7978. Pacific Bank (Boston, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 18, 1881
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
d5ea72c1

Response Measures

None

Description

The coverage shows the Pacific Bank suspended/failed in Nov 1881 (examiner found unfavorable condition), was later able to resume in March 1882 after assessments, but by May 23, 1882 the Comptroller's appointee was named receiver and the bank was turned over for liquidation. There is ample reporting of fraud/defalcation by officers and insolvency; no explicit contemporaneous article describes a depositor 'run' as the primary event. Therefore this is classified as a suspension that ended in permanent closure/receivership. Dates derived from article publication dates and text (resumption reported Mar 20, 1882; receivership May 23, 1882).

Events (5)

1. November 18, 1881 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank found 'seriously embarrassed' and in unfavorable condition; insolvency concerns and large overdue/unsafe paper alleged; officer malfeasance later revealed (president and cashier implicated in fraud/defalcation).
Newspaper Excerpt
The Pacific bank failure...The bank is still in the hands of the directors.
Source
newspapers
2. February 16, 1882 Other
Newspaper Excerpt
Some $618,600 of the assessment on the Pacific bank stockholders is secured...This assessment secured, the bank will resume Monday nextas the $200,000 due by Weeks is to be advanced by private parties on their own responsibility.
Source
newspapers
3. March 18, 1882 Reopening
Newspaper Excerpt
The Pacific Bank, of Boston, resumed business on Saturday, after suspension of three months.
Source
newspapers
4. May 22, 1882 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large maturing obligation (~$500,000) the bank could not meet; underlying insolvency/frauds previously alleged.
Newspaper Excerpt
Cause of Bank's Failure...the immediatethe suspension of the Pacific Bank was the maturing of $500,000 Saturday, which the bank was unableIt is understood all deposits will be in full.
Source
newspapers
5. May 23, 1882 Receivership
Newspaper Excerpt
Mr. Linus M. Price, Comptroller Knox's appointee as receiver of the Pacific Bank, arrived in this city this morning, and the bank has been delivered into his charge by Bank Examiner Magruder.
Source
newspapers

Newspaper Articles (19)

Article from New-York Tribune, November 19, 1881

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that only the Pacific Bank was seriously embarrassed no further surprise was expressed. The fail ure of that bank has not been unexpected for some months. Its demand certificates of deposit have been negotiated by brokers so extensively that the methods of the institution have been well known. Its certificates have been offered at generous rates, and recently have been difficult of sale. The New-York correspondent of the bank is the Park National Bank, which has bad the account only for a few weeks. An officer of that bank said yesterday that it had made no loans or advances to the Boston bank, and that a small amount of money would be due the Pacific National on settlement. It is understood that the Park Bank refused yesterday drafts amounting to about $50,000, because it had not the necessary funds to the credit of the Boston bank; but it is not known whether this refusal had anything to do with the failure of the Boston bank. The Continental National Bank was formerly the New-York correspondent, but the account was transferred to the Park Bank about a month ago. Officers of both the New-York banks said yesterday that the account of the Boston National was a good one. The first rumors about the failure were that the Central National Bank WAS involved. It is said by persons likely to know that the Central Bank will probably suffer a loss, but that it will be for a small amount. At the First National Bank, which is the New-York correspondent of the Central Bank, Vice-President Fahuestock said yesterday that he bad heard the ramors affecting the Central Bank, but that he had not felt safficient interest in them to make inquiry of the Boston bank. He said that the Central Bank had a large cash balance on deposit with the First National, and that it had been further increased by a large remittance received yesterday. He had received dispatches from the Boston bank during the day, but they referred exclusively to business


