Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1867-02-07
An Eventful Careor-History Of Bank
rupt Congressional Millionaire.

A Franklin, Pa, correspondent Of the
Lewiston, Me Journal gives the fol-
lowing history in the case of Hon. Chas
V. Culver, who has been released from
Imprisonment, in order to take his seat
in Congress:
This history of late inmate of the
Jail of this town and county just released
by direct Intervention of Congress, by
virtue of his privileges as N. c., is both
romantic and of interest Six years
ago young man of atfable address and
very agreeable appearance made his
debut in Franklin, opening a banking
Office on seemingly small, and reported,
borrowed capital By letters of intro
duction from most honorable parties, by
suavity of department that at once
won and retained large circle of ac-
quaintances, by an unobtrusive yet
jealous interest in the Methodist
Church, and occasional exhibitions
of charity, magnificent when compared
with the gifts of his neighbors, this young
man rapidly gained popularity and
branehed out into larger spheres of busi-
ness. New York city became familiar
with his name, and Wall street always
responded literally and promptly to his
call for specie and bonds All at once
the speculative excitement sprang up,
and the Wall street banker and Franklin
banker drew vivid pictures of progress
and wealth. Indeed, he was elected to
our National Congress from this district,
and is now a member of the Thirty.ninth
Congress, an honor given him by an ad-
miring constituency. Reno, flourish
ing town in the oil regions, was founded
by him, and its principal street now
bears his name. A railroad, costing ST.
100000, was laid out and built and
equipped under his control and at the
expense of his pocket; Gen. Burnside,
of Rhode Island, acting as civil engineer.
A private residence was fitted and
furnished luxuriously with ornaments Of
oil paintings and rare works of art.
Wild lands of Illinois and Indiana were
bought up, and the deeds thereof were
at bargains in the brokers' office, and Sir
Morton Peto, and party were feted by
him with prodigality. Confidence in MIN
and credit to him seemed without limit,
until few months ago heavy and sud
den draft on his New York house found
not enough of funds in his safe, and
Culver, Penn & Co. were reported as
having failed to the amount of Sc, ,000,0 900
indebtedness. Mr.. Culver, who was the
financial agent and manager of the con-
cern, confessed to the Indebtedness of
$4,000, 900.
In addition to several civil suits, as
many indictments are pending against
him, charging him with embezzlement
and fraudulent pretenses, in that special
deposits and temporary trusts were ap-
propriated by him to private ends. 1t
is due to Mr. Culver, whom we had be-
lieved to be of honest purpose, to say
that his neighbors here generally ac-
credit him with no disposition to con-
cealment, and believe him to be the vic
tim of wild and visionary schemes that
have their first origin in the atmosphere
of the New York stock markets, rather
than disposed swindler. AT this ex-
hibit to his creditors, his assets, valued
on original costs, exceed his debts by six
hundred thousand dollars, but not more
than two thirds of the first price could
be realized.
And while be might have availed him
self of his Congressional privilege to Sc
cure release from imprisonment long ago,
he preferred to meet his wrong in manful
confession of it, due reparation as far
as was in his power, and patient sub
Mission to the punishment Of the Courts,
and was only released last week on the
demand of the Sergeantat-Arms of the
United States House OF Representatives.
1t is strange, sad spectacle. The mil
lionaire of yesterday is penniless to-day,
and even his household effects have been
knocked down by the auctioneer.