Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1875-08-25
A "coLoREp" HYMN.
HEADS, WE WIN-TAILS, YOU
LOSE.


the defunct house of Duncan, Sherman
u Co. was less than its apparent pos
sessions led the world to suppose the
firm owned. Within the three days
prior to the failure, large amounts of
property were transferred to the faith
er Of Butler Duncan for an interest in
the house, or for debts due him from
the house, which those who put conf
dcnce, and lent credit TO the firm, had
had no reason to suppose existed. If
Mr.. Alexander Duncan was "a large
creditor of the house for years, and
the fact was unknown, the firm had
sustained reputation for pscuniary
solidity which was not legitimate, and
we are surprised to learn that the f.
nancial strength of the house has
turned out to be, in so great degree,
imaginary. We hold II to be very
loose system of commercial morals
that permits party to appear AS the
possessors Of large wealth, ostensibly
put forth as their own, and upon the
said supposed ownership, large credits
being obtained, when in reality that
wealth was simply borrowed; and, in
a case like the present, when tina; bor-
rowcd wealth gave false position to
the house in question, and was the
means of securing other credits, by all
the rules of honorable business, the
entire body Of creditors should parti-
cipate in the result Of a just and equi-
table distribution of assets If the
house of Duncan fisherman has been
propped up by the possession of prop
erty not their own, yet appearing as
such, it is mild case Of obtaining
goods on false pretenccs, and has a
very demoralizing look. 1t would ap-
pear that certain real estate in New
York stood in the name Of the firm,
properly recorded on the books of the
Register of Deeds. 1t would also APP
pear that certain mortgages were doe
eted against that real estate, and,
when sagacious capitalist sought to
know how much interest the firm of
Duncan 4 Sherman really had in that
property, he naturally assumed q val
ne for the said real estate, deducted
the mortgages dockcted against it,and
gave the house credit Tor the balance.
Now it turns out that this balance,
which was supposed to be theirs, is not
thus theirs. A deed of transfer of
all the said property, years ago had
been given to Mr. Alexander Duncan,
and the interest the firm apparently
held did not exist yet the record did
not show this no entry of transfer
had been made; by that record the
firm were the owners and the reason
why the records did not show the fact
was, the transfer had been kept from
the books for the purpose of sustain
ing, unshaken, the reputation for
wealth" the firm enjoyed, and which
was made the basis Of patronage by
the public. Now we do not claim to
know whether the defunct firm can
pay their debts in full or not; but if
they can only pay fifty cents on dol
lar. the creditors have moral right
70 ask. "WbY did you hide the fact
that you held no interest in the real
estate which appears rs yours on the
pages Of the official record of the ii.
ties p When a merchant applies for
credit, and in answer to the questions,
chow much capital have you in your
business p ''is it yours?" and "what
amount do you owe for goods?p and
upen the answers made, property is
sold him on credit, and il turns out
that he has concealed the truth, the
law says he has committed grave
crime. He has obtained goods on
false pretences. We think that when
party transfers real estate, said
transfers should appear on the record
where the public can get at the facts
and moro especially, when the posses
sion of real estate is the basis for con
ildence on the part Of the public in a
banking Institution, no such hug
germuggery as private, undocketed
transfers, to be suddenly sprung upon
confding creditors, should be gone in
to; it has bad effect upon the good
name Of any concern, and most espc-
cially upon the good name Of bank
ing institution. IL looks as If the re-
lation between the owners of the
bank and the people was, "heads, we
win tails, you lose" Far be it from
the desire of this journal to reflect un-
justly upon the unfortunate victims
who fall in the battle of life, which
was never waged with more despcra-
ton than now but we must remcm.
Der to hold in the deepest vcneration
the precepts of the Roman matron,
Eight to the last, my sons, and sacri-
flee for your cause everything but
your honor.n-N Y, Ddy Book