IMAGE EVALUATION TEST TARGET (MT-3J .^0 ; % % / (3 1.0 I.I 1.25 2.0 1.8 1.4 III 1.6 ft" p» y # <^#^ A o ei ■<^. 'ew ^^ y / M y '^ Sciences Corporation 23 WEST MAIN STREET WEBSTER, N.Y. 14580 (716) 872-4503 iV 4V ^ i ■^ ^ k V> ^9) V ** ^^ >. #q\ rv Canadian CIHM/ICMH Microfiche Series. CIHM/ICMH Collection de microfiches. Canadian Institute for Historical Microreproductions / Institut Canadian da microraproductiona hiatoriquaa 1 Technical and Bibliographic Notes/Notes techniques et bibliographiques The Institute has attempted to obtain the best original copy available for filming. 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Additional comments;/ Commentaires supplementaires: □ CuJourarf peg*!/ Pagsa do eoMteur □ f^agaa damagadl/ Fage* andommagios □ ^aQa9 r««tor««jl anti/or iaminatad/ Pigas rasiaurikM ot/ou pollieuiiios B Pages diseoiourad. stainod or fOMOd/ Pagss d«eoforeai. taehet^oa ou piquAas □ Pages ^AA^>^^^A^^^^^'^*vv^^A^^^»^^» ^i-rvyvxnfiAnnAnjnjTj TORONTO: FRIMTEO BV GEORGE SHOWN, KING*S1BRET EAST. 1«5I. i E3«BT'3I If : c 1 ^ ri f ^ TO THK 4 %; i .fm "%jfx' %rp' I % 'A AiAiiJ.iiiii A friend at » distance baa sent me a copy ot a n.«;„wr the contents of which I ftnd to be a letter Sg Ir tiil^are as President of the CWe-al oT ,^Lssed to the Stockholders; also a Report by Bank. »^d^^^;^^^cier of the same Institution o„ the ;;:;itton"E caused «y secession from the Bank at Brockville. Onaperusalofthesedoc— ^^^ 'VXXl^tl^l llpSer last, in reference of the UanK, oi » J^« sterline of Government to the purchase of f^.OOO sterling o ^^^^ Exchange, and t''«.^o"f'*=^f ,^':"Xr I have little »f r»in..-tors at Kingston in that matter, i n"* ? Munition to continue an epistolatory controversy on this 'J:S I PpreW that the true character of the trans Sn U Jll understood by all parties interested, and rrgLs which you have ^tj- J|f; ^/^r ^^ «m not deceive many. I would gladly, for yo« ° «ke have allowed your pataphlet to pass in silence ha f«^'st2ment, however highly coloured, been at al SiSt^itVfact; but it contains so ™-;~ :.- ♦!,»♦ I cannot do so with justice to my leiiovi KhSL T iese inaccuracies, however. I shal 4 enJcavour .strictly to eonn„e myself- if . - PO.* of mine to recriminate w f ' " "^"^^ "OP"^" of the case are already bt;'L,t 1"' ''"^^^'^nces '" "''='=«««'-y tl.at I should mM,ro ° H /'"'•""•"'^ ^i •»ent of fact,... ,v,.iel. lllZ,T '" '^'"""'"« "«'»*«- .«a.op,.eit.acc„4':r:;:fj-^^^^^ ,. On Men,,.,,. ,„„ ^r,,. „„• M, / "'" ^'"'*' '« ^- , 't jva., I think, on rh.t chv ,) ;? ^ "''"' ^'^ ^^•"^'^'°»- ■' Council ci,n t ' ;' '^:,t"'- '■""■"? ""' "«'™o ;: .'it" !"'■'.'»■ On rimrsdny mornin.. nnH ■ /^ '^'''' '^^''' ^<^»^>on and mm?/. .^ e no pw- mstances tors, fi § "state- r>teinber. General D, convrrsa- »rio«'d me e a Icticr •w-, that CMiViTn- in »1* jM»- I oriliut j'overn- ' ?, iIjc ro:.g|y, t so .SJI, pl.ice. U OS ii 'o Mr, 'a mo* ment ?ovcr that Jin^, Jctor lice, the t II I tM>r cent, iNMUg X^^OOO more iliui L inul proviouitly Oftkedfiir; th* lu! amount to reuiain on dc|tOHit for at least three months, at 3 per cent i > es an*! ihc*^ "oe chcfjiunl o»it at thp Toronto office only, in such sums »« the wants of the «MU might retjuirc. HilU wore to be gi%'en for £il,cOO, and ii; 1 1,<)00 sterling-, the fbrnter to bo sent to Poilurd, to whom the Bank owod £30,000, the h:ltor to a Hank tn Glasgow which wajj iind'.r advances or accrptnnccs to the extent of i,',iO,000. Un com- pleting the matter I cailel and intoriMod Mr. Cameron that all was ar- ranged atxl the liills would Ik* sent to him during the day; Scfore leav- Vi\^ liis C/rtice, I comtntmicated the following h\ telegraph to Mr. Harper : " I have Liken i;t'.,3,00i» at 1 1 jicr cent." Uu returning to my lodg- ings, I wrote to hun as follows : — "Toronto, 30ih xMat, 1851. " My t)RAft Sir, — Xot hearing from you this morning as I expected, and believing il;ai I Itad made a highly aJvanlageon.s arrangement with Mr IliiioUs. I soi'ght Itim immediately afti^r breakfast, and after some conversation prevailed on him to give n«e je3.">,000, whicli I directed him to give in Hills of ,t24,COO and fA 1,000. Had J known (hat you owed JE**0,000 I would have tried for a larger pnm than I asked (or, but 1 was un !»'r the impression that you were indebted £.i0,000 to Pollard, and £10,000 ;o the Scotch I Janli. " IJidont paid 1 1| per cent, for jCGO.OOO, a few day.s .»ilnce — but of this say nothii) ,. As I informed yon by Telegiapli we pay 1 i per cent, bills at 30 days sight, and interest at the rate of 3 per cent, to commence to-morrow — no part of the amount to 1m? repaientures to the amoontof £5000, which I shall csjtleavour to get Mr. Hiucks to receive on account of the Loan^ " Thi.s morning I again alluded lo our getting a share