Newspapers / The Courier (Asheboro, N.C.) / May 10, 1876, edition 1 / Page 1
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- i .. . : - -: , -.--: . - i . : - , '. . " ; " i ; i j . ' ; r ' ' ' , i - . "j . - : " . -, ; : . . ...i , , j ; . ' . , . - : . - - . - , -. ; - , j ! - ; GOVERNMENT WAS INSTITUTED FOR THE" GOOD OF THE GOVERNED, i j "" 1 "J. j V0L- 1 , t,:' ; . ASHEBORONORTH CAROLINA, WEDNESDAY, HAY 10, 1876. ' V ' ' ' .1 . ' -. NUUBER 15 j THE RANDOLPH REGULATOR. '.MSHED EVKUY WEDNESDAY BY THE I? A N DOLPII PUBLISHING CO. iC-2 JOOliS KAST OF THE ; COURT HOUSE. f ir, ' iiostaffe paid ,; 2 no ' OKI On Y th, postage iaid... ..1 00 RATES OF ADVERTISING. On" qi are, one insertion........ .11 00 iii are, two in-ertions.'.... .1 50 on.- u:inte, four insertions -qiiure, three month.-., one wjU:ire, -ix month?..... ....2 00 ....3 00 ....5 00 ....8 00 ( ne fKiifeire; twelve rnontli 12 00 For larger ailvertiementi liberal con iT ill iie made. Twelve lines solid hrvipr (feonst.it nfe one srjnare.' All kindn of .IOIJWOBK done at tlm k" KK(IU;atou" oftiee, in the neatest si vie, and on reasonable term.?. Bills for jiiverti ij t- I. n; considered due when pre- THE PLUNDERED BANK- 1 IOW tllK N KG KOKS WE HE ROB-Rl:i)j-A TALE OF WASHING TON RING RULE. From the Baltimore Gazette. Washington, April 24. T I ie bottom facts in the Freedraan's viullc have unqucstionabl bcdi njalied by the select committee of i he , Iion.se of Representatives. The ( ii iiniian, .ir. jJousTas, lias exhibited ,n of jiil; e'apaeth reat industry but superior as an investigator. Two other members of the committee Mo.ssrs llraillbrd of Alabama, and Stenger of I'eniiS) of sou n in stud' vania, have also given evidence 1 judgment and great industry ing up the history of The banl tnd have maleriallv assisted Ir. Dou- la in the investigation. r j . The rapid sketch whicli I gave lat night of the testimony published did not doj justice to the developments vvljirh t he committee liave made. The testimony 'of Mr. Anson M. Sperry, the general! inspector of the branch banks, shows Vilearly that from' almost the very beginning there was both incompetency and rascality in the management of the Tiiicipal bank here, as well as in the conduct of the majority of the ' fjranch(s in the South. Mr. Sperry did not became general iusiicctor till 1870, iait he almost immediately found on an examination of the bank here that i there was a difference between the ledg or and the general account of some eighty thousand dollars, and he.never was able to have this reduced below 40,000. The inen .who were emplo' od as book-keeper and cashier, Boston and W ilson, were incompetent, and, as subsequently appeared, dishonest. Sperr called attention to the discrepr ancies in the accounts immediately, but it was a long time leforc he could get either the actuary or the trustees to take any elllcient measures to remedy the deficits of the management. The prin cipal object of one set of the managers seemed to be to induce the freedmen to deposit with the bank, and another set devoted all their ingenuity to profit by .the ijso.of the mone'. Avortl was t he president and chief missionary Sn . t he .4oujh to work up the freedmen to tle posi with the branch banks. The finance committee was constantly de vising ay.s and means t6 absorb the deposits'. They reni red all the money deposited with the branches to be drawn lo Washington, which would have !een the safest thing for the de Iositors if the managers here had only hoen honest. The finance committee was controlled by Cooke, Huntington and Cle )liane. These men could not have the swing they wanted as long as the charter of the bank required all loans to! be made oil United St.ntP so. eun It was part of the scheme of the Washington ring to use.the earn ings of 1 he poor freedmen to carry out their, mrgnificent projects for enriching themselves by speculations in real es tate am' the improvement thereof. To make this possible they had to get the charter amended so as to enable them to loan inohey on real estate. Tile pr text for this was that politi t 'ans in the Southern States wanted to .of the earnings of the freed id were i lioldinz out to them 1 Sroatcr inducements than the Freed- Hi: 1 Bunk could, as long as it was re- trured to loans on Unitetl States seen Htics. 