New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-01-17
JO.NT-sTOCK HONOR.

and holders OF stock IN Englsn ana Ocotcu
banks have been deliberately swindled by
tbevish directors to the tune of at least $780,
100000. That is, taking the cares only which
have been fully investigated before the law
courts, and in which the criminality has been
clearly established. Without going over the en-
tire list-leaving cut of account those petty
larceny cases, where the sum involved was un-
der q million-we shall find the aggregate
which we have ventured to name all but COW
cred by five notable ont-stock and private
bank robberies. The first which startled the
public within the period we have named, was
the Banking Company of Aberdeen"-a con-
Germ which was manipulated mainly in the In
terest of n manufacturing firm which had con-
cealed its own hopeless insolvency for upward
of quarter of century.
Then came the great Dean Paul and Humphry
Brown failures in close succession, involving
hundreds of families in wretchedness and
penury; and almost simultaneous with these
was the crash Of the Western Bank Of Scot
LAND" concern, like the Aberdeen Com
pany, managed exclusively in the interest OF
a caue of dishonest specuators and winding
ND with deficit of some $25, 100000, all OF
which had to be wrung out of the innocent
and credul0us subscribers of stock.
The dEbris of those rotten and ruined con-
Germs was hardly cleared away when the En-
alish commercial world was again startled by
the collapse of another swndlng institution,
calling itself the London A" Bank OF Depos t. D"
Some of the features Of this case, as developed
within the last few weeks before the English
Master Of the Rolls, deserve a passing notice
on this side Of tie Atlantic. 1t shows that 1t
is not exclusively among a turbulent democ'
racy that combinations OF swindlers are found
not alone in "thc medley composition OF quasi
Puritan fanatics, halfGallicized Jacoblns,
philosophical infdel., and acrimonious dema.
4" gogues," may dishonest men be found; but
that even gentlemen ommoners from Oxford,
and noble Lords of unimpeachable descent, such
AS The Saturday Rerierers deem alone tit to found
nationality, may, under tie pressure OF
events. become az arraut kDaycs-as common,
vulgar punderers of other men-as any IN the
hnlks at Portland or the cells at Mbank.
/ The story comes within the compass OF few
sentences. Some twelve or fifteen years ago
n person named Peter Morrison brought him
,elf prominently before the British public, by
means of liberal advertising, as the manager OF
Bank of Deposit in London, by which small
dcpositofs could realize the unusual return Of
i've per rent for their investments. Agencies
were established b, the enterprising Peter III
all parts OF Oh. Kingdom aud by dint of lib
eral promising, aud It'll more by parade OF
ar.tocrutic names On his Directors roll, the
manager found dupes enough among the
lower classes to accumulate IN his treasury
no lees than 81, 100000 of their hard
earned money. The skill aud the facili-
ty with which be made leading members
Of the aristocracy partners in his Bank are wor-
thy of special record. His knowledge of human
character no doubt led him 10 select his men
| from among the needy section of the nobility;
but he was careful, at the same tire, to se-
cure names Of heraldc eminence and cOurtly
connection. Accordingly we find that first IN
the list of patrons and directors of Mr. Nor
rsons Banking Institution was the Most No
bic the Marquis Of AbcTcorn, till recently one Of
the highest officers of the Queens Household
Along with the marquis were associated such
minor members of the nobility as Lord KeaHo,
Lord Tempemore, and Lord George Paget
while the titled section OF the force was llanked
/ By men of SUI commercial standing as Messrs.
Adair & Hobbhouse.
| On the peculiar functions which pertained to
the formidable Board thus constituted, the
Court OF Inquiry now sitting has thrown much
ght. In the first place, Mr.. Morrison was
liberal enough to lind qualification for each
OF his Directors, both titled and untitled.
That qualification was set down in the charter
Of the bank at ~, 500--the manager paying
the full amount in the nams of each director
from some special fund Of bis own. In the
next place the acting head of the institution
was good enough TO assign TO each member Of
the Board $1,000 year for his Attendance
one hour weekly, when convenient; and to
make matters still more comfortable for
the Board, each director was allowed a dis
count, AS he might want il. to tho full amount
of tue stock standing in his name.
The disagreeabe thing in this pleasing his.
tory, however, was that it didn't last. The
Managers Investments, Of which the Directors
now admit that they knew nothing whatever
and never pretended to know nythine, didn't
torn ont well; or otherwise Mr.. Peter Morn.
.ou invested too large proportion on his own
special account. The depositors in short began