New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-04-13

,on WAS more than once arrived at before the let Of
January that the house could rot 90 on Therefore
those who have suppo'ed the failure to have been
unexpected and unnecessary, viii a. once discover
how little they knew compared with tn 'se who were
behind the scenes
On the lat OF January the house Of p. 4 Is ID
an enormous amount Of payments to meet with means
wholly Inadequate to 90 30. The card OF the 81
Louis bouse. announcing their failure, states tho
amount Of their payments to have been nearly NIL
lion Of dollars.
Finding Themselves unsbe, from their own re-
.o,r,.s /. meet the full amount Of this la,ge Gu q,
N, Rsa,n and bis friend Mr.. Aspin vail II Il nov
tnoxn msde earnest and urgent appeal 10 Messrs
d.. S. g. Co. to stin further aid 2. & and
10 increase their loans aid advances to an amount
sufficient to cary them over that day, which they
then regarded q. q criiis in their af ,irs.
From what we have since learned D., S. Il Co
refused at fret to DO this with pat ample securities to
cover vhatever they might further aivancs butsnb-
seouently were induced TO do 50 statements from
Mr. Bacon and Mr. Aspnwan that remittances OF
gold, ample to cover the SUN, were soon expected
from California, and il these failed, they, d.. 5.
c. should be fully and perfectly protected at al
hazards.
Thus, through the aid furnished largely by d +, s.
& Co.. was the bouse OF P & b carried throu Oh
this crisis, and ever point which, as was hoped,
would ensble il TO reach position Of ease and co n
fort. But Immediately following this came the fall
ure of Belcber e. Bros Of St. Lous, with who
Page g. Bacon unfortun ately we're largely impli.
Gated, and also following the latter crash, com
menced silent but steady Withdrawal Of de-
posits from the St Louis firm. Their en-
barrassments thckeped and the necessity OF
their overdrswiDg their bankers account here daily
increased. Uuder this sta.e Of things Mr.. Sherman
informed Mr.. Bacon Of the IN willingness Of bis firm
TO O on without ample securities. Mr. Bacon then,
as on many other occasions, ssid he could not ask
D., S. & Co to do 60; that they hsd been more than
liberal on all occasions and done for his hc1se more
than be had right to ask.
Mr.. Sherman became alarmed a. his responding
tome and urged him TO exert himself and call in the
| aid Of his friends, TO join in mutual liability
| for bis hoose that D., s e. Co. were ready and
willing to advance TO still further extent If il would
be effectusl in saving p. & B provided d. S. e. Co.
could be made perfectly secure; and II was at this
juncture that Mr.. Sherman himself proposed to Mr..
Bacon that il he Bacon could induce Mr. Aspnws all
TO lend p. g. b bis note for elOO 600, d., S & Co.
would cash IT, and allow the fret 500 coo Of gold
that arrived from California to reimburse Mr. Aspin-
wall for ibis note and not to apply it toward reim-
bursting the moneys already advanced by ID S. q
Co., to whom these anticipated remittance we're pre-.
viossly pledged and promised Mr.. Bacon undertook
TO accomplish this arrangement, but Mr.. Asp'nval
utterly declined giving bis note, stating that bis ad-
vances to p. a. B. were already large, and that he
was also largely interested in the o. and NJ. rosd
| and be knew of why he should further i'm
plcste binself AT a subsequent meeting of all these
parties in relation TO the pressing embarrassnents Of
this house. which by the published proceedings of
the public meeting At the Metropolitan Hotel, it ap
pears took place In Mr.. Bscon's room Mr. Aspin vail
consented 10 become liable for half the 500 900, il
D., S. g. Co. would advance that further amount.
Mr.. Sherman promptly agreed to THE, after being
first assured by Mr. Bacon that this $780, 600 would
be adequate to sustain his house. BY referring to the
subsequent correspondence between Mr. Aspin9an
and Mr.. Sherman, which we annex, point will
be perceived which has been much overlooked in
the discussion Of this matter, which is tina, Mr..
Sherman made two distinct conditions connected
with this advance: l. That it should be adequate
to sustain the house uninterrupedly in ita hu-ne,o
and 3D. That the money should be used in the Or
dipay courte of the business Of Page g. Bacon.
The large drafts advised by the st. Louis house
the following day and other developments in lis az
fars es 10 well known, made il so manifest to d., s.
g. Co. that this 100000 would fall very far
short of sustaining The house and also, that drafts
and ether liabilities the shape OF their Raroa d
ceptsnces, wero coming in for psyment-not con-
nocied with the ordinary of the business Of
p. B. that they considered both Of the conditions
they bad connected with the further advance Of the
$780, 600 as being utterly forfeited, and all hope Of
saving the house this inadequate promise failed.
Under these circumstances, both Mr.. Bacon and Mr..
Aspnwah were Immediately cent for at an early hour
on the day of failure and not, as has been falsey
stated a. few minutes before o'clock Mr.. Bacon
reached the Office Of D S & Co. about 70 o'clock,
and Mr.. Aspinwa short ii ne after. The state
of TIE case then fully explained to these gentle
men, ndthey were then both distinctly informed of,he
utter nadequacy of the named TO save the house
from prote even for that day. and that under these
circumstances, they ID S. & Co could not consent
to advance another dollar unless upon positive and
pie security. But that with such security, they were
ready and willing advance vice three times that
additional sum- if necessary, to avert the threatened
calamity.
Mr. Bacon declared his inability to furnish any fur
Their securities and Mr. Aspinwal his unwillipgness
to come NJ der any further liabilities as aconsequence,
the protect aud failure Of the house followed.
From all these facts, ii will be seen how grossly IN
just has been the charge of iberalty or bad faith
made az aiDst D. & Co for II lie certainly difcultto
see how with ordinary prudence, they could have
been more liberal or indugent than they were. We
apprttepd there are few banks bankers in Wall st.
who would have advanced SO largely to relieve and
save any correspondent as they did.
We have heretofore avoided taking any part in the
discussion which has been had in the journals in re-