New York Times, December 8, 1854 page 4 column 4.
"DEFALCATION IN THE MARKET BANK
Yesterday morning the principal officers of the Market Bank, in Pearl street, discovered that William P. Sackett, the receiving teller, has proved a defaulter to the amount of $25,000. He managed this by balancing his books fraudulently. The first information of the fraud was obtained through the assistant receiving teller, who observed the discrepancy in Sackett's account and last Sunday morning informed the Secretary of the Bank. This led to an immediate investigation of the books, which furnished sufficient grounds for Sackett's arrest. He was taken into the custody of a Committee of the Bank on Monday last, but has not yet been handed over to the officers of justice. The directors of the bank are awaiting the arrival of Sackett's father, who resides on Long Island, when an examination will take place.
Sackett has a wife and one child and resides in Brooklyn. The bank think they will secure a portion of the amount taken, and that their loss will not exceed $15,000.
[Researched & transcribed by Thurmon King]
The New York Herald, 9 Dec 1854
"The directors of the Market Bank were engaged yesterday afternoon in investigating the defalcation of the second teller, Mr. Sackett. It was said that the bank would, under no contingency, lose more than $12,000 or $14,000. It was reported that when Sackett was asked what he had done with the money, he stated that he had spent it in "spreeing" it with Candee; that he had enjoyed good things at Mr. Candee's, and gave them in return, and that if the directors had allowed him four days he would have added $20,000 more to the sum [?] his defalcation. It was said that he used to drive a pair of very fast gray horses, and dash about Y[?]kers with them, where he had a country residen[ce] and frequently in company with his fast confrére of the same place. Sackett was formerly assistant teller of the American Exchange Bank. From what we could learn, the bank directors were trying to see if they could not, through the aid of the young man's father or otherwise, fall upon some plan to have the amount of the deficiency made up."
[Library of Congress. Chronicling America. Chris Sackett]
The New York Times, February 13, 1855
"New-York City
The Market Bank Defalcation
The Recent Embezzlement of $25,000
Arrest of the Receiving Teller
Yesterday evening Sergeant Mansfield and officer Patterson, of the Lower Police Office, returned to the City from the South end of Long Island, having in custody a young man named William Post Sackett, Receiving Teller of the Market Bank. In December last Sackett was detected in embezzling a large amount of funds from the Bank. An investigation was at once commenced by the Bank officials and the result of their labors exhibited a deficiency in the accounts of Sackett, to the amount of twenty-five thousand dollars. At the time of the discovery of the felony, the Teller was privately arraigned before the President, Cashier, and Directors of the institution, where he confessed his guilt, and restored a large portion of the missing funds. The brief particulars of the affair were given in the Daily Times, shortly after it occurred, and the Bank officers made no attempt to bring the offender to justice, and the case has been kept in secret until within a few days past.
Meanwhile, Sackett was allowed to go on his parole, and finally proceeded to the farm-house of his father-in-law, at Smithtown, near Suffolk, L. I. On the 6th instant, Richard S. Williams, Esq., President of the Market Bank, appeared before Judge Connolly, at the Halls of Justice, in Centre-street, and made a long affidavit, wherein he accuses Sackett of purloining $25,000, during his two years connexion with the Institution in the capacity of Teller, for receiving all funds from depositors and others, doing business with the concern. Upon these representations of Senator Williams the magistrate issued his warrant of arrest for the defaulter.
When the officers arrived at their destination, they had to proceed some four miles to the wherabouts of Mr. Sackett. The accused was brought to the City by the Western train from Greenport, and the sitting magistrate being absent, he was placed in custody of officers Webb and Patterson by Justice Welsh. Henry L. Clinton, Esq. is engaged for the defence, and a further hearing in the matter will take place some day this week. The prisoner states that during his employment in the above Bank he speculated rather heavy in Railroad Stocks and Bonds, and was, at one period, worth over $20,000 clear of the world, but in consequence of the hard times, he met with extensive losses and was unable to make good his account in the Bank. He also asserts that he returned all his assets, bonds and notes, amounting to some $17,000, to the Bank, and could not pay up the balance."