Article from Morning Journal and Courier, November 19, 1881

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NEW ENGLAND. Massachusetts. The Pacific Bank Failure-Depositors to be Shielded From Loss. BOSTON, Nov. 18.-The Pacific bank fail ure has not affected other banks at all. None have suspended and none 'have experienced a run. To-night a very important meeting of the board of directors was held, at which all the directors except Messrs. Ray and Sewall, both of whom are out of town, were present. Bank Examiner Needham also was present, having been requested to be there by the directors. The case was looked into as thor oughly as possible in the few hours at command, and at the conclusion of the meeting Colonel Needham informed the members of the press that it was absolutely certain that the depositors would get every cent due them, while the stockholders at the worst would realize something on their stock. As far as he could see from the hasty examination he had been able to make, there was a fair possibility that the bank would go on. This point could not be definitely decided until the full statement was ready. He declared that the statement made in one of the newspapers to the effect that the bank had half a million of overdue paper was utterly untrue. Speaking of the board of directors Colonel Needham said he did not know of a more courageous board anywhere. They had shown a fine spirit and were willing to put half a million of dollars into the bank to have it go on. The general though perhaps unexpressed understanding at the meeting to-night was that the government of the bank should be reorganized at least so far as to make Mr. Lewis Coleman president. There was also a sort of misunderstanding that the capital should be reduced to $500,000, though this understanding was not put in any definite form. The probability of the stockholders putting in money to help the bank along was discussed to some extent. At a late hour the meeting came to a close, the directors adjourning until 9 o'clock tomorrow morning. The bank is still in the hands of the directors.


Article from The Rock Island Argus, November 22, 1881

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EMBARRASSED. ST. JOHN, N. B., Nov. 22.-The Bay of Fundy Quarrying Company is embarrassed by the suspension of the Pacific Bank, Boston, President Bengon being a principal stockholder.


Article from The Rock Island Argus, November 26, 1881

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THE BUSTED BANK. BOSTON, Nov. 26-The bank examiner has completed his examination of the affairs of the Pacific Bank. The report is not to be given out for several days, but it is authoratively stated the condition of the bank is SO unfavorable that the United States Inspector yesterday refused the As sociated bank to nominate a receiver and wind up its affairs.


Article from Eureka Daily Sentinel, November 27, 1881

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frauds and ballot-box stuffing. There is considerable interest manifested in the matter. What a Physician Says of Gniteau. NEW YORK, Nov. 26.-Dr. Samuel G. Armor, Dean of the Faculty of the Long Island College Hospital at Brooklyn, says of Guiteau : If such men are pronounced irresponsible for their deliberately-planned purposes of murder, society has no longer any safeguard against the worst elements in its population. Compared with such characters insane peopleare comparatively harmless, for they are usually confined. A Conjurer's Victim Hanged. SUMPTER (S.C.), Nov. 26.-Henry Johnson (colored) was hung yesterday for the murder of John Davis, also colored. The execution was private. He had made a full confession during the trial, saying a conjurer had given him a charm to shoot Davis, win his wife and avoid the penalty. He only succeeded in winning the wife. The other charms failed him. Affairs of the Pacific Bank. BOSTON, Nov. 26. - -The Bank Examiners have completed their examination of the affairs of the Pacific Bank. The report is not to be given out for several days, but it is authoritatively stated that the condition of the Bank is so unfavorable that the United States Comptroller/yesterday requested the Associated Banks to nominate a receiver and wind up its affairs. Controller Knox's Opinion of the Pacific Bank Failure. CHICAGO, Nov. 26. - An Inter-Ocean Washington special says: Comptroller Knox thinks the danger is over in Boston. He has never feared any wide-spread financial disaster from the Pacific Bank failure, and now thinks that even that Bank has some show of righting itself and resuming business. The President's Message. CHICAGO, Nov. 26.-The Times Washington special says: The President will not print his message until delivered to Congress, thus observing etiquette.


