The New York herald., 1876-03-18
THE THIRD AVENUE SAVINGS BANK.

To EDITOR OF THE HERALD:-
Your issue Of the 9th inst contains letter signed
"B A. Mcdonald" purporting TO be answer to one
written by me but entirely different from the
requiredso evasive and erroncous-that wish to ask
space for reply. l asked him a few plain questions
and required straightforward The only
straight answer he makes is denial that the receiver
occupied the banking department of the Third Avenue
Savings Bank his Office aver that the receiver is
present daily with his assistants and visitors and
acts the business of the reccivershp there. If this
not occupancy, then admit am in error The other
questions answered by asking other questions or
by special pleading 1t is well known fact that
the retreat OF defeated army there are to
be found birds and beasts of prey who follow
close on the rear, ready to fall upon and devour
the dead and dying Even so is it on the failure of
savings bask There are always human vutures and
beasts Of prey ready TO fall upon the unfortunate de-
posors and devour what little there is efl and those
who cry the loudest and howl the longest at public
meetings nst gated and managed by themselves are
generally the most ravenous Mr. Mcdonald came out
with flaming card that he perfectly familiar
with the affairs of the Third Avenue Savings Bank,
and anybody seeking Information had only to call at his
office and he would furnish the information desired.
thought them as am convinced now, he knew moth
ing about the affairs of he bank but what he has
learned since its failure; and consequently he
was not in position to furnish the in
formation desired. read the daily papers,
but until the HERALD made an erpose
nothing, far as | could learn, done to make the
deiauters refund As soon as the HERALD called pub
lie attention to the fact then Messrs Green and Dar
ling arrested be discharged again And still,
far as can learn, nothing has been done to
those who have robbed the depostors refund their i'll
gotten gains. 1t is true Messrs Bates, Decker aud
Lyon have been arrested and held to BAIL but 1t seems
they stand in the position OF the cats paw used by
the monkey TO pull tho chestnuts out OF the fire. Now
this may all bo well enough to satisfy the public but IL
does not restore TO the deposltors their money. 1t
not satisfactory to them What they want is their
money. may be as stupid and ignorant as Mr.
Mcdonald would have me appear TO be- II so II is my
misfortune, not my fault. II | cannot compre-
hend how it is that certain officers and trustees
OF savings bank may rob its depositors Of million
more of dollars; If | cannot see how IL Is that
5000 OC0 of the money of savings bank can disappear
from its vaults and nobody know when through
whom or how it disappeared; If do not understand
how 1t IS that money secured on the bond given by
defaulter relative OF one of the officers OF the bank,
should not have been paid into the bank, or that no
account whatever should be made of the disposition of
the same II is my misfortune VIII the HERALD please
give little light this subject 1t is very evi-
dent that Mr.. Mcdonald cannotY The great power of
his brilliant mind Is sufficiently taxed IN singing the
praises of the eceiver OF the bank which, by the by,
must be nauseous to that gentleman as they are Of
/ fensive TO all true gentlemen.
The law requires that the trustees OF savings banks
shall invest the money OF their depositors in certain
securities and none others, and If they faithfully fol-
lowed the law aver II is morally impossible for saw
ings bank to fail We find the Of ALL nearly all
the failures of savings banks have been caused either
by the stealing OF their funds the oanng OF Their funds
inludciousy or the purchasing OF securities forbidden
by and direct violation Of law Is there remedy
for thlsY Is ono TO be held responsibleY If the
officers and trustees for their own selfish ends, lend
the funds Of the bank securities forbidden by law
and the money by OF such loans Is lost is nobody
to be held accountable? Is there nobody to blameS
Are the depotors to be thus plundered of their hard
earned savings with inpuntyS Certainly there should
be some responsibility somewhere.
had several hundred dollars on deposit In the Mar
kct Savings Bank when II failed aud this failure
very marked fraud There was great flourish in the
papers OF what TO be done to punish tho perpe-
traitors OF this fraud and make them refund their ILL
gotten gains but have yet to learn that any OF them
have been punished made TO refund 1t is now over
three years the assets Of the bank went into the
hands of the receiver and the depostors have been
paid about fifty per cent Of the assets. What has be-
come of the balance | know not, but presume they
have been used up in expenses. And presume that
will bo the with the Third Avenue Savings Bank,
unless the HERALD and other public prints which have
already done much shall continue to plead the
OF the DEPOSITORS.