fb3bf2adNone
Click image to open full size in new tab
BENYON, the President of the suspended Pacific Bank of Boston, is playing the baby act. lle says that he knows he did wrong in advancing money to Weeks without consulting the Directors, but he did not know that Weeks' financial position was not good, and he was drawn into the matter gradually. Col. Needham, the Bank Examiner, says that matters looked better for the depositors yesterday than on the previous day, and it is believed they will not lose much.
Click image to open full size in new tab
BANKING METHODS AND DUTIES, There has been much unfounded alarm ever since the Mechanics' Bank of Newark failed, in regard to the solvency of the banking system generally. At the same time it must be admitted that disclosures made by that failure, as to the habitual management of many banks, and the methods of examination by directors or official examiners, were calculated to cause some distrust. That event was still fresh in mind when the Pacific Bank of Boston failed, and caused enough embarrassment to the Central Bank of that city to make it suspend payment for a short time. In this case, as in the Newark business. the most serious feature is not the failure, but the disclosure of methods which may possibly prevail in other institutions of more importance. It is sheer folly for bank officers and others to suppose that this feeling of uneasiness can be removed by ignoring or belittling the matter, or by pretending that there can be no other banks which tolerate the methods that proved fatal to the Mechanics' of Newark and the Pacific of Boston. The Pacific Bank, it appears, was so conducted that its condition was known only to a president who "kept accounts in his head." The Mechanics' Bank was so conducted that its condition was known only to a cashier who kept an elaborate system of false accounts. Yet there were reputable business men acting as directors of both banks. The public is apt to infer, and not unreasonably, that the presence of very well known, able, and reputable men in the directory of a bank does not give reason to believe that it can be trusted, because banking customs are such that directors are not often in a position to know whether the officers are faithful or not. The Pacific Bank was notoriously involved in speculations of unusual risk. It was no secret to other banks that it was carrying a very bold speculator who had failed once already in handling a stock of imaginary value, and was involved in other operations equally dangerous and absurd - such as supporting a piano-forte factory, for example. Yet other banks did not refuse tod do business with
Click image to open full size in new tab
The Pacific Bank of Boston. BOSTON, Nov, 28.-$15,000 cash will be nec. essary to make the Pacific bank of Boston to resume business. The addition to the capital stock, $1,000,000, must be sacrificed. It is thought $500,000 may be realized on Weeks' security for $1,250,000 and the directors hope to raise another million from stockholders. As an example of the way in which the credit of the bank has b. en loaned it is stated that Presiaent Benjamin a short time before the st pension, granted a c rtificate of deposit for $100,000, payable in ninety days, upon boads to that amount of the Bangor Railway company as security, A meeting of stockholders to-morrow will determine whether the amount requisite for continuation of business shall be supplied.
Click image to open full size in new tab
TELEGRAPHIC ITEMS. talk the names of only a little handful of men are and the positions be filled of this number. ful is of ex-Senator of ex-Senator consin; ex-Senator Sargent, nia; Boutwell, chusetts; I. Filley, In Colorado; ex-Secretary Cabinet probably out composed Chauncey Howe, This mentioned, Dudley, of of Chaffee, of will Califor- of Maesa- hand- Wis- Missouri; ex-Marshal W. W. of Indiana, now Commissioner of Pensions; General Edw'd F. Beale; Emory A. Storrs, of Illinois; General Longstreet, of Georgia; Judge Seale, of North Carolina; and ex-Governor Davis, of Texas. There are some indications that Chaffee will secure the Postoffice Department. A London dispatch says: The Committee of the Confederate Bondholders 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 an opinion that the time has come when the restriction imposed by the Fourteenth Amendment of the Constitution should be removed, as far as it prohibits the Southern States from effecting a just and equitable settlement of their debts legally contracted. The committee repudiated the idea of embarking in litigation to recover the Confederate property in Europe. A Washington special says: Friends of Keifer do not concede Kasson will enter the Republican caucus with the strongest support from the West, and claim their candidate will lead by many votes. They claim Keifer will get all the Republican votes from Ohio, Tennessee, Kansas, Nebraska, Minnesota and California, and some from Illinois, and that the contest is now practically between