Article from The Cheyenne Daily Leader, November 27, 1881

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Theemperor of Germany has resumed the transactions of his official business. Elie Schoumoff, for many years the champion chess player of Prussia, is dead. Computation has been made showing that the government cannot without loss buy 4s and 4ga at the present rates. It is stated that the French government has decided to withdraw the decree prohibiting the importation of American pork. The Atlantic & Pacific company on Friday voted to prosecute work vigorously until the line from Rio Grande to the Pacific is in operation. Several additional experts on the subject of sanity, summoned from Boston for the defense in the Guiteau trial, left for Washingtom last night. Geo. F. Brott appeared in the criminal court at Washington yesterday and gave personal recognizance in the sum of $1,000 to appear when wanted in the case of ex-Deputy Auditor Lilly. The Russiam ambassador at Constantinople a short time ago proposed to the porte a territorialarrangement by which the payment of the war indemnity might be extinguished, but the sultan was unwilling to give the proposition favorable consideration. It is understood that Judge Bancroft Davis will enter the state department, with Frelinghusen as assistant secretary, relieving Hitt, who will be given another position, and the vacancy thus created on the court of claims bench will be filled by the appointment of Sec'y Hunt. Ireland is still the bitterest element in the British ministerial programme. The increased outrages during the past fortnight have led the Times and other journals to demand further measures of repression. It is considered that this was foreshadowed in Lord Monk's and Lord Cowper's recent speeches. The Chicago Inter Oeean's Washington special states that Comptroller Knox thinks the danger is over in Boston. He has never feared any widespread financial disaster from the Pacific bank failure, and now thinks even that bank has some show of righting itself and resuming business. The bank examiner has completed the examination of the affairs of the Pacific bank, Boston. Report will not be given out for several days, but it is authoritatively stated that the condition of the bank so unfavorable the United States comptroller yesterday requested associated banks to nominate a receiver and wind up its affairs. Congressman Page, now in Washington, was notified by telegram from the president of the California vine culture society yesterday that he has been appointed a delegate to represent the wine interests of the Pacific coast at the tariff convention to be held in New York on the 29th and 30th instant. He has accepted the appointment, and will go to New York to-night. The committee of confederate bond holders state that their programme is primarily by steady and persevering appeals. first to the public and then to the legislature of the United States, to bring about the opinion that the time has come when the restriction imposed by fourteenth amendment of the constitution should be removed so far it prohibits the southern states from effecting just and equitable settlement of their debts legally contracted. The committee repudiate the idea of embarking in the litigation to recover the confederate property in Europe.


Article from The Daily Gazette, November 28, 1881

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Bad Condition of a Boston Bank. BOSTON, Mass., Nov. 26.-The bank ex aminer has completed his examina tion of the affairs of the Pacific Bank of this city. His report will not be given out for several days, but it is authoritatively stated that the condition of the bank is so unfavorable that he United States comptroller yesterday requested the associated banks to nominate a receiver and wind up its affairs. The directors of the bank held a protracted meeting this afternoon to consider the best means for continuing the business of the institution. It was the unanimous feeling of the directors not to surrender the charter of the institution, but to elect a new president immediately and continue business on one-half the capital formerly employed.


Article from Morning Journal and Courier, January 13, 1882

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TELEGRAPHIC JOTTINGS. Three missionaries were murdered at Rhadamestown, North Africa, in an oasis of the same name in the Desert of Sahara by a band of Triarcks. At the annual meeting of the Union League club held last night in New York Hon. W. M. Evarts was elected president. Colonel Needham, bank examiner of Bos. ton, stated yesterday that he hoped to be able to give up the Pacific bank of that city into the hands of the officers in about a week. The morning passenger train from Port_ land to Waterville on the Maine Central railroad yesterday was run into by a down freight between Halliwell and Gardiner. One of the passenger cars was badly stove up


Article from Daily Globe, February 17, 1882

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The Pacific Bank, Boston. BOSTON, Feb. 16.-Some $618,600 of the assessment on the Pacific bank stockholders is secured of the $750,000. This assessment secured, the bank will resume Monday next, as the $200,000 due by Weeks is to be advanced by private parties on their own responsibility. This leaves $130,000 to be raised by Saturday to keep the bank out of the hands of the receiver


Article from Wheeling Register, March 20, 1882

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The Pacific Bank, of Boston, resumed business on Saturday, after 2 s'uspension of three months.


