The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-04-16
WHOLE NO. 643.

HpITdTbl
than thirty millions Of dollars have been taken in
settlement Of debts and advances.
In the Of the investigation the attention of
the committee has been directed 10 certain accounts
which appear on the books as Advances on Merchan
disc, but which were in fact, payments for Cotton
Tobacco, and other produce purchased by the direc
ton OF the then President Mr.. Nicholas Bddle, and
shipped to Europe on account of himself and others
= hese accounts were kept by clerk IN the Foreign
Exchange Department this Department being under
the charge Of Mr.. Cowperthwaite, until September
~ 1887, when he was elected Cashier, and Of Mr..
Thomas Dunlap, until March 20, 1910, when he was
chosen President
The original documents necessary 10 enable the
COMMITTEE TO arrive at all the facts in relation TO these
transactions Were not accessible, having been retained
as was supposed by the parties Interested as priv ate
papers. A succnct view Of the whole matter sufii-
cent TO convey TO the Stockholders general idea of
Its character may be drawn from the Report Of COM
mittee OF the Board of Directors appointed on the
2lst OF july l6i0 for the purpose Of adjusting and
settling these accounts and who reported on the 2Is
OF December, 1910, which report with the accompa-
nylng accounts, is spread at large upon the minutes
The first transactions were in July 1897, and np-
pear as advances TO A. g. Jaudon pure Cotton
for shipment to Barring, Brothers, & Co, Of Liver
pool the proceeds to be RENTED TO their house in Lon
don, then acting as the agents of the Bank The
amount of these shipments q 80 1913 dollars %
cents The proceeds were passed 10 the credit Of the
Bank, and the account appears TO be balanced The
RESULTS as to the PI SS saS t e. d MT
the names OF the parties Interested
In the autumn of 1887 when the second of these
transactions commenced, il will be recollected that
Mr.. Samuel Jaudon had been appointed the Agent of
the Bank to reside in London. About the same time,
a co partnership was formed between Mr. May Hum
phreys then Director of the Bank, and a of Mr..
Nicholas Bidde, under the firm of Biddle g. Hum
phreys This house was established at Liverpool
and thenceforward acted agents for the sale of the
produce shipped to that place, which comprised large
proportion Of the whole amount.
In explanation Of these proceedings the Committee
annex TO their Report copy of letter dated Phlade
tors Of the Bank, from Mr. Joseph Cabot, of the
firm Of Bevan q Humphreys, and who became d.
rector at the election in January, 1888 This letter
read to the Board December 30, lS40 but not
inserted on the minutes (Appendx X.
This arrangement continued during the years 1887,
1885, and 1882 the transactions of which amounted
to 1869 ,450 dollars 90 cents The shipments were
made principally to Biddle & Humphreys, were paid
for by drafts on Bevan & Humphreys--the funds ad
vanced by the Bank and the proceeds RENTED TO Mr.
Samuel Jaudon, Agent of the Bank in London.
1t appears that there paid to Messrs Bevan &
Humphreys by the Bank in Philadelphia during the
months Of March, April, and May, 1889, the sum of
eight hundred thousand dollars and the account was
thus balanced The committee have to believe
that this constituted part perhaps the whole
of the profits derived from the second series OF ship
ments. How, and among whom it was distributed,
they have not been informed but from the terms Of the
will be at liberty to make his own differences.
The third and last Account amounting to 3, PAL 042
dollars S3 cents, appears on the books, as Bills on
London advances s. V. s. W." These letters stand
for the name Of s. " S. Wilder Of New York
Messrs. Humphreys & Biddle to whom these con-
signments made, continued their accounts in
the name of Bevan g. Humphreys, but without the
knowledge Of that firm appears by Mr. Cabot let
ter Of December %, 1870 The result of these last
shipments, was loss of 962, 524 dollars Is cents
Ofthis amount the sum Of $500 dollars 81 cents
for excess Of payments by Messrs. Humphreys &
Biddle to the London Agency, beyond the proceeds
of SALE with interest thereon parties interested
claimed and were allowed dedu cton for loss on
526 600 dollars Of Southern Funds used in the pur-
chase of cotton when a discount, tn e sum of 3d.,
OIL dollars 80 cents and also this sum- being Bankers
Commission to Messrs. Humphreys Il Biddle on adj
vances to Samuel Jaudon Agent, FL ,06l dollars Sc
cents making 33l 1873 dollars l6 CENTS and leaving
to be settled by the parties the of OBI 800 dollars
81 cents
Before proceeding the particulars of this
settlement It will be proper TO prccede II ny the re-
marks of the Committee of the Directors by whom
was effected. They say: "A long and difficult
COLLATION. has resulted in the settlement of three ourhs
OF the Balance, and agreement for the settlement
Of the remaining fourth. The payment of half the
amount and the agreement for fourth neither
of them such the committee abored to obtain yet
the terms better than at period of the negotia
ton they could reasonably have expected and although
unsatisfactory in themselves, acceptable under the
peculiar circumstances of the tase.'
The settlement reported to the Board on the 2lst OF
December, 1910, was as follows -
With Mr.. Nicholas Biddlc for one-haf
amounting with interest to 1921 ,22O Is
For which there received from him
in payment three Bonds of the Re- III.
public of Texas, for five thousand
dollars each, and order on Gen.
James Hamilton, then in London, to
deliver to the Cashier, his order,
Bond ofthc Republic of Texas, payable
in London for E10, &c lbs. i'd, and
also ninety Bonds of the same, for two
hundred and fifty pounds each these
with interest due and Exchange, ac
cording to calculation made by Mr..
Samuel Jaudon, amount TO 1872 ~
Leaving balance of $ll95U 10
For this balance Mr. Bddle agreed TO deliver to the
bank within one month, Texas Bonds, and the de-
livery Of the last mentioned bonds the Bank agreed TO
give him full discharge from its claim upon HIM for
his share Of the loss these operations his con-
tract has been performed. The Committee OF the
Board say in reference TO this settlement -" Aware
that the Texan securities we've much below par in
the market the Committee reluctantly agreed to the
settlement, under the belief that better arrangement
for the Bank could not be (at least amcaby effected
and in the hope founded general information, that
the Bonds might at distant day. be disposed Of with
out serious loss"
The Committee also settled with Mr.. Jo
seph Cowperthwaic, for one fourth of
the loss $I57Sl7 "a
For which was received in payment, Mr..
Cowperthwailcs share in certain Dau-
phin County Coal Land, which cost
10000 - - $4,000 90
Land in Cataraugus Co, New York,
which cost, 5,VOO w
Land in Lycoming County, Wisconsin -
and Michigan, 2o,oOo w
DU SeD,e emu shares ,'s par ' - 1900 90
Commercial and Rail Road Bank OF
Vicksburg, $50 shares par, $4,000 90
Planters Bank Of Mississippi, 50 shares
West Feliciana Bank 100 shares par 10000 90
Germantown and Norristown Rail Road
Co. 500 shares par, 25,Wo w