The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-08-27

In. wOrtn--Wag
rckee Bank transferred " the Merchsns aud Mocha
MICS Bsnks
underrood from the President Of the Cherokee Bank
that the stock had beer transferred the holder Of
,be Merchsp,s and NJ chAnls' Bank
Mr. woodworth read rom the records or the proceed
ras Of the directors OF the bark account Of the transfer
the berokee Rank 10 the stock holders u ho Merchsr "a
hechancs Bank the etoik bring dtri outed pro rata
for 'bs Of SIS 0oo for which sum Mr. B. Was ere lifted
TIE botk, the record s hoEest 50 fa- a. INT
Wood ortiz now sent Mr. Cole wer OF attorney froa
Mr. Bronson trsns the stock Of the Cherokee Bank
sna he wrote to me that be bad done so think Wal done
by me after vas Mesd. ut; am ne. 90, tain
Bere Mr. LInine, The bookkeeper wat examined a. TO
charge Of SAL geo against Mr. Bronson; witness did not
spo~ what It was for; It was for Sandy River; there
know what the tran action VAS but never could Ind oa'
was completely In fag here vas too much mau@uvnng
Sal go; 'be Merridep Agency charge 81, ooo II wa.r
private asiv 81 Mr. Bronsons he was aio ~ed that oy
Ellis and M Woodwork allowed that to him; he was a.
lo~ed $500 the Cherokee charter ne WIS allowed
5000 on sa'a'y by Mr. Wod~orta.
The deepce desired to show that Mr. Bronson, as tue
sgent Of the bank In who're name all loans made and
all depoeu we'd, had tran,acuon with Mr. Ellis, by
sbich he lost 81 500 grsin. of the bank,
and he Asked that this should be refunded.
Mr. Laramie then vent on to sho that amer Mr. Brou-
SOB Rad settled with Mr. Woodwork he It'll we'd the
bank $40 600 Cr the $4,000 OF Cherokee which he took
away kent interest account with Bonsop; no gave hi
notes for l 0C0 TO The SAL 900 charged 10 hi ss
40 We; re cnareeo interest where accounts rere oVer
drawn, but net IN Mr. Bonsons case; the difference In
crest ts gaps Bronson
The Winners heard Of corn Transaction with Mr.. Ellis,
but did BOT know what tho affair The he heard
came In by the Rock Island Railroad; We msde no ac
vancee warehouse recei os: made the entries In the
books; Bronton and Love continually kept me 10 the
dark with relation 10 the entries ! sometimes
got the entries from him on slip Of paper and
made them; Oft remon, Taed With him on this COURSE
Love hi confidential Clerk the npaid bills ,evaele
Of the bank would a~eys balance Brousons soupt and
80 that when bill ives unpaid 1t would appear to tae
credit Ct bills receivable; thst The BIT OF Broosons
special account and the credit o bills receivable should al
wsys tsnce one another, or be the saue In the asg-e
sete the witness then showed from the ks In what way
the Sandy Ri Bark occurred fund the TO
be made In Rronsons svr causing the loss OF s. 900 to
the tssk, and corrected IT on the books.
Mr. Stuart for the fefence endea ored TO show that the
should not have been charged Mr. 8roncon aad
hat be submitted TO It's loss upjystly; that the thing
fired 30 BY the bookseeper 70 make the books ba
The witt sss consnded that the error WAS made original
ly against the bank In Brcnson's favsx.
TIE BANK FAILURE IN ROCHESTER,.
fFrom the Rochester Union, August rs
Amidst the multitude or cashng rumors luent up.
or failure such was first announced yesterday, Is
quite too much TO expect TO get at once all the material
facts we fnd accordingly on farther inquiry that
portions Of our yesterdays article require considerable
corrections.
On forther inquiry not OF the MeYs Ety. but OF par.
ties who PROFESSIONALLY well informed, learn that
when they Suspended Bfe wster Co their paper
to the extet Of about $3 COO Since thst time the Eys
take the colserals VII oh Brewster Co. held security
There remained then but $4,000 In part payment of
Cee0ed q
the lower and lot East for IS 500 by mu-
tual agreement There then remained and still Gins,
only 81 500 OF tho Eys psper for which Brewster 90
ter Co hold $1,000 bonds OF tho Chicago aud Fond ou
Lac Rroad, sbich supposed TO be worth some$hing
and Of the 81 500, s6.to have nos ye. matured.