Article from Seattle Daily Post-Intelligencer, May 23, 1882

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EASTE RN. ASSOCIATED PRESS DISPATCHES A Good Rule. Cancago, May 22.-By viva voce Trade today with scarcely Board of voice adopted the follow which is preon contracts for corners designed higher future grade to de the tender of a of Harry; kind kind of grain than the one coninvoted for shall be deemed sufficient, contracts for future delivery of on and after specially otherwise what made anda agreed June understood by 1882, the parties, shall be of and tender of Minr No.2 wheat contracting or winter variety, either sufficient the tender spring No. ml shall be deemed a infulfilment of such contract. This merale proposed about ten days ago. Cause of Bank's Failure. Borrow, May 22.-The immediate - the suspension of the Pacific Bank was the maturing of $500,000 Saturday, which the bank was unable It and which went to protest. understood to pay, that all deposits will be in full, but the original stock williers will gold have their investment of $2,000,000 washed out. Wretched Children. MUSCATINE, May 22.-There are new and startling developments in the Manormon fratricide, twelve miles west where. The girl, Mary, who on Satur day declared she shot her father in self defense, has been found to have lied. Her brother and her elder sister are here in jail. The Daily Journal has full confession from the two girls, showing the murder was committed by their brother in order that the children might have things their own way at home, and that it was arranged that the youngest sister should acknowledge the abooting with the idea of a plea of self-defense, and her extreme youth and her from punishment, and thus her sister and brother escape punishmont also. There is much excitement over the case here. A Good Crop Report. Sr. LOUIS, May -From over two hundred reports received by one of the beding and most reputable grain commission houses of this city, from all nations of this State, respecting crops, the following condensation is made With three or four exceptions the reports indicate that neyer before were the wheat prospects so promising at this meason of the year. The late cool weather has checked the rank growth and at the same time put a stop to the progress of chinch bugs, of which there quite a number, but they have thus tar done no injury. The army worms have been feared in the southeastern counties, but have done no damage yet At one point the Hessian flies have shown theuselves, but in too small numbers cause any damage. Rust has done no injury, the wheat not heading out,and the generally expressed opinion in that wheat is too far advanced to suffor by insects of any kind, even if the young chinch bugs should appear, which seems very improbable. After the recent calm weather the acreage of what sown was much larger than was harvested last year. Harvesting begins early in June, if the weather is favorabla. Corn is about all planted, and the southern and central counties show very good standing for the time of year In some sections it has received two plowings. The oool weather kept it backward somewhat, but on the whole it looks very well. The acreage larger than in 1881. No fears of dam age by chinch bugs are anticipated, un less the weather during June should be hot and dry. The oats acreage is large, and the crop looks exceedingly well. With good weather harvesting will be gin June 1st. The farmers are happy From Kansas reports are numerous and universally good, and while the area sown is probably 15 to per cent. less than sownlast season. a larger yield per acro is expected. Chinch bage have decreased considerably since the cold weather set in, but they are still numer ous. The damage occasioned by them in the northern counties, if hot kdry weather occurs, may be serious, and wheat may suffer by their work. Har vesting will begin in the southwestern counties from May 25th to June 1st, the weather remains favorable. Pleadings Filed. May 22.-Hallet Kilbecome's amended pleadings, in the case against ex-Sergeant-at-Arms Thomp mater false imprisonment, have been Sind, in which he claims $35,000 dam. - Thompson has employed Judge McSweeny, of Wooster, Ohio, and Sensal 8. Shellabarger as additional Horse Thieves Lynched. Larras Rock, April 22.-A band of vigiliates have been chasing eight horse Missouri for over two weeks Three have been captured near Kirby and lynched. The other five as caped, but one has been since killed One was mortally shot, the third eap fared and in jail, and the other two www.hamnied in on White river, and and lynched. Trespassers on Indian Lands CHECAGO, May 22.-In a letter dated Agell 29th the Secretary of the Interior by Mr. of Parsons, Kansas, that a settle made being made in the Oklahama district by the followers of Captain Payme, and he requests the Secretary Werto take steps for their removal Hambly places the number of these w Capt. Carroll made an in malligation, and finds Mr. Hambly's Mailment incorrect. The Oklahama