Keifer and Hiscock. The trial of the train wrecker still goes slowly on at Auburn, Cal. Nothing of great interest occurred yesterday. The defense has not finished introducing its witnesses yet, and possibly the whole of the week may be consumed by one trial; after which seven more indictments are to be tried. Several clerks in the Sixth Auditor's office and A. M. Gibson appeared before the Grand Jury in Washington, yesterday, in the case of ex-Deputy Auditor Lilley. It is believed the case against ex-Second Assistant Postmaster General Brady and others were under consideration by the Grand Jury. The Russian Embassador at Constantinople, a short time ago, proposed to the Porte a territorial arrangement, by which the payment of the war indemnity might be extinguished, but the Sultan was unwilling to give the proposition favorable consideration. The resignation of Assistant United States Treasurer Hillhouse has been received at the Treasury Department. It is understood the office has been tendered a gentleman of high standing in the commercial circles of New York City. It is authoritatively stated that the condition of the Pacific Bank of Boston is so unfavorable that the United States Controller yesterday requested the Associated Banks to nominate a Receiver, and wind up its affairs. A Paris dispatch says Prince Murat has been badly wounded in a duel with Baron Vauax, whom he challenged for an article published in the Triboulet. John Galus was arrested in Chicago yesterday for the murder of Hoessel, the bachelor farmer, at North Evanston. He admits the killing. The German Admirality is arranging plans by which German transatlantic steamers could be transferred into cruisers in case of necessity. Ezekiel Smith and wife, aged fiftyfive, died at the same moment at Huntington, Vermont, Saturday. It is suspected they were poisoned.
Click image to open full size in new tab
It WIII Take $1,500,000 to Put the Pacific Bank on Its Feet. Weeks' Wildcat, Sold to Benyon for $1,250,000, Worth $500,000 if Time Be Given. The Suspension of a St. John, N. B., Bank Caused by n Dishonest Cashier. His Name Is Brecken, and He Has Brecken the Bank for $700,000. The Pacific Bank of Boston. BOSTON, Nov. is.-The Directors of the Pacific Bank today discharged the sub-committee ussisting Col. Needhum In the examination. and the whole board is minking a caroful estimate of assets In detail. The result will, of course, largely Instituction the stockholders In dociding upon 11 course of action. It is Buid a lawyer of this city is purebusing depositors' books on the Pacillic Bank for 53 couts on the dollar. He bases his bollof, It is thought, In securing a full doltar for half R dollar upon the liability of stockholders to an assessment equal to the amount of the par value of their stock. The Directors were in sossion till half-pist 10 tonight. It seems that when Controller Knox suspended the appointment of A Receiver for one week it way upon condition that Examiner Needham should have charge of the bank in the interim. Needbam would accept the position only upon a prouise that the Directors would actively engmire In the routine work necessary to obtain 11 knowledge of the bank's affairs. It was upon this understanding that the meeting wus held, with an object of forming n cureful estimate of the cash value of the assets. It is now positively known that $1,500,000 cash will necessary to onable the bank to resuino bustness. In addition to the capital stock $1,000,000 must be saerifieed. It is thought $500,000 may be realized on Weeks' securities for $1,250,000, and the Directors hope to raise another million from the stockholders; that plonty of time may be had In which to réalize upon the securities. It is thought that in this way more can be gained thun If the concern were immediately wound up by the Receiver. As nn example of the way In which the credit of the bank has been louned It is stated that President Benyon n short time before the suspension granted n certificate of deposit for $100,000, payable in ninety days upon bonds to that amount on the Bangor& Kutobdin Rallway Company 119 security. The Bank Examiner oxplained the nature of the securities to the Controller last March. and urged the Directors to exumino the bank's ulfairs. They mide It movement In that direction. but upon the threatened resignation of the President they abaudoned their intendum. Weeks securities are only a small part of the general collection of the samo natural The meeting of stockholders tomorrow will determiline whether the amount requisit for continuation of business can be supplied. A Canadian Bank Wrecked by a Dishonest Cashier. Special Dispatch (o The Chicago Tribune. ST. Jous, N. B., Nov. 28.