dollar per token ; thinks the proposal was made to the committee
on print inff. It was, however, generally understood, that it was
immaterial how low we ofiered to print ; knew he should not get
the job, and put it low. The estaolished prices of printing will
appear by the rates ; those rates refer to the usual business of
pnntingy such as jobs, pamphlets, books, &c. — the prices were
considered fair, and should he have been requested to print such
a work as the Revised Statutes, he should have charged the re-
gular prices established by the rules. The pressing and drying
18 generally looked upon as a part of the printing, and no extra
oMrge Qsoally made. There is no set role as to the allowance
Digitized by VjOOQ IC
era HousB DOOUMEwra.
K'd pablWierfl cffBv and above what they pay pffoMrs. Cm
"dly reoolieot what his propoaitioii was^ tedb qutto cot^ddee/i
that he aflfered to do it at iuoh a rate as would have M bioi in a
rerj odd predicament had the tegitlatare acoepled it.
Offered to do it uo that he thought be should not have lost
aracfa. Thought that the prices of priming were such as waa
reasonably low, as fixed.
The value of labor and the expenses of carrying on bosioessy
has increased within the past few years* The osual ad^aoa
here, is about tweaty^six cents per token or per thousand. Whoo
the prices were established the price of hands was niiicb leis, &r
a finreman four ddhirs p^ week less. RecoHecti that the office
of the Post made a proposition at the same time ; thniks they had
but one press ; thinks the Revised Statutes all well done.
Is somewhat acquainted with the prides of paper here, anrf
thinks that paper of this kind, the Revised Statutes* oan be bought
for about five doUars per ream, here. Don't know that he could
propose to do the printing much tesstban the price charged We
uaoally count twenty quires to the ream, at the pveaenc time*
Used to get eighteen whole quires^ and two bad ones. Sut*fa baa
formerly been the praetioe. Three sheets to the token ts getie*
rally reckoned for wastage. It is the duty of the printer to press
the sheets. Had he supposed he should have got the printiiig^ he
should have charged more. Don't know whether he should have
put it less tlKin seventy cents per thousand. If he was going 16
do a work of so large a magmtade, he thinks that unless there
was a special bargain made, he shovild charge tbe usual e^tBb^
lUied price.
It was, as a matter of course, a great cost and extra expense
in getting up and preparing to get presses, d^., and under aU
drcumstances, he tUnks Mr. Bagg has not charged too mQch.
AFFIDAVITS.
(No. I.)
SuTK or MicHiaair, I
Weym County, ) ^'
John S. Baggr being duly sworn, doth depose and say, that the
legislature of 1837, passed an act ereating the office of Stsde
Friatert that he now holds, which act in substa ce provides^ that
mid printer shall receive such compensation fi)r his servieea^ as
shall be appropriated by the legislature, provided that such com*
pensatioo snail not exceed the current prices of printing. That
m making out his bill of printing of that session^ he charged the
currant prices of printing in tbia oily, to wit: jsusm^ ctmtsf$t
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IIOCrSB DOGUMBNTa 6TO
Uummniwh fk' anttpaskkmf oMLs&mnij^i^
prett workf which prices were allowed aodpaid by lae leg^tnm*
That at the spocmi session of the same legislature held in June,
the Hune prices were ohargni and aUowed ; that at the adjourned
session of the same legislature held in November, to revise ttM
statutes, the same prices were charged ar.d allowed ; that the re-
solution in pursQauoe c^ which he printed the Revised Statutes^
was adopted by the same |e|{islature, which, at its three sessions,
paid him the said current prices ; that when it was first propc«ed
to have th^ Statutes executed in six months, he went to members
and urged them not to require the work to be published in so short
a time, as it would cost great extra expense to this deponent ;
that the legislature, nevertheless, required them to be done in that
time ; and that the necessary consequence to this deponent was,
that the Revised Stitutes cost him at least ten per cent more^ for
printing, than any other work which he has ever done for the
state.
And the deponent further says, that he has also made a careful
calculation with the foreman of the bindery of J. S. & S. A.
