The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-04-21

and Page Bacon Co., together. The latter frm gene
rally had large cash balances against which Duncan
sherman Co. could only show aeceptsnces, not ma
turing for time to come and II house OF the
putsd means Of Duncan Sherman Co. felt the 'ssvsrs
money PRESSURE In hose stringent and trying times
1t must have been from othsr than from such
counts these All that said about want Of security
&c is futile Mr. Bacon Is known to have responded
promptly 10 every call OF Duncan, Sherman Co. for
security, and the eth Of January, whom Mr..
Sherman expressed uneasiness, Mr.. Bacon ct once
conveyed to him, "in trust" private real estate
valued at $500 ooo-upen doing which Mr.. Sherman
pressed himself perfectly satsHedhis house being,
that time, holders Of bonds STOCKS and other good
ntiss previously deemed ample for their entire safety
We can eanly imagine Mr. Bacon's astenishment the
very next day TO find Mr. Sherman still sxacting
and pressing than he had been befors complaining
Of want Of money &C. He told to ss the securitiss
which he did, Missouri bonds, &c., ct frghtful rates.
Again Mr.. Sherman became more sxacting and then
Mr.. Bacon became alarmed-not much % his own 20
scn 40 at the equvoca course apparently adopted by
Mr.. Sherman. 1t 1T this juneturs that Mr.. Bacon
called has friend, Mr.. Aspinwal and explained his
position and asked his advice. An interview was had
between all the parties at winch the anal agresmsnt
was made and to avoid any further misunderstanding
MI Aspnwan determined 70 commit IT TO writing, which
he cid in the note Of the 18th Of January which We
annex
NEW York, Jan. II, 1866.
WATTS SHERMAN, ESQ
beg leave TO recapulae the result Of interview Of
this morning at Mr. Bacon's room -
up 10 last evening, be- considered a. temporary loan,
and be represented by their note demand with the
understanding that shall be held as permanent loan
for the peri OF tix months Page Bacon thereby
benefited to continue their business without inter
rupton and provided also that the account Of Page,
Bacon Co OF San Francisco, continues satisfac
tory shape, by not being ovedrawn, and that Page
Bacon Louis do NOT exceed the hundred thou
sand dollars in their future overdrafts.
q That you shah continue 70 pay the future drafts of
Page Bacon the extent of hundred thousand dol
lars to be drawn in the ordinary Of their bust
be covered within fsrt days from this date By the
lest remittance from California.
8. That for any advances made by Duncan, Sherman
CO.. - above, win be responsible 70 them for one.
half q such advances, not exceeding the principal Of
to ss covered y note psysss on the ios Ssy Il
April next, and to be- given % soon % 1t shall appear
tances from California to the credit Of Page bacon in
the books Of Duncan Sherman Co.. or BY Page Bacon
TrsS the Of the bonds in the hands
WIN. Il. AsPINwALL.
On this hinges the main point at issue In the whole
business Mr. Sherman agreed solemnly to two things
1st to convert the demand loan Of Page Bacon into
permanent loan Of six months, II Page Bacon
thereby benefited 30 as continue their business without
Of Page Bacon 70 the extent Of $10o to be drawn
in the ordinary Of their business, &c. the
to apply to drafts not then advised this engagement
being without any other reservation qualification
whatever On the next day 1000 only such drafts
against this 100000 prefented OF $50 in
favor Of the Bank Of Missouri and others to the amount
Of $4,000, all drawn in the ordinary Of their
businsss' ON the 18th of January. Mr.. Sherman be.
again alarmed and for Mr. Bacon and begged
day before Mr.. Bacon told him that the thing was
simply ridiculous, and that hs had had enough OF
such work that there the agreement and 1t must be
abdsd by; that he would take Of all beyond the
contract Mr.. Aspinwsu sent for, and his ideas
the to the plain and unequvocsl duty and
Obligations Of Duncan Sherman 4 Co., and himself nm
der the contract Mr.. Bacon left fully assured in his
mind that there could be but course and that
was the payments ~ agreed, and continued his pre-
partitions to leave for Ist Louis that afternoon to ar
range for all future drafts when TO hts utter assonish
ment, at 20 minutes to O'Clock, he was informed by
one Of the employees Of ths house that Mr. Sherman had
determined to repuate his contract and protest the
paper he had obligated and pledged himae to protect
This was the first moment Mr. Bacon knew Of this phase
Of the affair, this breach of phghtsd faith and
honor, which, among business men, is consider.
ed more sacred than al others. Nessrs. Duncan
Sherman Co., failed to ful6l written obliga,
ton to pay . certain sum Of money, and the
consequence was that Page 4 Bscon's paper pro-
tested and the odum thrown upon parties whore it did
not belong. Whitewash It - they may, Albany
ethics and tactics WE'LL these the facts and all
the special padng Of the Regency cannot eontrovsrt
them. It avails nothing to set up the paltry
that the was in their after opinion, Inadequate sci
that was their business in their contract Aftsr
events have shown that It was enough, for no more
drafts came forward and at the moment they put
in this false Plea they received teegraphic depatch
from New Orleans stating that $4,000 the way
to them for the account Of Page Bacon, and within
few weeks Of the time Page, Bacon Co. had large
surplus here, which more than made good every pro-
mise and repreN NATION on their part
The annexed statement exhibits the operations OF the
United States Mint at Philadelphia for March, and the
total for the nrst quarter Of 1866
US. MINT, PHnADnPmA-CoNAaE AND DKroGns.
Dous. eagles. SSs 81; g .soassc % 90
Eagles. 10000 90 1920 90 937,44o 90
Half esgles..... 190,556 co l65,076 90 S45,63o 90
Three dollars... $3.50 90 SO, $40 90
Quarter eagles. 2s3,a46 90 2eS,3A6 90
Total gold... s7ssss7o 90 ss4aOel 90 ss,7o2osl 90
Half doliars.... $1,000 90 5000 90
Quarters e2,oto 90 10000 90 $4,000 90
Dimes ......... $4,000 90 $4,000 90 10000 90
Halt dimes..... $4,000 90 1900 90 $4,000 90
Total silver. $4,000 90 Sal 900 90 $500 900 90
Copper . SITS IS 5,176 IS
Total coinage 970 90 $780, 2S6 So 238 So
In T,7992 s6 SO 4,4o6e22 II 122b6,s57 So