-Nows was received here by telegraph this forenoon that the Bank of Prince Edward Island, doing business at Charalettstown. had suspended, and later tétégrams camo to hand stating that the Casbier, Mr. Brecken, had absconded. The news soon beenme public, and the notes were everywhere refused. it is stated on the street that Brecken has been operating with parties outside, which is the enuse of the suspension. The bank bad a paid-up capital of $120,000. The stock bas been selling at a good premium, and lust year It paid n dividend of 8 per cont. The shareholders, who are liable for treble the amount of their stock, are mainly wealthy men, and It is likely depositors and 'noteholders will not lose anything. The bank has not been in n sound condition for some time past. The DIrectors are Lieut.-Gov. Haviland, tue Hon. John Longworth, Judge Honsley, the Hon. W. W. Lord, Mr. E. Hartz, and Mr. James Peake. Mr. flonsley is President. The other banks are not nffected, and take a confident view of the situation. The public have confldence In them. There are no signs of a panic or run, and none is anticipated: but provision has been made for such a contingeney. A later dispatch says an investigation into the affairs of the bank was held today. which showed that Brocken's unauthorized ndvances amounted to $700,000. It is claimed that the liabilities of the public to the bank are over $1,000,000. The Investigation also showed that the last nununt report presented In March was falsified. There is a strong fooling against the Directors. To the Western Associated Press. Sr. Jonn. N. B., Nov. 8.-The Cashier of the Prince Edward Island Bank has absconded. Ho made very heavy unauthorized advances, reaching, the reportsays, $:000,000. The loss will be very henvy. but falls on the Directors and stockholders, who are liable for three times the amount of the stock. The bank bas suspended for three months. The noteholders and depositfors will most likely be all right. The whole affair is a bad mess. Other local banks are unaffected. Investigation above that Brecken's unauthorized advances amounted to $700,000. d It is claimed that the liabilities of the public to the bank amount to $1,000,000. Investigation also showed that the last annual statement, presented in March. was falsified. The bank last year paid a dividend of 8 por cent.
Click image to open full size in new tab
hundred years old, died Saturday from burns received by his clothing catching fire from a spark from his pipe. -A severe frost has followed the rains in the west, which have caused great damage to the railroads. -William Jones, the half-witted man who was arrested Sunday for shooting at Guitean, denies that he is guilty, and the police officer guarding the van has declared that Jones is not the culprit, although another guard has partially identified him. -Ed. Williams, the notorious outlaw who was captured in Nebraska and taken to Durand, Wis., was on Saturday taken from the jail by a mob and hanged. He was to have his examination that day. -The schooner Monsoon, said to be a rotten craft, which has been seventeen days out from Muskegon, Mich., is believed to have, gone down with all on board-her captain and a crew of six. -The Central National Bank of Boston suspended for about two hours Saturday, and then resumed without any difficulty. The Pacific Bank of Boston has been turned over to the Government examiner. The suspension of the Central caused great excitement in Wall street, as it was feared that other disasters would follow. -The total population of the United States as finally determined by the last census is 50,155,783, an increase since 1870 of about 30 per cent. So far the census has cost $3,860,068, and $540,000 will be required to complete the work. FOREIGN ITEMS. -The King of Bavaria is credited with the authorship of a book just published at Paris entitled "The Real Mis-
Click image to open full size in new tab
THE EAST. ADDISON and William Burns, the Missouri land swindlers, tried at Clarion, Pa., have been sent to prison. Many persons in Pennsylvania and elsewhere have been swindied through their operations of various sums, ranging from $2,000 to $30,000. Their operations covered property in Missouri of upwards of 10,000,000 acres. The United States Government was the real prosecutor in the cases, although they were tried in the State Courts. Ex-CHIEF JUSTICE BARBER, of the New York Supreme Court, died on the 8th of heart disease. A BOARDING house at Norristown, N. J., burned on the morning of the 8th and two women boarders perished in the flames. SOME British mail for Australia has been sent via San Francisco. It was forwarded from Philadelphia over the Pennsylvania road on the 8th. HARVEY JEWELL, formerly of the Alabama Claims Commission, died at Boston on the 8th. A BOILER at the Keystone Rolling mill, Pittsburgh, Pa., exploded on the 9th. wrecking the boiler shed and a portion of the mill, killing one man instantly and more or less seriously injuring ten others. THE recently suspended Pacific Bank of Boston will resume business at an early day. COLONEL JOHN W. FORNEY died at Philadelphia on the morning of the 9th. ADDISON and William Burns, the Missouri land swindlers, tried at Clarion, Pa., have been sentenced to seven years and six months each to the penitentiary.
