Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-04-19
F.om ths Phladslphii National Gazette.
RANK or THE UNITED STATES.
Letter frsm Nicholas Biddis, Esq, 10 ihs HO'
John NJ CLAYTON.

parties opportunity OF being larry heNo. ihls
TACT WAS remarked by several gentlemen at the meet
inc and Mr. Waits particuarly demonstrated against
unqualified condemnation, before the stockholders
ana the public had received any view ofthe course
or circumstances OF the manae. ment OF the Bank,
exeept through the agency OF tho Committee. IL
is admitted all hands that the reputation OF the
citv,-and in view Of the number oil foreigners in
terested in the Bank,-of the whole country also,
is iniurousy affected by the disclosures contained
in the Report IL is most desirable therefore that
every explanation correction which can be made
touching points OF that document should be receiv.
ed in a spirit OF dispsssionate sice. The laws OF
the country and the dictates of common sense re-
quire that however clear the accusers or nortners
testimony seem to be, honest judgment should
await the points OF defence.
We publish TO day the first Of n series Of letters
ftoni Mr. B,ddle touching very important transae-
tons of the Bank under his administration. The
matters OF fact argument are all which It becomes
us TO notice. Every will form his own opinion
concerning the mode adopted by the Committee OF
pursuing the research. The general impression rs
that they proceeded fairly and without prejudice.
Mr. Bddle on the other hand, IN strong terms, eH-
cepts to the Committees course, and other interest
ed parties must naturally coincide with him. But
the main theme Of his letter, the Cotton business Is
exposed in light which we do not hesitate to say
is very different from that afforded by the Report.
Whether it right or wrong TO make the ship
ments at all seems TO be at present not the main
quts;ion;-but, whether they were MADE Tor the
purpose OF aiding and sustaining the Bank and not
merely TO enhance private interests under cover OF
the institutions means and credit. Admitting that
twas not ex pedicnt within the legitimate pow
ers ofthe Bank to engage IN the purchase ana sale
of merch ,ndze to invest funds directly IN II, the
persona integrity Of the officers who Sanstloned II
must remain unmpeached as Tar as the Transactions
in question are concerned, " II be shown that the
Directors sanctioned the proposition and that the
Bank nlone was benefited by the operation as had
been designed. We most earnestly hope that Mr.
Bdde's letter will dissipate many doubts. and clear
path 10 full and just appreciation OF the whole
Subject. II is matter Of sincere regret mat on e.
theS part any expression should be used, which
may deiract from perfectly temperate consdera-
lion OF the points in dispute The controversy has
but e,mnenced. IL will evidently be long and la
borious one. As we have always respected IN COM
mon with the public the gentlemen engaged on both
SIDES of the question, and entertain feelings OF per-
sonal regard towards many OF them, we are the
more anxious for deliberate survey OF the whole
matter and trust that it may result in removing
the odium under which this city rests through the
censure cast upon many conspicuous persons who
have enjoyed very high trusts. and confidence at
home and obroad.
ANoALUsIA, Bucks County, April 9, Is4I.
Hon John ". Clayton, DOvsr, DtIatcart:
NV Dear Sir--During your ;ate visit to Phila.
delDhia you wsre good enough to express your
opinion OF the peculiar hardship Of my position IN
respect 10 the late meeting of The Stockholders ofthe
Bank OF th- Unied States. For sixteen years had
been the President of that institution, which up 10
the hour left it enjoyed long career OF prosperity
Two wears ailerw ards fell into great trouble, and
4 be the OeSire OF lnOSe now COnnGCleu
with il TO ascribe all its mIsiortunes, including the
fatal resumption q few weeks ago, entirely to my
administration. Had this been done IN fair and |
open and manly way, no ons would have been
more ready Than myself TO meet the question But
instead of this what was the course pursued A
committee OF stockholders has been for three months
at work with all the books and papers OF the Bank
under their nrol, raklng up every thing which by
distortion may njure my administration or revenge
their own personal grefs, or pander 10 the morbid
appetite which prevails abroad about banks and
those connected with them. From all communica-
ton with that nqulstoral body was sujlously eH-
euded; and understand that proposal 10 invite
my attendance or to apprIze me OF what they were
dong, was rejected. They ended al last by report
ing exparte and partial statements in regard 10 my
self, and, you saw at the meeting no opportunity
was given to let the accused be heard before he was
condemned, and the report IS widely Circulated with
an air sf official authority in distant places where
no explanation of mine can ever follow II. Now
all this seems TO me as signal act oil injustice.
