Anti-slavery bugle. [volume] (New-Lisbon, Ohio) 1845-1861, 1857-12-05
WHOLE NO. 634.

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/ a folly that was either childish OF criminal. His
expenditure of money was lavish to proverb,
His residence cost him very large sum. He
kept up separate country seat in New Jersey,
drove fine carriage, kept ten servants in his fami-
| ly, and lived at tho most expensive watering
/ places in the most expensive style. lie was abb
surdy lavish OF presents among his friends. To
one he sent a handsome carriage and he bought
immense bills Of iewelry FOR others. Being COM
spicuous member of the church, apparently devot-
ed to the Of religion, he scattered tracts at
watering places whenever he appeared there, and
obruded with ostentations frequency his pous
exhJrtltions until all pleasure from social inter-
course marrcd by the persistent introduction
Of these topics. To those who visited his house
this habit became absolutely offensive. new
church at West Philadelphia built at his iRstiga-
ton, is now about being finished.
The new bank building in Chestnut street e
also rapidly approaching completion. The folly
of the is shown cons picuously in this UNDER
taking. lie knew, if one else did, that tho
bank was insolvent. Yet in the face Of this know
ledge he urged the erection of a building which
would cost S25 1000. There it stands, its elabor
ate granite front. enduring monument of his
! faithlessness and weakness No eost seems to-
have been spared in its construction. Iron doors
of splendidly ornamental patterns, an iron count
er cast from patterns of elaborate design and work.
manshp huge vault of chilled iron plates, erect
ed in the centre of the banking room, and cover
ed with designs of high artistic beauty frescoed
ceilings, marble floors throughout, and everything
in corresponding style, give evidence of the lavish
waste Of money stimulated by this mans insane
prodigality. But in the decorations aud applian-
ces Of bis own private in the bank his folly
has run wild. Unknown to the building commit
tee he gave orders Cor furniture and decorations
which more than doubled the whole cost of fitting
up. Splendid sofas, lounges, bathroom replete
with every convenience, were The ad uncts of this
luxurious paror. 1t occupies the second story Of
the building, and was approached by spiral stair
case OF iron, wrought from patterns that must
have been very costly. No such combination Of
luxurious appliances, no such supremely foolish
outlay has ever been witnessed in any banking in
stituton in this country. The marble monster of
Nicholas Biddle, standing directly opposite. COZ
tanned no such evidence of absurd expenditure as
Young America lavished OF the Bank Of Pennsyl-
yania.
While this outlay was going on, the whole cap
ital of the bank amounting to Sl,o75.000, with
surplus of 100000, had been utterly sunk.
Strange as it may seem, the Directors appear to
have been studiously kept in ignorance of this
fact The state of the bank, as l4id before them
weekly by the President, was shown to be sound,
and no evidence has been produced to show that O.
single member Of the Board entertained the least
suspicion Of the wholesale frauds upon its funds
Their confidence in the integrity of the President
grew out Of long business acquaintance with him,
and they were all men Of fortune. This conf
Gence remained unshaken up to the hour Ct his.
iynomenious flight. As he had shammedrelgion 90
had he slammed sickness, and in both cases the
cheat was successful, For days together his fast
est friends among the Directors pleaded with him
to change his purpose Of going to Europe into q
retirement at his beautiful country seat on the
edge of the New.Jersey Pines, there to remain in
quiet secluson until the embarrassments of the
bank removed, and to assist in that removal
by his explanations and advice. His intimate
friend Bishop Potter, offered to accompany him ie
he would delay his departure for q fortnight
But no friendly entreaty could avail, and Mortified
by the consequences of the rapidly impending dis,
covery, he sailed for Europe with his wife and
daughters, both unconscious Of the real cause Of
his voyage, the former leaving baby six months
old, and he leaving the bank helpless wreck.
Immediately after his departure the Directors
succeed in ascertaining the cause of the ruin.
They were thunderstruck Mt the deliberate syste-
matte skillful and longcontinued fasifcation Of
the books and accounts, Any Board of Directors
in the world would have been deceived BY the
skillfnl figuring of this man, even in the absence
of that entire confidence which they placed in
his integrity. \ private loan-book, kept in the
private desk of the President, and now first
brought to the knowledge of the Board, reveals
astounding facts, Men who never borrowed dol
lar are here charged being large debtors to the
bank. Others who had borrowed, on being sent
fer and payment demanded, produce evidence
that they have refunded the loans. Envelopes
indorsed as containing valuable securities on be-
ing opened are found to have had the securities
abstracted, and mere memoranda. technically
known "ghosts," occupying their places.
Large transactions made without the knowledge
of the Board, are detected with the brokers' and it
is confidently believed that from these quarters
many assets may be recovered for the bank. 9th
er transactions, not proper for publication now,
have been laid bare, and the Directors having
made oath that the President has absconded from
the country with design to delraud his, creditors,
have attached his large property for the benefit Of
the bank AT this moment commission of three
experts, appointed by the Governor under the late
Relief law, engaged in ascertaining the true
condition of the assets. Vague hopes are enter-
tanned that enough may be recovered from the
wreck to enable the bank to 90 on and preserve it's
valuable charter, which has just been extended
twenty years. Already the stock is on the list Of
fances aud having gone down from SIP to Sc,
now yibrates up to $40.
Apart from the consideration of this enormous
fraud is the consideration of its results the in
nocent and conading stockholders. They are
scattered everywhere the country. Though
this bank had in former times been robbed by
burglars, aud was plundered in 1910 by a conf
Dental clerk of many hundred thousand dollars,
who escaped the State prison by hasty fight
his guilty conscience incting him to fear that he
was suspected, yet it largely enjoyed the conf
dence of the community. Ii had been for many
years under the management of members of the
Society of Friends, aud this circumstance attract
ed numerous women trustees for orphans, for
charitable institutions, churches and schools, to
purchase its stock as a safe Investment .f
The dividend was 10 per cent per annum.
Even the Mormon churches invest their money
in it, Some OF the stockholders have great stakes
Mt risk, varying from 100 up to 700 shares. Some
families, compose wholly Of females have their
all in the stock, while others are only measurably
impoverished bs the loss. Already the bitter
fruits of this swinde have been tasted by some.
Widows with families of daughters have been
compelled to give up the comforts Of genteel homo
and g into single room. The ruin is indeed
widespread and almost complete. 1t ought to
admonsh all that bank stock is not the proper
investment for the money OF women or orphan
children Too much is trusted to the virtue.
feeble Mt best, of poor. weak human nature. 1t
cannot be known for some time whether tho bank
will be driven into liquidation or not. The cum
lnnlr and LII lrinIIs I,lnk hafnra