The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-03-23

uuiI Sn0ull De TWr less lnNn ne WIS ny lTt-
crdent and custom entitled to- and when they |
were received he always gave them to Chart. |
able institutions. Many very valuable pieces p, o,
one square inch of ground was actually his. |
All were simply held in trust hy him
Even those witch he has recently conveyed
by deed, In order that they might he assigned
Tor the securing o. ne claims against ,Sir nm
mcnt IL. In point of fact merely legal form TO
snve them from the clutch OF some eaRer credi-
tAge OF his nominal ownership to force them to
snlr. BY this means II Ia believed they can be
protected until the money is raised to pay the
Father Edward accumulated es little Of this
worlds goods ne his brother Much ms he re-
ceiVed and much as he paid out. none stuck to
Ills fingers. He got the Same salary as the
other priests attached to the cathedral and tho
episcopal residence. $500 q year; He had
room In the episcopal residence little. II any.
Of a second. rate New York boarding house
He pulled through the crisis Of 1857. and even
saved certain banking institutions that were
threatening collapse. for the people. frightened
by the failures all about them, rushed to him
TO deposit their money. He never troubled
himself to keep any book. so that he could have
had nothing apDroximating to an accurate id"a
Of what nc ow"d or what was owing 10 MN.
Going upon the wildly lallaciOus theory that
everybody meant honestly, he scarcely more
thought OF expecting security from those
to wlom he lent money than he did
OF giving security, to those VINO made
deposits WIN MN Mh"n neposI,pr urouEn, st,,,
of pnper on his desk aud noted down the date.
amount and name and that scrap WIS held rs
the depusitors certificate. When such scrap
was presented for payment he unquestoningly
paid and when II was offered n the evidence OF
a claim for interest II the party producing IL
dd not want the money. he Just dotted down
wherever there wis a clean spot on the paper
the amount of interest due. When more money
was Deposited he mnrked II down rs so much
paid in" and when money was drawn he
scrubbed the entry ms so much paid out upon
the same scrap Of paper. In course OF time
these entries would como to cover the paper
with ZigZag criss cross. up.and down tangled
lines OF words and figures ~ ALMOST ineAtrlca-
hle confusion. His handwriting was very
irregular in its degrees OF illegihntty, hut at
either It's best or worst could easily have been
forged. and he. having neither books nor mem,
ory. would nave paid unhrsitalhry Il lnrtel
As W u ns genuine certificate. II ~, indeed.
ueieVru th'M u" nus lo-t 'onslu,r"uti SUNS m ln
that way. Ten years ago most oi tue oder
paper scrap certificates having worn almost
out. or been covered by entries that there
was no room on thcm Tor any more, ne maze
reissue. hguring accounts up To date, ana to
many Oi the druOs tors he gave su ~ little books
ns savings banks furnish to their patrons. That
spasn oi system has played the mischief with
all hope OF ever disentangiiug his affairs iar
enough 20 ind out what money ne actually hld
receive and how much Of the vast sum now
due il in point OF fact accumulated and COM
pounded interest II must be RENE mhered That
years. in when time the oldert deposits had
more than doubled themselves twice over. But
in the n"w issue OF cerunehtes tnrre was
nothing 70 show when the orlginnl drlos u WIS
made or It's amount. All tina, appeared was the
amount supposed To be ON deposit to the credit
Of the holder Of II ns an Aggregate. Then upon
that basis he would erect new mass Of chiro-
graphic tanglcs. The expert accountants who
pave Ior weeks past ee1h wr'sbSahE sba WIN WIN
turned in 70 tho trustees for audit. mnkc
out that considerably over half million OF the
total debt represents interest which has accrued
upon deposits, and has been coinpoundlng in
the ten years since the new certificates were Is
sued. Respecting all behind that, there can be
nothing but CONJECTURE: but practical men. who
have devoted deep and careful study 10 the mat
sr o sS The SPni1n ,ha, at no. , over
d"bt was ever actually deposited WIN fN'lier
Edward and that he has. in very many IN
stances where interest was notleftt to compound.
| paid TO the drpns itOrs as Interest inu'h more
thGn the amount OF their Original dcp9st's, ~. ~
Obligation to pay the principal also; nut thr
| knowledge of II cannot nut mitigate the SEEMING
! Fiwnrd could not say " No" 10 any who asked
Tor aid. II the party soliciting loan RON y M
profTared mortgage ho would take II; hut. II
| ono WIS not forthcoming. no would accept u
! One man Who borrowed st 5 900 from him sim
| ply CAV, in return. " Received OF Father L J.
