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 ST AT KM KM 
 
 e 
 
 t* 
 
 xifttca 
 
 :J V- 
 
 nr TTIK 
 
 yL^A^CilL TRANSACTIONS 
 
 'd*/ 
 
 1 1 
 
 ^r 
 
 or 
 
 rilH I]\iNKlN(i KIHM 
 
 or 
 
 TllUSCOTT, G^vEEN & CO. 
 
 OP TORONTO, 
 
 i ■ ''" 
 
 IN CONNECTION WITH 
 
 GREE#..,,J|#C 
 
 •■ "■••■■v^-:.Jj;'.*rij.^v 
 
 OWN AiN 1) (A). 
 
 OF NEW YOKK ; 
 
 AKD 
 
 r. RO W N, BUCK LAND k CO. 
 
 OF BUFFALO 
 
 
 BUFFALO, JULY ISlkf. 
 
 BUFFALO. 
 
<r 
 
 i» i 
 
 V 
 

 
 <l 
 
 « 
 
 >T \TE:vrF.\T. 
 
 " Nothing extenuate, nor set down aught in malice.' 
 
 i» f 
 
 V? 
 
 In consequence of ihc many omiillcting reports in cir- 
 culation relativr to the afiairs ol the late A^i'icultura 
 Rank 'Ai 'Vorotno, the undersigned, (ieorge Truscott au'.. 
 John Cleveland Green, are constrained, as well from regard 
 to tii.-if own characters as from deference to pubhc opni- 
 luii to trace out the origin of their accummulated niistor- 
 tuhcs, and to present a correct view of their present pecu- 
 niary circumstances. ^ • 1 1 
 
 A narrative confined to get»eral assertions carries luile 
 conviction to the reader; and it is therefore preterahU^ lo 
 incur the risk of being tedious, rather than the suspicion ol 
 being incorrect: nor is it believed that men, who depre- 
 cate injustice, or wlic value truth in the abstract, will be 
 deterred from the peiusal of this exposition, either by the 
 length or the rug/j^edness of the way. , , , .. 
 
 Entertaining these sentiments, the undersigned may, witu- 
 out further comment, proceed to stale thai they commen- 
 ced business as private bankers at Toronto in June lbo4 ; 
 and, v%ithoul dwelling on the prejudices or (ormidablc opposi- 
 lion they had to encounter, both ai the outset, and during the 
 whole of their career, it is sufficient to observe that they were 
 not found inadequate to the task they had undertaken. 
 
 The growing importance of this city indicated, at a very 
 early period, the expediency of establishing some connection 
 at Hullalo ; and in the ensuing month of October they seU cted 
 John W. Buckland, one of their clerks at Toronto, to ope.i an 
 office here : from the same date they voluntarily raised his sal- 
 ary from |40() per annum to $1000. 
 
 "~No7r -The nu.n1.0Ts i.> brackets correspond t« lhos« ofthe^ original agi^fc- 
 „H. " lot o;r"couu1,s and other documents, which arc ui the pousenaiou of 
 TruHcU. A tir«en, and ujay be veieried to, to prov.- ili.ur accurm > . 
 
 t 
 
fii Tfip roiKluci C}^ tli(^ lins!ness pntrustcrl to Mr. Btickland. 
 lie ilisplnycd considerable lact and /Miii^ment } ant! confiding 
 #n his (i(;t'i;u';ilimi.^ Ui.it lio teiiiplatioii; ul profit should urge 
 luin to etiguge iti any transactions of a duiibtrul nature, larger 
 means were gradually placed under his coinrol. 
 
 About the 13lh ofDecernber, [l.]Mr. Buckland submiiiod a 
 proposal for forniing a connection with Uussell Scar'e Brown ; 
 andt ahliough declined in the first instance, tlie Uiidersiizned 
 were induced, by suhsequent represeuiaiions to agree, in April 
 1835, [2.] to give both parlies an intere.it in ilie buiineii ut 
 Buffalo—that is, 
 
 To R. S. Brown 25 per cent of the neit proHts; 
 " J. W. Buckland 15 '* « «* »* . 
 
 Neither of them were in a situation to contribute any capital 
 whatever } and the undersigned consented to advance ihein 
 $'30,000 on tljeir joint promissory note for one year certain, 
 bearing an interest of 6 per cent. It was, also, stipulated, 
 " That no part of the original capital of |30,000, or of any 
 other funds provided by Truscott, Green & Co. should be in- 
 vested in real property or diverted from the ordinary business 
 of Exchange and Discount Brokers ; nor shall any fund rais- 
 ed on the joint credit of J. W. Buckland and \\\ S. Brown 
 he differently appropriated." 
 
 Immediately after the execution of this agreement, Mr. 
 Brown*s credit and respectability were considered as pot to tho 
 test by his obtaining the endorsement of R. S. Williams & Co. 
 on bills for £5,000 sterling, drawn by the Agricultural Bank 
 on N. M. Rothschild of London — and by means of which 
 they were more readily negotiated at Now York. 
 
 Mr. Green then went to England and provided for the 
 foregoing bills j and on his return, in the autumn of 1835, he 
 found the advances of the Agricultural Bank to have been 
 raised from -^SO.OOO to about ^88,000 ; an increase induced. 
 in a great measure, by the representations of Brown & Buck- 
 land [3-4.] of the abundance of Canada money at Buflalo, bnt, 
 which whenever remittances were forwarded for the purchase of 
 it,was said to have disappeared ; and then assurances were given 
 that the money could be loaned very advantageously at Buf. 
 falo, and should be returned whenever it might be required. 
 
 However, the fallacy of these representations became appar- 
 ent, when an application was made on the 29th of Oct. [5.] to 
 reduce the balance to $60,000 ; and this reduction not taking 
 place, the Bank sustained much inconvenience at the time, and 
 \yas afterwards subject to vaccillating and injudicious opera- 
 tions from the same cause. 
 
 ."•* 
 
 "? 
 
 1 
 
A 
 
 10 was then al 
 
 u' fin ofTice ibere 
 
 I'd to llu' mitlrrsinnc 
 
 that 
 
 ()U,oon 
 
 On f^n t^3th of Novoinbor. fr,.]Mi-. Hrnwn. wl 
 
 New York, communiMiUMl his views of opcniii 
 
 in the spring of 1836, and proposf.l to llu' n 
 
 their acKre^-^te advances should he uitreastMl to .w 1 
 
 he was, however, apprised that $80,000, must eon.innie iha 
 
 !i,„lt ; ami, on ihe 2nd Dec [7.] he wrote, - I I'^ve been ur- 
 
 ced by two Banks in whose direction I have persona! fm-mls, 
 
 I open mv acconni with then, and ihey say I sha be placed 
 
 No 1 in the scale of accommodation • and m our, 'the Natian- 
 
 nl Bank ' I am olVered the appointment of Director." On re 
 
 turnin" to Buffalo, his solicitations for further temporary rc- 
 
 miltances were repeated, and accompanied with the usual pro, 
 
 fo«%inn of rcDavinK them when needed. 
 
 BvreLctg Ibcamountof Bills Discounted in C;anada and 
 borrowing money in England, the undersigned were enabled 
 to meet these growing n.id almost incessant demanils on them, 
 so that when in April 183G, new articles o! P-j^-''^!;-!' --'^ 
 executed, the amouni owing al Buftala was •^Ul,04b.l, 
 Or, in permanent capital, ??'???,,•> 
 
 In a Ouctuating lemijorary ha'ancc, .5l,tj4c.^^. ^ 
 Btit in this latter" snm was included .$-0,000 ot Agricultural 
 \Ux^\i notes rec|nired fnr sa.nc spec, do ptirpc>se by Brown .\: 
 Burkland, and not intended to he put in iirculaluni. 
 
 As it was not proposed to continue advances to l.em upon 
 such a scale.d.ev were successively advised on the 16tli and 23d 
 April, and again on the 7th May, [8. 9. 10.] that a reductum 
 of 16 or .$20,000 must be made before tie cxptraUon ol 
 
 *** AW this time, Mr. Bro^vn commenceJ business at New 
 VoVu under he f.rm of '^Green, Brown U Co." .f ceased ex- 
 ere in^^ any imn»ediate or direct iniluonco over the busjnes. at 
 Bin:"; the latter being carried on agreeable to the Partner 
 'hip Dc^d. "under the direction and control of the sa,d George 
 Truscotl Lnd John Cleveland Green, but under the personal 
 m r^ement of the said John Wellington Backland and of any 
 Xr'pai-tT whom they, the said Geor^^.Truscott and John 
 Cleveland Green may hereafter apponU." And accordmgly,^!. 
 i„ the following October tins trust was reposed .J^'^^'X "»*,,: 
 BucUland and Mr. E.t.n. It was further st.puU.ted u. the 15th 
 clause, -That «« money shall be lent or advanced »«;»;y/;| f . 
 said Partners without the consent n, wnt.ng «i all the othe. 
 Partners being first had and obtanied ; and that it an> Par • 
 ner shall at any time stand iodebced to the P«^»«;''^^;'P ^«!,^^^ 
 in any sum or sums of money, to the amount of ^1260 cur- 
 
 
6 
 
 Wni nion«»y of f ^pper CmiaJii, or upwai-flv. wiilioni viiffi ron- 
 sent, suclnjurtiifcr iliali bt.' iMJtnfdiatt'l^ v.xpt'iUjii lIil- puiuitT- 
 
 Havini;; aJsO ilefiiied in the same iiistriiiiu'iit tlic legitimate 
 nature of their fiiliire business, and |)rohibite(l nny invcstmniitR 
 in |]ank Stock or National Securities, without the consent of' 
 ALL the partners, the un(lersiti;ned reposed with nidintitPt! con- 
 fidence on the good faith and integrity of liie parties vviiii vvhoin 
 they were connected, and whose interests seemed so indissoiu- 
 bly blended with tlieir own : and it never occurred to t!)em« 
 cither prior to this da'e or subsequently, to enter upon any 
 examination of the bcoks at Huflaio for the purpose of verifying 
 the stalt"ments of profit and loss oceasioiially submitted to 
 them. 
 