1 b?y argued, of course, tliat I the freedmen would be at the mercy of unscTupLlous siMjculators, unless the l10 established f especially ToV their 'benefit, was, enabled to take care of them. Accordingly Congress was induced to amend the charter so as to enable the bank to loan on real estate. The men who were immediately select ed to act as the appraisers of the real estate were Kilbourne and'Latta. The next thing was tp establish the Seneca Sand Stone (Jompany, and the money of the poor freedmen went into the sink hole. Next came the new District government, and the Metropolis and other paving companies. The capital to start these concerns came out of the Frecdman's Bank, and was advanced in the stock of those companies into whose treasuries not a dollar had been paid by the stockholders. Kilbourne and Latta were the real estate agents of the bank and the trustees of the real estate pool. As the managers of the latter they bought up large quantities of land and paid but a small portion of the purchase money in casli, giving notes for the balance. These notes were largely purchased by the Freed mans Bank ufiori the recommendation of Kilbourne and Latta. i And so it went. In' a short time nearly a million and a quarter of the money had been loaned cn real estate in the District of Columbia, - and very frequently the property was encumbered with prior liens, and in not' a few instances deeds of trust were given by men who had no sort of title to the property they mort gaged, and in almost every case the real estate was not worth the amount of the loan at a forced sale. TheTinance committee was dishon 1 est, and so was the actuary. The for mer used their positions to secure loans for themselves and the friends on in-adequate'sccurities,- and the latter used his power to make money out of the commission allowed to brokers for ne .rotiating loans. While this was goinr on here in Washington the managers of the branch banks were practicing like tricks for their own benefit. The inspector, Mr. Sperry, finding out the shortcomings of the branch managers, reported to the trustees at Washington, and they, indignant that an- subordi nates should steal what they alone had a right to steal, ordered all depos its to be forwarded regularly to" the principal bank here. Of course while Henry T. Cooke, W. S. Huntington and Clephane were conspiring with Hallet Kilbourne and John O. Evans to enable the Seneca Stone Company to get $50,000 on apparently good secu rity, while a secret agreement provided that the bank should, alone have the second mortgage bonds of the Seneca Company, in the' event of the compa ny's failure to pay the loan. Subordi nates like the cashier and book-keeper could see no wrong in doing a little stealing on their own account. Accor dingly Boston, the book keeper, forged the checks of a poor depositor named John Watkins, and Wilsou, the cash ier, handed over the depositor's money to Boston on the forged checks. Wib son was the father-in-law of Boston, and of course the stealing was on joint account, as Boston now insists. Col. Eaton, who was the first .actuary, was both jAj-pocrite and a knave, as was also Alvord, the president. All the managers were 'conspicuously pious and philanthropic. Alvord and Eaton were trustees of the Howard University along with Howard and Bullock, and were likewise members in good standing of the Con gregational church; .Eaton, never lost an opportunity, as it would seem from the evidence, to make a good thing for himself, and Alvord followed suit When the Howard University was to be built, Alvord, Eaton, Stickney, IIoward,Bullock, et Lloome genus form ed themselves into a joint stock com pany to manufacturo baked bricks out of which to build the university build ing. They all realized enough to build themselves fine residences on ground which they got at a nominal price from the university. The ! university jras short some $75,000, and the money was borrowedJrom. the .Jreedman's Bank and secured by a mortgage on the university property. In due time a real estate firm, with a myterious con- EX. DEPARTMENT, STATE OF nection with, the managers of the uni- j KORTII CAROLINA," versity, bought a portion of the ground j Raleigh, April 1 7, 187C. belonging to the university and started j i?rr. J?. SEAHS, GaCl Agaxt Pea LeDroit park. The price paid was My Fund : ! altogether inadequate, but the Freed- Dear Sir: I write to you to as man's Bank relieved the mortgage on certain whether or not Stephen I). the whole of the university property and took liens on the houses and lots ; Park Company as they of the De Droi were sold. Of course somebody profit- ect by this crooked transaction, al though the proof r is not clear, yet the inference is strong that it was a co- partnership steal, and that the human- itarians so active in the management of Howard University and the Freed-! mnn'a llonL c1ismi11 clmn r.1 . . ov,ulvi a.ia.c auu ouaicanai ue ujis iHKcn a portion oi the alike in the profits. One of the most Peabody school-fund for his own pri - interesting transactions in which Stick-; - ! . , ..0dv... mim mm uu Juan Jioyle, a real estate agent of this city. This fellow Boyle was one of the strikers and tools of the District ring. He was also a broker for Stick-) rtUttlh aSaUju;n me i caixviy