The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-09-29
from the Irish Citizsn.I

A FenIan Capitalist.
One Thomas Mooney, Of San Francisco,
president Of a Building and Loan Society,
president of the Builders Insurance
Company" Fenian and anti.conlie candi-
date for Governor of the State, has, it ap-
pears, absconded with 100000, belonging
chiefly to poor workingmen, ("Fenians "
mainly We take the account Of this mat
ter given by the California correspondent OF
the New York Sun, Ito great extent con-
firmed by reports in other papers.) but
should be pleased to have it effectually re-
futed. This Mooney Is the same who heaped
together the thickest "History of Ireland !"
ever seen but we have never met any man
who had seen another man who had read
that :" history :"
SAN FRANCISCO, Sept 14.-About fort
night ago, Thomas Mooney, president of
the California Building and Loan Society,
whilom president of the Builders Insur-
ance Company, champion of the laborer,
independent anti-coolie candidate for Gov
ernor of California, ETC., ETC., decamped
with 100000. Mooney made his advent
in our State in 1850, and soon won
the confidence of his CONFERENCE.-THE
lrishmen. He Is plausible and en-
ergetic man, of some literary and political
repute, having written q history of Ireland,
but has nevertheless been distrusted by
the community, rumors of his financial
peculations abroad having preceded him
here. The Building and Loan Society was
organized in 1861, Mooney being its projec-
tor, number of our prominent citizens
taking stock in the concern, having for its
object. as the prospectus read, "the benefit
of the industrial classes" 1t also proposed
to assist in purchasing homesteads and
erecting dwellings for all those who should
q Society L RI ha n l.
ingmen's bank, to be built up by work.
ngmen's savings, sustained by working
mems labor, and rendered secure by
wOrkingmen's acquired power. The
Slittering scheme was pictured as dia-
mond mine for investments for children.
Its prospectus showed how 500 set to
grow in it, for twenty years, would at the
end Of that time yield q profit of over
$4,000, and 1000 would make q profit of
over $4,000. The announcement, a short
time ago, that this bank (Which had prom
and that its president, Mooney, had disap-
peared, was not received with astonish-
ment by people who had kept their eyes
open.
An examination into the books of the
concern showed that, from 1867 to 1869, the
bank lost 1922 ,554.55, and that in two years
the institution lost s645, 471.21,
About the I'd of this month it was ru-
mored that Mooney had disappeared. and
with him 100000 of the depositoIs'
funds ; but the whole truth was not known
until a day or two ago, when the announce.
ment was made public that the bank had
gone into liquidation.
BY the failure Of this concern incalculablc
misery has been entailed upon the bone and
SineW Of our community. Could Mooney
have seen the crowd Of his dupcs rs did
on the morning Of the announcement of the
suspension, standing in front Of the bank
on California street, mournfully gazing up
at the closed doors and gray, rorbidding
walls, think it would have melted even
his adamantine heart.
Mooney did q good deal Of business by
advertising prodigally and taking risks on
houses which responsible companies had
refused. He faced out the denunciations Of
the legitimate companies, boosted that he
had effected 4 reduction OF rates and broken
down monopoly, and kept himself con-
stantly before the public by speeches, cir
culars, and newspaper cards.
Finally the Legislature was invoked to
pass Il law regulating insurance business,
and to appoint a commissioner to see that
the security for insurers was ample. Mooney
did his utmost to defeat this law, and
after its passage he sought to repeal it, with
his characteristic audacity even carrying
the question into politics.
An official investigation into the affairs Of
the Builders Insurance Company revealed
the fact that it was insolyent. After that
event MONEYS financial standing got below
par, and even his advocacy of Feniansm
and anti-cooleyism, which had been blatant
and violent, could not restore his prestige !;
so one fine morning he took trip to the
"Springs," CO and his bank is in liquida-
ton, and with 100000 belonging to work
ingnen he has vanished. The stockholders
met yesterday and elected new beard
Of trustees, with Thomas n. CaZneau as
president. The probabilities are that depo-
sitors will get about twenty-five cents on
the dollar.