The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1838-01-27
WEST BRANCH BANK.

In the House Of Representatives on the
18th inst. MI. Laverty introduced the fol-
lowing preamble and resolutions, which
were read and agreed to, and made the or
der of the day for Wednesday last
Whereas, in pursuance Of an act passed |
on the third day Of April last, appointing
certain persons Commissioners to sell the
: stock Of the West Branch Bank, at VIII
Transport, majority Of the said Commits
sioners convened for that purpose, and del
egated their powers to a committee OF five
OF their number, to superlntend the sale oi
said stock; And whereas, it is alleged, that
a majority Of said committee conducted the
sale of the said stock in an unfair and ille-
gal manner, In order TO monopollze the
stock; themselves and defraud the Com
'monwealth out of the premium which 1t
would otherwise have sold for above Its par
value. That the said committee, who are
now the principal owners of the stock, III
violation Of the express provisions, OF the
act of incorporation, refused to require the
paymsnt Of five dollars on each share OF
stock. together with the premium or ad-
vance above par value, for which 1t was
sold, at the time it was stricken down, and
thus left it discretionary with the bidder to
afterwards except or refuse TO comply with
the terms of the sale, as might suit his IN
terest: That the said Committee, in pur-
suance of this arrangement, suffered their
own agents and persons with whom they
were interested, to bid off a large amount
Of stock at premium greatly beyond It's
value, without complying with the requlsl-
lions of the law, thus excluding all other
soma fde bidders who were acting in good
faith, from participating in the stock, and
after competition had ceased, and many
who would have taken stock at fair pre-
mium had publicly Withdrawn from the
sale, permitted the same individuals to re-
linouish their bids, abandon the stock
brou6ht at premium, and again become
the purchasers 0f the same stock at par val
ne upon a subsequent day. That the pre-
sent Cashier of the Bank, and then com
missioner appointed by the state; to see tina
the sale was fairly and honestly conducted
and 10 guard her Interests, before the whole
Assefhbly who were bidding Tor stock, ant
in the presence of committee, called up
on the people TO take notice who it was tina
0Tsb Dlu pIouiuihy anu -,
cast odium and csnsure upon them: Tha
member of said committee, with the coun
tenance and appreciation Of majority
his colleagues, also repudiated the biddin
of the stock above par, by making pubtl
speeches to those assembled to bid for stock
a. endeavorSd to intimidate q dissuad
those who were anxious to obtaih stock
and were willing to pay fair premium f
Il. fit could not otherwise be had: Thi
secret intrigue, unfair management, and
LEGAL measures wete resorted to by a mi
;ority of said committee, to obtain the stoC
themselves; without paying fair value f
i, by endeayoring I'd keep the stock,
bartwhereby they might tetaln IN the
own hands, the entire DISPOSAL OF the sam
and thus defrahd the State OF her bonu
secure the application Of the stock to
vance their own interests, and accomm
date their friends: And whereas, It
moreover alleged, that the Commonweal
hsb lost large sum blythe fraudulent 2
Illegal conduct Of the committee aiores'
==thss die s,ock has been unfairly oisl