scnooi-iund i)ractice when persons, who had good ; for this State. And if he has not dis - security u give, made application for harg.l the duties of the trust with ianKhey would be referred to Juan ; Boyle. He would manage the negoti-; m . . I ations and charge the concern a com mission. In this way he drove quite a lucrative business. . The finance com mittee were familiar with this practice, and countenanced it. Finally, when the panic of 1873 came, and the bank had to raise spine ready cash, there was a lot of Unite'd States bonds in the ' vaults, and Sticney sent Boyle to Bal timore to sell some of them, and Alvord went to New York on a like mission. Baltimore was ! the last place on the I continent almost that a sane man i would have undertaken to sell bonds in large amounts at that time, but Boyle it seems, got rid, of a hundred thousand dollars' worth.! Shortly after this Boyle rtppearedjto have $21,000 of the bank's money Stiekney's attention i was called to jthis, and he said the money had been loaned to Boyle, and shortly thereafter certain notes to se cure the loan were given by Bojde. These notes, it appears, were good, but after a while these were withdrawn and Boyle's instituted therefor. To make them good he gave Stiekney a deed for certain property on M street This deed was absolute to Stiekney, but with the understanding, as he alleged, that he was to hold it for the benefit of the bank. The commissioners of the bank in vestigated the matter, and found that there were prior liens on the property to more than its value, and the im provements were not completed. They found also that if they undertook to advance the money to complete the buildings the cost would be more than they could ever realize therefrom and hence they let it go as a bad debt. The loans made to Vandenburg, the contractor, show the worst sort of man agement if not criminal negligence on the part of the finance committee and the actuary, Stiekney-. On securities, the face value of which was less than ninety thousand dollars, this contract or obtained . $1C0,038 38. A large portion of this, as is proved, was ob-1 tamed upon the assurance of Boss Shepherd that he would see it paid out of theappropiration made by Congress. liutne ciut not keep his word, and the j Wn changcdL I made several speeches j first state election of the Grant and j fr 1 the institution Las existed nank has no recourse on him of course. ! in Wake aud Wayne counties iu favor Greeley campaign came olT, the impor- as Academy and College, thcro Uv Hie present amount of endenburg's of tne Democratic candidates for the tance of which will Ixj easily recalled, j 1 4-graduates ; of 11, 34 Liv maeuteclness to the bank, exclusive of j cocntion, and placed myself square- j The fact is already known that $135, 1 yers,phyucianS13, profcorsand teach. mtercst,is,lJ4,J40andtosecureit the grounds statdl j 00o! of government funds were ent! 21, preachers 28. Ofthe V'hoU there is about 0,000 worth of secu- j in my ,eUcr j believe a convention ' into that state to aid the republican number of gradoaUi 21 bar o died, 13 rities real value. As a defense ofjU but a legalizeil revolution, and I ticket against Merrimon, Uie democrat- cfwhom were killed during the war; himself andenburgseU up tliat Eaton should ncver without theic candidate for Governor and now j 13 are members of the Conference; and was interested with him m some of his j sanction of the people, at the ' United! State Senator. There is no 3G members of Conference being bear . ... . . ! "- aauueaisomims; that aixrtion of the collaterals h d.l . ! , 1 posiica wun tne oanK nave been sold ; and the proceeds not applied to the j liquiilation of his- indebtedness. . , , , ! A . .1 A church between two rronhors m ! New York city ity was attacked but Sun- day by a party of roughs with rocks. They hurled six volleys of stones through the window and scatered the congrega tion and tried j their best to hit the preacher. "Who savs the devil isn't loose. t American husbands are the Vest j - . trained in the world. Berlin Saying. Pool, Superintendent of Public In struction of North Carolina, has prop-! erly accounted to you for the! money belonging tothePeabody school-fund, j which was intrusted to his care to aid I j in educating the poor children of North Carolina. j From information in relation to this matter, I have reason to believe that Stephen D. Pool is a defaulter, and : l. i i .. . .. vate use and benefit, in vinlitw.n .if nicmii iu m u WCC uic jjuuhu uui niutil lie Iiem.: j I desire correct information upon ( this subject, as Col. Pool has occupied i an important position, by virtue of which I presume he was elected as the o : v.. A.x.wr.v. iu ivimjw ii. C. II. BROGDEN, Gov. and ex officio President Board of Education. PEABODY EDUCATI'NAL