The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-04-17

merchandise consigned by you 10 them, and II this
sale should be attended by any sacrifice on It's COST we
will make up the difference, and that the differ
ioiA be made upon hat they hare already sold
Having other method Of paying debt Of SO sacred
character we must submit TO any merely Pecuniary
loss il must occasion.
+, DUNLAP, President
Here then the positive evidence-frst that this
loss incurred by sacrifices for the benefit Of the
Bank, and second, that the loss was recognized and
assumed by the Bank.
Fearful that my own judgment might misIead me,
determined to consult some eminent gentleman out OF
Philadelphia who would look at the matter with can
dor and mpartiality, and therefore submitted the
whole case to Chancellor Kent. That genteman's
New YoRK, Sept. II, 1910.
Nicholas Blddle, Esq
Dear Sir-I have carefully perused the papers you
yesterday containing the draft Of your letter
to the President and Directors OF the Bank OF the
United States and copy Of Mr.. Dunlaps letter 10
Messrs Bevan and Humphreys, OF the 9th OF Feb.
1910.
am Of opinion and most decidedly, that you are
well founded in law and equity in your claim TO nave
deducted from the account the difference between the
cost of the cotton sold at Liverpool by Messrs Hum
phreys & Bhidle to repay their advances to Mr.
Jaudon and the proceeds Of the sales The letter OF
Mr. Dunlap as President of the Bank directing the
sale at all events and any sacrifice to Mr. Jau-
don and exempt the Bank from discredit-and stating
that the Bank would make up the difference If there
any sacrifice the cost and that the assurance
should apply to the merchandise already sold as well
as that to be sold puts an end in my judgment to all
doubt and difficulty the question of the RESPONSE
bty Of the Bank, and of your claim to indemnity a.
gainst the sacrifice The letter with its assurances is
retrospective well prospective founded on the
equitable consideration and justice case that sac
l~.E IL H. cofM lar
don, as the Agent the Bank to relieve IT, ought to
be borne by it. am dear sir,
Yours very respectfully,
JAMES KENT.
II was then manifest to me that my property had
been sacrificed to the necessities of the Bankbrough
by The conduct of the Bank after left itbreught
| on by the efforts TO break down the Banks Of New
Yorkthe real cause Of all the disasters of the Bank of
pair the injuries its own conduct had inflicted To
these persons denied all rghtto make any such call
would not consent that should be made to suffer
from their mismanagement. At the same time, de-
sired 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
itin any which he might deem just and proper
He has authorized me to make the following state
| ment gss
al began by informing the Committee that you be-
ieyed your property had been sacrificed by the Bank
to meet 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 it expressing wish that
the matter in dispute should be amicably closed 10
this answered that under all the circumstances you
did recognize the claim to anything and that you
would pay it merely from an unwillingness to have
controversy with the Bank. Among the securities
mentioned on the occasion were some sterling bonds
! of Texas payable in London, and as the Committee
were strongly impressed with the belief in which Mr.
Jaudon then recently from London concuned, that
nff
loan be forthwith paid in London and be equal to
cash therethey preferred these to the other secur-
ties, and they were accordingly given,
s In subsequent interview, after discussing vari-
GUS kinds of securities, the Committee asked whether
you could furnish the whole amount ofthe balance
in the Texan securities. This, after consuta-
| ton with you, was agreed to, and the arrangement
was SO concluded. The principal points of It were,
'lst Thatit was maintained by you that 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 selected
| by the Committee themselves"
Accordingly the deficiency provided fol in that
way-the other parties settled for their respective
shares and thus the whole over advance was refund
ed by giving securities which may be less easily
convertible, but which cannot fail should think, to
replace the whole Of the over advance. As the
curities-those of Texas-they are at this moment
orth far than tho stock ofthe Bank ITSELF and
it happens, OPPORTUNITY enough that have this very
day heard from Europe of the success Of the Texan
loan which secures the payment Of these bonds az Mr.
Now this payment Of mine was wholly gratuitous.
would not pay until had ascertained and asserted
my rights having done that voluntarily yield
settled amicably Undoubtedly they dd-for they knew
that unless Ichose pay they could never receive
dollar actually paid these 3oO 600 dollars, which
was not under the least obligation to pay,-which
Chancellor Kent declared neither law equity made
tnpca tn nav ind wa
giving strong proof how far ancient and kindly re-
collections ofthe Bank prevailed over all selfish consd
erations. Perhaps should have been wiser-certain-
ly should have been rcher-had abstained FIR ON a
4 generosity which has been so i'll requited.
i Such is the history of this cotton operation. It
consisted merely in thsthat the bank accustomed to
buy bills of exchange on private credit, resolved for
greater precauion when private credit was very unsafe
produce. This lasted about twelve months, and when
is over being found that the bank had advanced
for these cottons than they realized in conse-
quenceof the conduct of the Bank ITSELF the parties
interested refunded the money Yet this transaction
simple, straightforward and public, is perverted into
4 mysterious and ruinons speculation.
Il Tomorrow will explain to you another matter
and in the meantime remain with great respect and
TEEN. N. BlDDLE.
i The following preamble and resolutions were
unanimously passed on Wednesday morning BY
= the Annual Conference of the Maryland District
Of the Methodist Protestant Church, now con-
vened In Philadelphia. Independent of all party
considerations, as such tribute must be. it is an
additional instance of the deep regret that the
demise Of the late President has universally occa-
stoned !:
i Whereas it has pleased our God and Father, the
Sovereign FALL to from this life and from the
exalted station which he had recently been called
to occupy, Gen. WILLIAM HENRY HARRISON, late
/ President of the United States and whereas this
event is of profound affection to the nation at
large and especially to the family Of the deceased