Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-05-10

omitted in ne Co.ni,isss Report. Il is y fsl--
! love-:
! BAsx Usirsp srArr.,
March "a, is4i.
Sir-The Committee Of Investigation appointed
at the meeting Of the stockholders OF the Bank Uni
ted States, have found among the items Of expend
} lures an amount Of S39s. 544 10, Ia copy Of the
,tems composing which, with their dates respective
~ enelosedD paid on your receipts, and charged &c
an account denomioated permanent Expenses,'
and that the sum Of 100000 was paid you on the
Cashiers orders, for which entry made cred
ting, as cancelled the let March, 1885, that amount
OF parent bank notes.
! The Committee have applied to MIR Dunlap, Pre-.
sdent OF the Bank to be informed to the purpose
ior which said expenditures made, and he hai
replied that he Is unable to give any information up
on the subject, and they have requested me, there
FORE TO address you this note order that thess
expenditures were made during the period of your
Presidency OF the institution, you may furnish the
Committee with any explanation you may deem
proper.
Yours, respectfully,
(Signed) JOSHUA LlPPlNCOTT.
The particular points to which refer, and to
which shall conhne myself, are as follows, viz:
LIST. Mr. N. Bddle, in his second letter, says-"I
am assured by the late Cashier that both Mr. Lip
pincot, and Me- Eyre, while sitting as directors, fro.
quenty asked and obtained from him loans which
they did not submit to the Board or Committees"
In reply to this assertion, will the following
facts: That had several accommodation notes rec n
lsrly discounted by the Board of Directors while
Mr. Biddls was President, some years back, and
accepted collateral security OF $50 shares Of Schuyl
kill Navigation Stock, which notes were renewed
from time time by the Boar3 and reduced agree
ably to the reduction required OF others. In one
two instances, accidentally neglected to offer my
note for renewal on the day previous to its falling
due, as was Customary, and presented to the CASH
Ter on the day fell due who, after examining the
regular discount book, and finding that the amount
had TO pay had eeen entered there, and thus pro-
IL
regularly entered in my bank book. TO pay or re-
new the one then due. This bank book contains all
my Transactions with the Bank, and has been care
! fully examined with the regular discount book OF
the Bank and found TO correspond in every partcu-
lar.
will further remark that all my liabilities to the
Bank have long since been paid Oft IN full with NO
NET; since which, my $50 shares Navigation Stock
have been re-;ransterred TO me.
MIR Bddle, in his third letter, after commenting
largely on the Reading Rail Road, the Sehuylkill
Navigation Company, myself, Sc- Sc., winds up by
asserting tho folio wing:
This is really the foundation Of the whole Of this
attack upon the Bank; it is the vengeance OF the
SchuylkIll Navigation Company asains' the Bank
OF The U. States for lending money to the Reading
Rail Road.
"Of that intrigue he stockholders of the Bank
have already been the dupes, and am very much
/ afraid will be the victims"
| In all this TRADE, MIR Biudle has exercised his
usual ingenuity. But let US look At the pro-
! Instead of the Managers Of the Navigation Com
pany conspirng against the Bank, such their
confidence in it, that there 80, 207 standing to
their credit on deposit on the day of the first
ing OF stockholders (iIh January.) ard on the day
of suspension there was sac, 574 81, previously
placed there for the purpose OF providing for the next
dividend, TO be made in February. Up to the time
of the suspension, the Investigating Committee had
50 far progressed in their examination as TO have
discovered the PROSTATE eondiJI IN of the Bank.
Further, President of the Board OF Managers
Of the Sehuylki Navigation Company, and CONVEX
SAINT with their transactions, will assert, and II Is
due to the Boud of Managers, and the Stockhold-
ers OF that Company TO declare, as now do, that
the assertions made by Mr. Bdde in his,letter re-
ierred TO, ARE EsrIRELI VsrsuE, and that meal
this denial to be PLAN, posture, tTp!ieit and
tire.
