Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-04-29

Hon. Jons NJ. CLAYTON,
Dover, Deiasears:
My Dear Sir :-I shall devote an hour this morn
ing to q short notice of the attack Of the Commit
tee on SsmuelJaudon, the agent Of the Bank in
London.
defend Jaudon, I am his friend and deem i,
my duty TO stand up for an absent friend when he
is assailed. I have long known him and esteemed
him. I know few men who unite so many fine
qualities. He has won the confidence OF men of
all descriptions in Europe-and he has used that re-
putatiou for the common benefit cf his countrymen.
How many Of them can bear witness to the zeal and
kindness and urbanty with which he has assisted
them-how many to him the success Of their
negotiations, while all these talents he has devoted
and this moment dsvoting to the service Of the
Bunk. IL was but the other day that had a letter
iron him expressing his anxiety TO return home, but
that he could not leave England before the 18th Of
April, because he had Some important nesoca-
ton Tor the Bank, and hoping that the publica.
ton by the Bank in January had produced much
mischief, the Committee Of Investigation would no,
make things worse by ANY unnecessary and irrtat-
ing report" He little thought what was preparing
for him. To see such man denounced and vlllfed
by those protesting to represent the institution
which he had served and saved-to such a man
stabbed behind his back at the moment when he was
laboring TO protect the Bank, and when all his
talents and character were needed IN Its service,
act not merely Of injustice to him, but Of insani-
~ respects the Bank itself. Doubtless he will
hereafter defend himsclf--but in the mea ntime he
or his account with the Bank, know nothing,
and never did know any thing and II is quite pro-
babe that the statement OF IL made by the Commit
tee may be just accurate as that they have made
OF mine. But taking it all for granted, and believ
ing every word the Committee have stated about
il, what, after all does it amount TOT Let exam
iie.
l. When Mr.. Jaudon was sent to London "the
Bank paid the loss on the sale Of his furniture
-S5O74"
And why no,7 The Bank wished his services
IN England; he could not carry his furniture with
him, and he had sell il, il natural that
he ought no, to bear the lossl Besides, when he
went away, nobody could tell whether he would
make any thing, for his whole compensation was
contingent on the business he was TO do in London,
which, If 1t were small would not pay his expenses
At any rate it extortion of his. "The Bank
paid the loss" say the committee, and II the Bank
thought proper TO pay il, was that his fiutl
?. The Bank paid SHE passage of himself and
family to London, further sum Of sIOl5."
Well, is not that very common thing if you
send agent abroad TO pay his passage there7 Be-
sides, twas part Of the inducement offered 10 him 10
60.
8. So the Expenses OF the agency were allowed
him including a salary of fIO00 TO his brother, Mr..
Charles b. ,udon, as his principal clerk"
Well, what of all tha1 What is there extraordi-
nary in allowing tfce rent TO AGENT and then is
II not pIIable TO the name Of his brother thus
invidiously introduced MIR Jaudon was going
alone into world OF strangers; it was extremely
him-to have some one who, during his absence,
would attend To his engagements account of the
Bank, and in Of his death, take charge of all
the property of the agency. All these advantages
happened to be united in his own brother which was
deemed fortunate coincidence, and the salary of
thousand pounds for a person so qualified and so
situated, far from being eKtravagant, was much be-
low what similar services paid for in London
But whether 1t was or not, the Directors made
the allowance, and OF course MIR Jaudon is no, to be
reproached with IL.
g. For his services, ;he COMMITTEES say "he was to
receive the commission therefor charged by and al
lowed to Messrs. Barring Brothers l. Co. equal 10
about S2S 900 per annum;" but thew add 0from
The increase OF money operations arising from IA
'eliues afforded by the agency, the amount upor
which commissions were charged was greatly aug
mented, so that the sums paid him for his ordinary
Services up TO January, ls4l, amounted, at 8 PEI
Gent. exchange, to SI7S GA AZ, and the expense.
sol the agency 10 S35, I66 SO"
Well, be II so. These SIS, l66 90 of expense.
for clerk hire, and rooms, during these three YEAR,
from January, 1888. 10 January, is4l, would
amount TO Sll 1872 80 year. Deduct the salar,
Of Mr.. Jaudon just exhibited in high relief SIS 900
and there remains 6722 80 for all the expenses OF th
rem, and the three clerks hlre-and stamps and post
ages and every sort OF miscellaneous service anC
really II does not seem very enormous. But af.
ter al, II did not give Mr.. Jaudon any proft-sc
that all that he gained were these Sl7sO44 A.
which Tor three years makes an annual allowance
of s5i,3is IL. The MessrS. Barring, Brothers &
Co. had "about s2S, 000," but as the rate of com.
