The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-12-25
A Sorrowful Christmas for the Man.
haitian Bank Depositors.
EFFECT OF TIE INJUNCTION.
What President Sche Has to Say-The
Probable Outcome.

the ear Sixty days ago the Manhattan vaults were
opened and three millions of the peoples money were
taken Awaiting themselves very naturally OF one OF
their bylaws the directors announced that no money
would be paid out until that time had expired. In
convenient this was to many depositors in mode
rate circumstances it accepted with good grace.
and calculations based sixty days were freely made
AS of the bonds or other securities had been re-
covered the bank secured relief from Congress- dupli
bonds being ordered in its interest. So far as
the public knew that relief ended all embarrassment.
and end of the city the other the best of
feeling obtained and those depositors who were
most Inconvenience said, well, it's all right at
last"
The HERALD announced the approaching expiration
of the sixty days. and inferrng from the silence OF
the bank officials and the fact of the substantial relief
afforded the bank that resumption on the 27th was
certainty. took great pleasure in so saying. There
was denial by the bank or its officers, and thou
sands of homes were made happy in anticipation OF
the addition their cash funds at this taxing season
of the year. 1t would be practically impossible to
overestimate the amount of comfort derived from tho
contemplation alone the speedy realization of these
assets so long withheld.
SAD DISAPPOINTMENT.
Then comes the report in the HERALD that Judge
Ingalls, has granted injunction restraining the off,
Of the Manhattan Savings Institution from pay
ing out ito any any of the funds belonging to the
institution until the further order Of the Court.
Had lump of ice been pushed down the neck of
every depositor had a wet blanket been suddenly
clasped about his already chilled anatomy, greater
surprise and CONSERVATION could not have been
caused. So great the excitement SO general and
widespread the disappointment that it was deemed
wise to obtain from the officers of the institution the
inside spread before the depostors President
hell bald heal large ed
checked, happy faced man. Of apparently fifty
years of age smiling in his cosey parlor yesterday
and welcomed the HERALD reporter with a cordially
characteristic of himself and his brother Augustus
and uncle Dick. In reply to question President
ScheI, looking solemn and wise id:-.The HERALD
shall certainly know and understand the entire
The relief afforded the bank by Congress is sub
stantal and sufficient. when We get it,
"Why not get it at once?'
THE CAUSE DELAY.
1.-THE bill signed by the President last Friday.
Vice President James M. Mclean was in Washington
to attend to the matter Immediately. but the secre-
tary of the Treasury occupied with other
matters. generally busy. that he had time to
attend TO it,"
4 don't that there is any special it to attend
isn't it,"
Eyes that's all we want; but the complications are
such that the department is anxious TO surround it
with every possible safeguard"
When do you think you will have the duplicate
bonds2"
well we hope it won't be very long after the re-
assembling OF Congress. Congress has adjourned.
you know, till after the holidays"
"And them
well. them we have to obtain the duplicates of the
New York city bonds"
They are part of the banks assets-ssy $4,000
and must have all assets, of course"
"who has authority to issue them?
mo one without the authority OF the Legislature.
No city bonds are valid unless authorized by the
State Legislature"
I'm other words. then. you don't purpose resuming
until after the Legislature meets and passes relief
bill, the Governor signs 1t and the New York people
print and issue the literal duplicates"
Il don't exactly say that We shall, Of course. be
well in funds when receive the United States
We would then have on hand We may resume when
we get the government bonds. but Of that can't
Judging from the resolution passed by your
Finance Committee on the 18th inst, directing the
take such action be advised to extend the time
of payment to depostors. this injunction of Judge
ingalls, Is an emanatlon from yourself ess il not y
PARTIALLY. We desired to do what is best, OF
course 2?
THE JANrroE.
As Mr. 5chell was speaking elderly entered
The Office, hat on. and, after few moments CONVEX
saton with the president, retired His intensely
spectacle appearance made an impression on the
ceptible observer, who unconsciously, influenced by
some occult force asked, by the way. what's become
of your celebrated combination janitor p
That was the janitor." replied President Schell.
"he is still here He is perfectly honest man. If
ever there was one"
HE looks well"
'of course he does. He is not only good but a
thoroughly conscientious Christian man. Metho-
dist eoveganter you know. Oh, yes, he is as honest
be.
That combination business though. was rather
"As it turned out yes but there isn't bank that
didn't leave just as important trusts with its jan
cor. Our misfortune mas given them tho opportu-
nifty to cover up, however. But it's al right"
THE BANAs ISrlsIIoNs.
ITO return TO the depositors This further delay
viii cause great discomfort and widespread embar-
BASEMENT. What can the HEaALD say 10 the dscour-
aged depositors? When is 1t probable you will begin
~ pay outy'
1--WE not in position to name a day. In fact
we prefer TO glide nnostenatousy back to busincss
90 resume III possible without any fuss or parade of
our intentions. Every man will get every dollar,
and that's some comfort but IL is IN the best interest
OF all concerned that this additional delay is made.
isn't IL rather strange that this injunction comes
Just now. when the sixty days about QUIZ Why
not get it weeks agoy'
No, It's not strange. because we have hoped all
along 20 recover our property. and when that
seemed impossible proceeded with all possible
despatch TO secure governmental aid. There 10
infelicity in our bylaws"
what il itr'
Why our bylaws specify sixty days as the time
the bank can demand before paying depositors. II
might have been four months or six months just as
well Then there would have been no trouble and no
need OF applying to the Bank Department"
but all other banks have the same bylaw
80 they have but. as the superintendent said to
us when he examined affairs that the mistake;
IL should have been made four months ut least
In further conversation Mr. Schell oppressed
belief that i would not now be long before every
man who wished to draw his money could do 80.
TIE PUBLIC FEELING
IL would be idle 20 deny ignore the existence OF
deep seated indignation in the ranks OF the Manhat-
tan deposiors. There with accounts as
high as 10000 and many ranging from $1,000
$1,000. II Is said that who afford TO put
$1,000 in u savings bank cannot be called poor
men," Perhaps not; but the men who can't get
their $4,000 out feel very decidedly If they
poor mon. Several sensational stories have been
circulated about these heavier deposors and the
rible financial wrecks they have become i'm conseD
quence Of the sixty day rule. Blt, Mr.. Schel
very truly remarks, these need find no difficulty
in borrowing in other banks the production Of
their passbooks. These not the of sufferers
TO whom the HERALD alludes. IL is those whose de-
posts range 800 10 $500. who have economical
aud saved 10 accumulate rent money for the doctor
the butcher, tho baker aud the paper man--Inen TO
whom 600 represents six months OF hard labor and
conscientious savings are the onos who now suffer-
HARD CASE.
hnt1E