Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1858-03-20
EDITORIAL CoRREspoNDENcE.
JONES HorEr, Philadelphia,
March l6, 1858,

March is, 1888.
Confidence is said to be plant of slow
growth the truth OF which is fully made
manifest by the business, or rather the want
of business in this great city. The effects Of
the late financial crisis are still felt, though
the causes that produced chem have disap.
peared. Money, not bank paper, but solid
gold and silver, is now more abundant than
was ever known, and the Banks are reluctant |
in receiving all that is offered. In all the
cities large sums are lying idle. The gross
msmanagement and failure of the Bank of
Pennsylvania has greatly injured the conf |
dence heretofore reposed in the city Banks.
According to the report Of the commissioners
appointed to examine the affairs Of the Bank,
the President, Thomas Allibone, appears to
have had its entire direction. His own &C.
count in the Bank shows immense sums ex-
pended In one of these accounts $4,000 is
charged, given as compensation to an individ-
ual for services in the sale Of the banking
house to the government for Post Office.
The following extracts from the report will
afford some idea Of the gross mismanagement
of this institution:
1t does not take much calculation to per-
ceive that in discountng bills in large sums
at per cent, and selling them from 81 to p
per cent, there is great loss, that must be
charged to some account to keep the books
straight Another cause of loss to the Bank
was the habit Of paying usurious interest on
deposits. The late President of the Bank
certifies that, within the last four years, he
paid one firm in Third street over one hum
dred thousand dollars for interest on deposits
at usurious rates.
Some time during the month of September
last $685. 453 so of the bills discounted disap-
peared, and have not since been seen. All
this time the Bank was doing large 5usi-
ness, having from twenty five to thirty
clerks, including the cashier and President,
with salaries in the aggregate amounting to
over 1000 per annun, and declaring divi-
denis, never less than four, and usually five
per cent. every six months.
The Bank, during the last Eve years, de-
clared AZ per cent. dividends on its capital
} stock, while we do not believe that after July
|, 1853, it was in condition to make any div
+ dend at all, up TO the time Of its suspension
Q We examined a great many witnesses
i under oath, and but one person refused te
Z testify; that was VIM. Kelly, OF the firm o
. Robert j. Ross & Co. This firm had large
transactions with the Bank. At times tht
balances of r. j. Ross & Co., and r. j
y Ross, amounted to more than half million
4 Of dollars.
! The friends of the Lecompton Constitute
n have sustained another sudden and unexpeC
ted defeat in Congress, on the vote to lay Of
the table the appeal from the speakers de
20 this, Notwithstanding all the Democrat
It members from Pennsylvania excepting M ont
=. gomery and Hickman, were brought into th
7 traces, and in direct opposition to their fol
mer vote on Harris resolution. What ha
:. caused these members to back out from the il
Ia dependent stand they had taken, what induce
20 ments what threats has caused this chang
OF is matter for conjecture. The predictio
10 that l made when complmenting Majc
Dewart on his former vote, has been alread
Nv fulfilled. / stated then that it was MOI
to than probable that be would in the end hay
to yield and vote for the Lecompton swndl
I reg, ct that his independence has been
ID short lived The editor of the Ga%ste wi
vo no doubt, breath. freer and deeper, and Il
be unpleasant duty Of defending the Major fro
Vi Al, oI, ,f will Ian
iii be necessary.
Iy, Governor Bigler has again been severe
ci- cross ehamincd in the U. S. Senate in rega
- TO the discussion of Mr.. Toombs bill at JUDI
Douglas house. Senator Broderick, of Ga
on ifurnia, asked him if he did not make speech
ay in Kansas, promising that the Constitute
80 should be submitted to the people. Ii
answer was evasiye.
n n Col. Forney, in the Press, however, pu
ge the following question, which will puzzle o.
Senator to answer fairly:
Did you not, Senator Bigler, boldly assel
is when in Kansas last summer. that If Il
he uhoie of the Lecompton Constitution We
N. not submitted TO a fair vote of the peopl
you would, whenever that instrument can
to Congress, "vote to kick il out 2"
!. !" Did you not distinctly assert that Jol
-. Calhoun had made to you the proposition
nis submit merely the slavery clause and tn
~ this Infamous proposal you had depounc,
on the spot, as well as in Philadelphia
of your return.
mi If the Sendor from California wishes su
A stantial evidence to sustain the accusatio
led involved in these searching inquiries, {
proof is ready, and at hand.
GRO The prospect of the passage Of the bill
as The sale Of the State canals to the Sunbury
to Erie Railroad Company Is very favorab
ach All admit the Importance Of completing I
sspnbury & Erie road, and the impression
OBJ becoming general that the sooner the Sta
MS can dispose Of the canals, the better. 7
@ cen Philadelphia sunbury Railroad Compo
viii BE recognized under new act Q