[Researched & transcribed by Thurmon King]
Evening Post, New York, NY, 13 Feb 1855, p. 3
"Embezzlement of the Funds of the Market Bank.
Arrest and Examination of the Receiving Teller.
Bail Fixed at $10,000.
It will be recollected that in the early part of last December it was stated that William Post Sackett, the receiving teller of the Market Bank, in this city, had absconded, after a defalcation discovered in his accounts to the amount of $25,000. The accompanying affidavit furnishes the history of the transaction, and as a result, a warrant was entrusted to Sergeant Mansfield and office Patterson for the apprehension of the defaulter. It was only yesterday they received information that Sackett was living on Long Island.
They set out by the railroad for the place at which they hoped to find him. On arriving at the depot they observed a person among the passengers waiting to come to New York by the 1 o'clock train, who answered to their description of Sackett, and without further ado they took him into custody and brought him to the city.
The affidavit of "Richard S. Williams" upon which the warrant was issued, recites that he resides at "No. 16 Jefferson street, in the city of New York." He "says that he is the President of the Market Bank, that William Post Sackett was receiving teller of said bank, and was engaged at a yearly salary; that he was in the said situation from November 1, 1852, to December 2, 1854, and that during that period he has embezzled the funds of the said bank to the amount of $25,000.
Deponent further says that on the 2d of December last, it was discovered that the footing up of his accounts was wrong on his books, by making false entries of figures, thereby intending to mislead and deceive the officers of the said bank.
Deponent also says that he was informed by a clerk of the bank, namely Walter Hendrick, that he examined the accounts of Sackett on Saturday afternoon, the 2d December, after bank hours, and that Hendrick informed deponent that he told Sackett in the bank that the footings of his accounts were wrong, and that Sackett said that he would come down on Monday morning and make it right.
Deponent says that Sackett did not come to the bank on Monday, but on Monday evening Sackett called on deponent at his residence, and acknowledged to deponent that his accounts were wrong, and that he had abstracted at various times from the bank, and in all the sum of $25,000.
Deponent further says that he charged the said Wm. Post Sackett, while he was in employ of said bank, as receiving teller, with having feloniously embezzled and converted to his own use the sum of $25,000, thereby cheating and defrauding the officers and stockholders of the said Market Bank out of the said amount.
Richard S. Williams
Sworn before me, February 5, 1855,
Michael Conolly, Police Justice.
At 11 o'clock this morning, the accused, accompanied by his professional adviser, Mr. Clinton, appeared before Police Justice Conolly. Mr. Williams, President of the bank, and Mr. Garnett, one of the bail for Sackett, being present, the object being to determine and state the amount of bail to be taken for his appearance. The Judge fixed the amount at $10,000. Mr. Garnett offered to become bound for one half that sum. The case was adjourned until half past 4 this day, when it was expected Sackett's mother would take the other half."
[GenealogyBank.com. Chris Sackett]
The New York Herald, 13 Feb 1855
"William Post Sackett, late receiving teller of the Market Bank, of this city, was arrested yesterday, on Long Island, and brought to this city, to answer the charge preferred against him of embezzling twenty-five thousand dollars of the funds of the bank."
[Library of Congress. Chronicling America. Chris Sackett]
Title not recorded.
"On February 24 and 28, 1855 the case was argued before Justice Connolly. Mr. Clinton, counsel for Sackett, presented a three and a half hour closing argument. He contended that the Bank had treated the matter as a loan account, rather than embezzlement, by accepting payment from Sackett and several others to reduce the amount of the indebtedness. One payment he cited:
"Received, Dec. 4, 1854, of Mrs. Jerusha Sackett, a certificate of deposit for four thousand one hundred and forty-three 40/100 dollars, on account of money due the Market Bank [signed] by Richard S. Williams, President"
At the close of the day, the case was handed to the court."
[Researched & transcribed by Thurmon King]
New York Daily Times, Saturday, March 24, 1855
"The Market Bank Embezzlement.
The examination which recently took place before Justice Connolly, in regard to the charge against Sackett, for embezzling the funds of the Market Bank, was closed several weeks ago, but as yet no decision has been rendered by the Magistrate. It will probably be given to the public in the early part of the coming week."
[Researched & transcribed by Thurmon King]