 The balances in favor of Toronto continued undinrinished,and 
 although the undersigned actjuiesced, in the first instance, from 
 representationsof the evil being lemporary,n»d of its being rem- 
 edied as soon as Mr. Brown should **gel uuder weigh" at [12. 
 New Y"orU, ibey discovered subsequently that it had taken a 
 permanent character, and was ascribablc to the heavy invest- 
 mentis in bank slock, made without any previous consuUaiiun 
 willi the undersigned, slightly and incidentally touched upon 
 in correspondence, and only fully developed when embarrass- 
 (nents grew out of the operations. For instance, regardless of 
 the spirit of the articles of partnership of the 8ih of April 
 1835, and of th? more direct provisions of the Deed of the 
 2«d of April 18 30, it appeared that Brotvn Si Buckland had 
 purchased of ihe Lumbermen's bank stock, about $'52,000. 
 of the Connnercial Hank at Buffalo, on separate ac- 
 count, - - - - - aClHlO, 
 and in joint account with other parties, 76 oOO. 
 And, a? proprietors of stock, they represented that both banks 
 would be brought under their control ; and that, indepeml»'«t 
 of this advantage, tlie dividends would constitute a profltii- 
 ble return on the capital employed. However, a few davs la- 
 ter, that Is, on the 11th day of June, a contract was made f LJ 
 with I. T. Hatch for tlie sale of $40,000 Commercial Stock, 
 on the joint account, payable in two, four and six months at 
 the rate of 170 per cent — and having for this profilablo con- 
 sideration abandoned their influence in the bank, it was pro- 
 posed that Mr. Green should proceed to London and uy- 
 poTHKCATK Q further amount of stock, so as to carry on the 
 general business of exchange between the two countries, with- 
 out the necessity of disposing of stock onnaintainitig cash bal- 
 ances in London. 
 
 
 •I 
 
I 
 
 tt 
 
 9i 
 
 •1 
 
 
 To perfect au ;irr;u.g(M,ipnl ..1 ilii^ kiinl. il.c »vrlillcole»frf V 
 
 ll,c Comi«crci«l l^^nk previously hrUl l.v Urawnk UucIAmA ..- 
 were consolHlateil ; and lib.uii ihc 21th ot Jmie 
 
 400 shares were irau^len-cd into tlio vnparalc 
 
 name oi i i.- n i i i 
 
 ,t (( « ,1.\V .Uncivhuid, 
 
 « rciiiuii.rd in «• U.S. Hrown. 
 
 323 
 
 400 
 
 1 153 Shares. . ^, , . 
 
 On the 9th of August, whrn Mr. (.reeii wni., on the eve ot his 
 departure from New YorU, Mr. 15r<.uu nddrcssc-d a letter j 14. 
 to him setting ronl. the particulars of the stock hold l)y tit- 
 firm, and the flourishing condition of il.o banks; an( n. ... • 
 subsequent letters oflhe IGlh of Aug. and Isl of bept Ll-»-»«^- 
 he dwell upon these topics, but carefully wiihheld nil iioiu-c 
 of anvininnction- having been served al the suit ol il.c Com- 
 mercial Bank, to prevent the transfer of the stocU. 
 
 Unacquainted with any such proceeding, Mr. breiu nego- 
 tiated a credit in London win, two banking houses— one lor 
 JC 5 000 sterling by hypothecating 243 shares of ComnuMCial 
 stock, and the other for Je20,000 sterling by undertaking 
 
 to hypothecate, , c. .«i 
 
 •'•^ 480 shares Commercial btocK, 
 
 and 1040 " Lumberman's do. 
 It was not however until his return to New York that any 
 intimation reached him on the subject of a partial injunction, 
 on the stock in the separate names of J. W. BucUland hi K. h. 
 Drown— and it was then spoken of by the latter as a mat- 
 ter o{ slight moment, and placed in the following pomtof view 
 —that Mr. Hatch having accomplished his object of getting 
 the control of the Commercial Bank had found it convenient 
 10 recede from his agreement ; and to cloak this design, 
 naU made an application to the Court of Chancery fo' »" '"' 
 junction under the allegation that some part of the stock had 
 been purchased with the lunds of the bank, obtained by other 
 parties as discounts, and whose notes might not be paid at ma- 
 turity ! that Mr. Hatch only aimed at creating a temporary 
 aiuiculty to incapacitate him from delivering the stock at the 
 extravagant price agreed upon, but that the attempt would 
 fail, as there was other stock ready for delivery— that he, 
 Brown, had taken the advice of Mr. Dudley Selden of New 
 Vork, who assured him that the injunction could not be sns« 
 tainedon such grounds— and that his only reason for not ap- 
 plying to the couri to set it aside was the fear of exposing 
 
8 
 
 i: ! 
 
 / \ 
 
 l!te prorrHtncr? nf thf Trank. frehurtfU?!? the s!ocl« holder';, aiiU 
 perhaps leadinu to tin.' ies<jci!li'>ii uf ilic bank charter. 
 
 This reasofiing appeared sufficiently pladsible, ami ii miiar- 
 tiiuatcly iiilliienced l\lr. Greuii'i ni'tor conduct, lov he entertain- 
 ed no isuspicioii at that lime di.M'ogaiury lo ihu' honor or \i ra- 
 rity of his partner. 
 
 liowuvpr, having laker, np iiis inrniancnt residence at Xcvv 
 Y'ork, Mr. Green's attention was ch'awn, on the 1 ith of 
 JJec'inher, to the large ''baiatiee of casl»" on the day bonlv, 
 anu uniing to - • • $'8C,. KM) •> I 
 
 and on being told by IMr. Hrovvn that it litcliidcd a very cc«- 
 siderable amount of unourrenl moiiey purchased ai a discotnii, 
 will) some oilRr items not carried to account, Mr. Green pro- 
 Cv'^eded to investigate the [)articulars, and found the vesulls as 
 follows— [17 
 
 In uncurrent notes, - - $3,791.00 
 
 " current jiotes and specie, - - 172.66 
 
 "■ cheques of sundry persons not carried toac* 
 
 count, > ^ - - 3,798 82 
 
 " salaries and petty expenses, - - . 1,361 03 
 
 •' Slarkweather &i Brown's drafts on U. S.Will- 
 iams &t Co. liol entered at ihtir debit in tiie 
 books oflhe oflice,but collected from pencil me- 
 niorandums on the fly leaf of a small book, 74.653 83 
 •* cheqwes of El. S. Brown, ^ - 249 00 
 
 ** cash advanccii to do. - * 658 07 
 
 And deficiency in cash drawer, but after- 
 wards accounted for, - - 1,999 89 
 Bill counted as cash but not payable until the 
 16th of Deecember, - * 817 41 
 
 L 
 
 being a total of - - $86,400 61 
 
 On appealing with dfep anxiety to Mr. Brown for expla- 
 uation as to the preceding item of $74,652 83, he assured Mr 
 Green ihat it was for account of Brown^ Buckland &. Co. the 
 drafts of the latter not being as he said so negotiable at Buf- 
 falo as those of Starkweather Sa Brown on H« S. Williams.- — 
 A list of such payments was, therefore, forwarded to Mr. Buck- 
 land, and enquiry was made why they had not already appeared 
 at the credi; of Green, Brown Si Co, Mr. Hucklaod's auswci 
 of the Ist of January diisavowed an3' interest in [18. 
 these drafts, allhongh not in very explicit terms; but when 
 this letter was exhibited to Mr. Brown, an<J longer conceal^ 
 mcnt was impracticable, he admitted the incorrectness of hisr 
 
pr.vuM,. afseriions. and r.u.h^^.d ih:.. tlM. ,lr.n> lud l.ern ^ 
 ;,,K,„ „n l..r tl.v private accouot of M*". SlarkwMllier and 
 
