Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1874-04-01
issued byItho bank for sls5, 4OO and

,5Sucul Dy the bank Tor SlS5, 4U0 an
cashed. On the 18th of September
! transfer order for $4,000 was paiC
OnGtbo day Of tho failure there was
balance duo the treasury of s2s7, 1872
45. OF tho last certificates s125,O0
went to Jay Cooke & Co., in Pbiladel
phia. When these largo certificate
were cashed at the Treasurythe banl
was already indebted for sum mucl
larger than the amount OF securitie
on deposit with tho Treasurer. .mllo9
1t may well be asked how it cam
to pass that the Treasury made thes
advances Of the public money upol
the mere drafts Of a bank which th,
Secretary, the Treasurer, and th,
tComptroller of the Currency mus
have known was on the eve Of bank
ruptcy 7 Was there aoy inAuanca in
voked from the White House, or WHIT
is responsible for this criminal offence
The committee shed no light on thi
subject. They do not appear to hav,
examined the witnesses who could teI
all about it, or to have inquired wheth
er Gen. Spinner protested, as has beer
alleged, against this daring outrage
when The Secretary Of the Treasury
commanded it to bc done. srf5f
The forty,fifth section of tho Cur
rcncy act provides that "the Score.
tary of the Treasury shall require Of
the associations thus designated salts.
factory security by the deposit OF
United States bonds and otherwise, for
the safe keeping and prompt payment
of the public money deposited with
them, and for the faithful performance
Of their duties as financial agents OF
Government" fasf
Mr.. Richardson treated this pro-
vision as anullity, and advanced the
peoples money to these spectators as
II there was no responsibility. In.
stead of arraigning him for this un-
lawful conduct before tho House, the
committee condone his crime by say
ing that Immediately after the failure
Of the bank the Secretary of the Trea-
sury took effective steps, through
which he was enabled to obtain full
and ample guarantees and security by
which the Government would be saved
from loss.
The facts might have boon told in
other language. When Mr.. Richard
son and others now concealed from
view found that they had become liza.
bic to prosecution and impeachment
in this business, an appeal was made
TO save them from exposure and ruin
Then 1t was, and not till then, that
these parties through next friend
furnished these securities, though pre-
tending to have given up all their
properly for the use of plundered cred
itors. n-a a9stf nea
With the same peculiar reserve and
forbearance which this committee have
manifested throughout their report,
when speaking of the "manageincnt
of the bank" they say it "has been, to
say the least, unfortunate" And al.
most in the same breath they admit
"there is difference between the bal
anccsheot prepared by the committee
and the statement actually shown by
the books on the 18th of September
last in the rnstilated currency account
for s46,39S A thorough examination
shows that this defcH cannot Be ac.
coanted Jor'-ln other words, the
money was stolen.
The committe recommend some lit
tie modification of the existing laws,
but do not utter word about prose-
cutting the swindlers who stripped this
bank Of its valuables and filed their
own pockets by barofaced robbery
They ignore section So OF the Cur
rcpcy act as If it had no force. 1t en-
acts "tbat ev-~y president, director,
cashier, teller, clerk, or agent of any
association who shall cmbezzle, alb !
'tract, or wilfully misapply any of tho
moneys, funds, or credit Of the associ-
alton, = shall bo deemed guilty |
,f q misdemeanor, and upon convic-
ion thereof shall be punished by i'm
prisonment not less than fivc nor more
han ten years"
When Henry d. Cooke as President
If the First National turned over to |
lay Cooke 4 Co., of whom he was a
$40, 900 between tho 1st and |
10Th of September, he wilfulIy misap-
,licd, abstracted, and ombezzled the
money belonging TO the bank. He
inew it well at the time, just as he
snew that he had wilfully violated
ho law limiting the loans TO stock
folders. lilo is now living in luxury
md pomp at Washington. Yet not a
niger is raised by tho authorities TO
mako him answersble for these and
ther crimes, whilc they hunt down
oor creatures who are far less guilty,
ut not protected by the power and
lvor of tho President as Henry d.
)ooke is. The samo hand which
ecklcssly broke into tho Treasury is
ow stretched out to keep him and
ia confedcrates from tho penitentiary,
there outraged Justice and swim,
led community claim their presence.
N y. Sun. ,
GEN. SHERMAN ON DANCING. The ,
I