The Toledo chronicle. [volume] (Toledo, Tama County, Iowa) 1873-1924, 1877-11-01

!, 1877.
a SOLEllN LESSON.
Mr.. Gilman did not fall through the
force of any outward pressure. There
was nothing even in his own immediate
circumstances that made crime appear
to him necessary in order to his extri-
cation from business troubles. Itwas
simply that he was living in a style
which his income did not enable him TO
maintain, and in order to furnish him
self with the means he resorted to an
extensive embezzlement of trust funds,
and then added the oft-repeated crime
of forgery. He had not the moral
courage simply to reduce his expenses
and live as thousands of better men
are living, and in the infatuation which
the first departure from the path of
rectitude indicates, he made wreck of
everything, in the wild but vain hope
| that somehow he could extricate him
self and all would come out safe in the
end.
Let young men and men of ripper
years, who are engaged in business,
and especially those who feel in them
selves the temptation to make a show
| in the world which they have not the
means to sustain, take warning from
this deplorable case. We deeply mourn
over its occurrence, but now that it has
occurred. we hope that such wreck of
| business prospects, of reputation, of
the hopes and happiness of friends,
may be a beacon, warning others to be-
ware of the rocks 6 i which such a
precious freight was east away. Let
no man set his heart on acquiring
wealth as if it were the chief good; and
let no man covet its acquisition or pos
session, excepting in legitimate, up
right, honest, honorable way. And
.Iet him that thinketh he standeth
take heed lest he fall
VIM. C. GILMAN's CONFESSION.
To the Rev. DR.. Houghton; to my wife, to my
brothers and sisters and intimate friends:
1t is proper to state certain facts in
explanation, not extenuatiOn, of my
conduct.
From the time began business had
placed in my hands, by friends who
trusted me implicitly, sums of money
ranging from $100 to $4,000, on inter-
est at per centum. These sums would
often remain undisturbed for weeks and
months, and, as l paid for the privi-
lege, it was proper and was understood
that / employed them in business.
Inever speculated in stocks on mar
gin, nor lost or won money by any
wager or gain. did make investments
in enterprises which promised well
from time to time, in good faith, and
which turned out utterly bad. For this
my Judgment is to be blamed.
Possession of SO much money, and the
control of it, gradually made me feel
and act as if it were my own, and en-
croachments upon it, whether from
losses or expenses, which began many
years ago, came so gradually that | was
scarcely sensible of them, and, while l
knew that l was running behind, l
could not bear to look deficiencies
square in the face, and hoped for better
times.
Times grew worse instead of better.
The failure of the Sun Insurance Com
pany and the neceelties of other COM
panies, impaired the confidence of buy
ers in everything but Atlantic, and COM
petition for that the last few years has
carried prices so high as to leave no
margin for profit, and has made the
commissions thoroughly inadequate to
meet the scale Of expenses on which l
was doing business and living. Conse-
9qe1nt.l!y, my business was greatly re-
the more unwilling became to inves-
tigate them. My books and accounts,
which had been my pride, were neg
lected. drifted hopelessly on sea of
trouble, seizing every straw which
seemed to give little present hope,
and, in some cases, Iallowed my repu-
tation to suffer by long delay in max
ing up accounts which were called for.
This moral weakness was quite mex
cusable. How easy to say SO now yet
how hard it seemed to do what should
wears ago have done, in reducing ex-
penses at home and in the office, and in
resolutely closing accounts which were
a temptation to me, and which, if hon
estly treated, must, at that rate OF in
terest. have proved Improbable.
Prior to the panic of 1873 l had made
improper use of trust.funds in my
hands, under the pressure OF declining
business, and the troubles of that year
involved me in additional losses. After
that time the accounts in my hands be-
gan to be drawn on by the depositors
more freely than before, and not infre-
quently found myself sorely pinched,
but always managed TO extricate myself
without doing nything criminal, though
| must confess the moral baseness OF
nv proceedings these many years. AS
nearly as can remember, must have
put forth the first raised certificate
not quite two years ago. 1t was so easy
to do it, yet what struggle it cost me!
| 1 have suffered more, all these months.
in thinking of my baseness in abusing
the confidence of my friends in No. ~
Pine street, in the two. insurance COM
panies and in the bank, every one OF
whom has always treated me with the
greatest kindness, than Of the absolute
wickedness of these crimes.
Blindly hoping that the,.r' p
would cxtricate me, 4
and deeper, mi 1 hsual have on hand Il
that mysehdeavof was ~. h
ficieneies Of term Of 'yeafsll nas'.-css i
possible for. me to state, without refer
ence to memoranda, which have not
by me, what amounts are afioat; but l
am confident this will be found at the
American Exchange Bank, Union In
surance Company, and H. Talmadge q
Co.. and my friends who are looking
| will find the whole horrid truth there.
l have not sold any fraudulent securi-
ties, but borrowed on them. 1t is prop
er for me to say that l am alone re-
sponsible for every wrong act. No
human being could have had suspi-
cion of it, and am alone to blame for
the false pride which has made me in
cur expense at home and in my busi-
ness which could not be lawfully met.
NV wife never persuaded me to any ex-
trayaoance. and she would have ac-
cepted any restraint might have put
upon her.
i In addition to these fraudulent trans
j actions, other persons than those named
must suffer to considerable degree.
chiefly INV brothers and sisters, prob
ably to the extent of $4,000, and sew
eral other persons, who have had ac-
counts with me for years. ] cannot
i now state the amounts of these latter
accounts approximately.
To sum up briefly, / would say that q
decline in business, bad Investments,
heavy expenses, both business and do
| nestle, and personal extravagance have
betrayed me. No; must be just to
myself, and confess that have deliber-