Manufacturers & Mechanics Bank (Nantucket, MA)

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BOSTON, Feb. 18, 1846. Trouble in one of the Nantucket Banks-Mysterious Absence of the Cashier, Hon. Barker BurnellTirrell's Trial. There were strange rumors afloat in this city yesterday, relative to the standing of the Manufacturers' and Mechanics' Bank, at Nantucket.The Suffolk Bank refuses to redeem their bills any longer, and it is said a large amount of the funds of the institution are "among the missing." The cashier of the bank is the Hon. Barker Burnell, now a member of our State Senate, a position to which he was not elected by the people, but by the Legislative Convention, in filling up the vacancies. Since Friday last he has not been in his seat, and where he is deponent sayeth not," hough rumor, with her hundred tongues, has not failed to circulate stories very much to the prejudica of the honorable Senator's character. I hope they will prove to be unfounded. and that Mr. Burnell will soon return and give a sa isfactory account of his ste wardship. He is quite a young man, and has heretofore borne an irreproachable character. His father was Cashier of the bank for a long time, and represented his district in Congress for several years previons to his death, which occurred at Washington three or four years ago. The son was chosen his successor in the bank, and ipherited also a very handsome estate. It is a melancholy sight to witness the ruin of a young man, with such flattering prospects before him, and I cannot but hope that the painful rumors now prevailing here, are very much exaggerated. You will have observed by the papers that Tirrell was arraiged on Monday, and pleaded not guilty to the two indictments, charging him with the distinct crimes of murder and arson. No previous notice of his arraignment having been given, the over-curious were again disappointed in not seeing the renowned individual who has made so much stir and noise in our goodly city.The 24th of March has been assigned for his trial. Every thing quiet-business rather dull - amusements growing wearisome, and the return of spring very much esired.

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Bought at. Sold at New England... dis. dis. Albany. Troy &c" N. York country" New Jersey. Philadelphia " Baltimore.. Virginia N. Carolina 24" S. Carolina 2 Georgia. 2 Bought at Sold at Mobile, sp. pay'g 1 dis. ¿dis. N Orleans. Ohio. Indiana Kentucky Tennessес. Missouri Michigan Canada 34" 34" 34" 3 3 34 2" 2" 2" 14 3" 2½" 3" The Wheeling banks are 24 per ct. disc't. Local currency at the following discount: St. Albane ..1 dis. Plainfield.. dis. Delaware Bridge 1" Georgia Lumber " Lebigh "Farra & Millers Table of Country Banks, 'de Notes of which are se- cured wholly by New-York State Stocks: Amenia Bk, Leedevil... nam Co. Drovers' Bk. Cattar AugusCo. NY State Stock Security Bk Exchange Bt. Cuffalo. New-York Stock Bank. Farmers' & Mech Bank, Og Oliver Lee & Co's Bank. densburgh. Prattaville Bank. Huur erford's Bk, at Adams Suttolk Co. Bk, Sag Harbor. Me.chts Bk. Canandaigua. Unadilla Bank. Perchants' Bk, Erie Co. Warren Co. Bk. Johnsburg Merchants' Bk. Po'keepsie White's Bank, Buffalo. Merchants' & Farm Br Put! The indea of any of these Banks failing is perfectly preposteroue.

### LIST OF FAILED AND DOUBTFUL BANKS, WITH THE PRICES PAID FOR THEIR NOTES:

White Plains Bank. 20 per cent. dis. Lewis County Bane.. .50 Farmers' and Drovers' Bk, of Buffalo. Manufacturers' & Mechanics, Nantucket 62 Bank of River Reisin, Michigan 75 Bank of St. Clair, Michigan. .75

The Reporter advices the public not to sacrifice the notes of the Bank of the River Raisin, as the Bank will probably be resuscitated.

The following is the statement of the failed Lewis County Bank, as rendered to the Comptroller on the 1st inst.

Resources. Liabilities. Loans & Discounts $121.337 Circulation.. $85.720 Specie.. 3.035 Deposits 9,025 Bills of other Bks. 1.822 Capital stock. 100,000 Due from Banks... 24,129

The same scoundrels who attempted to get up a panic here in relation to various Banks have been oper- ating in Albany also. We can assure our readers that no Banks but those mentioned above have failed within the last two or three months. In regard to these vile attempts of bank paper incendiaries the Albany Argus ваув:

Several Banks have been added to this list of failures. the proprietors and managers of which will be astonished to find themselves gazetted while their business is going on as usual at home and their liabilities without an ex- ception promptly redeemed at their counters and by their agents here and in New-York.

