, 1876-01-07

tinueu source Of uhnRer, hnu hlR room 18 In
tinitety preferable 10 hla company.
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INDICTMENT OF Mn. HCAMMoH.
The announcement that tho Hon. J.. Y.
ScAMuoS has been indicted ty tho United
Statea Grand Jury for the misrepresentation
Ut the funds of thu Mechanics National Bank,
uf which ho was formerly President, will bo
nj once surprise a,ll shock to tho conf
lnnnity. Mr.. HcAMMoN, It will he re1nein.
besea wns President Of tho Mnrino Bank,
1'rirnte banking Institution, at tue same tino
].o was President Of tho Mechanics National
Bank. Tho indictments found aganst nro
based ~ on tho charge that he used alos, 900
ut tho money Of tho Mechanics National
Bank for tho benefit OF the Marine Company,
md (.) OH the Charge tha. he employed
$4,000 Of tho Mechanics National Bank
funds to pay OF personal indebtedness to the
Metropolitan National Bunk Of New York.
joseph s. REED, Mr. ScAMwoy'a Bon-ia.law
md former cashier Of the bank, Is jointly
indicted with 3fr. scAMMox on thcso two in.
.hct'nents; and, In addition to these, two
rther Indictments arc found against Alr.
REED for having Ia other cases uu1awful1y
loaned the bank funds to himself. Tho
United Statcs law under which those indict-
mcnts nre fouud is as follows:
Every PRESIDENT Director. Cashier, to,lsr e1cfk or
ngtat Of nny association {Nltonal Bauk}, who EN-.
bsz1es, abstracts, or w!&}fuiiy lappes any Of tls
moneys. funds, crsd;ts Of the ia.tou or wto
without authority frum tho Directors, issuea or puts
n circulation any u tEs noos Of thu nseolaton Or
who, Without such nnth 1i!y ssuta puts forth anY
certificate Of derns drawn thy order bill Of ex-
chan3c, uakes any AcraL t,nea bssgna any no:e bod
lr"tt, or blu OF cxchanJet mortgage, judgment, de-
c1ea: OF who nakes any false enry In any hook, 70.
port, or h.aeinen Of tho association, with Intent In
ehtr case 10 aujuss CT defrs,,d tue aa.oc.tipn or
nay otltr conpamy body, public corpoeat. or any
ni'slduaf 1es*ou or to dscelye any ocer ct th9
aoeation or nny 4Ceut srroiusoL to oxsn!ne tho al
fatrn Of my 6uch sssocat!on; aud overy person who
with like Intent a!ia alets ay officer, clerk. hgont
In any violation Of this sacton, s,a no deemed guilty
Of 4 mladcmEanor ami shall he inpEsoasd not less
shan fra 5cara NOR moro than Ten.
Notwithstanding tho worry general impress
sion TINT prevailed two or t!lyec yoars ngo
TINT tho nt1airs Of tho Mechanics National
Mltl Marine Companyts Banks were inextric-
ably mixed up, there will DO very genera
indisposition in this community to beliove
TINT Mr.. ScAMMoS hes willfutty, md Intentions
ally, anl unlnwfnlly used tho funds of tho
former for tue benefit Of the latter md for
himself. Flo Inns boen pursued by more than
his ahare Of mfsfortunas for fow years
back Before tho fro OF 1871 be WA a man
Of grent woa!th, which lie used with exoep-
tionul Gbcrality in oil literary, scientific, re-
!igions, charitable, and public enterprises.
The Gro and tho panic, togat!lcr with lis am
bitlon to do more thnn lis proportion in the
work Of rebuilding the city, betrayed him
into lossee from which lo will probably mover
recover, and which have left him, Lis friends
say, practically bankrupt. He Is entitled,
therefore, both from pcrGoilh md pubic
point Of view, to every consideration, and ho
must be held guiltless Of tho serious Charge
against Linn until It IL proved TO tho satisfac-
ton Of jury Of his countrymon.
In The course Of his extensive aud varied
business connections and public enterprises,
Mr.. scAmMos las made soma bitter personal
enemies. II the prosecution in this case
shall not bo followed by othors ngainst OIL.
GERS Of other Nntiona1 1anha whose conduct
has justified gravor suspicious against them
than havo ever been entertained against Mr.
SoAMMoH, then there wifi ho renson to believe
that III this case 1t has been prompted by per-
sonal malice. Il, on tho other hand, this ILL.,
diotmant IL tho inauguration Of general
movement on tho pnrt Of the secrctary Of tho
Treasury, nko that against tie whisky mon,
then, whi!o wo still hope that Mr.. suAMMos
| may DO proved innocent, We also hope TINT
tho prosecution will DO so vigorous in all
casea TINT tho officers Of National Banks will
fool and know it to bo peri1ous in future to
ignore mud violate tho National Banking law
To tho injury Of stockholders or depositora.