of the Govern- ment account, but Mr, Hincks silenced me by saying, "I was most "anxious that year friends should have had one-half of the btjsiness, but as " they declined it I cannot now give that which belongs to .anotlter." And I must say that he is right in keeping faith with Ridout. « Should you be much in want of a further sum, let me know and I will see what I can ^o for you. *'FitiDAV MoRNiNo. — The Mail arrived and I am still without your letter. "Yours sincerely, « P. A. Harper, Esq." « J. MORRIS. Mr. Cameron was delighted with my sttccess, and said that the resi- iVnt Director, Mr. Derczy was equally well pleased, both being of opinion ^- ^ ^ I 9 !Vr i till' t)iai tlie Airangonicnt v\,l.:^ a iim-t aihani,'^. li unv lur lUc Bunk disapproval was coiuinunicated by Telegraph on Thursday nft or Fiiday morning, — vvlu-n it wouitt have been in my power to ( .nn, whole matter, — baton Saturday morning (the first of the two Biji> Ing by tliat time Ikjoo fbrwardetl to Europe by Air. Cameron) { letrivi d a letter fiom Mr. Ilnrjwr on the subject. On reading this h itor, I wns more incensed than I had ever been in my life, and after causijjg a copy to be taken, I returned it to the writer nmkr a blank envelope, adilrcssin;^ him immediately by Telegraph as follows: — ^" Uoiurn at «u»cc the 2iVs and Sd's of the Exchange, and write to your Agents in Lf>i»don and Glasgow, desiring ihem not to use the Bills; I cojisjdcr mysoirdtcply insulted." To this he answered: »*Too late to recall Drafts as «?ll be explained on IMonday, meantime I look for a letter from you." 1 replied ; — « Vou, will be in good time to recall the Drafts by next steamer, I cannot reply to such a letter as I have re- ceived ** Having requested Mr. Harper to recall the Bills, I proceeded to the Receiver Goncral's oflicc, and Colonel 'I ache, on It-arningmy position, at once oHbrcd to take them back, and entirely relieve the Bank from all responsibility, and at my request he called on Mr. Cameron, and inform- ed him that he would be most happy to receive the Bills back, and can* eel the whole arrangenjent ; intimating at the same time, that no favor had Ijeen conferred on the Government by taking^ the Exchange as he had declined to sell to another Bank, and also to parties from New York When the Receiver General left the office of the Bank, Mr. Cameron sent a communication by Telegraph to Mr. Harper to the following ef- fect: — « Receiver General has called and expresses his willingness to take back the Exchange, and cancel the transaction. Morris feels greatly injured." Mr. Cameron was strongly opposed to the recall of the Bills, believing as he did, that I had been instrumental in doing valuable service to the Bank, which he believed the Cashier would yet acknowledge. Without particularizing the su{K'riority of the arrangement eft'ecled by mc, com- pared with the terms granted to the Bank of Upper Canada and Bank of Montreal, it will be sufficient to give copies of a note which 1 addressed to the Inspector General and of his reply thereto, to satisfy any dispas- sionate person, that the duty which I undertook, notof my own vohtion, was discharged with hdelity tc the shareholders of the Bank :— « Toronto, 5th June, 1850. My dear Sir, — R<^ferring to my recent negotiation with you for Ex- change on London for the Commercial Bank, may I beg to be informed, if I got it on as favorable terms as the other Banks obtained their Ex- change. "Yours traly, « Hon. F. Hincks." "J.MORRIS. 11). Il.nl. So iioori uj cancel the • two Bills liav- iron) I received id ever been in it to the writer Y Telegraph as mg-c, and write t not to use the ered: "Too late fne I look for a e to recall the as 1 have re« >cceded to the my position, at Bunk from all •n, and inform- >ack, and can* , that no favor change as he )m New York. Mr. Cameron e following ef- g:nes8 to take ft feels greatly ^ills, believing service to the j?e. Without I by frtc, corn- da and Bank :h 1 addressed ly any dispas- own volition, nk:— FuNB, 1850. I you for ISx- ) be informed, ned their Ex* MORRIS. ' \\ 1 isfcsDAT, 6tU Juke, two « »« . <,« —111 (lU to your note of this dr. \ . 11 titc that \^\ "/ t^ircd bixch^^^^^^ ^nore favorabl. u n,i. ,1,,^. ,he Com- nu Bank %.^'^^^J'^^^^^ paid for a inuUuu . u.c urnount "?'"*ii J^f I U w.r ccni! and the Ba U of Montreal paid I, payable Tm^Xnl It s^uch tulles as the Government should requne u. * Yours truly, «p ,„ncK8/» "Hon. J. MoRBis." Having been informed that a garbled and false account of fhe transaction had been circulaUd in Montre^J. l^ to my brother, Mr. W. Morris, requesting him to contia ScUt. and on the 22nd July he replied as fdlows :- .t • ^e «!»