Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1841-04-24


IN have u,ury al ,horr FORTUNES dependent on the c
.u,c... O, IhII V,rk. while Ihoy have 10 interest q
n the bank-Ni. Massey owning uuiy two shares.
Mr.. Eyre three, mud Mr.. LtppinooIt 6ye. II WAS al
Dne periud thought a profitable speculation, but eN-
cry dav Il - cncruachcd upun by later improve
ments. and more especially 10y n rail rO'd going dr-
reClly TO the very mouth of the mines. - that It's
.iork which was spld at sl70 or $3.50 a share. II
on it, dccl,ue. and has already reached sos or
500. These paTuss are extremely sensitive on the
subject OF every new improvement which may M
lerlere with 'heb. and they are more particularly
bitter against rh- Reading Rail Road. which. when
Will probably supcrscde the river naVi-
ga,iun. Now the bank of the United States has
been Obliged TO take for debts a large number Of
shares IN the Reading Raul Road. aud with n view
to project as own interests has given facilities To
finish the road. 50 as to make II pnDduciive; some
Of the oHircrs ard directors were also holders Of
shares iu the mad. and what was still more cTimi.
nal, Mr.. Jaudon, While ia England. negotiated some
loan or got snme iron for the company. Now the
owners of the Navigation Company saw clearly
that # these persons should be rendered odiuus. #
the bank of the United States shoGld be broken
down, II would carry dow this Reading Rail Road
and thus increase the profits Of the Company. J'his
Is really the foundation of the Whole oi tins attack
upon thc bank. II II the vengeance of the SChusl-
Mil Navigation Company against the Bank of the
United States for lending money TO the Reading
Rail Road.
OF that intrigue the stakeholder. Of the bank
have already the dupe,, and I am very much afraid
will be ute ~yiciigns.
Go csrry II on, awaiting themselves % IN. con-
fusion IT the annual meeting IA january. Mr. LIP
pIncott proposed a committee ui which hc was ct
course made Chaifmlu; MIR. Massey, another mem
bvr. aud four Others committee which had pIwcr
to all their O.n Vacancies. Three ont of the sy
members declined serving, the remaining ihrco I'll
led their places, and Of these rvluaining three Mr.
LiPpiacuit md Mr Massey were the majority. the
committee Is ia Tact a committee OF the SchuylhHl
navigation company. All this our gallant friend.
Capt. S.OCklou began iu explain to Ihe meeting.
but he was sIlenccd. as you saw, by he imparIen'e
o; he crowd. VERY SION after Ih0y began their Ia.
bors, which were originally confined 10 an exam
rilIou OF the assets Ui the hank. came the last su--
pension of specie payments and then Tor the int
time they received from the board of directors a
resolution declaring that The board - ready 10 If
ford IIem every facility IA the prosecution 81 any
investigation which the committed may bc willing
10 make Of the affairs and transactions ui IbiS bank
and the causes OF IL actual situation, and that Il j.
The wish OF the board that the committee should
make such inycstIgIiuu.' Up To- the date ut the
aus pension, aud while the boanl believed HAT they
could 90 on cDnunu n specie payments, they deter
mined to keep tins committee Of investigation To-
their proper sphere Of verifying The assris. and had
- nsiruCisd the COMMITTEES OF the board appointed
To meet the committee OF investigation. But tho
moment they found that they could NJ longer CON
O. t4uuC specie pugmctts-ln the l.drm anu Confusion
that followed, they aPprsied 10 the omm!iic cd
investigation and begged them nuw To- examine the
Causes OF their prJstratun. That The purpose or this
was Ia relieve ihcmsclyes by throwing The b!am"
on their predecessors, cannot be doubted, nor - il
less evident ihai The committee rs ]peritciy under.
stood II as Il Il had been ia the resolution. for The
most remarkable character of the report Is this
that from the beginning to the end there Is not cen.
sured. nor scarcely mentioned, any Transaction OF
the. bank within the last TWO years. There seems
To- have bean a tacit understanding that Ihe Com-
miIiee mIgLt Investigate what they pie .sed It They
would only abstain from touching The present. huIrd.