Not a Bank in this State, except the three above named, is any way deserving of the suspicion of discredit for any thing yet known to its correspondents in this city or to the public, and it is but just to them promptly to refute any unfavorable reports respecting them which may come from irresponsible sources, and to caution the pub- lic against submitting to loss by reason of such reports, which are probably originated by persons interested in deranging and depreciating the currency for their own profit.

The Western Banks of this State have passed through a severe trial during the Spring, and have paid off an un- precedented amount of their indebtedness to the public, under the most unexpected difficulties and embarrass- ments, arising from the stagnation of the produce mar- ket, the delays in canal navigation, and the unsettled state of business generally, with a promptnes which is a gratifying evidence of the sound business principles and ability with which they have been managed.

### THE CHARLESTON NEWS OF FRIDAY SAYS:

The Bank of Charleston and Southwestern Railroad Bank are checking on the North at per cent. prem.- Freights have again advanced-another engagement to Havre having been effected at 1 1-16c. for Cotton, and 83 for Rice, per 600 lbs. nett. English vessels are filling up atid-and American ships refusing 9-16d. for square bales.

### THE PHILADELPHIA LEDGER SAYS:

Money is in demand, and is commanded only on good paper at a high rate of interest. The Banks feel that they must narrow their liabilities, and are wisely yield- ing to circumstances that may save to themselves and to the community much loss and inconvenience. Best pa- per is rated at from 9 to 12 per cent. and that which is more doubtful at from 12 to 20.

In relation to the unnatural position of the money market, in New Orleans, the Tropic says:

The pressure on the money market, at this present time, is unprecedented in the history of commercial affairs, as we unhesitatingly say, it is not only local but unnecessary. The advices received by the Cambria were the most favorable received this season; the news from the North is, that money matters are more easy'-yet, in our city, money cannot be obained-Cotton and pro- duce piled up in warehouses, no longer represent value- What can be done? Who is to blame? Have the Banks no power to relieve our substantial merchants, men of undoubted solvency There is money enough in New- Orleans for all business purposes, plenty for every pur pose. We ask again, who is to blame for the present ex- traordinary pressure? We shall inquire.

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COMMERCIAL AND MONEY MATTERS