« fulcA statements vou allude to, except « I have heard nothing of t^« ^*f ';^^^,'S*^^^^^ conversation you „at Mr. Hamilton did not confirm >o^r ;«;«;?X mentioned thi« tlmt had together at Toronto I ^^^^^^^^X-TlamiUon the explanation you I was present and heard you read f^"'" ^. ^ y^^ j,, tantents. «ni ti the Directors, and tha he ^^ «"^^°f^/,onger act as an Terminate as the alfa.r may, I «»»»«^M2 cconi U. agent for the Commercial Bank. 1 «ould scorn u. (Sig"^^) uw. MORRIS." »Hon. J. MoRBifl, ? ♦'Brockville." $ The following Letter to Mr. Cameron, and his reply, wUl show the accuracy of the statement :— »* Toronto, 7th July, 1851. us.a,~U is with reluctance thatU^^^^^^^^^ negociation with the Inspector ^/"f^X^^^^ I feel into in May of last year ^"\^^„^" /^^^oran^ a^^^^^^^ to the following (( I t-emam, «« Yours, &c., &c., «J. MORRIS. » John Cameron, Esq- Cashier." wmm& w^- ««„_, , . Topunto, 7th July, 1851. mmnUy published in myW of Jho Oil! J'".'^ '." ^T' •"'^ •"^' " I remain, ** yours truly, «JOHN CAMERON, "Hon Jambs MoRKie, &C ** Cashier. "Toronto." V tion of it which is given in itaHc, «I .k . *'"" P"'" lioTZsli ^ , f " •'"'■'^^ted version of the eonversa- •on which passed between us on the subject in ZT^ lative Council chamber A..,l " ., ""J"*' "' "'e Lcgis- «*ad anddelive,^ Uto ;oal! K I""""""?' ""*" ^ '"«' Directors v™ ^i,'. •? ^ " Kingston, to lay before the l».t „„ n' y"" "»'»''"«<• "o evidence of dissatisfaction • out, on tlie contrary, rerpivd ;> .'„ »i. . . , ""f ''"•on > topped me when Si„rb./vo« T H T ""i'^ '"'^^" to receive it «li„„ „ lul ^ ""'*' '^*« declined r^n .^ ! ^ """ y"" •=""''' "°» »* 'he bearer of a paper .„ wh.ch you were misrepresented. 8^ It least, I conceive, would have been *i.. » T * » ' sensitive of his honor. * *""''•'*" ''^ " »»» men will rtand as a momiment of your feiglrewa. I \ M. D. Juiy, IWI. rou, aud »nl)- la«t, to the ftim matter/' ccount of the ERON, « Coihier. tlluded to your own that por- innot but Jon versa" lie Legis- ker I had efore the ^faction ; manlier you not elated to jre even ily har^ declined &arer of uch» at 'a man of the !trersa* I lion, v) ilie conaideraiioii (S your itate that "Mr. Morris uouM l-ndlus readers lu g, ,,).)(..■,. iiiiii tlu' f!iiil. had been coniiicllrd to draw on its I 1 1 1 Agents, to nKtt pressing local demands, and thut i^rtiiii,^- the Gov(;niiii'M,i Fxchangc wasofthe greatest possible imp oiiaiicc to its ti\dit." I wished my readers to understand tlai ilie Bank had overdrawn its accounts in London and Glci-gjw to '\e extent of Je50,000 sterling, and that at the time it v'a«? of the greatest importance to its interests io gui iliu jt'3o,000 sterling from the Government ; and if, when you say " that we had ample funds in New York to remit to Britai?! when the proper lime fo> doing so arrived,'' you wisl to convey the idea that the Bank had anything like that amount at its credit in New York, or tliat you could have remitted the Je35,000 sterling, on as advantageous tern\s as I enabled you to do it, or that you could have remitted that sum at all without the aid of your Agent in New York,— I say emphatically that you are deceiving the Stockholders, and this ictter will be read by one person, at least, who could faeten the deception up n \ ou. At the eighth page you say "The altcntion of the Stockholders is here called to the fact, that previous to Mr. Morris's concluding the purchase he had seen the President in Toronto, and Mr. Hamilton had mentioned to him that Mr. Harper had declined to give more than 10 J per cent, for a 30 day Bill of a Scotch Bank, on its London Agents, equally undoubted, and at same sight as Government Bills.'* The meitital rueervatiou of winch you have been guilty t ^; llf I f Hi ill III III ii !0 in tliis paragraph, is a sacl proof of what men will at times do to sustain themselves in the eyes of their fellows; but coming from a person of your age and position, it 19 doubly sad ; for, in this case, you feared the frown of but one person, and h id you only assumed the position in the Bank which you are entitled to, and which I have orally more than once urged you to take, you would have both promoted the interests of the Institution and saved your- self the pain of this exposure. You surely have not forgotten that, without the most remote reference to the purchase of the Government Exchange, you asked me whether I had heard from Mr. Leslie of Perth, and, on my replying in the negative, you said that he had written to Mr. Harper, enquiring what he would give for a Sterl- ing Bill for X 1,300 sterling ; that Mr. Harper had offered lOi per cent., and, as Mr. Leslie had not been heard from since, it occurred to you that he might have written to me on the subject. You said Exchange was scarce, and that you would not like to lose the Bill in question. In