Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1870-09-29
PHILADELPHIA.

HETOUCHING AN OLD T1OUBLE--THE NAIlONAL
SAFETY FUND FAILURE-THE LAST HOPE FOR
DEposTToRs GONE = SHAKESPEARE AT THE
AoADEMY-TRIBULATIoNS OF THE DRAMATIC
coNaREss-DAyENPoRT AND McDoNoUdH.
Special Correspondence Of the Commercial
PHILADELPHIA, Sept. Esd
The papers to-day are giving the last touches
to one of the wretchedest swindles that ever ran
its course in Philadelphia I am not addressing
distant audience upon subject too far away
from them, in speaking of the National Safety
Fund failure, for not few Wilmingtonians were
directly interested in that disaster Many readers
OF this letter were either sufferers by the failure
or know others who were. Certainly no affair of
the kind ever created such wide excitement
here. Ten years have passed, yet the people
about Sd and Walnut streets remember as though
it was yesterday, the frantic scenes about the
Saving Funds doors on the days succeeding the
announcement that the Bank had suspended
payment May it be long long, before those
scenes are re-enacted
To call this concern a 'wretched swinde" as
did above, is not to be too upon it in one
sense nor is it to give the parties who were con-
nected with it exact justice. In fact the incor-
porators were very decent citizens indeed, men
who individually and personally would scorn to
do n dishonest action. Old Dr. Smiley, the
actuary of the concern was thoroughly honest
man. and as earnest in administering. the affairs
of the Fund as the best Bank President in the
country. The failure fairly broke his heart. He
had to resume the practice of medicine which he
had given up for many years, but he was broken
man. and only lived few months. MIR. H. H.
Bcnner, the President, went into the army as q
Brigade Quarterlnaster,-weiit Into IL poor and
died poor, before the war was half over. The
third principal officer, Mr. VIM. j. Reed, Secre-
tary,--now holds clerkship in an uptown bank,
such position as ought to suffice single
gentlemans modest wants. doubtless, but not
one usually coveted by parties rolling in luxury.
l have referred to the officers of the exploded
Fund to show that they were not swlndiers Ill
the popularly accepted sense, and that they
did not unawfuly appropriate the money OF
other people for their own individual gratiica-
tion and comfort
But the personal honesty of the officers does
in no wse excuse affect the terrible looseness
upon which the concern was built, looseness
which is responsible for the utter ruin of some,
and the great misery of many other worthy peo-
pie. The cause of this destruction was twofold.
In the first place, the Company had no real cap
ital. Its charter required that each Incorporation
should pay in. a certain large amount. These
amounts nerer trere paid. Sucii. sums as the
public might deposit remained to be paid back,lf
interest and losses did not eat too far into them
in the meanwhile, but there was no reserve, no
force to bring up in case of accident.
Secondly, and even more fatally, the surplus
deposits were used-not in buying mortgages and
other first-class secnrities,-but in dtScOu'ttu9
pyipate Japer. II may be safely said that illdi-
yidhals only should 20 into that risky business
at least, it was highly improper that the hard
earnings of working men and servant girls should
be made the capital for Third Street JockeyinBs:.
This is why the concern was swindle, and
the intent to swindle has nothing to do with the
case. For years, the Depositors have been ho-
ping against hope --holding on. thinking that
some proportion, at least. of their money would
be returned them. The last move in the case il
reported in the papers this afternoon, however,
whence it appears there is not a red to con-
sole the hearts of the weary walters. All 'gone
where the woodbine twineth." Three quarters
of million vanished as utterly as il it had not
been. The tide in busy Third street flows on,
and another gay Office blooms where once the
National Spar Kasse" Haunted in all the glores
of an imitation brown-stone front and gold
lettered windows. But the Spar kasse is remem-
bered in many an humble home, and not with
blessings.
You have heard something Of the great tribu-
lations suffered by the Mammoth Dramatic Com
gress before it finally got its desired opening at
the Academy of Music. How, i'll the first place,
the manager ran away with the money, and the
Academy folks couldn't be induced to open with
out seeing the color Of the Constellation
money. How, in the second place, some OF the
| Senators and Representatives went back on the
| Congress, and to change the figure, but not the
sense, refused to shine upon any consideration
| except those SO sordid that the Congressional
| Galaxy declined to receive them. Various other
| difficulties this hardly pushed Congress had te
| encounter, but it finally oyerrode them all.
| The result was fair enough, but not astonlsli-
| ing That is, it did not quite take your breatl
away. 1t might have been supposed that aftel
seeing the Congress give its deliberate attention
to Shakespeare, we would never desire to set
| any other acting. the advertisements would have
| led you to suppose so; but it was not the fact
| A little genuine dramatic attraction is even ye
sure of attention here.
The Great American Advertisement Writel
J came out with the Congress, but think he lef
I before a great while. recognized his hand il
the beginning, ''Aut Cnsar, Aut Mill,
was certainly his. But when it came to this, il
later advertisement
Casca a.....s.... Mr.. j. Il, McDonough
(in consequence Of indisposition.)
| say when it came to that, believed that tn
Great American had gone back on the Congress
too, for he never would have jeopardized hi
reputation by giving the world 80 ill-considere
an announcement. Why should Mr.McDonoug
play Cdscd because he was sick 7 1t made peopl
sick to see him play it, but that is another matter
Funning apart, Shakespeare, at the Academy
was not an unmixed evil. 1t had its good points
But some of us are troubled to see SO true a
, artist as Davenport always leading such foror
, hope as this and never reaching and holdin
, the place he deserves The old axiom comes /
| again fear-that about the .'rolling stone.
Davenport has plenty of energy but he seem
, to lack the singe-minded pertinacity of Forres
and Booth INDEX.