The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-08-06
DUNCAN, SHERMAN AND COMPANY.

DIEM LETTERS OF CREDIT HkLD ABROAD
SOME THOUSANDS OF AMERICANS SUFFERING
IN FOREIGN COUNTRIES.
LONDON, August s, 1875
The onicials OF the Union Bank say no arrange
ments have been made with that institution for
the redemption OF Messrs. Duncan Sherman
Co.'s letters OF credit in the hands OF travellers.
THE NEGOTIATIONS.
Negotiations therefor have been pending since
the failure OF the firm. but have not been COM
pleted, and the longer they are postponed there
is less probability OF a successful result
VAST INCONVENIENCE TO AMERICAN TRAVELLERS.
Letters received here from Americans In Paris
say that over 1000 holders the suspended nrm's
letters OF credit have been heard from In Germany
alone.
CASES OF DEsTrTUrIoN.
Many Of them are utterly destitute OF funds ana
have been compelled TO apply to the local author
tiles or to the American Consul for relief
One lady, teacher. or Massachusetts,, had but
thirty francs in money when she heard OF the fail
ure. The American and English people where she
was staying subscribed SUFFICIENT funds TO pay her
expenses 10 Hamburg, from which place she was
to take steerage passage home.
Appeals for aid from persons holding these letters
come from all directions.
PAPER OF CONDENSATION.
document stating these facts ana denounclng
OF COMPTROLLER HAYES TO THE CITY
COUNCIL.
CHICAGO, August 8, 1875.
Comptroller s. S. Hayes sent to the City Council
last night communication and order IN relation
to rhe outstanding bonds and coupons OF the city
for which deposits had been made with Duncan,
Sherman Co. He shows that he deposited with
that Arm on June 20, to the coupon account,
$367,00O for the payment Of coupons and bonds
due July l. At the time OF their suspension the bal
ance Unpaid was $42 600. He adds that the amount
OF outstanding coupons and bonds Is within these
ngures There Is some question about the legal La
biity OF the city TO pay these coupons and bonds,
moral obligation of she city to provide
Tor them. They are held TO a great extent by
small proprtetors In remote countries who are
ignorant OF our laws and at great distance rom
the place u payment. Duncan, Sherman 4 Co.
were agents Of our own selection to whom We
helped to give credit by intrusting them with our
business lor long term OF years. great and
wealthy city like Chicago cannot avail Itself OF
Lecnnlcal circumstance. 1t Is enough for US to
know that these coupons and bonds nave not been
paid. Although no FAULT OF ours, both sense OF
justice and wise regard for our credit and epu-
tation demand tnat we should pay them without
delay. therefore respectfully submit the accom-
passage, in which have the concurrence Of the
Mayor and Finance Committee
Whereas the city of CHICAGO had deposited with Dun
s saiR coupons and ponds ths ciy falling
sa house 6 a ans at the Of se 1Ge Of
renamed tePeiore pc tor ordereG by
they hereby directed pay ali oat
which have matured previous to this date
The City Council passed the order by un lnimous
vote, and Comptroller Hayes has telegraphed the
American Exchange Bank to pay all the coupons
and bonds on presentation.
THE MEXICAN MINISTER LOOKING FOR Ills
GoLD-A POINT OF INTERNATIONAL LAW.
Great commercial failures are invariably fol-
lowed by a plentiful crop OF lawsuits. The late
firm OF Messrs Duncan, sherman & Co. appears
to be no exception TO the general rule. One OF
these cases is that Of senior Ignacio Marisca, En-
voy Extraordinary and Minister Plenipotentiary
to the Uuited States from the Republic OF Mexico.
When he came to this country he brought with
him large amount of Spanish gold. This
he disposed OF for American gold, which he
deposited with Messrs. Duncan, Sherman
Co., opening currency account with
them. By the correspondence below IL will
be seen that he endesvors 20 recover his ''gold"
by the application of nice point in international
law. Senior Marisca in reality claims that as lie is
an ambassador to this country his person, his
servants and property are exempt from the ordi-
nary usages or procedure. He advances the prop
osltion that gold in this country is a commodity,
assignee, Judge Shlpman, from dlsposlng OF IL.
The following Is the correspondence =
OFFICE OF FIELD 4 DEYo
ATTORNEYS AND CoUNsELLoRs-ATLAw ,
NO PINE STREET, NEW DIRK, August 1875
S1R-We requested by Senior Ignacio Marlscal the
Mexican Minister to give you notice he informed
h had fq bep 20 9 wqeh herman
their assignee.
He considers that this gold is protected by same
his property by reason of his being dipIomac
representative accredited to the government of the
He considers his right well as his duty to defend
this immunity and TO all the afforded him by
the law OF nat tons, and far may proper the
laws OF this country to this property any
person who may retain It against his viii.
against any other disposition OF 1t on your part Yours
respectfully, FIELD DEYO.
OFFICE THE ASSIGNEE OF
DUNCAN, SHERMAN d Co, BANKERS
NEW YORK August s. 1873.
GESTLEMEN-I beg to acknowledge receipt your let
ter of August and note Its contents and request
that would return 10 HIM certain gold assigned me
by Duncan sherman Co. In reply thereto respect
iuly decline to comply with the request remain,
WILLIAM b. sHIPMAN, Assignee.
Although as yet Senor Mariscal mas not actually
commenced any proceedings relying as he does
upon the "hlgher law" tue Mexican Consul Gen.
eraI, Juan N. Navarro, VINO had with the firm
about $l70O0 most OF watch was the property of
the government, has already begun suit. he
claims that the funds TO his credit with the firm
constituted a .'speclaln deposit, and consequently
are privileged. The nrSt document in the suit,
when is given below, was yesterday handed to
Judge Blatcnford by Mr.. Navarro's counsel
AFFIDAVIT OF JUAN N NAVARRO
To JUDGES CIRCUIT Court THE UNITED
SrArRs SOUTHERN DISTRICT NEW York;
Juan Navarro, Consul General Of the United States
zen of Mexco brings tbs BIZ against William pq 1nn
can of New York and a citizen of the state of New