Bagg, who superintended the binding of the statutes, whh i* viewlo
ascertain their exact cost ; and that the cost of s«ock used and
the waflet of labor employed in binding that work, are as iwar
as can be ascertained, as fulbws :
For stock, ioctuding binder's boards, sheep for covers,
. paste board for wrappers, muslin for loose backs,
leaf her for raised bands, calico for bead bands, acid
for washing leather, waste paper fbr outside sheets^
moreoco and gold leaf for title, glue, paste, thread,
and twine, and charcoal for furnace, not less than
Mrty cents per volume^ # 80
For labor, including pressing sheets, and biding and
tying up same, for 4oring, gatherir^ and oolleothig,
pressing and sawing, forwarding, cutting out lea»
llier, and finishing, with the superintendence of the
whole by the foreman, not less than fiftf^senen cents
per volume, 57
Making the whole cost of stock and labor for the Re^
vised Statutes, not less than eightf/'Seven cents per
volume^ 87
Without calculating the expanse of gohig to New Yerk to
purohase, the cartage of the stock from the wharf, the expensea
of binders from New York, expressly for the joh^ the boxing ufi
of the signatures after fcJding, to preserve from injury and for
easy temoval in case of fire, the insurance on the stock oatil it
was manufactured, the expense of thia delivery of the hooks at
the Se e rc tary*s oflSce, in the capitol, and other necessary inciden-
Digitized by VjOOQ IC
«0 HOUSE DOCUMENTS.
t»l eipenassy which must ' be considered befiire the profit of the
work can be ascertained.
JOHN S. BAGG.
Sworn and subscribed before me» this SOth day of March,
1889.
GEO. E. HAND,
NoUary PMic, Ww/ne Oowi^, USA.
Note. — The above statement by Mr. Bagg, of the cost of
stock for the Revised Statutes, was made from the examination
of the bills of the cost of the same in New York, the actual ex-
pense of transportation and ten per cent discount for difference in
exchange. The following statement of Mr. Volume, was made
from the bills of the cost of the stock in New York, without cal-
culating the transportation and difference in exchange.
(No. 2.)
Sf ATB or Michigan, ) ^
' County of Wayne.. \
Zadock Volume, foreman in the book-bindery of J. S. & S. A.
Bagg, being duly sworn, doth depose and say, that the following
is a 'true and correct statement of the cost of stock used in bind-
ing the Revised Statutes of the state of Michigan, as near as the
same can be ascertained, viz :
For binder*8 boards, (per 100 copies,)
Sheep for covers,
Morocco for tithes.
Paste board for wrappers,
Muslin for loose backs*
LfCather for raised bands,
Calico for head bands.
Paste, glue, thread and twine,
Acid for washing leather.
Gold leaf for titles.
Waste paper, (7,000 outside sheets,)
Charcoal used in furnace,
•26 52 3
And the said deponent further says, that the following is a true
and correct statement of the cost of labor employed and paid for,
in binding the Revised Statutes, after the sheets came pressed
from the printing office, as near as can be ascertained, viz :
For folding! tying up, &c., (per 1,000 copies,) #6 00
gatherii^ and collatirig, 4 00
Carried forward. •
•3 3S 4
14 36 5
1 60
50
1 18
25
»S
3 000
31 4
44
1 00
45
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HOUSfi DQCUM£Nm eSil
. , Broqgfat forward, . ' •
pressing and sawiog, 1 50
sowings 5 00
forwAfding, . Ift M
cutting out leather, , '^^
finisliiog, 8 00
•37 75
And the deponent further says, that in addition to the above
cost of labor employed upon the statutes, his own service as fore-
man, and the time of one boy, about the bindery, are to be taken
into consideration, and that the following is a true and correct
calculation of iho same, as near as can be ascertained, viz ;
Three-fourths of foremarfs time, Feb. 1, 1838, to April
i, 1839, tl5per weefc, (per 100 copies,) If II 12
One boy's labor about the bindery, thrceJburths of 8
months, 8116 00, I 7U
•12 84
ZADOCK VOLUME.
Sworn and subscfibed this iOth day of March, 1830, b^re
nje. GEO. E. HAND,
NoL Pub,, Waym Co^Mkk.
(No. 3.)
