The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-05-05
From the Ne,o York Bulletin.

has been recently published has ialleh IKE
a bombshell among the people. IL IS a
most able exposition Of most st"pen'
dous fraud-a'fi aud, the disgrace of whlcn
is illimitable; and the consequences OF
which will extend throughout the land ana
continue to operate even after "thls gene.
lion shall have passed away"
The Bank of ihe United States, for a
number of years. stood before the people
in the relation Of public debt-a govern
tent security-a permanent, solid fund;
where the widow and the orphan. the aged
and infrm, might safely invest their ali
and rely on an income that was beyond
contingency. As natural consequence
this class Of the community to the NUMBER
of thousands placed their sole means OF
living in the hands of the President ana
Directors of this Bank. When the ins'i.
tuition was re.chartered BY the State OF
Pennsylvania, (the name Of the old Bank
having been retained,) the stockholders
made no change of their property; for
they considered it to be better where II
vas than il could be by any change.
And now, what is the result Of their
uususpee,ing confidence! Simply this: they
are reduced to beggary. Their sole pro-
perty has deprecated from l2o to 20 dol
lars share-lhcy receive no income from
it-and they have no means Whatever VI
supporting themselves. Nor is This ALL
The credit Of our whole banking system
on which the weli.being of our country
must for years depend--is shaken: for
the people may well say, IL the United
States Bank has been ruined by fraud.
what bank can be safe! And they may
add, If Mr.. BiddIe-whosc character and
personal popularity, in 1887, were pre-
eminent among all the distinguished men
in the land-if he has proved himself dis
honest, who can be trusted!
We do not. by this latter query, mean
tn imply that Mr.. Biddle is alone respon.
sillc fur the infamous mIsmanagement of
the Bank-but he is chiefly responsible
nevertheless. His control over the affairs
Of the institution was nearly (if not quile)
absolute; he of course ordered or knew
all ,l,a, was done; he publicly stated when
he resigned the Presidencyin March. 1889.
that the Bank was in highly prosper
Gus condition''-yet, within fifteen months
from this declaration, the Bank was found
hopelessly broken. II is idle for hun l.
pretend that in fifteen months Bank with
S35 600, COO capital could fall from pros.
perily to ruin; even if the report oi the
Committee did nnt-as it docs-demon-
strute that The work of corruption COM
menced long before.
With the exception of 1880, 900 paid to
Mr.. Jaudon, for three year's services as
agent tor the Bank in London, the princi-
pal losses seem to have occurred by large
loans TO irresponsible individuals, without
adequate security, and without any record
Of the transactions on the books of the in'
s,i,ution! And we should like to know
huw far such loans differ from direct rob-
beryi The Iap discriminates between the
two cases, il is trur3 The more is the pity!
but what Is The difference, morally! We
can see none.
Mitchell-whom, in comparison with
these stupendous rogues, we may well
term the Observation-Disclosures some OF
his fellow men to an aggregate amount
Of $4,000 or $4,000; and he is GustIy, We
admit branded as a scouhdrel, pursued as
fugitive. and, If caught, will be punished
as swindler. But what is his crime in
comparison with that of The President and
Directors Of the United States Bank! In
its consequences, it is nothing in compare
sohi in its moral turpi.ude, it is nothing;
bu, in its legal eriminality it is everythingl
And this, in an enlightened community, is
called justice!
The grea,--the wholesale vlllain-sins
with impunity; bu, the mi nor rascal suf-
fers the. penalty Of tile law: Or in the
words Of King Lear,
Through tattered clothes small vices do appear;
Robes and fured gowns hide all! Plate sin with gold
And the strong lance of justice hurtless breaks;
Arm it in rags; pigmy straw doth pierce ii"
but his own letter in which he speks Of it
as the first lettet of d series explanatory
of his dealings with and for the Bank
We do not know how far the series is like
ly 10 extend, but we think it will take
great many such letters to clear his
skirts. this one is quite too strong: it
shows TOO much: it makes his case too
good. He says, among other things. that
the Bank claimed from him S32l 600, OF
which sum he did not owe it farlhing:
and, so far, the story is very good. But,
unfortunately, he proceeds to say that as