New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-02-08

n somet1ss given where the trustss IN sub. ,,e1 IN
jealous and vexsilous supervision but MOO was =
tended with liberal baud al with oonfii, spirt
tfust which should have been pefsmsj With tas
most torupuouS, snIious, panstaksg edelity, which
required tie ietts Of II 10 have dealt openly and
truly with these officers Of tho Company To whom TIA
general supervision Of ia affairs wa. oon6dAd And
With the stockholders tLenscvcs in their statsnents
aud communications which were from time To time
made 10 them TO eDabe them TO understand the true
condition OF their property and affsrs-a duty which
exGced from them to use the property and credit OF
the Company ioi its be6efit, without Informing
ing OF employing 1t for the bensht Of others, and
edst OF all Tor their purpOres which prohibited
item from IN any way putting il at hazard for any
uses not required by the interests OF their empoyer
How Their trust has been executed and how these du.
ties have been performed, has already been stated.
IL IL laInentable 10 read and to hear the eycuae.
which some persons make for such a Course Of con-
duct and dealing, and which regret to be called on
to notice, and do 10 only because i such apologies
are to be held sufficient for such Ofenses we must
be prepared to give up al hope Of the coptnua noe OF
that commercial integrity and mercantile uprghtness
which have hitherto been considered TO lie at the
foundation aud to form the basis upon which our
trade and business are conducted, and mast seek
new devices and safeguards for our property and to
reDder possible any confidence trust among men,
and our city viii justly become reproach and by
word among nations ard our well-earped credit and
character for honest dealing must depart from US.
Already IS believed that too lax course OF deal
honesty on the part Of persons acting in fduciary
capacity, reluctance to hold accountable to the laws
OF the land and to enlightened public sentiment
those who nave been guilty Of Interpretations aud
misuse of the property and credit OF others, have H.
ducod encouraged other similar frauds and msap-
propiations which otherwise might not have been
petrsed and have rendered it more and more difficult
bring offenders TO justice and to procure their con-
victon when they are.yought before the public tr-
bunals; and thus crimes against property In high
places 20 unpunished and state Of public feeling il
opgendered which is anything but healthy one, lead
ing to belief and to the open expression Of it, that
while smaller offenders punished the greater
escape.
In this connection may not be improper to notice
the moro common expressions of those who seem in
clned to excuse some OF the persons whose conduct
We have exposed, which is that too much labor duty
an dbusness imposed upon them and that it not
surprising that the result such a. is.
1t must not be kept out of sight that nothing in this
matter was imposed The duty was sought for and
eagerly accepted by palties who were DESTROYS to
their business for the sake of the salary and
which were to result from it, and perhaps
pat for the consequence and influence which are,
or are supposed to be, derived from being intru5ed
with the management of large interests. Those parties
have since their appointment t. the selling agency Of
the Bay state Company obtained and voluntarily
assumed the agencies OF two other large manuiac
turing companies, the Pemberton and the New En-
gland Worsted Comp snies, and have also gone into
the business in instance at least, OF advancing
money and credit to private party or firm, for COM
mission.
They have s,so invested large sum of money in
one or more of those companies, and advanced
large sum TO the other, an iDducemeDt to their
obi aiming their business, and without which they
could not have received it. Thus Of their accord
and FOR their own gain and advantage and for the
gain and advantage Of no one else have thoy nearly
doubled the amount of their and abors without
our request and without advantage or proposed adj
vantage to our interests. We do not complain,
although Just complaint might be preferred, Of their
assuming many undertakings. We only say in this
that it forms valid excuse for any
wrong doing, even for any neglect Of our affairs
least OF all can the Company or its officers be charged
with imposing duties upon their agents undor such
circun stances.
1t has also been suggested that however improperly
these parties may have conducted Themselves that 1t
WAS done with no view to any private advantage or
yain and that they have in fact gained nothing by ii
hat they had great confidence that ultimately every
hing would result advantagcousy, that great profits
would ensue to this Company, and these misdecds
would then be unknown winked at, or forgotten; in
hor that though rather unusual responsibility was
assumed, and use of our property was made not
strictly such be justified, yet il was done with
he best Intentions and for what they believed to be
true in fact and if we could believe such motives were
The guiding ones II is poor compliment to tn. ludg-
nent, either Of those who acted or of those who are
willing 10 edOp such excuses and still poorer one to
the characters and of those who to be the
recipients Of these large profits and benefits Us the
tockholders, of whom it would be question whether
considered to be greater fools OF rogues thus
to 10 more or sanction such conduct.
But in TRUTH there il not the slightest foundation
for such suggestions. They assume that it was 70
our advantage that should be grossly deceived
more than two years ago. and from that time to the
present. to true condition, by having concealed
from us the fact that our losses then wore some
$780, 900 more than the account kept under their droc
ion in books and an abstract Of which was stated
by our Treasurer to the Directors and deliberately
ead 20 US by him at our annual meeting represented
hem to be; and this too, at the time when we were
10 consider our most important interests and to pass
upon his reelection Treasurer, and when 1t Is
,once ded that, had known the fact, must have
dismissed him and our selling agent from our employ
ment, and made an entire change in the conduct OF
our affairs and have probably stopped manufacturing
goods, and very likely have wound up our affairs.
But they say they thought it best for Us to employ
bis cOncealment, because they were satisfied bet
Ter times to ensue, and that 1t would be bet
er for us to continue our business. Truly most
ene violent guardianship u.s. and modest appre-
citation Of their own better judgment.
1t for benefit, also, that's very large amount
Of funds should be abstracedfOm Tic and invested
by them in their own names, for their own account
and advantage before shown, to procure for them
large increase Of their commissions, 10 the PemOer-
Ton Mill, that our money should be loaned by them 10
other parties, in No way connected with us, that our
money and aCceptances sh Oud be used promlscuOusY
for their own and other peoples Use and advantage;
that our means should be used for their specuatons
in stocks in the expectation OF hope that rise would
tax place and large gains accrue to then ana TO buy
out at large advance above the market price, shares
Of our stock owned and controlled by one of the most
gentlemen among us, who they supposed
watched with care, not quite 20 common as 1t should
be- the interests of others which were intrusted
20 him and his own, and who they feared might
prove troublesome to them. and exercise an influence
not favorable to their wishes and views, and interests
among the stockholdor that our credit should he
mploycd to take up their own liabilities OF those of
Others whom they represented our promises and la
b.lties be hawked about the streets often they
had occasion to raise money for their own or others
usos that large amounts due from them to the Com
psnv, and for which the Treasurer held only their
due.bis should from time to time be falsely reported
to the Directors rs cash on hand that for the various
surra If rnnnev which lnI neriod of time OF