Stats of MicmoAir,
Wayne County. \ ^^'
3ilas A. Bagg, of the firm of J. S. & S. A. fiagg, booksellers,
book-binders and stationers, in the city of Detroit, being duly
swarp, deposes and says, that he has made a careful calculation
with his partner in business, of the cost of the paper used in the
Revised Statutes, Session Laws, Journals and other work, the
charges for which are now before the legislaturet and that the
cost of the same at the wharf in this city, including purchase mo-
ney, boxing and cartage of paper at the mill, chaises of trans-
portation, insurance in transitu, and difference of exchanges, is as
lullows;
Paper for the Revised Statutes, per ream, $5 46
do do Session Laws, Journals, &c., 4 95
And the deponent further says, that the customary charges of
the said pri.^^s of J. S. & S. A. Bagg for binding current work
for individuals, like the Session Laws of 1838, are 50 cents per
volume, and for work like the House and Senate Journals and
84
Digitized by VjOOQ IC
DocairtenU, 75 per volume, and kft ^Mik iSihilAi to tbe ReYiaed
Statutes, from tl 25 to $1 50 per volume.
SILAS A. BAG6.
' i^^om to and subscribed, this 18th March, one Ihousaod eight
hundred and thirty-nine, before me.
GEO. £. HAND,
NoL Pub., Wayne Co^ AfidL
tNo. 4.)
SiatenmU <tf the eM d^ ptiferf^r ths flowed SiauUeg^
|i
First cost of 810 reams <>f pape^ tot the Revited 6taU
utes, at t4 bO p6r ream, 93,240 00
Firkt cost of 279 reams for Laws, Journals add other
work in bill, at #3 63^ per ream, 1,013 37
Aggfbg^te fiint cb^ of 1,080 reams, •4>252 37
Boxing and cartage, 20 reams to a foot, 54 l>03t^ it
•lS7i^bdXi ' ^ 74 it
Iniurahoe oh same froih i*(e^ York to Detroit, at one
and a half per cent premium, 64 89
Cost of transportation of same at $9 68 per box, 522 81
Add for discount or loss of exchange in Michigan
money, 20 per cent, 996 14
Cost of paper at the office, t5,910 43
Insurance of one and a half per cent on half in office
until delivered, 44 32
Intertet on co^t of paper hi ab6v6 (9 moirihs) it 7
per iatriu 313 DS
â– â– â– tl â– I t T*
Utoiklh^ ticttta^ CoWof the paper, April I, 183&, with-
out ifacluding expenses to NeW York to purchase,
{)oMage, &C., ^,367 9f
Dedbctitig fte HMvt fiiohi th^ imdtint <Akr^ in
m 6,336 7t
tje^ves, to bear exjf>fensies to New YoA to pnrtAla^
pay postage, i&c., 959 33
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KQIJS^ DOCUMflNm •»
(No. 43.)
Report of the Cotnmittoe appointed to inTestigate the
affhirs of the Bank of Ypsitanti.
The select committeei appoiateJ to examine into the ^^airs ^^4
eooditioD of ^be Bank of Y psilanti, beg leave to report ;
That as 300(1 as the business of the House wouM perniit aft^r
their ^ppointQ^nt, jrour comniittee proceeded to Ypsilanti for th^
purpose of exW^ifig t,he books apd p^pcr^ of tlie sf^iil ba^k*
They were ther^ two d^s. They took some t^stimonVx %qA
hi[ve since been engaged in fakif^ stat^nients of individuals^ who
reside ip this city^ or, who hs^ve been so connected with th^ bfipki
a« to be able lo thiow light on the very mysterioua and 4wQg
frauds that have beep corpmitted upop the public in the fjailifre <h
t(iat ipstitutipn^
ninipg the books nninutely, could fin4
icate Mr. Tredwell, the fate presid^n^
Dt transactions that c'^used its suspei>-
s friends* took the controlling iateresf
its co|[pmenceiuept, ^nd sp iiyeld it till
. Oo ih^it day, nearly ^1 pf the stock
ell apd others, to Tlieodore Hon^eym
of this city, who had previously made arrafigeipents for its puf*
chase, with the expectation qf ^onpecting it with the Central bapk
qf New Yerk, at Utici^ 4t is upd^rstood by the conuniUee, thM
|iir* HaoQeyp rpnde the arrapgeonent to pufphase with Mr, Stpt
vens, apd others of Buffalo, partners and friends qf Mr Tred-
well, who felt himself bound upon a suSicient guarantee that the
institution was going into good hands, to acoo(^ to ^ir wisheS|
and ratify the contra^. Jp this matter, as well as in the man-
afiemeot of the l^pk generally, wbilo he was executive officer,
your CQipipittee have no hesitation in saying, that Mr. Tredwell
fnanifea^ed a du? iregar4 for the public interests, and is in no w^y
t^lam^ble fpr ^e presfot pro9tr;^(p pQnditioo and ruin of the
bank.
