The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-06-18
A New Phase in the Failure of Culver,
Penn & Co.

HOW A DEMOCRATIC AUDITOR GENERAL WAS TAKEN
IN BY sHARPERs--INCoMPABABL RECKLESS DIS.
REGARD FOR THE PUBLIC CREDIT, AND LIRELI-
HOOD OF MAKING THE STATE RESPONSIBLE FOR
$500 90 BIZ DEMOCRATIC OFFICIALS.
It's fashionable for the organs of the Democratic
patty to assail their opponents, charging them ever
not only with disregard OF the puOlc interest, but
with deliberate designs on the puolic credit, by
wasting the resources OF the Commonwealth or
making it responsible Tor millions of money. As an
evidence this, have case IN pOnt the facts OF
v hich are now being developed which are connected
through the Auditor Generals office, wnen Mr..
euker al the head OF that deOartment, with the
late failure OF Culver, Penn Co. The Petroleum Bank
at IItusville, rawtord county, and the VenangO
Bank of Franklin Venango county, had deposited
with the Auditor General something ike million
ana half OF United states securities as security
for their circulating meolum. BY rule or
the Audior-Generals office, as the notes of
these banks were sent to the department
Tor cancellation, such securities were returned to
the officers of the sand banks III amounts equal 10
the noles cancelled. 1t Is alleged now that Mr.
Culver, with others implca ed who were neither
officers nor agents OF the Petroleum or the Venango
Banks procured from the Auditor 1eneral's office
the securities thus deposited; that me Off
ofhee could not have but known tnat
these securities were not being possessed
by the officers of said Dank from the very fact that
they were sent hence from the Audltor-General's
office TO the brancn bankinghouse OF Culver, Penn
CO., New York city. And General Slenker
assumed fearful responsibility when he thus per-
mitted irresponsible parties to carry from the
AudIOr & ent raPs office a million aud a half OF
money to which they had no clam. The question
now arises whether, by the act the late Auditor
General, the state not mace responsible this
loss II Culver, Penn & Co. were officers connected
with the Petloleu or Venango Banks in drawing
this money and sending 1t 10 New York, as they
did, they acting under false pretenses. Ii they
were not officers, then they are clearly guilty OF
embezZ'ement.
The people OF tho oil roiOns by the failure of Cul.
yer, Penn s. Co, have lost nearly SIX millions OF
dollars 10 the loss thus entailed the reckless MIS-
management OF the AUdItor-Generals Office Nhlle
unoer the cOnirol of Democratic officials. mil lion
ard half of dollars is likely to be added unless the
Commonwealth FegDOUSiDlp
mlsmanagement, when the amount viii come out OF
the pockets OF tho taSpavPrs Warrants have been
issued for the arrest of he parties i'm pcaed IN this
transaction, and officer il now IN the OIL region
for the purpose OF serving the same. AS the affair
is lii ely to be carried into court, abstain from
any further comment, not beng disposed TO preu
dice the case before II comes to trial.
Since the above was written and In type. we learn
that the AUDITOR General has appointed Me srs. II.
q. Aeman, g. Q. Williams and Thomas j. Jordan
of this city, commission to examine the affairs of
the Venango Bank. The Auditor. General, in the
otfc al paper announcing tins appointment, declares
that IN bank has comm ted an ret of insolvency OF
which ne has been furnished with satisfactory evil
dence. The members OF the com mission will proceed
TO Venango county, on Monday to DISCHARGE the
duty devOlved upon them.- Harrisburg Telegraph
Of The l6h.