Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-05-08

MIR Bayard said that, as far as ii went, what hac
oeen done, was IN conformity with the tesou ion.-
| We should consider the motive, too. The Bank,
had taken Post Notes to the extent OF $4,000. 600
and had they no, done so, specie payments could
not have been resumed. The COMMITTEE found
that the laws of the State prevented the perform
anee OF part OF the resolution-for what Trustees
would give security for $i0 COO U00l That was tn,
| amount OF bonds necessary. They had applied tC
the legislature, and in the meanwhile had carried
| INTO effect such part OF the resolution rs was in
| their power.
MIR Perit said that with the consent OF creditors,
the security was hot difficulty.
Mr lngraham said that, in such cases, the credi-
tors themselves we're the security.
MIR B,yard resumed, and said that such was the
case in this instance; but the assets remained in
| the hands the United States Bank, being merely
pledged Tor the ultimate payment of the Post Notes,
with an understanding that the end Of the time,
the banks would not press, but wait a reasonable
period. When the spirit and motive of the act
were remembered, he hoped and thought that the
Meeting would not dlsapprove Of the course that
had been adopted.
Moved by MIR watts-tbat in the opinion of
stockholders, such an assignment not in the
spirit Of the resolution Of the Stockholders and was
not, therefore, approved by them.
Seconded by Mr. lnsraham-who doubted
whether mortgages would pass under such an as
Segment.
MIR PERT thought i, would not be right to secure
:he Banks OF Philadelphia, by giving them a pre-
terence over other creditors abroad, who had made
loans IN full confidence Of the honor of parties here.
lie thought such a rs great act Of inius-
tce as could be committed; thus TO exclude his
constituents Tor 81 900 000 Il was not only unjust
but impoluic.
Mr. Watts took the same view and observed that
he had no confidence in the validity of the assign
ment, and quoted laws from act of Elizabeth
downwards, IN support OF his view, observing that
both IN England and the United States, the Courts
bad put the impress of disapprobaIon the statute
OF Eiz lbeih as TO general assignments-but in sps-
eili assignments, more particularly so.
Mr.. lngraham thought the assignment had not the
slightest vitality or legality. He would not agree
TO any assignment not hrst sent to Europe for APP
Provdl by the large and numerous holders there.
Mr.. LIppincott sud that the Committee thought
such an assignment absolutely necessary 10 secure
the property OF the institution, which spread
all over the country. They feared attachments
The gentlemen appointed by the Banks did not
select what they chose, but what the committee
pleased TO give them and they gave them hat they
thought most IN danger. They had the opinions OF
two eminent lawyers. He did know that they
had gone against the resolution wilh regard to Post
Noies-they had, at any rate, complied it'll por-
ton Of IL.
Mr.. Insraham said that the assignment would
not secure the property against action under the laws
of other States.
MIR. Lippincou said III at in relation TO the for
eIsn loan spoken Of, 1t was not due these 1--WE
years.
MIR. lngraham observed that the time made no
difference 10 the justice Of the case.
Mr.. L,ppincolt said they had done the best they
| could, under the circumst,nces.
Mr.. lngraham-"Ab! that is quite another mat
| ter"
Mr.. Ayrcs, Of Harrisburg said that sui,sywere
continual against that Institution. What was to I've
done TO save the property Of the Bank-to the
building they were in7 What, TO stay the torrent
The Directors had done the best they could to save
the property for general purposes-and he was sat
ishsd they did it with no view of preferrns.
MIR. kinsey Of New Jersey, considered the Com
nittee hnd acted 10 violation OF The resolution. In
the State OF New jersey, a partial assignment was
absolutely void Had The other Banks been asked
to receive hottest The very motive of the last meet.
ing, was to restore confidence in the circulation.
