The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-03-28

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Father Edward, and that he has, in very
many instances where interest was not
left TO compound, paid 10 depositors as In.
tercst much more than the amount OF their
original deposits. or cOune that iact does
not relleveh him from the obligation 10 pay
the principal also; but tho knowledge Of
II cannot but mitigate the seeming
severity Of the loss OF sucli depositors.
Father Edward could not say mo- to any
who asked for aid. II the party soliciting
q loan from him prolTered mortgage he
would take 1t, but Il one was not forth.
coming he would accept a mere note at
hand.
One man who borrowed $4,000 from
him simply gave him in return, "ReCeiyed
Of Father Edward Purcell SID, 900, " signing
his name to 1t, and that was quite satis.
factory. It is affirmed that not less than
$4,000 were loaned by him, and arc still
outstanding, In sums from $50 to 81, 500,
for which he received nothing more than
verbal acknowledgements and promises to
pay. And as for worthless notes, lle has
torn up hundreds OF them, convinced that
nothing could ever BE- collected on them,
and hundreds still remain upon which the
Assignee las some vague hopes Of getting
back small percentage. lie was particu.
larly weak on helping his friends, among
business men, out OF their financial embar.
rassments, and In that way has got rid OF
some very large sums. BY the failure OF
one big dry goods house, for instance, ne
lost $4,000, aud by another bankruptcy
SSO'OO0, and these are but samples OF mum.
ners Of his financial transactions In that
line, so he went merrily sailing along,
like the tabled earthen pot floating among
the brass ones.
HOUND TO 90 TO SMASH IN TIE gSD.
Meanwhile the Archbishop, not suspect.
Ing anything Of this, had continued ali
those years drawing upon him for money
to aid churches and institutions OF yari.
Gus sorts throughout the diocese, and
some tedious lawsuits were costing him
pretty heavily. One Patrick Considine,
in dying, left large farm on Mount
Adams to the Archbishop for denomina.
tional uses His natural heirs contested
tue will, and the litigation thereupon last.
" many years, costing The Archbishop
50, 900 before 1t was fully settled,
When the hard times came and lepos.
It's lcll oil, the demands upon Father Ed. |
wards treasury were not Correspondingly
and then he found It neces. |
'ary to go out and raise money by mort. |
sSaglng the real estate to which he had
,lungso many years, and by hypothecat.
hg, inc more or less worthless paper which
ne had coniidtnglY taken in exchange for
good money. ~
Then false reports OF other losses by the
aiIures Of two local banking institutions
converted the alarm into a panic, and the
'ur upon him began. He did not last a
DAY, nor an hour, under it, in the sense
n which savings banks might be said to
ast, Tor he ran out OF Cash ut the first dash.
md stopped payment But he fastened
o get some more money, and began paw.
ng again. In an hour or two his strong
'ox was empty. Then he closed, went
'ut anu borrowed some more money,
,pened again, paid it all out, and closed.
'nd that was the way lie went on from day
0 day, solventand honoringall obligations
or about two hours every forenoon, aud
lASEGurT TIIE REST or THE TWENTY POUR
HOURS.
Otcourse, the depositors grew wild, The
cry uncertainty Of whether they were
;olng 70 be paid or not maddened them.
" excited multitude besieged the house.
The aged Archbishop noticed their pres.
nee, and asked what was the matter,
'ather Edward told him there was merely
J. little temporary trouble about money.
INC other priests In the house thought
here was only some Temporary trouble,
md borrowed for Father Edward from
heir personal friends several thousand
dollars. The next day Father Edward
played paying.teller a little longer than
Usual. Then some wealthy Catholic lay.
men gave several thousand dollars more:
Iut still the trouble grew daily. at length
nc emu was reached. There was nothing
more 70 mortgage; no more money could
% raised, and the depositors kept coming
n great numbers and with larger claims
ivory day. The hideous fact Of bank.
'nptCy could no longer be concealed from
he archbishop. He at once insisted upon
ne entire affair being turned over to
boaru oil Trustees Even then Father Ed
ward could not realize that he was in n fix
rom which he could not get out quite
;asily II he had twenty or thirty thousand |
dollars, and when the Trustees talked Of
ss'!lng S!0O,0O0 Of bonds ho nooh-poohcd
,helr. estimate; and after some elaborate
lgurlngS and divings into his memory as
iured them confidently that sci, 900
would l'em more than ample to cover every
cent owed to depositors. When, a few
weeks aiterward, he was informed that
hey then knew that the debt would OK.
; zee do SS3,OOO,OOO and possibly reach ST.