reply, I gave it as my opinion that Mr. Leslie had sent the Bill elsewhere, and I subsequently heard that he sold it to the Bank of Upper Canada for 11 per cent. In the name of all that is ingenuous, I would ask even you, what this circumstance had to do with the purchase of the Government Exchange ? Surely you do not wish to torture the information of this refusal of a party to take lOj per cent, for his Bill, into an instruction for my guidance in negociating with the Inspector General, if you do, I shall, should my life be spared, give you m opportunity of demonstrating, vivd voce, the logical deduc- tion in presence of the Stockholders. -fbti" state at the fifth page, that « Mr. Hincks hav I I nig -ii xr- .„. I ^ili at times Hows; but, dtion, it is own of but ition in the lave orally have both laved your- ' have not 3nce to the asked me th, and, on I ad written or a Sterl- iad offered leard from written to ?carce, and sstion. In ! had sent lat he sold tt. In the you, what ise of the t wish to 'iy to take >n for my meral. If '0 you mi cal deduc- 'J s I i t * 11 objected to give what Mr. Morris was requested to support Mr. Cameron in obtaining, Mr. Morris's authority direct orimplied naturally ceased." Again, — " llh entering upon and concluding thi arrangement for the Government Exchange without such instructions, was therefore in the first place wholly unauthorized.** Ninth page, — "Mr. Morris in the face of this information (what infonnationl) and without any authority did not wait for instruction^.'* Again, — "Had wUhout authority made a large purchase of Exchange.*' I ask you, Sir, if these quotations are true ? and should you hesitate in your answer, permit me to refer you to the few lines in my statement which are italicized ; to remind you of your conversation with me, in which you explained that our need of foreign Drafts arose in part from the scarcity of Exchange in Montreal, where you had pre- viously, at the same season of the year, collected a consid* srable amount; and to the following extract from the sixteenth page of your pamphlet : " When the President spoke to Mr. Cameron and Mr. Morris on the subject, the rate was not settled. Mr. Hamilton approved of the other terms" Your cheeks will surely crimson when you read the few words which I have italicized, for they do not leave you a resting-place for a single assertion which you have made ; and, on the other hand, the truth of all that I .have advanced is thus corroborated by the very men who have labored to fasten inaccuracy of statement upon me. I feel, Sir, that I could leave you here, but I have an i.nportant duty to my fellow-Stockholders to discharge, and I shall go through with it, notwithstanding that by doing so I must place you in a very unenviable position. ks having I ask you, Sir, is the following extract true ** Even had the Board decided to take Governmec i 12 change at 11 per cent., an unnccessarj loss of commission was incurred by Mr. Morris not waiting to know what disposition of the Excliange might be preferred by Mr. Harper, as the greater part would have been taken in small sums to sell again without going through the London account:' I reply,--ancl the answer should cover you and your two or three allies with confusion,~on the morning that I completed the purchase of the Exchange, I merely telegraphed to ]Mr. Harper that « I had taken ^35,000 at 11 percent." ; and shortly alter, back came a message to JMr. Cameron directiiig him to v^et thre. bills for the amount namely :~.one of ccanse 1 Tras stirred up to prompt action by seeing on the 29th, a letter from Mr. Harper, in which he said. - Oiir debts at home are heavy £30.000 to P., £20,000 to 11 estern. ^much too large." Notwithstanding that I had this all-im- portant fact to guide me, and had previously been told by you that the Exchange would come in most opportunely, and knew furthermore that the other Banks of this City, (although not indebted to the extent of a dollar m ii § u Kuglaiid.) were !„o»t anxious to get the excha.,~ _r«.. S..r. had not the manliness to do me iuIficrhTr^r' !.«».»/, h... . deep l„i,„a. • "• "'• SWWidm I am, Sir, Your oVt Seirant, To»o.«>. 8th Jul,. 1851. J^ES.MORRr& t^Qj*^^^^^^»j^^^^BgM[^gM|g^^g mge,— jou, ut, on the lose cry of * breach of :;t of your- ifonuation 3 original 'ing cora- bted right believe I lUd I ever t suppose writer of ted when '8 largest he head 1 1 again eholdera rving of US. 4 « i I i t .