know that m sfortune has right TO be queruous;
but this summary condemnation without chance
of EXCLAMATION, or defence privilege never den led
to the humblest criminal, canno, fail TO be regret
ted even by those Sho have Joined IN u when the
passions Of the moment shall subsde ! deeply ra
eret it-less on my own account, however, than be.
cause think such act OF injustice nhIcts Sc
we're injury the Bank ITSELF regret still moro
because although separated from the Bank, felt q
sincere interest in its fate and had prepared with
great industry what deemed the means of revivIng
It's prosperity, which meant &c submit TO the
Stockholders.
All this, of course, is over now. But as know
you are DESTROYS of ascertaInlng the truth, | shall
proceed to explain to you as personal friend sew
eral mitters very simple IN themselves, but which
have been strangely msrcpresenled. For IN
stance:
You heard in the report long and complicated
story ABOUT cotton purchases, and as IS so often sid,
that mary begin believe il-that the Bank of the
United States specuaied largely in Cotton, and lost
II great deal OF money by IT, IL seems unkind 10
disturb so established iacl-but the truth IS tina,
during niy connection with the Bank ii never own
I'D bale of Cotton, and will not, ! believe, lose
dollar by any operation IN Cotton, un ess by great
acknowledgement hereafter. That whole matter has
always been TO me a source Of so much pride, from
ia benefits TO the Bank and to the country, that
lake pleasure IN writing the real history of 1t.
In the year 1887, the Bank went to the relic: Of
the city OF New York, by issuing i,s bonds paya-
bic in London. The question how 10 provide
the means OF paying those bonds Hitherto the
only mode Of doing Il was by the purchase OF bills
drawn at the South on shipments OF produce, hu.
the Riculty now was, that 10 the general prostrn-
ton Of credit al the South, there great danger
DO taking private bills drawn there-while many Of
the Liverpool Houses on whom these bills were
usually drawn, were themselves embarrassed. IL
occurred to me, therefore, that the only mode Of
avoiding these dangers, 10 purchase bills NJ
all except founded on direct shipments of produce
under the control Of the Bank. | accordingly urged
the mercantile part Of the Directors 10 engage in
that operaton-Dut finding none Of them dis Jos.d
70 large operations, / determined that II must be
done, would do IL myself. ] accordingly request.
ed Messrs Beyan and Humphreys 70 carry out the
pan, which was simply TO let their agents ut the
South dfaw on thea domestic bills, for wi ch they
would receive tie notes OF the Bank, purchase the
produce and send lt to France and England then ss
their domestic bills came 10 maturity IN PhIlateIs
phia, 70 pay the Bank by sterling bills on the Hou-
ses IN England and France, % whom the produce
was sent. and by whom It w,ssoud. This vas the
Wholc operation, which lasted from the summer Of
1897 20 the ftIl OF 1888 IL was undertaken With.
ont the least idea Of any p,cunlary advantage and
the only understanding on that subject YVES a ne
verbal assurance FROM mc-thnt " after Replying
these advances the Bank there should be any e..
cess as the Bank could not by rs charter buy
this produce or Of course take any profits arising
from g. such excess should be given 10 those Who
encountered the trouble and responsibility. Nor
was there the slighiest desire 10 conceal b. On
tive contrary all the correspondence and entries
believe passed through the Bank-it was announced
over and over again IN publications known TO come
from the Bank-and it was particularly described
w Published letter OF mine to Mr. Adams, on the
i0h OF December, 1888, Of which the 70 lowing is
an eNuacts
"ln Ike manner the arrangement Of the currency
placed the staples Of the South entirely Al the mercy
Of the foreign purchaser who could have dictated
the terms OF sale 10 the Frustrated planter. Il was
thought proper To- avert that evil by EMPLOYING
large portion n the capital Of the Bank IN making
advances on Southern produce. THIS had Two ef-