Baton-Rouge gazette. [volume] (Baton-Rouge, La.) 1819-1856, 1841-05-15
9:260,50O

o. course, the committee canrot say, that
the Exchange Committee did or did not
authorize or sanction this settlement. The
paper which constitutes the only evidence
OF il, and which the committee have sae,,,
exhibits no sign Of such authority. or ap-
probation, other than tho initials OF Mr.
Andrews himself.
Of the ri.siano-of the large debt Of MIR.
Andrews Of 3i63,i04 80, which includes
his one third proportion OF the foregoing
sum Of Sz69,5oo, all except S32,31l 55,
was settled by tn transfer OF Stocks AMI
Loans
The Committee stale, that the amount
Of stocks received by the Bank in pay
ment of debts and adya,c exceeds
.M;irly-oae millions Of dotlors.
1t appears by this report, that the pur-
caasos Of cotton paid for with the funds
Of the Bank, Were private speculalions for
the benefit Of S,icfolas Biddle and others.
The amount Of the shipments in July
1887, was 81, 1e2,99s %. Tae comnit-
tee could rot asceri ain the amount Of pro-
fit and loss, OF all the parties Interested.
The seconi Of these transactions took
place in toe fall OF 1897, about the time
M r.aJaudon was appointed agent in Eng
land. About the same time a holse was
established in Liverpool b. May Humph-
rey's, Il Drecar ef Ms Bank, and Il son of
Nicholas Bmde, the President, through
which most OF this business, wag t-arsact-
cd. The house OF ,Beyan & Humphreys,
in Philadelphia, was also connected with
it. During the years 1897, '3s, and '39,
the ira nsacslons ct this concern amounted
to $3.50. 400 80, advanced by the Bank,
resulting, the committee sspp4sc, in a pro-
fit Of about 100000; but they know not
among whom it was distributed.
Upon the third aad last of these cotton
sPcculations, amounting to $3,4o1,oi2 SO,
there was a loss of soG2,524 13. OF this
loss tie sum Of 33l0,071 80 was thrown
upon the Bank by an allowance for dis
count on southern funds used in the pur-
chase OF the cotton, ar.d $2I,06I Sc mora
by a commission to Mcssrs. Humphreys
and Biddle, leaving to be- settled by the
parties 1851 800 81.
One half Of this, amounting with in
tercst to S321,22o %, was settled, BY
Nicholas Biddle in December, 1910, by a
transfer Of TeEiaa bonds, upon delivery OF
which to The Bank, he received a full dis
charge,' We pressure those bonds were
not al that time saIeahie at any price.
One fourth Of this loss was settled by
Mr. Cowperthwaife, late cashier, by 4
transfer eff lis share IN certtai. lands If
Dauphin county, in C%ataraugus county,
! New York, in Lyeomirg county, Vision
san, and Michigan, all ut cost II shares
Of stock Boston and Illinois Land
Compan shares in the Commercial
aud RaifroaH Bank Of yicksburg, 50 in
Planters Bank Of Mississippi, 100 in
West Feliciaua Bank, 800 in Germantown
and Norristown Railroad Company, 100
in Camden and Woodbury. Railroad Com
.pany. and a loan OF Camden and Wood.
bury Railroad Co., of 10000 dollars, ali
at par; and a cash payment of about TO-.
0Jo dolls. Though a large portion of this
property was nearly or totally worthless, ii
vas taken at full price, and Mr.. Cow.
perthwaite released from his portion OF
this debt.
The third partner was represented b.
Mr. $. Y. S. Wilder. Of N. York, but was in
fact, Thomas Dunlap, late President of the
Bank! To enable him to pay his portion
of the loss, the United States Bank In
New York lent Wilder sI12 900, an the
security Of certain real estate and e'aime
on individuals, and received $40. 30 g.
in cash.
It hence appears, that the par rs IL
the gigantic cotton spectlatioEa svere
Nicha4xs Biddie csd Thomas e. perth
uahe, President ard CGsassser of the !. u.d O
the United st1tes, ard Danlap uho $aeceed
ed Blade. 1t further appears, tia. whls
they were successful, The Baak col no par
Of tie prgH; but when unsuccessful, j
lad 10 bear d large portion Of the loss.
The committee proceed as follows, VIZ .
"Not only in regard to leans and settle
menss, but In relation to the purchase III,
sale Of stocks, the establishment of agen
cles, and other important measures of gen
eral policy, the Board Of Directors wer,
ret regularly consulted. OF this III,
committee must be permitted to prasan
some instances as illustrative. In SEP
TENDER, 1886, the Bank purchased ii
Marchantss Bank Of Saw 0rlaans ef tn