New-York daily tribune., 1856-08-15

eAould -bs,e II tie spoi, Of yit"y ard rctir,
r. IL ~ Geld of hio a,huv,neot With $50 900
| riice q t.hrquptMg MS contrast
H. all th- utrc l. Do SmI'i'itt " Il ony the "m
r.u.,i of sui'a re ageht y soicent Ia iuoemspt'
I ac ou,pirb your view, ard di-misiog hm with II
ahunda., ward alter you have 10 further occasion
for b's ssr.icee' , -,
b, surr,i,sed 10 l,aln from fhe Report (page 49,
tb-t = unly of the thrty's1 Iou1'''s ae ory
g. ods uerch ,n's when they arc lha' ~ ne
tue of Mr. Wp-"bs tie tIon the following g-h|-in
wtre Trustees: r. s WIDston. Alffed T. warts, John
! Yel,,ror, John NJ Stuart, l.. T. g-r OF, X. II.
McCurcy, HomIu Bike, G.. j. Stedmau, 5 D B'b-
c'ck. alo r. G. Moul,ou; that IA. a. oyto has b-. q
sitce el'c'.d shI that, With the exception o' NJ
hCufon, tbey sthl cO4tinue 10 be mrmCers oi the
bodid' La ihis city, where th-co geo N ore
W. Known for years having been " tnrrchAn co
gogen Id tte dry e. DDS Ousi doubts Fu nccr~sa-
my De- entertained the tc-ity Ot the .xsn'oatla
al VIZ eccu-cy Of their conclusions, VIII 40 wide
aHk'1tpsbcy appe1rs pet tte st.t, ment OF the
eAahihtre ai the fact, On point directly submitted
i,I then eXGnln ,tiUn.
H. ihc seconi chrge was, thst the trust
funds, Whl'A by the charter c.a only be los ed On
bnd aD0 mortgage, weir loaned ot personal security
that when these loaLs we're brouyht 10 the atte
"n OF the fr' sidr at he toInredy denied that any
'unc.s we'e m.oe before he ,~e ut ion II the boud.
al NOR CAGES; that thee ads ,nces wrr. no. mae
HI own Il" Tie fln ,bce mmlt' 'ee nor any note or
Minute mace OF their true character in the boks o.
tie Company. Inc facts aud particulars OF sucs IL
ore not set forth BY the Exsninrrs bat L /.
ADMITTED page fil that slch paymsn., re o n,dn
fore tie execution Of the bonds and mortgs uo,n
a ctposit of the tide deeds sbuuda At c,lster.
s,cuit,. They, how-v,r are careful not TO .t,te
wLe,ber the Company could hod the COlateras .ur
sucA aoyalcc-; nor d. th-v advert T. t1s denial
ty The T. eside. that such adyaIcs were ever IN ace
C. slu,ent o the fact, 10 the refusal Of the
Bo-rG 10 take any nctIou upon tue subject Those
cha yes were 'siipctly mad. foie 'h-m Tue Goa.
.eslu,lt ssd deoial we're in my view, im. ont iut
a - pt y on r.paNM NJ LAT.
wos e,tlt,d TO full and clear acquIttai from N.
1t ou the catrsfy, they were well founded the
lol cy / iol'err had right to know IT.
liz any po,nt Of yle@ adya, Of the Companvs
furos wtr, loans oly on pen onal security, auG If the
titles had failed, or auy Pnor or interviewing itcum
brancte hsc been und. t1e Compsuy would have mad
H. s-c,nty b.y yond the borrowers Responsibility No
ouch yarcs we're authorized by the charter. nor rad
4 ey ever bee, made by either ot Mr. Wmtons prede-
ceas,rs
Ipdeed the corcesment Of the facts, and his denial
show the coIscrs Of error AMI the ESa nacfs ad-
nit peg. 4 that "tbe practice soon came to DC cpa-
"sio.r.d Of oobtful propri.ty.
