Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-05-15

understand have since been discounted by the Bank
u States for the benefit of the individual who received
the two and half per cent commission for negotiating
the loan | know nothing of their having been subse-
quently withdrawn.
No. 6.--hr. Cdm5reIcng-There appears TO have been
two notes, one Tor $4,000 and anoter $4,000 dis
counted by the Bank on the 9th of August and 10th OF De-
cember last. Were these of the paper? II
they were, state what you know OF them
4ns.-They were discounted for the benefit of NJ. NJ.
Noah and myself, for the ordinary and extraordinary ex-
penses OF our business At the time we applied for the
rst 'oanwe had been refused the necessary business ia
ciite in two OF the local Banks of the city New York;
and one OF these Banks, not only refused TO discount
Tor $780, but compelled pay up all accommoda-
ton paper which in April 1881, amounted think up
wards oil Sl3,OOO We then applied 10 another bank with
Mr. Stewart as endorser and was thrown out
ltnever had been ourinenon apply TO the IT, s. Bank
for loan, but abung the refusal OF the local Banks TO
the course pursued by the paper in relation TO the rechar
ter OF the u S Bank, deemed proper that that Bank
view we applied to Walter Bovine, Esq for introduce
ton TO Mr. Bddle and on his representation and the state
ment made by me Ito which beg leave to reer,) we
procured the amount required from tho U. S. Bank [
will add, that in March, 1884, accommodation paper in
New York amounted to nearly $4,000, all of which
paid at and about the time compelled TO apply To-
the Bank OF the United States for a loan.
No. 7.-.nr. CdmlJreleng-Did you make any appli-
cation for loan to the Branch Bank in New York?
No s.-.Hr. .qiaas-wos the letter Forwarded by Mr.
Bovine to the President, enclosed in his letter of the 5t
of August TO him?
.qns.-The letter, dated August 9Th, 1881 written by
NJ NJ Noah 10 Walter Bovine, was, as L understood, for
warded by mail from Mr. Bovine to Mr. Biddle The
statement in relation handed Mr. Bid
die at the time of making the application a loan Mr.
Noah was requested by to ask Mr. Bovine examine
expenses and then make statement TO Mr. Biddle but
believe Mr.. Bovine declined doing so.
No 9.-.ur. CdmbreieHg-Yo have referred TO an ac~
commodaton of $4,000. Was there no other name or
that paper but yours and Mr. Noahs'
4ns.-The accommodation referred to, was TO Col Ty-
lee and myself, with MIR. Stewards Endorsement The
first note thrown out by the bank of that character
and the subsequent ones were drawn by Mr. Noah and
myself and endorsed by MIR. Stewart
N very
wealthy mani
4ns.-iIeis.
No. ll-.Hr .Adan's--What was your reason for re-
guessing Mr. Bovine TO recommend your application to the
President of the Bank?
.4ns.-Because Mr.. Bovine Is @ gentleman of high
character and of the political principles the editors
otthe Courier and Enquirer We supposed his recommen-
dalton would receive from the President the Bank the
attention to which it was entitled and his known integri-
ty would prevent the supposion that application was
other than one OF an ordinary business nature 1t was so
considered by and MIR. Bovine From the nature of the
charges which had been made against the editors of the
Courier and Enquirer and the subsequent refusal of local
Banks accommodate us il became NECESSARY that anv
application to the Bank of the United should be made
with more than ordinary pecauGon; aud therefore il was
tina; we wished affairs investigated, and the loan if
safe one, recommended by Mr. Bovine who then was and
: nov No" ie MayG Stc OF the city OF New York
newspaper establishment YOU IN make The es
tlmatc? w -
ans-It is impossible to state the value of the paper
have invested N my portion $50 Coo and if any person
were TO offer me at this time $4,000 for my interest and
become responsible for all the debts of paper would
not accept OF it.