Article from The Portland Daily Press, May 24, 1882

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THE PACIFIC BANK. The Institution Turned Over to the Receiver and an Examination Begun. BOSTON, May 23,-Mr. Linus M. Price, Comptroller Knox's appointee as receiver of the Pacific Bank, arrived in this city this morning, and the bank has been delivered into his charge by Bank Examiner Magruder. He will at once commence an examination of affairs as he finds them, and his preliminary report will probably be submitted to the Comptroller in about seven days. He is, of course, unable to say anything (about the affairs of the bank or the prospects of speedy liquidation. The directors expected to meet to-day and prepare an authentic statement for the stockholders, but several members of the board being still absent from the city the plan was abandoned, and it is now doubtful if the directors hold another meeting. They no longer have any official existence, and in any event would be able only to make an informal statement explaining the necessity of their action in voting to put the bank into liquidation. This has already been done in part by Mr. Best, who is certainly able to speak for the board. The directors all desire the most expeditious and equitable adjustment of affairs that may be possible. About the question of another assessment. it is learned that no precedent exists which would decide the present case. Mr. Price is not inclined to cross the bridge until he comes to it, and he will wait until it is made evident whether or not there will be a deficiency after the payment of the depositors, before expressing an opinion as to the legality of assessing the holders of the new capital stock. As far as can be learned, there will no great immediate hardship result from the bank's failure. The bank had done little or no new business, and the old customers were as much inconvenienced by the first (suspension as they well could be.


Article from New-York Tribune, February 4, 1883

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TOPICS IN THREE CITIES. BOSTON-CHICAGO-SAN FRANCISCO. BOSTON. POLITICAL-THE PACIFIC BANK-FRAUDNAVIGATION. |BY TELEGRAPH TO THE TRIBUNE.1 BOSTON, Feb. 3. - The Republican State Committee's choice of young Henry Cabot Lodge for chairman is interpreted in two ways-one that the "Old Guard" definitively surrenders to the new blood, and the other that the chance of success is 80 desperate that only venturous youth can be induced to undertake the responsibility of next year's campaign. There was really no serious competition on the part of ex-Collector Beard, the one other prominent candidate for the post. Mr. Lodge has been defeated by prejudice against aristocracy in his two last attempts to secure the Republican nomination in the Lynn-Nabant district, where he resides in the summer, but he has shown so much persistency and "practical politics" in his canvasses that he has won the respect and admiration of the politicians. He is the gentleman and scholar in politics without the guilelessness aud squeamishness of the said gentleman and scholar. He will organize a cool, thorough and able campaign to win, and will claim his reward in due time. Governor Butler has lapsed into profound quiet for the time being, and no further indications of the upheaval promised in State affairs have appeared since the inaugural, undoubtedly because there is nothing in particular to upturn. The movement of the outraged stockholders of the Pacific Bank against the directors is understood to be about to take the form of a civil prosecution under common law. Controller Knox and Receiver Price, after a long and careful study of the case, have come to the conclusion that it brings to light a defect in the National Banking act-the absence of any provision for the prosecution of bank officials grossly delinquent through negligence, though not guilty of embezzlement. The woman suffragists have had their annual hearing before a legislative committee and been countered on by a petition signed by sixty ladies of the first families, protesting against being saddled with political duties. The programme this winter is 10 push for municipal suffrage, on the argument that women whose property is taxed by municipal corporations have an indefeasiright to be represented in the administration, and instancing the precedent of the voting of women in municipal affairs in England and Scotland. A special committee is to investigate the gross fraud in balloting for directors of city institutions in "Mr. Whitmore's City Council," as it is now jocosely called. Enough members in addition to those voting against his candidates stood up and declared that they had voted against to prove that the vote as returned by the tellers was a bald falsification. Mr. Whitmore had the audacity to reply that these members were probably lying. The Boston Board of Trade has adopted strong resolutions in favor of the repeal of the navigation laws, so as to permit the purchase of foreign-built shipping and its use for American commerce except in the coastwise trade.


