Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-05-18
following quotation from the Investigating Committee

following quotation from the Investigating Committee .
report
"That not being able TO obtain satisfactory norma
ton upon the subject of these expenses, Nc eierrng
to the 100000 and S6lo640 tor MONIES drawn rom
the Bank nor satisfactorily accounted ior) apphcaloh
w,s made NV letters TO Mr. BIdde and Joseph Cowper-
thwait from whom 10 reply has been received Upon
which MIR Biddle, after contcsslng that he had not
answered my letter HIMSELF exulting'y remarks, NOW
contrast this with the truth, and observes That
MIR. Cowper,hwait had addressed to him letter IN
which he asserts, that he had called Mr. Lippln-
colt and in his presence and at his request drew up
written account of the transactions and gave 1t 10
him.
To which will reply, contrast the contents OF
this written account Of the transactions as stated De-
low) with MIR. Biddes statement and It Will oe DISCO
yered who really tells the truth.
Mr. Cowperthwait did cali upon me at the once OF
the Schuylkil Navigation Company, and observed 'hat
he had received letter from me, as Chairman oil the
Investigating Committee, and that he mao catu =. e
Rank md was unable obtain the vouchers OF the ex
ne nditures This wrote a scrap OF paper myseii,
and handed it to him, with request that ne wouio
add such explanations he thought proper, ana he
wrote thereon, follows "That he was wiling 10 give
any explanation to the Committee, ne was possessed
off, and he then returned the paper to me without his
signature.
This was all the paper contained or that passed be-
| tween US on that subject he was not in the office
over ten minutes; have not seen or heard from him
since.
His paper as above quoted was the same day pre-
scented 10 the gentlemen composing the Investigating
COMMITTEES examined by them, and considered by
all as not containing anything like explanation or reply
to the subject Of my letter 10 him, and was go treated
by them.
The sixth and last letter TO Mr. Biddle that have
vet seen published, adverts to dividend committee oil
the Bank in 535, consisting of Lippncot (ChairmanD
VAIN, Cabot, Lewis and Vanderkemp, and after reca-
Initiating some Of the contents of their report 10 the
| I'D nd I'D IN he
ALSO the phraseoogy of the report las II 1t had been
written by the commee,) winds up his letter 10 Mt
CLAYTON as follows :-"And now, my dear SIR, let me
ask did YOU ever here of and thing like this on the face
of the earth; any thing SO ungenerous so uniaf 80
| unjust" m
| For the information of those not conversant with
the portion of the business Of the Bank referred to oy
Mr. Bidde Will state that these reports were always
previously prepared by the officers OF the BANK, taho
as now appears) rerv aruiy and aciM great eireun-
sDection, and being neatly copied by a Clerk IN the
Rank were handed 10 the Dividend Committee for their
examination and comparison, with numerous docu-
ments accompanying them These reports were also
usnally comparpd with the general ledger and found
10 correspond Herewith, uso (Which was always The
case were signed by the Chairman of the Committee
and presented TO the BOARD
/ Whether the gentlemen composing the Dividend
Committee as above referred to- those of the Com
mittee on the State of the Bank in their half yearly
examinations had the particular vouchers for the large
sums of money drawn out of the Bank and mention
ed in my letter to him, and portion OF which were
probably charged in the Expense Account, and re-
ported to and confirmed by the Board, cannot say,
but will here positively assert that never saw them
they were carefully kept out my view.
In the performance Of this and other official duties,
an unsuspectng committee may easily be deceived ana
entrapped, as Mr.. Bidde has shown
Nor is it surprising that such committee should rely
much upon the fidelity Of officers Of the Bank, whose
integrity they had no to doubt, and which they
fl, ught TO be confirmed and assured by the unre-
served confidence of both Stockholders and Directors,
which had always been given TO them. If have in
adyerienty committed all error here, IN common with
other honorable who served with me on the seve-
raj committees while Director Of the Bank, il will not
acout Mr. Biddle and feel assured il will not confirm
| his charges against me.
| Now, is it surprising that while was acting with
the Committee on the State Of the Bank, whose vonch
ers for monies drawn out were not exhibited to me,
when ! state that the Investigating Committee, in
their critical and arduous examinations, learned with
establishment from the clerk in whose possession they
ought to have been, THAT THEY RAD BEEN DE-
sTKoYED?
By whose orders and why the destruction Of vouchers
for the payment of SO large amount of money had
been effected not learned nor did the Committee
10 my knowledge) inquire under whose administration
il took place.
In fine, the difficulty Of detecting intended con-
cealment Of particular transaction in this examination
of accounts in all its various details, in of Sc
venty millions of dollars more and necessarily
4
readily conceived when | state circumstance that
came 10 the knowledge Of the investigating Committee,
| as follows:
That portion of the amount of monies drawn from
the Bank and referred to in my letter to Mr. Bddle
amounting 10 100000, (was stated on the document
exhibited 10 the Committee 10 have been paid to Mr.
Biddle Cashiers orders, without detailing 10 whom
or the object for which they were apped) was finally
charged 10 Parent Bank Note account under the old
charter This entry made the balance Of that account
on the wrong side in The ledger, and Showed the ex
raordinary result that more notes of the particular
denomination had been redeemed than had been ORR
cnay charged as issued, and required another entry
There were ten notes of $4,000 each, the last
cord of the late Bank and said to have been mark
ed us not issued They have since been destroyed with
other cancelled notes.
Why these expenditures should have been charged
the Parent Bank Note account instead of permanent
expense account, must be left TO conjecture
Il ha We thus advertcd to all the circumstances
tanned in Mr.. Biddes several letters respecting myself
&C., that consider worth noticing, and in all of which
he has Ito his own expresson) "garbled the state
mcn,s, and will add, sophstically perverted the truth
i Very respectfully,
JOSHUA LIPPINCOTT.