For sales of Stocks, &c. see fourth page. THURSDAY, P. M. At the First Board to day prices of the Fancies stood exactly as at the Second Board yeareday. The investment stocks were. however, healthy, and Govern. ment Sixes have improved 1 per cent. since the dividend came off. At private sale 30,000 Ohio Ge, 1850, sold at 923. At the Second Board a report was current that advice had been received from Washington stating that a basis for the settlement of the Oregon question had been agreed upon. Stocks immediately went up 4 per cent. but left off rather flat. The Exchange Market is inactive, and the supply of bills increased by recent heavy sales of produce for various kinds for shipment. Sterling is 8@81; France 5 35@5 32}. Freights are a little easier, and considerable engagements of Cotton have been made at qd. Flour is 3s. At which 1000 bbls. if not more, were engaged to-day. A ship was taken up for San Blas. The following gentlemen have been elected Di. rectors of the Auburn and Syracuse Railroad Co for the ensuing year: J. Phillips Phonix, Joseph B. Varnum, Joseph D. Beera, Wm. Delafield, James J Van Alen, John Van Nostrand, William K Strong, Stephen Whitney, Alfred Cookling, Amos Underwood, John H. Chedell, John Wilkinson, Thomas Y. How, Jr. The imports at Buffalo from 1st May to 1st June were 251,663 bbls. Flour, 406.815 bushels Wheat, and 238,635 bushels Corn. The dividends of the Railroads comprising the chain between Albany and Buffalo, averaged 544 per cent in 1844, and 5.62 per cent. in 1845. Exclusive of the Mohawk, which paid no dividend, the average in 1845 was 6.80 per cent. The State 5 per cent. loan of $300,000, redeemable in 1864, was not bid for. The Atlas says: The Literature Fund has an investment of 8104 000 in the O.wego Canal Stock, which is reimbursable in July, and we understand it is intended to reinvest this amount in the stock of 1861. which will enable the Commissionera to pay all the small awards for the land damages and arrearages to contractors, until a new loan can be advertised for the remaining sum of $200,000. For the information of persons holding the notes of the Manufacturers' & Mechanics' Bank of Nantucket, we state that all persons having claims against that Bar k are required to present the same at the office of Wm. Dehon. 39 Court-st. Boston. on the 11th. 12th and 13th just. The Receivers are Chas. H. Warren, David Thain and Wm. Deben. The Inquirer says: The Receivers appointed by the Supreme Court have been in session at the building of the M. & M. Bank since Monday morning. for the purpose of proving claims against that institution. Monday forenoon they bad but few visitors. people being shy about exchanging the beautifully engraved promises to pay of tue insolvent corporation for the Receivers' receipts But from some cause or other, this unwillingness wore off by afternoon. and during the remainder of Monday and the whole of Tuesday there was a constant stream of creditors pasing into the Bank and another passing out. We again say to the Directors that justice to themselves, to the stockholders. and to the com unity. requires that they should leave DO proper means untried to discover what bas become of the whole capital stock of the Bank. and to expose the guilty person or persona by whom this wholesale robbery has been committed.The community is not satisfied and the innocent must suffer with the guilty-perhaps to some extent instead of them-until the real criminal or criminals shall have been unmasked. The Worcester Spy says: We learn that the Norwich Railroad Company have transferred to four individuals Aixteen bundred shares of Worcester and Nashua Railroad stock. The Canal receipts at Montezuma up to the lat of $24.299 71 June, 1846, for this year have been 821.716 53 For the same period in 1845 $2,583 88 Showing an excess for this year of. MONDAY. June 1. Brighton Market At market 375 Beef Cattle. 15 pairs Working Oxen 20 Cows and Calves, 70 Sheep. and 1025 Swine. 50 Beef Cattle (including 18 which came in at the close of the market) unsold. PRICES-Bee Cattle-Prices advanced, and we quote to correspond-extra 50. and a yoke or two probably At something more: first quality $6.25; second $5.75 $6 third 84 75@$550. Working Oxen-Sales at $73. $85. $87. and $90; and 8 yoke by Mr. Fairbank, of Dedham, at $125. Shep-Sales not made public Swine-Oid Hogs, Barrows. 5 cts; Shoats to peddle, 6 ets; very small Pigs, 7 and 8 ets: at retail, from 5 to 7 cts. Markets Carefully Reported for The Tribune. THURSDAY. June 4. ASHES-There are moderate sales at 3 50@3 53 for Pots, and 4 00 for Pearls. The markets are firm.

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Varieties.

Richmond, Va., was visited with a most violent thun- der storm on the 30th ult., blowing down trees and fences, and washing the streets with a leluge of water.- One or two houses were struck by lightning.

The farmers around Troy and Sidney have taken pos- session of the Randolph negroes, and given them quar- ters. They say they shall not suffer. We suppose they will remain with them until a final arrangement is made by Judge Leigh. The excitement has nearly subsided, Cincinnati Gazette

We are authorised to state that a full and satisfactory adjustment has been made between the Receivers of the Manufacturers' and Mechanics' Bank, of Nautucket, and Mr. Barker Burnell, of all matters in relation to his con- nection with that Institution.

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COMMERCIAL AND MONEY MATTERS.

For Sales of Stocks, &c. see Fourth Page.

THURSDAY, P. P. At the Public Board Norwich and Worcester Railroad declined and Harlem Railroad

The rates for foreign Exchange Bills are a little higher, and we slightly advance our quotations. There is a fair business doing for transmission by the Great Western this afternoon. We quote as follows: On Lon- don 108@1081: Paris 5f.35@5f.32): Amsterdam 392391 Hamburg 34: Bremen 77 @77.

First class of paper is discounted without dif- ficulty at the rate of 6 and 7 per cent, per annum. Great caution, however, is used as to the quality of the paper taken, with a general disposition to avoid all risk and speculation. There has been a general curtailment of engagements, which induces us to think that capital will be more abundant as the season advances, unless the financial action of Government should counteract the natural tendency of things.