 "Tn fx"t.Mnuaioi. (.n.is cnnrhtrt, he rrnuuKni dial tl.ey had 
 !,„,„ r.-rused idl jirr.unnuHlaiion at lUilUlo, .m llir ^■rouiui Ol 
 iis l,<i„.r uivr;> lo Hrown cV IJiirUlaiul, and :.t Nrv, \ ..rk K. 
 (;,,,„ T>Pow., &.Co.-that Hlo.n of si(),OOU owi. • by th. 
 |,„..r\.>ilu> ManhalUHi Un.ik had been (GUARANTEED by hw 
 iVuM.d li. S. Williauis, and ihar more drpcndenrc wns plnn'rl 
 .,„'h,s .Kinu'lhan ontl.e Com • 'ercbd siork hypoMn-cay, d hv 
 Ihr firm. Lraving il K. beink«.nd that he was jiistihc- ,m 
 ..,p,-opnMinu the money of (ireci , Known &. Co. becans. ,.■ 
 Juluurn an endorscMiient on one of their habu.ties, and b.i 
 uhich ihcv alone u.ade piovisio.tS Mr. Brown a so .:onten- 
 ,1,„| ,l,at a was n nuUler oC necessUV to protecUhe drafts of 
 SwrKweaiher c^ 13rown, bocaust if they had gone back protes- 
 ted it woukl have beer, disadvantageous to the .Hlier hnns 
 with which he was cor/nocted. The fiui lily <>f this reRsonmB 
 u.s con.mented on ai length in a Inter to Mr. Hnckland, 19. 
 .,r the lith of January, which Mr. Green conrludes n. th. tol- 
 
 hiwiiiL!; words. . . i , 
 
 •*i bavpnnl alluded to ihescftransaclion? tn any shape to 
 
 Cu)t Trusiolt, beeanse 1 am sure they wouhl nillicl pani, 
 
 .n^U and disappointment ; and as 1 rely upon arrangement. 
 
 beii.g made at Bufialo to repay this debt and the uUerest 
 
 uhicd. it has cost us, as soon as Mr. Brown arrives there am 
 
 vvdling that the subject should from thence forward be buutd 
 
 in total oblivion. - < i ii i ..„ 
 
 " 1 wish 10 have no concealment, and ihcrclo.c 1 shall shiiW 
 
 Ibis letter to Mr. Brown." , ■ , , „..,,,, m Neiv 
 
 It may he proper to observe that n, the bedge at Neiv 
 Vo U, wlich iL before engaged Mr. Green's •'."ennon en; 
 ,.,,„earo,i a balance of about |1H000 ,N FAVOU ot &•"■"'=•' 
 ii B'own ; and on a critical examinatton ,t was lonnd to p o 
 ^ecd iVo.r Mr. Rrown having transferred §30,000 hon, th 
 Tccot. tof the Commercial Batik of Bnrtalo to the eredtt ol 
 s'aZlather a„c hitnself. Althongh this transfer tntght have 
 lieei. reasonably objected to, on the ground that it was appro- 
 i >g to ,heiJ individual a.lvaniage, tneans winch were prob- 
 ity conceded to Green, Brown & Co. a. large stoeU.olde s, 
 the account was sufl'ercd to retnain n, the position which iH ■ 
 r„,v, 1 ad assigned to it ; and Mr. Green <lid not brtng e.ther 
 cumstance to' the knowledge of Cap.. Trusc^ott nn„l the lat- 
 ter end of April, when itbeca.ne evuleiil that Mr. Brown cotdd 
 ;iol redeem his pledge of repayment. 
 
10 
 
 ToroiiU^ 
 
 
 
 I'J 
 
 At the time of this discovery, the bulancc ;ii 
 against Hrowii, Bucklaiul h Co. and Green, Hrown ikC.lo., m- 
 flependenl of interest and profits (or nine moDihs ainoiiiil- 
 ed to - ~ - - .Vl^r).()()n, 
 
 Being permanent capital of TruscoU 
 
 8i Green, - - ^80,000. 
 
 Their own floating advances, - 49,000. 
 
 Additional advances made by Mr. Dunn 
 
 of iiis own free will, for which Trus- 
 
 cott h Green gave their promissory notes 
 
 12 months after date, and uame under 
 
 other engagerr -nts, they now abstain 
 
 from repealing, - - - 50^000. 
 
 At a subsequent period#Green, Brown &l Co. hypotliLMa- 
 ted with Mr. Dunn certificates of stock in the Bank of [20. 
 Washtenaw for ,^"55,000, without any application or claim for 
 security on his part: it was Mr. Green's wish to have furnish- 
 ed Commercial slock as a preferable security, but Mr. Brown 
 alleged that the latter was useful, and could not be dispensed 
 with for raising temporary loans at New York. 
 
 On the 17th of March a remittance was received from Mr. 
 Dunn amounting to .f 17,817^ 33 with instructions to purchase 
 excl ange on London at 8 premium ; but as .heexclianj^e of 
 the day was then 10, he was instJHitly apprised of the inability 
 of Green, Brown h Co. to comply, and of their having placed 
 the amount at his credit, ad interim. 
 
 Mr. Dunn did not immediately notice this communication, 
 but he ultimatelv approved of what had been done, and re- 
 peated his instructions to remit at 106— which was found to 
 be unattainable. 
 
 When Mr. Green left New York on the 13ih of April, [21, 
 Mr. Brown placed in his hands a statement of real property 
 jointly belor.gingto himself and Mr. Starkweather at Bullalo- 
 and in which its value was estimated at $385,000, producing 
 an annual rent of |12,020, and an increase in perspective of 
 |7,200, at the foot of this (Jocument, subscribed by Mr.Brown, 
 he wrote, "Mr. Dunn, having in our hands a conside. ./ole 
 amount of money, 1 would suggest that security on the above 
 mentioned prcperly in addition to what he now holds, bo 
 offered him, and if agreeable to him to accept it, Starkweather 
 &t Brown \.ill at once execute to him the necessary papers." 
 
 No doubt Mr. Brown foresaw that the pressure of the lime 
 would cfleciually prevent him from paying the balance, then, 
 about .<iHGl,000,' owing to Green, Brown &t Co. ; and there- 
 fore he was anxious that slcuritv should be accepted in beu 
 
1^ 
 
 of money, and hi. !oUr,s of .ho 27th &.28ih ^'' ^P'"'' l,;;^^.^^ 
 
 Mr' StarkweaUuM-'^ hesitation to concur; and on Al.. Uretn- 
 ; ! :.r o New York, tnuler the apprehension ot n-reaMng d.l- 
 lilule: he wrote to Mr. Dnnn, and again oi ts own vo nnta >^ 
 art cnc osed certificates of Commercial Bank stock ' •^' ' 
 (,0U a. additional coUalteral security ; and havn.g le.d n 
 . '.rthis letter in Mr. Brown's presence he commUet 
 ,o his charge Cor delivery, cons.dermg .t prohable that AH. 
 Dunn might arrive .luring his own ab.ence^ 
 
 On the same day, that, is on the 3d ot May, Mi. l;iioMi 
 ... ddressed himself to Mr. Starkweather urging Mum to 
 
 ;;;;2:-?^^:;.:r;l o^, b*.,. .'c,.. w,,.,, .. .h> .. 
 
 lunvevcr .nti.ipn.e, U would be occasioned by the,,- uka> ^ 
 X ^Mri,'«; FOR St vRKvvEATHER & Brown. 
 
 "U^as proposed U,at M,-. Gre.., should bave been t e be.,..- 
 ,„• .bis .CMC 'to Buffalo, wbe,-e olbe> busn.ess ,-.-qu, « u P ; 
 sence • but when ready lo depart, th,s tntportant lettei was not 
 be found ; and. teaHul o, so.ne lur.her ;1.^-1'-", "-"«,? .' 
 tise<l, Mr. Green wrote to Mr. Dunn, un h,s "" -^' ;^^",^>^- 
 
 and .onjured bin, no. to u,ake any »'"•"""=■' '°f''','^';e,od 
 .■on.emolaied un.il it was seen whether he was amply seen. in 
 rnr'p'to' advances : Mr. Dunn received .his timely warn.ng, 
 
 ^„,::rd'^,h^l.in■ie.L;^VMr.Sta,.hweather^ 
 a,Kl on the O.h Mr. Green arrived at Buffa b, "^.^t wo hours 
 ft r the banks had been closed by n.junct.on, wh. def ed 
 ,be object of his mission, and by leav.ng -o.. ' » ^ J^^'J;;^'^ 
 an.ount of inconver.able bank paper, cons.,tuted anothe. sou.ce 
 
 ol alarm. „c ii,„ nndersiened hastened to 
 
 Thus circumstanced, both ol ""^ , ""'" ;'f.'S'" , „ . ,„j „ 
 ^!,.w Vo-k where they ar.ived on the loth of May , and »s 
 Mr Dunn had a eady sailed for EngUu-d the day prev.ous .t 
 w ; ", ,:" practicable to substitute ..her -ount.es or ho e 
 
 „e had takl. w'i.h him • ami ^;^ ^Z^:«'^otZ. 
 
 der heavy acceptances about tailing out, mi l» 
 
 ed,o"rant bonds and mortgages to the "■h'"'-'^"™' ' Z'™; 
 
 siderafL, of his own and Mr. S'^"-k»-"'7.;."''' j^.f the" ac 
 .he nurnose of bcin? assigned to the parl.es hold.ng me ac 
 pttLf Green, Brow.fs. Co. This ar..auge.ne., was el- 
 rec'ted sofar asMr. Brown's interest was -c--! ''^^^ '^l'';, 
 iug a bond a..d mortgage tor |7.3,1.i.., bui ni.. ^. 
 