Ga the 4 h January last, attended the meeting
OF the Stockholders al the Bank and after an in
| efectual attempt TO adjourn had been made and
other matters disposed OF, after some confusion, ION
the spur OF the occasIon) ventured 10 offer a reso
luton for the appointment Of committee Of inyes
ugaton, which was adopted with a single dissent
ing voice, and SIX gentlemen were appointed, with
power TO NIL vacancies; three of them subsequently
declined serving, and their places were supplied by
appointing Mr. Edward Coles, James l. New bold
and John Bacon. These three gentlemen with Mr.
hempton, who had been appointed by the Stock
Il holders, forming quorum OF the committee) ne-
ther OF them own share OF the stock in the Schuyl
| XIII Navigation Company, or TO my knowledge
MIR Bddles remarks on this subject are not sup
ported by single fact indeed there is not the
slghIes, ground to justify him in making them, and
feel confident they must meet that indg nation they
justly deserve.
l There IS another circumstance TO which | will
advert, however painful:
MIR n. Bddle IN his Sd letter, quotes several re.
solutions that offered in tie year 1888 at the
Board OF Directors OF the late Bank of the United
States chartered by Congress, in which he men
tons their names and the votes for and against those
resolutions. THIS time OF great political
excitement, when the Government Directors were
believed 10 De acting under special instructions from
the city of Washington.
IL there any inconsistency in the votes given
by myself and o;her Directors chosen by the stock
hold RS, she, Mr. Brddls, attempts 10 proye) II
was through zeal 10 support his Administration
IN whom at that time they placed implicit conf
dence, which has since proved TO have been unme
rIted, and MIR y. Bddle, had he possessed a spark
OF honor, would have been the last man TO impusn
the acts oil those who sustained HIM in that trying
/ time.
| The next remarks of Mr. Bddle 10 which I shall
REFER are those contained IN his fourth letter. on the
following quotation from the investigating commit
tees report:
THAT not being able to obtain satisfactory inror
nation upon the subject Of these expenses &c ire
/ ferring 10 the 800 900 and S6I5 $40 for monies
drawn from the Bank, not satisfactorily accounted
tori Application was made by letters TO MIR BIddle
and Joseph Cowperlh wait, from whom no reply has
been received" Upon which, Mr. B.. after confess.
Ing that he had not answered my leuer himself, eI.
ulungy remarks, snow contrast this with the
TRUTH" and observes that Mr. Cow perthwait had
addressed to him letter. in which he asserts that ne
had called on Mr. Lppincott, and IN his presence
and at his request, drew Upa written account of the
Transaction and gave It TO him.
To which ] will reply, nov contrast the contents
OF this written ACCOUNT Of the Transaction is stated
below with Mr. BiddIe's sistement and IL will be
discovered tohs really tslS bf hHfh.
Mr.. CowperIh wait did call upon me az the of6cs
q the Schuylkill Navigation Co, and observed that
he had received n letter from me as Chairman of
the investigating Committee, and that he had call.
ed at the Bank and vas unable 10 obtain the youch
ers Of the expenditures. This wrote on a scrap Of
paper myself and handed to him, with a ren1ss,
that he would add such explanations as he Thought
proper, and he wrote thereon follows: "tbat he
vas willing 10 give any explanation to the commit.
tee he wss possessed Of" and he then returned The
paper TO me without his signature.
This was all The paper contained or hat passed
between us on the SutJsc'j be was not IN the Office
over ten mlnutesj have seen or heard from him
since.
Ills paper as above quoted was on the same dsy
presented 70 the gentlemen composing the Invest.
eating Commuee, wSS e4smined 10y them and con.
sdered by all, a. not containing anything like e1.
phantom or reply TO the subject Of my letter 10 him.
and was 80 treated by them.
The sixth and last letter Of hr. Bidde, that
have yet seen published, advsrs TO dividend com.