Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-04-30

"Resolred, That the Committee of Exchange be au-
thorzed 10 make loans the security of the stock OF
this Bank other approved security-and, if neces-
sary at lower rate than SIX but less than five per
cent. per annum.
Let US see then who are the persons composing
these Exchange Committees execute this resolution
They according 10 the appendix to this Report
/ In ls36-March 4. Messrs. Platt White, New
kirk. Oct Z. White, Lewis, Price.
In ls37-Jan. g. Messrs. Lewis, Price, Platt Ju-
lily H. Cope, Humphreys, Vanderkemp.
In ls:is-Jan. ). Plat, Cabot, VAIN Oct. o. VAIN
Lewis anderkemp.
In lS39-Jan. IL. vanderkcmp, Price, Cabot July
s. Cabot, Cope, VAIN.
In ls4O-Jan. :. Price, Lewis, Newkrk July 4
Price, Cabot, Handy. Oct. l3. VAIN, Handy, Cabot
n This then, the settled course of policy OF the
Bank until its future fate could be ascerained. No
one can deny that this the true for the
Bank. Now this, according 10 the Committee, is the
source of all the disasters of the insuon-and they
assign reasons the size of the loans made, and the
want of minutes by the Committee, which have al
ready answered, and finally it is declared that the bu
siness done by the Committee twas submitted TO
the examination of the Board at its regular meetings,
nor is any where entered the minutes, as having
been reported that body for their information or ap.
T probation
"The established course of business say they,
"seems 10 have been for the First Teller pay pre-
SenatlOn TO the counter, eli CueChS, notes or
having endorsed the order the initials of of the
Cashiers-and to place these vouchers in his draw
ers for so much cush-where they remained until just
before the regular periodical counting of the cash by
the standing Committee on the state of the Bank
These vouchers were taken out and entered Bills
receivable, in small memorandum book under the
charge of one of the clerks And then we led to
imagine that these irregular loans having got into
this guph of bills receivable, lay hidden from every
human eye.
al.
have persuaded the stockhoders-th this is what they
meant 10 insinuate without asserting it, But by of
those lucky accidents which sometimes defeat the
worst designs, this very committee have inadvertently
and unconsciously put forth a statement, which not
only fatty contradcts the whole of their report, but
convicis their Chairman, Mr. Lippncott of the gross
est negligence of connivance. As long the Com
mittee wished TO prove that the officers of the Bank
and the Exchange Committee guilty, it suited
their purposes represent these persons concealing
their proceedings. But having accomplished this,
there were still some Directors-some stockholders
probably of the Reading RaIlroad-who were TO be
punished and they therefore turned short round and
declare that these very proceedings constantly
before the Directors, who, they insnuac, are guilty
Of neglect in not examining and stopping them
Thanks TO this blind rage for more vengeance, they
thus reveal what completely all that they have
previously written, and never certainly, was seen at
the Quarter Sessions, any witness caught more
pleely in his trap. All this is in the follow
! ing extract from the report
"By the Thirteenth Standing Rule of the Bank, it
is provided that the Committee the state of the
Bank composed of five members, and elected by bal.
lot every three months, should 'at least during
their time Of service examine and count the discounted
notes. and compare the amount thereof with the ba-
lance Of the amount of bills discounted in the general
ledger; they shall also count the cash. and the printed
and the imprinted paper in possession of the cashier
examine the evidences Of the public debt and proper
ty of the corporations, make inventory Of the samr
to be compared with the books in order TO ascertain
their agreement and report TO the Board The custom
appears have been for this committee to confne their
examination exclusively TO the cash bills discounted on
personal and other security the issues, and the printed
and imprinted bank paper hand. The account how
ever Of the general state of the Bank, submitted 10
the Directors at every stated meeting, contained The
items of bills received on Bank stock and other
curity, which included well the bills receivable for
sale by branches the loans made in the manner
heretofore adverted and Foreign bills Of Exchange
under which head was contained the advances ship
ments of merchandise. Thus, on June 2sth, ISIS,
on which day examination reported BY the
Committee the Of the Bank, there stood to the
debit of Bills Receivable the Of Is, l0G,074 dol
lars cents, and Of Foreign Bills OF Exchange the
sum Of 1916 100 dollars, "a cents.
| This is truly astonishing. Here it appears by the
declaration Of this Committee ITSELF that at every stated
meeting Of The Directors for many years, all these
loans now deemed so secrct--all those advances on
Coton-eyery species of investment which is the sub
ject of reproach, submitted 10 the Directors
Every day did these Directors on the table before
them this statement of loans and advances and any
Director who wished for the particulars had only 10 ask
for it and the whole details would have been immediate
y brought into the Directors Room. Not merely might
every Director examine t-but there was Committee
whose special duty 1t was to examine IT, according 10
the Bye Laws every three months
Now who were these Committees OIL the state of the
Bank whose business it was to control the Exchange
Committee, They
I NoE Tro.
ter, Beyard October . Nef Troth, Beylard Newklrk,
Cope.
In l:37-January g. Newkrk, Lppncott, Bohlen,
Vanderkcmp Hickman. April a. Newkirk, Lppln
colt, Bohlen, Lewis, Hickman.
Ia le35-January D. L'Ppncott, Lewis bonien,
Brown, Connel October .. Cope, Nef, Cabot, Alsop,
| Hickman.
In ls39-January H. waln Hickman, Alsop,
White Newkrk July ). Alsop, Hickman, White
Newkrk, Ingersoll. Dec u. White, Newkirk, Cabot
Cope, Price.
In l540-Jan. :. Wuln Neii, Council, Handy, Cabot,
July Z Waln Taylor, Asop, Nef, Brown. Oct l3
Neff, Lewis, Martin, Eyre, Brown.
But more especially let US follow Mr. LiPpncott
We have just seen BY the above extract from the
report ofihe Committee that the 23th Of juno, ISIS
on which day examination was reported by the
Committee on the state Of the Bank, there stood To The
debit ofsBills Receivable, the Of S3 l06,07i 30
and Of "Forcgn Bills of Exchange, the sum oil 81,
l2IG,lUJ "a.
ton purchases before committee whose hounden duty
II was to examine them. Who was this Committee
What directors they so lost TO their duty as not
10 have examined these doings and exposed them
Who above all, was the Chairman of that Committee
the natural leader of that great REFORM Alas, for
human infrmty. In the appendix Of the Committee 3
report is list of all the Committees for the several
years, from which appears that the 18th Of June
this yglant committee on the state Of the Bank stands
recorded and at their head is JOSHUA LlPPlNCOII,
| Chairman,
Lawrence Lewis,
John Bohlen,
John A. Brown,
John Council.
| And now when this Mr. Lippncott goes before lhe
stockholders TO complain Of abuses, let HIM be asked
hy some independent what he did on that occasion
Say TO him did you examine these statements: 1t you
say no-then you betrayed your duty-lhen you were
faithess TO If yes-tllen why did you not stop
these proceedings, which now, nearly three years al
terwards you TO to denounce. You are I'M
just to in either way and fear that all this pre-
lppp