13 
 
 .-f 
 
 *ii) 
 
 refusing to concur in if, iliey subsequpntly gnvc tlioir joint 
 boiuls and mortgages for the reduced sum of ^^42,531 47 ; and 
 the former itKHjmplt'tc mortgage was discharged from the 
 record. 
 
 The suspension of cash payments in llie states, and the 
 determination of Sir Francis Head that the banks in Upper 
 Canada should pay out -'their h\st shilling" rather than pursue 
 the same policy, would have required extraordinary exfrtions 
 on the part of the undersigned, even if they had been tintratn- 
 melled by other causes; and although Mr. Buckland afford- 
 ed them very effective co-operation they were for a time ap- 
 prehensive of the worst results. 
 
 in the meanwhile, all confidence had ceased in Mr. Brown; 
 and it having become im|:^rative that he should retire, Mr. 
 Buckland [25] wrote on the I hh of May, ''In reference to 
 Brown's withdrawing from the concern, i have, after consulting 
 Esien, concluded that the best way would be for me to send 
 my power of Attorney, which 1 accordingly inclose, although 
 I entertain no doubt that he will do so without legal course." 
 Prior to making this demand upon Mr. Brown, it was de- 
 sirable to arrive at some pecuniary settlement, in which the 
 remuneration to be made by him and Mr, Starkweather, for the 
 use of Green, Brown h Go's, fands, should bear some propor- 
 tion to that which he had paid other parties at their expense. 
 For instance, Mr, Brown had borrowed at New York be- 
 tween the 18th of July and 31st of December 1836 a sum 
 averaging per diem $18,700 ; and the interest paid upon this 
 sum was charged to Green, Brown &; Co. and averaged 4 per 
 cent per month. On the other hand, the sums withdrawn 
 for Starkweather &, Brown's private account, between the 
 16th of May and 31st December 1836, averaged $36,332 
 per diem — and therefore it was proposed to charge them at the 
 rate of 3 per cent per month, being 1 per cent less on the larger 
 sum than had been actually paid on the lesser, or $18,700. 
 Mr. Brown would not, however, accede to these terms ; but 
 consented that a third party, unacquainted with the circum- 
 stances should state generally the value of money, well se- 
 cured, during the foregoing period j and his opinion was that 
 legal interest should be charged from the 16th of May to 
 the 1st of September 1836, and two per cent per month for 
 the subsequent period, which was accordingly done ; and on 
 the 2nd of June 1837, Mr. Brown signed the accounts on 
 [26 27] behalf of Starkweather k Brown, recognizing the bal- 
 ance then owing to Green, Brown h Co. of $59,683 69. 
 Against th'.s balance collatterat secu- 
 
 V 
 
13 
 
 liiv i)V niorigngp _. 15 dlvf-n given 
 
 »» 
 
 be- 
 
 as a 
 
 
 $42Jy?A 47 
 
 'flS 
 
 Ami il was agretd tlia»/ tl;ey stioiild 
 
 provide against a further *:laim Irom 
 
 the same quarter for - - 15,675 00. 
 
 Having arrived at this uiiderstandinjj, Mr. Brown w: 
 required to reiire from ifif Finn ; and, oil ihe 7th June, he 
 addressed the following letter [28] to the undersigned. 
 
 " I am desirous of withdrawing from the firms of Green, 
 Brown k. Co. and Brown, Buckland & Co. and of having the 
 affairs closed up with as much dispatch as our mutual interest 
 will admit of, and so soon as I can conveniently prepare a 
 distinct proposition to that effect, and submit to you the terms 
 upon which I would feel willing to place the whole business in 
 your hands, il is my intention to do so. In the meantime I 
 will refrain from undertaking any new liabilities for either firm, 
 except with the written consent of at least one other member 
 of the concern, and you have my consent to proceed to col- 
 lect the outstanding debts due us and to pay and discharge 
 our liabilities, so far as our means will allow. It is expected 
 however, that no important transaction shall be entered into, 
 without my being previously consulted." While these nego- 
 ciations were going forward, Mr. Buckland wrote [30] to Mr. 
 Green, under dale of the 26th of May, as follows : 
 
 " I regret to learn that you experience difficulty in settling 
 with Brown. The interest and commissions as stated by you 
 I consider undek the circumstances very moderate. As 
 to Brown stating it was with my approbation this was done, is 
 absurd. At the time he told me that the $30,000 was cred- 
 ited to him, (Commercial bank money,) * remonstrated, but 
 ultimately fell in with his views, inasmuch as the bank had no 
 lien upon us, and he said that he had used the credit of all 
 his friends for us. On the subject of assuming William's ac- 
 count, there never was a word passed." 
 
 "I do not see ?)ow you are secure now with a Hen of^'30,- 
 
 000 before your mortgage, held in the shape of a judgment 
 by Commercial Bank. Again it is almost impossible to seta 
 correct value on the I 1-4 acre on Court Street. I would not 
 give $20,000 for it in tStcse times; however Starkweather U 
 Brown's bond for what they owe us could be collected, but 
 that being only executed by Brown, and the debt to G. B. il 
 Co. being due by S. &i B. I much doubt whether Browo*8 
 bond could enable us to collect more than his half of the debt. 
 
 1 trust you will get from him an admission of S. &i" B'l. debt to 
 G. B. & Co. 
 
14 
 
 lO 
 
 igam ou tlie ];;lti 
 
 „.,.,,, .,lli of June, M, i^l^j'^'ann writes f;3l] ''As 
 
 to Brown's not liaviiig autlioiiiy to sitV°^.^- &. B. il is himi- 
 bug and a nitre gel off. He nuin »» iVe become very seru- 
 pulousall ai once. You are jusiiaed in holding any security 
 vou caH touch in this instance, and it wss my intention not to 
 eive up the deed executed by Brown. Starkweather, al the 
 request of L'rown, applied to me for it some days ago. l» 
 which I answered that il should be sent to New York, and lhi.< 
 I shall do by Hensleigh. It cannot however, be recorded un- 
 til acknowledged." 
 
 Also, on the 13ili of June, Mr. Buckland remarks [32 
 •* Brown arrived here yesterday, and seems most anxious tu 
 close up every thing, and I firmly believe he will do so ecpiita. 
 blv and honorably, notwithstanding the late diflkulties. Be 
 assurred that tioihing shall take place here unless strictly so, 
 and this i know has been always your aim and sole object in 
 every transaction." 
 
 "Brown stales that having obtained the security upon 
 uhichwe kepi up large loans and upon which he could have 
 got the money as well for S. & B. as for us — and that part 
 of the credit he pot ought to have been for S. & B., he con- 
 ceives, after paying us commissions, &,«'. no person can com- 
 plain of his conduct. Be this as it may, it "lill be more t» 
 the interest of ill parties to wind op quietly if we can, and 
 make no uppearance of dissolution untii* we aue I'Ri:- 
 
 PARED." 
 
 Some days before Mr. Brown's return to Buffalo a large 
 amount of unmatured bills, and others in suit, had been dis- 
 counted al Toronto and placed to the credit of Brown &, 
 Buckland j the chief motive for this proceeding was to place 
 such securites out of the reach of Mr. Brown, and the event 
 will shew how justly suspicions were entcriained ; but there 
 was another consideration, although a minor one, which was 
 to increase the amount of bills discounted al Toronto, and di- 
 minish the sums owing in account — the sum total would, in- 
 deed, remain unaltered, bul the composition oi the account 
 would be improved iu public estimation whenever a statement 
 should be required by the provincial legislature. 
 
 Nolwilhslanding Mr. Buckland's assurance that *i shall 
 take care of our affairs here, [33] and keep them in my con- 
 irol," it would seem that Mr. Brown soon resumed his won- 
 ted influence over him, and gradually undermined his belter 
 resolulions. Representations were now made to the under- 
 signed of the losses which must be sustained in winding up 
 the affairs ; they were told of the open avowal of drawers aitd 
 
1 
 
 16 
 
 eudorsrrs of bills lo avail themselves of U»p tww usury law, 
 unil gel rid of thfir liabililies al any tlittlictjon of priuciple-— 
 aiu! hence the necessity of leaving Mr. Brown to cope ^»th 
 them ; thus, negociaJons were opened for his assuming the 
 entire affairs of Green, Brawn & Co. and Brown, Buck land 
 & Co.; and whilst they were in progress he prevailed on 
 Messrs. I. C. P. Kslen and J. W. Bnckland, under whose joint 
 inanagemenl l!ie business at Buffalo had been conducted, to 
 withdraw from Messrs. Stanley &i Talcoli and S. G. Austin, 
 the whole of the bills which ha^d btcn placed in their custody 
 for account of the Agricultural Bank, and which they had been 
 carefully instructed to surrender only upon the separate acquit- 
 tance of these two gentlemen, and not in the name of the firm. 
 Ti>e pretence avowed to Mr. Esten for this withdrawal was 
 Mr. Brown's wish to inspect the bills, so as to advise what por* 
 tion should he renewed, secured, or otherwise left in suit ; but 
 havine once obtained possession, he refused to restore them to 
 Messi's. Talcotl h Austin; and assigned as a reason for keep, 
 ing them wnder his own lock and key, that instructions had 
 beerj sent to New York to close the office and remove the books 
 tu Toronto wilho'.t consulting him. 
 