^'"^••': %: . -^^. A« Q^. \%^^. • IMAGE EVALUATION TEST TARGET (MT-S) Y fe % . c* ^ /^^ 1.0 I.I 1.25 Ii2|2.8 ■ 50 ■•■ tt 114 1^ 2.0 U III 1.6 V] <^ "^ /i ^;. ^ 'V > ^ riiUlUgidplilU Sciences Corporation ^^ iV # :\ \ ^9> >^ ^^\ n^ 23 WEST MAIN STREET WEBSTER, N.Y. 14580 (716) 872-4503 ^ r ^. Js^ S^ CIHM/ICMH Microfiche Series. CIHM/ICMH Collection de microfiches. Canadian Instituta for Historical IMicroraproductiona / inatitut Canadian da microraproductiona hiatoriQuaa Technical mnri Bibliographic Notes/Notas tachniques er bibliographique« The Institute has attempted to obtain the best original copy available for filming. Features of this copy which may be bibliographically uniqu«« which may alter any of the images in the reproduction, or which may significantly change the usual method of filming, are checked below. il'Institut a microfiime le meilleur sxemplaire qu ii lui a ete possible de se procurer Les details. de cet axampiaire qui sont peut-«tr« uniques du point de vue bibliographique, Qyi pewwent rno^A^«^^^«^A/^^■>VN^s■^^^^^^v^^^^A/\/ *vw # TORONTO: PRINTED Sy GEORGE BHOWN, KIKG'SlRRfiT ^AST. EB'ST'BI J *• 'V ^SHf\^^^^ |)iu'- inistances •tors. I* ig "state- pteinber, sis : — . ' General^ D. convrrsa- f»rioeJ me • .1 letter 'St mo (n !»«" |)ii!>|ic f>n 'J'ii(»» '••W-, that CJovern- > ilif ex- ill »l*>{io. 1 of that >"?, the t so Srt. Cfcident i j'l.ice, t; as a fo Mr. hange mont that Fling-, ecior ffice, fthe t II 1 |M>r cent, iMMiig Xri,0(iO more tlinii t Imil proviou»ly JXtktuX for ; the f'uii amount to reuiaiit on djcfiosit fur at least thrcn months, at 3 per rent inter- est, tsvt'X ihca l>e chcfjuiul out at the Toronto oiFjceoiily, in such sums as tlio wunts of iho ( JoveraiijfMit might rcqtnrc. HilU were to be given for £4l,COU, and iil l,<)00 sterling, the ibrniur to he scut to PollurJ, to whom the Bunk owod £30,000, »ho liiUcr to a liank in Gli\sgow which was iimlvr advancfVii or accrptfuu cs to th« extent of JL;"40,000. On coui- ph^ling the niatt0,000 t would have tried for a larger pum than I asked (ur, but I was un It-r the impres.sion that you were indebted £.iO,000 to Pollard, and £10,000 to the Scotch IJanli, " Kidont paid n| per cent, for £00,000, a f«*w days .«iincc — but of this* say n thing. As I informed you by Telegraph we pay 1 1 per cent, bills at ilO days sight, and interest at the rate of 3 per cent, to commence to-morrow — no part of the amount to l>c repaid in les.-* than three months. "Camenm has called on me with your Telegraph, but 1 declined to go bark to the lui>]>ccto( Gcnerars oluce, the entries of the liills having been made, "Your Bills receivable in New York will surely soon put Kennedy in funds. ♦' Cameron holds five years' debentures to t'ne amount of £5000, which I sliall endeavour to gel Mr. ilincks to receive on account of the Loanj " This morning I again alluded to our getting a share of the Govern- ment account, but Mr, Hmcks silenced me by saying, "I was most "anxious that your friends should have had onedialfof the btisiness, but as " they declined it I caimot now give that wliich belongs to anotlier." And i must say that he is right in keeping faith with Ridout. " Should you be much in want of a further sum, let me know and I will see what I can do for you. *'FniDAV MoRMNo. — ^The Mail arrived and I am still without your letter. "Yours sincerely, "P.A.Harper, Esq." « J. MORRIS. Mr. Cameron was delighted with my sticcess, and said that the resi- dent Director, Mr. Bcrcxy was equally well pleased, both being of opinion n 6 that the Himngcnicnt was a most advantageoua one lur the Bank No disapproval was coiuiiiunicated by Telegraph on Tliursdav ;il inotm or Fri !;ty morniiigf,— when it would have been in my power to cancel the whole matter ,--b»t on Saturday morning (the first of the t\vo Bills hav- ing by that time l>crn torwardcd to Euro|)e by Air. Cameron) X received a letter ftotn Mr. Iiar|)«;r on the subject. On reading this h li«»r, I was more incensed than I had ever been in my life, and after causing a ropy to be taken, I returned it to the writer under a blank envelope, adilro.sinn: him immediately by Telegraph as follows: — " lieiiirn ai once the 2iVs and 3d'so( the Exchange, and write to vour Agrnts in Lfuidon and Glasginv, ibsiring ihem not to use the Bills; I consitkr mysolf deeply insuhcd." To this he answered: "Too late to recall Drafts as will be explained on Monday, meantime I look for a letter from you." I replied : — " Voti, will be in good time to recall the Drafts by next steamer, 1 cannot reply to such a letter as 1 have re- ceived " Having requested Mr. Harper to recall the Bills, I proceeded to the Receiver General's oflice, and Colonel 'I ache, on learning my position, at once otlcred to take tiiem back, and entirely relieve the Bank from all responsibility, and at my request he called on Mr. Cameron, and inform- ed bim that he would be most happy to receive the Bills back, and can- cel the whole arrangement; intimating at ihe same time, that no favor had been conferred on the Government by