Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-04-17
REPORT OF THE
COMMITTEE OF INVESTIGATION,

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REPORT OF THE
COMMITTEE OF INVESTIGATION,
APPOINTED AT A MEETING OF TIL
STOCKHOLDERS OF THE BANK Oh
THE UNITED STATES.
The Committee appointed at the meeting of tn,
Stockholders OF the Bank OF the United States
held January 4, lS4i, to examine the details o.
the statement then submitted 10y the President,
respectfully submit the following
FORT.
The Committee originally appointed, consisted
OF Joshua Lippincou, Moses kempton, Charlie,
Massey, Thomas p. Cope, Richard Willing, anc
ID avid kirkpatrick. The three last named gentle
men declined acting: and Edward Coles, James S
Newbold add John Bacon having been selected tc
hil the vacancies, the Committee were finally orga
nised, by the election OF Joshua Lippincott as
and on the twenty ninth day Of January, eommenc-
ed the performance OF the duties assigned them.
The COMMITTEES were accommodated by the
Board OF Directors, with an apartment IN the Bank
and were from time to time, attended by Commit
tee Of that body, as well rs by the Officers and
Clerks OF the Bank. Every facility afforded to
them; in the prosecution of their labors, far as
was practicable, ey submitting TO their examination,
the Books of the Bank, and by giving such verbal
explanations, and furnishing such extracts and CO.
proceedings, they were officially notified by the
President that a Resolution had been adopted by
the Board of Directors, shat the Committee OF
Stockholders be informed that the Board Is read y
10 afford them every facility in the prosecution oil
any investigation, which the Committee may be
willing to make, Of the affairs and transactions Of
this Bank, and the causes OF its actual situation
aud that the wish OF this Board, that the Com
mittee should make such nvests ation in order thai
the results may be laid before the meeting of the
Sfnrk hold in Arr =, L
their duty, under the terms Of their original appoint
ment, well under the invitation thus extended
TO them by the Board, the Committee accordingly
commenced an examination OF "the affairs and
transactions OF the Bsnk,n and "the causes OF its
actual condition"
The Committee proceeded in the first instance 10
verify in detail, the Statement OF the Assets and
Liabilities Of December 2l, 1870. The securities
and evidences in the possession of the Bank at Phi
adelphia were accordingly produced, and on CON-
parson Herewith, the same found TO be correct
The cash was counted, on the second OF March. and
oorresponded with the Leger Balance Of that day.
The returns from the several offices and Agencies,
were read and found TO agree with the printed
statement. The accounts of the circulation and
issues, OF the late and present Bank were also ex
amined.
The Committee have prepared and herewith SUBJ
NIT still more detailed statement Of the Assets and
Liabilities of the Bank, on the tweniy-hrst day of
December, 1910, than that heretofore presented:
eNnOung the particulars oil each Item OF the orlOl-
nal statement, IN the same order and arrangement,
as is therein pursued: emitting, however the items
Bank United States Stock, balance unsold.n and
the amount credited as "Bonus for Charter" This
statement was published in the Patriot on We'd
nesdayl
ton of the Assets With this view they proceeded
90 re-eKamne the items OF Active and Suspended
Debt. Stocks, Real Estate, Bonds and Mortgages,
Foreign Bills Of Exchange, and Amounts due by
State BInks. The President Of the Bank was also
requested 10 obtain estimate OF the probable loss
on the Assets at the different Offices and Agencie.
returns from all of which have accordingly been re-
ceived The estimates thus made are presented IN
a column, added TO the detailed statement, now
submitted and before referred TO, (Appendix Al
The attempt TO make estimate OF Probable
Losses, was found TO be attended with considerable
difficulty and embarrassment To adopt the pre.
sent depressed market value OF the several stocks
and loans held by the Bank would not be fair eri.
