Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-05-19
Erom ths Boslon Courier

L
| The letter OF MIR. Lippincou 10 the stockbolder
OF the United States Bank read at their last meeting
a complete reply to MIR Biddle. exposes nj, oe,.
,uoss'ns tricks and misrepresentation, and place,
\ MN M position, which adds TO his previous dee r,
daiion, low aud deporabe as that was. Indeed
these letters OF MIR Bdde seem to bc the last effort
OF uespar-the spasmodic contortions of I,ocoon
enuesvoring to escape from the serpentine fold,
which oy MS own rashness and folly, have a,
hope OF relief.
with regard to the alleged "unholy conspiraevr
OF the Schuylkill Navigation Company ng.ins, IN,
oans, and the assertions made by MIR Bddle about
H. Mr. Lippincott declares, shat thew aTc EN-
TlRELY UNTRUE :" and he saws aI ma,r
inns DENIAL TO he plain, positive erpiieit and emf -
rour out OF the SIX members of the committee to
not own a single share in that concern.
Mr Eyre stated TO the stockholders that the sui,
OF Y. Hickman, stated by MIR Bidde to be $50 600.
Is only $4,000 Here is another proof of ,hu
strange rtraeify Of MIR Biddle. IL is singular ,b,,
he should commit himself thus, in cases SO easiIv
proved to be the reverse Of his statements
While MIR Biddie and his specializing coadiuto,,
are now indebted largely to the bank, after hayinr
palu hundreds OF thousi nds OF dollars in denrec,
ated' II not worthless stocks at par, MIR Lippincot
declares, shat all his Liabilities to the hank h.yc
long since been paid eG in fuL--and ,ciih MONEY!
NOT In deprecated scrip, al par. In doing this
MrLlppIncou does not pretend, as Mr. BiddIe does
that he made present of three or four hundred
thousand dollars TO the bank!
we suggested in our last, that MIR Cowper,b.
wates pretended explanatory meulora naiin, in writ
ing 70 the committee, was a mere SHAM amounting
to nothing. Ii now so appears by MIR i;nn;nro,,!
'etter. lie says that MIR Cowperthw aite did cali
on him, and said, "he had called at the Rank and
was unable TO obtain the vouchers OF the expendi
lures" This remark Mr. Lippincou wrote down.
and handed the paper to Mr. Cow erthyye;,e u,,,p
request that he would add such expInnn,;on. ne
ne thought proper. He wrote thereon a, follows
mat ne was wiling TO give any explanation TO the
commiitee he was possessed off, and he then return
ca inc paper 10 ldppincott without his signature
mere Is all The pretended explanation, in writing
which MIR Compartments in his letter asserts ,bs
he made, AND which Mr. Biddle quotes more th, N
once msssrs. Bidde and Cowperthwaite wsr.
called on by the committee, to explain by letter
CERTAIN unsupported charges as expenditures. MIR
oiddle made no reply, and MIR Cowporthwaite only
wrote that The was willing 10 give any exclamation
ne was possessed OF" without giving any either
then or since Yet this impotsnt, unmeanins and
evasse otter IS no~ pretended be an actual az
planaton! .he was not IN the Office over ten mi
nutes, lsAys Mr. Lippncott) and have not seen or
heard IRON him since" This paper was considered
oy Inc COMMITTEES as no explanation or reply TO the
call, and was 80 treated hy them.
Mr.. Llppncot gives us some further details con.
eetning lhe $780, 200 taken or expended by MIR Bid
Ole, and charged TO parent Bank Note account u
which makes that unexplained affair appear still
worse. Thls entry, as bank notes taken up and
conceded or destroyed, "made the balance OF thai
account on the wrong SIDE OF the ledger, and show
ed the extraordinary result that more notes of The
particular denomination had been redeemed than
hac been originally charged as issuedtu This laree
sum IS stated, IN the document exhibited by the
oank to the committee, ito have been pail TO Mr.
bddle on chashiers' orders, without detailing tn
Tno'n, OF me object for which, they applied"
here one oil two things is apparent Either MIR
Biddle took 500 900 in bank bills, without their
oeinS entered to the bank note account, and. of
course. the books not showing they ever were in
ek'stehce-apparently n most fraudulent transact
uIoni-or' ths large sum was improperly charged TO
that account seemingly for the purpose OF conceal.
