The New York herald., 1873-11-02
rne Bucnu Trust and Loan Conn
pany.

by truculent and unreasonable press that it
that institution, and with whose embarrass-
ments we feel the profoundest sympathy, that
q full explanation should be made. The fact
that the Secretary is in prison, the President
visiting Europe under heavy bail, while the
managers sudden death may or may not have
been from suicide, should not mislead our
Judgment Far be 1t from us to abandon men
who are under cloud, who are the victims OF
circumstances They are champions OF sub
lime principles, and, no matter what befalls
| them, principles we know are eternal and never
die.
| Those of our readers who have carefully
studied the invaluable calculations of the science
and philosophy of Buchuism which have ap-
peared in these columns will remember that the
| one commandment which, as the Scriptures
say embraces all the others, is, that money
is common property; that wealth was made
for mankind, and that as the possession Of
money is the highest aim in life, success in
gaining it is the noblest form of honesty. The
gifted men who founded this laniented in
stitution had not been idle observers of the
time. They had seen one success after an
other careering over the financial heavens
like meteors over o Mediterranean sky.
The Buchu banker who became the gov
ernment agent abroad, the Buchu Savings
Bank and the money made out of the poor,
the Buchu Railway King and his brilliant
| theory of watered stocks, the career of the
great and good Ghoul Buchu himself, the
Buchu Pacific Railway and the Christian
statesmen who profited by the subsidies, and
the astonishing success of the Buchu Silver
Mining Company among the widows and cler-
gymen of England-all had been so many
temptations to the minds of these gentlemen.
So, after studying the field, they resolved
that, in imitation of these successful examples
they would found great Trust and Loan
Company. They took the train for Albany,
and next week came back with charter. We
do not know how much the instrument cost
but it is noticeable as the only outlay of money
necessary to begin the institution.
Among those who took the prominent part
in the organization was our justly popular
friend, the County Treasurer, who was closing
his term of Office and meant to run for Mayor
Some eminent merchants became interested, or
rather their names were printed on the list of
directors, and probably most of them now re-
gret that their interest was not of more scru-
tinizng character. A large building was
rented and was speedily decorated with signs
and inscriptions, a gaudy motto s'Honesty Is
the Best Policy and notably one effective work
of art, representing vast iron safe covered
with bolts and nails and ferocious mastiff
crouched before it. This legend signifed that
courage and skill would be exhausted to secure
the possessions Of the company. 1t was OBJ
served, too that no parade was made about the
organization. THAT will do very we'll for the
bankers and the savings banks and the
fellows who have bonds to SELL said the
President; 'but we, we must inspire con-
fidence.'' So all the public mention
made was in series of judicious |
editorial paragraphs in the Buchu press about !
the safety of the company, its conservative |
management, its avoidance of speculation, the |
care shown in its securities, and the astonish- !
ing amount of respectability fifty millions. at
least, embodied in the Board of Directors
The same spirit characterized the details of
the business. Gray-headed clerks were en-
ployed and the cashier was instructed to carry
a gold-headed cane, and subscriptions were
opened to prosecute the work for the CONVEX
sion of the Pope, and the President became
connoisseur in fine arts, and the religious
press with great unanimity and in fervent
hot Had AIn,r Inr - l.
the vain and heeting investments of the hour,
to be content with less interest and more Sc
curity in their investments. AS the Bethlehem
Buchu Erpounder well observed, ''How much
better for the Christian to have no unneces-
sary care about carnal matters, to give tran
quill mind to his duties, to have in his daily
walk and conversation the soothing assurance
that his sheaves are garnered in the Buchu
trust company and are watched by godly
men,
The eminent merchants whose names were
in the direction gave none OF their time to the
company. The officers had other cares and
the business was managed by faithful secre-
tary, who was remarkable for his piety and
the fervor of his Sunday School addresses.
When the company finally suspended one
morning the secretary was nowhere to be
seen, and when the depostors came for their
money they were met by his Christian father,
who addressed them in tears on the domestic
virtues of his son. The eminent merchants
of the board of direction were astounded
when they came to study the affairs of the
company. The deposits had been large
Trust funds, estates, subscriptions to chari-
ties, the accumulations of cautious and con-
servative people, who would run no risk with
their all, had been entrusted to the company.
Certainly, with board representing SO many
millions, and a secretary SO exemplary in his
personal character, could there be any ques-