The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-02-07

cord and for their own gain and advantage and for
the gain and advantage of no one else. have they
nearly doubled the amount of their cares and abors
without our request, and without advantage or pro-
plain, although just complaint might be preferred,
of their assuming so many undertakings. We only
say in this connection that it forms valid excuse
for any wrong doing, or even for any neglect of
our affairs; least of all can the company or its officers
he charged with imposing duties upon their agents
under such circumstances.
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 gain and that they have In fact gained
nothing by it, that they bad great confidence that
ultimately everything would result advantageousy,
that great profits would ensue to this COM
pany and these misdeeds would then be unknown,
winked at, or forgotten; In short, that though
rather unusual responsibility was assumed
and use Of our Ts, sS Ss. v 3S
the best intentions and for what they believed to be
the true good OF the stockholders. If all this were
true in fact and if we could believe such motives
were the guiding ones, it is poor compliment to
the Judgment either of those who acted or of those
who are willing to adopt such excuses and a still
poorer one to the characters and senses OF those
who to be the recipients of these large profits
and benefits, of us the stockholders of whom would
be question whether considered to be greater
fools or rogues thus to ignore or sanction such con-
duct.
But in truth there il not the slightest foundation
our advantage that We should be grossly deceived
more than two years ago, and 80 from that time to
the present to true condition, by having con-
cealed from us the fact that our losses then were
some $3.50 900 more than the account kept under
their direction in books and abstract Of which
was stated by our treasurer to the directors and de-
lberatey read TO us by him at our annual meeting,
represented them to be- and this, too at the time
when we were to consider our most important in
terests and to pass upon his reelection trea
surer, and when it is conceded that had We known
the fact, we must have dismissedshim and our sell
| ing agents from our employment, and made an en-
tire 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 this conceal
ment because they were satisfied better times were
to ensue, and that it would be better for to cont
nue. our business. Truly most benevolent guardian
ship over us, and modest appreciation OF their own
better Judgment!
| 1t was for our benefit, also, that a very large
amount of our funds should be distracted from us
and invested by them in their own names for their
| own account and advantage, as before shown, to
| procure for them large increase OF their commits
sions in the Pemberton Mill that our money should
be loaned by them to other parties in no way con-
| nected with that our money and acceptances
| should be used promiscuousy for their own and
| and other peoples use and advantage; that our
means should be used for their speculations in
stocks, in the expectation or hope that rise would
| take place and large gains accrue to Them and to
buy out at large advance above the market price
| shares Of our stock owned and controlled by one
| of the most influential gentlemen among us,
who they supposed watched with care not
| quite so common as it should be, over the in
terests of Others which were intrused to him, and
over his own, and who they feared might prove
troublesome to them, and exercce an influence
not favorable to their wishes and views and Interests
amongst the stockholders; that credit should be
employed to take up their liabilities, those Of
Others whom they represented; our promises and
liabilities be hawked about the streets often as
fhax had 70 for fhntr
others uses that large amounts due from them to
the company and for which the treasurer held only
their duebis, should from time to time be falsely
reported to the directors as cash on hand that for
the various large sums OF money which for period
Of time Of which cannot ascertain the beginning,
they have unawfuly and fraudulently appropriated
| TO their use whilst they fully acknowledged
themselves to be debtors herefo they have TO this
day never credited the actual amount of extra inte
rest which has been charged to and paid by the COM
pany thereon. The amount of this extra interest
know not we only know that it must be very large
sum.
That they, having hired our No. 3 mill on which
we were to expend IS 900 of our money, and
that only, to fit 1t up and prepare it for the
reception of machinery, and which they, by a
written agreement, were to put into it at an
expense of SIS 900, entirely from their own means,
and when stocked, to run at their own charges,
and for their own account, without rent, subject
only TO our right to assume the machinery and the
business paying them in full all the money to
be expended by them, should at once go and full
I'll the agreement by gross and fraudulent MISUSE
of credit and money without, so far as we know
having applied one cent Of their own means: indeed
we know they did not for they bad no means except
the private property of the partners, which it is not
pretended was used for partnership purposes (; all
which appropriations and misuse Of our funds were
carefully concealed from Che directors. That the
dividends an insolvent estate due TO the company
should be paid to il by the memorandum check Of
their firm and one OF the assignees of said estate
Mr. slade, himself a member of the firm, having,
besides that loaned other funds Of said insolvent
estate in which we had an interest TO his firm
in direct violation of the law and Of his duty
trustee
Not to he tedious in the enumeration, all these
things have been done when the company was labor
ing under serious embarrassment for want Of sufi-
cient capital TO carry on its own business-when IL
was staggering under heavy losses, when its stock
was selling for only 80 to 80 per cent OF It's par
value, and liz stockholders had long been
without dividends, and but small rays Of
hope remained to them. II such state Of
things will warrant or justify the excuses
which have been urged, then let the parties have
the benefit OF them. If they any one else, by
any effort of imagination, can suppose that they in
tended the good of the company, rather than their
that of others, they must rejoice in their be-
lief. For ourselves, we have only TO say that while
we have right, nay. while il may be our duty 10
forgive wrong. we do not intend to coufound the
distinction between right and wrong, TO condemn
ourelyes by acquittng the guilty.
The simple truth is, they took our money and used
our crtul, anu resOfeu 10 sucn various acts OF de-
ception and concealment by false entries In, and
omissions from the books, and by false statements
TO the directors of the company, and they played
deep, desperate game with our means for their own
advantage as they hoped-no possible gain could
accrue to us from their ventures-snd they have lost
all, property. reputation and character; and have
destroyed our property blasted hopes and If they
have not prevented us from dischargng debts which
are justly due from the company 10 innocent credi-
tors, have at least obliged II TO fail from meeting
them at maturity, and TO postpone them 10 a future
uncertain period However little II may have re.
ceiyed from them, consideration for these
liabilities, we must as far possible discharge en-.
Csgoments made on its behalf by faithess
agents, who represented IL, unless there shall
be found 10 be cases where the parties holding
claims took them undercircumstances affecting them
with notice that the agents unlawfully issued them,
or where IL ought net TO be equitably liable.
We would say further, that If il were true that
these agents had made a ustifable or good use Of