taking the Exchange as he had declined to sell to another Bank, and also to parties from New York When the Receiver General left the office of the Bank, Mr. Cameron sent a communication by Telegraph to Mr. Harper to the following ef- fect ; — « Receiver Heneral has called and expresses his willingness to take back the Exchange, and cancel the transaction. Morris feels greatly injured." Mr. Cameron was strongly opposed to the recall of the Bills, believing as he did, that I had been instrumental in doing valuable service to tlie Bank, which he believed the Cashier would yet acknowledge. Without particularizing the suix;riority of the arrangement efiecled by me, com- pared with the terms granted to the Bank of Upper Canada and Bank of Montreal, it will be sufficient to give copies of a note which I addressed U> the Inspector General and of his reply thereto, to satisfy any dispas- sionate person, that the duty which I undertook, notol my own vohtion, was discharged with fidelity tc the shareholders of the Bank:-— « TonoNTO, 5th June, 1850. My dear Sir, — Rf^ferring to my recent negotiation with you for Ex* change on London for the Commercial Bank, may 1 beg to be informed, if I got it on as favorable terms as the other Banks obtained their Ex- change. "Yo-ars truly, 1 1 « Hon. F. Hincks." "J. MORRIS. sp£i w«Vi,mm4mmmmm^^mmv^m^mswv^'^^mmw^amm^sms:^sw-^j!.x^mmmmmm- '■^^smmmm^''>'"fm^smm>M^me :«fjmi 'Ih- iiuik. No I fternoofi '■I im (-.•ihci'l the ; iwij iiiils hav« iron) I received td ever been in it to (he writer y Telegraph as mg-e, and write I not to use the ered: "Too late me 1 look for a le to recall the as 1 have re* >cceded to the my position, at Bank from all •n, aitd inform- >ack, and can* , tiiat no favor change as he )m New York Mr. Cameron e following ef* grness to take i feels greatly )i!l8, believing service to tlie ge. Without 1 by me, conn- da and Bank :h 1 addressed ly any dispas* own volition, nk:— * FuNB, 1850. hvou for Ex* ) be informed, ned their Ex* MORRIS. *• \\ ii.NfcBDAT.StU June, l^''i^ <,„ In rrulv 10 vouT note of ihisdri V. I l..;.; to gtntc thut nu BHuk u^ BaT^f Upper Canada paid for a iio.uoa oi Uh. lunnuHt "E'"nil hv k I U m>? cenT^nd the Bal.k of Montrea paid I, mable HlMrXn^^i s-li tunes as the Government should require .t. •'Yours truly, «P.11INCK8.»» "Hon. J. Morris.*' ^^ Having been informed that a garbled and false account of fhe transaction had been circulated in UM I w-^ to my brother, Mr. W. Morris, requesting him to contia ScUt. and on the 22nd July he replied as follows :- «, h„. heard nothing of ^^^^'^^^^^t^^^^JZ cttirMo" d»t Mr. Hamilton M not «™'i'™ >""' ."lywto mentioned Ihi. t'hat tad together at Toron o sa.d to th« P^/^^i„„„ ^, oxpbnatinn yo^ I was present and heard yo« reau to ivir. unlenlt. .em i, the W'-'^^ ml lliSk It 1" "n. W' »««»" Tetminate as the airait inay, > "»"" > V j^ agent for the Commercial Bank. 1 would scorn it. (Signed) ^^ MOBUIS." "Hon. J. Monaie,? "Brockville." S The following Letter to Mr. Cameron, and his reply, will show the accuracy of the statement :— «< Toronto, 7th July, 1851. ..S.,..-It is with «l«etance thatl .sk|.u t.»y «^^^^^ „eg«e.a\ion with the Inspector <«7A"^^^^^^^^^ vindicited 1 feel inu. in May of last year ^ut when truth requ.res to ^^^ ^^ « I remain, (( Yours, &c., &c., «J. MORRIS. « John Cameron, Esq. Cashier.** 8 '•1)u»oi«ik:ui,B«iie,M. D. «■„. , , Toronto, 7ih July, 1851. '-* "Hon Jamm McRRiB, &c . « Torcnio." ' ' " I remain, If ours truly, « JOHN CAMERON, *' Cashier. but, on the contrary, received utZf .''"'^««'> 5 possible. Now. wou'd vl„ I. j ""'' ''''""' '""""e' known that ev^i if. H.r ' "^ ""'^ ^'"' "»* -^ tth'e-n Si„ri^;; rs z:?:^z a^per ,n which you we« misrep«,ented 2 af least, I conceive, would have be«n Ln -„»j . ^ ' '* •ensitive of hi8 honor. "« e^nduct of a man men wrii rt«Hl aa , monumont of your tefjirem- !^^mam'^m^m^mmm*'*^im»mmwmmswhw^m*: wm^m^mmmmsrm' "ff^^W^i'lfBl^^S,. , M. D. July, 1851. ihi« mornluif, )rou, aud Mb- r loMt^ to die fthcroauer," iccount of the ERON, « Cashier, iHuded to your own that por- annot but con versa" he Lcgis- ^er I had ►cfore the sfuctjon ; I manner you not siated to ere even ilyhave declined earer of !uch, at Pa man of the ||0D» lo tlie coumL ration of ycur 1 ' At the sixth pa-v vnii state that "Mr. "Morris wouiti kncnii *lers It) MlppO"-*' t 1 ., * , IliU I \h\\\l hii'; been compelled to draw on its Foreign Ageni, to meet pressing 1> al demn that getting the Government Exchange was of th possible impurtauce to iiS credit." and test • I wished my readevc to undtT-'aiul thni the Bank had overdrawn its accounts iu J.nnduu and (ilasgov. o the extent of X50,000 sterlini?, and that at the ti»^^ it was of the greatest importanrt; tu its interests to