, 1841-05-15
From the Boston Post.
BANK OF THE UNITED STATES
AT PHI. ABEL PUTA


Some of the developments Of the cigan.
tic frauds perpetrated by the presidents, d.
~rectors, cashiers. clerks. &c. of Biddle's
bank at Philadelphia. have al last made their
appearance In an authentic shape. and will
astonish all those who. having been blinded
and guiled by the leading wings. were not
prepared for such an exposure. For our.
selves, having long had no doubts upon this
subject, we were not much surprised; though
we must confess that these frauds have even
exceeded what ue had anticipated. both III
extent and amount. and 10 the cult-blooded
alrocItv with which thew have been commit
ted. The wings have pretended To moral
lie and moan over the Commonwealth Bank,
and We feel no disposition 10 exienua,e or
cover the misconduct and dishonesty of
those concerned; but in comparison with the,
transactions which nave been perperraled in
the great Biddie institution. the Misconduct
connected with certain banks in his rI'v 80
pears rs purity Itself. Ii any extra"
vice among The drnorra's &C -. ..IlI
makes lis appearance. II is sue IL be soon
outdone and totally eclipSed ay snrne ruimita-
bic atrocIIv of the WHY'S.
The developments Ia which We now re-
fer are made in Il .'Rrpnr, of the Committee
Of Investigation, aiIo:":a! l+-t ok
holders. January 4. lG4I. ani Iva: arfnre
Them Apr 5, I84I. l. waS published in The
PhIl.deip IL North American II April >
We have leaked ii over with the intention
oil making an atslract but we have found
that imI'osSIble-foI there is EaIdlv asen-
tence Of the report which could be properly
omitted. Every line is pregnant with hem
Gus exposure. and every word surprises and
astonishes. We can only, Il; this time. CON
dense a few detached passages. intending
soon to recur again TO this rem arkahIe d"cu-
ment. We recommend the attentive peru
sal of the whoLe report 10 every thinking
democrat, and to every candid whig who is
now in favor of 4 national bank.
II appears by the report, that while the
bank has been almost ruined bv the miscon-
duct of Biddlee and his conductors, some of
the great officers and Others, by skilful man.
agement, by large commissions and large
salaries. by employing the bank funds at the
final risk of the bank. by nominal instead Of
actual repayments, and by playing into each
others hands, have been accommodating i'm.
mense fortunes. S. Jaudon, the cashier. WAS
for instance, appointed TO be agent of the
bank in Lendon, Now, 1887. The bank, to
begin with, paid the loss on the sale OF his
furniture. S5.O74, and also, for passing mo-
ney to London, Sl,Ol5. For his future
services, he was TO receive 4 certain com
mission, best rs the expenses Of the agency,
in which were included fl,o0O, or $4,000.
10 his brother, as principal clerk. Up to
January, l84I, about four years, these sex
a,.o ~, a.. ,n,I F col nm
and the commissions to upwards of 100000,
making in the whole about 336.OOO-a net
profit, for fours years, without personal risk.
Of seuenty-fre or eighty thousand dollars a
year!-a very snug situation. and most in
g.niously contrived!
Again-among the charges on the books
for expenditures" since May, 1886, is the
sum Of S6l8.54O, paid on the receipts of
IN. Blddle." IN. Biddle and }. Copperih-
waite," and "Chashir's vouchers" As the
bank officers could not explain these charges,
the committee applied by letter TO Biddle
and Co%pperthwarte, "from whom no reply
has been reosiUed!!'
AgaIn--ihere was charged. an an "absiract
Of losses charseable to the coniigent fund"
the round sum of 100000, "Parent Bank
Note Account" switch has not been EXPLAIN
ed to the satisfaction of the committen."-
Whether these large sums were taken as
personal perquisites, or for some other i'm
proper purpose, does not clearly appear;
but it seems they were so applied that the
parties choose to bear the imputati"n. rate.
than disclose the real fact. whatever l. l..
Acknowledgements were made. by certain
great officers of the ban. L" purchase Ger.
tain stocks TO n large amount on a credit OF
two years. At the expiration IF one year.
this agreement was cancelled, Without the
authority Of the Board of Directors, and ap-
parenily by the very persons interested, be.
cause, unquestionably. the speculation wa