The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1898-10-19

First. that Senator Quay had an ae-
count in the Peoples bank for many
years: that. like two-thirds Of the busi-
ness men in Philadelphia. notable among
them Mr.. Wanamaker. he was buying
and selling stocks. sometimes with
profit. sometimes at a loss; that, Ike
three-t thirds OF the business men. most
notoriously including Mr.. Wanamaker.
he was borrowing money from time to
time on his notes secured by the deposit
OF satisfactory collateral But In all the
correspondence and memoranda sub
mitted there was not one allusion. direct
or indirect. to any deposit Of public
money Of any sort. Upon the contrary
there was almost continuous reference.
in almost every letter. TO Senator Quay's
personal account. and the stocks. bonds
and the like which he had deposited as
security for his loans.
Second. There was no evidence. charge
or insinuation that the state or any
stockholder, depOsitor or creditor of the
bank had lost dollar by Its dealings
with the defendants, nor even a sugges-
tion that anybody. at any time, had
ever risked losing anything thereby.
Third. There was exhibited a pocket
note book. purpOrting TO have been kept
by an official OF the bank who commit
ted suicide after confessing TO embez-
zlement-not one OF the books OF the
bank-whereIn appeared. among a mass
of other unintelIigible memoranda, this:
200 Quay"
And In two other places some other
figures with Mckay In one instance
written near by, and Mckee" in an
other In neither case were the names
written in the same ink. or apparently
in the same hand as the figures. They
were evidently written in afterward. II
is an interesting fact. not developed az
the hearing. but VIII be proved as soon
as the defense has a chance TO be heard
az the case is ever pressed for triaD.
that after the bank closed. and several
days before the receiver came into pos
session. one of the men supposed 10 be
behind this prosecution. and one OF Sem
ator Quay's most vindictive enemies.
obtained entrance 20 the bank by night.
went through its private receptacles
and took away 10 a private house bag
full Of its papers and most valuable
securities. IL il were necessary to make
alterations in private memorandum
books there was abundant opportunity
TO do So
But ever II the memoranda were not
forged. IL would require an expert with
an india rubber imagination to ind in
them evidence to sustain the charge Of
conspiracy to misuse state money"
any more than conspiracy to recruit two
hundred Spanish spies.
Fourth. There was evidence that r.
r. Quay. the senator's son. who with
refined malignity is also included in the
dragnet information. at one time bor-
rowed 500. coo from the Peoples bank.
The books OF the bank. however, also
show that he deposited at the same
time S12s, 900 worth of stocks and bonds
as security for the loan. The evidence
that these securities were good and suf-
ficient is that when It became necessary
for him to pay the note. he transferred
his securities to two other banks-two
Of the oldest and most conservative ma
tiOnal banks In Philadelphia--and bor-
rowed the money upon them to do so.
The only other transaction OF r. r.
Quay referred to in the whole Iro-
ceeding is in a letter from the senator.
saying that Dick would be there the
next week. and would probably need
some help. II necessary. sell enough
OF my Sugar certificates 20 enable you
to accommodate him" Does this look
as II the Quays had the state funds
% use at their convenience?
Fifth. When r, r. Quay applied for
this loan. although his securities were
ample. being 125 TO iO0. there stil re-
mained the question whether the bank
was in condition to spare so much
money. President McManes did Just
what any bank president would do to
avoid the chance OF being pinched for
currency-write TO customers having
heavy deposits subject to check with.
out notice 10 inquire whether they
were likely to check heavily in the
near future The state being the
heaviest deposition. he naturally wrote
TO the state treasurer. Treasurer Hay
wood replied that the state deposit to
the amount OF some 100000 would not
be checked out Until the 100000 note
was paid or arranged for. AS the X. r.
Quay loan was a call loan. that is TO
say. subject to payment at any time on
demand, and had abundant collateral
subject to sale by the bank to
meet it. this Haywood statement did
not amount TO more at the most than
Gn assurance that he would not check
heavily on the bank without. say. O
weeks notice.
The suggestion sought to be insinu-
ated that the 100000 of state money.
besides r. r. Quays securities amount
ing to siz5.000. is TO be regarded as
pledged for an indefinite time to secure
his loan OF Si00. 200. is too ridiculous for
serious discussion. Banks which de-
niand s7e5. 900 security for sl0O. 900 loan.
do not break. and the Peoples hank
did.
This Is the whole OF this case inau-
gurated with so sensational a flourish
Of trumpets. and on this sort Of evI-
dence all four defendants were held In
tail-not 10 be tried nor to have an op-
Iiortnnity to defend themselves until
after the election.
The present political effect Of such a
proceeding. so conducted at this time,
Is as stated at the beginning of this re-
view OF it. II these defendants are
guilty of any wrong doing no reputable
newspaper. no good citizen. would have
them go unpublished. but intelligent
press and fair minded people however
they may approve or condemn Sem
ator Quay's course in politics, or how
ever they may oppose OF favor his re-
election. are alike quick 20 see the diff
ference between the impartial sword OF
public justice and the poisoned dagger
OF private malice handled by political
Joabs. stabbing in the dark.
GEORGE H wELSHONS.