The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-04-17
$4,000
$350,000
100000
$4,000
$4,000.
100000
100000
100000
Deduct for interest, over estimate, &c.
100000
Estimating French exchange at 5. Is.

~ q n i
Estimating French exchange at s. 25. 100000
From this amount it appeared that the profits rea-
| zed, and confidently expected amounted to vi 4OO-
all the advances to the Bank there would still remain
sum of $6OOOOO in the Bank, to be enjoyed by the
Bask in any way permitted by the charter. And now
what possible disposition could be made oft excess
If there had been no profit at ALL should have been
content for profit object in the operation But
ifthere profit whether of five dollars or five
million of dollars the Bank could take no part Of it,
for having right to purchase the produce ITSELF to
ownership which was forbidden by the charter; and
all that the Bank could do to receive back prin-
cipa and interest and exchange with the collateral
benefits of the operation. ! had never known any
thing whatever of the accounts details, and being
wholly unconnected either officially or individually
with the Bank, when received this statement pre-
sumed that the result of the matter correctly sta
ted and it settled accordingly leaving the mar
gin Of 100000 dollars to provide against all possible
contingency
Eighteen months after / had left the Bank, how
ever received letter from the Cashier stating that
winding up this concern, it was fonnd tina: there
advance of 1861 $50 81 and that the por-
ton which belonged to 70 return was 3l5 $50 A.
This, of course, fair charge, and intending 70
be wholly responsible, and that the Bank should be
exempt from loss. should have paid It at once put
for this consideration. found, upon examining the
case that this loss was fact occasoned by the sacri-
fee Of this property in order to sustain the Bank In
Europe from embarrassments brought on wholly by
the Bank itself; and it became q question, how far,
looking at it simple commercial operation, the on
" possible light in which it could be regarded, |,
stranger no longer connected with the Bank, ought
to bear the burden of this sacrifice. The nature and
the cause oft were soon discovered. II was thus
i Messrs. Humphreys and Biddle of Liverpool, on
the first of june l84O addressed private and conf
dental letter to Messrs Bevan g. Humphreys in which
they reply to inquiry by the latter the reasons
i of their paying much money to Mr.. Jaudon,
that it impossible for them to resist the repeated
and anxious requests Of Mr. Jaudon for assistance.
j Thus they say that their advances to Mr.. Jaudon
were at one time high 27O,0O0l., besides being
parties to bills on London houses which were then
! running for 226,O0Q. They then quote from Mr.
Jaudons letters to them extracts like these On ths
22d of August, 1899, he writes as follows:
i must look to you for SO, 000l to make up the
sum- If do not get this, get for all con-
tingent on my making up my estimates every thing
therefore, turns upon what you can do-for here am
| exhausted. You must therefore work your hardest
for me-lfe or death TO the Bank ofthe United States
is the issue. If 5000 bales ofcotton must CO. let them
90, be the loss what it mayt cannot be great IS
the loss from protest. and must be borne by owners
or Bank as they may settle the matter between them
leave all to you knowing that you will leave nothing
i untried that may save me--the sale of 5000 bales
would do the business, and there be doubt as
/ to the choice of this evil rather than the other"
And on the 23d he says further
81 wrote you yesterday stating the absolute necessi.
ty ofmy relying upon you for to help my list
without which the whole must fall through, the large
sale Of cotton will help to provide this hope. now
want your further aid for another 50000L in bills
i Hueth g. Co."
i They conclude these extracts by saying: "In this
dilemma had alternative but to make your cot
ton available for the desperate emergency, again
Eve have deemed it necessary to make this full and
unreserved communication, by which you will see that
free sales Of the cotton shipped by you absolute
| ly necessary to refund the immense sums of money
we had borrowed from bankers and brokers for the
use of Mr. Jaudon."
So manifestly wrong was il to throw upon them the
loss upon this cotton that the President of the Bank
of the 9Th Of February, 1910, actually assumed this
loss His letter was follows
BANK OF THE UNITED STATES,
| February 5, 1910.
Messrs. Bevan and Humphreys, Philadelphia.
Gentlemen, The state ofthe debt due by the Bank
to Messrs Humphreys and Biddle, of Liverpool, has
been for some time the subject of great solcltude
These gentlemen have with zeal in favor OF the Bank
for which thanks are particularly due, sustained
Mr. Jaudon in many periods of his struggles with the
aid not merely of their funds but with all they could
raise their credit and have enabled him to meet his
payments when, but for their assistance ne would not
have been able to extricate himself We now learn by
the last advces that their credit Will suffer un-
less they are relieved from their heavy responsibilities
on his account. We are therefore extremely anxious
to repay them but in the present state OF the Bank II
is impractcabIe TO do it by direct remittances. We
understand, however, that they have still on hand
j quantity Of merchandise shipped by YOU some of
which they have already been obliged to sell to meet
their most pressing engagements account of Mr..
Jaudon. As the only remaining method Of acquttng
the debt due TO them have TO request that you will
direct them to raise funds by the sale of any all the