The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-05-07
THE L. s. BANK f.PORT.

! The Committee of Stockholders Of the I. States
Bank, which have been employed in the nvcsiisa-
lion fits concerns has made report, viii h shows
up the most auocionS mlsnanagemcnt and corrup-
ton ever beyond all former conception. 1t seems
that the immense capital of the bank has been per-
miticd to be engross4d bya few eXtravaglht specu-
Iaiors, -hat this has been done by the Exchange
Committee, without the knowledge of the Direc-
tors, who were mere automa,ons in the hands Of
others. That when the specuations resulted in Il
profit, the money was declared to have been Dor
rowed individually, and the profit appropriated ac-
cordngly; and when on the contrary; loss was
the result, it was said to be a transaction on ac-
count of the bank, and the loss sadded up the stock
holders.
We copy the following brief summary from the
| PhiladcIphia Spirit of The Times, aud intend 10
give further view Of these astounding disclosures
in future paper Who wu now say that Gen.
Jackson was not right in his suspicious of its insoI-
vcncy, and in removing the depositcs' Who will
believe tia, the immense cnpi,al Of this bank has
made way with since its connection with the Gov
eminent dissolved indeed, it may well be qurs-
credit, aside from what was derived from its CON
necton with the government finances
Gone firm in Philadelphia, absolutely received
accom- no iaiiops At the bank between August 1850
aud November 1887 To the extent s,3iI,3 ass
80 rents, more than hat Of which was obtained IN
1887. The officers OF the Bank themselves recei-
we'd in this waV loans to II large amount, and when
NIr Samuel Jaudon resigned situation Of Cashier,
and was appointed Foreign Agent, he was in debt
iOS $3.50 dollars, 20 cents. Mr. John Andrews, first
Assistant Cashier, rbtnincd ni The Bank IN !ounS
aud advances daring ;lrce Yeas the sum of i2j
$50 dollars 81 cents Mr. Joseph Cowperthwallc.
was in debt 10 the Bank when he was appointed
Cashier, in September 1881. l26,3S2 dollars 90
cents ltuppcars that these three gentlemen were
engaged in making investments on then Joint nC-
count. in the Stock and loan Of the Camden and
Woodbury. Railroad Company, Philadelphia, VII
ninglon aud Baltimore Railroad Go. Nauphln and
I,coning Coal Lands, and Grand Gulf Railroad,
aud Banking Company. How these gentlemen set
lied their debts does net satisfactorily appear. The
Bank accepted stock Of them nj prices above the
market value, although compelled TO dSpu'e Of
the Immediately afterwards ut loss. In short
every thing was nicely aud quietly covered up us
the plrirs concerned were men of wealth and held
places Ofnporrlnre in the institution. They knew
loo much of the Bank transactions to be de'iber.
a,rly offended
Mr. Jaudon, who was principle cashier Of the
bank ,and afterwards become its foreign agent
10 have realized magnificent sum by his various
operations. He received for his sayices IA agent
rs GOO per annum. besides having the loss on the
sale Of his furniture here S5,01I allowed hm:pas-
sage TO London Of himself and family : ,Ol5; and
saury Of 900 per annum tn his brother rs his
principal clerk. From November, 1887, TO Jam
uarv, 1871, he received for his ordinary ser, ices
el7s .Oil.l7, while the expense Of the agency in
addition, were : So, lC6,9o lie was also allowed
by the exchange Committee. rs EXTRA commissions
for negotiating loan in England and one in France
aud Holland, only Sl22, 125 Estimating in all the
beautiful sum Of three huRdIei and hiriy fire
inovsrni, nine hunirsI and hiriv Seren dOII0rs,
paid him for srvres and commissions alone rs for
cign agent by the bank in little over three years
The Report ndveris TO the shipments Of cotton,
and tobacco, and other produce, purchased by Mr.
\. Biddle. and shipped 10 Europe on account Of
himself and others. The eniree in citation 10 them
were made under the head of" Advances on Ner-
chandise," and were kept by Clerk in the For
egn Department; and though the whole business
was osiunsbly done under the name of the bank,
and when losses were made the losses charged to
the bank still there TO believe thr Nessrs
T}iddle aud Humphreys, Of Liverpool. the per-
sons really Interested since the whole or large
portion Of the profits Of the second shipment, n
mounting 10 $500, 900 paid over TO MeSsrs Bev-
an and Humphreys by the bank, in March, April,
and May. 1899.
! The.Ronrd Of Directors appears to have been
scarcely consulted at all in relation 10 heavy loans
or magnificent, speculaiions. Contracts involving
millions &c dollars, were made by Mr. HiddIe ana
Mr Cowpprhwaiie. and guaranteed ny the oanN''h
regard 10 which the commerce could ma no au-
thority on the ninuies cfihe haord, and'hase been
referred TO none by the President, upon whom ihey
called Tor information. Immense sums nave oeeh
lon, q, co,no,a,;on. and individuals, without the
sanction or knowledge Of the Board Of Dueo'crs'