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Would any jury suppose, would any sane business man believe that if such were the case Mr. Cowperwood would be running personally with all these items of deposit, to the different banks or the sinking-fund or the city treasurer's office, or would be saying to his head bookkeeper, 'Here, Stapley, here is a check for sixty thousand dollars.
Stener for a half or three-quarters of an hour; came out; explained to Mr. Albert Stires that he had recently bought sixty thousand dollars' worth of city loan for the city sinking-fund, for which he had not been paid; asked that the amount be credited on the city's books to him, and that he be given a check, which was his due, and walked out. Anything very remarkable about that, gentlemen?
Under such conditions it was deemed advisable and proper to resume compliance with the provisions of the sinking-fund law, which for eight years has not been done because of deficiencies in the revenues. The Treasury Department therefore offered to purchase during November $25,000,000 of the 5 per cent loan of 1904, or the 4 per cent funded loan of 1907, at the current market price.
But another and a very different argument has been adduced, not certainly for the re-establishment and support of a sinking-fund, since its fallacy has been exposed, but against the policy of having exposed it.
The expense of the year amounted to near six millions, raised by the land-tax at four shillings in the pound, by the malt-tax, by one million from the sinking-fund, by annuities granted upon it for eight hundred thousand pounds, and a loan of one million six hundred thousand pounds from the bank.
It was testified by Mr. Stires that Mr. Cowperwood said he had bought certificates of city loan to this amount, and it has not been clearly demonstrated that he had not. His non-placement of the same in the sinking-fund must in all fairness, the letter of the law to the contrary notwithstanding, be looked upon and judged in the light of custom. Was it his custom so to do?
It was a risky thing to have done, considering that he was in danger of failing and that he was not absolutely sure of being able to take them up in time. If he failed, and the certificates were not in the sinking-fund, he could say, as was the truth, that he was in the habit of taking his time, and had forgotten.
This defendant, Mr. Cowperwood, comes into this court to-day charged, as I have stated to you before, with larceny, with larceny as bailee, with embezzlement, and with embezzlement of a specific check namely, one dated October 9, 1871, drawn to the order of Frank A. Cowperwood & Company for the sum of sixty thousand dollars by the secretary of the city treasurer for the city treasurer, and by him signed, as he had a perfect right to sign it, and delivered to the said Frank A. Cowperwood, who claims that he was not only properly solvent at the time, but had previously purchased certificates of city loan to the value of sixty thousand dollars, and had at that time or would shortly thereafter, as was his custom, deposit them to the credit of the city in the city sinking-fund, and thus close what would ordinarily be an ordinary transaction namely, that of Frank A. Cowperwood & Company as bankers and brokers for the city buying city loan for the city, depositing it in the sinking-fund, and being promptly and properly reimbursed.
What do you think? Do you really think that he had purchased sixty thousand dollars more of certificates for the sinking-fund, and that he was entitled to the money? If so, why didn't he put them in the sinking-fund? They're not there now, and the sixty thousand dollars is gone. Who got it? The Girard National Bank, where he was overdrawn to the extent of one hundred thousand dollars!
On the 30th day of June, 1885, the excess of revenues over public expenditures, after complying with the annual requirement of the sinking-fund act, was $17,859,735.84; during the year ended June 30, 1886, such excess amounted to $49,405,545.20, and during the year ended June 30, 1887, it reached the sum of $55,567,849.54.
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