FUND Staunton, Va., April 20, 1876. His Excellency, Gov. JSroriien ; .Dear Sir: Supt. Pool has sent me a list of the schools which he has paitl from the reabody Kducational Fund, and I have no reason to doubt its correctness. There are several ; other schools for which I forwarded funds which haave not yct bcen Pai1 but which 1,e sa"s fie wiH l)ay i Theie are certainly " irregularities." I hope, however, he will fulfil his promise to me and pay up soon. His account of moneys received from me. and mine agree. I suppose ! U . !.. -. l r n i i -i w llw a" nas paiu. I sent him my account, which, no doubt, he will show. I have no doubt lie has used for his own private convenience the money I paid him for all the schools not on his list, which should have been paid to those schools. The way to get at the exact truth would be to compare my list of checks given him, amounting to $15,150, with his vouchers. My list is in his hands. Very respectfully, yours, B. SEARS. General Agent P. S. His list of payments, as re ported to me, April 7, 187C, amounts to only $12,G00. He may have made some payments since. Constitution. JUDGE FOWLE AND THE CON STITUTIONAL AMENDMENTS. Judge Fowlc wa3 recently! inter viewed by a reporter of the Raleigh Sentinel upon the amendments to the State Constitution. We call the at tention of anti-convention men to his views : i Reporter .Judge, what do you think iof the. propriety of call im? the late cj convention ? I ask because I have heard that your views about a conven tion were much modfied before the election last August Judge lowlc You have been mis-1 informed. The views expressed in I m V lpttpr nt-vrin tlir. culkios nm-A. J ui'll.. liuib J . ; n .. . i.eponer do you mean the amend- ments sli0lld yotcd down , Jae Fwle-By no means. I I can j see very well how a man who believed that the proper mole of amending the ... .. 'P f Lmsuumoa was bJ a convention call- sed DV the Iifn!lflinr(. mnlii hnnt himself , to vote against the amend ments upon the ground that they did not go far enough, arid because he might hope that another convention would be called to remedy the suppos ed omissions, in case the amendments rf d - , r were not akptel ; but I cannot see i . an anti-convention to vote for the amendments If these amendments are voted down, the ques tion of convention or no convention will be agitated' again beVore the lapse of five years, arid I Ijelicye the, agita tion of the question will cause serious apprehension upon the part! of many citizens, which should be avoided if possible. Most, of the amendments arc very great improvements, and if they are passed the question. of con vention is settled forever,1 because one ' of the amendments provides that the legislature shall not call a convention without submitting the question to the people, and I believe thej people will i vote against any call of a convention ! unlcssthe necessity is very great. i . Tl.o nmn,imni .r i i... t.. i r OWie jlS as lOuOWS ! 1 . Section 1. No convention of the Ieopie oi mis Mate shall ever ljp call- ed by the General Assembly unless j by the concurrence of twc-thirtl of nil! lSkA Vl4. vk 4r?t ; tne members of each house of theiGrant in 1872 by fraud and tho nd ; General Assembly, except the propo- 'ministration victory in t!?sr." sition.j convention or no Uventiot I vented the deotn wavX vnz ui suomuied lo me oualifieil vn. ters of the whole State, at the next j general election, in a manner to bejportant success of the campaign. In Penocu ny law. aii.i should a rna- jonty of the votes cast be in favor of said convention, it shall assemble on such day as may be prescribed by the General Assembly. jj From the Raleigh Sentinel. THE SECRET SERVICE FUND IN NORTH CAROLINA. A Washington telegram j to the New York Bo.rW, dated April 2:, in re - gard to the use by President Grant of the secret fund, says :' The disbursement of th secret ser vice fund for election purposes in New j York under. Attorney-General Aker- man lias been traced as straight to the President's hands as it was by the. ev idence of Attorney-General Williams. If the use of this secret service money in this way was as proper, and lawful as the republican press claim, it is strange that two Attoruejy-Generals, 1 he highest law ollices of the govern ment, should in ditferent instances and at periods of one and two jyeara apart require the positive order of the Presi. dent before they sent ajdollarofit through the chief of the treasury de tectives to an unscrupulous partisan official j for political campaign work, and if the money was used properly under tho enforcement act as is also claimed by the republicans; why has it not lecn accounted for in detail, as required by the last section of that law ? Ex-Attorney-General Akerman testified 4b-day that he first disbursed a parti of the fund through Detective Wlutley to Davenport on a letter which he received from General Horace Porter from Long Branch! written by his private secretary at the request of the President. Mr. Akerman regard. ed this; information as important and confidential and submitted it to the committee under protest .": He did not think that he ought to be required to make it public, as it was an ofilcial act" performed at the private request0 187C anual averages, matricula of the .President The committee hope to. get full information reuardinz the amount of money sent into North ! fVriii;n'o :n 4 ....... 