 To this ;»lIegaiion it may be answered that Mr. Brown was 
 virtually expelled by the terms of the Partnership Deed— that 
 the reservation made in his letter of the "Tth June, as to his 
 being consulted on imporlanl transactions, was defined by him- 
 self, as touching l!ie sale ofbank stock—and that Mr. Buckland^ 
 had granted to the undersigned full powers to act in his beha.L 
 —so that without reference to the truth or fallacy of the asser- 
 tion, It must be admitted that they njight lawfully have exer- 
 cised such a discretion; and when it is recollected that the 
 expense of maintaining an office at New York was excessive, 
 and that no business remained to be transacted there, which a 
 professional man was not belter (pialified to discharge, they 
 might have justified themselves by the expediency of the mea- 
 sure. The office was however kept open at New York until 
 the 9th October ; and after having deprived themselves of the 
 valuable services of Mr. Hensleigh at Toronto for four months, 
 it is scarcely credible that Mr. Brown refused to make any 
 allowance to that gentleman for his expenses at New Wk, 
 alleging that he had been of no use to Green, Brown & Co., 
 although he had previously grounded his defence for retaining 
 the.e bills, on the presumption of Mr. Hensleigh** departure in 
 
 "whe«i Mr. liiien communicaled the deception which had 
 
16 
 
 Jieen practised on him. Mr. Green was absent from Toronto ; 
 lull having .irrived there, on the 29ih .Tuly, il»c undersigned left 
 Jhesamc day in company with their legal adviser, inlendifjg to 
 enforce their just rights for the recovery of the b'.Jts, and take 
 proceedings at \^w against Mr, Brown: however, on reaching 
 Bnfi'alo, amicable overtures were made to them through Messrs. 
 Eslen &: Bnckland, which induced ihem to become parties to 
 an agreement nnder dale of tlie 30ih July [34] wherein it was 
 covenanied that Mr. Brown, with two other responsible persons, 
 *shouhi grant a Bond of Indemnity to the unrlersigned against 
 all debts due by Green, Brown &, Co. at New YurU, and 
 Brown, Bnckland & Co. al Buffalo ; and that for a considera- 
 tion, which was then understood as amounting to about .^41,- 
 879 60, Mr. Brown should •* give unquestionable security 
 on real estate for payment to the said George Trnscolt & John 
 Cleveland Green, of the sums due J. H. Dunn," 
 
 being - - - - 
 
 " Messrs. Prescotl, Grote &iCo.'* being 
 ** G. Trnscott k .1. C. Green," being (or 
 
 Advances and interest thereon, $151,308 32 
 
 but which was reduced according 
 
 to tlie original underst->nding of 
 
 the above agreement in the sum 
 
 of . - ^41,879 50 
 
 luid br subsequent 
 
 demands, - 14,257 23 
 
 togeiher, . - , • 
 
 $18,261 83 
 22,618 85 
 
 66 J 36 73 
 
 Thus.reilucing the balance to 
 
 96.171 69 
 
 .\nd making a total of . - - - $136,072 27 
 ** payable %viihin five years with interest al the rate of seven 
 
 percent, per annum payable thereon half yearly.'* 
 
 Until an adjustment Vould be effected on the foregoing basis, 
 it was agreed that the bills and securities should remain in the 
 vaults without prejudice to the rights of any party. However, 
 regardless of this understanding, Mr. Brown took with him to 
 New York the greater part of them, and either removed the 
 remainder from the office, or placed them under seal in the pri- 
 vate custody of Mr. Bnckland. Therefore on the 26lh August 
 [35] the undersigned wrote to Mr. Brown that " unless these 
 effects are restored immediately to Mr. Eslen, who enjoys our 
 confidence, and who will pledge himself as to the appropriation 
 of the proceeds, we shall no longer delay issuing a public notice, 
 setting forth the fraudulent manner in tvhich the notes and secu- 
 
17 
 
 rilii's have been abstracted, and we shall serve a special notice 
 on ever^ person indebted to ibe firms of Green, IJrown &t Co, 
 and Brown, Buckland & Co., and enjoin ihem from paying 
 over any money whatever. VVe shall, at the same lime, an* 
 nounce the dissolution ol partnership, and shall proceed to 
 New York to submit our affairs to Messrs. Thomas, Wilson & 
 Co. and Messrs. Brown &i Brothers, and our principal creditors, 
 and be governed by their opinion in making an assignment, or 
 applying to the Chancellor for a receiver." 
 
 To this letter Mr. Brown replied on the 2nd September, [3G.] 
 bv inveighing in general terms against the 'pecuniary weakness' 
 of the Agricultural Bank, as if that weakness were not attri- 
 butable to his acts— and of the *' deception practised ob him a» 
 to the extent of means" at command, as if those means had fal- 
 len short of the partnership agreement, instead of being actu- 
 ally raised from $'80,000 to $a 7 3,927 17, or independent of 
 Mr. Uffnn, to |1 17,927 17 ! Such was the language of the 
 man, who had advanced no ,apital, who bad used that of his 
 partners in violation of the most solemn obligations, and who 
 now added insult to treachery. 
 
 Al this juncture, Messrs. Esteu and Buckland again inter- 
 posed, and by their joint influence, the contending parlies fell 
 back on the original agreement of the 30ih July. In discuss- 
 ing the basis recognized by it, Mr. Brown contended that the 
 clause reUasing him « to the amount of $30,000, together with 
 Utc amounts charged for profit and interest" should be con- 
 strued to extend beyond the existing partnerihip, and should 
 equally elVect profit and interest on a former partnership fnially 
 closed ! Having gained this point, he next disputed his obli- 
 gation to take op all the returned bills, which bad been pur- 
 chased, drawn or remitted for account uf Green, Brown & Co. 
 
 and this concession to bis demands entailed a further loss 
 
 upon the undersigned, forjuing the aggregate sura of $56,- 
 
 136 73. . I . ^ 
 
 The papers and agreements were then placed ui the hands of 
 Mr. J. U Talcott, in order that the articles [37.] of dissolution 
 and the bond of indemnity [-^S] nfight be drawn up in legal form; 
 the date of the I5th September was assigned to them, but they 
 were not executed until a hUer period, in consequence of Mr. 
 Starkweather's refusal to sign the bonds which had been pre- 
 pared to accompany the morlages to the undersigned. 
 
 When it was found that all arguments were unavailing with 
 Mr. Starkweather, it became more imperative, in the es tima- 
 tion of the undersigned to obtain a difeinleiesled valuation of 
 
.1 
 
 18 
 
 {he property j mid llierdore iiisirudioiis were given to Mr, 
 Kslcu in the following words: , ,, 
 
 '' It is proposed to lay the bonds and mortgages lendert-d l»y 
 R S. Brown before the Agents of the Ohio Life and Trust 
 (Jo.npanv at Buffalo, and request them to certily whether ihev 
 funslder' them as unqueaionabio security, according to the 
 terms of the agreement, for $13G,0G1 : and if not, what is lur- 
 ther required to make the security unquestionable.' 
 
 xMr, Esten and Mr. Brown then consulted together, and sub- 
 mitted the following letter [39,] to 11. B. Totter, Esq., as the 
 Agent of the Trust Company : 
 
 " Buffalo, 30lh September, 1837. 
 
 H. B. Potter, Esq. e /^ » 
 
 " Dear Sir,— In the purchase of Messrs. Irnscott & Orcen s 
 interest in the firms of Green, Brown h Co. and Brown Buck- 
 land & Co., there is a balance agreed upon in their f^vo**."*^ 
 ,^M 3(3,061, for which amomit R. S. Brown has agreed 0) give 
 ♦unquestionable securitv upon real estate.' In pursuance ot 
 which lie has executed 'his several bonds with accompanying 
 mortgages (which mortgages are also executed by R. Stark- 
 weather,) njortgaging the several parcels of land referred to iti 
 the certificates herewith submitted ; which parcels of land are 
 subject to an aggregate incumbrance of .$•13,000. He also 
 gives a covenant a^rainst ail incumbrances executed by himseU 
 and two other persons of undoubted responsibility. You w»ll 
 be pleased to advise whether you consider the above mentioned 
 property with liis bond, unquestionable security for the said 
 sum of '$* 130,061. 
 
