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THE "DNITEB DEFALCATION, GAROTTE AND ©BN...
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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Transcript
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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President Btjchauats. Howevee Strangers ...
ambassador In this country . But what are fibs-facts ? - The facts are that the positions established by Mr . BjjcuasjlK have teen secured by ids country , and ceded by this country . The Free states possess a majority of 177 to 120 over the Slave states . Two of the Slave states :, Kentucky and Maryland , have gone with "Fbemcwt ; so that if it bad really been a question between freedom dud slavery , between the North and the South , the IN " orthern could have crushed the Southern party , and the ^ Republican candidate would now have been the President .
"We are not Jtware that throughout Mr . BucBUL ]* A : r « r * S official career he has ever been found upholding the cause of injustice , or has ever been deaf to the plea of injustice . Could En ; glish Ministers brifig ^ forward an : accusation against the man who has quietly defeated thein at every pointy out the accusation would come . They are silent ; they can
only give vent to their feelings "by ostentatiottsl y p « rading his successor . Studiously plaaa in Ha own appearamee and demeanour , cottrteons and accessible to all , James Btrchlotan is about the best man , perhaps in the whole world , to represent America at the present moment . He is not a Pro-slavery man : he is as little that as he is an .
Abolitionist . He Las no hostile feelings to Englaridf— -not eveii to official England— -still less" to the people of this country . He fias no KepubKcan fancour against courts ; though he was not quite so bitten "by court notice sis some more hot-headed IRepublicans have been in I / ondon and St . Petersburg . Familiar with the institutions of his country , lie is equally familiar with the customs , the habits of thought , the institutions , the circumstances , and tendencies of the
chief European countries . He knows what can be done with them , what cannot be dotie ; ne can compare the powers of his own . country with tne powers of Europe ! he knows wiere interests conflict , and where they agree ; he is quite aware that iu the great body of the English people there are two guarantees fc * r continual accord with America , gigantic material interests , and a strong family feeling of friendship . There is no man who has
bo extensive a personal acquaintance with ine ' n and things throughout the world ; no nian " who holds iu his head , ready for application at the moment , so comprehensive a grasp of his own country ' s history . Beloved by his friends , respected by his eoiintrymen , conscious of a wide influence , patient aud persevering , he is not addicted to impulse , nor does he rely in contest upon vehemence . Ete is therefore essentially conciliatory in his demeanour . No man better understands the
impolicy of rapidly extending the territories of the "Union , "the utter inexpediency of talcing into the Tederal Hepublic any alien state such as Mexico ; while from the nature of things and from experience he must perceive f he impossibility of refusing admission to any newly-peopled Anglo-American slate demanding it , His democratic respect for state rights would forbid him to dictate the institutions of a slato . His election we regard as a declaration of the resolve of a vast majority of the American people that
they have not federally arrived at the period ¦ when they can settle the great question of gavery \ They decline to settle it ; they leave to 6 settlement to time . And they are justified WtTie" opinion of tliebest men of their country , ™ tbafc Xa Population , freedom of action , T * : > J ? P & f > territory , and votes , the North as steadily outgrowing the South . They see in the progress of republican institutions , with the consequent freedom of discussion and of action , that afc some day not yet fixed , slavery Will die a natural death , witho ut anyfederal invasion of fctnfce rights , or any unnatural regret
for the dear departed . In the meanwhile , thfc true stronghold for the settlement of all these difficult questions , for the promotion of America ' s prosperity , heT strength against enemies , & nd influence with the world , is the upholding of American , institutions , the vindication of Anglo-American freedom , and the defence by tbeTJnited Government of State rights . We look round the public men of the Union , who
are known by the avowal of their sentiments in theii ? most unguarded mom . ents , their actions in the face of the world , their tried contristeney , and We look in vain to find a mam who , at this period of conflicting' questions * at home and abroad , can so completely , so trustworthaly represent American interests * Americas institutions ^ arid Atnericaa . feelings :, as President Buchanan .
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The "Dniteb Defalcation, Garotte And ©Bn...
