The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1876-09-22

Tor, found ready aecOmplices la the FiHanc,
Committee aud actuaTics ~ the institution
Together they formed a combination. by th,
operations ~ which, al times and In way.
without number, money was procured from
the bank on worthless or insufficient secu-
titles, or on no securities whatever. Mean.
time, however, the notorious banking.
house % Jay Cooke x Co, two members Ol
which Henri H.. Cooke aud William j.
Huntington, controlled the Finance Com
miitee ~ the Bank, had clandestinely sold
the bonds ~ the United states "a the amount
- 80, 90, and had invested the proceed,
in the bonds n the Pacific Railroad Com
p1ny. Nor was This all. In the early part
- the year $50, this same Finance Commit.
Tee had lent >ln0. 90 ~ the available fund.
o. their cronies on utterly worthless -ecuri-
ties
AZ this stage Of the villainy the thought
occurred % some one that 10 might be safer
% give thec5ior % law % their proceedings.
The honest men in the direction had been
crowded out, and. "a. we have seen, had
been replaced by the special friends % Gen.
Grant. ike Henry -. Cooke and his con-
federtte- ~ the Shepherd Ring. A venal
and suh-enient majority in Congress stood
ready % supply whatever legislation va.
necessary % enable these sharpers 10 carry
oIt their predatory designs. Their frst
step was % secure An amendment 10 the
charter removing the freedmen infallible
safeguard for the security o. their deposits
the wise provision that the funds OF the
institution should De invested only - in the
-tocks, bonds Treasury notes, or other se-
curties 81 the United States This bar
Tier % fraud removed. the remainder OF the
work was simple enough. All they had 10
do was 10 help themselves, and they did ii
without pity or remorse.
BY the amended charter authority was
EiFen 70 invest One-half Of the deposits in
bonds or notes secured by mortgage on real
estate. - The loans 81 this elias. were gem
orally made through the firm OF KilbOurn 4
I-atta. - brokers. They also acted A. the
appraisers Of the real e-tate on which the
money Wa lent. A. might be expected,
the property was often falsely valued be-
-l1e. being subject 10 defects OF title aud
prior liens. Ia this wsy bad debts were
created IN Washington alone % the amount
- sl,fs5, Pm. 30 much for the real e.
tate fund. We come next 20 the investment
81 that portion u the funds which, for the
purpose ~ distinction, was denominated
the available fund This was profess
edlysO invested a. 70 be AZ an times subject
10 repayment on demand. and in this way
practically subject 20 the check % the OIL
cers, IN order. a. the charter expresses IL.
ito meet the current payments Of the cor
pcTatiou. An immense sum was thus
invested IN scrip which was absolutely value
ie--, or else was loaned 10 the tools OF the
King without any preteuse Of security what
ever. :. ". Mulleff obtained = loan on
shares - ;he Morris Mining Company u
Colorado. Alexander W. Randall without
any security, Hallett kilbOurn and John -.
EEans on second mortgage bonds OF the
>ensc1 Sandstone Company. r. II .Gassawav
on shares u the seal Lock Company and the
Metropolis Paving Company, J. NJ. Brown
on stOck - the District Car Loan Company.
Holtzclatr and Bruh on shares OF the Cap
lrol Hill Building Association. !. V. W
Naudenburgh on claim for work on the
W Arlington Aqueduct, on bin FOR work on
Virginia Avenue. on certificates Of the
X p1rd % Public Works. also A. Treasurer
% the Abbott Pave Company, and others 10
the aggregate 81 many hundreds. This
,ickeniue list comprises pay voucher~ u
school mi-tre-~e-. dnme-tics. larorer- on
ihe public work., and pretended claims Il
All sorts on the bankrupt treasury Of the
District q Columbia.
IL ., perhaps but Just 70 state that the
names %; B0s- Shepherd. Measurer Bah
cock and President Grant do not appear on
the roll - deiaulters % the bank. Neither
do ind the name 81 Rutherford B. HAYES
or that 81 William a wheeler. although
both % them. a. Representatives 10 Con-
Eres-. stood by like saul 81 Tarsus az the
stoninE 81 the prOtomartyr. consuming 20
The plumber - the unhappy freedmen. Mr.
" heller lei DC be borne in mind. J. himself
\ banker and he az least could not plead
ignorance - what was going on. Besides.
% : a sound political maxim, as IL l. an arti-
Gle % Democratic faith. that "the party in
power j. responsible for all legislation while
ia power. In many 81 the thirty four
branch bank which, without authority Of
law. had been established in yariOu. parts
q the country. a. feeders % the main con-
ceTu, the officers seem 10 have followed the
example 81 those IN the parent institution,
ty emheZZliug or otherwise wasting the
fund, in their control. Palatial banking
houses were erected. Population. waste
and fraud everywhere held high carnival.
While this wholesale robbery was going
on. repeated efforts were made 10 induce
the majority IN Congress 20 order an investi-
cation - it, affair. Mr.. 4. VI. Sperrv. the
General Inspector % the bank and it,
branches. testifes under oath that for two
, ear. he knew that this colossal institution
va systematically rObbinE nearly a hum
fred thousand 81 the colOred population q
the country; for two years he had pro-
rouuced against IL in the councils Of the
Corporation; for two years he had sought
Congressional investigation. To quote his
own words. and FOR reasons which will ap-
pear IN the sequel. | ak your particular At
-euti0n % thi, point: - For two years. Mr..
: hartman. | have heeu working 20 get
Congressional investigation. lie further
; sears:
TIE Affairs q the Frceiman's Bank ought %
have b-rn vouni up long before. because it was
a very uuWIcltr and uumanagcahle institution.
and have been trying for year OF tWo b have
Be Wuuut Up The cashiers at most - the
branches we're a set u scoundrels and thieves.
mean particularly those at Beaufort. Jackson
vile. Fori1a. AMI Nickshurz. These fellows
we're al tnlcves and scoundreis, ami made no
lrne- about 10. The cashier AZ jacksonville
.1ok O., CD from the bank and loaned Il 70 his
-pu -in-law. without security. IN order % make
lp a deficit which the -on- in Law had in his ac-
count AZ TAX collector IN ore ~ the counties
Tney were al thieves AMI scoundrsls, bit they
were all pious. and some 81 them were minis
iers- The cashier az Jacks snville Is = minister.
ant to-day he has a large sunday school. Al
aim = al q them are ministers.
In order 20 convey any thing like an ade-
guate idea - the atrocities perpetrated in