The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1860-09-14

We print this morning the document read by
Mr.. GARRETT at the meeting of the Board on We'd
nesday, which must be accepted as the official ex-
PLANTATION of certain facts, and the official reply to
certain comments, heretofore published by us in
reference to the recent proceedings in the Extra
Dividend business. We do this cheerfully, DEEM
ing ii but fair that our readers, who have seen our
charges against Mr. GARRETT, should also see his
defence and being generally willing, as we have
before stated, with view to promote the commen-
dable economy of the management, to do many
things for the road for nothing, which our conem-
poraries paid for out of the Company treasury
We think we could have improved the paper by
iudicious selections of those portions of it which
are thew and strange" emitting those which are
old, and strange nevertheless. Weare, however,
expressly prohibited from the task of winnowing the
three grains of wheat from the three bushels of cha
by Mr.. GARRETT himself, who would not allow US
TO print at all, unless we printed ALL and our
readers will, therefore, have to attempt for them
selves what otherwise it would be our duty to
perform for them. The paper is long exposition
of the exra-dividend matters from Mr. GARRETT's
point of view. 1t gives not single novel fact,
and its assumptions are q1ite as familiar to all
who have ever looked into the question, as the
answers to them. The dividend was made in
1857, on the pretence that the Company had
earned it and was able to pay it. 1t was not
allowed to pay any part for more than three
years, and then it only had half enough money in
the treasury to pay with. 1t commenced this
payment surrepttiously; had paid out and
given notes for the greater part before any
but favored few knew that it was paying at
all; and stopped paying before large part of
its most meritorous creditors on this account,
were attended to. After remaining contentedly
under Injunction for three years-by bribing
the city OF Baltimore with its own money and
diplomatizing the States consent-it flched
a weeks opportunity TO pay and Sc
cure those in the secret and then quietly
resumed its old seat in the slap of the law"
1t is particularly refreshing to hear the imputa-
tons of stock-jobbing purposes insinuated against
the parties now praying injunction in the Circuit
Court, by gentleman who this time last year was
said not to have any interest in the Dividend
Bonds, and yet had S224,5 l5 in that security,
when the interest was paid, and received on that
account alone, in cash and notes Sal, 1913 Seas
much probably as all the dividend bonds held by
him had cost. But pass all this. 1t is not the is
sue now before this community, and Mr.. GARRETT
knows it is not. Ne only approaches the true
issue in the few last sentences of his report,
and is compelled substantially to assent to
the accuracy of all our material facts and
figures He admits that the notes were given
precisely as we have stated, and to the parties
stated, and for the amounts stated, and to
no one else. He declares, however, that his
instructions TO the Treasurer were to issue
notes to all that should apply for Mem Does
Mr.. GARRETT suppose that any one in this commu-
nifty will believe that such instructions, if given at
all, were any thing more than the emptest pretext
if at the same time he did not let every one inter
ested know that such was the fact? Is there man in
this community who would not have gladly
taken note if he had known he could have
obtained one. We say therefore, deliberately
that Mr. GARRETT's explanation, if true, makes
the matter worse for him, if possible, than it was
before. If he gave the order at all he did it
presuming that he might need such an excuse to
be used subsequently just as he has used it now
Until Mr.. GARRETT can produce one respectable
party in interest who will testify that he knew he
Coulu get SUCH Il DOte rs MT. GARRETT ana his
four associates secured for themselves, and de-
clned the opportunity, the excuse offered is
than idle. We will 90 one step further. With
out the assent of the Finance Committee, Mr..
GARRETT had no right to issue these notes at ALL
This Committee is composed Of the following
gentlemen: JOINS HOPKINS, Chairman; W. w.
JOHNSON, w. CHEsHUT, S. w. SMITH, J. s. NICHo-
LAS N l.. WOoD, A. A. CHAPMAN, I. CHASE, G.
P. WHITAKER, and G. W. ROBINSON. If he can
produce the statement of these gentlemen, or a
majority of them, that they knew of this discrimi
nation note business, before it appeared in THE
DAILY EXCHANGE, and that they approve of now,
though this will not alter the character of the trans
action, it may diminish his share of the odium-
We doubt, with the. exception of the Chairman,
whether he can produce single one-privy to
the transaction. If he can, let him do so