Article from Daily Republican, July 31, 1883

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# FOURTH EDITION. ### Large Shoe and Leather Failure BOSTON, July 30.-The Journal says: F. Shaw & Brothers, the largest tanners in the world, made an assignment today to F. A. Wyoman. They were creditors to Charles W. Copeland & Co. to the amount of $200,000. The first news of the embarrassment on the street came from the return of the firm's checks from the Clearing House, endorsed, "No funds." One hour's time after the regular settlement hour was asked and granted, but though the funds at hand almost sufficed to cancel immediate obligations, it was found to be impossible to permanently tide over the firm's embarrassment. The liabilities of F. Shaw & Co. are stated by counsel of the firm to be $3,500,000, and the nominal assets $5,000,000. The assets include tanneries in Northern Maine, New York, New Brunswick and Quebec, and one and a half million acres of land in Maine. There were from 10,000 to 15,000 people employed by the concern. The immediate cause of the failure was the suspension of Copeland & Co., who owe the Shaw Brothers $400,000. The failure can be traced to the suspension of the Pacific Bank, a year ago. The Shaw Brothers at the time the bank collapsed held a number of shoe and leather firms above water and have been carrying them ever since, and those firms will probably be heard from in a few days. The creditors of Shaw & Co. are chiefly Maine, Boston and New York banks and some of the largest hide and leather houses in this city. The tanneries of the firm will be kept running to work up the stock, which is six months behind on orders. BOSTON, July 30.-The Journal says that Charles W. Copeland & Co., shoe manufacturers, have indefinitely suspended, and that their liabilities will amount to $750,000, which the firm says it has sufficient assets to cover. The firm has several New York connections, and some of the liabilities are due in that city. The failure is said to be due to the sudden pressure of several large obligations, and the firm, in justice to its creditors, decided to suspend operations until an understanding can be arrived at.


Article from The Portland Daily Press, December 22, 1883

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The Boston papers of yesterday give the particulars of what must hereafter be known as the great Pacific Bank fraud, as they are revealed in the bill filed in the United States Court by the receiver. The story excels almost everything in the record of bank swindles, at least in recent years. A. I. Benyon, the President appears to have been as reckless and corrupt a bank official as was ever exposed and the narrative of his various operations and combinations abounds in amazing revelations. The Receiver alleges that the cashier was a defaulter whose defalcation Benyon concealed by substituting a worthless note for cash. The Directors are accused of being some of them accomplices and others dupes, or dummies, who exercised no direction, giving the President full swing to carry out his plans, and he was engaged in all sorts of wild speculations in which the bank's money was used and lost. Not the least astonishing part of the story is that which tells how the bank while insolvent was enabled to begin business again only to be wrecked by another gang of plunderers.


Article from Alexandria Gazette, March 21, 1884

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# FROM WASHINGTON. [Special Correspondence of the Alexandria Gazette.] WASHINGTON, D. C., March 21, 1884. No portion of the American people are exempt from the quality of pugnacity. In the room of the House Banking and Currency Committee this morning, Mr. Frost, a gray haired, rich, and respectable looking man from Boston, a depositor in the broken Pacific bank of that city, said that he had been induced by Mr. Needham, another witness, and also a respectable looking elderly man, the bank examiner of Massachusetts, to put his money in that bank. Mr. Needham told him he must take that back, that he had come four hundred miles to defame him, that he was a G-d d-d liar, and that if he would step out of the committee room he would make him eat his words. Further proceedings were suspended by order of the chairman of the committee and by the interposition of mutual friends. The Senate District of Columbia Committee agreed to-day to allow the railroad stations in this city to remain where they are, and to permit the Baltimore and Ohio Railroad to tunnel Capitol Hill within 400 feet of the Capitol building, on its way to the Long Bridge. Mr. Riddleberger, who is a member of the committee, is a decided anti B. & O. R. R. man, opposed both these favors to that road, and says he will oppose them when the bill shall come before the Senate. Mr. John Wise, could he have gotten the Speaker's eye on the day the Lasker affair was before the House, intended offering a resolution to the effect that the entire matter be referred to a committee consisting of Prince Bismarck and the Hon. Thomas Porterhouse Ochiltree, with power to send for persons and papers, but whose report should never be presented. The Secretary of the Treasury issued an order to-day, prohibiting all customs officers from disclosing the names of the consular officers and of the Treasury agents reporting information respecting market values and undervaluation of invoices. The bill extending the bonded term of whiskey will come up in the House to-morrow and will be defeated, Mr. Randall says, by twenty-five majority; by twenty, according to Mr. Blount. The Senate Committee on Territories agreed this morning to confirm the nomination of Mr. Brunn, of Pennsylvania, for Governor of Idaho Territory. A bill was introduced in the Sentate to-day to admit Washington Territory and a portion of Idaho into the Union as a State under the name of Tacoma. It is understood at the Capitol to-day that the call for the democratic conference on the tariff bill was issued to-day, and that the meeting will be held next Tuesday night. The resolutions adopted by the Virginia State democratic committee at Alexandria yesterday, relating to the tariff question, are the subject of no little talk at the Capitol to-day, and they have undoubtedly strengthened the weak kneed among Mr. Randall's followers, and produced an exactly contrary effect upon the weak-kneed men in Mr. Morrison's party. There seems, however, to be no doubt that the Morrison bill will be adopted by a large majority of the conference, but it is no less certain that however the democrats may split on the tariff, they will be united on the Presidential ticket. News here to-day from Culpeper county, Va., is to the effect that the republicans of that county who have heretofore acted with the Mahoneites have kicked against the appointment of scalawag democrats as their delegates to the Mahone State convention, and that they will unite with the straight-outs and appoint delegates to the straight-out republican convention.