We notice that the Nantucket Warder speaks very doubtingly of the "full and satisfactory adjust- ment" which has been announced as having been made between Mr. Barker Burnell and the Receivers of the Manufacturers and Mechanics Bank at Nantucket. A correspondent of a cotemporary thus sums up what in his opinion will probably be the result of this adjustment: "The bill-holders and depositors will receive one hun- dred cents on the dollar; and it is possible, if the law- years and Receivers do not take the residue to pay for their services, that a very small dividend may be paid to the widows and orphans, and poor worn-out seamen, who compose a considerable portion of the stockholders of that institution."

A forged certificate of deposit on one of the Rochester Banks, for $350, was a few days ago passed on Bertram Harvel, of the firm of Ludlow, Beebee & Co. of Phila. by a man calling himself George Simmons. alias McGuire, alias Fitch.

In Uncurrent Money there is but little change. Ten dollar counterfeit bills of the Cabotville Bank are in circulation. Two of them were passed last even- ing in Brooklyn, and the suspicion was so strong that one of the men was taken by the Police and the other escaped to New-York.

A new counterfeit fifty dollar note on the Miners' Bank of Pottsville, has been discovered by Mr. S. M. Drexel, of this city. It is evidently a new emission, and altogether unlike the genuine. The good notes have for a vignette a female, with the denomination "50" in large characters worked in, and two female figures on each side. it is the only plate the Bank has in circulation. The counterfeit has a medallion head on the left end of the note. [Philad. North American.

BANKS OF THE STATE OF NEW-YORK

The gen- eral statement of the quarterly reports of the several banks in this State is published herewith. The report from the Farmers' and Mechanics' Bank of Ogdens- burgh, not being made in conformity with the facts as given in former reports, is omitted. No report was re- ceived from the Black River Bank; and the reports of the Cuylers Bank, Farmers' Bank of Hudson, Kingston Bank, and New York Stock Bank, were not received in time for publication.

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for the remainder of the year will not_vary ten thousand tons from the actual quantity. We understand that the receivers of the Manufacturers and MechanicsBank of Nantucket intend to make'another dividend soon. To be entitled to this, the bills of the bank must be left with the receivers in Boston or Nantucket by the 19th inst. Some time, a year or two"perwill elapse before the third and final dividend, so Gat bill holders should look to'it. The message! of the Governor of Ohio to the Legislature of that State gives (a detailed account of the public finances. It appears that' the generali revenue received during the year, ending the 15th of November, 1846, was $163,631 62. Balance in the Treasury on the 15th of Nov. 1845, $86 303 98. Total applicable to the support of the State government, benevolent institutions, &c, $249, 930 60. Paid out during the year ending 15th Nov. 1846, being bills (paid at the Treasury, $192,701 59 Balance in the Treasury on the 15th November 1846, $57,229 01. Received for taxes of 1845, $765,406 34. Canal tolls $595 479 09. Turnpike dividends, $35,291 21. Canal Lands sold, $22,163 13. Miscellaneous items. $11,074 39 Amount properly belonging to Canal fund, 1,429,414 16. Amount received for School lands, $27,558 89. Total amount of Canal fund. 1,456 973 05. Paid out of Canal fund for repairs and superintendence, $233,232 59. naccount of interest on foreign debt, exchange and expenses, and School fund, $1,194,301 64. Interest paid on domestic bonds, $45,687 42. Total amount paid from Canal fund for repairs and superintendence of Canals, in terest upon foreign and domestic debt, exchange and expenses, $1,473,321 65. The expenditures from the Canal fund, exceed the receipts on account of the same fund, for the year, $16:348 60; but the balance in the Treasury on the 15th of November, 1816, on account of the general revenue fund. was $57,229 01, leaving a balance in the State treasury. on account of the two funds of $40,880 49. The Governor pitches into the repudiators of other States, and congratulates the people of Ohio upon their having, under all the depressions in business and commercial revulsions. fulfilled their public engagements with scrupulous integrity, and paid the interest upon the public debt with promptness and regularity. The public indebtedness of the State of Ohio, on the 15th of November, 1846, the close of the fiscal year, and the annual interest on the debt, &c., were as annexed :OHIO STATE DEBT-ANNUAL INTEREST 1846. Total amount of foreign debt $16 964 292 50 Amount of domestic debt 965.136 12 School and trust fund 1,482,692 68 Total amount of State debt, Nov. 15, 1846,$19,215,111 30 Interest on foreign debt paid in N. York $1,027,356 95 Interest on domestic bonds 45,908 16 Interest on school and trust funds 88,450 79 Total amount of interest paid in year ending Nov. 15. 1846 $1,161,715 90 Amount paid for exchange. interest on temporary loans, and expenses 30,252 36 Total amount of Interest, exchange and expenses, during the year ending 15th Nov. 1846 $1,191,998 26 The domestic debt is redeemable at the pleasure of the State, and the school and trust fund constitute a perma. nent loan to the canal funds, the interest being annually appropriated for the benefit of those funds Of the foreign debt, the sum of $5,918,668 76 will fall due in the year 1850: the sum of $3,365,779 24 in the year 1856; th sum of $7,012,781 in the year 1860; and the sum of $667e 668 the year 1870.

