Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-09-21
The .nonsfu at lis iost Gasp !!

L. s G.x1 Ass.cymr>r-We stated that the IT,
States Bank had made assignment 81 lis assets, for
Ire benefit Of lis creditors generally. We find IN the
Philadelphia u. :. Gazette llie following article, ex
p;anaiory nf the particulars connected with tins final
step in the existence If the Institution:
"On Saturday, INC Directors Of the Bank Of The L.
States made assignment Of most Of the valuable
of ,ha; Institution he following named gentle
men: James Robertson, President; J. 5. Nrwbold,
Director; Richard l}ayart, of Delaware: Thomas )
Taylor, CASHIER; Herman Cope, Assistant Cashier.
The preferences, If they can be so denomlna'ed are
one two small demands next those individuals are
10 be secured who have made themselves responsible
for any liabilities o.. the Bank, particularly those who
havr entered security on Judgments recently obtained
against The Bank its NOTES, amounting, think, 10
nearly two hundred thousand dollars. The proceeds
of the remaining portion of the to be appro
pra,ed for the bencf, Of the general creditors, the note
holders, dcpostors, &c.
Willi reference t. tins assignment, may remark
that il is called "a partial assignment, not general, be-
general assignment would not he valid without
the ass'gnees entering security for twice the nominal
amount assigned, and no sci OF men IL tins or any
other city of the Union could fad such security; or
any rate, would accept trust Of such little
profit upon such an onerous condition. The ass ign
is, therefore, partia and is authorised BY act
of Assembly granting the Bank power 10 make par
al assignments without asking security from the as
s,gnecs. Without KNOWING. presume III" schedule
of property assigned nearly al the valuable
property Of tie Bank not included in the two former
sigmnicns, the for the hcnc Of the city banks,
and the other for the benefit OF the MOTEL holders.
One condition Of this assignment, - well worthy Of
remark, VIZ the ass:gnees may receive notes OF the
United States Bank for any bills receivable, notes
bonds due and they have besides, power granted 10
sell any Of the assets, taking in payment therefor
notes of the United States Bank.
1t is thought By some, that notes Of the Bank will
now liz Of value, as they are likely 10 be called
for either 10 pay liabilities 10 purchase assets and
We would take say, that 1t probable that
the want of some provision OF the kind IN former
assgnme for the exclusive benefit of the note hold
ers has led TO the fument Of the general expcc-
tatiun that The assignment would tend 10 keep the
notes nearly at par. Though in that partial assign
ur the benefit of the note holders the assignees
are allowed to receive notes of the Bank for The pay
mcnt of bills and accounts becoming due, yet such
provision has proved unarailng nasmuch as It pro-
habe that the best of that class of assets assigned
FOR the benefit of the city banks and another class Of
securities given 10 the assgnees who act for the
note holders whi'c they were not allowed TO sell those
assets for any thing but par money, at any rate, rot
Tor L. States Bank notes. That assignment, therefore,
without any fault the assgnees, fans Of one great OBJ
lect proposed.
we may here remark that this assignment does not
interfere with or supercede the other two special
sianmenis To which we haze referred
The course now adopted by the Board Of Directors
has been rendered necessary by the great number Of
suits instituted against The Bank, some Of which
Judgment had been rendered and security given, while
Others were rapidly maturing for Judgment, and the
numbers constantly increasing. THESE suits ab
sorbing the funds of the Bank It may, therefore, be
fairly inferred that the Directors nave consulted and
protected the interests Of both note holders and stock
holders as well they could under existing circum
stances.
We learn that in the whole of the business connect
ed with tins assignment the utmost harmony and entire
unanim,y prevailed al the Board Of Directors, the old
and members heartily concurring in the general
plan and in its details.
With reference 10 the assgnees, may add for those
Of readers who do not reside in THIS neigborhood
that their character and standing such insure
confidence in whatever they undertake
Of course the Board Of Directors continue to meet
though the banking business necessarily closes.
The assignee allows 10 Messrs Robertson, Bavard
and Newbod fifteen hundred dollars year each for
their services and 10 Messrs. Taylor and Cope four
thousand dollars year each. This is rather n dmi-
mutton than increase Of expenses, inasmuc! Mr..
Robertson renqulshes his salary Of five thousand dol
lars year President, and Mcssrs Taylor and Cope
have received as Cashier and Assistant Cashier the
same salary which is gwen to them. The ar
rangement will, of course the dismissal of most
Of the clerks hitherto employed in the institution Mr.
Robertson continues 10 act President while he dis
charges the duty of trustee