Ope qf tha copditjops 9f sale was, thaf certain discouptp^ par
per qf the bank ah^'<l be giyen to Mr, Tredwell, aa payment for
the stock, tt wa« so paid, and. upon the resignatiop of Mr. Tred-
well, aa preaident, a new bqard of directors, with Mr, (lomeyp as
Pfeaident, was i^ppointed, who ipimediately passed upon apd dis^
pqqpte4 certain other paper to the pmoupt of nearly or quite epe
^Uncjred ^ho^^d doIlf^r& which waa aai4 to he good, %ud ypur
qqa^ipittee ^\m^ waa so. ^jnoa that day, Mr. Tredwell h^f
Digitized by VjOOQ IC
684 HOUSE DOCUMENTS.
had nothing to do with the bank. Your committee are aware
that strong feelings and prejudices existed, and perhaps still do
exist, against Mr. Tredwell, at Ypsilanti and other places, for his
alleged connivance at subsequent mismanagement Indeed, tbejr
received an anonymous communication, while at Ypsilanti, mak-
ing some charges of fraud against him, but your committee couid
, notfind the least ground to substantiate such charges, neitlier do
they believe them to be founded in truth or justice. The com-
mittee have thus far exonerated Mr. Tredwell, inasmuch as one
of the commitee read a strong petition from him, after they had
commenced their labor, asking for a committee of irtvestiffalion
into his conduct while engaged in that bank, but which was
not presented, for the reason that his obje<*.t was accomplished,
and the petition received while absent from the House.
In the purchase of the bank, Mr. Romeyn represented that he
was acting in connection with the Central Bank of New York,
reference being had to his testimony before the Bank Commis-
sioner, herewith appended, marked ^A.) When your committee
first went to Ypsilanti, one of the directors of that bank* (Spen-
cer KeHogg, Esq., long and fioivoratly known as one of the most
intelligent and honorable memhants of Utica,) was here, and at
Mr. Romeyn*s request, came before the committee and testified to
that fact, as will appear from his affidavit herewith transmitted,
marked (B.) This arrangement was subsequently abandoned.
Previous to which, however, tlie Central bank advanced to the
Bank of Ypsilanti, 815,000, which, by the second affidavit of Mr.
Romeyn, herewith transmitted, marked (C,) will be seen, has been
?iid, and is not now any portion of the liabifities of the bank,
our committee are aware of the state of public sentiment upon
this suhject, and also of the feelings which seem to be prevalent
asainst Mr. Romeyn, but they have been unable to discover any
thtn^ that looks like bad or wilful management, while he was at
the head of the institution.
There are some things, however, that would seem to require
forther explanation, ahhough the same circumstances might oc-
cur without the knowledge of Mr. Romeyn, or without design-
Mr. A. H. Jaudon is represented upon the stock leg^r c^the bank
as owning stock to the amount of t63S 88. In the scrip book
we found upon the margin of a printed certificate of stock, (the
certificate having been filled and out out in the usual way,) a me-
tnorandum, which purported to, and should contam substantially,
the contents of the certificate, which gave Mr. Jaudon 5,000
s'tares of stock, on which 925,000 was said to have been paid,
signed by Geo. H. Tracy, cashier, dated. 2 1st Nov., 1838. This
slumid liave corresponded with the ieger, but did not Whether
the result of aecident, carelessness or design, your committee are
not aUe to say, but refer to Mr. Romeyn's second affidavit for all
Digitized by VjOOQ IC
HOUSE DOCUMENTS. 085
the inrormation they pos8e!» on the subject. There was also a
new plate ordered while Mr. Romeyn controlled said bank» and
which Mr. Kellogg alludes to in his'affidavit. The bills of that
new plate are now in ihis city to the aniount of five hundred
thousand dollars, as your committee are informed by the re-'
ceiver.
