Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-05-11
woe. &XEX.---Ho. 4.

only our duty, but desire, to prevent if possble
and therefore, with some little Inconvenience ourselves
we nave made arFansencnS 10 pay the note Of $4,000
The evidence OF the president orte bank explains In,
character oil these various loans and the circumstances
"hch ho"ced nam TO be satisfied with the security, aud
make these advances which, together with all the tes-
mony and correspondence this subject, WILDE found in
hs papers marked no ..
In that evidence it is stated by the testimony of Wcbl,
ana Noah that they knew nothing of the first coo dol
lar loan made by the president of the bank 10 Burrows
that BuIr' made them believe the $4,000 were loanc
10 Noah by his fathers and that he had his father present
TO carry that transaction and Tor which loan No nj
lowed burrows IL per cent, and did not receive all
Tor some months aier giving his notes; that the notes
were discounted by tc bank in their names without their
knowledge and paid OH in The way II will appcar
by the testimony Of Mr. Webb that the paper of Which
he is the editor, made two publications in the latter part OF
shortly thereafter it commenced It's oppo ion to Tie
BANS and was, for sixteen months warmly opposed
to n; and that, ON about the Gth Of April, 1881
II oh,hSeu us course IN favor OF the bank. Con-
uecicd with his fact is admission on the part of one of
he cdi'oS that before The first loan negotiated he held
conversation WIN gentleman, through WHOM le ialu
was then negoiaing (who tho committee know 10 be Bur-
roWsD in which he, Burrows, urged the editors ono of
whoi Wcbb, had expressed himself in favor Of modified
rc-charter TO advocate an unconditional renewal ,.lut
expressed great satisfaction at carning that lionel was i'm
ayor OF charter Under ory circumstances"
The committee will they were anxious TO ol,laiu
the testimony of Burrows, but were unable to ,o II
subpoena was issued f9rIIinl nnd scntto X Vol, ~ 1if
be Marshal returned he to be found IyyaFthcn
sent 10 Washington city and Tire Scrgcant-a Arms made
the same return The marshal Of Pennsylvania was di.
r a
for the witness in Philadelphia having heard of hi. eX
Peccd arrival IN that places tat the marshal reported 10
me chairman That he ascertaned tat the witness had ar
rived ia that place, Thursday the 9th instant but he
was not able to serve the process because lac could not be
found.
To inquiry whether there vera any other instance,
OF notes being discounted for the accommodation of any
merchant and trader at ., 3, f. and years credit IN.
less To secure Debt 10 jeopardy, there was presented to
the committee four other cases
On the Sd of April The committee by resolution called
ior the following statements them in the elucia
ton OF certain facts which had appeared in other docu-
ments, viz:
ls tabular statement showing the aggregate amount
OF notes discounted and sill due the bank drawn and en-
dorsed by non-resiicns Of Philadelphia; which will be
found marked 4.
2d. The aggregate amount Of good notes offered for dis
count and rejected by the board drawn and endorsed by
residents OF Phadepha on the following
y 9Th of August 10Th December, 1891 2l January lOh
February 81 and l4h Of March, 1852; 2i.h September
and 10Th October 1880 That statement marked b, will
the banNsate their inability discriminate between
those that are good otherwise.
B. The aggregate amount OF notes discounted ON per-
sonal security and made payable than six moa,hs
alter date which appear TO be only four in number be-
sides the of. W. webb aud NJ. NJ. Noah.
