Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1841-05-22

Cashier, Mr. SAMUEL Jaudon, was sent 10 En-
rope, where he borrowed ia England 4l,00O,OOo
and IN France I2,5oO,O00 francs on favorable
terms.
Mex, followed the Agency of Mr.. Jaudcn ia
England which commenced in November 1851.
AT the same me, tie bank entered the foreign
and domestic markets as a borrower and upon
post notes and bonds payable in Europe, obtained
more than $23, 0o0.0Op
To meet the sums ling due under these ar
engagements, MIR. Jaudm had 10 RAISE money in
Europe on the best terms be could; and upon
loans for that purpose amounting 10 Sl2,2l2,-
697 10, there was loss to the bank OF Sl49,
9e7 o., besides the expenses OF the agency which
amounted to S335,937 80.
When MIR. Jaudon vas appointed agent he was
receiving as cashier salary OF $1,000 per an.
mum. The bank paid or loss on the sale of his
furniture S5,074, Tor passage OF himself and fam
lily to Europe l,0l5, and agreed 10 allow him "a
commission equal TO that before allowed to The
Banngs, estimated al So, cot year, besides the
expenses OF the Agency including 81 900 per
annum TO his brother, Charles b. Jaudon, as bis
principal clerk.
Up 10 January lS4l the sums paid hun for or,
binary services amounted to SITS, AT, aud
the expenses of the agency were SSS,755 3d.
Upon a charge of extra commissions for loans ne
gollated In France and Holland, he was allowed
1890 81 more. Thus, Mr.. Jaudons CON-
peusatlon has been near $1,000 month, or up
wards of $50, 600 year
The Committee state, that the bank now owes
more in Europe than is due TO 1t on It's list Of &C.
tive debt III America
After the new charter was obtained from Penn
sylyanla, the bauk stll went on loanlug upon
stocks, SO that IN March 1897 S7,S2l, 54l had
been added 10 that description Of loans, while the
discounts on personal security and domestic ex.
changes, had diminished S9,5l6,463 rs.
The Committee say -
vi IS very evident to the Committee, that sew
eral OF the officers OF the bank were Their selves
engaged IN large operations IN stock
aions, Of u similar character with f. i.
OF The bank, and at the same TIM, ms were
made 10 The companies IN which they we're inter-
ested and 10 others engaged in the same kind of
operations, IN amounts greatly dlsproporlIonaie to
the means OF the parties, OF to their proper and
legitimate wants and dealings"
Again the Committee say
"From March 1895, the period of the passage
OF the resolutions above referred TO, the chief con.
troll an ] management Of the affairs Of the lnshu.
ton, appears to have passed from the hands of
the directors, The mode in which the Commit
tee Of Exchange transacted their business, shows
that there really existed no check whatever upon
the officers, and that The funds Of the bank were
almost entirely at their disposition. That Com.
mltlee met daily, and we've attended by the Cash.
Ter, and at times by the President. They exer'
cised the power Vf '""I.'"s loans and setleme ais
10 full as great an extent as the Board itself They
kept no minutes Of their proceedMs. book in
which loans made, and business done, were en-.
tered, but their decisions and directions, were
given verbally 10 The officers, to be by them cat
red into execution. The established course Of
business seems 10 have been, for the First Teller
to pay, on presentation at The counter, all checks,
notes, or due bills, having Endorsed the order or
the initials Of one of the cashiers, and 10 place
| these as vouchers in his drawer, for so much
cash, where they remained, until just before the
regular periodical counting Of cash, by the Stand
! ing Committee Of the Board on the State of thee
tered as Hhllls receivable" in small memoran
DUN book, under The charge Of one Of the clerks
These bills were not discounted, but bore interest
| payable semi annually, ard were secured by 0
pledge of stock, or some other kind of property
| Ii il evidently impossible, under such cncumstan
ces, to ascertain, or be assured, in regard to any
4 particular loan or settlement, that it was sanction
ed by majority Of the Exchange Committee.
Ii can be said, however, with entire certainty
that the very large business Transacted in hi,
way, does not appear upon the face of the Dis
count Books, was never submitted to the exalnin
alton OF the members Of the Board, at its regula
meetings, nor is it any where entered on the min
utes, as having been reported 10 that body, 70
their information or APPRECIATION"
For money obtained in this way, twenty on
individuals, firms and companies, on the Isl Jar
uary 1887, stood charged each with 100000 an
upwards.
Ont finn in Philadelphia (said to be Thoma
Bldd|e 4 Co.. Brokers) received accommoda
tons Of this kind between August 1895, and No
vember 1897, amo uniting to $4,2l3,S7S &c
more than half in 1897.
The officers of the bank received large sum
in that way.
Nj. Samuel Jaudon. Cashier, owed whe
elected in March 1896, $l00,5C0. When ap
pointed Agent in November 1887, bis debt wa
S4OS 1893 IS. On the LIST March l84l il wa
still Sll7,5dO.
MIR. John Andrews, FIRST Assistant Cashier
owed in March 1886, $l04,Co0. ID the subse
queut three years, he received by loans $426
$50 67.
Mr.. Joseph Cowperthwae, then second As
sstaul Cashier, owed 10 March 1896, Sll5,00
and in September 1897, when elected CashIe
S326,3s2 so. lie still stands charged wit
55,OSl 95
ItarpeaIs, say the committee. ION the Book
Of The Bank, that these three gentlemen wer
: engaged in making investments on their JON
account in the Stock and Loan Of the Camde
and Woodbury. Rail Road Company Phade