The New York herald., 1876-08-01

ute to this auocratc coterie This found to be the
case with number Of savings banks In
1t was found, especially when money III sharp de-
mand that those succeeded best with least delay
who made application through certain brokers and by
the payment OF a generous commission. Indeed II
was found to be quite impossible 10 effect a loan IN
any other way and very alter this discovery IL
was discovered also that the payment OF generous
commission helped amazingly In getting large loan
on gwen property-so large indeed that IN many
IL has turned out that these loans in truth pur
chases OF property at prices IT would be impos-
sibe to realize. Indeed, SO potent was this method
that institution made large properly
seen by any OF is representatives, except the broker,
its buildings not then completed and, II finished,
II has been done by the Dank and not the borrower 1t
was my privilege to act pilot to It's officers when
seeking to learn the location OF their Investments In
another case the bank itself had oroserage system
openly engrafed upon its management and The money
so gained placed TO The credit OF depos once,
the most brazen al honest instance OF these
MODERN METHODS or MANAGING SUCH INSTITUTIONS.
SIN required 5000 to insure the removal OF
the difficulties in the way of one loan, and more
demanded the ground that 1t became necessary
make division of this sum, leaving TO the usual
broker OF this bank an unsatisfactory amount In
another instance II was ST. 900, which the magic
wand In still another 50, 900, to be deducted
from large loan, when made, supposed be tho
medium through which a member OF AN investment
committee able to discover his mistake report
ing against the loan and promptly reverse hts judg
ment These will be sufficient to explain what have
to say, although could multiply instances II
sary; and these instances are known TO others, and
like instances are known to many more, and every
could be establishes IN any court unless there should
be remarks 10 loss Of memory among
knowing these things
when in the Legislature TO secure the enactment OF
law prohibiting this brokerage business. which
so fruitful in unwise investments and corruption, and
from me 10 time criticised such proceedings in news
papers under my control. When Introduced into the
Legislature such bill, was at once assaied by the
press in public and IN private; my statements were
questioned, SO that was forced 10 say that while |
thought much publicity would inure the great ma
ory ol innocent aud sound institutions Tor lack OF
dscrim nation, quite prepared prove all state
ments made. before committee having power toscnd
Tor persons and papers; but this accepted and
clared by some the parties thus inerered with, aud
| implicated IN these matters, that they would
and from that day have quite number of these parties
faithfully kept their PROMISE and neglected oppor-
tuny to injure me; and they have been successful in
large measure, Tor they were then and some OF them
arc now. men OF great wealth. having the power which
wealth always gives in certain quarters md it Is easy
10 see how much harm they could DO me, a large bor-
rover, among associate bankers who might not
know or suspect the cause OF this detraction.
Never for moment have so cared for wealth
as to suffer any temptation to wrongdoing to secure
or enjoy II, and Of all things charged against me
| this has been most foreign to my nature. All the
wrong ever did was in desperate attempt, when
goadcd 10 distraction, 10 save my friendsan attempt
none the less determined because 1t failed and left me
all the worse for It, The panic caught me but poorly
prepared to meet IL but was determined, If II were
possible for moral man in my situation TO weather the
storm, would DO that man, and, whatever the pros
pec TO neither pause nor despair but to fight until
enguied. II soon became apparent that 1t was
storm and not squall growing worse and showing no
ground Of hope Securities and names, before taken
without question, were declined taken after heslta
tion OF supplies began to fall of; business
friends upon whom had never called began
show evident signs OF distress and ear and soon Was
mado to believe II because Of the loans made
Whatever the trouble or Its cause II was attrib-
uted to me-
and losses increased while every hand there was
drawing in OF loans and credits. Selling the occasion
my enemies persistenty circulated stories OF failure
when, 10 start such story, was quito too often suf
cent cause 10 such times to make It come 10 pass,
were pad at maturity SO the battle went on, Know
Ing little rest or peace In my efforts to stem the tide
Then the when was to know that, in aiding
me- responsibilities had been Incurred my account,
which, If not met by me, would bring speedy and cer
tain ruin to those who had run The FISK ior mel and
the least possible mention OF this most painful
part Of the affair, will only add tha having done no
wrong, and knowing none in others, was, neverthe-
less placed where had TO accomplish an impossibillty
WOULD bring RUIN AND pEGcARY
to those who believing that the storm would so abate
that could go through with 1t, rsked all to help me-
With such a tempest raging about me- worn down with
desperate and long continued work, knowing no day
nor night stranger rest passing days and nights
hout seeking III then TO be confronted with vision
ALL The most terrible, to ioe that for me and for my
sake ruin had been bravcd, involving SO much
!ha. the srave itself was regarded as place Of refuge
fell 1t not retain or increase possessions; was
not even pride in the past and shrinking from the
an early and long. time acquaintance; all these
would have met with sense OF relief and
stranger Surely with my position, experience
and acquaintance. ! had reason TO think
|
un .uicd and unsuspected, and with such numerous
and ustrIous associates and predecessors, woad pre-
fresh start with hope Of moderate success To
avoid all this was not even tempted to take wrong
step or course, ought to have been strong enough
to stand, even in such position as that in which
found myself pacc. This is only to say that all wrong
is wrong and all right is duty. But, alas since the
world began has short of this perfect law;
and who had been proud and ambitious to live, act
and deserve well of the world. found myself
| pAzED, pIsTRAUGHT AND CONQUERED
| by these tcmpestuous forces Under such crcum-
stances did II all begin. as have reason believe
| say believe, because whether there is one in all the
world who will credit me- still remains that the
first recollection had of anything wrong
was months after II must have occurred, and
what appeared ncontestabc evidence that It had been
| done. Terrified and bewildered, kept 1t secret,
thinking to myself From developments subse
uucnty made have 10 doubt whether this first
false step taken by me or by me the act done.
suppose must have done 1t In moment Of bowder-
ment although did not remember II in the least
cannot bring myself to be more particular in speaking
of order to make my lot easier
but you knew the frantic appeals, messages breath
UNBEATABLE AGONY AND DESPAIR,
received by me- placing it all at my door, and the ap
peal made my sense OF gratitude and justice, am
sure you would think mercy might ind niche not far
IRON wrath. wish you to understand that did not
know, and do not know that any friend IN
heipng at risk committed any
crime. know, and never sought to
know, about this moro than have written OF what
done. Certainly, when received the assistance
supposed II an ordinary loan, no intmation OF any
thing else having been made. Moro recent develop
mcnts led suspect tho distress was made
to believe solely my account arose quite as
much from matters with which had not tho slightest
connection and lear made 10 bear at that time
the burdens OF many. do not think II right To indi
to whom REFER and only say that the conJectures
likely be made would be quite sure TO be wide
of the truth, anc would name few to whom do not
II that this might be unjust to those OF
friends not mentioned. declare tins 10 be mod
crate statement of the most
TERRIBLE TRIAL AND TRAGEDY OF NY LfYE,
statement within easy and most conclusive proof, but
which IT do one the least good except
myself prevent the least harm, to be more explicit;
and even the memory OF friendly deeds OF other
days will not permit me to seek that good Tor myself
once OF the danger the battle was began. which
has fought with unremittng energy until the last
moment In 1t repeated the od story OF hopin- 10
conquer and to tho false step TAKEN Nothing
witnn tho compass OF human effort with ono situated
as lett untried TO accomplish THIS, and
| edo uxiih icrr IL L