Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1877-10-24
Lesson for the Times.

We have already published the fact of the
sad downfall of William c. Gilman, prom
inent insurance broker of New York city,
and of his sentence to five years impris-
onment. Before the sentence was pro-
nouced his confession was read by his coun-
selor. II was in the form of letter adj
dressed to Rev. DIR. Houghton, the intimate
friend of the culprit's brothers and sisters.
IL is a sorrowful account of the downward
course of man who was betrayed into ex-
travagance by the circumstance that large
sums of money were entrusted to him, which
he came gradually to look upon as his own.
Legitimate Investments failing to furnisn
profits enough to pay the interest on the su'
loaned him and his personal expenses, he
was led into hazardous speculations. These
turned out as usual, and he became more
and more involved Instead of having the
moral courage to retrench his expenses, and
to inform his creditors Of his losses and vir-
tual bankruptcy, he began to obtain money
by raised certificates. Still hoping like Mr..
Micawber, that something would turn up to
help him, he went on mis- perilous course,
increased the number of forged certificates
till finally he had so flooded the market that
exposure must needs occur.
And of course exposure meant ruin. The
wretched man has therefore given another
garing illustration of the sad consequences
Of attempting to keep up appearances when
destruction is overhanging one. The pub
lie can estimate the depth of his anguish
when he donned few days ago the con-
victs garb; but who can tell the burden of
anxiety he bore for long years, while strug-
Cling in the coils of the serpent that had
EMBODIED him ? Men are apt, in estimating
the punishment of guilt, to think too exclu-
sively of arraignment before court, or con-
demnation to prison but we suspect that
these are not even the climax of retribution.
Not unfrequently confession is a relief to
crushed spirit, and there is almost grim
pleasure in hearing ones sentence, because
one seems TO know the worst. But there is
often an unspeakable amount of wretched-
ness borne by the knave while yet unde-
tected, but dreadng inevitable exposure.
Conscience reminds him daily of confidence
betrayed and guilt incurred the paltry ex-
pcdients he employs to extricate himself
simply tantalize him; the very countenances
of the friends he has defrauded mutely re-
proach him. and the dread of detection is
the sword ever hanging over his head by a
single hair. What pleasure could Gilman
have found in his years of fraud that com
pensated for even week of the anguish he
must have suffered before the final explosion?
1t is creditable TO the miserable man that
he assumes the entire blame for his mis-
deeds He exonerates his wife of any fault
in his extravaganza. Twas his love of dis
play, not hers his careless generosity, not
her frivolity, that lured him on to ruin.
But perhaps it may not be Improbable for
us to remind our readers of the lesson of this
shipwreck. 1t is more than sermon against
the folly of extravaganza. In this age of
show, people must have the courage to ap-
pear poor, if poor they are. The peacock
ambition to outshine ones neighbors will
ruin man or woman if the feathers are Dor
rowed without leave. And, above all, the
old truth needs needing, that he who walk
eth uprightly wallseth surely. In crime, as
in virtue, it is the first step that costs. Let
every youth especially beware of the first
dishonest act. No man can count on i'm
munity who perverts to his use a single dol
lar that is not his own. Gilman is uttering
his warning from behind those prison bars.
There are not few, however, who stand in
slippery places like those wherein he fell.