, 1863-01-31
TIE MARINE BANK DEFALCA-
TION.
Statement ofD. Cnrver, Late Cashier.

CHICAGO Jan. 30, 1869.
Editors Chicago Tribune:
Having noticed with unfeigncd surprise the
mention OF my name In some Of the articles
which hare recently appeared in the daily pa
pc1s Of this city, concerning tho aefalcatlon Of
the Marine Bank Of Chicago, Of which I was
formerly Cashier, and believing that such use
Of my name is calculated to excite unmcrit-
cd prejudice against 4e, In the minds not only
Of the stockholders Of the Bank, but Of the
community generally, I feel Il my duty to
mike plain and truthful statement Of the
facts Of the case, SO far US am concerned,
and leave the matter to the judgment Of the
public, to determine whether or not any blame
can be justly imputed to me.
In the summer Of 1850, all OF my connection
with tho Bank IS Cashier, or In any other OIL
cial capacity, ceased. Whilst under my man.
agemcnt, and especially In the ruinous year
of 1867, it sustained losses. But preparatory
to surrcndering my position there to 60 into
business on my own account, full statement
Of the condition Of the institution WAS made
and submitted to the managing Directors,
showing Its losses and my own personal In
dcbtedness to the Bank, and although the
losees we're at that time }arge, yet the Difec-
tors claimed, TINT inssmuch IS had the sole
control Of its affairs, and they had not been
consulted as to Its management, that these
loses ought to be borne BY me individually,
instead Of the Bank. The argument was used,
that myself and my father were the largest
stockholders, and on account of their great
confidence in me, its affairs had been left
wholly to my discretion; and that, therefore,
II vas able, ought to bear the LOSSES
aud although the amount I had borrowed from
: the Bank on my OWL account was COMPARE
'tiyely small, get without believing myself 1c-
ga1ly bound to assume the losses, my pride
was touched, andI did It. ,
There Was ! full, complete aud satisfactory
settlement with the Committee Of the Direc-
tors Of all my individual indebtedness to, and
the said losses Of the Bank. turned over to
them q large amount Of real estate, stocks,
commercial paper and Illinois banks, with o
circulation Of some eleven hundred thousand
dollars, Of which banks over eight hundred
thousand dollars Of the securities were bonds
Of the State Of Illinois, which we're at that
time considered very valuable. This settle.
ment WAS conducted in friendly manner, and
duly entered upon the books Of the Bank.
afterwards vent into business on my own ac-
count, and continued go until the breaking
down Of the Illinois currency, a crash which
carried with it al the banks and bankers Of
the city, With very few exceptions.
After left the Bank, sales Of its stock were
made at 80 cents, md the Committee Of the
Directors, WHO were then eognizant Of all of
| its af1airs, ali acknowledged that It was worth
that figure. They also declared and paid q
! dividend in few months after left the bank
Ono firm made large loans Of the bank at
times MS high as fifty or sixty thousand dollars,
MI Of which was promptly paid.
| The above Isl plain, unrarnished statement
Of the facts. Every fair and impartial reader
may draw his OVID inference whether stock
holders can, with justice, blame me in the
mntter. B. F. CARVER.