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He
had
already
hypothecated
for
his
own
debts
the
loan
of
the
city
placed
in
his
hands
for
sale
--
he
had
unlawfully
obtained
five
hundred
thousand
dollars
in
cash
as
loans
;
and
it
is
reasonable
to
suppose
that
he
could
obtain
nothing
more
from
the
city
treasury
by
any
ordinary
means
.
Then
it
is
that
he
goes
there
,
and
,
by
means
of
a
falsehood
implied
if
not
actual
,
obtains
sixty
thousand
dollars
more
.
The
jury
has
found
the
intent
with
which
this
was
done
.
"
It
was
in
these
words
that
Cowperwood
's
appeal
for
a
new
trial
was
denied
by
the
majority
.
For
himself
and
Judge
Rafalsky
,
Judge
Marvin
,
dissenting
,
wrote
:
Отключить рекламу
"
It
is
plain
from
the
evidence
in
the
case
that
Mr.
Cowperwood
did
not
receive
the
check
without
authority
as
agent
to
do
so
,
and
it
has
not
been
clearly
demonstrated
that
within
his
capacity
as
agent
he
did
not
perform
or
intend
to
perform
the
full
measure
of
the
obligation
which
the
receipt
of
this
check
implied
.
It
was
shown
in
the
trial
that
as
a
matter
of
policy
it
was
understood
that
purchases
for
the
sinking-fund
should
not
be
known
or
understood
in
the
market
or
by
the
public
in
that
light
,
and
that
Mr.
Cowperwood
as
agent
was
to
have
an
absolutely
free
hand
in
the
disposal
of
his
assets
and
liabilities
so
long
as
the
ultimate
result
was
satisfactory
.
There
was
no
particular
time
when
the
loan
was
to
be
bought
,
nor
was
there
any
particular
amount
mentioned
at
any
time
to
be
purchased
.
Unless
the
defendant
intended
at
the
time
he
received
the
check
fraudulently
to
appropriate
it
he
could
not
be
convicted
even
on
the
first
count
.
The
verdict
of
the
jury
does
not
establish
this
fact
;
the
evidence
does
not
show
conclusively
that
it
could
be
established
;
and
the
same
jury
,
upon
three
other
counts
,
found
the
defendant
guilty
without
the
semblance
of
shadow
of
evidence
.
How
can
we
say
that
their
conclusions
upon
the
first
count
are
unerring
when
they
so
palpably
erred
on
the
other
counts
?
It
is
the
opinion
of
the
minority
that
the
verdict
of
the
jury
in
charging
larceny
on
the
first
count
is
not
valid
,
and
that
that
verdict
should
be
set
aside
and
a
new
trial
granted
.
"
Judge
Rafalsky
,
a
meditative
and
yet
practical
man
of
Jewish
extraction
but
peculiarly
American
appearance
,
felt
called
upon
to
write
a
third
opinion
which
should
especially
reflect
his
own
cogitation
and
be
a
criticism
on
the
majority
as
well
as
a
slight
variation
from
and
addition
to
the
points
on
which
he
agreed
with
Judge
Marvin
.
It
was
a
knotty
question
,
this
,
of
Cowperwood
's
guilt
,
and
,
aside
from
the
political
necessity
of
convicting
him
,
nowhere
was
it
more
clearly
shown
than
in
these
varying
opinions
of
the
superior
court
.
Judge
Rafalsky
held
,
for
instance
,
that
if
a
crime
had
been
committed
at
all
,
it
was
not
that
known
as
larceny
,
and
he
went
on
to
add
:
Отключить рекламу
"
It
is
impossible
,
from
the
evidence
,
to
come
to
the
conclusion
either
that
Cowperwood
did
not
intend
shortly
to
deliver
the
loan
or
that
Albert
Stires
,
the
chief
clerk
,
or
the
city
treasurer
did
not
intend
to
part
not
only
with
the
possession
,
but
also
and
absolutely
with
the
property
in
the
check
and
the
money
represented
by
it
.
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
?
In
my
judgment
the
doctrine
now
announced
by
the
majority
of
the
court
extends
the
crime
of
constructive
larceny
to
such
limits
that
any
business
man
who
engages
in
extensive
and
perfectly
legitimate
stock
transactions
may
,
before
he
knows
it
,
by
a
sudden
panic
in
the
market
or
a
fire
,
as
in
this
instance
,
become
a
felon
.
When
a
principle
is
asserted
which
establishes
such
a
precedent
,
and
may
lead
to
such
results
,
it
is
,
to
say
the
least
,
startling
.
"
While
he
was
notably
comforted
by
the
dissenting
opinions
of
the
judges
in
minority
,
and
while
he
had
been
schooling
himself
to
expect
the
worst
in
this
connection
and
had
been
arranging
his
affairs
as
well
as
he
could
in
anticipation
of
it
,
Cowperwood
was
still
bitterly
disappointed
.
It
would
be
untrue
to
say
that
,
strong
and
self-reliant
as
he
normally
was
,
he
did
not
suffer
.
He
was
not
without
sensibilities
of
the
highest
order
,
only
they
were
governed
and
controlled
in
him
by
that
cold
iron
thing
,
his
reason
,
which
never
forsook
him
.
There
was
no
further
appeal
possible
save
to
the
United
States
Supreme
Court
,
as
Steger
pointed
out
,
and
there
only
on
the
constitutionality
of
some
phase
of
the
decision
and
his
rights
as
a
citizen
,
of
which
the
Supreme
Court
of
the
United
States
must
take
cognizance
.
This
was
a
tedious
and
expensive
thing
to
do
.
It
was
not
exactly
obvious
at
the
moment
on
what
point
he
could
make
an
appeal
.
It
would
involve
a
long
delay
--
perhaps
a
year
and
a
half
,
perhaps
longer
,
at
the
end
of
which
period
he
might
have
to
serve
his
prison
term
anyhow
,
and
pending
which
he
would
certainly
have
to
undergo
incarceration
for
a
time
.
Cowperwood
mused
speculatively
for
a
few
moments
after
hearing
Steger
's
presentation
of
the
case
.
Then
he
said
:
"
Well
,
it
looks
as
if
I
have
to
go
to
jail
or
leave
the
country
,
and
I
've
decided
on
jail
.
I
can
fight
this
out
right
here
in
Philadelphia
in
the
long
run
and
win
.