 Respectfully, vours, 
 
 (Signed)' R. S. BROWN, 
 
 J. C. P. ESTEN, Agent 
 for Messrs. Truscoil &i Green." 
 [40.] " iluvFALo, September 30tb, 1837.^ 
 »* Gentlemen,— In reply to the question propounded to me iit 
 yowr statement within, I would state that 1 have examined the 
 certificates of valuation and other papers submitted, and have 
 no hesitation in expressing my opinion that the psrsonal secu- 
 rity therein mentioned, together with mortgages executed or to 
 be executed b> IMr. Brown and Mr. Starkweather upon the 
 several parcels or lots of land briefly described in said certifi- 
 cates, is ample and unquestionable security for the sum of 
 S' 136,061. Respectfully, you'' obedient serv'r, 
 
 ^ ' (Signed) H.B. POTTER. 
 
 Messrs. R. S. Brown &i J. C. P. Esten." 
 
 (Fur ihisopiuiou Mr. Ei^ten allowed Mr. Poltu-in fey of $50.) 
 
11) 
 
 G. O. PALMER, 
 P. n. PORTER, Jr. 
 K. JOHNSON, 
 H. K. SEYMOUR." 
 
 Ccrtiticalcs referred M in tlm prfice«!i»g lotMr. 
 
 1. Tliese ccrnty [M.J tlif»l wo bolli'vti the cash vuliie of a lot 
 of ground belonging to ;\Jesa»a. P'lirkwoijtitcr t. iJiowjij sa'hI to 
 co;»(a*in abou: forty itct iVoiit :n,tl one liUiHii'.l aiJiJ f:!"(«,-Oil f«:et 
 dfcp, located in this chy oo the vast ^;i{le of Washington street, 
 dircrtly iu rear of the Farmers* Hotel, to be iliree hundred 
 dollars per foot front. 
 
 Bui'i'Ai.o, October li-th, IRoO. 
 
 (Signed) 
 HIRAM PRATT, 
 L. F. ALLEN, 
 J. W. CLARK, 
 CEO. LEACH, 
 PIERRE A. BARKER, 
 
 I do not profess to have a knowledge of the value of the pro- 
 perty above mentioned, but I have great confidence in the judp- 
 meal of the gentlemen whose signatures are hereto signed. 
 
 (Signed) ISAAC S. SMITH. 
 
 2. We certify [42.] that we are acquainted vriih the lota- 
 tion of the property herein described, and believe the sums af- 
 fixed to each to be' a fair valuation, not considering the present 
 depressed stale of the monied afluirs of the country. 
 
 Lots No. 147 and 148, fronting on Court street, 
 
 conlaitiing I 1-4 acres, >. - - - 
 Lot known as the Niagara Hank property, being 
 60 ft. on Washington and extending through 
 to EUicott street, . - - - 
 
 Buffalo, September 15tli, 1837. 
 
 (Signed) .IS. TROWBRIDGE, 
 
 PIERRE A. BARKER, 
 H. B. POTTER, 
 JNO. L. TALCOTT. 
 
 3. We certify [43.] that we are acquainted with the loca- 
 tion of the property herein described, belonging to Messrs. 
 Starkweather and Brown, and believe the prices aftixed to 
 each piece or parcel to be a r valuation. 
 
 Lot on ^Seneca street, being 40 feel front, and 
 60 feel deep, with two stores thereon, renting 
 at .'^12,00t per aunuaj, - - - - 
 
 Lot on Commercial sireet, being 22 1-2 feet front, 
 with store thereon, renting at ."pSOO per annutn, 
 
 Lot on Franklin sireet, being 63 feet front and 
 115 feet deep, located nearly in front of K. 
 
 ^50,000 
 
 50,000 
 
 ^17,000 
 11.000 
 
30 
 
 •II 
 
 Johiison*t collage, vacant, 
 
 5,000 
 
 $33,000 
 
 RuFrALO, Sept. 15tJ»» 1837. « 
 
 (Signed) PIFRUE A. BARKER, 
 H. B. POTTER, 
 JS. TROWBRIDGE. 
 On receiving the foregoing letters and certificates Mr. Green 
 transmitted copies to bis partner at Toronto ; and placing un- 
 limited confidence in the professioual judgment of Mr, Potter, 
 he consented, on the 2nd October, to execute the articles of 
 dissolution of the prior date of the 15tli September, upon the 
 explicit understanding that if the undersigned George Truscott 
 should not concur, then the execution of the papers by himself, 
 R. S. Brown, and J. W. Buckland, should be of no effect. 
 They were then deposited in the custody of Mr. Talcolt, who 
 made a written memorandum for his own guidance in this re- 
 spect; and who also took charge of the following schedule, 
 which stipulated on what conditions the various bonds and 
 mortgages were to be delivered up, vii ; 
 
 ** Schedule of mortgages [44] to be deposited with John L. 
 Talcolt, and to be applied as hereafter specified, whenever 
 Capt. Truscott has notified his assent to the articles of Agree- 
 ment, execnied this day by J. C. Green, J. W. liuckland mid 
 R. S. Brown, vii: 
 Mortgage No. 1, on 1 1-4 acre in Court street, 
 
 M 
 
 tc 
 
 e» 
 
 tc 
 
 i< 
 
 (( 
 
 to be delivered to J. K. Donn, on his giving 
 up 140,000 Commercial Bank stock, held by 
 
 him. 
 
 Mortgage No. 3, on the Niagara Bank lot, on 
 Washington street, ' * '. 
 
 Mortgage No. 4, on two brick stores in Main 
 street, as collateral security for ^13,000 to 
 be delivered up to J. C. P. Estcn, on his giv- 
 ing up the notes and securities enumerated 
 
 overleaf. 
 
 Mortgage No. 5, on Washington street, in rear 
 of the Farmers* Hotel, for • » - 
 
 to be delivered tip to J. C. P. Esten, on the 
 return of $9,500 Lumbermen's Bank notes. 
 
 Mortgage No. 6, on lot on Seneca street, for 
 do « 7, do Commercial street, 
 
 to be delivered up to J. C. P. Esten, on the 
 return of ^^'24,300 Commercial Baulb stock 
 with Prescott,Grcte & Co. 
 
 $20,000 
 20,000 
 
 50,000 
 
 10,000 
 
 ! 5,000 
 10,000 
 
 M 
 
 } 
 
31 
 
 } 
 
 Morlgajxo No. 8, on Irti in Fr anUrm sirocl, for 
 to lie .|<?livcrL'cl up to J. C. I*. Estcn, on the 
 return ni' Phel|,s, Dodge k Co.'s and J. R. St. 
 Joliu's nutes. 
 
 ri,or»i 
 
 $130,001 
 
 75 
 
 Phelps, Dodge &, Co. on Phelps, James S& Co., 
 
 lOlh March, 1837, for £1,000 sterling. 
 J. R. St. John & Co. on T. Wilson &t Co., 9lh 
 
 March, 1G37, for jCSOO sterling. „„^„r,./ 
 
 (Signed) R.S. BROWN, 
 J.C. GREKN. 
 Rills and secnrtlies deposUed with J. C, P. Esien. 
 No. 2183, a 94. L. D. &t H. Howard's notes, for $4,835 
 2195, April 6. Stevens h Co.*s note, on 
 which $2,000 lias been re- 
 ceived, 
 11. J.G.Dickie. 
 22. M. Q. Wood, 
 19. B.Burwell, 
 8. J.W.Clarke, 
 
 June 1. L. A. Spal<)ing} 
 
 (Signed) ' R. S. BROWN, 
 ^ * J.C.GREEN." 
 
 '? It is to be borne in mind that Mr. Dunn had advanced for the 
 collective benefit of the firms, - - $56,000 00 
 
 Forming a portion of $173,927 17 standing at 
 the credit of the undersigned — that be was, 
 also, a further creditor at New York for 
 
 2106 
 2197 
 
 2198 
 2199 
 
 2202 
 2203 
 
 (« 
 cc 
 t( 
 
 cc 
 
 cc 
 
 3,000 
 
 l,000i 
 60 
 5,050 
 2,000 
 2,500 
 2,500 
 
 18,281 83 
 
 Making a total of - - - 
 
 Of this amount there had been secured to Mr. 
 Dunri, on other property and effects, indepen- 
 dent of the Commercial stock, 
 
 $74,281 83 
 
 28,281 83 
 
 And there was an anticipated balance in bis 
 favor of about $46,000 
 
 which it was contemplated to secure by bond 
 and mortgage on the Court street lots, as re* 
 cited in the Schedule. 
 
 However^ the undersigned George Truscotl declined be- 
 coming a party to this agreement until Mr. Dunn's formal as- 
 sent to it was obtained— and although the latter had author- 
 if.ed Mr, BidweU to express such [45.] concurrence, it was af- 
 terwards withdrawiu in order that be might learn through oth- 
 
I 
 
 Ml 
 
 23 
 
 ♦T cliAniiois ilir value of t!»c property, fof which ho wiu rcqiiireti 
 
 lo siirrtmlrr $40,000 C/»n»tn';»c?.il itook. 
 
