Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-04-08
by LAST EVENINGS MAIL.
Bank efihe United States.


A very large meeting Of tho Stockholders wa
held IN Philadelphia, Monday, to receive tho repor
OF the Committee appointed to investigate the con
u'uon OF the Institution. The report was quit,
'o'umnous, and excited great interest IL enter
into a full consideration OF the management ant
present condition the Bank-from which il w I'D
appear that tho lnstitu ton was very badly con.
| Quoted.
Respecting the ex-ofiicers, who are handled it'll
out gloves, we find the following summary in the
Philadelphia Inquirer:
several officers OF the Bank had engaged in L,ps
operations with money obtained from the RIM
and large sums had been loaned to specu,I;o,.
ana Undertakings by Companies, in which they had
been engaged, and large sums lost. Business men
had not been assisted as they should have been
FROM March, 1885, the power had in a great ms,.
s1re passed from the Directors into the hands of ,b
ofhcers OF the Bank, who foi med themselves into n
h'nu OF Exchange Committee. They did pretty
muen Us ihey liked, and kept no books-very few
vouehers-and much Of the large business ,hsv
transacted, did not appear on the discount bo,L.
IN March, 1856, the bills receivable w,rc aho,,
go ooO,O OO;-in 1887, So 900 900; in 1888. 81 Ooo
Voo; IN 1889, So 200; in $780, s4OiI, ZOO: and
~ iSil, they were reduced TO ONLY 81 76 asI,
hese bili accounts had been settled in vor;o,'.
ways or transferred under other heads. Included
IA inc ABOVE, tSenty.one individuals firms md corr
panles, had received 100000 each and unv.rds. |
noo one nrm within certain time, upwards OF s4
'oo,oVo. Inc Report went TO cite particnI,,
cases, IN which certain ex officers of the R,nL Ia
become indebted TO the Institution in very I,,ao |
suns al o' "hlch were named, and had settled their
accounts by stocks, railway shares, lands. sc
Il nc history OF the great cotton speculation, of
'he oank III connection with the well known 6ro,s
Al Liverpool, was then entered upon-In tS27 no |
% July, we understood the amount advanced To-
me purchase oil cotton was 80, lSS 600 and that tho
whole OF the cotton transaction were SO 900 QUO
In me hr' PERIODS OF the great specula,,ons
ptont was realIzed-but by the last shinme n,s
S9oO,OOO had been lost. Several of IN. ex of;ca,l
oil the Oank were described as having settled I,r,o
amounts with Texas Bonds, Vicksburs s,ock I,6S
lois anu similar securities, mostly al p,r-wben
they were released from all liability. There had
been large loans and transactions for wears on the
part OF the officers, without the sanction Of ,ho
directors An ex-offcer had taken loan of : 500
oOo OF the Reading Railroad, in his indivilu,I
capacity, and the bank had afterwards assumed the
responsibility. In the profit and loss account an
item IN relation TO bank notes, amounting TO = 400
900 was deemed by the Committee to be unsatis
factory. Another item of 5000, 900 had moi been
properly accounted for, and letters had been adj
dressed TO those OF the eX-offcers who were nresn
med 10 be IN a condition to explain the mode in
which the 5000 900 had been expendedbu, no
repes had yet been received.
Notwithstanding this picture, and il is but RIGHT
10 say, That the Report throughout seemed II us IN
ann almost too exclusively at the ex officers. with
out little aliusion to the ex-directors whose bust
ness 1t was to check and prevent erroneous trans.
acuons-the Committee arrived at the conclusion
mat there is still more than s5OOOOOO OF the orr.
SihA capital lett to the stockholders and that the
shares are worth about SAC each.
several documents were read, and among them
letter from Mr. Cabot, of this city, yiniieaIng his
hrm from any supposed improper agency in the
cotton speculation.
ION motion, 2O0O copies OF the Report were or.
dertd TO be printed for the stockholders.
-, I'm motion, $500 were voted 10 Mr. George
Committee. ''
a resolution, offered by Richard Bavard, ESQ.,,
Tor the appointment Of n committee to take into con.
sldentlon the present condition of the Bank-to de-
wise the best mode TO be pursued to promote the in
teress OF the stockhoders-anti 10 report at an
adjourned meeting TO DC held on Thursday next
was adopted"