Click image to open full size in new tab
# NORTH CAROLINA NEWS. - Raleigh is so far 11,800 bales short of last season's receipts of cotton. - A fire occurred at Winston last Saturday night, destroying four stores and the post office. Several small buildings were torn down to prevent the spread of the flames. - News has been received that Heyward M. Love, formerly of Lincoln county, was shot and robbed in New Mexico on the 3d of October last. He was robbed of $450 in money, and dangerously but not mortally wounded. - The Rock Island woolen mills property in Charlotte was sold at a commissioner's sale on Monday of last week and bid in by A. E. Hutchison, of Rock Hill, S. C., at the sum of $8,000. The sale is subject to confirmation by the court. - Many of the towns in North Carolina are moving in the matter of providing against the appearance of small pox, which is prevalent to an alarming extent in different sections of the country. The town commissioners of Greensboro have passed an ordinance requiring every person in the town to be vaccinated and to have the operation performed at once under a penalty of $5 for failure. - The Raleigh Observer announces the death of Judge Brooks, which occurred at his residence in Elizabeth City, last Friday. Judge Brooks will ever be remembered by the people of North Carolina for his connection with the "Kirk war," he promptly granting a writ of habeas corpus, and upon a hearing, ordering the discharge of citizens unlawfully detained by the minions of a petty tyranny, at a time when the judicial authority of the State was powerless to act, through fear of incurring the displeasure of radical rulers. - As illustrating the luck of the average office-seeker, the Mt. Airy News says: A prominent North Carolina Republican about four years ago went to Washington strongly backed for the office of Commissioner of Agriculture. He failed to get it. He next applied for appointment as warden of the jail at Washington and failed again. After one or two more failures he sought appointment on the police, and again failed. He is now a messenger in one of the departments and as happy as any office-holder can be. He is persistent, but not more so than the average North Carolina Republican politician. - The Charlotte Observer of last Sunday says: We have it from an entirely reliable source that Mr. Best and his Boston syndicate has failed to meet the first payment for the lease of the Atlantic & North Carolina railroad, due on the 1st day of January. It is understood that he asked an extension of time until yesterday, and up to the very latest accounts he had not been able to raise the money. Our informant tells us that all his employés have left him, because he cannot pay them. The idemnity fund of $50,000 deposited in the Pacific Bank of Boston, if it ever existed, was lost by the failure of that institution, as announced some weeks ago, and the Midland scheme, hitherto on paper only, vanishes into very thin air. - The agreement lately made by Dr. Canedo, representing the New York and Southern Railway and Telegraphic Consolidation Company, and the commissioners appointed by the Legislature of North Carolina to sell the State's stock in the Cape Fear and Yadkin Valley Railroad, has been committed to writing and now awaits ratification by the Legislature. Briefly stated, the purchasers agree within twelve months from the ratification to have the road completed and equipped in good running order from Raemont, near the South Carolina line, by way of Shoe Heel and Fayetteville to Greensboro. It is to be built and equipped within two years, in like manner from Greensboro to Mt. Airy, passing by Bruce's Cross Roads, Walnut Cove and Germanton. Within three years it is to be fully completed from Fayetteville to Wilmington, and up the valley of the Yadkin by way of Wilkesboro to Patterson, in the county of Caldwell, and also through the county of Surry to Ore Knob, according to the provisions of the charter. Various forfeitures and penalties are named; but first of all, Dr. Canedo has to obtain the signatures of his associates to the contract, after which, if all goes well, within four months from this date the purchasing company will have its hands at work finishing the road.
