Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1866-05-09
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Tpa LATE MERCHANTS NATIONAL BANK
;,,opa ;Ev OPMENTS.-- a meeting of the
;v,s} iagjon. .lScsA of Grade, yesterday, Mr..
= Z. .llrans brought to the attention Of the
F,qTl the circumstances attending the suspen-
.:,o oc ms gGerchcrts' National Bank of this
,~ e r7ished to make q statement refer
,,ca &c .hc sffairs Of that bank, which he was
nable o co. ilavi, 6 ior about year been
director OF he oan'; in question. lie was pre-
nsre}' 10 snow that the failure Of the Mer-
chants .Tational Bank Was caused by fraudu-
Ian; dealing, aad he thought the business men
NJ Ibis city owed it to themselves to take hold
II the natter and have it thoroughly investi-
eafe1. There was always Z liability of failure
through unavoidable causes, attending ell
hanLi0g institutions; but Then they fail
through fraud and swindlios, as he did not
hesitate to say was the case In the present
instance, he thought that it was time some
thing should be done to arrest the evil. lie
stated that the Merchants National Bank was
organizod chiefly through the instrumentality
ofMr. Euyck, who as he vas not a man of
means, desired only thar ni3 services should
be rewarded by bcing elected 20 the position
Of cashier, with a salary of -, 900 per anuum.
The bank was Incorporated, and Mr.. l.. P.
Bayne was elected president, and Mr.. Huyck
cashier. Whilst Mr.. Elyans was direc-
tor he frequently examined the books Of
the bank, and found therein many incon-
:istenceS, and general carelessness in Keep
iua accounts. Accounts were often kept
on slips oi paper in pencil; which were needed
to complete the footings on the books, but
which were not put in ink, as was explained
him, because they represented sums in transit,
and in case OF error, nigh need to be exchanged
about year after the commencement OF the
bank ii was proposed to elect Mr.. Huyck presi-
dent, Which w,.s done, NJ. Elvans and Mr..
;layielca opposing the measure. Mr.. Elvans
hen declared that he could have DO confidence
in ,If. IZuyck as president of the bank, and sig
nifet. as Intention of disposing Of his stock and
Withdrawing. Mr. Bayne answered Mr.. ElyaDs
hs; il ohis country maiorlties ruled, and as he
aelt tie greater amount of the stock, Mr.. Huyck
.houG 5e the President Shortly after the
eIec;ioa Of ,4Ir. Huyck, Mr.. Snow ofthe National
lr,ollia aencer, was called upon by the president
enc asI::ed if he did not wish to purchase some
stoch tIr Snow said that be. did, but declared
hs inability to purchase, not having the meaus
her Gt hand &c was informed by Mr.. Huyck
that that could al be arranged Mr. Snow then
c?lle1 on Mr. Elvans, bought the stcc!-. and gave
: craft on the Merchants National Bank of
Esltinore, where he had no deposits, for SIS 900,
bui wnea presented, the draft was paid. Mr.
Spo', t.len signed over. the $4,000 worth of
:tOc': &c hiir Auyck which transfer was never
elteiec on the books of the bank; and now Mr.
cnoT IS responsible for $1,000, when he las no
real interest, and has paid no money at ALL
re thought thata proper sitting ofthe matter
Torl( throw light on great deal that was mys-
teC; 5. Other national banks declare an an-
au2l 1oi;1 OF rom S50000 to $50, 900, but this
brnL declared profit Of only about $50, ,00O and
Ts2 cong es goot :. business as most others
ie tld lot believe thata single statement had
oeer lade 10 the directors by that bank, that
hct CO.. beer lSlsGeL, end he thought thai this
mlgt. ac3ount ior the means which euabled
,,r. .suyck C board with his family and
s2rvGriS:. an expensive hotel, at C. cost Of
at least SO, ,0GG year, and keep a carriage
enc Hor52S, WHICH ne confessed cost $4,000,
Coa ses1y ot $4,000 Il year. He hoped the
S02Tt would take some action in the matter
v heS c>::..kc iail ynrougG the dishonesty Of
it@ ci.:cecs, iotairS should; be left undone to
BRING :3e artlors q the calamity to punish
1er:, SaG -lA h2C nc hesitation n saying that
lie cus9enson CT the h.echants National Bank
"aS Gle .. tbs ro5t astounding frauds ever
Committed On any community.
:"tteH sore idle discussion on the subject
F!tlo'j taki:.g any further ectiOn, the Board
9diotroec.
A..TToN:.L 1Ai;Ks-T,Ye copied yesterday
an a'tic'L rom tle Sunday f1eIald, which prob
a0ly by { lip o: tire per, fixes the amount Of
toverrnenS money ors deposit in national
oank1 Ii something lie half million Of dol:
arS, lar approximation 20 !he entire amount of
aep0s;,s. private Included ;;;'e have received
n(lM2i!o,is iIoln tNc Official sources that the
Hoe amount OF Government money on deposit
It: :-.atlonGI zaals is aoout $4,000, ,000.-
@a:'c( States Treasure: Spinner has made a
%GSt2HS:ell substantially as follows: ''rhe only
'|oTeinment iunds that are placed in jeopardy
W ;HH :?Gure .? the Merchants National Bank
I'll! be those placed or deposit by paymaster
LlalNl9G, Who ,laG no authority to place them
"tle, GnI Glc So against ORDERS to the contrary.
}':Gt: ne
-' -. HINS ---Ljulnll IL l!!S Sclll 1C4 4ui1Co W
Fa1o%l.a :. newspaper, snl amply rewarded is
!" pa,oG. care not now humble ard unprc-
ending 1ne gelei:e which he takes. tits next
~ 0I9HcsS'bl2 to iilIa sheet without putting into
~om2tniag .iat is worth tie subscription
E!ce 1r2rr parent whose soE is away from
, ~ore It school, should; supply him with news
;S1per. .."emam5cr what marked difference
iiut'e is3'e Na3 between those Of my schoolmates who
T. ~ ard Tho nad noS access TO newspapers
Sn T,Aa: things ;eing aocal, tie first were ;lways
"@peilor 20 the last in debate, composition anG
sSEeFa lntelit it,cnce -Ccniel iie6ster.
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