Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-05-25

son. ,
Mr.. Kinsey, from New Jersey, asked it Law had
not been passed by the Legislature, allowing any baA
in the Common wealth to reduce It's capital II he was
rightly informed and such law had really been passed.
it 10 him that the necessity OF the resolution OF
| Mr. Randall was superseded
MIR Randall said some such bill had been passed by
the LEGISLATURE but whether il had become law or
NOT he was uncertain and if it had, II was accom-
panied with such conditions and penalties would not
meet the case Of this Bank.
After some remarks from MIR. Ayers OF harrisburg,
and others, Mr.. RanGal resolution was auoP.ca
with little opposition
Mr. Randall then offered the following resolution to
facilitate the assignment Of the assets OF the Bank Tor
the redemption Of its circulation and depostes
Resoired, That the Board of Directors be, and they
are hereby authorized exercise their own discretion
as TO the expedency, we'll as to the time and man
ner of carving into effect the resolution adopted al
the last meeting for pledging certain assets IN trust
for the payment Of the circulation OF and deposes IN
the Bank
Mr.. j. B. English proposed the following subsii-
tute:
Rssolred, That the Directors be hereby requested
to SELL either at public private SALE sufficient Of
the Of the Bank TO pay the circulation and depo-
sites
Mr. E. sustained his resolution with some remarks.
1t was however lost; and the question being put,
Mr. Randas resolution carried
Mr. Lippincott Chairman of the Committee Of In.
vestigation made the flowing report, which was read
and ordered TO be publ he'd:
To The Stockholders q The Bank Of the United States:
1t is with considerable, reluctance that the members
Of the Committee Of Investigations, appointed al the
meeting of the 4.h Of January last request the aten
ton of the Stockholders few remarks certain
statements made BIZ Mr. Nicholas Bdde, in his letters
to .the Hon. John VI. Clayton" lately published in
the newspapers.
In submitting their report, they performed duty
which was TO them as unexpected as painful yet hav-
Ing assumed the office imposed upon them, IT was
duty from which they could not shrink. Information
of the causes which had occasioned the prostratlon
Of Bank of so large capital, and which had been
declared by its President but two years before to be
in state of great prosperity, demanded by
the almost unanimous voice of those interested !;
and il was due 10 the Stockholders, due to the
munity, aud due 10 the character OF the members
of the committee themselves, that The answer should DC
an honest and candid one. That answer MAS gwen IN
the shape of simple narrative of facts which had &C.
CURED in its history since it became State institution
To all who could think and calculate, these facts
amply sufficient account for It's actual situation II
the differences fairly dcduced from them unlyora
BILE any of those who had been heretofore entrusted
with its mana gement, il for them 10 exculpate
themselves before the stockholders the public The
Committee not judicial tribunal, and II was not
for them to arragn their bar the officers and direct
ors persons accused They therefore confined their
examination the books, and when explanation on any
particular subject needed, sought for 1t from those
who were supposed to be able to furnish 1t.
vindcation Of the measures and policy OF his ad-
mnistraon was certainly to be expected from the
former President and had his publications been limit
ed to this the Committee would have remained silent.
But personal attack having been made upon them,
their motives having been directly mpeached and
of the facts presented in their report having been
formally denied to be true some notice OF chsrges
grave these seems absolutely necessary.
Ii will be remembered that The Committee were ap-
pointed not only 10 rer, but to cInmnc the details Of
the report of the Directors of December 81, lslo
We did proceed both 10 verify and examine those de-
tails. We conceived that we had an undouated right
to inquire how the immense mass OF stocks on hand
had into the possession of the Bank inquiry
which at conducted us back 10 the authority orr
glnally granted to the Exchange Committee to the
loans and settlements which had been made by and with
omcers, to the cotton operations and to the causes
which led TO the hypothccaton Of large and yaiu-
able part OF these securities for debts abroad. No
doubt entertained that the Stockholders intend
ed such examination to be made, and the pu5.
lie expect in regard TO the forthcoming report
showed TIL the community IN general looked for some
thing than mere verification Of the assets The
Committee further confirmed in these views by
the resolution of the Board OF Directors, inviting them
to investigate the affairs and transactions Of the
Bank, and 'the of lis actual suation, and
pressing the wish that such nv s,igaton should be
made, order that the results gt be laid before the
meeting of the Stoc kholders :, April following Ii
has been asserted that tins resolution be attributed
to the 'alarm and confusion which followed the last
suspension, and mean, b. rectors APP
peal to The Committee for tt ose of i" relieving
themselves by throwing the n their predeces
sors."
Whether this nd fnough at present
explicitly to deny that it ID with any under
standing such as that rcterre2r Nor IS It necessary
TO add after what has already hcrS said, that il made
no difference in the course which the committee had
before determined TO pursue. II no such resolution
had been passed, full and thorough examination of
the affairs and transactions OF the Bank would have
been attempted and if TO 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 circumstances
# has also been asserted that the investigation was
"a conspiracy got up by the managers Of the Schuylk
Navigation Company, aided By few weak persons who
did not see that they the dupes Of their selfish
cates, and that the report the vengeance of the
Schuylkill Navigation Company against the Bank of
The U. D. Tor lending money TO the Reading Railroad.
The stockholders have already been informed that four
of the six members of which the Committee was
composed, did not, and do not own single share
of Schuykill Navigation Stock or Loan, nor have
the interest Of single dollar in that improvement
As additional cvIdens it would seem of these as
sertons it is stated hat Mr.. Lppincott, the Chair
man of the Commute, was the Of only five
shares of stock in the 3ank and MIR. Murphy Of but
two. The important fact, which the very book from
which this information was obtained would have fur
nished is noticed that The remaining members were
the proprictors together of five hundred and fifty five
shares, which the whole Board of twenty directors
elected in January last lin which election 1t is under
stood Mr.. Bddle had considerable agency owned
in all but one hundred and fifty four shares. Nor
ought Mr. Bddle to have been incautious by ad-
ver,ing to this subject to invite the remark tina,
Mr. Masseys interest ofwo shares just double his
own.
Much pains have been taken 10 inspire the belief
that the labors of the Committee have been like
y to be, injurious TO the interests Of the stockholders
Now the facts are that the stock Of the Bank had fallen
upon the publication of the statement of December
2st, ei0 from 81 to So and upon the suspension of
February last 10 10, and the notes to depreciation of
l6 per cent Whether the losses Of the stockholders