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Updated: May 29, 2025
But extra efforts had been put forth so often of late, that the company had exhausted nearly all its resources. "I do not understand," remarked one of the directors, looking up from the statement he had been carefully examining, "how there can be a hundred and fifty thousand dollars of post-notes due so soon, and only fifty thousand dollars in bills receivable maturing in the same time.
At the end of a couple of years, he held the office of director in two banking institutions, and was president of an insurance company that issued post-notes on which three per cent. was charged. These notes, as the institution was in good credit, could readily be passed through almost any bank in the city.
Lawrence, the president, proves to be a defaulter in the sum of nearly a hundred thousand dollars. The public are aware that post-notes were issued by the company to a large amount, and loaned to individuals on good collateral security. These bore only the signature of the president. It now appears that Mr. Lawrence used this paper without the knowledge of the directors.
If I am not mistaken, the post-notes were never issued except against bills having a few days shorter time to run. How is this, Mr. Lawrence?" "All that is plain enough," the president replied promptly. "A large portion of these bills have been at various times discounted for us in the People's Bank, and in other banks, when we have needed money."
It showed that in the next two weeks post-notes, amounting in all to one hundred and fifty thousand dollars, would fall due; while not over fifty thousand dollars in bills receivable, maturing within that time, were on hand, and the available cash resources of the company were not over five thousand dollars. The time was, when by an extra effort the sum needed could have been easily raised.
He used to come to the brokerage end of the elder Cowperwood's bank, with as much as one hundred thousand or two hundred thousand dollars, in twelve months post-notes of the United States Bank in denominations of one thousand, five thousand, and ten thousand dollars.
Credit by note of hand, credit by book account, credit by mortgages and hypothecations, credit by bills of exchange, credit by certificates of stock, credit by bank-notes and post-notes, credit by exchequer and treasury drafts, credit, in short, in a thousand ways, enters into trade, filling up all its channels, turning all its wheels, freighting all its ships, coming down from the past, pervading the present, hovering over the future, reaching every nook and affecting every man and woman in the civilized world.
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