Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-04-19

from discredit--and stating that the Bank would
make up the difference IL there was any sacrifice on
the coat, and that the assurance should apply 10 tue
merchandise already sold as we'll as tina, 10 be sold,
puts an end, in my judgment. TO all doubt and diff
Guilty to the question OF the responsibility OF the
Bank. and Of your claim TO indemnify against the
sacrifice. The letter with its assurances is reiros-
pective we'll prospective, founded on the eq0it
able consideration and justice OF the case, that SIC
rhees made at the pressing solicitations Of MIR. Jau
don, as the Agent OF the Bank, TO relieve IT ought
to be borne Ivy it. l am, dear SIR, yours very re-
specially. JAMES KENT.
IL was then manifest to me that my property had
been sacrificed TO the necessities of the Bank
brought on by the conduct OF the Bank after leit
it-brought on by the efforts to break down the
Banks Of New York,-the real cause OF all the
disasters of the Bank Of the United S;a;es,-whieh
now called upon me TO repair the injuries its own
conduct had inflicted. To these persons denied
all risht to make any such call. | would not con-
that should be made 10 suffer from their mis-
management. At the same time, desired to avoid
all controversy especially with the Bank.
With these impressions put the whole matter
into the hands OF friend, second TO none in this
city for Intelligence and character, and requested
him to settle 1t in any manner which he might deem
just and proper.
He has authorized me 10 make the following state
ment:
al began by informing the Committee that you
believed your property had been sacrificed by the
Bank to NEE, its necessities, and that you would not
consent TO any loss growing out Of that transaction.
| had several interviews with the Committee-they
ended, by the gentlemen composing /, expressing a
wish that the matter in dispute should be amcaby
closed. To this answered that under all the cir
cumstonces you did not recognize their claim 10
anything, and that you woald pay u merely from
an unwilingness TO have n controversy with the
Bank. Among the securities mentioned on the &C.
casion were some sterling bonds OF Texas payable
in London, and as the Committee were strongly
impressed with the belief, in which MIR. Jaudon
-. a.. -
bonds would by the expected success OF the Tex
ian loan be forthwith paid IN London, and be equal
TO cash the e-they preferred the TO the other
securities, and they were accordin:l y given.
sin a subsequent interview, after discussing va
rouS kinds of securities the Committee asked whe-
Their you could not furnish the whole amount OF the
balance in the same Texan securities. This, after
consultation with you, was agreed TO, and tie
ransement concluded. The principal points
OF It were:
"lst- That it was maintained by you tina, the
Bank had no claim upon you.
''2d. That the payment was yielded to by you for
the sake OF peace.
"3d. That these particular securities were select
ed by the Committee themselves"
Accordingly the deficiency was provided for in
that way-lhe other parties seiled Tor their respcc.
tive shares, and thus the whole advance was
refunded by giving securities which may be more
or less easily convertible, hut which canrot fail
should thILk, to- replace the whole of the over adj
vance. As 10 the securitics--those of Texas-they
are At at this moment worth far more than the stock
Of the Bank ITSELF and 1t happens, OPPORTUNITY
enough, that have this very day heard from Eu.
rope of the of the Texan loan which secures
the payment Of these bonds, MIR Jaudon antici-
pated.
Now this payment of mine was wholly gratui-
tous. would not pay until bad ascertained and
asserted my rishs-and having done that yolun-
tarily yielded them. The Committee s aid that they
wished 1t settled amcably. Undoubtedly they did;
for they knew that unless chose pay, they could
never ieee VIC dollar. actually paid these S320OUU,
which ] was not under the slightest OIL gaiion TO
pay,-whch Chancellor Kent declared NEITHER Jaw
nor equity made 1t necessary TO pay,-and in doing
II, thought was giving a strong proof how far
ancient and kindly recollections OF the Bank pre-.
vailed over all selfish considerations. Perhaps |
should have been wiseT-certany | should have
bean rcher-had / abssned from a generosity
which has been ill requitcd.
Such is the history nj thIs cotton operation. IL
consisted merely in this-that the bank, accustomed
to buy bills OF exchange on private credit resolvei
for greater precaution, when p isaie credt " .
very unsafe to GUY only from a known party on
real shipments Of produce. This lasted about twelve
months, and when II is oyer, u being found ha, the
bank had advanced for these more than they
realized, IN consequence of the conduct of the Bank
itself, The parties interested refunded the money
Yet tn Transaction, simple, straightforward and
public, is perverted into a mysterious and ruinous
speculation.
Tomorrow will explain to you ano her matter,
and IN the meantime remain with great respect and
esteem, y. BlDDLE.