The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-02-03
Fraud ON = Gisantic scaIe-Overend, Quincy
and Company.


The readers Of the HERALD have seen from
time to time accounts from the English news
papers Of the alleged frauds of the famous
banking house Of Overend, Quincy d Co. and
of the proceedings in the courts against its
members. A short time since six Of the prin-
cipal directors we're summoned before the
Lord Mayor Of London to answer criminal
charge Of conspiring by various false and fraud
ulent pretences and representations to induce
persons to become shareholders in their COM
pany, with intent to cheat and defraud them Of
certain valuable securities, bankers checks and
sums of money, and by which they were, IN
fact, defranded to the amount of fifteen mil
lions Of dollars. Up to that time and for
several years past the affairs Of this banking
company had been matter of commercial lit
CATION and of protracted suit in chancery.
Now, however, it is considered the ends OF
justice cannot be satisfied short of a criminal
prosecution, and the Grand Jury, as we are
informed by cable despatch, have indicted
the directors for conspiring to defraud the
stockholders. It is yet to be seen how the
matter will terminate. No house stood higher
than that of Overend, Quincy & Co. previous
to the transactions on which the criminal accu-
sation is based. The Gurneys, an old Quaker
family, had been for long period among the
first, if not the very first, bankers In
the United Kingdom or the world. NO
names stood higher. There was scarcely
large banking house throughout the
eastern counties of England with which
the Gurneys were not connected. So high
did those of the family stand connected
with the alleged frauds-namely, John Henry
Quincy and Henry Edmund Gurney-that such
men as Baron Rothschild, Mr.. Kirkman Hodg-
son and Sir POWELL Buxton were willing to be-
come bail for them, with the rest of the accused
directors. But with all this, should they be
found guilty of fraud under the criminal
charge we have noticed, their former high
standing, wealth and power win not save them
from punishment. With all the faults of Eng
land the Judiciary is Independent and the laws
are executed upon rich as well as poor. 1t will
be remembered that some time ago the London
West End BANKERS, Sir John Dean Paul and
his partner, Mr.. Strahan, were convicted and
sent to penal settlement for fraud. There
are many other similar cases of justice being
administered to prominent and wealthy crimi-
nails in England.
1t is not the way, unfortunately, we treat
distinguished rogues. Here they would be
considered sort Of kings and lionized extern
sively The endowment of chapel at his
own expense and doing other such munifcent
pious acts did not save Sir John Dean Paul !;
but here building a church, opening Sun
day schools or managing opera houses would
probably cover up any amount Of rascality.
Our police authorities, judges and, in fact,
large portion of the community, are ready to
excuse grand rascal if he only swindles or
defrands on a magnificent scale. There is no
lack of such men as Sir John Dean Paul or
the directors of the house of Overend, Quincy
Il Co. in Wall street and among our heavy
railroad stock operators but the meshes of the
law do not catch or hold them. We might
in such cases learn something from England.
There is great need of such an administration
of justice here as will reach the high and rich
as well as the DOOR,