Click image to open full size in new tab
BRIEF NEWS SUMMARY. The Pacific Bank of Boston will open on Monday by order of the Comptroller of Currency. Rev. H. G. Reeve committed suicide in the penitentiary at Auburn, New York, where he was serving a term for bigamy. The Gazette announces that the Queen has directed the issue of letters patent formally annexing Morant Cays and Pedro Cays to Jamaica. The Berlin correspondent of the London Times denies the report that a Prussian spy had been arrested at the railway station of Brettaux, a suburb of Lyons. Through the breaking of a hoisting rope at the Palmer Hill iron mines, near Ausable Forke, New York, a car, loaded with ore, fell 1300 feet, killing one man and seriously injuring another. The total value of our exports of domestic breadstuffs during the eight months ending February 28 h last. amounted to $135,294,678, against $182,428,626 for the corresponding period of 1880-81. The steamship Otranto, at New York, from Hull, reports having passed on March 6th seventeen large iceberge, and later fell in with large packs of field ice, which compelled the vessel to run several miles south to clear it. Mrs. Sarah E. Howe, President of the swindling concern in Boston known as the "Ladies' Deposit," has been sentenced to three years' imprisonment in the House of Correction. She has already been eighteen months in jail. It is believed that Sergeant Mason's counsel will raise the point that there was a fatal error in the court martial proceeding, which will vitiate the whole trial, namely, that the court and Judge Advocate were sworn before the prisoner was brought into court. Rev. Father Francis X. Boyle, pastor of St. Matthew's Roman Catholic Church, in Washington, died recently in that city. His death occurred while he was under the influence of ether, and undergoing a surgical operation. Father Boyle was a brilliant lecturer and pulpit orator. A meeting was held Monday morning in the office of Mr. Jay Gould, at which, it is said, he disposed of the report that he had been "selling the market" by producing Western Union Telegraph, Missouri Pacific, Wabash and Manhattan securities of the par value of $50,000,000, and all registered in his name, thus demonstrating conclusively that it was not borrowed stock. These gentlemen now have the attention of the street turned toward them, and their action for some time to come will be watched naturally with lively interest. Some predict that the long promised "bull" campaign is about to begin.
Click image to open full size in new tab
-While the post-office appropriation bill was under discussion in the Senate last Thursday, an amendment was offered by Mr. Edmunds and adopted by a vote 40 to 15 which restores to a large extent the franking privilege. It allows the secretary of the Senate and the clerk of the House to use official envelopes for all official business, and authorizes senators and representatives to send through the mail any letter or package containing only printed or written matter not exceeding two ounces in weight identified by his autograph signature, without the pay. ment of postage. The House will no doubt conour. -The Pacific Bank of Boston, which recently suspended and was thought to be a disastrous failure, has arranged with its heaviest creditors and resumed business.
Click image to open full size in new tab
THE DEFUNCT PACIFIC BANK OF BOSTON.large and excited meeting of the stockholders of the defunct Pacific Bank was held in Boston yesterday to determine how to meet the second assessment laid upon them by the Comptroller of the Currency, and to determine the liability of directors. Resolutions were presented condemnatory of Bank Examiner Needham, pronouncing him incompetent and unworthy of confidence; and a resolution was adopted urging that suits be brought against the directors of the bank If the receiver or Comptroller shall refuse to do so; also, that the receiver and United States attorney be requested to inquire into and criminally prosecute all persons who are found responsible for the disaster to the bank.
