The state chronicle. [volume] (Raleigh, N.C.) 1883-1893, 1888-10-12

thlng go wrong. felt little concern for the
safety OF the bank. Some time in the
Fan OF 81 the matter of renewing the
banks charter was discussed and Mr..
Cross informed the directors that il WouId
take about $40 or $50, 900 more to
make the bank pass muster Four hun
dred shares of stock We're then transferred
to him by the executors Of Mr.. Williams.
a bona tide sale. Soon after this he went
TO see the Comptroller and also went to
New York where, as he informed us, he
made arrangements to get $4,000 by
placing the certificate for 400 shares. and
other securities, as collateral.
After this last transaction, which Mr.
Cross said was an accomplished fact, re
gaided everything as at least righted and
the stock of the bank. with a surplus of
about $25, 900 and a most valuable fran
chise, as worth par, and thus it was that
afterwards we consented, at Mr.. Cross re-
quest. to elect certain other Directors nom
mated by him. During all of this time
Mr.. Cross had repeatedly told us that the
banks business was rapidly improving
his profits accumulating and everything in
prosperous condition.
When the banks failure came it was not
a greater surprise to any man in the State
than to me- one of the best evidences Of
confidence being the considerable amount
! had to my own private credit
In regard to my Indebtedness to the
bank, it is well known to the receiver, and
was as well known to the officers of the
bank, that large part was on account of
purchase of stock, that my note, which ]
thought good, might take the place of
worthless papers, thus risking everything
for the bank, as did Mrs. Williams, Mr..
Primrose and as | thought Mr.. Cross NJ,
II. al 1nI It lodi hon FL -
was not increased a dollar while | was
President Of the bank; there was not a day
that interest was not paid on what | had
borrowed, and no two months at the end
OF which there was an over-draft on my
account. My note for money borrowed
together with one, the proceeds of which
went into the bank, is secured by deed
upon my d yelling, the title to which is in
my wife and could have been retained. II
property brings fair price the bank will
get all | ever got from it.
In regard to the innuendoes and charges
made against me by Mr.. White and Mr..
Cross l can only say that | never signed a
statement knowing it to be false and never
made an entry upon book or note that
thought was false. In looking back upon
my connection with the back | see there
may possibly have been technical viola
tiOns of law, but did not so consider
them at the time, and | am not certain
now that they were. Neither ! nor my
law firm ever used the ban, for private
ends There never has been dollar lost
to the State Bank through or by my firm
In this connection | would saw that when
| left the bank thought l had been unu-
sually successful, and that could truly
say that had never lost liar by bad
discount. 1t may be considered by some
to hoy ,.A hac cI,,f,u
when the bank was known 20 be weak,
but as long as there was imp vement and
prospect of improvement, surely 1t would
| not have been right for us t. have given
| 1t up, and there never was time when
did not think it would pay is debts.
| would say here that my whol, past life il
known to the public. Without boast am
| proud to say that no man ever justly ac-
cused me of one act of dishonesty or mean
ness. Whatever else | may cave my en-
deavor has been, and shall be that good
name may be my children's heritage.
There was constant intination during
the trials of Mr.. Cross and Mr.. White that
Mr.. Cross had been invegled into the
Presidency. This is false in every partic-
ular Soon after Mr.. Cross marriage
| lived in most intimate relations with him,
and the condition of the bank was a con
slant topic of conversation between us,
and his own statement shows that imme-
diately after his election as President he
had investigated it personally with Mr..
Gatling and Mr. White as a special com
mittee. Mr.. Gatling told me he found the
affairs of the bank in a better condition
than he expected, and, in the presence of
| two other gentlemen, said that at that
time it could certainly pay its debts. Mr..
Cross, too, will remember that Mr.. Prim-
rose suggested that he had better consent
to my remaining and he be Nice-Presi-
dent, and that he replied: "No; if am
to put my money in, Will be President. =
He said himself it was no matter OF Senti-
ment, but of pure business.
And now | leave the matter with the
public. The bitterness of the attack on
me is beyond my comprehension. Espe-
cially am | astOnshed at the wantOn and
cruel attack of Mr. White upon Mr. Will
liams, kind and useful man in his day
and now in his grave for nearly ten years
That he started the bank on $40, 900, as
serted by Mr.. White, is an impossibility
and can be shown to be untrue
In conclusion, | would say, my connec
ton with the bank was for its good. II
certainly had my best efforts, and for the
faithful, and, l may say, intelligent per
formance of my duties, and the integrity
of my purpose, ] confidently refer to Mr.
Jordan Womble, Mr. Leo d. Heartt anC
Mr. John T. Pullen, officers who served
with me. | went to the bank when | was
asked, and left when | thought anothe
could do more for it. | accepted the Presi
dency for neither the pay it afforded M
nor the position it gave, neither Of whicl
| under estimated, but reluctantly ant
simply to discharge a duty which seemed
to devolve upon me to protect the interest
of the stockholders, MIR. Willams's family
and the public. l thought all Of us wer
doing our BEST certainly no greater no
more honest efforts could have been made
and still believe the calamity could hav
been averted if the $50, 600 had been pai'
in, as it was said to have been, and III
l business of the bank had been properl
: and carefully conducted. Ny error wa
in not more closely watching but | coul
have had no reason to suppose that Nj
1 White and Mr.. Cross were deceiyng u,
: l may have been guilty of a technical viz
lation of the banking act; but that | W.
L knowingly guilty of either legal or NOR
: wrong l most solemnly deny. No ONE /.
J TIMATEs THAT | APPROPRIATED A DOLLAR {
!, THE BANKS MONEY.
To generous public, that in all tn
8 attack upon me has still not withholde
9 it's confidence, but through it all has show
IS tender sympathy, l return my profoun
:. est thanks. SANDER is that to which v
Is are all subject. 1t is impossible to pr
y y vent it, and its effects are never entire
{! removed. The people of North Carolil
lu haya Choup in thiS tbaf tbov n