The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-05-25

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loans and settlements which had been made by and
with Officers 10 The cotton operations and TO the causes
which had led 10 the hypoihecaton of SO large and
valuable part Of these securities for debts abroad
NO doubt was entertained that the Stockholders m
tended such an examination To he made and the pub
ilc expectation In regard % the forthcoming report
showed that the community in general looked for some
'hing more than mere verfcaton ofthe assets ! ne
committee were further confirmed in these views ny
the resolution Of the Board of Directors inviting them
to investigate "the affairs and transactions OF the
bank, and the causes Of its actual situation, and
expressing the wish that such investigation should
he made IN order that the results might be laid before
the meeting of the Stockholders ia April following
II has been asserted that this resolution Is 10 DO at
trlbuted 10 the alarm and confusion" which followed
the last suspension, and was meant by the Directors
as nm appeal TO the committee for the purpose OF
lieving themselves by throwing the blame their pre-
decessors."
Whether this were not, il is en- ough at pres
ent explicitly to deny that il received with any
understanding such as that referred TO- Nor - u ne
cessary u add after what has already been said that
il made difference in the course which the commit
tee had before determined TO pursue II no such reso
luton had been passed full and thorough examina
ton fthe affairs and transactions of the Bank would
have been attempted; and il 10 the books and
papers for that purpose had been refused the fact
would have been reported to the stockholders, and
they would have been left TO adopt such measures
they might have deemed proper under the circum
stances.
II has also been asserted that the investigation was
a conspiracy got up by the managers Of the Schuy
kill Navigation Company, aided by few weak per-
who did not that they the dupes ofther
selfish associates" and that the report was the
geance Of the SehpyIkill Navigation Company against
the Bank Of the United States for lending money to
the Reading Railroad" The stockholders have al
ready been informed that four Of the six members OF
which the committee composed, did not, and do
not, own single share Of Schuylkill Navigation
Stock, Loan have the interest of single dollar
in that improvement As additional evidence il would
seem Of these assertions, il is stated that MIR. Lippn
colt, the Chairman of the Committee, the owner
Of only five shares Of stock in the Bank, and Mr..
Murphy of but two The important fact which the
very books from which this information was obtained
would have furnished is noticed that the remain
ing members were the proprietors together Of five hun
bred and Efy five shares, which the whole Board Of
twenty directors elected in January last Tin which
election il is understood Mr. Bddle had considera-
BILE agency owned in all but one hundred and fifty
four shares Nor ought Mr. Bidde to have been so
incautious by advetDg 10 this subject TO invite the
remark that MIR. Masseys interest of two shares
Just double his own
Much pains have been taken to inspire the belief
that the labers of the committee have BEEN like
be- injurious TO the interests of the sockhoder
Now the facts that the stock Of the Bank had fall
len upon the publication of the statement Of Decem-
Der 2lst, S40 from "a to So and upon esuspcnson
Of Feb last to 49, and the depreciation of l6
per cent Whether the losses Of the stockholders
to be ascrbed TO the policy and measures which caused
prOsration as the committee thought, or TO the occur
rences which made that prostration known to the
world as Mr.. Biddle contends,-in neither case the
mischief had all been done before the committee made
their report.
But il was evidently of their leading objects to
reassure the Stockholders by attempting to present
them with fair and honest estimate of the pres
ent availability, but of the probable future worth OF
their asses in better times and under favorable
circumstances and thus encourage them to hold TO
their stock This was prominent feature OF the re-
port utterly inconsistent with any intention to break
down the Bank, carry down tho Reading Rail: Road,
and thus increase the profits Of the (Schuykll Navi-
gation) Company"
A single observation may be here appropriately
made on the subject of the condition in which Mr..
mttees and the published resolutions and statements
Of the Directors have been referred to- and much rel
ed on by him. The readers Of the Report may be
safely left TO examine papers Al and SO Of the appen
dix, and form Judgment this question for them
selves.
Il will be there seen that the Stock Account in
April 1889 amounted to $I7,6S7, 705 AZ
Stock Remittances 10 Europe, 2,l70,549 81
Special Loan TO the Commonwealth GIL, 900 90
And the following, not entered but
the Bank having to pay them for
agreements entered INTO previous
TO April l. 1899
Bonds of Planters
Bank 1866 900 90
Mississippi 8 per cents, 2O00O00 90
Michigan per cents, 2l5i,6S7 90
--- 6,30I ,6S7 SO
S26, s3O,942 so
To this may with great proprieiy be added the fol-