Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1841-04-27

tanned from the Bank-and large sums
had been loaned to specnlatiOns and un-
dertakings by companies,in which theyhad
been engaged, and large sums lost. Busi-
ness men had not been assisted as they
should have been. From March 1885,
the power had in great measure passed
from the Directors into the hands of the
Officers of the Bank, who formed them
selves into a kind of Exchange Committee
They did pretty much as they liked, and
kept no boOks--very few VOuchers--and
much of the large business they transac-
teG did not appea: on the discount books.
In March, 1886, the bills receivable, were
about S6,OOO,OOO;--in 1887, $s,000,0O0
in 1888, S. 100000; in 1889, $6,OOO,-
600, in 1910, $4,O41, 700, and in ls4l,
they were reduced to only $l76, 6,954!-
These Bill accounts had been settled in
various ways, or transferred under other
heads. Included in the above, 81 ndi-
vduals, firms and companies, had received
100000 each and upwards; and one
firm within certain time, upwards of
$4,O00,00O. The Report went on to cite
particular cases, in which certain ex Off
GERS of the Bank had become indebted TO
the Institution in very large sums, all of
which were named, and had settled their
accounts by stocks, railway shares, lands,
sc.
The history of the great cotton specu-
latops of the Bank in connection with
the we'll known firms at Liverpool, was
then entered upon.-In lS37'up to July
we understood the amount advanced for
the purchase of cotton was S., ,lSS, 900;
and that the whole of the cotton transac-
tions were $S,900,O0O. In the first Pc
rod of the great cotton speculation, a
profit was realizOd-but by the last ship
ments, 100000 had been lost. Several
of the ex-officers of the Bank were de-
scribed as having settled large amounts
with Texas Bonds, Vicksburg stock, land
lots, and similar securities mostly at par
when they were released from all liza
bility. There had been large loans and
transactions for years, on the part Ol
the officers, without the sanction OF
the Directors. An ex-ofiicer had ia.
ken loan of 100000 of the Read.
ing Railroad in his individual capaci'
ty and the bank had afterwards assumed
the responsibility. In the profit and loss
account, an item in lelation to bank notes
amounting to 100000 was deemed by
the Committee to be unsatisfactory
Another item of 100000 had not beer
properly accounted for, and letters hat
been addressed to those of the ex-oficert
who were presumed TO be in condition
to explain the mode in which the $780,
900 had been expended-but no replies
had yet been received. .U..
Notwithstanding this picture, and it is
but right to say, that the Report through
out seemed to us to aim almost too Gx
clusively at the ex-officers, with but lit
lie allusion to the ex-Directors, whose
business it was TO check and prevent er
roneous transaclions-the Committee ar.
rived at the conclusion that there il
still more than $l5,O00,00O of the ori
ginal capital left 10 the stockholders, anc
that the shares are worth about $4(
each. ,.......-.--.--. .-r-.-...,
Several documents were read, AMI
among them letter from Mr.. Cabot O
this city, vindcatng his firm from any
supposed improper agencyin the cOttoI
speculation. @ t. aa. 4...
On motion, 1000 copies of the Repor
were ordered to be printed for the stock
holders. ..... ..'..'..s.
On motion, $500 were voted to MI
Geo. Sharswood, for his services as sec
retary of the Committee. n, -...
A resolution, offered by Mr.. Richar,
Bayard Esq, for the appointment of
Committee to take into consideration tn
present condition of the Bank--to devils
the best mode to be pursued to promot
the interests of the stockholders-and t
report at an adjourned meeting to be he'll
on Tuesday next-was adopted.
! The Committee of investigation wa
appointed to be such Committee, wit
the addition of the following gentle
men. a r.L " u.
s. Breck, of Philadelphia;
Col. w. DraytOn, s. Carolina;
John s. Nicholas, Baltimore;
Mr.. Swarries, New York;
+ Mr.. Richard Bayard, Delaware.
\ A resolution of thanks was voted t
the Committee of investigation, for til
able and faithful manner in which the
had discharged their duties.
: 1t was also resolved, that the list I
Q shares transferred on the, Books of th
0 Bank, from October l, 1910, to April
e is4i-should be prepared by the Cashie
J. and published.
# After these proceedings, the Report {
9 the Directors of the Bank was calle
d for and read, This Report gave the bi!
: tory of the resumption of specie pa,
r, ments--the suspension Of specie pa,
n ments-the late loans, negotiations vii