 This rhai^f'e of purprjf ♦.» w a . nut .«'> innrh |o he deprecated 
 as the Hfirensonnhle (ft.hy Mr. OMnti nan gitilty of in iwunrT m- 
 fill il—aml <lurlng the staiv of s'lspcMse 'in uiiich iu' kf,pl Ji'l! 
 pariips, IVJr. lirowii con!<n«!e<J thru the cuiiHiu I svas indepen- 
 deol of him — and wlielher ihe properlv were iti reahtv worth 
 .«5,000 or $-50,000, »vns xvlu.lly irnriiaterial. This position 
 was, however, utterly niitiiiable, for the agrt ernetil of the 15th 
 September had no legal existence, owing to the continued refu- 
 4al ofthe undersigned George Truscott— and the agreement of 
 the 30th July reqnircd Mi. Browii to give " nnqnestionable 
 security on real estate r»' nnd it was the well founded approhen- 
 sio'i of this fact, which alone prevented iMr. Dunn from acced- 
 ing CO the subsequent arrangements. 
 
 fn the anticipation that Mr, Dunn's inquiries would elicit 
 nothing contradictory to the certificates, of so many respecta- 
 ble and well Informed inhabitants of this city, the inulersigned 
 awaited the issue without suspicion, and stood prepared to per- 
 fect their contract, fn this stage, Mr. Brown seems to have 
 been under an apprehension that the mortgaged property, bc- 
 louguig to him and Mr. Starkweather, would be taken in exe- 
 cution on a judgment obtained by the Dry Dock Bank ; and 
 influenced by some consideration of the kind, he wrote a letter 
 to Mr. Esten, the agent of the undersigned, on or about the 
 27th or 28th October, in which, after 'commercing upon tiu^ 
 increasing difficulties of his situation, he observed that if Capt. 
 Truscott was only withheld from executing the agreement of 
 the 15th Septembe., by reason of Mr. Dunn's refusal to deliver 
 up the stock until he had satisfied himself of the adequate val- 
 ue of the mortgage, hk had no objection to Mr. Dunn's con- 
 tmumg » hold it. 
 
 When the lettei '>;<; produced by Mr. Esten. it was consid- 
 ered so perfectly ..cUi^Sactory, that he was instructed lo retu-n 
 to Buffalo the following morning, and sign the agreement on 
 belialt ol Capt. Truscott, by virtue of a power of attorney he 
 then held : and this was carried into eflect on the 30th or 31st 
 October. 
 
 h has been already noticed tnat Mr, Brown was under agree- 
 ment with two other responsible persons lo indemnify the un- 
 dersigned against any debts of Green, Brown k Co. and Brown, 
 Buckland & Co.— and such a bond had been executed by him,' 
 Rodman Starkweather and Lyman A. Spalding, and was 
 one of the instruments deposited with J. L. Talcott on the 2nd 
 October 
 
 ii 
 
* 
 
 23 
 
 On llu' 1st Novcii)b«'r, Ihc uniltrsiguod were aircsteU at Ta- 
 roHto, on u C;i()i:is sit tin? cuit of tlic Ciiv !».iuiU of Huflalo, for 
 an allcgtMl dcbl of .^-lOjOOO nnd upuai-fi; ; and fimling ttiai 
 lliey wt-ro iiidivi.Innllv jlc^criLM-fl as th«' acceptors of ccriain 
 bilis, wliolly mikiunvM »o iIumm, thiy bucarne ■nnprcssed with the 
 belief that some fort-'ery had hocii comniitted ; and they des- 
 patched a messenger to lUiiralo in the greatest l»astc to'akcer- 
 tain the facts of the case. In the meanwhile, it was neces- 
 sary for the undersigned to procure bail; and regarding it as 
 tl»e mere alfair of a day, they did nyt hesitate depositing with 
 the gentlemen, wiio came forward in their behalf at Toronto, 
 certain debentures, the property of oilier parties chiefly resi- 
 dent in England, and which had been left in their custody for 
 the mere purpose of receiving the interest accruing on ihem 
 from lime to lime. 
 
 It is perhap: needless to observe ihat no earthly considera- 
 tion would have induced the undersigned knowing'.y and wil- 
 lully to have placed the owners of these debentures in a situa- 
 tion liable to loss; and ii the remote possibility of it had oc- 
 curred to them, they would have submitted to immurement in 
 a dungeon as a predrabie alternative. 
 
 On ihc evening of the 1st November, Mr. Esten uccompa- 
 nied by a clerk of IMr. TaicoUs, arr-ved at Toronto, and de- 
 livered the 'leed of dissoluiion, the bond of indeninily, and cer- 
 tain mortgages, for which the corresponding effects mentioned 
 ill the Schedule were exchanged. 
 
 For these professional services iNlr. Talcott afterwards re- 
 tained, out of money collected for the undersigned, ^173 50, 
 as wdl app( ;ir from the following account. [46.] 
 *' Nov. 'io J . Deed dissolution, attending consult, to settle 
 
 setting, eng. copies, . > .^50 
 
 Dr. l)onds, mortgages, covenants and other pa- 
 
 peis, eng. and sealing, - - - 25 
 
 Exan)ining and written opinion on six lilies, - 60 
 
 Couuoc'l fee, general servi.es and advice on settle- 
 ment with Brown — Custody and delivered pa- 
 pers, he. ' - . - - 50 
 
 Examining witii Mr. Austin, and written opinion, 
 on construction of agreement with iirown as to 
 nature of security called for, - - 10 
 
 Sending student to Toronto 5 c'-^ys exclusive of 
 
 expenses, - - - - - 10 
 
 Dr. Release from City Bank, - - - I 
 
 .^•206 
 
;> \ 
 
 m 
 
 Bi 
 
 \n 
 
 \ 
 
 Dec. 2. Cr. part of accomil assumed by Brown, 
 
 Balance, 
 
 32 50 
 
 r^ , - - " .^l^S 50 
 
 On the 3rd the messenger returned from BuDalo, bearing the 
 following letter from Mr. Brown. 
 
 ^ Buffalo, Nov. 3rd, 1837. 
 
 Messrs. 1 ruscott &: Green, Toronto ; [47.] 
 
 Dear Sirs,— I will positively arrange with the City Bank this 
 day. The step which they have taken is an outrage which will 
 recoil upon themselves. I have some five or six times talked 
 with the officers of the Bank ; I have as often frankly told therj 
 of our pending negociations, and assured them that so soon as 
 complete, the business would be for me to arrange ; and their 
 reply has been, " very well ;" but the step has been taken and 
 good faith violated, and it cannot now be helped. You have 
 however nothing to fear, except the injury which it may prove 
 to your circulation, &c., and to avert this I will give you a 
 statement of facts which you will be at liberty to use. 
 
 I" f'aste, (Signed) R. S. BROWN. 
 
 Notwithstanding these assurances, op which undue reli- 
 ance was'placed at the time, Mr. Brown took no effectual steps 
 for relieving the undersigned, and discharging the proceedin,"-s 
 ro unjustly instituted at Toronto. Hitherto they had strug- 
 gled effectually under every difflcultv— they had sustained 
 themselves under the heavy losses and " deferred debt imposed 
 upon tliem at Buffalo- -they had met .their own engagements 
 notwithstanding the impossibility of collecting bills in Canada 
 — they had continued cash payments for a" period of seven 
 months, during which the Banks in the United States had been 
 constrained to suspend— they had seen the chartered Banks of 
 Lower Canada, and the Commercial and Farmer's Bank of the 
 Upper Province abandon the contest— and they were, in fact, by 
 untiring energy and the confidence still reposed in them, re- 
 trieving their losses, and had entered into a contract [48.] for 
 the redemption of the whole of their circulation on verv favor- 
 able terms, when the City Bank of Buffalo struck a vit"al blow 
 at their credit by arresting them under the disingenuous dec la- 
 ration of their being individual acceptors of certain bills, aL 
 though it eventually appeared that the acceptances were thosp 
 of Brown k, Buckland, or Green, Brown & Co.— and which, 
 if literally and truly set forth in the aliidavits ofdebt would nut 
 iiave been sufficient, by implication, to have arrested the un- 
 dersigned. 
 
 Thus betrayed on one hand, and oj)prossed on the oilier, 
 they were aroused to a sense uf litcir qwh liiualioM liiivinj^ be- 
 
 \ 
 
 ri* 
 
25 
 
 32 60 
 
 ,A 
 
 her 
 
 cornc irrotrievabli: — Ijiji tliougli rniii scirued lo Uv impending; 
 over lliemsclves, ,l!ipy luui no reason lo call in question their 
 ultii.rite ability lo j-erlorni biibMantiul jij-ticu lo all their 
 creditors. 
 
 There are some debts of a more sacred character than olh« 
 ers, however they may he regarded as co-equal iti Uie eye of 
 the iaw : lie who reposes confiiienee seems most entitled to 
 protection ; and upon this principle, it was determined to se- 
 cure; in the first instance, the Canadian depositors of the Bank, 
 and those who kept accounts with it; and afterwards to appro, 
 priatc the rc/idue of their eilects to the redemption of its circu- 
 lation,— probably dispersed in many hands, aiid not held from 
 motives of favor to the Bank, but of convenience to the partie.^. 
 
