Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-03-22

rta1 about the defalcation of Collector
Bailey, of New York. Bailey was the pei
Of the bureau, and officers throughout the
country had become quite used to having
questions addressed TO the Commissioner
answered by quotations from decisions
made by Collector Bailey.
DelanO Charged with Completely i'm
HaIteY's Affairs.
The New York Sun, of Saturday,
charges that Delano was interested with
Bailey in various transactions.
CottOn-Margins for Fut IRE Delivery
New YORK, March ,21.-The report
in general circulation to-day that
Dennis, Perkins d Co, cotton dealers, No.
So Broad street, had failed, is denied 1t
is understood that it grew out of the diff
Guilty experienced in the settlement of some
margins on contracts for future delivery.
The members of the firm say the amounts
are small; that their general business is not
affected, and the difficulty will probably
be amicable arranged. The report, how
ever, caused very uneasy feeling, es-
pecially among parties holding contracts
for future delivery.
There was a general calling up of addi-
honal margins, which may precipitate fail
ures among bear operators in the cotton
market. An enormous amount of cotton
was sold short for future delivery, both
here and in Liverpool, at about the lowest
point reached on the late break in gold.
Some of these contracts have been COW
cred; but a very large amount of cotton
has TO be delivered during the next two
months, and at low figures compared with
current quotations
CIaiEds, Statement.
Childs made statement to day sub
stantialy as follows: He had nothing to
do with Bailey's accounts, which he
managed himself. he deposited the funds
collected in the Fourth National Bank, and
whenever he required money drew on
that account, but he, Childs, does not
think Bailey understood the Law upon the
subject. The Treasury Department sent
Mr.. Mann at one time to examine Bailey's
accounts, and they were finally settled
some way, to him, Chiids, unknown.
Bailey has done all in his pow
er to return all money taken. He did
not want the public TO know how his af-
fairs stood; was naturally proud and am
bilious, and would not submit TO public
disgrace. Bailey always endeavOred to
detect fraud, and had repeatedly said, 81
do not want money so much as | desire
the reputation of good and faithful Off
cer.n He had often spoken to Bailey
about his Indebtedness TO the Gov
eminent. So far as acquainted
with the facts, Baileys accounts
were not always allowed by the Treasury
He would oftensgive receipts
for money to ax-payers and fail to make
entry on the books, and had returned
number of accounts as unpaid. Childs
himself had never used any money of
the Office for his own benefit, and whenever
he received money he always re-
turned it to the cashier Had in
his possession a letter from Bailey,
clearing him from any suspicion. Bailey
admitted he was doing wrong, but seemed
TO think he would eventually come out all
right. Childs says he also was sanguine if
Bailey was allowed sufficient time The
cashier knew nothing of the transactions
and is honest and upright in ali his deal
ings.
IIumOred Suicide of Bailey.
There is no foundation whatever for
the IJlmOr that Bailey has been arrested.
There are conflicting reports regarding
him however. One that the detectives
have trace of him.; another that there is
reason for believing he has committed
suicide. 1t is thought his defalca,ion will
exceed $500, 900.