Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1881-05-04
NO. 1O5.
Trustee Chaffee's Defense.

Mr.. Zachsriah Chaffee, Trustee OF the
Sprague estate. makes very elaborate reply
to allegations of mismanagcment and private
appropriations of property held in trust hy
him. He answers each successive charge. in
substance. ~ follows;
"Aiter entering my present position. in
1873, | attempted 10 put the business on
better footing by discharcing useless em-
ploycs and consolidating different branches.
| found ,ha, William Sprague knew nothing
about the details of the concern. but retained
Amasa Sprague AS manager. Deeming it for
the best interests of the estate. purchased
the shares of Charles q. Francklyn and
Others, but did not appropriate them to my
avn use, as alleged. Owing to the severe
depression of business. it was not possible to
pay the interest without crippling the estate.
Ii WAS not possible To sell the estate in blocks.
on account of the complexity of the affairs Of
the estate, and 1t was simply impossible to
arrive at n settlement with the creditors hv
lack of sufficient harmony among them. !
admit that have credited To mvself the sum
of $1,000 per annum as salary, but have
drawn on an average only $4,000 Ii is en-
tirely untrue that have used the moneys of
the trust estate 10 any extent whatever for
my own private use, and specifically deny
that appropriated $1,000 Of the funds of
the Quidneck Company, or any sum what
ever. to the benefit of any company OF cor
poration IN which am interested have
no powe under the trust deed to distribute
the property and legal complications have
made il impossible for me 10 make sale of
any real estate or other property under at.
tachment. and had attempted to do so. the
trust property would have been sacrificed
unless the courts had interfcred
IL DENY the general charges that By mis-
| MI Il I In,
CURED loss of more than 81 .000. 900 in
manufacture and sales. or that I have
caused loss of more than $500 900 in con-
Quoting the business. | wish il to be dis
tinctlv understood that | will not permit
any interference On the part Of William or
Amasa Sprague with the management Of a
property which they have wrecked, and
which | huld rs Trustee for the benefit of
the creditors, and for which I am rcsponsi.
BILE to them. | have dismissed ANA .
Sp ague from the 10 ition of manager &
the Print Works, for the reason that | was
satisfied that he not managing II for the
benefit of the creditors. admit that sold
1900 shares of Union Railroad Company at
a discount. because was obliged to do so to
raise money to pay the interest then falling
due. | have always treated the ladies of the
Sprague family with the respect due to their
age and position. but it is not true that
have caused spies to be set around them.
or that | have endeayored to get myself
elected President Of the Quidnick Company.
As to the allegation that ] have frequently
reported that William Sprague is insane and
a lunatic, ! have to say that, especially in
the winter of 1889, and on many occasions
since, Sprague exhibited such strangeness
of speech and eccentricitics Of conduct that
have had reason to believe, and do be-
Itar apl thara fora haxn ,ata stas
he is of unbalanced intellect, and unfit for
the management of any business, this seem
ing to me the most charitable construction
TO put upon his acts"