The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-01-24

peace of the country, but both are here at
stake.
The Bank OF Pcnnsyfvanis-Mr. Allibone's
Defence.
The reply of Mr.. Allibone, late President of
the Bank of Pennsylvania, to the charges circu-
lated against him during his absence in Europe,
by his colleagues in the direction of the bank,
has a strong interest at the present moment.
The revelations of financial and commercial
rascality that have of late been crowding them
selves upon our attention would have been iu-
complete without the lessons to be drawn from
this singular case. Without pretending to
Judge of the specific truth of the charges made
against Mr.. Allibone, and which we presume
will. in some shape or other, be submitted to
the test Of legal investigation, we are bound to
say that the statements contained in his
reply are, if correct wholly inconsistent with
these accusations. He avers that so far from
having absconded with view to defraud his
creditors, as sworn to by the directors, he left
for Europe with their full knowledge and con-
| currence so far as these were to be implied
from the fact of several of his colleagues urging
Of bis shattered health, and also from their
accompanying him to the boat to see him off.
The acting President of the bank was apprised
Of his movements and was requested, If informa-
ton connected with any of the matters of the
bank was required, to advise him oft. Besides
these circumstances of publicity there was
nothing in the then condition Of the bank which,
according to Mr.. Ailibone's Impressions render
ed his departure either inconvenient or critical
Before be consented to leave he was given to
understand that the arrangement with the other
city banks to continue the daily exchanges, and
not exact immediate settlement, had been per-
fected.
To constitute the fraudulent intention charg-
| ed against this gentleman, we have, therefore,
| if we are to believe his statement, most of the
circumstances wanting which would go to es-
| tabish moral. much less, a legal inference. An
| Ascending debtor he certainly was not If the
publicity with which he asserts that he sur
rounded his movements is not contradicted by
reliable evidence. With regard to any prospec-
tive intentions that might be attributed to him,
based upon anticipated difficulties Of the bank,
bis answer seems equally plausible. He states
that he was the largest stockolder in the
concern, owning upwards of two hundred thou
sand dollars worth Of it--a portion Of which, he
admits, was paid for by money advanced by his
| private friends that If he had been called upon
to take up this stock. and give other securities,
he could readily have done So having large
and mostly uninoumbered real estate, which
| IL 4 A.. III
and that when he left home, he left the full
| legal control of his property to two attorneys
one of whom was director Of the bank. and at
the time its acting President. II these state
mens be established then II is clear that neither
In appearance nor In intention neither in equity
nor in law, was Mr.. Allibone an Ascending and
fraudulent debtor.
There is another circumstance in this case
which would tend to bear out the presumption
that Mr.. Allibone is incapable of the conduct
attributed to bin. The moment that he heard
Of the charges made against him during his alb
sence abroad, he wrote to contradict them,
and to ask the public to suspend their Judgment
until he was sufficiently recovered to return
home TO confront his accusers The instant his
medical advisers considered him strong enough
to travel, he fulfilled his promise and as soon
as be arrived In Philadelphia he published his
| reply We await the counbsc statement Of the
directors before we pronounce any more posi-
tive opinion upon the merits Of this controversy
| but. Judging from the prompt and decisive
manner in which Mr.. Allibone has met these
charges, and the fact that they were advanced
at time when IL was not expected that he
would ever live 10 refute them. we are afraid
that II will turn out that they were made from
convenience, and with view to throw upon
| the shoulders Of one the responsibility that
should have been shared By man; 1t was pre-
! cisely in similar way that the name anu
previously unspotted reputation Of Nicholas
Biddle were made to bear the odium Of the
Encouragement of bis colleagues in the direc-
ton Of the United States Bank.
We know the history Of Biddle's case well.
He was scholar and a gentleinap-a man Of
considerable natural powers, elegant tastes and
large fortune. He became lawyer to have the
name Of having something to do, and obtained
the reputation Of being ready and fluent
writer. II was these qualities that probably
pointed him out to the attention of the spccula-
tors who were concerned in getting up the
United States Bank, and he was drawn into the
direction in order that Lis name and influence
might inspire confidence in their proceedings
Although il was bis pen that drew up most of
the reports Of the bank he was only permitted
to learn as muchof its affairs az IL suited his
colleagues to impart to him. They furnished
him The statistics, and he clothed them in the |
graces Of style that has ever since served as a
model for the diction Of the school of aorid |
finance. But notwithstanding that he could |
turn a nnriod we'll and rnaLn rnnd.. ..n. ac H. Il