Click image to open full size in new tab
HOLDING bank stock is not always profitable. The stock holders of the unfortunate Pacific bank of Boston are called upon by Comptroller Knox to pay an assessment of $100 per share. When the bank first suspended, a similar assessment was made with the hope of successfully resuming business. It finally closed its doors last May, and the comptroller now finds the new assessment necessary to pay depositors, and a third, of a smaller amount, is not improbable.
Click image to open full size in new tab
All but one of the shareholders of the defunct Pacific Bank of Boston have entered into a combination, which is formed for defense against the suits of the receiver for aggressive action against the directors.
Click image to open full size in new tab
Home and Foreign News. -Ensign Hunt, with the Jeannette men. has left Irkutsk for the United States. -Heavy gales on the English coast. accompanied by loss of life, were again reported last week. -Peter Cooper says: -I believe we want all the protection we can get. Protection is the foundation of the Constitution. We need protection from the cradle to the grave." -The Secretary of the Chinese Ministry at Washington is a bright young Chinaman of polished manners. Once, at an afternoon tea, he was asked if he would take one or two lumps of sugar in his cup, to which he replied "No sugar, no cream, one spoon." -Her Majesty the Queen of England has twenty-two grandchildren, each of whom bears the title of "Royal Highness," and for whom, it is said in London, the Queen has been carefully putting by money since her husband's death, twenty-five years ago at the rate of $100,000 a year. -A heavy snow storm prevailed throughout the Northwest, Friday. Trains were delayed at Milwaukee. The storm was general in Kansas : and it is reported from Salt Lake City, that the Union Pacific and Utah & Northern roads are blockaded. -The first issue of the new five cent pieces has been made from the Philadelphia mint. One hundred and two thousand four hundred pieces were put into circulation. The new nickels were eagerly sought and for five hours a constant stream of purchasers passed the distributing desk. The supply was exhausted long before the elosing hour. The new coin will be struck off at the rate of $5,000 per day. -The Secretary of the Treasury calls in $15,000,000 extended sixes. -A disastrous fire on the Inman pier, New York, did damage estimated at $500, 000. -The Minnesota Legislature elected D. M. Sabin United States Senator, replacing Hon. William Windom. -Bernhardt-Madame Damala-having lost eighty thousand dollars will sell at auction this month all her jewels and pay her creditors with the proceeds. -The father of Charlie Ross has not yet given up hope of hearing from his child. The other day he wrote to a friend : "I am still diligently making every effort to unravel the mystery connected with his continued absence. In our family the subject is often the theme of conversation. Charlie is often spoken of as living. and shall be until we know the contrary." -L. M. Price, the receiver of the Pacific Bank of Boston, has finished his conference with Comptroller Knox in regard to the affairs of the bank; and it has been determined not to disclose at present the condition in which they have been found. It has also been decided that, as soon as practicable, the receiver shall proceed in his own name in civil suits against the directors. -On sugar the democratic Senators are strict protectionists and so voted in the Senate for a high tariff, when it is remembered that they voted against allowing the machine shops and forges of the North to have a protective duty of thirty-five per cent. on their products, and were successful in entirely removing the protection extended to Northern lumbermen. Consistency is outlawed.
Click image to open full size in new tab
The Pacific Bank of Boston. [By telegraph to the Dispatch.] BOSTON. November 17.-The success of the recently-arranged plan for the settlement of the affairs of the Pacific Bank is now considered assured, claims to the amount of $1,500,000 having acceded to the scheme. The plan is a settlement by the creditors with the debtors and stockholders by which all of the assets of the bank go to its creditors, and will be divided as fast as they are realized. The directors are to be released on the payment of $10,000 in cash and a return to the receiver of about $150,000 in securities.