From this statement, which may be relied cor.
rect will be that the failure Of Messrs Brewster
Cot can hardly be chArgeable 70 that Of the hesss Ety.
unless has been caused BY an advance Of some
no however, at all surprising that prevalent rumor
and eGecfor two rcasons:-1a II WAS we'll known
thai Bre ~ster Co we're on the Eys paper when the
ianer failed, and I'd. II was not and u mot publicly
known that B. Co have sustained large Losses or any
Losses In any otner quarter
II nov currently stated by those who quote the a.
snee as authority that Brewster oo have sssgred to
third csshs last 10 the scale of creditor-whie
ranoo corporations make tae nrst and other
have thereby made the GREATEST mistake and perperaed
the moot asgrAnt wrong Of their whole lives, and 10
SS. s oS s ey 90 ss % lose No ms
We deemed ute ly incredible. But there seems
good reason 70 doubt IL CORRECTNESS
Why, even William Brock, OF Corn Exchange dram
torety when he closed his bAnk" no had taken Of
bis depositors-Dot one ~ we are Informed suffered loss
And can assure the senior Of the fAing nrm-with
whom, We may mention, our relstious have been
rendy-that be makes provision for the persons OF
small means, the mechanics the railroad boys, the opera
uveI Of various Kind, the inarm the widows who hs
entrusted their mi 10 him FOR safe keepsg he makes
provision for these. while he the corpora
",
forth occupy lower place In the estimation OF this
muniy Than any o.her busines man has ever reached
There u no use In mncng this matter. If the hcsus.
Brewster have made up their minds not 10 pay their do
poeiters 10 postpone their claims I'll other class
clAsses paid they would bess con,un their
fort by placing broad interval between themselves and
the victims OF their fraud their financial ,compeiency or
thor folly TO their vctims IL matters MOI which. If
they hnl pSs,iole to build up or 70 pcrpeua.e suo
pad they might ~ well be undeceved now; they cannot,
ought not 70 do there is any such shug honorary
should reimburse those whose ssvng. have been oonIed
70 their keeping They had better do that aud 30 the
AIN House than 70 postpone such claims TO the claims Of
We ol them the truth; II they believe not, 10, thcm
consult the miscellaneous public.
TO THx PUBLIC.
RoCtErrp, August 20, 1857.
An unforeseen commercial cmbarra.ment hs, come
over and SWEET away tho eccumuaions Of thirty 40
years. buriDess Toe revenue from my insurance bus-
ness, II not dimDished will enable In due time 10 ex-
rpguish all my indebtedness In this city.
Islcit continuance Of the patronage whlch bss been
90 generously bestowed. H. A. BREW 3rER.
AxTIcIrArHp SURPLUS IN raE rRsAsuRv.
from the Washington Iniehgenocr, August rs.
Whether large surplus OF monoy in ths vauls Of the
Federal treasury should be regarded Q napons blessing
or AZ national curse IL question upon which politicians
and economist would not 10 be unaulmoaa By
Of both heee oissses such accumulation Of money IL
sarded ~ little other than "corruptne funi" by which
The eyes OF Cong assumed 10 be perpcusy dax
zed members exposed the increased danger OF
cmosrking In Wild and eStravAgsnt schemes Of national
expenditure BY others the presene OF such an amount
Of ready capital In the hands OF the government viewed
in more favorable light, ~ the means Of enabling 10
provide with greater lberaty for the Legitimate wants
81 The people, and of diusins widely the advan.
uso Of benenoert legislation. Both OF those
heores, perhaps, have q foundatlon In reason, and
the greater or less 6eveope neps which IL different
periods the one receive In comparison with the other
viii depend upon the character OF those whom the PEG
pc tntrus The charge and responrbiy OF administering
The public moneys We allude their reprcss natives In
Ooners Tor sooe By The OF the oonstu-
ton enacted that "no money shall be drawn from the
treasury but In consequence OF appropriations made by
law manifest thai portion OF the surplus revenues
Of the country need be v~ssfoy appropriated the pco
PIE only true 10 Themselves Ia the selection Of the
sscni, whose duty II made 70 provide for their dis.
burycmept
But Whatever may be the advantages or disadvantages
Of such plethorc treasury under either OF the theories
ve have Designated, the conditions lean for their full
deveoyement and illustration the hands of the II Con
gross may be deemed 10 exist In the state OF our ma
uona G,ances for nov generally conceded that the
o. the present fiscal year the red
tariff enacted by the lac, Congress (perhsps should
rather say In equence of will reach eighty millions
o. dollars including the proceeds from sale Of the pub.
nc lands AZ Ia esupnated thai but little more than Hfy