ment, of being charged to Mr. Biddle or if
properly expended for the bank, 10 the expense ac-
count. IL was "paid TO MIR Biddlc on cashiers, or
gers" These orders, or mere memorandum in Fl
cures OF The sum 10 be paid, with the initials OF the
cashIer were, II seems, the only vouchers, and even
these, Irregular obscure, and unsatisfactory as thew
were, have been destroyed $50 that nothing re-
mains TO show the nature of this payment of money
TO Mr. fiddle, whether il was or was not exnended
ny MN iorlhe oank--whether improperly or not
or Whether or not he put It into his pocket for
ms individual use and benefit. Neither he nor The
cashier will tell and probably no one else knows
so that the altar Is likely to remain unexplained
phue' such circumstances, can any candid person
DOUBT respecting the nature Of this transacton7
mr L'ppncoit positively declares, that he never
saw the vouchers for this sum, or the other Iaroe
sums mentioned with 1t, as Expenditures land
says, they were carefully kept out Of his yiew.n
rms Is not so strange, since "the committee learn
cd with asionishment from The clark in lShose nos
DESTROYED ~
with regard TO these expenditures having been
Passtd and thus sanctioned, by a committee of
directors, OF which MIR. Lppncott was member,
previous TO declaring dividend, Mr.. Lippincott
says, as we suggested in our last that "tbese re.
ports were always previously prepared by the off
GERS OF the bank, and, appears utry ayij,tI.
~ aud Nth great eireum ion-and being neatly
copied by clerk in the bank, were handed TO the
dividend committee for thair examination and com
Parlsoh' WIN numerous documents accompanying
them. These reports were usually COMPARED tpifL
me general ledger, and II found To correspond there
WhhI iohteh 1ds aitoays The case, were signsd by
the chairman OF the committee and presented 10 the
BOARD rms - the usual method ~ all banks
The comparison with the ledger is only 10 see II the
balances OF the accounts are correctly stated and
not to investigate the minute Hsms Of the CHARGES
or the precise nature Of them, which the ledger does
not show. Such an investigation, and such a report
or passing by committee, are not in the loast n
sanction or expression OF appreciation by that com.
mItee, m regard TO the Items Of any charges or TO
the nature Of the expenditures, whatever Mr.. Bid.
DIE may Hoto, under present circumstances pretend
This, Mr. Diddle knows we'll enough and so does
every bank director and other bank officer though
the PueHs may possibly he deceived by such sophis.
try.
The conduct Of Mr. Lippincott, a. a director Of
the old bank, IN the contest between il and the 90
vernment, and in the very extraordinary measures
adopted to obtain new charter, to prevent Gen'l
Jackson's recollection, 10 conceal the great eli ction
eefng expenditures and other measures of the kind
and 10 sustain Mr.. Biddle in all his corrupt and un-
justhhbe schemes at that critical period, VIC shall
not pretend TO justify or approve. But in this Mr.
Lppincolt acted, doubt, for the supposed inter
est and advantage Of the bank and the stockhold.
ers. and not exclusively from selfish motives
| Those measures, improper and illegal ~ they we're,
were approved by the principal stockholders, and
| Wy eminent political men. They were in support
Of Mr. Bddle-and nE should 10 the last man TO
censure Mr.. Lippincott, or IN bring down public
odium upon him at this time for having 80 done.
IN addition to these remarks in connection with
/ Mr. Lippincotps letter, we will mention, in conclu
SION, that gi(f was made Ivy Mr.. Biddle or by tho
Board Of Directors, without the order or sanction o
the stookholders, to the city Of Charleston Of iosn
~ houIaHd doHars, tho mon6y OF the Bank, Tbu
donation was unquestionaby illegal, and wholly
unjusthibe. What right had Mr.. Biddle or m,
directors 10 GIVE AWAY tho property of IN,
B1nh IL was an assumpiioH Of power, eharaots
rstic Of Mr.. Biddle No regard TO law, TO right, {,
Justice, ever 70 have restricted his nots or do
sres. The wonder is, that the stockholders 70 lon,
submitted TO his despousm, and his thus sportnt
with their property. Now that il is too late thei
seem disposed 10 take This business in hand. Al m