Click image to open full size in new tab
The Pacific Bank Again. The Pacific bank of Boston is in a fair way to become a subject of Congressional investigation by reason of an apparently illadvised attempt on the part of a minority of the stockholders to saddle the responsibility of its failure upon Comptroller Knox and Bank Examiner Neebam. It is pretty safe to say in advance that if the investigation is made neither of these officers will be hurt. The responsibility for the Pacific bank collapse rests upon its president who was a scoundrel and upon its directors whose negligence made it easy for the president to consummate his villainy, There is room-for sympathy for the stockholders of the bank in their misfortune, but none whatever for sympathy with the directors. They knew that Benyou, the president, had a bad reputation by reason of some very questionable practices while he was the president of and ther bank in Boston. It was their duty therefor to use extraordinary vigilance in examining the affairs of the bank. Instead of doing this, they left Benyon to run the bank as be saw fit, and even after Comptroller Knox called their attention to his illegal practices and one of their number suggested an investigation the majority of them opposed it because Benyon threatened to resign if an investigation was ordered! From the day it started until its collapse the bank was run in the interest of its president and the directors assisted him in his knavery by their negligence about as much as they would have been able to do had they been in connivance with him. The directors are likely to bave to pay "V for their negligence and it is both round, rally right that they should. legally and mo.. stement seems to Comptroller Knox's Due the requireshow that he complied with all in ments of the law in his dealings with ten bank and that every step he took was taken with great caution. Some of the information on which he acted was incorrect, but he had every reason to believe it trustworthy as it came from the directors. It they misrepresented the situation to him. either wilfully or through ignorance, they are responsible for the result, and not the comptroller. The comptroller must relv upon somebody. He cannot be expected to have a personal knowledge of all the affairs of the 2600 national banks in the country.
Click image to open full size in new tab
Capitol Topics. THE KEIFER-BOYNTON REPORT. Ex-Speaker Keifer had an interview with Messrs. Hopkins and Ward, of the Keifer-Boynton committee, last evening after the adjournment of the House, during which he intimated that it was not necessary to call up the report of the committee in the House; but the gentlemen of the committee replied very promptly that they would not think of such a thing as discarding their report. It must come up. Mr. Hopkins says the resolution will be called up Tuesday. IN A SPEECH ON THE EDUCATIONAL BILL in the Senate this afternoon, Mr. Morgan said that in the District of Columbia people have ample educational facilities and about as well educated as the general run of people, but still Congress had to deprive everybody of suffrage here in order to prevent the negroes from ruining all local interests. PROPOSED RESIGNATION OF CONTROLLER KNOX. Controller Knox has told some of the members of the House banking and currency committee that if the committee exculpated him of the charges with relation to the failure of the Pacific bank of Boston, he intended to resign his present position as controller of currency and accept the presidency of a New York bank, such having been offered him.
Click image to open full size in new tab
BALMAGUNDI. J. C. Crombie and daughter departed for Mineral Hill by the train this morning. The flags were all at half-mast to-day out of respect to the memory of General McClellan. We understand that Frank Hough is confined to his bed with something like typhoid fever. Mrs. St. Clair, formerly of Wells, arrived from San Jose last evening. She will take charge of the school at North Ruby. A twelve-inch ledge of rich gold-bearing quartz has just been struck in the Phoenix mine in Grass Valley. The mine had been abandoned years ago. Wm. J. Best, Receiver of the Pacific Bank of Boston, was arrested Wednesday night on a requisition from the Governor of the State of Massachusetts, charged with embezzling $75,000 of funds in charge of the bank. The indictment was found last January, but no action was taken until last week, when he was arrested. Best agreed to go at once to Boston saying: "The sooner we get to Boston the quicker I'll be able to prove my innocence of these charges." A Washington dispatch says the President hopes, in the selection of new Commissioners, to give renewed assurances, if any is deemed necessary, that he intends to execute the Civil Service law in its letter and spirit. He expects the leaders of the party will come to him upon this question. He does not intend to go to them, even if he is left to stand alone. It is the President's intention to select one of the Commissioners from the South, if a competent man can be found, who is in earnest in support of reform. The President experiences much difficulty in finding suitable persons for these offices, but he will keep the appointment in obeyance until he does find such persons.