Your committee have endeavored, by parol testimony, to get
at all the facts in this matter, but have been unable to discover
any thing that wilt warrant us in expressing a confident opinion
respecting the good or bad management of the bank from 27tk
September to 28ih December. But in the absence of such tes-
timony, we have taken the books as our ^uide,and by them your
committee are free to say, that nothing appears mysterious, dis-
honorable, or which would justify the conclusion that the bank
had been conducted with a reckless disregard of the public ith
terest.
On the 28th Dec. the stock again changed hands. Mr. Ro-
meyn sold out to Mr. P. S. Rawson, as agent for A rba K. May-^
nard and others. How far Mr Romeyn was justified in selKng
the control of the institution to an individual with whom he says
he was very slightly acquainted, or what guarantee Rawson was
able to give that he was able to sustain the bank, other than what
has already been published by the Bank Commissioner, your com-
mittee cannot say ; they prefer to let the whole testimony, which
is herewith transmitted, speak for itself. Nothing appears in the
history of the transaction upon the books, to in any manner im-
plicate Mr. Romeyn in the subsequent frauds, or that he was in
any way privy to them.
There is no evidence that his connection with the bank was
continued afler his resignation, any thing further than feeling an
interest to have it sustain itself, as he says in his second aflidavit*
Mr. Romeyn received in pay for his stock the paper which watt
discounted when he took the bank) and the new board discounted
ten new ten thousand dollar notes, which were accurately descri-
bed in the report of the Bank Commissioner, and which are now
among the assets of the bank ; but which your committee must
say they consider worthless, inasmuch as there is too great a si-
milarity in the hand writing of the signatures to induce the belief
that they are not forged or fictitious. Since this time, your com-
mittee think thnt it is unnecessary for them to trace the manage-
ment of the bank. It is suflScient for them to say, that they eoQ-
sider its failure an instance of as glaring a fraud as was ever per-
petrated In this or any other community.
The committee have been unable to obtain any new testimony
firom Rawson, the principal actor in the matter, by reason of his
continued absence from the state. They have availed themselves
of that taken by Mr. Felch, and which is herewith transmitted.
Digitized by VjOOQ IC
laarM (P) It will be foen thfit his 9U^inmt9 ^ tlxm pf
||r, A« K^ M^ynarc], taken by the comnoHt^, ^Uq hereifiUi
Irnnsmitied, wUh a copy of bis ppwer of attorney to Rawsoin
park^ (E>) contradict each other csseptially. Both caoDot be
true.
Your committee have observed several direct violations of cbar*
ter since tJae SBth December* but deem H noneoessury to parti-
cularize them in this report* inasmuch as th^y consider their whole
coup^ and management a vioiation of the true spirit, intent imk}
Bienning of tbo act of inaorporatiop.
With these vievvsf i^^d ^ntertainii^ the belief that ^ proper an4
just regard to the public interest requires it, in order to guard
ag^r^t future frauds upon Qur (^urrapqy by m^o who are not ro*
aidents among m^ but who by their ef&rts no( only c^st ^ stigma
upon our state and qurroncyy but succ^sJfuUy swindle the oc^pn^u-
nity out of large sums of money, leaving us without hope or nrte^pa
ot i<edfess, your committee report the acoorppanji^g bill for |be
rcpei^l of the charter of said BanH pf Ypailaqli, and respect/uMy
rcoommeiyl its passage.
AU of which is respectfully submitted.
A. Q. HAMMOND,
). GOODWIN.
TRUB ?. TUCKER,
Deireii, April 0, 1889.
