Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-05-22
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Before concluding the Committee desire to be in
Huised IN one other short explanation. II is in re-
!aton TO the fact stated at page Is of the Repor
that there had been taken settlement OF bt from
AlesSrs. Bevan Humphreys, MIR. Joseph c abo,
one OF that firm being at the time drector of the
Bank ll50 shares Of United States Bank Stock in
1855, VIZ; on the "a OF August $50 shares AT sI23
Inc Bank selling on the same day at $50 less broke
rage on the 22d OF August 500 shares, and on the
23d Ut August 400 shares at Si25, the market prc.
on those two days being Sl25 the Bank selling the
day after at 1928, less brokerage" These gentlemen
have published a card denying the accuracy of this
statement. They affirm that neither their firm nor
any member OF It lever made any settlement or
p1ymant TO the Bank IN any stock at any prices"
They add, however, "when the stock was withdrawn
from the Bank, the amount advanced on 1t being 100
dollars per share duly paid with interest there.
on at per cent" TINS IS so but the books of
the Bank show that on the very days when thes.
sales took place the debts, for which the stock had
been pledged, were paid. Ii was in substance then.
u not IN form, settlement. As to the price, il is
not denied that that Of the 800 shares was ahoye
the market price OF the day-though 1t is ked
that these shares were "fOr individual account, that
IS, were owned 10y the partners of the firm m their
individual and not IN their partnership caplcity
As 10 The price of the $50 shares, the Committee
had and gave as their authority the books of the
Bank, which sustain their assertion What may
have been the price next day was nothing TO the
point, the Cashier who made the settlement ousht
TO have known the price at which the Bank was
Then selling. These gentlemen express surprise
that they should have been mentioned by name
which makes It proper to add tn t il was done IN
conformity TO general rule adopted by the Com
mi,ee, to mention every case Of this kind which
came to their knowledge IN which director or chic
officer was party interested. T
In reference to the guarantee by the Rink Of IN.
contract made by Mr.. Thomas Dunlep for the pu,
chase of"lillnoIs and Michigan stock the state.
ment made by That gentleman IN a published note
addressed TO the Committee Is entirely accurate IL
ala not appear that any personal advantage was ex
Pected or derived by him from the contract, and Il,
was supposed to have been mentioned in the Re-
/ port, IN manner and connection which showed
with sufficient cleaTneSs that II was really for the
use and benefit ofthe Bank, and that the partcu-
lar inode had been adopted IN order tina; she might
without violation Of the Charter become the pTo.
/ pretor OF this Stock. The committee though, il
proper TO notice II, as il contract Of Impor.
lance, TO which the assent Of the Board had not been
asked or obtained.
Having thus fe-exlmined, it is believed. every
point IN iesard to which the fidelity or impartiaty
/ of the Report has been called in question. we
must now finally submit the whole matter TO the
Judgment OF the Stockholders and the Public.
JOSHUA LIPPINCOTT,
MOSES KEMPTON,
CHARLES MASSEY, jr.
EDWARD COLES,
! JOHN BACON
JAMES =. NEWBOLD
| Philadelphia, May Is, 1871.
The above Report was adopted by the Meet.
ing.
MIR. Duane then prtficcd the introJuction M the
following resolutions at some length observing that
| he was netuottd by no personal motive that hi,
resolutions pointed at no particular; but were
merely intended 20 shsw the sense Of the meeting
TO set public oxlmple-and to place the saddl,
upon the right horse.
whereas, the Stockholders of the United State,
b'nk OF PenrsyVann at their meeting in January
last, referred to committee the tepors then mad,
To them and the Committee have reported that lltg,
sums Of money belonging TO Tie Stockholders h.c
been expended by their agents Tor purposes which
the COMMITTEE cHulI not ascertain the nature of
and whereas, no explanation on this subject ha,
been subsequently obtained, and color f. thus CIV
en- 70 inpuialiOEs cad upon the Ia and existine
Bank Oi The United IStnies that It's funds had bee
used couDpilY. And wbHcas under such eircum
s'ancss, entire silence tbs part Of the Stockbold
eTs would be IN consistent with their rGgntd for TN
reputation Of Their country and with their own self
| rcspcct-thcrgfoTe,
RfSciDfd, That the stoke which we have in I'M
honor and Tcliife Of our country now and hersaf
ter, y Tar more precious thnn any personal nteies
: which We can have m any chartered institution.
20 Rtsoircd, That VIC denounce and condemn y
hostile 10 liberty and subvcrslvo 81 virtue any OK
pendrure or loan, II any such has been made bv ia
} late or existing Bank OF the United States under
former administration, ior the purpose 81 inhucncir
the public press, operating upon the public sung,
Z, or securing The aid Of legislators or other publ
9 agenis for any object whatever.
u Rts,ipfd, That for the snke Of the public exam
II PIE, ws regret that the Committee appointed by IN
y Stockholders ~ January last, filled 10 oDtain
n knowledge 81 the particulars N the expenditures
e which they have referred IN their TOpofi, and iha
d public thanks will be mented by those Who DO.
], sesstng that knowledge. shall disclose IT,.
III tHef9utd, That IN such an inquiry ns tina
n which was In January, affecting the fame Of IN
Il country and the safety Il Iis inniisiOns full 8,
3, velopment Of traih was a higher cOnsIdeJaho
j than the ephemeral interests Of individuals OF slk
hodess, and that fpr this and Tor othes reasons '
Il DO not concur v,A The majority of the investigator
i committee IN suppTessing gls PARTICULARS Of the a,
n tive md suspended debt
Mr.. Montgomery oGsrci rs a substitute, tes,
u luton u the effect that tie Directors SHOULD indi
j. such officers ~ were designated " reports Of III
= COmmHies 40 having improperly used tho money
N the Stockholders and Bank, sc.
Mr.. English withed 70 know whether the Invei
d ugsung Committee had s9ked the Directors Wh,
thet the item of expenditure Of s6fs COO could
N explained; and what had been done IN relation 70
II Mr. Kennedy observed, that some genieme
seemed 10 think they hsd only 70 call on the Dire,
+, tors 10 do certain things-and that The Director
e like slaves, should Immediately do them. J
u any difficulty occurred in such prosocutOns-tLe
persons would tDfn round and ssy-Ohi the u
,, irecton were m possession n Pill the evidence.