had been gasping, ayaricious and selfish or Il had
been guilty of any dishonest Transaction, might
have anticipated such suspicion. But that have
been the contrary Of all thsthat the whole
the president and supposed 10 other officers Of the
bank and relying upon the confidence reposed in and
the character had earned confess not little
asonishcd at finding myself thus accused and the accu
cusation welcomed by those who well knew il was un.
founded
! Now let few facts tell the simple tale
Your bank has from 900 to 1900 dealers (not htv-
ing to the books cannot be precise
Of whom have forty fifty transactions day, and
every transaction involves three four entries
now Is just much trouble TO make entry Of one
cent, il il 10 make OF 500 900 therefore habit
has sprung up in this aud in other banks, where the
transactions are large and numerous, not TO make
tries of various small sums but allow them accumu
| late and from time to time enter the aggregate.
Ths necessarily involved the reposing Of confidence
in all those through whose hands those sums pa ed
until they aggregated and Il that confidence could
be rerosed in them, they not fit 20 be in your
employment moment Yet your directors had
selected them, put them there, aud compelled 20
trust TO them in much larger matters. Now the small
referred to in this charge in this way--if
the second teller received check OF 500 a
| try hank, which he charged one-fourth per cent
the twenty-five cents which he thus reserved FOR the
bank he made entry of but laid 1t by 10 his drawer,