Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-06-01
VOL. XXEX.---No. a.

mat he hud been extensively
had paid large for duties imported articles the
Government of the United Sates that, while Director
of the Bank he had been very active and industrious
member OF the Board and tla he had been employed by
the Board in confidential trusts which he had faithfully
executed. As last resort TO sustain his Charge OF en-
bezzlemept against President of the Bank although
he admitted he had never mentioned il the Board of Di
rectos he insisted that he had aer happened spo
Ken freely OF TO Others and particularly TO Mr. WILSON
Hunt, who, hc requested might be called and who
cordngy called witness before the Committee.
Had there remained fragment of doubt upon the mind
oil the subscriber with regard TO the character of the
timony of Mr. Whitney before the examination OF Mr.
Hunt would have vanished upon hearing what he esti-
fed. Ii was, that Mr. Whitney years since al tho
time when he was Director OF the Bank, had eonden-
tally shown him memorandum of loans on stocks
which he said had been made TO Mr. Thomas Bdde, by
the President, without the knowledge OF the Directors
Mr. Hunt thought that Mr. Whitney had further averred
that these loans had been on the books of the
Bank but he did recoec that hc had told him that he
had ordered thom TO be entered books and he was
very he had told him that the were with
payment of interest Mr. Hunt had been ;,nnro.soy
with the idea, derived from Mr.. Whitney's cornmunica-
tons TO him, that he friendly The President OF
the Bank; and he said be had thought them serious
enough But Mr. Hunt manifested establishment at the
very question, whether Whitney had told him that the
loans made tohOut payment IF interest lie not
only denied that TACT but with very natural severation,
mat 1t had been stated TO him, it impossible he
should have forgotten it.
The subscriber, in charity to the nfrmies of human
nature would willingly believe that the testimony Mr.
Whitney upon his first Nomination. the result of self
delusons produced by long cherished and pampere5 sus-
pcions of trivial error till suDplving the nlac
OF memory, had swoln them into imputaions of embezzle-
nent and fraud MIR. Whitney had been stimulated to
bear testimony aeainst the Bank from abroad The more.
aggravated the charges which he could bring to bear ON
public opinion against the President of the Bank laer
would be the prospect Of success in defeating the renewal
oil the charter and the acceptable the spirit of
party would be the service he might render by the es
mony lac should give The defaced and attercd memo.
randum taken in years long past from the books, would
give sort oil mysterious prescription right of credbily
to any colorado detail of ccumstantal narrative TO be-
connected with it, The instinct of calumny is nven-
tive OF details, precisely because details make theis
way most easily TO the credit of the nearer, and t
has long been remarked by keen observers of human
action that he who accustoms himself TO make a
truant of his memory is ofentmes the first credit his
own he Whether it was with Mr.. Whitney, the suh-
scrber cannot undertake TO say with certainty but certain
IS that an affirmation most material and most confidently
made, in the first examination OF Mr.. Whitney that the
notes which he had discovered in the Teers drawer had
not been entered the books when he discovered them
ana lhat hey were so entered by his direction,
tracted by himself after il had been blasted by the produce
on OF the entries upon the face of the books themselves
CT 'e reUac'aoh ltseI was not frank and candd 1t
by assuming an alternative which, while il abandoned all
Pretence OF sustaining the fact yet unwilling abanr
don the offensive nnputation. When the impossiby of
ms pretended interview with the President OF rebuke
the part of Whitney, and OF tac confession hushing
promise Of future amendment on the part of Mr. BiddIc
demonstrated by the Presidents absence from Phila-
de 2hia at the time, MIR. Whitney prepared with
any substituted enion of details to supply its place He
admitted that there discrepancy between this de-
monsraOn and his previous asseverance but he neither
attempted TO reconcile them, to ioriy his
ment by explanation communication OF its terms. His
dishonoIed memorandum found no endorsement for the
honor Of the drawer.
OF
Bank, in behalf of his distant relatives, Thomas Bdde
and Co. had also bseu abroad upon no better
foundation than the fact that Thomas Blde s Co. are.
and have Tor years. been among the brokers OF the first
emnence and most extensive business Phladcph
or in tho Union. That their transactions of business
have been year the amount of MANY mil
lions That their deposites in Bank have been 10 similar
amount, aad that they have occasionally been responsible
to the bank for more than a million of dollars at once
Brokers OF this description to all essential purposes
bankers, themselves bank in the plcnitude of lis
power ana operations rs but broker upon large scale
Among the transactions OF Messrs. Thomas Bidde s. Co.
with the Bank there was deposte made by them to
considerable amount, upon which, by agreement al
owance was once for short time made them Tor in
erest IL appeared upon explanation, that the money
thus deposited i'll the possession of Thomas Biddle
Co. as agents oil certain foreign government, and
mat the pressure the money market was very gFea
That the OF the money for the time during which the
interest allowed, would have been more value TO
them than that interest and the Bank having urgent &C.
cason for the of the money the interest upon il for
lew weeks was allowed, "a consideration for its being
LETT in Bank Tor employment there instead OF being with
drawn or The use OF the deposors. IL substantially
Iol io nhG me principal proht OF which was on the
side OF the Bank and in which the allowance of interest
was not equivalent TO the profit which Thomas Bdde
70 would have realized from the same money by with
drawing it, As in the of moneys paid out 10 them
from the telers drawer, upon equivalent deposies of
stocks transferred was done Tor transactions which
the Bidiles were purchasing bills for the Bank acting not
ior themselves, but agents for the Bank I'm such cases
the cash wanted 10 pay for the bills purchased Tho
brokers not having the cash hand received from the
Bank itself, leaving United States stocks of equal value
IN its place, for few days, until the brokers' agents for
Stock and paid interest for the cash they had received
! Tor every day during which il had been withdrawn
ms complicated character of the pecunary operations
between the House OF Thomas Bdde and CO. as brnk
and the Bank, must also be remembered i'm considering
he very large amount OF their discounted at the
BANK They might appear the books Of The Bank in
debted to IT, los the amount of million when their real
debt might not amount TO thousand dolarshe money
for which they appeared indebted being only the sums
requisite to pay iOF the Bills purchased for the Bank il
self
In reviewing the whole investigation by the Committee
oil the transactions between the Bank Of the United States
and the brokers' there consideration which most fer
chilly struck the mind Of the subscriber, and which he
thinks prc-cmincnty worldly Of the consideration of Con-
grcss, aud OF the nation. The charge of ayortism TO
certain OTOheTS, OF connivdncc with them speculate
ana prey upon the public interests for purposes of sry
ana eNOrlion, formed very prominent item m the orig-
nal resolutions OF the Chairman the committee upon
winch tis investigation Instituted IL was one of
those charges which, in its essential nature imported not
simple inadYcrenCC, ndisCction, Of Judgment or
misnaDage0cn ia the President aud Directors of the
Bank, but the sord speculaGons Of swindlcr II was
dent Of hc Bank Of tie United States was man Of COM
mon honesty.
There was no sparing Of commentary upon tho scany
was willing TO consider giving sufficient colour tho
charge to onutle i 10 the honor Of enquiry. That
there bad been and still were, large dealings between tho
Brokers, and the Bank sufficiently notorious. That
the Bank and the Brokers had competitors, rivals
mics, whose ranco sharpencd 10y all the smulants Of
avacc aud ambition, not less apparent These pas
stems never fail 10 have watchfu Observers i'm their rain
whispers, IL now appears had been in circulation even
from the year 1924 pening for term of seven wears into
a.