The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-03-23
TIE ARClIBlSHOP'S FAILURE.
now THE Lost MONEY CAME. now IT
WENT, and WHERE II mas GONE

Loose scraps or Pnpcr-Money for who
ever AppIied-No Adequate Security Given
or Demanded by the Unworidiy Priest.
CtNCINNAT1, March 2i.-The thing which
people generally seem to find most difficulty in
understanding about the failure OF Archbishop
Purcell il. What has become OF the money!"
1t is without precedent I'm tho history Of bank
ruptces that so vast sum should leave 30
little trace Of its disappearance and should
have hcen to all appearance OF so little benefit
10 the persons responsible for the loss. Not
even tie most censOrious or buorly scctarian
can honestly say that one dollar OF the great
sums deposited with the Archbishop and his |
brother hns gone 10 the enrichment OF those |
aged and simple. minded men. or has been mp |
plied by them with any taint Of dishonest intent.
or has been squandered. what then. hns !
been done with the money! To know that
one must primarily understand the char
actor OF the two men. And first. OF the
Archbishop. While not at all bgot
no has from the time OF his ordination
as priest In 1926. given himself heart.
soul aud body to the service to which his life
was conserrated. To him the most vital and
nl-imuortant thing in the world WIS his relig-
ion. II wis not mere profession OF faith to DO
cherished. defended. and strengthened. but n
vivifying principle that animated him in every
ono II the many good words and works. When
he was assigned TO the charge OF the diocese Of
Cincinnati he found himself In field where
Utmost everything that he regarded as essential
10 the well-being of mankind here and here
after. had yet To be brought into being. and it
depended upon him. Churches were lacking
There was only one Catholic church in Cincin-
natl und only n few were scattered through the
diocese. for that was forty-six years ago. or
Catholic educational institutions. orphan asy-
lums, and reformatores there were none. In
short. there lay before him. as his task. a great
creative work for which he was as well fitted as
any man could be. except in one particular-that
of possessing practical executive talent for
grasping business details and hanlling them as
n man OF business would manage q commercial
enterprise. He had the heart. but he lacked the
head for that sort Of thing. 1t IL to he feared
that in his ardent desire to do good he made the
mistake Of trusting too entirely TO providential
So far as can. Mt this time be- definitely ascer-
taned. his financial operations did not rssum9
any importance until after his brother Edward
was ordaned a priest. in 1888, Up TO that time
he hai heen receiving sQme deposits lhht Were
forced upon him but had not mAdc any use 9l
them. and paid no interest on them. He simply
acted rs their custodian for the benefit OF poor
persons to whom they belonged He WIS poor
then-as poor as any Of his flock almost-for he
had to borrow in the East the means whcrewith
had To ask months II credit Tor the simplest
necessaries Of life. To his honor. be II ever re-
membrred that notw outstanding the enormous
sums Of money unauestioningly poured into
his hands there has never been a time since
those early days of his episcopacy when he was
not Just as poor ~ he was then. except that he
About the time that he was Joined by his
brother Edward. there was an era OF financial
prosperi,y; due TO- large immigration and
the country and the building UP OF the
cities. Catholics from across the seas came
broad and work Tor aii They gave liberalIy TO
promote in their new homes the faith OF their
fathers and in all directions Catholic churches
MT lni would
know exactly how the Rev Father +, ,lward Pnr-
cell hecnme hnanrier ana s2m.tnlppG p, oi tne
but that knowledge Is unnttnnahlr. now al least'
The present great disaster seems N nHNe en-
10 have seriously al t'trd his mind. FROM ine
geuiul. kindly man he used 70 be, ne h,'s PEI
cone rrupllnut. either mOro-c or hottemperrd
by turns and oistinnt"ly unwilling 10 converse
about these topics. u seems. however that ne
broth. r. plans and rherishing IN" erroneous
idea 'hat he possessed ~" business capa'iW IN
proyi 20 90, moons hy which those plan might
g. rnalizrd The Bishop very Willingly re-
From tha, tine until the final crash, 1t. is
ayrrrcd hy tho Archbishop, nm impl'ty r
loved by those most intimate with him. that no
knew ai-oluirly nothing oi the rohnnr1 o., thhn
rnnu nnd had not even a suspicion oI 'h'
n 0r.tth. Rav' Father Edward Purcell paid
n interest upon deposits. In that oinlsSlnn ne
was mIy l"lowni , Ioni @ rs,nn'lsn,il III sil pbnnJs
did sp merely t0 have IL in plnce of supposed
absolute security II is nnderS!o0d: :ngid n2TIySr; nsy
Interest II is only fair that the money Of the
poor as well as that q the rich should braed,
and it is 10y interest that money breeds. Inc
banks would pay them interest for their money
and you should be- as generous to 20, your own own
people as the banks would be" when ], was
sugrested that four per cent. would be about
th- safe and proper iigure he promptly accedeu
1t is not M MI improbable that u fourteen pei
cont. instead OF four had been adyised
he would have agreed % tn": sbor pr
tho four per cent. rnte lasted only snor
time. The men who would haye been conien
with no interest at all thought II hhrd WiSt l,r.
no, IN rsceipt Of as much as the banks profIere,
and gruubled that they ought 10 haye HtN prl
cent about ne samr Ilm" ie of i'e' eman,
for money to carry out the Bishops proletu
which had been set aoat on tne slrengin 0i ua In
needed and when he announced thhl thehee
forth hewould pay SIX per cent; int'rGst. nss
meet every then present requirement. ana CIV
assurance t. ono Of his sangune WInport pn
ment that such a Partolif stream coulh nov"
run dry From this point was the beginning q
The inevitable end. The eroat iinanrla nluh
and invrsting il in ways which returned no pc
cent. nor even the principal was a III Dngi i : !
agpmcnt Meanwhile the bishop bought su
peri site and erected truly magnificent calnt
cnnal 'rii rrsi ienc. In rs r"ar What the cost WI
nobody now knows. for Father Edward simpl
paid all the bills rs ihr} were brrTI nlou NM n,.
no accounts, aud doesn't frin"inh. "n W
about that, or indeed about anything eisr' bl
II could not have been less lihN nun ~ NV
tbat was thus expended here No needy, stru(
Cling congreggii9n .2pp"galsd IN vain vain To- To- ~ ~
Bishop for mid Father Edwards money pa
was always open, Up on Mount Adams, whel
inp urop,o were nc. "h" I" huild "A ehurnh i
thcmseiyes. tho Bishop ordered h9ndson
ono for them and Father Edward paid Us 60,
Tho orphnn asyum- and the institnt ons m 9l u
Rist.rs OF Charity. and convent up III br,oN
County all came in for liberal s4grGs @ oi y
BishOp's muninrence through ~" Fmhcr -
ward channel. The Bishop was in the po'lIlt
OF a chemist engrossed In some lmpora9t =
pertinent who calls upon his assistant 10 /
certain Vessels with water, ana dreams no
inlerruptng his processes 10 inquire Wheh
Tho wnter comes. go, IT, t.,, a. a.,
hN looked like business. III was rec lvli
much money, paying interest on 1t in We
prarli.n scemnG way. supplying money ~ ~ ~
needed amount for any chhrilnh" or lflElo
purtose that met with the bishops nppI4N
buying roal estate hero and there, IN llnn a au',
the city. often at apparently good bargnlns ~
invest ng money in mhnulnctullnk hnu u"
cautile concerns. But ms 1t now turns ON
much of tho money he received rs deposits we
immodalrlY to pay interest. and Nh'p req reluit II
principal OF previous Deposits the loRns III
gifts lnude with the Bishops approval bro9i'