4 i a . I . I .iUUlllll IU fc. 1 H . HIII'II LIII- pretense of fraudulent relation or ly one fourth of tho wholo number, 1 . i . .... V. J. : ij. v --t s lweea rinzs to defend public money. It is Fuge:e.i that the Canlficld committee visit New York ; t 1 i before 1 concluding the investigation into the expenditures of public money there for election purposes, j It costs in the neighborhood of $10 to bring a witness from New York to Washing ton; and return and pay his expense while waiting the pleasure of. the com mittee. j There are hundreds of nitness es in Jsew, Y'ork who will swear as to thej way. in which Johnny Davenport Isjient the money illegally given hi in by order of the President. Theci. pon'i of bringing these witnesses to? Washington would bo much greater than the expenso of the committee 'in. visltinNew Yorki ' " - That ;a? large amount of this stolen money was used- to carry this state republican in 1&72 there is noV tho slightest I doubt' Repubh'cans, and prominent ones at that, after the election laughed at the astonitJiment of demo crats at the apparent result and said that tbey hadliad too much raoneylo jsr end to" bo whinnod. This was open. ly said and boasted of. E-erj body knew that a corruption fund was be ing used and that it came from Wash, ington, but the exact department of government from whence it was drawn i - i . . ; WXS KnOWll lO HOnC OUt tllC imlitKI It It ttlut l.nnA,1 !,. il.:.-i.;i. n!' 'will be probed to the bottom.! Wo j give the World: editorial comment of the Vrkrll. not:..-" l-l r . Mn,ii.t;...a r,. i. i. ty. It was the initial and im. , i v i'uiiiv.uuo uu; iUUKa or the nar. our Washington specials will be found an intimation as to how that state was j carried. It appears that $135,000 of 'government funds was thrown into it i on the eve of the contest We wait with interest to hear under what forms of law and on what pretense this raon ey was expended to re-elect tho Pres. ident. Words are not strong enough I nor hitter enough to express the detcs. 1 tation which this appropriation of thy i PubIic funds to party purposes dc serves. TRINITY COLLEGE. During tho recent tcntenuial of Methodism in Raleigh, President Cn. ven presented a very remarkable nt tistical history ofTrinity College. We copy from the Christian Adrocat. Trinity began in 1838 as an ordina ry school, became an Academy in IHSllx was made a Normal College in 1851 ; had its first relation with the North Carolina Conference in 1851, and fullv and finally severed from the State, and transferred to the .Conference in 1859, at which time the name was changed to Trinity, and all Normal features were annulled. From 1842 to 1850, whilo the Instiv tution was an' Academy, the annual in come varied from 200 to $1800, giv ing an average of $1200 ; the averago annual matriculations were 105 ; an. nual average losses by bad debts $140; during this whole time thcro were cisht expulsions, four death, and three hund red conversions. From 1853 to 183l, while tho institution was Normal Col-, lege, average matricuIationH 187 ; aver, age income f 5,000 ; arcrago annual lds fces $223; gratuitous tuition per 'an num $150. From 1850 to 18C2, annual average, matriculations 304 ; income $7,500108 Ees $380; gratuitous tuition f83fl. During the whole time, expulsions 5 ; deaths 3; conversions 105. From I860 tions 150 : income $0000 : losses 350 ; ' - , w gratuitous tuition $020. During tho whole time, deaths 4 ; expulsions 4; ; COIlVCrsiOIiS .30 ' Diirirrr 1i ?,ti-f if - - f -. . -S" T I ... " this theft oft wcr c-dacatcd in jiart or whole at Trin s ' !f m ri-it I ' . : me voufg? na owns property pertj worth $(5,000 has received from all sources $4,074; and has earned and . ld for $35,000 worth of property ; has supported a competent Facnlty, lost $ 00CO by bad debts, and has given $11,300 gratuitous tuitions, chiefly to sons of the preachers. In all from tho flntt there have been 1157 conversion a the College. Jftuonte Journal. T ' S Brighain Young recently had a ret laiise. No dan"er he to ie wive. 'i !
The Courier (Asheboro, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
May 10, 1876, edition 1
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