New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-11-20
So Young America wa


uas reputed 70 have resulted in very heavy loss,
md The presumption thai he was actually 10 debt
was 90 generally entertained, that it 10 now known
krge number Of persons sold their stock and refused
b have apy farther connection with the institution.
Other parties, Influenced by personal knowledge
II his pecularties adopted the same course, while
third class unhesitatngly predicted the downward
career tf the bank ~ be inevitable.
Mr.. Alibone received q salary Of $J,OOO. his
kmily consisted Of a wife ard twelve Children and
might be supposed that this Responsible charge
Woald constitute strong guarantee Tor prudence
md fidelity in bis Dew position. There 10 700 much
Deason to believe that be was wholly insenSse 70
a responsibilities. The dashing manner ~ winch
His own business On the wharf had been conducted,
by degrees became apparent 10 ms management OF
Ne bank. Customers OF many years stand
ing were unceremoniousy cut of from all accOInmo-
aaton and in consequence withdrew their accounts.
In their place Appeared the personal frlendi OF the
new President bat il was ascertane1 that the great
MASS Of even these were no better served than the
other. In explanation Of these phenomena, IT be-
came evident that he was ia close connection with
brokers, and Of class, too, whose principal busi-
ness consisted in shaving under all its most sdlous
6ms. 1t was matter Of sstOnsbment and general
complaint, that he was continually oiOseted with
his class Of IAeD, while one mercantile applicant
after another found it impossible TO gain admission
- his presence. This fact was matter OF general
rsnArk among the customers OF the bank. Stimuli
tansously with this condition Of things the manners
Of the President underwent q great change. Ne
assumed new airs Of importance, aud his whole de-
portment became 80 pOmpOus as to ALLEVIATE a new
class Of old established friends of the bank. 1t
would appear almost that his head was turned, that
he had got beyond his depth. At the same time nls
whole style OF living became uDjustfably extravs.
CANT The last two years Of his incumbency afford
melancholy evidence of folly In this respect folly
that was either childish or criminal His expcndl-
lure Of money was lavish 10 pr0verb. His resi-
aepce cost him a very large sum. He Kept up
separate country seat in NewJersey, drove fine
Arrisge, kept ten servants in his family, and hved
ut The most expensive watering places IN the most
expensive style. He was absurdly lavish OF presents
aasDg his friends. To one be sent II handsome
carriage, and he bought immense bils of jewelry
1or others. Being conspicuous member OF the
church, apparently devoted to the cause OF religion,
he scattered tracts at watering ices whenever he
appeared there, and Oblruded with OstentatiOus
frequency his pious exhortations until all pleasure
from social intercourse marred by the persstant
intreductiOn Of these topics. To those who visited
Ais house this habit became absolutely offensive
A new church at West Phiade phia built at his
1stigsiOn, is now about being finished.
The new bank building in Chestnut street is also
rapidly approaching completion. the folly OF the
man rs shown eoDspicuousy in this undertaking.
He knew, if no one else did, that the bank was IN
solvent. Yet in the face Of this knowledge he urged
The erection of building which would cost $3.50. 600
There il stands, its elaborate granite front an enddr
ing monument Of his faithessness and weakness.
No cost seems to have been spared in its cOns.ruc
sion. Iron doors Of splendidy ornamental patterns,
iron counter cast from patterns OF elaborate DE-
sign and workmanship, huge vault OF callled iron
plates, erected in the center of the banking room,
and covered with d. signs Of high artistic beauty
trescOed ceilings, marble floors throughout, aid
everything in corresponding style, give evidence OF
the lavish waste Of money stimulated by this mans
insane prodie ally. But IN the decorations and
appliances Of his own private room in the bank his
feliy has run wild. Unknown to che building COM
nittee be gave orders for furniture and decorations
which mOre than doubled the whole cost OF fitting
up Splendid sofas, lounges, a bathroom replete
with every con venience wert the aJjuncts OF this
INJURIOUS parl0r. 1t occupies the second story OF
the building, and was approached by spiral stair
ease Of iron, wrought irOn patterns that must have
been very costly. No such combination Of luxurious
appliances, no such supremacy foolish outlay has
ever been witnessed in any banking institution in
this country. The marble monster Of Nicholas
Bidde, standing directly opposite, contained no
ssch evidences Of absurd expenditure as Young
America lavished on the Bank OF Pennsylvania.
While this Outly wac going on, toe whole capital
Of the bank, amounting to 81 $40, 600, with sur
plus Of S4O0, OCo had been utterly sunk. Strange
rs it may seem, the Directors appear TO have been
studOusly kept in ignorance of this fact. The state
Of the bank, as laid before them weekly by the
President, was shown TO be sound, and no evidence
has been produced to show that single member OF
ine Board entertained the Las. suspicion of the
Wholesale frauds upon It's iunds Their confidence
N the integrity OF n. President grew out OF long
business acquaintance with him, and they We're ali
men of fortune. This cofdeuce remained mistaken
ny to the hour of his ignOmihOus flight. As he had
SCANNED religion, 30 had he slammed sickness, and
M both cases th. cneat was successful For days to-
scner his fastest friends among the Directors pleaded
with him to change his purpose Of gong to Europe
into retirement at his beautiful country seat on
the edge of the New-Jersey Pines, there to remain
In quiet secusiOn until the embarrassments of the
bank were removed, and 10 assist in that renewal
BY his explanations and advice. His intrinsic friend
Bishop Potter, offered to accompany MIN If be would
delay his departure for fortnight. But no friendly
oltreaty could avail, and Mortified by the cOnse-
queRces At the rapidly impending discovery, he
sailed for Europe with his wife aud daughters, both
unconscious Of the real cause Of his voyage, the
former leaving baby six months old, and he leav-
ing the bark helpless wreck.
immediately after his departure, the Directors
succeeded 10 sscertailng the cause oil the run.
They were thunderstIuck ut the deliberate, syste-
patic, skiul AMI long continued fasihcaton OF the
books and accounts. Any Boara # Directors in the
word would have been deceived by the sklliul
nehlDg OF Ills man, even IN the absence vi mat ell
lire confidence which they placed IN his integrity.
private loaE-booA kept in tn. privae desk OF the
President, and now fret brought to tho knowledge
81 the Board, reveals astounding facts Men who
nsver borrowed dollar are hefe charged rs being
large debtors to the bank. Oners who had bOr-
rowed, on being sent for and pigment demanded,
produce evidence that they have refunded the loans.
Envelopes, Endorsed containing valuable secari-
ties, an being opened are found to have had tn
securities abstracted and mere memoranda, techni
csi'l known as ghosts" occupying their places