4h The aggregate OF due the bank discount
ed for firm the partners of firm without the name
of some person not belong 10 the firm drawer endo
or distinguishing IN e"ch OF the above statements the
amount loaned 10 members OF Congress- editors of news
papers, persons kidding Offices under the General Go
vernmcnt 10 tbs last resolution added follow
ing amendments viz: "Ist. 4 statement Of the ioans
made by !he bank and its branches members q Con-
grcss, cdIt5i ,YsaperS and officers OF the Geyerai
Government and the terms a. sj-si; leans" Va And
the names and amounts G! Payments members Of Con-
gross, in anticipation Of their pay as members before m
passage OF the general appropriation bill" "3d And t,
amount OF money due the United States and on cpos i'm
The bali after ,ieluctiuo tbcralor Tho ann, ,,s
cd to those to whom Tie United States are indebted
"And lastly, statement in detail Of the amounts paid 10
those who arc now have been members OF Congress or
officers OF Government since 1916 for services rendered
10 'uc Den"' s"h'S inc nature oil the service For the
information souSh; by these inquiries, papers marked
9. Besides these ticrc furnished the statements of
oas mace 10 ic editors or publishers OF newspapers, by
which it viii appear ha the accommodations those five
editors upwards Of 81 10000 previous TO the stitu
ton Of Ills inquiry
The various reports which have, for long period past,
charged the bank with too frequent intercourse with bro
Eers, and also OF undue iavoism certain individuals
as we'll as the large Transactions which exhibited them
selves upon many documents called orby the committee.
firms Of which Mr. Thomas iiddle was and is The chief
partner with The bank, o broker
Four subjects Of investigation rescntthemsclvesin rcla
ton TO their transactions with The bank
Is The allowing and paying interest to them on de-
81. Relates to certain loans upon the pledge Of stock.
and The discounung OF notes made TO r. IHlllc by Cc
Prcsidsntor others without the knowledge Of the board,
he c"ni"ee would re'I Tor tho particulars Of these two
charges TO the papers marked no. 10.
The lird subject Is the amount OF discounts made r
ihddic and The rate oil interest The document marked
No. If, will show e amount The 18th of each month";
from Tie 10Th day OF September, $780, the 18th of Feb
fnaTy, le5 5y ms, t appears that on the 10Th of Oco-
Der, 1880 he had discounted upwards of 10000 and
has at no time since been less than 100000 The Com
millee doubt the policy Of such large accommodations to
individuals or firms, at any time dcprvci the bank of
c power o! fulfilling ofte great objects ofits n.itu-
lion, which TO facilitate trade by loans in lime of pres.
sure; and it may bc proper TO add .l these large oaus
at "a low oie ofialcre. ~ times when mony plenty
are usually followed Ivy over-tadins which produces pc
cunidry embarrassment and general distress
Ey statement cuti,lcd " Rcuiuauccs 20 EuroDc.''
marked no. rs, 10 appears tat the purchase FOREIGN
bills were made Of Thomas BidIic auj Co. drawn by
Gicn, viz:
1881.
Oct. u, b'Hco days sight, and at premium Of 1913,
Ott. IA, 3 till. at 70 to go and los Days, and
alta premium of 10 t-i per cent II5IIf II
Oct. - rs bills ai I'D To- IZj days. and atapre-
ifiuu of { per- ut. $4,000 CD
Dee. 10, 9 Bills at SO 20 o days, aud alta
premium Of 10 pr cent 5oG25O 90
1852:
Fe'. -. - his at 10 to 100 days, onIata
premium q 30 ~ cent. l0OO08 90
Feb. ~, bills at so 20 20 days, oud at pre-
n'ium OF ID per cent l!s0a0 0O
at70l000 10
By Ge foregoing statement 30 appear, th1i Che hank
purchased. between tlc f October 1888 and be fth
February, 1882 oi q Iddie and CO. foreign bills go tlc
amount OF 81 $50 20.
With rc4nrd these large loans to committee refer
10 the statement marked f,O. No. vs. which appears at
tc 9tb OF Apd 1882 tho total amount of discounts
bills and nocs a la bank boz Phulcp hd, ~ 0}96ID
81. OF that more tiIan iwo-tltJs, ioiuod to
ninety misc pclsons, co. 1it, a5,l3ll1i More au So,
GOO GOO were 80 Use bonds OF twcntyscycu iniivdual;
and nearly che seventceut part iu c hands OF per
SON. The committee have already expressed their cogyc-
don tlat teaa largo accoumJ daions o few ndlrdu7l-