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whether say Bake was of secret to them to partner Young at the time of the which gave rise to the present versy The jury will render a sealed verdiot this morning. Trial of Barker Burnell, late Cashier of the M.and-M. Bank, Nantucket [From the Nant ucket Enquirer June 11 This important case came before the Court of Com mon Pleas now in session in this town, last Wednesday morning We presume it very general known that Mecha and Bank turers' about blew the up the middle of February 1846, and that an imme into was after that which gone affairs. its of event, disclosed the astoun ding fact that not only had the entire capital stock of the institution disappea but that its assets were not sufficient, by many thou sands of dollars, to pay the depositors redeem its circulation So entirely unexp pected was this deplorable to that almost the rottenness, of exhibition up of day the explosion.the stock of the bank done we believe, for nearly year- premium in the mar ket. The return made by the proper officers of the October bank represented the failure. being the preceding very prosperous cond lition. althou at the time hopelessly insolven A few months before the failur in October we belie Mr urnell had gned the ashiership which office he was succeeded by Mr AnMorton drew The excitement here in consequence of the failure of the for inued and affair inten was the bank months general subject of con tion the alive it kept interest by the public being ulation, the the surrounded disapp which mystery noy Suspicion naturally fell upon Mr Burnel how much justice we trust this trial will be the means howing -and some time last summer he was complained of before trate, arrested, and committe to prison; from which however he was soon liberated, ha for given bonds sfactory to one of our magistrate his appearance at the October term of the Court of Com mon Pleas. At that term of the court an embezzle him him with found was against charging ment of the funds of the bank but no trial was then had. the case being continued. at the request him to G and Choa Messrs. Coffin the term of the court Mr Burnell has remained in prison We some that October should since here, say time summer. after his arrest he effected with the receivers settlement of the civil suit which had been commenced against him in behalf of the bank by giving up to them property ting as hear, $40,000 Mr Burnell assigned as the reason why asked con tinuance last October that he under the time into at the stood. with the receivers, that if he would give up, as he did the bulk of his propert to the bank he should hear any thing more the On Wednesday morning, the accused appeared before the court to take his trial new indictment in three counts had been found against him by the grand jury, two of which, however were dropped the district torney that the defendant is now being tried the following charge That on the 19th of February 1844. he feloniously and unlawfully mbezzled and verted to his own use, check for %6 000 signed by him as cashier, and drawn on the City Bank Boston. favor Messrs. Sampson and Tappan, payable on the 4th March following As this was new charge. which the prisoner 's counsel had had no opportunity to examine, the trial was, their request, adjourned to yesterda morning at 81/2 'clock, the court coming together in the afternoon at for the purpose of empannelling jury Many had anti cipated difficulty in selecting jury, but none was found 11 composed of the following gentlemen Foreman: John Edward C Barker Allen H George Adlington John Barnard David Baker George Brown William Elihu 2d Cobb. B Coffin. Seth Obed Bunker, Coffin Charles Goggeshall John B Coffin The was case of behalf the Com opened in yesterday monwealth by the district attorney Clifford His address to the jury was more than an hour long Touching the belief expressed by the prisoner that of the ad diustment of the money claimw the bank had against him the criminal proseo ution was to be dropped Mr Clifford said that not the slightest thing had been done or said on the part of the Commonto the of wealth warrant such belief any In the course of his remarks upon this point Clifford to said application made that was when on the part of the prisoner, to the effect that the rosecution criminal if should be pecuniary the dropped demands of the bank were atisfied. their reply was about that could the do nothing complaint had they been made and that there it must rest So careful the were of to exci means not be unfounded they ting any expectations, that they referred the defendant to the diswould trict before they One attorney money our citizens went to New Bedford to seen him [Mr Clif ford, and a few days after. when