Article from Reporter and Farmer, April 3, 1884

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# THE PIL THE NEWS. Washington Gossip. The United States supreme court declare issued leval tenders to be still legal tenders. The United States supreme court denies habeas corpus in the Georgia ku klux cases. A bill was intreduced in the senate to constitute Seattle Washington Territory, a port of delivery within the collection district of Puget Sound. The house committee on military affairs ordered a favorable report on the bill giving army telegraph operators, who served as such in the late war, the same right to homestead entry allowed enlisted men. The grand jury has reported to the court that they had examined witnesses regarding the alleged unlawful acts of Mrs. Belva A. Lockwood in connection with the prosecution of the pension claim of one Jane Dorsey, and had ignored the charge. The house committee on invalid pensions has agreed to report a bill to allow the widow of Gen. Frank P. Blair of Missouri $5,000 and a pension of $50 per month for money expended and services rendered the Union cause by her husband during the war. A bill introduced in the senate by Mr. Beck to regulate the retirement of army officers provides that hereafter all officers who may be recommended for retirement by disability by a retiring board shall be placed upon the retired list in the order of the recommendations by said board. The memorial to congress petitioning for an investigation of the official conduct of Comptroller Knox, and Bank Examiner Needham, in connection with the Pacific bank collapse, has been forwarded from Boston to Washington. It bears the signatures of about 100 stockholders, of the defunct institution. The following postoffices have been assigned to the third class, presidential, and salaries of postmasters fixed at amounts stated: Carlisle, Ky., $1,100; Flemingsburg, Ky., $1,000; Aitkin, Minn., $1,000; West Plains, Mo., $1,000; Windsor, Mo., $1,200: North Bend, Neb., $1,000; Weeping Water, Neb., $1,100; Greenville, Tenn., $1,000. The senate committee on railroads have reported favorably Mr. Sawyer's bill, granting the right of way to the Cinnabar & Clark's Fork Railroad company. Petitions very largely signed have been forwarded from Livingston, Cinnabar and Cooke City, strongly urging that congress grant a right of way through the park to this company. Senator Ingalls' bill to relieve from the obligation of secreey the surviving members of the court martial that tried Fitz John Porter is a bill to allow Gens. Hunter and Ricketts to tell all they know about the trial, as they are the only survivere. Mr. Ingalls is an opponent of Porter, and he is not at all the man to introduce a bill without knowing precisely what he could accomplish with it. The house committee on 'Indian affairs are considering Mr. Washburn's bill to open the Indian reservations in Minnesota and consolidate the Indians on White Earth reservation. Mr. Washburn and Capt. Blakeley have had hearings before the committee in behalf of the bill, and Joseph Robert of St. Paul has spoken in opposition to it, and in the interest of the Mille Lac Indians. The naval bill, which has passed the senate authorizes the president to construct seven steel vessels for the navy, consisting of one cruiser of 4,500 tons displacement, one cruiser of 3,000 tons, one dispatch vessel of 1,500 tons, two heavily armed gunboats of 1,500 tons each, one light gunboat of 750 tops, and one gunboat of of 900 tons, It further authorizes the construction of one steel ram, one cruising torpedo and two harbor torpedoes. The treasurer of the United States has prepared a statement showing that the total coinage of standard silver dollars under the act of Feb. 28, 1878, to March 1, 1884, was $166,125,119; held in the treasury offices and mints, $126,822,399; outstanding, $39,302,720. Of the amount held by the treasury, there are held to redeem outstanding silver certificates, $96,247,721, leaving owned by the treasury, $30,574,678. Additional steps toward enlarging the pension lists is taken by a bill introduced into the house: That all persons actually engaged in the suppression of the Sioux Indian war in Minnesota, in 1862 and not belonging to any organized militia, but called into service by the sheriffs of the several counties of Minnesota, be and they are hereby placed, in regard to pensions, on an equal footing with persons provided for by the act of Julv 4, 1864. Gen. Horatio G. Wright, chief of engineers, will be retired from the army this week, after forty years of active service, and will probably be succeeded by Gen. Newton, who has had charge of the Hell Gate improvements at New York. Gen. Wright has a brilliant military record and stands very high as an engineer. Although over sixty years of age, he is in excellent physical condition, and might serve for several years longer, for the good of the service. For the third time since the war the supreme court on Monday decided that the much-abused greenback was constitutional money and legal tenders for all debts, public and private. The decision rendered to-day was to the effect that treasury notes reissued under the act of 1878 was as good as the originai money. The first decision in this particular was by Chief Justice Chase in 1866, the second in 1871, and to-day the opinion was read by the Justice Gray, which was coneprred in by entire court. A decision was rendered in what are known as the Ku Klux cases, which stand on the original docket under the title ex parte in the matters of Jasper Garborough and others. They are patitions for writs of babeas corpus to release a number of persons now imprisoned under judgment of the United States circuit court Sor the Northern district of Georgia, rendered after the trial and conviotion of the prisoners for the offense of heatening beating and otherwise intimidating colored voters at elections in Georgia for members.of congress. The petition was denied. W. A. Burleigh, formerly delegate in congress from Dakota, and now a resident of Montana, was before Spingor's committee on March 1st., and examiped relative to the official conduct of Judge Conger, one of the district judges of Montang, recently succeeded by Judge Coburn of Indiana. The witness testified that Judge Conger was under the influence of liquor so often that business suffered. Barleigh has seen him go to sleep on the bench while insportant cases were being thed.