teron Of their actual worth, which, rather than their
present availability, was that at which the Commit
fee endeavored 10 arrive. Su they have been ne
cessauly guided, in n great measure, by the Price
CurrenIo of the day. OF the Real Est,te and Bond.
and Mortgages, very imperfect judgment could bt
formed, without inquiries TO title and incnm-
ORANGES, which the Committee had not time tC
make. Many of the securities are of character Il
render 1t almost impracticable TO form even a rea
sonabIe conjecture Of their value. While therefor,
che Committee bespeak for this portion of their la
hours that regard which is due TO an honest effort
from the best means within their reach TO arrive al
the truth, they mast be permitted TO qualify it nth
The remark, that II is necessarily only an approx
NATION, IN which they ask the stock lders
place entire confidence. The ability OF the Insti
futon IN realise anything like fair ca uivaent for
ats Assets, will depend much upon the course of
policy 1t may IN future pursue, and upon circum
stances, which no one can be expected 10 foresee
The estimate is presented however with less reuc.
lance, as from the details now given, each stock
holder will Toe able 10 form judgment for himself
IL may be proper here to remark, that IL has been
thought best by a Majority Of the COMMITTEES, not 10
submit the lists detail of the active and suspended
debt. The injury which would result 10 the credit
OF individuals by such exposition might ulti-
matey be detrimental TO the interests Of the stock.
holders, white no benefit of sufficient importance
20 counterbalanee such mischief, appeared to pre-
sent itself. In regard 10 these two lin s. the efure
the Committee will content themse yes with remark
Ing, that but small proportion consists OF regular
mercantile discounts. On the Active Debt, Deem
ber2l, lS46 loans TO seven incorporated or 9TH
er companies Of 1911 1893 dollars % cents includ-
ing one OF 5O22 dollars % cents to the Philadel
phia, Wilmington and Baltimore Rail Road Com.
piny. The sum of 740,056 dollars, 80 cents, is on
obligations having on that day more than si1 months
20 run, and OF this sum 597 OPS dollars, cents had
more than twelve months TO run. The sum Of 279-
ssS dollars, IL CENTS part Of this Line entered as
Bl Receivable" being nomnaily paid on demand,
though really composed Of permanent aecommoda,
ions, IS not included IN either Of these amounts
Nor IS the sum Of &C, 800 dollars, SO cents. BILLS
receivable for sales Of Offices" considerable part
OF II is IN large amounts, as will sufficiently appear
from the fact that forty eight individuals, firms and
companies, have discounts exceeding 90 900 dollars
each, OF whom twsnty seven have discounts
exceeding $4,000 each, and nine exceeding
SiOO,OOO each. A similar examination of the sus-
pended debt exhibits as the result hlty.two indyd.
uals, arms and companies, standing charged on the
books OF that department With more than 10000
dollars each, twenty nine with more than so 900
dollars each, and eighteen with more than 100 600
dollars each. There six individuals and firms
whose debts amougt TO 23l4,0O0 dollars, two of
which are over $50 900 dollars each, laee amount
of which will be lost; and four others, who have
loans amounting to $4,000 dollars. Eleven Joint
Stock Companies are indebted on this List sO7, hsI
dollars, p cents, Of which the Phadep ha and Ger
mantown Rail Road Company is l29, 9O2 dollars, 76
cents.
The whole result Of the valuation made by the
Committee, may he thus stated in short -
The assets Of the Bank, amounting on the 2Ist
day OF December, 1910, according to the statement
OF the Committee, TO 60, 53I ,742 dollars, 46 cents.
have been estimated at S5I77g7g5 de
From which deduct Liabilities SO g5g, sac ca
Leaves the sum Of Sl4,S7O,255 IS
-
60 represent the capital Of s35OOO 0oO M
Less amount OF Bank United
States stock on hand, 2.A7I 400 90
s35, sos, 500 90
To this may be added the sum Of four or five hun.
dred thousand dollars, for that part Of the circula
llon, amounting on the 2lsl Of December, 1910, Il