get the i:35,000 sterling from the Government ; and if, when yon say " that we had ample funds in New York to remit to B :itain when the proper time for doing so arrived," you wish to convey the idea that the Bank had anything like that amount at its credit in New York, or tliat you could have remitted the je35,000 sterling, on as advantageous terms as I enabled you to do it, or that you could have remitted that sum at al! without the aid of your Agent in New York,— I say emphatically that you are deceiving the Stockholders, and iuis letter will be read by one person, at least, who could fasten the deception upon ycju. At the eighth page you say "The atccntion of the Stockholders is here called to the fact, that previous to Mr. Morris's concluding the purrSase, he had seen the President in Toronto, and Mr. Hamilton had mentioned to him that Mr. Harper had declined to give more than lOJ per cent, for a 30 day Bill of a Scotch Bank, on its London Agents, equally undoubted, and at same sght as Government Bills." "RieillWitlinrfcervation of ^vhich you have been guilty \ir. .•u^; *^ / 10 i Iff in this paragraph, is a sad proof of what men will at times do to sustain themselves in the eyes of their fellows; but coming from a person of your age and position, it is doubly sad : for, in this case, you feared the frown of but one person, and had you only assumed the position in the Bank which you are entitled to, and which I have orallj more than once urged you to take, you would have both promoted the interests of the Institution and saved your- self the pain of this exposure. You surely have not forgotten that, without the most remote reference to the purchase of the Government Exchange, you asked me whether I had heard from Mr. Leslie of Perth, and, on my replying in the negative, you said that he had written to Mr. Harper, enquiring what he would give for a Sterl- ing Bill for £1,300 sterling ; that Mr. Harper had offered 10| per cent, and, as Mr. Leslie had not been heard from since, it occurred to you that he might have written to me on the subject. You said Exchange was scarce, and that you would not like to lose the Bill in question. In reply, I gave it as my opinion that Mr. Leslie had sent the Bill elsewhere, and I subsequently heard that he sold it to the Bank of Upper Canada for 11 per cent. In the name of all that is ingenuous, I would ask even you, what this circumstance had to do with the purchase of the Government Exchange ? Surely you do not wish to torture the information of this refusal of a party to tuke lOi per cent, for his Bill, into an instruction for my guidance in negociating with the Inspector General. If you do, I shall, should my life be spared, give you an opportunity of demonstrating, vivd voce, the logical deduc- tion in presence of the Stockholders. /You state at the fiftli page, that " Mr, Hincks having 11 ill at times lows; but^ tion, it 18 wn of but ion in the ave orallj have both ived your- have not nee to the asked me h, and, on id written T a Sterl- ad offered 3ard from vritten to ;arce, and tion. In had sent it he sold • In the rou, what se of the wish to y to ti*ke 1 for my leral. If J you an al deduc- I objected to give what Mr. Morris was requested to support Mr. Cameron in obtaining, Mr. Morris's authority direct orimplied naturally ceased.*' Again, — " Hia entering upon and concluding .he arrangement for the Government Exchange without such instructions, was therefore in the first place wholly unauthorized." Ninth page, — "r-Tr. Morris in the face of this information (whntinformationi) and without any authority did not wait for instructions.'* Again, — "H^d without authority made a large purchase of Exchange.** I ask you, Sir, if these quotations are true ? and should you hesitate in your answer, permit me to refer you to the few lines in my statement which are italicized ; to remind you of your conversation with me, in which you explained that our need of foreign Drafts arose in part from the scarcity of Exchange in Montreal, where you had pre- viously, at the same season of the year, collected a consid- erable amount; and to the following extract from the sixteenth page of your pamphlet : " When the President spoke to Mr. Cameron and Mr. Morris on the subject, the rate was not settled. Mr. Hamilton ^ppoiv^ o/ the other terms" Your cheeks will surely crimson when you read the few words which I have italicized, for they do not leave you a resting-place for a single assertion which you have made ; and, on the other hand, the truth of all that I have advanced is thus corroborated by the very men who have labored to fasten inaccuracy of statement upon me. I feel, Sir, that I could leave you here, but I have an important duty to my fellow-Stockholders