Article from Wheeling Register, October 28, 1885

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FOR EMBEZZLING $75,000. Bank Official Best Indicted Yester. day. BOSTON, October 27.-Wm. J. Best, financier, who was prominently connected with affairs of the collapsed Pacific Bank, was arreated in New York to-day charged with emberpling $75,000 as trustee of the will of the late Francis W. Carruth. The latter left a fund of $75,000, the income of which was to go to hisson, W. W. Carrath Before the Pacific failed young Carruth borrowed $70,000 from the bank on his personal note, and as security for the loan transferred to the bank the income of the fund. After the first failure of the bank Best, as 'an expert was employed in practical charge of the back's affairs. When Receiver Price took charge, he found this note of its security and no record of any payment by Best as trustee. He tried to obtain something from Best, but the latter kept out of his reach. Young Carruth applied to the Probate Court for Best's removal, which was granted and Charles B. White appointed. He tried to secure an accounting from Best, but failed. The evidence was strong that Best had used a portion of the securities in the speculation. and had sold the remainder outright. He was indicted.


Article from Alexandria Gazette, October 28, 1885

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# CHARGED WITH EMBEZZLEMENT. William J. Best, a financier who was prominently connected with the affairs of the collapsed Pacific Bank, of Boston, was arrested in New York yesterday, charged with embezzling $75,000 as trustee of the will of the late Francis W. Carruth. Mr. Carruth left a fund of $75,000, the income of which was to go to his son, W. W. Carruth. Before the Pacific Bank failed young Carruth borrowed $70,000 from the bank on his personal note, and as security for the loan transferred to the bank the income of this fund. After the first failure of the bank, Best, as an expert, was employed in practical charge of the bank's affairs. When Receiver Price took charge of the wreck he found this note and its security, and no record of any payment by Best as trustee. The evidence was strong that Best had used a portion of the securities in speculation and had sold the remainder outright. (Mr. Best was at one time president of the Washington and Western, now the W. O. & W. railroad.)