New-York tribune. [volume] (New-York [N.Y.]) 1841-1842, 1841-04-27
VOL. Il. NO. rs.

MR B.nDIE's LETTERS-The Fourth letter of Mr. Bid
die on the States Bank mainly an exposition Of the mis-
representations of his private account with the Bank made
BY the Investigating Committee He examines each item
OF the stated by the Comn,ee he saws that in
The Is place they represent him borrowing money while
President when he only indebted for Reading Railroad
stock purchased after he resigned the Presidency The
second item is charge OF 100000 which they describe as
originally debt the Bank guaranteed by Mr. n Bidde
and assumed by him. He says reply that when the
Committee r,udc this they had before them his
payable in January aert. th ample collateral
security forming good and safe debt any in the Bank,
and which, will be certainly paid maturity He then
plains how the into his hands ALL saying that it
arose from his earnest desire to have the Railroad Phil
adcphia Baltimore completed The third item in this
account; SAYS Mr. Bddc, is balance of loans from bills
receivable s29500. This is designed convey the impress
sion that having borrowed this money, for lis security had
left decd for land when had would
vev to the Bank Now this Committee had before them
letter from the late Cashier declaring that he had author
y Whatever borrow this money for they knew that
the this charged me was
the existence of hi. oanncver authorised tand
knew of this deed and that The then in
of negotiation with The Bank
Mr. Bdde then proceeds contradict the assertion of the
Committee that they had received reply letters i'd
dressed himself and Mr. Cowpsrhwac, requesting in
formation upon points of their connection with tho
Bank The old charge preferred against Mr. Bdde of ia
vori,ism in his official transactions then combacd at
length and conclusion Mr.. Bidde thus up the la
Dor, of the Committee:
And let what end this Committee is hur-
rying the Bank If they had been stockholders themselves
If they had consulted the interests OF the stockhoder-
their perfectly obvious. he Bank had had
ouarrels enough-what it wanted rcposc-it needed
that It's credit should be sustained abroad and that home
it should seek favor and friendship with the community and
the Government The Bank might have been gradually
stored its capital diminished enable make diy
lends and all its misorncs gradually repaired But what
do these Committeeman They Willy all who have hereto
fore managed the Bank they denounce Mr. uudon and they
describe the institution entitled confidence
What is the consequence They have destroyed the ability
of Mr. Jaudon the Bank they have completely
Frustrated the credit the Bank itself that will be scarcely
possible to make arrangements for continuing pay In
eres in Euope-and the Bank has means of sending it
from here that at the first default the creditor may
he tempted to sell the securities he holds price, and
come upon the Bank for the dihcrcncca claim which ~.S
sweep away large part of its capital. At the same time
they have acnated many persons who able and willing
the Bank they have rendered it odous and the
Legislature OF Pennsylvania Will either cut the Bank admit
and leave fate else if affords relief will do
only condition that will give up its independence and
place itself the mercy the Legislature that its charter
may be any time repealed without assigning single rea-
SON
The Fnh Letter is defence of Mr. Jaudon against the
lavishy bestowed upon him in the Report He
defends him the several accusations of having received
compensation for the loss his furniture attending his de
parture for England the Banks business of having had
his passage paid and the OF the agency allowed him
including salary of elOOO paid his principal clerk and of
having borrowed money various times from the Bank
:. The whole case them of Mr. Jaudon," concludes MIR
Biddle seems be simply this He owed large sum of
money to the Bank the Bank employed him IN most i'm
portant service and gave him liberal compensation all of
which ne returned the Bank payment Of his debt His
conduct that respect be rather very uncommon
than very atrocious.