Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-04-23
POLITICS..
BANK OF THE UNITED STATES.
Letter from Nicholas Biddfe, Esq, 10 The Hon

PODlIl(S.
BANK OF THE UNITED STATES.
Letter from Nicholas Biddfc, Esq, 10 The Hon. John
~ Clayton.
So great was the excitement produced by the read
ing of the Report Of the Committee Of Investigation,
which appeared undated at the second adjourned
meeting on Thursday last, that there seemed little DIS
position to afford censured accused parties oppo
tunity of being fairly heard This fact was remarked
by several gentlemen at the meeting, and Mr. watts
particularly demonstrated against unquahed condem-
nation before the stockholders and the public had re-
ceived any view of the circumstances OF the
management of the Bank, except through the agency
of the Committee. 1t is admitted on all hands, that
the reputation of the city, and in view OF the number
of foreigners Interested in the Bank, of the whole
country also, is inurousy affected BY the disclosures
contained in the Report II is most desirable, there
FORE that every explanation correction which can be
made touching points of that document should be re
ceived in spirit of dispassionatc justice The laws
of the country and the dictates OF common sense re-
quire that however clear the accusers lniorlner
testimony seem he, an honest judgment should await
the points of defence
We publish to-day the first ofa series of letters from
MIR. Bidde touching very important transactions OF
the Bank under his administration. The matters OF
fact or argument all which it becomes TO notice
Every will form his own opinion concerning the
mode adopted by the Committee OF pursuing the re-
search The general impression 49, that they proceed
ed fairly and without prejudice. MIR. Biddle, on the
other hand, in strong terms, excerpts to the Commit
tees course, and other interested parties must natural
ly coincide with him But the main theme Of his let
ter the Cotton business, exposed IN light which we
do hesitate to say very different from that afford.
ed by the Report. Whether 1t was right or wrong TO
make the shipments all, to be at present not
the main question; but, whether they were made for
the purpose Of aiding and sustaining the Bank, and
not merely to enhance private interests under cover OF
the institution means and credit. Admitting that it
was not expedent within the Legitimate powers OF
the Bank to engage in the purchase and sale of mer
chandise funds directly in il, the personal
integrity Of The officers who sanctioned it must remain
nnmpeached far the transactions in question are
concerned, If it be shown that the Directors sanctioned
the proposition and that the Bank alone was benefited
by the operation as had been designed. We most
earnestly hope that Mr.. Biddes letter will dssipae
many doubts, and clear path to full and just apprc
citation of the whole subject II is matter OF sincere
regret that on either part any expression should be
used which may detract from perfectly temperate
consideration Of the points in dispute. The controver
sy has but commenced. 1t will evidently be long
and laborious one. As We have always respected in
common with the public the gentlemen engaged on
both sides of the question, and entertain feelings Of
personal regard towards many of them, the
more anxious for a deliberate survey of the whole
matter, and trust that it may result in removing
the odum under which this city rests through the
cast upon many conspicuous persons who have
enjoyed very high trusts, and confidence at home and
abroad.
ASDALrsiA, Bucks county, !
April s, lS4l :
Hon John NJ Clayton, Dorer, Detacare:
My Dear Sir-During your late visit to Philadel-
phia YOU were good enough to express your opinion
of the peculiar hardship Of my position respect to the
late meeting of the Stockholders Of the Bank of the
United States. For sixteen years had been the Pres
dent of that institution, which up to hour left It
enjoyed long career OF prosperity. Two years after
wards it fell into great trouble and II seems to be the
desire of those connected with il to ascrbe all its
misfortunes, including the fatal resumption few
weeks ago, entirely to my administration. Had this
been done IN fair and open and manly way, no one
would have been more ready than myself TO meet that
question. But instead of this, what the
pursued, A committee Of stockholders has been
for three months at work with all the books and papers
OF the Bank under their control, rakng up every
thing which by distortion may iplure my admnistra
ton, revenge their own personal grie!s, pander
to the morbid appetite which prevails abroad about
banks and those connected with them. From all COM
munication with that inqusitoral body, ] was stud
ously excluded; and understand that n proposal to
were doing was rejected. They ended at last by
porting expare and partial statements in regard to my
seif: and, you at the meeting, no opportunity
.yas given to let the accused be heard before he
oondomned and the report is widely circulated with
IN of official authority in distant places, where
explanation of mine follow ii. Now oil this
seems TO me signal act Of injustice. know that mis-
fortune has right To be querulous this summary
condemnation without chance of explanation de-
fence, privilege never denied to the humblest crim
nal cannot fail to be regretted by those who have
Joined in it. when the passion of the moment shall sub
side. deeply regret -less on my own account,
however than because think such act OF injustice
inActs severe injury the Bank ITSELF regret il
still more because although separated from the Bank
felt sincere interest in its fate and had prepared
with great industry what deemed the means Of reviv
ing its prosperity, which meant 10 submit to The stock
holders.
All that, of course, is But as know you
DESTROYS of ascerainng the truth, shall proceed to
explain to you personal friend several Matters very
simple in themselves, but which have been strangely
msrep presented. For instance,
You heard in the report long and complicated story
about cotton purchases, and il is often said, that
many begin TO believe it-that the Bank of the U.
g. speculatcd largely in cotton, and lost great deal
Of money by it. 1t seems unhnd to disturb esta.
blished fact-ant the truth is tina! during my con-
necton with the Bank, it never owned bale Of cot
ton-and will not, believe lose dollar by any ope-
ration in cotton unless by great mismanag here
after That whole matter has been TO source of
so much PRIDE from its benefits TO the Bank and to the
country tia. take pleasure in stating The real history
Of it,
In the year 1887 the Bank went to the relief of The
CITY of New York, by issuing its bonds payable IN
London. The question was how to provide The means
of paying those bonds Hitherto the only mode OF do
ing II was by the purchase of bills lawn at The South
ON shipments of prnduce-but the difficulty now was
that in the general pros,ration of credit at the South
there was great danger in taking private bills drawn
many Of the Liverpool houses on whom
,l.., ,lI, v,ar nsnrilr drawn were themselves