h was in Boston he received an invitation to confer with the counsel of the defendant on the subject But he declined even to meet them. The indictment was founded on the 64th section of the 36th chapter of the Revised Statutes, which reads as any cashier or other officer or servant of any bank shall embezzle. or frauduler ly convert to his own or shall fraudulently take or secrete, with intent to con vert to his own use. any effects or property belonging to such bank or deposited therein he shall be punished as provided in the one hundred and twenty -sixth chapte The District Attorney then gave a brief account of the real condition of the bank at three periods of its existence. On the 8th of April, 1843. a thorough examination of Bank Commissioners its the affairs was made They by found its capital stock to be $83,000 or $84,000 though originally $100,000 $16,000 or $17.000 having been lost by failures among its debtors. In other respects. and in order regular good The perfect was tly thing having instructed the Directors to stock the should dividends until more no be at par none were made for twelve or eighteen months He should prove this to have been thorough and true ex amination. It was signed and sworn to by B Burnell Cashier. One year after March 30th 1844, the bank was ex and from examination that the Directors amined by they were led to believe that the stock at par within $6768 81 -that is they had made up in 12 months some $12,000 of the old deficiency This was not the true state which was deficient the that bank time of at very nearly $18,000. T 'he consisted main ly in false account of balances due from foreign banks specimens were given The Merchants Bank of New Bedford was represented as owing the Manufactur and Mechanics Bank $19. 484 08. while in truth the the lerchants owed Bank Bank and $770 M The balance due from the City Bank of Boston was put 123 77 down true the balance. $52 at known by rendi tion made to the prisoner and approved by him. being 22 District The that $22,825 only thought Attorney this great amount of money was absorbed from August 1843. to March 30 1844; that duri the first six month of the year, the administ tion of the defendant was perhonest and correct fectly In March. 1845. the directors were made to believe the first rate was order deficiency The made bank in all up, and there was surplus of $5,721 Yet, at time th stock was all gone, and $17 000 more In 1845. Surneil was succeeded as cashier by Andrew received statement the who representing Morton, bank in a very good condition. After he came in examination was had, which disclosed the true state of the case. The government were bound to satisfy the jury, not only that the check was taken by the prisoner. but that he fraudulently converted it to his own use. might said that he had taken it without guilt unfortunately not criminal carelessly without design The go vernment were bound to show beyond reasons ble doubt should this To end. he criminal intent the before lay them the nature of Burnell's official conduct while cashier of the bank the books would be laid before them false entries shown. and an amount of official miscon of extent which the duct of had they little proved very conception These matters would be introduced that the jury were to pass upon them directly. but show that for a long period of time the prisoner was the habit of committin acts of gross misconduct. that was utterly faithless to his trust as keeper of the funda of the bank After showing the manner in which false represents tions of several foreign accounts were made alluding seven or eight false entries. amounting in all to about $30,000 and stating that the account of the prisouer when correctly written up. was found to be overdrawn 18.000 or $20.000, Mr. Clifford entered upon statement of the particular transaction upon which the present in dietment was founded. He gave, in substance. the fol lowing account of it ugust, 1843. the prisoner being in want of $6.000 $6,000. and not wishing to be known as borrower he of cashier wrote which was institution Sampson appan ng them accept his draft on them and off. cent per commission on them to the 21/1 amount pay ing this they very willingly agreed He then wrote in of the bank New the Merchants' cashier Bedford see if he could get draft discounted there within to he tained desired do Having so that days, he could. he sent draft Sampson & appan. dated gust seven months, for $6 000 and got the money for it On the 26th of February he sent to Sampson & l'appan. check on the City bank. Boston. payable their order. take up the $6,000 acceptance and signer Barker Burnell, Cashier He did not charge himself with this on the books of the bank, nor did he give any credit