 In th ; same spirit certain bonds and morfgaij,es received 
 ironi Mr. llrown were assiancd to secure various heavy debts 
 then existing in Enj^land, and others to raise a new'loan of 
 i;;4.500 sterling ; but with a distinct understanding «h:u if 
 events should demonstrate the inadeijuacy o( the security, or 
 the dau'rer of employing the money, it siiould be retunsed lo 
 the parties : the proj)riety of adopting this latter alternative be- 
 came suflLi-iuiy apparent when Mr. Babcock declined receiv- 
 ing the Court street property at a sum exceeding .$'20,000, al- 
 though his own partner, Mr. Potter, iiad assigned a value to 
 it of .$50,000; and had^ by his acts, intluenced the under- 
 signed to accept it conditioiially for .$10,000. 
 
 Therefore, assuming, what appears to be the fact, that all 
 iht mortgages are over estimated much in the same ratio, it 
 would follow thai, instead of representing means for the ul- 
 timate discharge of debts to the amount of .$'130,061, they 
 could not be expected to reali/e more than .$o9,157— in which 
 case, the capital of the undersigned having been already sunk, 
 the creditors of the Agricultural Bank would sustain a loss not 
 {ireviously anticipated of .$70,904, conslitiiiing, with former 
 deliciencics, a sum equivalent to the whole amount of notes in 
 circulation. 
 
 Under such lamentable prospects, it would indeed have been 
 an act of gratuitous folly and injustice to borrow UMiney from 
 one party, on insuflicietit security, in order to pay off the debt 
 of another; and hence their resolution to return the greater 
 pan of the last loan of i:4,500 sterling to England— and leave 
 the mortgages charged with a diminished sum, which should 
 not endun^^er the aciual bona tide holders thereof. 
 
 Jl should be observed that wheii every probability had dis- 
 appeared of Ml'. Dnnirs exchanging tiie Couiiiiorcial stock for 
 the Court succt mortgages, Mr. Urowii's a[iplicutions were an-- 
 
 4 
 
 T 
 
II 
 
 h^ 
 
 
 M 
 
 "i (lu- >7i!. or .»,sih ( )i,ul,r4' « uiul Ilu-Im:;'. on iIm- J hi. r.Lnta. 
 
 Ls{,^n v^,u'ntr^ ilw ,.-rc..Mifnt, Iu.« rcpiiotl, " {,nt voii hr.ve m.l* 
 i^;n I a: l.u.r, ;;„.] never uill h.,vt it." Thn^ iMtinuaiu.- 
 
 H.»m:v(.^ .uh,|„,ue,,i to t\iU tid.iii^.:,.,j, MrriVnmn pro. 
 
 cl. ceci A l.uer ;aicl read part ui' the co.Uents to the un^evLn, 
 ccJ Kiinuulmy thatJiua. Tiin letter m question, and i.ih]o.'. 
 lak.nyt, rcium ii to Mr. Tulcoit. On communloaunfr the 
 nrcumstance. to Mr. Estei,, I.e npplied for iUe restoralicm ol' 
 MS letter, hut in.fleciually ; and ho is .lovv prepared in prove 
 he contents on oath, as sveli as the Conversation vl.i.'a he Jrul 
 ifu. previous cveimig with Mr. lirown, and nhich led t» its be 
 
 »iv(? written. 
 
 •n dm cd Mr. J.rouu lo thseontinue his applieations for ihl. 
 
 no «! ""1 ? '•""*^'' '?'" '•' '^"'^ itidireetly .(Tect his par- 
 po^es: and havn^y, on the Is^h May, j,ot p...ession of there- 
 man n.g bdls on London, which the »nde?rsi^ned had covo- 
 
 hon d 1 oh! .ho inuIcr.<igrK.i to hail. Accordingly, on the fol- 
 
 Ma ^, V,"''rrT"'.''^''^^ ^P^^" t''^'^' l)^ the Deputy 
 A .. .hal, ah hough by h:.- nululgcnce rhey were perndtted L hi 
 
 ; MM r'-'' r''."'r>^'''""'""^ restrictions, inui] the 31sl May, 
 havMn^ Uuled ni arr.vn.g at a .etllement with Mr. Dnnn 
 
 WH^sn '!:'T'^'/"'' M. proportion to their difliculties, ih.y 
 wuc suirendered n)to the custody of the Sheriir. 
 
 J he careful and unprejudiced reader will collect from the 
 J'^'Pgo.ntT statement au),)le evidence to prove, 
 
 jst That George Truscoii and John Chn'ehtnd Green fur- 
 "ol'ed tne entire capital of the firms at IJnffalo and New York 
 —and that ,t exceeded double the «.ao5UU ihey were uiuler hi- 
 gygenuMit to snp})Iy. 
 
 srntatn>ns the edect oi" wldrh wu. to cunveri ten)porary' ad- 
 vanccs nito permanent capital. 
 
 •ird. That they placed a blind but ge.ierous confidence in 
 ine honor and integrity of the parties, with wiioni (hev were 
 ^"onnectrd, and that this confidence was abused 
 
 /^»^ 
 
 
 ^> 
 
 
 \^ 
 
 r 
 
/JiWV 
 
 
 .'* 
 
 27 
 
 4th. Tliattliclr early difliniiltifs originated hi the itnfu«tifia^ 
 hh f.|>'rnIa(ioi.s of l^rovvn & JUicklaml in Bnnk stocU, com- 
 xnrnctil in violntion of the terms of their parlnersliip. and 
 without their knowledge,— imperfectly' alluded to in their pro- 
 gress.--and developed when complant was un<\vailin£',~~!to(l 
 then the results, as a question of profit and loss, misrepresented, 
 iil!). That the flagrant and ecrot appropriation hy Mr*. 
 Hrowti of so large a sum at New York for private purpcsfs, 
 iiilinltely increased their embarrassmctil, aud alsoentaileu* upon 
 (he Urtn pecuniary loss— inasmuch as Mr. Brown borrowed 
 money for Green, Brown & Co. at the mtc of 4 per crnt. per 
 niontlj, and^ applied it to the use of Starkweathei* t<c Brown 
 for one half the consideration paid. 
 
 Cth. That owing to such ^cts c^ misconduct, tf.e AfTi/rrof 
 ttie undersigned became so deranged at Buffalo and New York, 
 they u-ere required, by the rery author- of their calamitv. to 
 make a deduction of $5G,13G 73 from the anyDunt owinV to 
 them, besides abandoning their share of undivided profits to llie 
 amount of .<;'30,7Q7 38, and dividends on Hank stock estima- 
 ted at $21,574. 
 
 7ili. Tiiat all these fosses were met with Jess re!tictnnc<», bc- 
 r.anse their efltcts did not extend to the immediate creditors of 
 the undersigned in Canada j and because this sacrifice carrietl 
 iviih it a guarantee on the part of R. S. Brown, R. Stark wealW- 
 er and L. A. Spalding, to protect the interests of the creditors 
 within the United States. 
 
 8th. Tiiat, reckless of the solemn obllgalions of this bond, 
 Mr. Brown has token no steps 'o discharge his debt to ti»e City 
 Rank — and by tisis neglect has irreparably injured the iin- 
 dersigned, and occasioned the detention of property at Toron- 
 to belonging to innocent parties. 
 
 9th. That deception lias been practised on the undersigned 
 in representing property at Buffilo as unquestionable secarilv 
 for .'^■136,061, when it cannot be made available to iheir cred- . 
 ilors for more than *> 5 0,1 57. 
 
 1 0th. That Mr. Brown has acquired and retains unlawful 
 possession of a letter to Mr, Esten, which, under an equitable 
 construction, constitutes as much a part of the agreement of 
 the 15th September as if it had been embodied in it a* a d»- 
 linci clause ; and that the agreement itself was not executed 
 until such letter had been given. 
 
 And finally, that, having plundered, duped^ and betrayed 
 his victims, he has thrown them into prison, on account of their 
 inability to discharge a debt to a third party of |18,000 -and 
 which inability proceeds from his own breach of faith in ool 
 
 T 
 
2H 
 
 1 VI 
 
 giving them an adequate security for $4G,000, nrknowIeclLCfl 
 to be owinc^ thetn, and winch insiiflicient bojids and 
 are new remaining in Mr. Talcoii's hniids, tl 
 
 adage so obnoxious to Iniinanlty, '* iliat the 
 giv^, but ihelnjtirGr nrver." 
 
 morlqfifrt's, 
 MIS vt'i ifviiig- tiie 
 injured may for 
 
 It 
 
 now rem 
 
 inis ior the undersigned to perform 
 
 a PAove agriM' 
 
 able duty tiiaii has hiilic-rto devolved upon Hkji), bv acluiowl. 
 cdgino- the general kin(h)ess and Kynipathy which has been 
 evuictd luwardi; thcni by the udiabitanis of this city j and. 
 above all, to oApress their grateful sense of the obligations the J 
 Utt tmdcr to l!»e genlleniea who have so nobly and confldin Hy 
 Cojr>^ lorward to offer bail j., i[.elr behaU; aliliough posse^teV 
 of a very imperfect outhuc of their afkurs, and laboring uj.der 
 the ^j;,advanla{3'e cf no previous acquaintance with them. 
 
 OEORGK THUSCOTT, 
 
 J0]1..V CLEVELAND GREEN. 
 
 •I 
 
 Buffalo, 27th June, 1S3Q. ^ 
 
 #