New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-10-09
THE SUNDAY SCHOOL DEFALCA TON.
OFFICIAL STATEMENT.

OFFICIAL STATEMENT.
"lnasmuch as paper bearing its face the name OF
the signature of it's late Corresponding Secretary,
Frederick w. Porter, has been dishonored for non
payment and inasmuch as the Socetys numerous
friends will be looking with painful anxiety for the
cause Of such misfortune il il due TO the community
be fore which the Institution stands of its oldest
and most cherished benevolent organizations and 10
the Board of Officers and Managers, thai some expla-
nation should be furnished and the following statement
is submitted with that view:
"Erery dollar Of the contributions 10 The SoctetyS
funds has been scrppu0usiy applied 10 the 6eHeroteRt
objects which the donors designed 10 promote so that
whatever losses or disasters may have befalen the
business Interests of the Society ITS charity fund has
been sacTedly protected. Our periodicals have con-
tanned an acknowledgment Of all donations received,
and our annual reports have faithfully accounted for
their disbursement.
"The Book Department has always been self.sup.
porting The large distribution Of stock required by
the Student Missionary Service las it was termed)
occasioned not little embarrassment, while heavy
advances to the Missionary Department hom the
active capital of the Society," and the reduction OF the
price Of soma Of most salabe books still further
diminished our business means.
But there was nothing in all this TO alarm or dis
courage u.s. Our ability to meet the existing engage
me nts of the Institution was not thereby essentially
in paired and arrangements 10 carry US tnrougn .ne
present crisis in commercial affairs were 30 far com
peted as to remove any serious apprehension OF DILL
Guilty from the minds Of the Finance COMMITTEE when
picisn arose Of some delinquency in the official
proceedings of Mr.. Porter who has held the office OF
corresponding Secretary from the first year OF the
SOcietys organization. -,
"Tbis officer has always been intrusted with the
general oversight Of the Socetys business, including
its money transactions. lie Is required 70 pay over
TO the Treasurer whatever money he receives. The
claims against the Society, after being duly AUDITED
by Standing Committee, are submitted to the Board
at stated monthly meeting, aud, If approved orders
on the Treasurer signed by the presiding officer OF
the meeting and countersgnsd by the Recording Sec.
retary, are then authorized for their payment. Al
the came meeting report is also made by the sane
Committee, Of all the liabilities Of the Society and Of
its resources.
In the prosecution of the business, and especially
in transactions with paper dealers printers and bind
ers has been customary for Mr. f0ter 70 sce notes
and Acceptance in his name, as Corresponding Sec
retary The most unqualified confidence being re-
posed in his integrity, particular investigation was
made into these transactions beyond what appeared In
the monthly state ments Of the Committee, which were
founded on the books and sustained by the rep.
resentaops of the Corresponding Secretary SO that
wh atever was duly entered on the Societys books,
came 70 the knowledge and passed under the scrutiny
Of the Committee of Accounts ano the Board.
"Di,irust Of Mr.. Porters faithfuness was awakened
by the approach to maturity Of one or two acceptance
which did not appear upon the books But this might
be cbaiitably ascrbed to overnight which could
be explained. On further investigation, however, II
was ascetsined that he had used the Soceys credit
and his official relation TO II for private purposes, to
the Society has interee concern, but for which
Mr. Porter by bis signature has thus secretly pledged
its credit have been already ascetained to the
amour. Of $SS, 1888 CO. no part of which ever came
into the possession Of the Society," or appears on the
books to its credit.
"While il is confidently believed that these uDjus
t6sble proceedings have extended through series Of
year, rohng has occurred until the present crisis 10
bring them to light though not little Ingenuity haa
been displayed in eyadipg an earlier detection. :,
"Mr. Porter at once resigned his office but no dis
closuIes have yet been made nor have we been ape
TO ASCERTAIN with any certainty TO wha. use any porUn
of the money thus fsudulenty obtained has been Pu
II is hoped that soma portion of the unap.nois -.
claims may be covered by property when naS '''A
made over to the Society for that purpose: a.
'The official unfaithfulnsse which has uoa,,s
many innocent parties in serious s1 And dom
ireps,abo mischief to one cf the most o,n.rv
useful institutions in tina land was sucn $500 ronS
vigilance copId have prevented or os'o0''o' ~'A~