Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-05-04
MONEY MARKET


Mr. Bddle has written q third letter on the subject
of the report Of the Investigating Committee of the at
fairs OF the U. S. Bank 1t is document, however, moi
calculated TO awaken much interest in the mind OF the
stockholders appears TO have other object II
view that Of endeavorng TO divert the public OPT
MON from lis authors, (who since the report o.
this Committee, has been denounced by his hilh
erto warmest supportersO by pointing out lmpro
per and inconsistent acts on the part Of certain IN
dvidual members Of this investigating Committee -
the third letter of the ex-Presdent is not quite Sc
plausible as the preceding one, and he IS anxious
to beat retreat behind charge against Messrs
Lippncott and Eyre, that they have sacrificed the
Bank to their interest in the SchuyikLl VA
vgation Company truly, most lame and Impo-
tent conclusion Why did not MIR. Bldde at the same
time he had the magnanmity, llbcrallty and a0aay 10
pay the Bank Hiftng amount Of rising So0oo0o,
which he did not feel certain it was entitled TO- en-
tighten the unfortunate stockholders about this Scuy-
kill Navigation affair Why does he leave it until the
period arrives for rccriminaon between himself and
the officers of the Bank, to disclose matters on which
the stockholders had right long since to be informed:
Mr.. Biddle may make Of what means he peases 10
excupate himself from censure, in regard 10 the sacri
flee Of the capital Of The Bank hut he must make use Of
sounder arguments than lie has yet advanced to satisfy
the stockholders and the public that all the difficulty with
regard the institution has been created since ne
ed its direction Nothing be ridiculous than
Mr.. Bidde undertaking, ut this time, to throw the blame
Of the management of the Bank Messrs LIPPincott
interest in the Schuylkill Navigation Company, OF
which they held large proportion of the STOCK, 'hey
sacrificed the capital OF the u S. Bank, amounting to 80
millions, of which they held some or 10 shares only
Does MIR. BiddIe charge that because these gentlemen
held but few shares of the stock they were improper
persons 10 act Directors members OF the lannon's
Exchange Committed Does he calculate to blind the
community by such shallow articles ,hese He knew
as well, and better than any one esc the small num-
Der of shares held by these Directors, but having Inc
u Al L l.
home, he placed them there to represent has interest
and not theirs Pray, what number Of shares did Mr.
Biddle hold Probably not TO exceed FIVE or ten. IL
was the duty of the ex-Presdent who by his proxies
elected the Directors he wanted, and who vaunted OF
his skill in financial matters, and who says, even now
he had prepared plan 10 resuscate the institution, 10
have prevented the large loans, and to have called IN
such had been made before financial crisis render
ed impracticable. The blunders Of Messrs LlpPnco
d Eyre do not excuse his own; besides they acknow.
ledge and condemn their Was it proper Tor Mr.
Bidde to permit the officers to borrow such enormous
sums of money even if the Directors were interested in
making them'
fit the desire of the Schuylkll Nav gallon Com
pany TO destroy thiryfve millions capital he should
have left sufficient strength in the Bank direction 10
illustrate their plans 1t likely, however, that the
banks of England and France jointly conspra-
tors with the Schuylkill Company 10 consummate the
ruin Of the bank; they doubt persuaded Messrs Jau-
don, Biddle and others to borrow such large az
efectuay answered their ends TO break down The
ster and besides what institution could stand agains.
the gigantic power Of the tremendous Schuykll Ma
vigation Company. Mr.. Biddle forgets that the now
styled rifle plan Of issuing post notes originated with
him. and pursnedby his successors; they had, how.
ever, no business to do what he had done in oil
great extremity His dilemma excused their issue, but
however great the need of his successors wrong
in them to do it! Large sums were lent by him 10 the
rotten Mississippi banks to help particular friends
largely interested in the fancy stocks of Mississippi,
and although he did succeed, yet his course
mertorous one it helped to carry out the general
resumption.
Such now the arguments OF the great 6nancier,
but question very much whether they will find ia
with the unfortunate stock holders; and although
Mr. Biddle may write 30 letters TO Mr.. Clayton it is
doubtful if either he the public will be convinced
that all the difficulty that has occurred originated from
causes beyond his control.
The old advocates Of National Bank, we perceive,
again brisky at work, preparing to petition Con-
gress to grant charter under the frivolous plea that
the currency is deranged, and that some great re-
gulator is requisite for the purposes of trade We
have ever been of opinion, which the events in the
years have measureaby strengthened that Exchanges
will always regulate themselves, according to the ba.
lance of trade, and require artificial aid of man.
moth bank 10 govern their natural course. Articles
will always produce their value-so if New York
funds be in demand in Philadelphia, by of ba-
lance Of trade, they should and will command pre-
MUM according TO the extent Of such demand. There
can be no question either, but that ubTreasury can