New-York tribune., 1882-09-30
THE COMMITTEES RIGHT DOUBTED.


NIP RANGSIN DEFENCE OF MIR. BEST.
nrNyING THAT THE LEGISLATURE HAD THE POWER
TO AUTHORIZE THE RECEIvERsHlP INNESII-
GATIoNs-MoRE ABOUT THE NATIONAL TRUST
The State Senate Committee were met aU INC
openng of their inquiry into the National liuS. Ooi
panv's rccevership yesterday with tnotheI o9e','i
from T. " Bangs the counsel for Mr. Best VINO sal" ''
the committee having taken the advice OF the ATTORNEY
General rs TO the scope OF their functions he eNpeoe"
,hen tn follow it, Nevertheless, he wished to give hls
,bonrhtfu and deliberate Judgment on the subject ana
have il 20 upon the record as protest III beha oi MI
Best He denied that the Legislature had a cons''l-
tonal right to pass the resolution appointing the com
mittce or to delegate the duty which 1t was pro
fessed had been delegated. Receivers were judicial
officers and the power that appointed thein Was
Judicial power which conld not De eAeicSI ~ & ,ro
Legislature. Redress for wrongful acts cOuio away
be had by creditors and stockholders through hc VOS
If the committee or any olher uautHO%I1H % h "oeS &
should proceed with the lnVestleauoh IL Woui W an an
Invasion OF individual rights and oi the province oi .c
Judiciary and would De oOfp That Sa th whole
Icccsine replied Tor the c0iihhit,ce dI 1' & ~, Mr.
history of the State rcfntcd the idea advanced Dl MI
,pbib II had cNerciscd repeatedly heretofore to in
Vfstigafe judicial officers and bring them to Impeachment
would be 10 ge the help of corrupt Judge lie sug
Cested however, tha If Mr.. Best wished to test lnc
matter there was a very simple way 10 do II II was oh
necessary for him to refuse TO obey the committee
subpoena and the committee would enforce lne aI'V M a.
Nr Best Mr.. Bangs said that the Ilsht OF ,A@
fure 10 mpeach judges was conferred oS he Nohsu'u
Napoleon J. Haines then sworn and examined
tSs,ee. 'J@ Mcsrs IH Allen Constant ana Lowry were
authorized only to confer with MI Lano ana Ielolt
back the trustees. lie did not remember liat tnon
course IN moving for the appointment OF MI Best Was
ever approved although an effort was mace 10 secure
the signatures of trustees to written alpunuoh
cxamnation he said that three or i9Hr year el9e
the suspension hc had inyeStgated ana I"hu @ Una, r
company capital OF one million was ihN cs'!u " 49,
bv the charter. Aftcrward he h0d not inquired mo
tins subject because he had not chosen to do so Inc
point provoked all amusing ut between the WI Wi'nGss %
aud Mr.. Bangs. The lawyer wanted 10 KNOW, WY
the witness had not chosen TO do his duty AZ haIeN
rctorted that he did not always have n9; I'io WJ 1
members of the legal profession on ihe boa' nc S"'
who & E@G not otendfa ,6d t9g mr Tse1nss Bans asked
Mr. William NJ Eyars was trustee and ne
Judge Allen didn't attend the meetings either
Being asSed II he mad any conpass , 10 c lAg 9 d-, he
too much haste IN making an entirely mnecesS.Il ap
fhe company into the hands OF MI Best had over
stepped tneir authority in every way shape ana hiincr
- DO you thinF, Mr.. Bangs Asheu, - a Ihal u '!IS IN
with assets amounting to only say 500 600 over the
liabilities could safely do business and honestly invite
sYcs | think il could under the Circumstances. and
rs banking was conducted them was the reply
" Others did it and now stand high buj they were MOI
wrecked by hong placed IN the hanIs oi dEcSl'ers M
low as the National Trust Company at the time ana
now it is worth 12o. The Union Trust Company N was
period Of unusual depression Government Dohd' were
What rf course would you have recommended to
~ wonid have asked indulgence for a short time to
allow it to work out. The stockholders ii'hN WEI,
willing 10 make up deficiency Of 500, 900 or
$500. 600"
''Why didn't you do II! -, A.,
"Bccause we hadn't time. We were already i the
hands of receiver"
Didn't YOU know that You could have done never
no. / did not. went TO Judge Allen and }. H. v
Arnold. and they said there was no USE. Judge Amen
said in was n dead thing"
hid Judge Allen say he would make mp any thing
90 No. hc did not never knew legal man To make
up ANYTHING" Laughter
- Dout you think am now 2"
40. do not think you are consuming my the 10
purpose. ..
Frnuci, NJ IIancs brother of the preceding witness
who was also "a trustee OF the trust company, con
frmed formers statement as 10 the authority OF hc
committee To Mr. Bang~'s questions ne answered tlet
he Lal thought at the time o' the suspension that the
bank was able TO 20 His idea of the proper course
10 pursue al the time to have the trustees hctI
and raise the deficiency 500 600 or S3OoOOu Wouu
have ,ulccd to carry the concern through IL was
necessary that something should De done TO meet
Immediate demands. and it would not have been dlsI
honest unfair unsafe To have continued business aH
received even ii 900 in deposits with board O
trustees 80 able meet their liability on the stoct'
The committee adjourned 10 meet again on Tuesday az
p. III.