New-York tribune., 1878-01-18
OHTJOFN FRtTD.

ne action OF tllf N'ONcINluE 'OinHlltc oI
The stock Exchange in the matter of Mcssrs
Nctter Bonner, and Scwcl VII command
general approval. We have no doubt that the
prevalence of dishonesty among business men
is attributable in large part 20 the fatal facility
with which the lrblic has heretofore ac-
ccpted excuses. aud general reluctance
To call things hy their right names.
\ banker or trustee who has The misfortune
10 cbIbczll. the property of other people can
always find n sympathctic reporter to publish
his gloss upon the transaction, and 10 help HIM
in haf-pcrSuadIng the world that he is not u
common swindler, tut the victim oi weakness,
indisciction, and the general ,tdgHdtion Of
business. Society dllatcs uron his personal
qualities anil his usefulness II the Sunday
school. speaks tcndcrly of false swearing
as fatal error, and forgery as an
inegularity, and when ne goes TO Sing
Sing bids him goodbye with a friendly pres
sure Of the hand, and hope tIat the Warden
will put Linn at some gentccl and a.nu'lng
occupation, and give him a good room with n
southern exposure. The METERS, standing off
nj arm'S-lcngth, assured dcspoled Wall Street
that they had done no Grong-had only fol-
lowed the customs of the market, and were
suffering wow from hcartlcsS conspiracy
and they talked 80 earnestly of their own in
noccncc and the corruptions and dangers OF
ihc stock Exchange that We could almost be-
licyc them to be the chief dupcs of their own
III. cality.
The verdict 0f The Governing Committee upon
these cases viii be ta%cn by the Street aud the
public ~ q much needed tonic. There is virtue
III name; and there will be fewer tcInpta-
tioms 10 the sort of fnanciering cuphcmstically
j,nown as rchypOthccation when il is clearly
understood that it is ''ob-ious Fraud which
render. a man unfit to occupy seat at the
Exchange or 10 transact business with hon
orab,c dealers. No sympathy will probably be
wasted upon the abscondiIg thieves whose
expulsion has been voted by unanimous con-
sent Mr.. Scwcll, however, is the object of
considerable sympathy, and he seems 90 have
been condemned 10y very narrow majority. Ills
conduct ut the time of Bonncrs disappearance
impressed great many people in his favor,
and ii was assumed, with rather remarkable
readiness, that he must have been ignorant or
bis partners operations. That he did not know
Mr. Bonner meant f. run away with the plum
der, aud that he was both surprised and
shocked when he found himself left alone Ia
guard an empty safe and confront the out
,aoed creditors, we can well believe. But the
Governing Committee apparently acted upon
the conviction that Mr. Sewcl could not have
bcon cntircly ignorant Of the repedglng of the
pawncd securities, much in the dark as
80 the transactions Of his firm as not 10 know
the source or the destination Of the moneys
.Iat passed through it's hands.
Whatevci we may finally think OF Mr. Sew
ellis moral accountability for the frauds of bis
partner, It viii be well for gentlemen in his
position hereafter to remember that they hold
relations Of trust toward their customers anu
cannot De excused if the trust is broken under
their very noses and through their neglect. Ii
will not do for chem to plead that scamp of -
partner committed the theft while they were
oil Yachting, or dining or amusing themselves
in some other way, and that thcy reall ncver
gave attention t0thcse matters, and hardly looked
at the books, and supposed the other man was
all right. They accepted certain securities nm
der pledge to keep them safe and return
them at the proper time and III falling 10 OBJ
serve that pledge they violated II solemn trust
A business conducted in such way is nothing
but course Of false pretcnces and dishOnorcd
agreements; and even when there Is no proof
of intent to steal, we are perfectly justified in
dcuouncrg il ~ IN Obvious fraud
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