The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-11-04
On his Iraft. unknown TO the directors and
unauthorized by them.

his CREDIT without any asouritiea, though
marked pedgad In tho books, ana WHICH notes
nro ttiil nm id an,i sent to The Fourth National
Runk ~ collateral sa nlflina tnr ninHnns dun
~ them. On tho day the bank failed mo qya, p,
drait WINS 90 iaa ~. Mr fa'tnnf ~ wow on hla
| avonng, aud pretairlng not 70 report eneh =
ri Inn innl nni na All unauthorized nVnfNtafi,
placed to hia credit the amount due We ,'nsss
fnya fn hls own nam, mud Oh old hpoksl, s''
| 7pa 81, thus making n forced credit ~ sahos ~
| " NJ, Palmer, was entitled ~ the naianee'
| why did he not have N transferred, being prior.
| ana thus avoid tho danger Of mn nvardrnft and
| ~ panal,ea. and monthly charge Of letter aat
ANY ono cen aae that The trausfer was m alter
onnsdernt ION, boldly made Tor pnrruae, Tor
| the resolution making two nannr ito lmstltu.
| items plainly Etnies that M assets arc COLLECTED
1 they mua W. used Ra folluwa;
4 To tho payment 81 the old dehta' and
consp ieuously stands this item Of fHt.2pp 20, aus
subsequently rednred to s,2.e3e ~, IN accord
with the very resolution drafted and egnod ~
| Mr.. Palmer. aud therefore 90 we'll nnderstnad
ny him by collecting from old aocounta,
| y 10 ne credit oi the holders Of 'he rev
| stock. IIoncs II Ia clear that not oven forced
construction of this ngtanmant nan Justify shy
"thnr oonrlnalon than that which prasent end
Wh'nl wRa alwnys H. well nnhaIstnnh w. w.:
| no difference hAtwanu himself aud the Crosse.
| !!eys. and that bis acts were thoi, aota Now II
| hp had the right TO ransfar an amount dno ~
| them, thong! nom! nHy ~ hts name. end thlia
| mako credit instead Of % d0hlt to his own
| account. he hna ~ much n right to transfat
| another balance due to John Croaalev Il Sons.
special lonn stI7H H. Taking ono lihetty to
make credit another liberty to Increase TINT
| credit would heallowhblo, but Mother was right.
| Ia7p. gave his personal instructions 70 close Tho
bank and ney no more che"sH. he called meet
| what he l,nd done. ITe, however. ordered II sat
| ~ minute, written. stating that the board mot
nnd decided 10 nlpsa Tho bank. thus throw
| Ing tho responsibility on the bank dree-
tors. Il circumstance only cpcuual to hiH many
nca during ak years Of gross Observation-Disclosures
Ion. and untrue because tho directors mot at
Ia I, anil I,,tl il linI thu nt hth
hAA done MI w O'clock n. IN. The records uf the
| hank show Tint III Deremher, 1874, and January.
,nih, Mr. Palmer proposed TO restst the right Al
of the bank, The board overrulel him, showing
~ least that thny wore not approhonaive, and ta
prepared statement allowing aovaucy by large
nominal aesots when tho bank never was
wonker, and tha WINS the only time he eyer had
| q etatement prepared which lid not combine IN
ataeneht clearly ,nnd enthusiastically shows
that Mr.. Palmer shows two banks for ha re-
preaants IN the tom presented to tho commit
toe ot loans aud discounts at7p tR5 ~, as iurlui
Ing nh item III tho old bank, el52 ,421 ~, occurred
by asans of tho oil hank tGeo An ~, This was
\ bold thing. but Legislative rnn,nittaes are
gonerallv out nf herlatltudo when tho attempt
to examine matters 30 entirely out of their rou-
tho. aud hence mr." npt 10 be ploased with largo
figures aud plausible stntamsus. Thus tho
bank lrtted along 10 aimllnr banking eoenn-
trniiIna, when tho panic Ofln1p affecting say
pea ,hankss, particularly mhdN Tho her"tofnre
cnntiding dIrartura npprehonaive aud on the
twenty aaoVnd nf March. 1870 they ina,ruetnd
MIR, Palmor 10 prepare q classified list Of lassea.
tn NJ ready fpr their exam ination On tho thirty
All previous atatomanta were glowing mud
showed great strength but this ono was for u
aeriaua purpoeeand had to be annlyaod closely.
~. Oh tho third n Mhtah. tho following Rtata-
mont wna prnaantal. differing 40 materially
from previous statements ns. % itself. to- eael
diatlnnt item sbep .bc0 drainage warrants ns the
prnneriv ur the bunk IF thIa VIVA so thon tho
debts but now he aHya that most of sl1nae war
, NV ~" ''u ~ Wv ILL. Mou'o w W..
' , 49,, 80 80 w, ~, 49,, $3.50
sSI.a,,, ,,n, ,,Ir ~, ,,,,,, - lni ~, e.
NJ ,nst,ni ni III II hs, hrr, = NJ, 49,
,,,in,1 ,vhn W., ,,arth. nfnr ti,n, na ~
,n,naJ Il, NM in}nr,i,,r ,i,h Massr, Wnl,,,,,
mI i.o ~ Ia, na sasn n,a " r tnsa ]
r , pV hno iodea :" ~ ,ha a a
WuIaan,a WITH Ivy wv l'aoae" ~ .,"., LOT
,'., Do, VIII, i .,,,,,s. r ~, MAXI -, Mnr, !,
, W. T., NJ pn,a,. ssaa s IN ~ ie, ~
,I,an, rn,,n,toI hv him nc Tho nranortv ~ No
ham any TINA ~ savnv t tb .p e'i =" ,p
nln,i,ral for mnnov ihav ndynnced 10 hou the
hnnL n,u I'M NM troublaa
From tho light anal on this and other aubiecte
1t appnara t., me- that these Enaltel gentlemen
haye boon rs grossly do eiyod ~ any ono else:
for aeltlah purnafaa. III Mr.. Palmer nevor would
hmva danwn from thom Ia la7y over i2oo,ooo pi to
npaist n bnnl whose whole nasnta were ploIpnd
for debts and wis literally inaolvant and
would NOT hnvs uaol their pronertv nn n
nledue to thom for 60 900 Tho only excuse /
r,n piye III Il rnnsnn, IA thnl d Inapernto game
Ind "a hp nlnyaI
~, Tha etat ' Of ,he banl prcspnted March
A. 1873, to II full b ard of six mombnrs. inclui-
Ing Mr.. Palmer, president. md MIR. Walton.
cnphipr
rIAnlIIr,rs.
CALI deposits, &2O4 IA bs
Savings Bank deposits $500. ....,.. iab. AN ~
New York hunks ......s... 1900 40
Total ....-.@.-..4.. .,...s. t4Co $40 Ii
AssErs
Ensu hnu oNrnhhge 500 ,ot - VI 'ana o.
t'u 'p.tnp' t. Il 49, f'""'' W . ', ""
Active nnh gnon nols t.: .t.-.'....... 10Y o6o -
l77 shhres lottery STOCK .,+.. b,Hoo 90
presume theso are good. ana CON
sidHp thHm so.l .,-,-no. -
~, Ioa, ~, ., t2'o''o8 70
Old hHnk 'tsseta. ~ ~ ~. e9'ln sted
" ....... nv ~, ~ "
he''oo drainage Warrants ~ e"e ''..:. @'''ho 10
-a---- -
Totni nas'tH s5.911s u
Liabilities. ~; tto.2o "a
enables thn bank - pay II debts and hhve an
excess n SSab'7 Nh, provided tho nb4vo stnte-