No. ID. Mr. .IeDt,fie-What is your estimate of tho
annual income of the Courier and Enquirer making The
usual deduction for bad debts
ms think the receipts from October lst 1881 to
October lst 1882, will fall short Of 75 OOO-possbv
they may exceed that sum. found this estimate on the
receipts OF the year preceding, and the subsequent in
No. If. mr.. CamJreleng-For how much did Col
lyee sell his hall OF the Courier and Enquirer?
4Rs.-$2O,OOO and the amount charged him on t,e
books for advances, which was about S4 500
no. 10 .lh. CdmbFeLeng-What are the annual ex-
pendltures OF your establishment
AHs.-They now much greater than formerlv -
From the lst of Oct 1881, the LIST Oct 1882 thew win
be probably between forty and Gtty thousand dollars
NO 10. M Cambreleng-W did you Withdraw tho
note for $4,000? Wv
;;4ns.-Wo paid for the $4,000, March 10Th, 1892
(Ntnety-thrce days after date
No II. Mr. Ciayion-it appears that this et5 oon
was discharged by two drafts from the Cashier of the
Branch Bank at New YOrk-will you explain this trans
ans.I purchased those drafts for the purpose of max
Rg Tue remittance The money was not furnished by the
to pay the note at the time did
NO IL. Nh. CGyton-Was not your paper opposod IN
the Bank prior to April 1884, and did il not advtrate the
re-chariering of the after that date?
4ns.-Our paper has Away been and IS now opnosed
to the renewal OF the present charter Fro,, ,l 9o,t
November, 1922 TO about April, 1881, being period Of
only Slrteen mouths, the Courier ENQUIRER did warmly
oppose the re-chaIteng Of the Bark have no recoec
ton OF ever having written and published line AGAINST
the Institutions but certainly sanctioned nearly all those
attacks upon IL mat appeared in our columns have al
ways been in favor ola United States Bank and alhon@
considered the right OF establishing Branches without
the sanction OF the State authorities and without the ia
bility OF being taxed the Same as State Jnstitutons
dangerous power; yet, up to Goth November 1920 our
columns contained nothing but what was jriendlv IN
TIC Institution. On the 30th November 1929 an obi
toria article Me Uh0e, part Of tchich hare yeo
so" 10 6ehere, tcas torHteH n the cit IF JTasbjn0fo,
made It's appearance in our columns without NV know
ledge consent That article was not obl,, bos, 49, ~,
Bank but questioned its consutionaty Il did not meet
my apPrcbaton, nor did express my sentiments. but he
heVng as did that the institution was prosGtuteJ i The
support OF the political views oi Mr. CLAW and e prcsi
det OF the United States having shortly thereafter
called the attention Of Congress TO the s,,Lccf Of i,s
re-chatert consented that it should be attacked a. a
institution Improperly interfering in tie politics Of the
country, and consequently obnoxious 10 tho cenure ofte
people Our associate editor MIR. JAS & bennett vic
avows hmsefho 10 all Bauks-asailcd t,e Tnsdt,,,o,
almost daily and wrote many paragraphs which cc,s,
cd at the time, notwithstanding my then conviction cat
he Bank was interfering IN the politics Of the day and es
PDusing course hostile TO that advocated A variety
81 circumstances, but principally the movements i'm the
Legislature OF Pcnusy vania composed almost eXclu.iveIv
oil the endsoi Gen T. Produced change In my sepenis
M regard 70 the political character Of the lnsGltion
lhe question OF the necessity Of an Institution of The kind
was discussed by able pcn and although always favoe
to such an institution these discussions not only sfrcp
cncd my opinions but satisfied beyond the shafotv n
doubt that modified charter of the presenfnsfif,
ton the establishment OF similar 10 H. was absolute
W necessary Tor The preservation of the currency Of the
country, and Tor the protection of our i,l iegs,
resolution had been Introduced into our eosstnrs and
laid upon the table declaring dat Tho oprcscnt rbsrf ~
the Bank Of The Z. States ought not 10 be renewed This
produced considerable excitement in the Legislature ~
PonnsVyania then n nd I