THE "DNITEB DEFALCATION , GAROTTE AND © BNERA 3 Lr AITROPBIATION COMPANY ( MMIT 33 D ) . Extensively as the principle of joint-stoclt association had been applied * its crownktg triumph was still wanting . One branch' of iiusiness had been strangely neglected . It seems , however , "that the neglect was inore apparent than real . Our readers will understand thab we allude to the field of commerce
inwhich Red ^ Ith , EousoK " , ViiiiiiEBS , Coi , i ! , and others can scarcely be called pioneers , since they were only following , ' in happier times , the example set them by earlier men ; and they have not struck out that idea which would give perfection to the system . Even the genius of Joseph Viotli Cole ,
which we are far from underrating , failed to hit upon thafc crowning measure ; yet he seemed on the very threshold . Indeed , we are not sure that the ' merit of the suggestion pan be completely denied to him ; but it alittost always turns out in . the case of a new invention that it is claimed for many inventors . Bessemer finds several to
contest his patent ; Wheatstone and Bbewstkr are disputing the first invention of the stereoscope ; and we are not sure that the aiithor of the new system which is about to be introduced—if it is not already in operation—will not find himself confronted by claimants to the invention . Its plan is as gigantic as its arrangements are practical . The discovery was brought about by mere accident . It is well known that the successes of Rob son
and Eedpatu have led to scrutiny in other companies , and , we may add , in private firms ; and one investigation , in particular has occasioned disclosures still more startling than any yet published' . CThe first event , hitherto shrouded in impenetrable mystery , was the arrest of a gentleman who had until now stood high in . the world of fashion and politics , an habitue of our Westend salons , a contributor to several public
charities . "We know tho uneasy feelings which this description wiU create in many respectable circles ; but we trust that we are not yet arrived at the day when the mere fact of a gentleman's supporting a largo establishment , associating with "West-end society , and subscribing to charitable institutions , must necessarily expose him to suspicion ? No ; wo venture to assort that there aro still some to whom tho description will apply , still some in the lists of subscribers to charitable
institutions whose conduct is irreproachable , and who have not , even by their family ties , any connexion with this very questionable branch of commerce . Our readers may smile ^ but wo only state our sincere conviction . Among tho papers found hi the mansion of the gentleman whose conduct is under scrutiny was one which instantly attracted interest , succeeded by amazement and admiration at its audacity . It was nothing more nor less than a . prospectus of " Tho United
Defalcation , Garotte , and General A-ama pnatioit Company ( Xiiaited )/ ' H "We regret much- thafc the > length of thi » document prevents crar giving it entire ? toft even from a- cursory and necessarily imperf ^ f description ,- its truly practical character will be at one © -perceived . It wa & headed " Pmvat * aad COnfldetttiay' and vei * y few ' eo ^ S we believe , Md been struck off-Since it xS only intended" for the privileged few avL could take a leading pa * fc as promoters : of the uttdertafeitfg , ; The prop ^ d efcrtita-L «» , 2 , 000 , 000 ? ., whicll may at the- first mfa seenvlarge-j but on learning , the o & ects of the Compaaj , the onry woiwfe * is- thai its projectors , who ^ videBtly naderBtood tiw & r busiiiess , could ha-v © ejected to start < m so sffia'fl it basts . It is , however-, remarked that the Societe de Credit Mofcilier W m moie thauai 2 , 400 ^ 00 ©^ of paid-tip- capjfcaJ yet ii can coftnrtfand a . floating eaj ^ al oi 4 , 800-, 000 ? . Desides y aadthererater Some ^ otfe joint-stock associations in Paris and ! Londoa that are strictly i « point . The business of th « C / OttmsHyy i » divided 1
into- several d ' eMrttrtents ' ,. theobject hem * U secure uni-fy of action over' a Tery wide ffelid , Por unity gives many guarantees q , uifee uaattainable by the chaotie tfjrstem ' , or lather watnt of systeni , tvhicli ¦ ' ¦ baa hifihefto prevailed , and to which the lamentable misfortunes of able and estimable men like iKEDPATH ,, Sad . iiEis , Cole , and othersa ^ e mainly aijtribijtabie . The justice of this cMculatioa :- -will be seettin the sequel - The most etstensrve section of fhe great scheme is the Defalcation iDepartraent . The data on which the planf-or which thia department Tvas laid dovm- ave interestin » . Tlie
aggregate ( Japital of the British railways aloie is 300 , 000 , 000 ? . ; in one single railway company , one man was enabled to create an a-dditional capital perhaps imperfectly stated at 200 , 000 / . The aggregate capital of the other joint-stoclt companies is only in pairt ascertained ; that of private firms is unattainable ; but the whole undoubtedly amounts to some
ten . places of figures . It is believed upon sound data that the amount realized by defalcations bears no mean proportion to tliis magnificent aggregate of wealth . The ascertained sums involved in great defalcations alone , within the last two years , fange from 30 , O 00 Z . ( Bobson ' s ) to 600 , 000 / 1 in the case of CoiiE ; and the total of the half-dozen beat known cases is between two and three
millions ! This is quite irrespectively ot m & ty minor cases , and of p misfortunes' in traie . It is irrespective of bill transactions , and of minor embezzlements . These few facts , selected from a great rvuinber which it migfet be impolitic to publish , show the jnalgnitudo of the trade even in its present imperfect state , and the expansion which . might bo caused bj practical improvement .
The modus operandi is interesting . The Company is managed by directors , under a patron , n chairman , deputy-chairman , flud secretary . The shareholders aro divided into passive , and active—a classification suggested by the nature of the enterprise . A jiassivo shareholder only draws dividends ; the activo shai'ehokler is one of tho many agents of tho Company ; but both capacities may be united . Tho directors , amongst whom probably would bo men of title and high position , no doubt lace
associated with other companies , would p tho agents of tho Company wherever it was possible to find a post of trust or opportunity . The different methods of securing roturns would be adapted to the plans of the different companies upon which the new Company would operate . Tho alteration of figures on tho coupons and registers , the substitution ot specially prepared shares , the acquisition ot shares unknown to tho owners and their sale , the drawing of dividends on vouchers bolong-
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Citation
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Leader (1850-1860), Nov. 22, 1856, page 10, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_22111856/page/10/
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