Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-05-25
100000
100000
April l6, "
May 90, "
SSU0,OO0

Marc Than one half the sum then was actually drawn
before MIR. Bddle left the Bank; and whether he re
ccved it on those days or not II is certainly curious
coincidence. that upon the 18th Of March, 1889, the
d,,s If the first of these drafts he paid his debt to
the Bank, as heretofore meh'ohea, Oh $'o'ooo' VII"
interest.
. Another circumstance to be mentioned relates TO
the letter signed at. Dunlap, President, to Messrs
Beyan and Humphreys ofFebruary 20, le4o, IN when
he directs them to direct Messrs Humphreys and bd
disc consigned TO them and "f this sale should DC at
tended by any sacrifice on lis cost undertaking ina
The Bank would make up the difference, and ',hat the
same difference would be made up on what lhey hao
already sold" II is TO be observed that 'hs let'e'
never received the appreciation OF the Board Of D'rec
tors and was without their knowledge. The Commit
tee have also good TO believe that u was dra
ed by MIR. Bidde himself, urged by him upon Mr.
Dunlap and signed by The latter gentleman with grea
reluctance-an error, for such IL undoubtedly was
which he afterwards redeemed, as Tar as II was posi-
BILE by insisting, in the final settlement upon the la
by of the parties to refund the loss, and by making
the best arrangements in his power to repay his own
share, principal and interest.
4 The Permanent Expense Account
Before proceeding to remark upon those portions OF
Mr. Bddles letters which relate TO this account, we
may be permitted to state far as were able 10 as
certain it. the history fhe entry of 100000 to closes
chargeabe to contingent fund for Parent Bank Notes
10 be found this Appendix to the Report p 81 and
mentioned also at % as not having been satisiactor
" explained.
1t appears that the twenty ninth of February
1886 the amount of sundries in the FIRST Teller ;
drawer was ST. 4565Il 40. Of this sum S5OU,l0O
were the receipts of the President for moneys paid
him on the Cashiers orders. This amount OF suncrles
on the following day, March 4, ls:6, stood at only
ri OI9 905 ~. The receipts in question had been
taken out and cannot now be found About the same
time quantity Of Bank notes was burned under the
sunervison of n Committee of the Board, aud among
them len post notes os $4,000 each, which had been
entered on the Post Note Register but marked in the
margin MT issued. The report OF the burning maze
out as usual by the oficers signed by the Chair
man of the Committee, and presented 10 The Boaru.
This report included the amount OF the Post Notes
destroyed under the general head OF Parent Notes
An entry of il accordingly made on the journal OF
that day. aud the whole amount destroyed ana carried
TO the credit of the of the Parent Bank ISSUES
in the general ledger. Some time about June, le.io,
The clerk who kent that account found to his surprise,
that the balance the wrong side, by winch y
med that more Parent Bank Notes of the particular
denomination had been destroyed than had ever been
issued and having satisfied himself that there was no
mistake in the calculation, reported the TACT II De-
came necessary to balance this false entry by cores
pondng entry upon the other SIDE which was accord
inaly done upon tlls eth Of June, leio, aud the
amount as we see carried 10 the account OF losses
chargeaLe to the contingent fund.
Thus them to the amount Of SGlS,1iD 10, disbursed
recharer is to be added this Of SiOU,00O expend
ed OH or about that very period making in all the sum
of 81 ,0ls $40 10
In regard to these expenditures the objects Of which
they did not find stated on the books, the Committee
addressed the President Of the Bank for information
His answer was in substance, that TO those amounts
which had been expended before the period OF his Pre-
sdency he could not furnish the Committee with any
information; that as 10 S99,2oO, charged IN March
and April Is4O, il had been discussed under the d.
4 a,v,toI nfIlr1
resolution of March Sd, $40 Similar letters were
then addressed TO Mr. BldGle ana Mr.. uowpcrth.
waite From Mr.. Bidde answer WIS received
Mr. Cowpethwae, it has been stated, called on the
Chairman of the Committee, and informed hm that he
had been at the Bank where TO the vouchers had
small niece of paper, and requested Mr.. Cowperhwae
10 add any thing further he wished upon which he |
he wrote ne was willing to communicate any Intor-
nation he was possessed Of his was not s9neu ny
him. nor addressed TO The Committee. The only VA
rance between this statement ana that OF Mr. Cow
pcrthwate IT, that he says that he stated to Mr.. Lip
uincott what chs recollection was respecting the
vouchers that he (a!r. Lppncotp requested 1t might
be put down in writing, and short memorandum
was accordingly made" Yet MIR. Cowper thw waite
10 knew-what il was which lie did recollect about
these vouchers.
The simple question was, and still is-For what pur
poses were these sums expended An answer to this
question has not yet been gwen from any quarter e.
her 10 the Committee to the Stockholders the pub
lie. Were they legitimate and proper purposes? II
50, why not disclose them
is il at all credible that after the lapse of so short
period, the officers in question "tind it difficult TO re-
call what were the objects Of these large disburse
nens; II is enough for MIR. Bidde again TO entrcnch
himself behind the formal report Of a Dividend Com
ni,tee which after all simply Slutes the fact that there
was charged TO bonus and permanent expenses, an
mount Of S3,5I0,G9 90, in which included part
Of these sums Yet this IS really the only authority
or the assertion that "wth regard to those disburse
nenls, made during 'his administrations the whole Of
hem were duly examined, reported upon by Com.
mi,re and confirmed by the Board before The left the
Bank. Even supposng il 90, that fact certainly
lunht not 10 preclude the Stockholders from such in
formation as was requested. Blu, the fact is, that not
nnly that report according 10 the statement of the
Chairman Of that Committee, made without any ex-
animation of the vouchers Of the permanent expense
account but the sum Of S65, 323 % paid out, while
Mr. Bidde was President, not charged until sub
MIR Bidde complains that the expenditures of this
kind made during his administration were not dscrl-
minated from those If his The importance
If this his character the object of the Report did
not occur 10 the Committee, but is here stated he
appears 10 desire:
The amour, charged as expended prior
TO March -, 1889, is S339,2I 10
To this must be added this sum, WHICH,
dates, had all been expended prior 10
March %, 1880 Gs,323 e5
And this further sum, being money paid
the President, on cashiers vouchers,
which al first charged to Parent
Bank note account, 100000 90
Ss27 SOD So
So that during Mr.. Bidde's admlnistra-
ton, from March, 1886, 10 April, 1880,
period of three years and one month,
there expended for purposes not
yet explained the sum Of Sc27, 363 80 |
Leaving for the nineteen months which
succeeded, 19l,os5 so
Sl,Ola,6IO Is
Before concluding, the Committee desire tn be in
iulged in other short explanation 1t is in rela
lion to the fact stated l6 Of the Report, that there
had been taken in settlement fdebt from Mcssrs Be-
van d. Humphreys, MR. Joseph Cabot, one oftha firm,
being that time director Of the Bank) $50 shares
IF L. S Bank stock in 1855 VIZ the % Of August,
30 shares l2, the Bank selling the day
$500 less brokerage the 22d of August 500 shares
and on tho J5d If AUGUST 400 shares at Z l2) the |