The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1880-07-09
A Financial Sensation in Columbia.

the Supreme Court of the State, and also with
the funding of the bills Of the Bank of the State
under re cent Act of the Legislature, had made
an affidavit before Trial Justice Fickliug, charg-
ing Alexander Laughlin with grand larceny,
in that he had unlawfully and with fraudulent
intent appropri tied to his own use certain bills
of the Bank of the State presented to the spe-
ciai commissioner Tor funding under the Act of
lS79.SO.
The high character which the accused has
hitherto borne operated in his behalf last night,
and after the disclosure had been made num-
ber of prominent gentlemen were found ready
to guarantee the prompt appearance of the ac-
cuscd TO. day. At III clock this morning, the
hour fixed by counsel on both sides for prelim-
mary hearing, the accused, ccompanied by
his counsel Messrs Wallace, McMastcr and ex-
Judge Melton. appeared before Trial Justice
Fickng the State being represented by AuOr-
| ney General Youmans.
In opening the case Mr.. Youmans said it was
| grave charge TO be preferred against any man,
and without formality the counsel for the State
willing TO disclose the cutre so far as
they knew it, and in that view, in the cxamina-
tion of Col James G. Colt, he would stand upon
no tcchnicatics.
| Hon. James G. Colt sworn, testified, rs fol-
| lows: The Act provided for n expert TO exam
| inc the bills presented and determine bet weea
! their validity or invalidity. 1t was Impossible
| for him to examine them all in person because
| the elimination of the tainted from the spurious
or counterfeit bills was involved Witness was
unable to distinguish between the two. Under
the provisions of the Act he employed Alcxan-
der Laughlin so to examine those bills
| Laughln was employed upon the recommended
| ton of Col. L. W. NcMaster, who spoke of hint
rs an expert who had long been cashier Of III.
Exchange Bank of Columbia and who fa-
mliar with bank bills. His duties were TO eX-
anime packages of bills presented for funding
! and count them, separating he genuine from the
| spurious bills, and to cancel them after cxami-
M N n q n cnYti
| fy upon the face of each package the amount of
bills found valid, also the amount found invalid.
The packages were tied up in brown paper, and
all the corners sealed with wax and stamped with
Il seal specially made for the purpose.
The frs. intimation that things going
wrong was on the 10Th of June when Governor
Simpson sent for witness and said that he had
been informed that there was suspicion that ir-
rcgularitcs existed in connection with funding
| the bills Witness went to the State treasurer
and told him that he desired to make an exam
ination cf certain packages. Upon the count
| the witness did not find the blls to correspond
| with the amount certified on the face of the
pat kagc The package said to contain S2,0lj 35
was found to contain only 81 l,Gl6 TO- Mr.. Colt
stated that SIX hundred thousand dollars of bills
had been counted sealed ana certified, for whicp
only about $1,000 iii bonds had been issued.
In the cross examination 10y defendants atop
ncy Mr.. Colt said Laughln had regular as-
sistan in his work. The canceling of the bills
orcd messenger, generally being employed in
this service. Up to the 9th of JuLe witness had
two assistants in his Office Lee llngood and H..
NJ. Davidson. The latter kept the key of the
safe. Lamghlin ccunted tho bills, aid The GUS
tom was 20 put the packages in'lie safe Wit
ness was sometimes absent duriay the counting
and cancellation Of the bills.
| The Attorney General nrgied' that the
was ono of great importancc; involving the va
lidiiy Of over $G0o,OO0 of bills That a bond ot
81, 900 would be mockery of justice. lie asked
. that the court would fix the bond al not less.
! than 100000.
After further argument the CeRrt decided to-
fix the bail at 50, 800 for the appearance of~the.
defendant N the July term Of the Sessions
Court.
CoLrMnnA July, .3-Artcr the examination,
which was held before Justice Eicklng yester-
day, it was determined to have a further and
closer count Of the bills which had been pre-
scnted atthe earliest practicable moment. With
this intention, Col. Colt secured the assistance,
of Mcssrs. julius III. Walker book keeper. and
w. llascl Gbbcs, teller of the Central Nalioual
Bank. John ID. Alexander and George W. Par
kcr, brokers and experts in financial matters, ).
proceeded to count the packages which had not
been filed in the Trcasurcr's Office These GEM
tlcmcn were introduced ms witnesses today ON
the motion 10y the counsel for the State to in
crease the BAIL testified that they counted tho.
contents Of seven packages said TO contain twcn-.
iy-eight thousand dollars. In Cne package fyo
hundred dollars was found to lie missing.
john ID. Alexander, bond and stock broker
Of Charleston, testified that he had occasion to.
examine some Of the packages certified to by
l.auShlan. In one package examined 10y witness.
to-day, ccrtifc by LauShlan to contain $S, COO,
only 81 800 were found
Geo. W. Parker tcstiiic!! that since Laughlan
had been employed expert in Colts oilico
he had offered TO witness some small lots of bills
of the Bank of the State for sale. These lots he
bought in April and May. Two or three weeks
after that, he had asked what witness would
give for two thousand dollars in bills. lie said
the bills were sent TO him by friend from the
up country.
had bought in May or June over four thousand
dollars face value of these bills from the ,lelcn-
dan;. They were brought to him by accus ed in
envelopes markcd"A l.ughln, Columbia, yur-
porting rs coming from the country.
ID. Gambrill broker, tcstiicu that about the
middle of June Laughlin came to his office and
enquircd what he would give for the bills of the
Bank Of the State, saying that correspondent
Of his (laughlin's) hat. about four thousand
dollars which he desired to fund if he could not
sell for forty five. Witness bought them at for
ty-tivc and gave Iaughlin a check for eighteen
hundred dollars III payment therefor.
The evidence was closed here, and Justice
Ilckllng granted an order for an increase Of tho
bail from twenty-five hundred dollars to fiy
thousand dollars.
No doubt is now entertained as to his guilt,
the evidence of Gamhrill and Gibson being con-
elusive to the most casual or partial observer.
lie was sent 10 Jail about clock this ait crnnom
II being impossible to give the SO, 600 bail re-
quircd by II trial justice. The whole affair is
greatly regretted here.
LArCE.lt is said upon good authority lLay
Charles Logan, broker, here, who is the attorney
III fact for ex-senator Robertson, who held sew
Cral hundred thousand dollars OF the bills oc
the Bank of the State, first discovered the swim