The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-12-26


All the papers in this city, and in the cities a. lar south
as Augusta viii suspend their publication to morrow.
FINANCIAL OPERATIONS In THE WEST.
Failure Of w AID Cat Bankers, and Great
Excttcmcnt I'm Davenport, lows.
From the Dubuque Herald, Deo 20
Our readers already aware that Coo, SARGENT OF
Davenport the principal owners aud ssuers Of the Ne
braska wild cat paper, have failed and shut their
doors.
This Is the final winding up Of the swindling Nebraska
WILD cat banks which this paper warned the public
against years ago. aud incurred the wrath Of the friends
OF the Infamous concerns In SO doing.
But time, that great evolver Of ruth-tme that
all things, has proven that our predictions were
erect, and our position the right one
Whore now are Thos H. Benton, Jr., George F.
Greene, Bernard Henn and Cook Sargent In the es-
n
lheyY The people answer, Gone TO the Dogs politically
and financially and some of them have taken with them
The hard earnings Of many poor, hard working, honest
This winding up affair in Davenport seems 10 have
thrown the people of that self town into
rible commoton, and the honest hard working pepula
tion many OF whom had all their little savings deposited
with Cook Sargent are IN such state OF excitement
That the most fearful consequences dreaded may
be inferred from the following bit OF c0unseP' In the
Dessocrat Of last Monday. says
We wish to counsel the ab0rng population Of our city,
whose 'htte ALI Is deposited in the house Of Cook Sar
gent, against getting excited and dong what they may
hereafter regret Let things take their course Tor Gay
two and then 1t will be time enough To take decided
Toe house has branches at Iowa City, Des Moines and
Florence, K r. all OF which will doubtless go up the
parent establishment has gone. Indeed the branch at
Iowa City, known as Cook Downey, Sargent Co shut
s doors last Saturday and doubt the Des Mones aud
Florence branches did likewise intelligence
could reach them-K, indeed the movement had not been
In Davenport the result has been not only the conster
and ruin OF many poor persous above mention
ed mercantile houses there appear to going down
like the pins In bowling alley.
The extensive crockery and glassware house Of W. c.
Joy has shut up Burrows Pretty by the board
and number Of other merchants reported In preca-
rious condition The people have become suspicious Of
all Of them, may be inferred from the following item
from the local columns Of the Democrat Of Monaay last II
We do hope business men will be allowed TO
duct their business undisturbed. highly necessary
merchants Of this city, or 1t will result runously to ali
classes.
pressing" the merchants of tina. town is going to
sresut runousy to all classes, theE it Ia 70 be feared
that there viii soon be more dismal times there than
But the most lamentable feature of these Davenport
failures appears 70 show itself the Burrows
Preyman have succeeded In running great many Of the
honest farmers Of Scott county
The following article from the Democrat OF Monday last
speaks for itself. Read it's carefully
Our city was crowded on Saturday with anxious look
ing faces Of persons who either creditors of Cook
Sargent or Of Burrows Prcttyman. Farmers who had
learned Of these two disastrous failures pouring
involved Mr.. Burrows has been in the habit lately,
Of purchasing wheat time, giving tickets payable
the first Of some future month, the farmer to receive
whatever price wheat may be bringing when the ticket
due The number Of these tickes in the hands
Of farmers understand Is great INVOLVING large
Of money This will be terrible blow the homes.
yeomen Of Scott county, they already burdened
with all they can possibly stand up under. Manyj OF
them are deeply in debt, and are depending upon the
money which they expected realize from those wheat
tickets to pay their notes and blot from the record the
mortgages and deeds of trust with which they have
long been cursed This out Of the question. They
have again ask indulgences from the capitalists who
hold these membranes, and trust they will receive
them Now is 1.-THE time that win try mems souls,' and
II hope TO exrcae ourselves from present difficult
ties must use fOrebearahce.
Look at that picture honest people of Iowa. and then
cay yourselves hat confidence you should place tho
rag money Kings their friends whose only object Is TO
make all they can out of you
Davenport indeed in deplorable condition. and some
time must eapse before she from the shock her
prosperity has received. And worst of all her policy
has injured not only herself but the country around her.
Let the lesson not be lost on her neighbors.
nrs sS.a,. on Of : Banker u in Michigan.
Many OF readers have heard of the Ascending Of
James C. Wallace who been for some months past
carrying on banking and broking business this place.
Many false rumors are afoat; the most extravagant
stories circulated and believed for the few
days no little excitement has been felt both here ADD in
Detroit, AS TO his Whereabouts and the amount Of his Ill
gotten gains
All that known Of Wallace by citizens has been
learned in their business transactions him. his an
tecedepts his most intimate friends in know
nothing: His first appearance in this place the
james Q. Wallace Of New York, aud stated that he
was looking location to get into the banking business
producing testimonials as to character and capacit,,
signed by Bowen Holmes Co the we'll known silk and
dry goods men, of New York, and endorsed by /. II
Everett Cashier of the Broadway Bank and Dennison
WynkoM grocers, New York The well known respor
sbity of these gentlemen. their high commercial saud
ing, together with Wallace's plausible manner and bust
ness like method Of proceeding, induced to
give him encouragement, and being pleased with the
place, as he said determined to commence operations at
once. he purchased safe, hired an office, aud then
went to Detroit to make deposits and arrange his business
there he returned the 18TH the business of the
Exchange Bank Of James c. Wallace" commenced
BY his S deal his promptuds and
oil the community here as well as Of the banks 10 Detroit
as his operations there show His obligations were oil.
ways met when due, ha notes were always honored,
and ything went along smooth and nice until II was
discovered that had been walking in the dark on
now houndering in the Wallace had taken much
interest In town improvements liberal with his time
and money, and really seemed valuable acquisition to
the place There was however, some things about him
that could not fail to attract the attention OF those best
acquainted With hihs style Of conversation to those
who were intimate with him not in keeping with the
position he occupied in eociety-he was low and vulgar
and given 10 obscenty. He had, too, at times, when
excited nervous, broken manner Of expressing him
sehA TACT which he evidently knew, and ende to
guard against His business here consisted entirely of
legitimate exchange business he loaned no money and
borrowed none, but contented himself with shauging
money, and buying and selling drafts and exchange
Several times he has gone Detroit aad other places to
be gone for few days, during which time he close
his office.
About the LIST Of October he went to New York, and
was gone some ten twelve days. when he returned he
gave out that he had made arrangements 70 admit q
partner, by the Of Thomas r. Johnson who,
be said 70 invest so 900 In the business and
notice to that effect was published In columns. The
partnership TO have commenced the 10th Of the
present month On Tuesday Of last week. for the pnr
pose o meeting his partner and rectfying mistake he
had discovered In his account with OF the Detroit
banks, a. he said he went 70 Detroit carrying with him
small hand trunk he TO have been back Thursday
but did not come No uneasness was felt however, by our
citizens, supposed he was waiting for johnson
was the least suspicion entertained until Saturday
last, when OF the firm Of c. and A. Ives came To
Corunpa and attached the safe and furniture in bis Office
Many then thought there must be some mistake, and IL
WAS not until discovered that he had taken with
him all his clothes that generally believed that he
had absconded-many were even then 10th 70 be
WINGED.
Walace's operations here not large-S1 500 at
the outside II Is in Detroit that he has made his largest
haulhe even waited some OF his customers here,
kee they did not want their deposits, actually
fusedsto take money offered him morning Of his
departure Meeting Of in Detroit he
offered TO lot him have some money but Of another he