The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1858-02-24

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The following from the city article of the Lon
don Times, jan 29th) touches upon a subject not
without its interest on this side of the water,
where instances OF breach of trust and embezzle
ment on the part of confidential servants of banks
and other corporations, have unfortunately been of
! too frequent occurrence.
! Among the questions arising out of the revela-
tions of mismanagement and fraud on the part of
banking and other companies, during the past few
years, she most important is what is the value of
/ the plea invariably urged, that the disaster was
caused solely by cover confidence" being placedin
the acting director or manager? In each instance
all the other directors to take it for granted
they will thus stand eXOneraed from the slightest
moral disgrace, and as few persons care much at
having to confess that they have been basely be-
. trayed by those in whom they generously reposed
trust-the event, in fact, placing them rather in
the light of victims to a noble and unsuspecting
nature-there is usually very little humiliation
cOntrition, and thus nothing like warning is OBJ
tanned to prevent repetition Of the evil. OF
course, as the directors are all shareholders to
small extent there is a little loss of money, which
is disagreeabe, but if the fees received for doing
. nothing during the years the company NAV have
existed have not been sufficient to cover this full
compensation has generally been obtained from
the pliancy of the manager, i'll promoting indirect
interests, at all events from the pleasure Of
toadyng the influential chairman deputv-chair-
man, who may have got up the concern solely to
serve some larger and private object of his own,
and of whom the manager was the mere creature
1t is also n great point for these gentlemen to be
able to say to their deuded constituents owe are
sufferers like yourselves, if it should be per
feet satisfaction TO Them that while their own pros
poets have been murdered, there has also been sui
eide on the part Of the offenders. 1t is time this
system should be held up in its true light so that
[ when next it is resorted to, whatever NAV be the
compassionate views of shareholders, the public at
all events, should be ready to designate it as it de-
serves.
How does it happen that the directors of so many
of public companies cOntrive to select rOgues,
impostOrs, or incapables the objects of their
limited regard? Are there no honest men in exist
. enee, o., il so, no signs by which they may be
known? Is there no free-masonry among the clean
and good like that which palpaby exists among the
vile? If foul birds know each other as to flock
together, have the better species no similar in
stinct? Common experience will easily supply an
answer. As a general rule, nothing is more diff
/ cult than for any one of bad princsples to avoid
arousing in a very short time ntutive repug-
nance ON the part Of any vigorous and straight
forward men under whose supervision he NAV be
brought by daily contact. 1t is rare moreover
for individual TO be appointed to the control OF
a large establishment, involving the property and
character of others, until he has attained an age
at which there is past career that may be taken as
an an index to the future. What was the charm
that commended Mr.. Leopold Redpath to the favor
of the Great Northern Railway Company so as to
cause him to be singled out the heads of his
colleagues to I'LL, without check of any kind the
( most confidential post in the establishment? Did
it consist in knowledge of his previous character,
or in that unmistakeabe stamp of integrity, sim
plicity and independence which speaks for itself to
all upright natures throughout the world? Mr..
Robson of the CRYSTAL Palace, likewise pursued
daily habits such as are believed in short time,
whatever may be the attempts at concealment, to
give turn even to the very cOuntenance and modes
of expression, by which TO any Keen observer they
are constantly revealed
Again. was there a native righteousness about
Mr. Stephens of the London and Eastern Corpora
ton to take captive all kindred spirits The same
inquiry might be made in numberless other cases
and il is believed that strict examination would
almost invariably show that while the directors of
ruined companies continuing their cordial
support to the instrument they had selected his
true character thoroughly appreciated in re
spectacle society, and also among the multitude of
lookers-on. The most recent example of prOfessed
cover confidence" has been that furnished by the
choice of their manager, Mr. TAYLOR. 1t will be
Interesting If they should ever be called to explain
the causes of the entire surrender OF the property
of 400 shareholders and the deposits OF 4U,ooo
creditors to the absolute keeping OF TINS gentleman
To account for such a gigantic instance OF 1alth,
they can obviously urge nothing less thah an as
founding life of talent and hohor ON MS part WHICH
had rendered him, by the unanimous judgment OF
financial trust over before reposed in single person
( Whether such was the case people IN London nave
no means of Judging, but, II the result VIII involve
ona of the most curious anomalies on record Mean
while the community have sufficient data from 9th
VIM nos 10 form rough conclusion as to the YER
At generally due to those who thus presume 20
Lead public affairs, and afterwards to Justify any
ionse however disgracetu upon the pretext that
they have unfortunately delegated theT sacred du-
ties TO bad hands The offence of accepting pay
and honor for r ice it was never intended to
I perform is in itself among the meanest and most
censurable that could be imputed to auy body OF
directors If, in addition 1t should appear that the
person they have selected to hold at his absolute