MISSION TO both was the same, II the increase of mo.
Eey operations had been as great with Barng Bro
theirs x Co, as with Mr.. Jaudon, they would have
received the $780, Is l2-lhat is 10 saw YOU send
Mr.. Jaudon 10 London agreeing to give him what
your former agent received. If YOU do lttle bns;.
ness he gets little-if much he gets much-and
when he Is there you of your own accord withou,
consulting hun at ali, make "an increase Of money
operations" and then you complain of him be.
cause his commissions increase in proportion. Bu
this is not all.
When the protest by Messrs. Hottinguer & Co
had nearly Frustrated the Bank he went TO the Con
tinent, and saved 1t by negotiating loan, and the
question was whether this being a matter entirey
foreign 10 ms agency, wholly voluntary, and of in.
hate service TO the Bank he ought not TO receive
the same commission which any other person who
DID the buslness-and no other person could have
done It as well as Mr. Jaudon-woud have CHARGED
as matter OF course. The Board Of Directors de.
clded that he should, and that seems TO remove sI
reproach from MIR. Jaudon at least
Like most reJudlced persons, moreover the Com.
JnlItee look only on one side. They count up with
great care the sums which the agency cost-bur
they do not count up what il saved Now in one
single item the presence Of Mr.. Jaudon saved twice
or three times, perhaps four lines all that has been
pad TO hun. lie charged nothing for making sales
or paying dividends-but any other house in add.
ton 70 what was paid to Mr.. Jaudon, would have
charged, as a matter of course, commission Of one
per cent on all stocks, shares, and other lab es
sold by the Bank-and this commission alone vould
have far exceeded all the commissions and exoensss
OF the agency. In these very sales, moreover the
eTertiOn Of Mr.. Jaudon must have saved a iarge
sum, as no house occupied with its own AFT ,i,s
could be presumed to manage II as wel-sni = tri-
hing difference OF one two per cent. in tbs nero.
cation OF these large amounts would defray all bis
expenses and commission
And now we come 10 what consider the most
disingenuous part Of even this report.
Deg you 70 understand that nv defence of NV
friend JandOn ~ not indiscriminate do not nm
less TO be blind TO the errors Of ny friends am
mueh more proud OF esteemng them IN spite Of tbe,
iauts. Nov think he committed a great r,i.,sL.
m suffering himself To borrow so much f,o,o a.
Bank Oheers Of banks ought not 10 be bo,,o,,-
ersat all-never large borrowers Bot tb,n H..
was IN his case this apology for it. The B,nk -
bringing home and investing It's me ms IN Al, ~,
and as these stock loans 90 exclusively ON a, 80
Or Of the stock without much regard IN tie -.
nal responsibility, u supposed not IN lie -
much Importance who were the real bortowe,s, H.
stock itself being sufficient 10 secure die g,,k A.
c0rdingly, my impression is that when IN. Co,,n.,,
tee OF Exchange went into these stoek ,ovc.,,.',
they were rather inclined than not IN let re-. 80
Gers who had been abourng hard Get some L,n,s,
tne1e Nas 70 oe any from the rise Of stocks. nd
90 went on oy degrees until the loans became Too
large and The stocks declined in value Au,Li.Iks
tince learned NJ second hand, rather than f,o,, ~ =
personal knowledge from the Conmittess To- I 80,
hen occupied ~ the general movement ~ a.. 80
oentraton IN Pennsyvana and left Il, ~, 60, -
tee The details w. too, he was m,stsken ~ ~ ~
tmate Of stocks, Il was an error shared b - ", 90
very ~. y - many