RegaCiI II atcgt tbet as Illegal when tue prartrc
was oi-cvv. red took im mediate steps to r-pufl1'e
IT, ipccns oteu with oar charter, and after waiag
three bits to obtain It's condemnaion by the BJlic
| thought before toe public.
FIn' il that these illegal advances originated Ia
Wish IA ob ge Trustee, came 10 the conclusion that
the pOwe 10 yIeld tn such a temptation should be
takep away und law was accordlbgly ask.S 10 pr'-
mon Oil loans 10 tfu tttr us Is Tue ca5c nu NfNi ~
Ba, k. snC other Tuss COmpar lee.
A. set the Efforts Of those controlling the institution
have perverted Tho passage of snch u Law; ou' rs
poioy il able, snd | am sat SIZED It Will meet
with tie sppr 'bation of large majority OF the pohy
ho Gers.
In thus ,indica,nC by the acs stated il the Report
The tufIrr truth Of the stat. menis made in the mclno
Iial seb for Il gislavc invertsa'ion | have fnl-
filed III, duty the policy -nOlGers Ii they wish To
have this ,tvst faLfnIy admDiSC red he' NUT exer-
cir ,igiaui supervision over those who administer
/, Ives AZ not .ueuder their proxies to those
im,iesteo 10 p~ipetuaiiDg abuses.
The two charge above II fcrredt To- Gnd the enormous
Increase of txp.nses IRE ;hOs most nmedlqtcy at
+, ciiug the pres, 1T administration. Ta- ohe's are
ques OF policy uoon which each p@rSon must adge
for blurelt, kept the case o. allowances mace 10
Tusite es Of commissions policies procured by h IN
, the 7. port uf ihC xauir's appears tndt such al
lowai cts will be CiScOrtiIuei IN future pagr 3Ol
60 lG wish that the Trustees had been equally siog
TO give ,p the priV lego OF bouowi the ns' fdnd-
1hrc is DO rason for such p,OhbtCn 10 trust com
poti.s nd s>i - bs kr th4t Ia no apple ibl WI
ty. n srest,r force t0thS Company aud not sthst ana
il DE oppo Itinn OF the ad and The ~ Roger dc
Cove " op ioL OF the Examiners, shal strive to pro-
cure law fr suct prohbi'i n.
1Lrt the rxpt pses Of his Company hev" been un-
wauontuby ta,td si'cr hr ne 'es-ion of oir W h
-ioh wih app,aT by the following rta tment, chhPl.t
f,,m TIE a nua report, sh ca was AID before the TX
hmlltrs and wbcb tie poicy h. lders wODlC pIobib y
lave been graed at seeing in then report:
1919. 1880.
Expenses Of Office igOm FCb. l......... FLOOD S-hl1
Con niss.ous adyeTtis g....... 2'O-1 - ~
1871. 1872; Ie5s;; ';s; !s3i; l%h, isS';, 500
C,n,gis.iorssc zjCj6 2j5n 81 49, 81 59j 20 30
Tiis ircr aset expenditure is not iustlf by the
iaIo iDcease OF tie meals If the tOmpIny, WI n
q life INSURANCE company has accumul rcd - 600 600,
he nuu be a. rte sSlon ,t MIR Nin't"9, m"
bc,LmuhiioDs rnpdly ircl' G-e for sone year. by ne
crest eAcesa f compHUnd interest over expenses add
he Accession Of new policies.
j. a fw y.er- The early policies begin 70 'al due,
and subject the fun1 to t3e claims for VIII ch Il was nc
cunulnitd, bnO uLless proper caution and ccon)nJ
are ,xecsc in l,s administration, deficiency mus.
be the n snlt .
Your obedient servant BLUNT.
Ntlc lo,k Aug 9, l3,1
Tbi. l. N addition the ped {. JhostO1 being the
frs Of Mr. WIS stob'r presidency
this the udv-r ising and exchange are trans
tarr,J fiom cou m ss ~ 10 ihce expenses