The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-04-03
From ihe PHILADELPHIA Commercial Herald BfaTeh 80
BANK OF THE UNITED STATES


From Ae PHILADELPHIA Commercial Herald, March 80.
BANK OF THE UNITED STATES.
RRsIesArlox or N B,pDLx. ESQ -, will be seen,
from The subjoined letter, that this gentleman who' 'or
more Than twenty years. has presided over the interests
Of the United States bank with such signal success has
resigned ms siiuafioH. We learn that Mr.. b'dde WIZ
with his family sislt Europe THonxs DukLAp Esq
has been unanimously elected President OF the Bank.
The vacancy occssioned by the Withdrawal Of MT.
Biddle could not have been filled by more able hnsn-
cier than Mr. Dunlap HIS election 70 that most ma
porisnt post will be highly gratifying to the community
Of which be has been SO long most valuable emoef
BANK on THE UNITED STATES, March %, 1889
Al meeting Of the Board Of Directors Of The Bank
OF the United States. held the banking house this
morning after the ordinary business Of the day was com.
pleed. Nicholas Bdjle, Esq President, communicated
the Board his intention Of Tesgnng his place 10 the
institution and took leave OF his colleagues IN briei
ysedciory marked not only with his usual felicity Of
expression but snguary characterised by an eloquent
pahos which was wholly Irresistible among The ald aud
tried fiends-his felow-laborers for the last twenty
years
Upon Mr. Biddle's withdrawal, the following letter
from him to the Directors was presented and read
Tod Board Of Directors Of Me
Bank Of The United Sfafes:
Gentlemen / execute purpose which, you are
aware. have long medated. and which inimated 10
the stockholders at their frat meeting under the new
charter that Of retiring from The direction Of The hank
IL - more Than twenty years since entered ~
service. They have bean years OF intense labor and
they have earned for right TO Claim The relaxation
and repose which approaching age and precaf'ous
heslth require have waited anxiousy for the most
appropriate moment which could be best spared,
but hitherto, whenever have sought the retirement
much needed, some difficulty in which my service
was deemed useful always nterposed to detain me-
None such exist now. All the political dissertations con-
neced with the bank for the last years, have ceased
all its extraordinary efforts for the protection Of our
national interests happily ended and the bank has
returned TO It's accustomed channels Of business IN
peace. can therefore withdraw, at length, without
Inconvenience; and ] do it more readily, because
leave the affairs OF the institution in state OF great
prosperity and in the hands Of able directors aud Of
fcers.
This separation from friends, with whom have been
so long and so sereeably associated among the most
painful Of my life and pray YOU 10 accept. at
parting my sincere wishes for The personal welfare OF
you all. BiDDLE, President.
| Philadelphia, March 20. 1889.
| Whereupon Manuel Eyre. Esq was motion Of
Joseph Ingersoll. Esq called the chair aud the
following resolution. offered by Mr. Ingersoll. was
unanimously adopted. and committee. consisting OF
j. r. Ingersoll Ambrose White, and Caleb Cope, Esqs
| appointed to present the same 10 Mr. Bddlc:
| Resolved, That the Directors have learned, with
unfeigned regret, The intention Of Mr. Biddle TO
withdraw from his situation as President Of The Bank
OF the United States.
For many years, the best interests Of the institu-
tion under his especial guardianship have been pro
| tected and promoted with devoted fidelity, unliTiDg
zeal, and shining abilities In both periods Of us
corporate existence, ii has been exposed 10 continued
assaults and surrounded with complicated dihrui-
lies. Power and prejudice have arrayed themselves
against il in active hostility; popular feeling and
official influence have been exercised IN anxious at
| d;S RI lie
prosperity. But II has not ceased 10 prosper More
than one moneyed and political crisis has threatened
the institutions OF the country with serious loss or
absolute destruction The country and It's inslu-
lions have as often survived The crisis and they
stand erect, and almost unhur, from The perlls TO
which they have been exnoSed During these
/ eventfu periods ardnouS efforts have been made
| and heavy burdens been sustained by The Bank OF
The United States, and the largest and most effective
share Of successful exeriion has been contributed
by its presiding officer.
The Board of Directors owe il 10 themselves, and
to the stockholders whom they represent, In accept
ing with deep reluctance the resignation now Ten
dered to them 10 record their grateful acknowledge
ments 10 a gentleman, whose unrivalltd skill in
finance. unwearied devotion TO hisdutieS, firm and
independent conduct the midi Of obstacles, elevat-
ed and honorable principles, and courteous and ur-
bane department, have marked with unfaing uni.
iormity an arduous career; who, having performed
50 much and faithfully leaves the institution with
which he iSideDtifed prosperous IN all its relations
strong in its abilities T. promotelhe interests 81 the
several communities by which II is surrounded, cor
dial in its ASSOCIATION with sister establishments and
secure 10 the respect and esteem Of all whoare con-
necled with il in foreign well as domestic inter-
course.
Il was then moved BY J. r. Ingersoll, Egg. that
the Board do proceed 10 the election OF Di-
rector in the place OF N. Biddle, resigned, when it
appeared upon the ballot that Thomas Dunlap was
unanimously elected a Director to supply the va
cancy. Mr.. Dunlaps resignation OF his office as
Second Assistant Cashier waspresented TO The Board
by J. Compartment, Esq, Cashier, and accepted.
Wherenpon on motion, the Board proceeded to
the election of President, and upon counting the
ballo.s, il appeared that Thomas Dunlap Esq, was
unanimously elected President OF the Bank 81 the
United States; and the same committee were re-
quested BY the chairman 10 inform Mr.. Dunlap OF
his election, and request his acceptance Of the ap-
pointmcnt.
Upon taking the Chair, Mr.. Dunlap said:
Gentlemen beg you to accept my cordial and
respectful thanks for the confidence you have been
pleased to repose in me. The Tpst conferred by
your suffrage is one of the deepest responsibility. l
feel its weight. To assume this roninent share in
The administration of this great institution In the most
prosperous condition Of public affairs, and In the
happies circumstance, Of our inoneved iransact'oIS
might well appal the most seifconhding, but 10 1o-
low in instant succession gentleman hose singu-
lar ability, frmness, integrity, and skill have bsen
devoted with unliring energy and uniform success 10
the best interests OF the stockholders and Of his coun
lry for twenty consecutive years, Is task which
few, IL any, can be found equal. Without your
generous confidence, I should shrink from Il. In
Hedging myself to fidelity, zeal and unremitling de-
yotion 10 its interests, ] must throw myself wholly
upon you; upon the talents, assduity, discretion,
and unfiinchng determination for the right which
have characterized your Board from It's origin. In
vonr hands ali will be safe; and in the hop. OF being
sustained by your frank support, ! now, with I'M
ieigned distrust in my powers tender to you and TO
those we represent the best energies possess in the
service To which YOU have called me.