Scoundrels in Saratoga

[Robert]

Interestng read in Aug 2 Coin World.

In 1878, a bank failure cast a pall of suspicion on all the other banks there. Another bank run at the "First National Bank" followed, but the "Commercial National Bank" padlocked its doors before things got "out of hand". The "Comptroller of the Currency" was called in to look at the books.

The president and director of the FNB were arrested for "embezzling, abstracting and willful misappropriation of funds of the bank". Not only that, but the Saratoga Country Treasurer had also embezzled money. A warrant was issued and he hid in NYC, sending a letter saying that he'd return to Saratoga and pay $4000 of the $16K plus outstanding if he would not be prosecuted.

No deal. He ended up fleeing to Montreal where he was a hotel clerk.

The more things change, the more they stay the same.