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Story June 17, 1837

The Daily Herald

New Haven, New Haven County, Connecticut

What is this article about?

Special committee of Messrs. Prior, Seeley, and Stearns investigates City Bank of New Haven, submits $639.99 in expenses plus $93.55 contingent, criticized as excessive; House reduces pay from $5 to $3 per day and amends resolution to replace Prior with Chauncey F. Cleveland on general committee, paid by banks at $2 per day.

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City Bank Committee.—We invite public attention to the account of Messrs. Prior, Seeley and Stearns, the special Committee who investigated the City Bank of New Haven. We have heard much about bank corruption, bank oppression, and bank profits, but we have seen nothing that will quite compare with this.

Mr. Prior, 33 days at $5, $166 00
Expenses, 59 08
$224 08

Mr. Seeley, 41 days, at $5, $205 00
Expenses, 46 05
$251 05

Mr. Stearns, 23 days at $5, $115 00
Expenses, 49 36
$164 86

$639 99

The above, however, is not their whole bill. We find among the contingent expenses of the House the sum of $93 55 placed to the account of Messrs. Prior, Seeley, and Stearns.

Most modest guardians of the public expenditures! This is out-banking the banks! Truly, if the Banks are each to cost the State as much as this annually, in the way of overhauling and investigation, the sooner they are deprived of their charters the better. The Bank Committee however reported that these faithful public servants should be allowed only four dollars a day, and the House further reduced it to three dollars. A resolution passed the House, appointing Mr. Prior one of the general committee to examine the Banks for the coming year. The Senate returned the resolution amended, by erasing the name of Mr. Prior, and substituting Chauncey F. Cleveland, in which amendment the House concurred without opposition. This committee are to receive two dollars each per day, for their watch-care, which, (as the act says,) is to be paid by the Banks—though upon what principle of equity they are required to pay it, is more than we can divine.—Hart. Courier.

What sub-type of article is it?

Curiosity Historical Event

What themes does it cover?

Deception Justice

What keywords are associated?

Bank Committee Excessive Expenses Legislative Reduction Public Spending Bank Investigation

What entities or persons were involved?

Prior Seeley Stearns Chauncey F. Cleveland

Where did it happen?

New Haven

Story Details

Key Persons

Prior Seeley Stearns Chauncey F. Cleveland

Location

New Haven

Story Details

Special committee submits high expense bill for investigating City Bank, criticized and reduced by legislature; Prior replaced by Cleveland on general committee paid by banks.

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