The Republican journal. [volume] (Belfast, Me.) 1829-current, 1873-10-23
Another Faithless Cashier,

1t was rumored in Lowell for two or
three days that j. n. Pierce, Jr., the
cashier Of the Merchants National Bank.
was detanlter to 4 considerable amount,
and Tuesday enough was officially stated
to show thai there was good cause for
some Of the rumors in connection with
the affair. The matter is now undergoing
investigation. and but few facts have as
Yet been given out The amount of the
detalcation was said to be between $40
900 and $1,000. The rumors were at
first fatty contradicted by some of the
bank officers, but yesterday morning the
president and directors We're in session
examining accounts, and at noon they an
nounced that a deficiency had been dis
covered bnt that they fully believed that
the capital Of the bank (S400, OOO) was
unimpaired, that depositors will lose
nothing and that there will be no inter
ruption to business on account of it.
Early last week the account of the Mer-
chants National Bank with the Second
National Bank Of Boston was overdrawn.
The cashier telegraphed that the money
would be sent the next day. 1t was
not sent. however, and after a time. the
checks Of the Merchants Bank were dis
| honored by the Second National. As
soon as this became known to the direct
| ors, the money was sent. so that their
| balance in Boston was made good. and
| their checks have Of course, since been
| honorcd regularly, and they now have
q strong balance to their credit. This
affair led to the discovery of the defalca-
| ton of the cashier, which he acknowledge
! Ell, and his statements so tar as investiga-
ted, have been verified Mr.. Pierce at
once resigned his position He is about
| forty-ilve years Of age and has been its
cashier for fifteen or twenty years. 1t is
| not known that he has been engaged in
| speculations but he has lived in rather an
| expensive style. He has enjoyed the con-
| fidencc of the whole community He has
wife and several children He has been
| treasurer OF the Central Savings Bank
since its organization few years since,
| but the funds OF this institution are unmo-
| Tested
TIE LAWS DELAY. A curious Illus
tration Of the uncertainty OF litigation is
given in the case of the McDonough be-
| quest, a man who died in New Orleans,
tWenty-three years ago, bequeathing a
property of three millions dollars to that
city and the city Of Baltimore, to be equal
~ divided, and the entire sum to be deyot-
Ell to the establishment of common schools
to be free to all, irrespective of belief or
color. The will was disputed by the heirs
OF course, and the case was carried before
the Supreme Court. After contest last
ing twenty years in the courts. a COM
promise was made, the two cities b,ryino
off the other legatees, and when final
| reckoning was made it was found that
over $2,000,000 had disappeared in the
struggle. Even then the fight was not
finished, factions in the two continuing to
wrangle, until now the immense fortune
which should have been expended in the
| interests of education has dwindled to
$4,000 in real estate and 81 ,674 in cash.
All the rest, with its legitimate earnings
in the way of interest, has been frittered
away, stolen and appropriated" the lar
gest share going to the lawyers.
A lady having two lovers, accepted the
one who was poor but smart, rather than
the other who was rich but an imbecile.