We commenced says the committee. "an exam.
nation Of the anr,irs unI tran5acIIo.s uf the bank.
and the causes of It's actual sluatiou"-lnd vettaey
iud nO cause. NJ Transaction. no reason Tor lis az.
tuai situation OF the bank that is not nj l,us, tva
years old. II seems 10 me as If my administrative
had been sold 10 the cOmmtttcc by these directors
nj fhe price Of their own safety. Had they nothing
To say about The protest by Messrs. iIOiunguer and
Co.-nothing Of the injury Of the credit Of the lr
%siItutiOn 10y the sales ui post notes ia the aIi o
Ilo39-noIhing Of the publication OF the lst 81
January-hu:hIn oi the esump'Ioa-nOihIng u
the third suspons.on' Not ono single word. The
stakeholder wanted 10 know why his stock was re,
duced from ll6 IN March 1899. 10 Il IN March
lS4l. Well,-ihe protest by Mcs>r,. IIOIIIngner d
Co. reduced tho stock to $40 u share-liut was Il
loss Of - OO,OOO,-the publication OF he la "a
January. lSIl brought II SIS a sh ire Iower-.hal
was a loss OF about $4,000. 000.-lhc suspension an
February still further reduced it thirty dollars q
share-lhat was a loss OF about $4,000. 600 more.
None Of ghcse ITiles seemed worthy Of thcse anr
lpus enquIrers after lmIh-but having n last Oh.
tanned permission 10 examine le private account.
ihoy repaid u by combining their ItiCnuos To those
only whom they hoped TO isjure. and ah,taineI from
all serious notice "f what concerned those IN DOW
or at present. Accordingly during these three
months InquisItIOn, they could find u thin, m,re
tBIPTf sing than Ia saak unsrr..r,Y., a.. HI -
counts OF certain Officers and parade them before a
crowd Of lrrIiaied stockholders 10 excite their H.
d'gnatIpn-accOunis' moreover, finally settled, and
therefore incapable Of yielding any thing but re-.
proaches, and on which according To- their own
show ing, II Is impossible that a lJss Of any mnpui-
tudc can be sustained.
Accordingly, when they have finished these rs.
81 ings. they seem TO have done their work. and all
that they have 10 say Of the general administration
Of the bank Is that during The existence 1t the late
bank Of the United States on the s b Of March.
1852 the committed OF exchange was luthOrzcI 10
make stock loans al per cent and they object.
Ihn' such d power ought MT 10 be delegated.
That the committee made too large loans To- MIDI.
Niduals and firms;
That they ought not u discount but only to buy
bulls of exchange;
That they kept no minutes bat gave verbal order.
to the officers Of The bank, and that
Their transactions were never submrus a., the
-" NNfaN- II u ~ any NnFTF
mentioned on the minutes as nave been reported to
TIA; body Tor their information or apprJblryn."
Now. what mean 10 prove. ~ This
lst. That these exchange committees have hscn
IN use since the foundation Of The b4nk-very ban,
eiciaily 10 the bank
"a. That tie Board have from lime 10 lime grant.
CT TO other exchange committees lhe same p,,,crs
here delegated i1 1885.
81. That the board have instructed Them n,t Il,
cOniinc themselves g. eSchange-Iut 60 Nuke DIS.
counts, and expressly exempted thcm from The uc.
cessity Of reporting their proceedings 10 the board.
lh And finally. | mean to prove that al the d..
rtclyrs Of the Dink, from rs commencement ID, tim,
hOur-ihe man WHO has been The most decided DID
his support Of the dDiugs Of The con- aiuce Of cS.
change-ihe man who again aud again declared
thu; he committee OF exchange shJSld upt routrc
itself o. mere bulls, bat should make discounts. and
should not report ~ proceedings 10 the Jp,rI-thaf
person u he very identi'al Mr. Joshua Lppiucou.
Who now. a. chairman Of the investigating commit
lee, denyuuccs these committees and boards br uY.
doing this very thing. which be himself insisted
they should not do. I shall AZ the sIme Time prove
ihai next % Mr. Joshua Lipyiu,pu. the rod yiduaI
VII" Nas most Jealous iu the same cause. O.. Mr