to discharge, and I shall go through with it, notwithstanding that by doing 80 I must place you in a very unenviable position. s having I ask you, Sir, is the following extract trur /'Even had the Board decided to take Governmer. iii .1(1 1 1 it II ti 12 change at 11 per cejit., an unnecessary loss of commission was incurred by Mr. Morris not waiting to know what disposition of the Excliange might be preferred by Mr. Harper, as the greater part would have been taken in small sums to sell again icUhoiU going through the London account:' I reply,— and the answer should cover you and your two or three allies with confusion,--on the morning that I completed the purchase of tlie Exchange, I merely telegraphed to Mr. Harper that " I had taken i:35,000 at 11 percent."; and sho.ciy after, back came a message to Blr. Cameron directing him to get :hree bills for the amount nameIy:~oneof i;i5,000 for Pollard, one of ^10,000 for the Western Bank, and the otiier of £10,000 for the New York Agent of tfie Bank ! This was Mr. Harper's dism- sition of the Exchange ; but before his tele-raph was ' placed in my hands, I had directed the amount to be drawn in sums of £24,000 and £11,000 respectively, and yet you now state that if Mr. Harper had bad the*^di8position of th« . cchange he would have taken the greater part in small sums! You say that "Mr. Harper, seeing the purchase com- pleted, naturally wished to make the most of the bargain— nnauthorizcd as it was." Can it be that yon wish the Stock- holders to understand that the transaction was not a most desirable and profitable one? If you do. then their interests demund the transfer of the Institution from the management of men who, witli a view of sheltering themselves from merited censure, state that which every banker of char- acter in Canada well tell you is untrue. The transaction was in the most comprehensive sense of the word a profitable one: for while the Bank paid only 11 per cent, for the Exchange, at 30 days sight, and interest at the rate m« coininissioti know what ned by Mr. '« foK'en in the London fer you and he morning ;e, I merely £35,000 at message to he amount, 210,000 for •r the New )er's f/j!s;>o- :;raph was o be drawn nd yet you position of Jr part in base corn- bargain — the Stock- 10* a most r interests magement slves from ' of char- 'ansaction i word a per cent. It the rate of 3 per cent, they sold their bills for 12i per cent., 60 days, and charged 6 r^r cent, interest on the paper discounted ; and it was exactly this which left a handsome profit to the Bank. And you should have been candid enough to inform the Shareholders that you are still indebted to the Government for the whole amount of that Exchange. Yes, not a shilling of the .^43 000 has been paid-the profit on which to th^ Bank, in interest alone, is £1,400. And pray, to whom are the htock- holders indebted for this handsome sum, to say nothing of the profit on the Exchange 1 To you, undoubtedly, who expressed your pleasure at the bare idea of my being successful with the Inspector General, and who, subse- fluently, with the exception of the rate, -approved of the other tenmr Verily, the Shareholders will begm to appre- ciate your worth and capacity ! Probably, Sir, you have been cherishing the pleasing thought that on one occasion at least you had promoted a lucrative banking operation: but 1 now tell you that had you been in Kingston in place of Toronto during the last week of May, 1850, 1 would have gone through the negndation with the Government precisely as I did. 1 would have done so, because the opportunity of serving the Bank might, by delay, have been lost ; and because I was stirred up to prompt action by seeing on the 29th, a letter from Mr. Harper, in which he said, - Our debu at home are ^avy £30.000 to P., X20,000 to ^^estern, ^much too largeV Notwithstanding that I had this all-im- portant fact to guide me, and had previously been told by you that the Exchange would come in most opportunely, rad knew furthermore that the other Banks of this City, (althoiigh not indebted to the extent of a dollar m !| iS ■f u oir, had not the manliness to do me iusfi^A l,..? \^ communic d o me ftlt" "^ '"'""^ '"^"""'"o" transaction. However mnr/'"""'' "' "'" °"S'"«' pelled to use this i fLT on iH .r^''^*. ""'"« •=°'"- eo do so. and no altl! ' i't^'r '7t' "^\' know the chracteristics of a gentle „an Zl 2 ^T ' require to be enlightened on th» c K '. , *''<'"''' ^ ever generally, have a deep interest ' Sl««holde»« . pXEcI"^"'^ *- ^^^ ^^''«'' " -'^^-vl-* of lam, Sir, Your ob't Servant, T.,o.xo.8thJa.,.18«. '^^^'S. MORRr& f I -.-A- 7?^ It, on the ose cry of breach of t of your- ^orination original ng com- ted right )elieve I Id I ever suppose writer of e