Yqui* committee would farther state that they btve taken muqb
Q(her testimony, but it would inake this report tqo volqmi^ioua |q
transmit it ; and inasmuch as it contained oo additional lights U
ViM thought best to withhold it. It b now in the hc^pds ol the re-
ceiver of the banjc, at whose request thif report has been delay e4
{pat tb^ use of the AtM>rney Greneral, if it should serve him in apy
DOCUMENTS.
A. Felch, Esq. Bank Commissioner^ ^,
(Sot-mln aceordaoce with yonr request, I shall now, assuoomf-
Ijr as popisihie. explain to you the circumstances of g^y ooqnedioR
vfi\\i tfie Bank of Ypsilanti* ]t will be onore ooayeci^nl to 4q this
iathe form of an ordmary oommunicaMoii, tbtui in Ibat 9^ a fonnal
affidavit
The first point qq whicb yoq desire n iujl ejiplaaation, ia tim
au^ect <i{ the purchaae of tbe stock by «i)ei and the (me and onode
ofpaymcnit^
Digitized by VjOOQ IC
mv»1& DOCUMfiNTB. M7
Tte m^JbrH]^ df tte «toek of tte batik wM oUtMd by ¥* IVtMl-
i?iH*ll, Esq. hi forrtifer president, and by Mr. HiDratio Slevett^ of
Buiklo. The cbntrnct for il Was made in September last, and
fiboUt the 30tli of that month it Was transferred on the booki.
You desire me testate wHh particularity, •• this mode of trabir-
fer and payment." The bonus paid for the cipit^i of the bank
Wiab a matter of private odntfaet, in whioh the public cOi^fiAttl^
l^r6 no inteirest ; atid, a1tiio6gh I have tto pensotial objeotkm to
disclose it, Mill, as it affects the aflliira of others, I do ikh wish to
itoy any thing about it.
Stock oA which upwards of 990,000 had been paid was tfan*^
ftnred to me. The old oflteors and a majority of the old directotfe
tiacated thisiir mtuations: new officers and directors were chosetit
certain paper was offered by me for discount, and approved by
the new board; other paper was taken up and given to Messrs^
Tredwell and Stevens, in payment for their stock \ c^rtaifei mo-
teyS deposited in other banks and in the hakids of agents^ were
transferred to the credit of Mn TredWell, who^ in oonskieratioft
of them, assumed the payment of some bills that had b^en drawn
by the bank, and wer^ not yet matured.
I understood you to wish paiticolar information as to tfie Ml*-
litre of the p4per taken out of the bank by Mr. TredWell^ atid df
that put in oy me. The former I am uimble to ansvrer. It was
tjindoobt^ly good paper atid suoh as <^ould ivave been collectsd.
The paper put irt by me was, with perhaps a single exceptiofti,
«nd tnat of small amount, such as, from the names on it^ would
have been approved by any bank in the state. A considerabte
part of it was actual business paper, owned by me at the time,
and sOme of which was afterwards pair, and the remaibing por-
tion of ft was obtained from my persortal friends, by giving theih
counter security. My own bame Was not in the bank for a sin-
gle dollar, either as maker or et)dorser of paper, and if I recoIle€(t
tight, hortfe Of thfe n6W directors' names.
The Situatton of the bank at the time of Us transfer to ttie, was
iti round numbers, as follows i-^irculatron about #80,000 ; du^
depositors, about 920,000; specie, about #14,000 ; notes ef other
banks, and balances due from them, about 9^,000. ^ The othor re-
soured of the bank consisted io discounted paper. I wish to be
ondertttoOd as giving these amountj merely from recolleetioit,
oot having the stiatement at hand. They are, however, substata^-
tially doh-ect
The above amount of circulation may appear large, but wHl be
Understood fVom the following fact :
An agency of the bink had beeh long cstat^lished at CMcago^
The bitis of the bank transmitted to the agent there, were alweyti
counted as office notes on hand, until advice was received of their
circulation, whet) they were charged as such ; and the ttiotieye
Digitized by VjOOQ IC ^
688 HOUSE IKXJUMENTS.
leodved for thomt (as they were exchanged only for .mooey,)
were passed to the credit of the baok^ At the time of the trans-
fer to me, Mr. Ballantine had in his hands about tdOfOOO, an or-
der for which was given to Mr. Tredwell, and of course the