Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-04-01

per for the Union Bank, or for any other, or for
all of the other Banks in the city, to afford the
aid which seemed absolutely necessary to effect
the object of sustaining the Bank OF Maryland,
under the demands to which II was then lapie,
and which would from every appearance daly
and hourly augment to a great extent; but that
it would be highly unjust to the trading commu-
nitv generally to abstract the funds from the
other Ranks. and thereby lessen the ability OF
such Banks to supply the necessary and proper
facilities to the merchants OF the city, IN the or
dinary course of their business. That under
this conviction, | could not give any reason 10
hnna that the object SO much desired could be
accomplished in the way suggested. The friends
of the Bank Of Maryland then decided mat the
whole funds and effects, of every nature ana
kind, should remain in the absolute CUSTODY anu
care of the Cashier of the Bank, beyond the
reach of any other person, until a hndl decision
should be made, as to the proper course TO De
pursued, to guard and protect, equally and rate
ably. the rights and interests of all the creditors
of the Bank. The whole of the property of the
Bank being thus placed in the hands OF a gen
tleman who had been its principal of1cer Tor
thirty or forty years, and in whose integrity eve
nv one had Justly the most implicit commence,
time was taken for further elaboration, by the
President and Directors of the Bank OF Mary
land. This resulted in the conclusion by them,
in the course of the succeeding twenty-1ouf
hours, that the Bank could not properly be open
ed for the transaction of business on the morn,
ing of the 24th, the (23d being Sabbath and
that it was necessary that a deed OF trust snould
be executed at once, of all the corporate lunos
and effects, for the equal benefit OF all the credit
ors, for the purpose OF preventing legal lmpeul'
ments, and especially of guarding against at
tachments of its property abroad by foreign or
other creditors.
In this stage Of the business, | was applied to,
to know if l would accept the trust, if the deed
was made to me, and provided it subsequently
met the appreciation of the chief officers OF the
other Banks in the city. | declined giving an
immediate answer, but stated that | would not
accept the trust unless in the first place, the deed
were made as had been suggested by the Dlrec-
tors, without giving a preference to any one
Secondly. unless it was so drawn that | could
place the collection of the claims in the hands OF
r. Wilson, Esq. the Cashier, as well as the adj
justment of the accounts in such way, as that
the funds and effects should never come into my
hands, so as to subject them to my individual
control. Thirdly, that the whole power and dl-
rection as to the manner in which the trust
should be executed, should be directed by the
Hon. Stevenson Archer, and the Hon. Thomas
Beale Dorsey; or if they should decline to act
in that particular, under the direction OF such
person or persons as they would appoint for the
purpose-and, fourthly, unless as suggested by
the ITlSnQS Oh Tie Ddllk, lIy acceptance oiIouii
meet with the consent and appreciation OF the
principal officers Of the Banks in the city of Bal
timOre.
These conditions were complied with, and the
trust is now in a course of execution, under the
agency of r. Wilson, Cashier, and will continue
so until the creditors, whose interest 1t is the du-
ty of the trustee to protect, shall direct otherwise.
In the meantime, they may be assured that eve
ry eXertion which it is possible to make, shall
| be made, to place before them as early as prac-
ticable. a true statement of the situation OF the
| affairs ofthe Bank of Maryland, in order to en-
able them to decide upon future proceedings;
and | beg them also to be assured that it is my
anxious, desire that they shall select some suit
able gentlemen to cooperate with me IN the eX-
ecution of the duties of trustee as early as cir
cumstapces will permit.
am aware that rumors have been put in cir
c%ulation, but by whom and for what purpose |
know not, that | have a personal interest IN the
affairs of the Bank of Maryland, or that | am in
some way implicated with the Institution or with
its President, and | deem the present a proper
| occasion to say at once, for the purpose OF ST.
| lencing q rumor so offensive, under existing cir
| cumstances, to my feelings, that | am not now,
nor have | ever been since the year 1904 or 1905
interested in that Bank to the value of one dol
lar, either as an owner Of stock, or a borrower
from it; and that there is notnoW, nor never has
been, any connection in trade or business, be-
tween the President of that Bank and myself
That | have never known any hing more OF the
business, and transactions Of that Bank, than |
have known of that of all the other Banks in
Baltimore, nor even as much, with the exception
of it's applicationsto the President and Directors
of the Union Bank of Maryland: for occasional
facilities, by the discount of paper within the
last four months, to relieve it from temporary
pressures for coin. | am, respectfully,
THO. ELLICOTT, Trustee.
The meeting then adjourned.
DRAWS THIS DAY