Mr.. Baynrd observed that, as to the claim of TO-
reign creditors, named by MIR. PERT, If IL were in
cluded, II would be like an insolvent institution g
wing preference To certain creditors-whereas the
Bank was by no means InsovenL On the contrary
he believed that there would be Si 600 900 surplus
and % the times improved, that surplus would IN
crease. The measrre was within the power of the
Directors, and highly eSpedient. The Board of
Directors was special body, which were vested
the powers OF the Corporation. In virtue of their
sfhce, hey had the power--the greater power in.
cuded the lesser. "CujHs est dare jsS dsponsTe
They might give transfer. They had given
large sum 10 relieve the sufferers by FIRE al Charles
ton. The resolution did not llke away the power
OF the Directors. Ii merely Shove the wishes of
the meeting. When they came TO act upon it. they
found it was not all in their power--they, there
lore, did what they could, under the power vested IN
them by law. And they would set aside additional
funds for the circulation, &c. Had it not been done
me other banks would have turned round and saed
the u. S. Bank.
A gentleman here said-they could not well. as
the Post y otes we,e not due.
Mr.. Blyard said that 1t y-as understood, when
they - given, that in the event of the resump-
ton not succeeding, the Post Notes should n. re-
celved back and the Banks have their old notes re-
turned Would not that have proven i serious
blow TO the Institution and stockholders; and was
not the course adopted necessary one
Mr.. Duane said that the remarks made by the
gentleman, were an appeal TO The feelings rather tina
the judgment. The speech called on the meeting
to negative their own resolution. The meeting
should remember, that it was not for PhiladeIphia
alone, but for al! who were interested, that they
were acting.
Mr.. Kinsey followed on the same side; obssry
ing that with regard TO Charleston he thought the
committee had no authority-but as they had acted
from humahiiy-it had been acquissced IN.
The resolution was put TO The vote, and negiliv-
ed
Mr.. Lippincott requested permission to reply 10
some OF the articles that had appeared 10 the news.
papers, which was granted. He then handed le,
ter to MIR. Chandler, VIII eh that gentleman read
The letter stated IN effect, that MIR BiFdie nod
assailed the writer with desperate violence, proba.
BY with view Of dIyeTnng the public mind from
himself. he (Mr. L. had determined not to notice
y, until Mr.. BIdde had cred the letter sent 10
nm, requiring information IL was due to self.re
NfNNNf ~ ''NS W. itp'y NS MN; uhl ne lett called
upon to make few remarks on the subject to his
oonsttuents--to that meeting.
THE letter 10 Mr. Biddle from the Committee Of
Investigation was then read, requiring information
as TO large amounts, respecting which the committee
were not inlormedI
Mr.. l. stated in his letter, alludng 10 portions Of
Mr. Bidce's correspondence, that he had severn
accommodation notes discounted some years back
when Mr.. Il. was President, ample collateral 81.
curty. In one or two instances, he (Mr. l. J had
neglected to renew on the day they BECAME due
but hndng them duly entered on the book had "a.
ken them up on the following day. All his (Mr
L's) linbiii!ieS 70 the nix, had been long since
paid of m money. Mr.. l.. denied that the Schuyl
XII Navigation Company had conspircd a gainst the
Bank. The assertions made on that head by Mr.
Biddle, were entirely untrue; and he meant his de.
nsl Of them to be positive, unequvocal and entire
OF the six gentlemen named as the Committee of
Investigation, several had no SchuyIkIlI share,
whatever. II there bad been any inconsistency IN
the woes gives by the writer IN 1888 il was Of a
time Of extreme pOtcbt excitement, end 10 SUD
port Mr. Biddle's administration. Mr.. B. could not
have had spark Of honor in nuding to that cir.
cumstance. IL was like culpfit turning States
evidence u save himself from punishment As 10
Mr.. Biddlc's account Of the transact ons and the
Information offered by Mr.. Cowperthwaie, explain.
ing hem-it was true that Mr.. Cowpertbys ate
called on the writer, and left written pa per- with
out signature, stating that he would give MI the
Information he was possessed Of. He Mr.. CT did
not stay ten minutes. This the committee cons.
deSed no information at oil. IN reply to their applc,
ton, and so treated IL.
Mr. l. nuswereI otber u,i,ts ~ ~ p.I4f-,--