Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1865-09-23
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asfVtatres0f de0VyS l10U uses an C07eSe4l
lsa,sic IN WaN Street, ztyAt Of E1leard|
Ketc1tssne, the ForgerS,s I. 81
IsI fo, amid sceues of confusion and ACCOUNTS @
grossly at variance we have gathered what 4
seemssto be atruthful statement of the, case,
as follows The. business propero Ketchunr
& Son was that Of brokers aud bankers. Three
,s,or four months ago they were the great Bears
In Railway stocks; Of late they have been the
great. Bulbsin Cola, and to carry out their
theory that gold was "a purchose," and the
national and greenbaek currency greatly in
fated, they suddenly reversed their position
in the railt first covering their previous
short contracts at d very heavy loss.. Street
rumor said at the time from $780, 900 to.
$2,0O0,O0O. 5 & s.ss 50! s..
tTheSrecent upward gold movement was of
their engineering, It was made to weigh
4 heavily Upon the money market, because there
was no export demand for1gold, and the Cus-a
tom House demand wentsonly partially ahead
of the July interest on the public debt. But
about the middle or Goth Of that month the.
customs demand promised to accupulate gold
rapidly in the treasury, already holding about
$4,000, ,00Gyand.i it was believed this demsnd
would SO continue throughout the month Of
August as 70 advance the price of gold in the
open market from the comparative scarcity
of the supply outside the large sum already.
monopolized BY this speculation. Itwas then
! that i the Secretary Of the Treasury determined
4 to convert portion Of hi. surplus into cur
rencysat market rates, and it was then also,
that ths l speculators are supposed to have re-
'solveoysaft f any cost, to takesall the gold the
: Government sold,and advance the price after
UorH Nhocn oAe. Il 4 IL
., house unpopular among the Supporters of the
Goyernment, and have done much toward.
modifying tie sympathy felt for them on the
street sE&3S
Mr., Morris Ketchum, an elderly gentleman,
has been out. Of town for some time past, and
duilnr his absence the managomentof affairs
devolved upon Edward. Theyoung man was
disposed to goit alone, outside, of the present
house, and employed a brokerage house, Mes
Bis. Chas Graham & Co. of the best
known and most highly respected firms in the
busincss-to do his work. Through the me-
dium Of these people he has done an enormous
business, millions upon millions were as moth.
Ing to him, aud at first he was very successful,
Fof the convenience of themselves, certain
brokers or dealers resolved to consider the
Bank of New York as the bank Of actual de-
posit of gold, and au arrangement was made
with Che bank, wherebyit agreed, for the sum I'M
'of $1,000 from each dealer, to receive count,
(. GUARD and pay out the gold on paper known
as gold checks, which are in all essentials like
any other, only that they are numbered. and
need, before they are good for payment,
The signature of the drawer. .
2 Tho signature of the register. 5
8 The signature of the teller. a
4 The signature Of the ptyer
Upon the payment Of $1,000 any ono has
the right to deposit and check on gold, receiv-
ing from the bank book filled with $4,000
checks, each one of which has it's secular
number uni 1t is necessary that these facts be
given that thc,reader may understand clearly
tho his history Of the forged checks. #'s
q Mr.. Edward Kctchum was ia the habit Of
getting ordinary checks from Messrs Graham
9! Co, tor purposes Of exchange, 'accommodp-
tlon or whatever, and, On one occasion he OF ;.
!, t'ined a check for $1,000. lie then made
application to Mr.. heverch the President Of.
the Bank Of New York, for the opening Of q
! gold account in the name Of Charles Graham
received the check book, paid his 81 900 anidl
went off. Continuing his daily. operations,
and needing money for margins with which
to carry gold, he has. from time to time ia.
posted th'Chas. Graham & Co., gold checks,
drawn, apparently, by we'll known houses on
the street, which checks were to be held as
security not presented at bank, and, of course.
not detected as fraudulent ,rhnso fo,e.,.;o -