The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1863-10-27

communicated the facts to any one of the Di-
rectors, or to any other person, that it re-
manned in the Bank until brought to light by
the Commissioners six months afterwards, in
July!
As to the 5000, his statement was that, find
ing their circulation 500 900 more than he had
supposed, in consequence of the cashiers OPP
Grafton, he thought they needed more gold.
A Mr.. Peck, of Hartford, just at that time APP
peared in Alfred, OF whom Mr.. NJ. knew COM
paratively nothing beyond Mr.. P.'s own rep
resentation-Mr. P. representing himself as
dealer in specie. Mr.. McIntre let him take
$4,000 of the Alfred Bills on his receipt, to OBJ
tain specie for the same, at the best possible
rate. Mr.. F. soon after sent $500 i'm specie,
and two notes. one of $500 signed by L. o.
Ackley, and one of s2l66.66 signed by John
n. Olcott, being the same notes which the
Commissioners found on their examination.
This negotiation was made ,rittom the
kno,oledge Of any one Of the Directors, and
nothing indicating it appeared upon the
books
The Attorney General then put into the case
the Return of Mr.. Stmson, the cashier, made
to the Secretary of State in June, 1868. This
return was made under oath, the oath being
administered to the cashier June 9th by Mr..
WcIhtire as 4 Justice Of the Peace.
On the back of this return is the following
certificate:
The undersigned. majority of the Directors of
Alfred Bank, hereby certify that the Books of said
Bank exhibit the facts presented in the preceding
fbey have m conddencn in he Truth Of said re,nrn
so by him made. 10. MCINTIRE,
SILAs DERBY
Sworn to June IL. before J, n. STrMsoY.
The books of the Bank showed that the $780,
900 loaned or distracted ,cas not charged to
cash till Aug. 22d, 1863, just one month after
the Commissioners visited the Bank the first
time; and Mr. McIntire the President, by his
own testimony kne,c that the $4,000 was gone
sometime in JAN, 1868, day or two after Mr..
Stimson left, and at once made the effort to
provide more specie for this extra circulation.
Ira p. Drew, Esq, of Alfred, appeared for
the defence. His defence smacked strongly of
the odor of sanctity, being made up of humili-
alton, confession, contrition and repentance.
Not one of the allegations or specifications of
the Commissioners was disprored or denied.
A statement was presented exhibiting the state
OF the Bank at that day, and its correctness
was proved by the oath of the present cashier.
From this statement it appeared that the par
ties implicated had made great exertions, and
that these outstanding items, viz: the $4,000
balance of note, and the $500 item of specie,
and the memorandum checks had been paid
or secured, and much Of the overdue paper
arranged.
After few remarks about the organization
of the Board of Directors he closed. Atty
Gen. Drummond then commented upon the
whole proceedings as they had been exhibited,
showing that the specifications of the Com
missions had not been denied or disprored, and
that they were corroborated by the testimony
Of the President and the books of the Bank.
His line of argument was that, after such
transactions clearly shown and proved, no
Bank should be suffered to so on under the
mere promise of doing better in future.
We read of a faith strong enough to remove
mountains. Those who are fortunate enough
TO be blessed with large share of this COM
modify will doubtless have the most entire
confidence in this institution, but others who
are simple-hearted and incredulous, will want
something more than mere assurance of amend
ment, SO long as the institution remains under
the substantial control and management OF
those who suffered-U not committed-the
censurable acts which have been proved
against this concern. At the present time, by
beneficent law Of the State, all our banks are
virtually exempted from specie redemption of
their bills, leaving the chief protection and
safeguard of the public to rest simply in the
good faith and unimpeachable integrity of the
officers of our banks. 1t is creditable to our
business and financial men that, with so much
latitude, our banks are generally conducted
with the infiexible integrity that is believed to
govern their managers, but the public have
right to demand that officers proving them
selves reckless-to use no harsher term
should be promptly enjoined from conducting
the monetary institutions of our State.
The Bank Commissioners have fulfilled their
duty to the public in relation to the Bank UNI
der notice. What the decision of Judge Rice
will be in the premises is not as yet known
We trus: he will have due care of the public
interests, and If he does not deem it necessary
to make the injunction perpetual that at least
he may continue it for a reasonable period,
thus putting the impeached officers on proba-
ton, and allowing the Commissioners mean
time to visit and investigate at pleasure at the
expense Of the corporation.