| ward Slj 600" signing lis name Z" li uul Una.
was anit. saii- nctorv II i- affirmed thai nnl
s,ill on."ii,niIn,. m sums of IRON s5Ot1 t15o0
| forwnlch o. received nothing NOR" man Nrrha
! acknowledgements and promises % pay. ANA ~
! for worthless notes, h" nus torn M huhltrls %
| Them. convinced that nothing could ever be col
| l"rtci on them, and hundreds ttill rtnRn npoi
! which the assignee has snm' NaS4e nOp'7 %
| getting back Il small percentage. lie was par
| ticuiarly weak on helping his friends. amont
| lusi mess mon out of their financial emhhrrAss
mruts and in that way has got rid OF some Nerl
large sums. BY the failure oi on ulE dry g,,'oli
house for instance ne od sa t'VOoU oss Sre are bu
SAMPLES of numbers OF his financial transac
tons in that line, So he went merrlly shlllnl
along like the failed earthen pot nohthg anon,
the brass ones bound 10 go TO smnsh In the end
Meanwhile the Archbishop. not suspecting any
thing oI 1nis' bm 9na tST moneys To- aid cRurche
and institutions OF various sorts throughoul tn
diocese. and some tedious lawsuits were costin y
him pretty heavily one fHtrlck S9hslulho Y
dying, left a large farm on Mount Adams TO N
Archbishop. Tor denominatona usee hls nh'
| urHl heirs contested the will. and the lltgnuQ
theraupon lasted many years. costing the Arch
bishop t25 coo before II was finally settled. -
When the hard times came ana dep9sts IS lell , oI
were not correspondingly diminished, ana mo
he found il necessary TO 20 out ana rhlss ihohe
by mortghging the real esiate 10 whlch ne II
clung 50 many years and by hypothecalhg lh
more or less worthless paper Whlch ne huu con
llnGlytqk In exehange ior gooa money; m ,hn ;,r
Then false reports OF other losses Dy tho Ihl
ures OF two local banking institutions conNeIte
tho alarm into panic, and me run upon nil
began. He did not last day, nor an hour ul
der it, in the sense in which savings bhhh
might be said to last. for he ran out OF Gash
l the first dush, and stopped payment. But u
hastencd 10 get some moro money, and been
r R"x vas empty Then no closed went out an
% borrowed some more money. opened hgail
pnid il all out and closed. And that WIS I'll
way he went on from day 10 iay, soNent hl
|
. Every forenoon. and bankrupt tho rest =,
, the twenty-four hours; Ot course, tho az
!, positors grew wild. The. very uncertain
y of whether they were going 70 be lhld
y not maddened them. An excited muttu'
y bcsieged tho house. The aged Archulsu,
u noticed their presence and asked what was Il
:. matter Father Edward told him there WI
. merely a little temporary trouble about none
= The other priests in the house Thought tnr
= was only Some temporary trouble, ana Do
,! rnw,i Tor Tatner l. lward from their person
~ | iricnds scvcrni thousand dollars. lhe nc
y. day Father Edward played paying teller q llt'
~ longer than usual Then some wealthy Cain
II lie laynlcn gave several thousand dollars NOR
4, but still the trouble grow daily AZ lengih u
i end was reached. There was nothing more
III mortgage; no more money could be RAISED, ~
Ii the dcD0sitOrs kept coming in greater nuWp'
" and with larger claims every day. The hideo
1l far of "A bankruptcy could no longer br go
20 coaled from the Archbishop. He at once !
90 sisted upon the entire Amir boing turned oN
- 10 "a board Of trustees. Even then fWn'i, l.
~ ward could not realize that he was m llX ir'
~ which he could not get out quite elslly II nc u
~ twenty or thirty thousand dollars, Rnl Wn
IL Tho trustors talked oi issuing siuO,OOO ol Don
w. To meet the de1rt he oOh-poohed thclr es
Wy | matp; and niter some elaborate hSuIlh
~ and divings into his momory aasur
r. thom confidently mat s325,OO0 would
~ moro than ample to cover every G,
ny owed 10 dopositors. When, a few wee
q nnerward he wRs informed that thoy IN
,u | knew that the debt would exceed t3'OOO,OOO a
~ unssihly reach - ODO 900 he was more astf