The New York herald., 1868-02-01
FARMERS AND CITIZENS NATIONAL BANK

the Farmers and Citizens National Bank, Williams
burg was held last evening" at Masonic Temple.
of Grand and Seventh sreots Brooklyn E. d. for the
purpose of consulting together IN reference to their
position, and TO exchange views the proceedings
now pending in the United States District Court-the
directors OF the bank, which was selzed some time
since by order Of the Comptroller Of the Currency
having obtained an order for the government TO show
why the institution should be returned to
their hands.
Judge George Thompson was called to preside and Dr.
Wren elected secretary.
In stating the object Of the meeting Judge THOMPSON
remarked that the bank, they all knew, collapsed
early in September last It not necessary review
the causes of that collapse 70 rshearse the proceed
ings had since. He would only say that investigation
into the affairs Of the Institution had developed the
practice Of most astounding rascay the part of
OF lis oicers; and now. alter long talked OF dstribu
tion OF the proceeds, rather of the funds or depos
tors, there IS notice given Of further litigation lie
knew not how this matter struck others who in
post but 10 him II seemed eminently proper that
they should consult agshor as to the progress
be more than one Of mere deposit ignoring altogether
the very important item Of circulation as had during
the past SIX months II was strange that bank doing
SO fine business as this ono did should in time Of
general prosperity suddenly collapse and close its
its officers Within ninety days from the time or its
Suspension at least one-haf the amount due the de-
Of mon who had lost the confidence or citizens ought
not to expect much favor from the people now in Wow
Of tboir late action. Prior to September there
funds in the institution; but for all practical purposes,
30 far concerned the depositors, there
now Acts had been committed by some party or par.
ties connected with the bank that they should
blush to think of-for acts less henious than which
mon were daily sent TO Sing Sing. The deposit
made good to them II after six months Of this s waiting
the project has not favorable features In the public
Is because the public, judging from the acts Of par
aft oOffb fbA hal fbalt
whole outlook Of Affairs savors Of specuating ON the
funds Of the depostors If these deposItors unable
half nobody would be hurt; but 1t their right and
their duty TO make the effort He not prepared TO
uphold the action ethor Of the receiver Of tho old
board OF directors in the premises In his opinion they
both ought to meet large amount,of charges in this
community for want OF activity in the discharge Of
A lotter then read from Mr. E. A. Thurston, Of
Gresnpoint prominent deposor. recommending the
meeting TO act in concatory spirit toward the stock
holders and directors Of the bank.
GENTLEMAN in the audience suggested that II the
Board Of Directors would withdraw their present legal
action and allow the Receiver to pay dividend TO de.
positors they would prove themselves worthy Of being
treated in conciiatory spirit.
Nr. GEORGE l.. Fox moved that committee be ap-
pointed TO wait on the Directors and indoca them 10
withraw the suit they had instituted.
Mr.. JOHN M. SrGARNs said that IL action takon by
the meeting were intended to create anagouism
between the stockholders and the deposiors its effect
would be injurious He would not like to the stock
holders embarrassed in seeking their rights under
the law. large number of them to say the
least. were innocent aes,. parties, many nan OF thom
duct Of the officers These, say three. e.four,hs OF
the whole number OF stockholders, bad shifted
their stock. They owned il when the bank was
under the State law and should not be made TO suffer-
He was opposed TO any action tending to interfere with
the they to be adversely affected. He sug-
gestcd the appointment OF committee to confer with
them
stockholders look out for themseves let them pay
cordng 70 law
Mr. GEORGE l. Fox said it was idle to talk Of guarding
he nh nf uA ANA Af tha nd
already gone in the oil way, and much OF it had
gone BY line Of certain railroad; lAppause;)
Currency had decided tina, tho money hand should
not be distributed TO depositors while the present suit
was pending. He saw no good TO be gained by abusing
the stockholders; but there could be harm ap-
pointing committee TO urge withdrawal Of the suit.
what could be done IN regard TO getting their money out
OF the Rcceivcr's hands
The CHAIRMAN said that the suit had been brought in
the OF the bank, and ITS object tn eujoin the
Receiver Mr. Platt from paying out the money his
hands and TO restore the bank to the directors they
claiming that had never forfeited its rights. The
reckless in which loans had been made
sufficient TO swamp any bank. If the stockholders
could be benefited without disparagement tho rights
Of the depostors he did object the latter we're
TO be first considered Ho had no great amount OF con-
fdence in the past directory of the institution.
Mr. CHAUNcEY c. LAY thought tina. representations
might be made to induce a modification OF the motion
before the United States District Court not 10
the Receiver from disbursing the funds on hand
The disposal of the money collected might be left to
the discretion Of the Comptroller OF the Currency.
directors avOWeQ
ignorance OF tho acts Of the bank officers. This
ignorance was worse than crime because 1t was not
their own money the officers had used; belonged to
the depositors who put 1t in the bank in good faith He
suggested committee TO wait on Comptroller HUI
burd at Washington and represent TO him the suffering
accrung to depositors from further Withholding Of the
money from thsm Over &7Oo, 900 was now in the Re-
ceivers hands About 81, 200 900 due depositors
BY getting the Comptroller TO allow the payment Of
dividend the status or tho suit court would be
affected. II this we're allowed dspositors might be
paid, in part, by the 2oth proIimo.
Chairman, Mr. George b. Remsen aud Alderman Arm.
ned severaiy expressed their views the burden OF
odum in the matter, and attaching all blame to the
Comptroller Of the Currency for not allowing disbu-
ton of tho funds in the Receivers hands
Mr.. DsnAs STRONG was tho last speaker He saw be-
fore him with earnest faces desrous only OF getting
back their money, nov locked up By order Of the
made the directors TO his knowledge directed their at
tsntion the interests Of the dspostora They did
propose that the bank should be restored them
~. They vent 70 Washington and offered TO enter into
bond with the Comptroller IN such amount no
Nigh, approve that, Il they we're pa. in possession,
they would pay the depositors twenty-five cont Of
their deposits at once and tho balance In thirty sixty
and ninety days They had petition signed BY ma
or.y OF the depositors praying that the bank might bc
given up TO them nhe directots IT. inquiry the Comp
affairs and this petition they presented 70 that ofcial
in October last The Comptroller answered that II thoy
that s' he the Co%poeS had power 70 deliver
the petition they did procure "a .na. opinion: b..
congress con,cmpIated giving back the bank only on
was passed the deposiiors would lose nothing The
directors had large deposits in the bank themselves and
we're proporuonaby the greatest ossrs and heartily
desired that every man and woman who had money IN
institution should be paid dollar for dollar The
suit about which 20 much talk had been made In
reality not a suit Al all II was merely motion order.
ing the government TO show cause why tho
bank should not be restored; and, considering
the manner in which the directors had been
treated in washington, its aim aud object
opinion why the dspostors should not BE- paid. The
Comptroller Of the Currency does allege wan of
power to order . dstribuiicn but he emphsticalIy
says he won't DO so. There were in the hands Of
the Receiver $500 900 in cash, and about 5000 600 in
good available assets. The full amount due deposors
ST. 200 900. II that could bs paid out Of
81 400 000 then would be because OF want Of desire
70 do the part Of the directors He hoped com
m!ttee would be appointed 70 wait on the directors
They wohd kindly received, and he felt no hestancy
IN declaring that they would find the directors with
hem fully, earnestly Their desire was that every de-
pos,or should get back his money, and that soon
possible.