Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-05-18
POLITICS..
IL s RANK.

"
Why do we love if love be vain'
POLITICS.
U. S BANK
MR. ILPPINCoTrS REPLY.
The following the paper read ut the late meeting
Of the Stockholders of the Bank:
To the Stockholders Of the U. S. Bank.
Mr. Nicholas Bidde, late President of the Bank, has
written and caused to be published sundry letters, on
the subject of the Report of the Investigating Com
mittee in which he has assailed me with desperate
violence, indicative Of self.condemnallon, making
charges that are groundless, with view no doubt OF
divertng the public mind from the real causes that
have brought the Bank to its present unfortunate stu
alton
had determined not TO condescend to notice his re-
marks respecting myself until he had fret answered
the letter addressed to him Chairman OF that Com
mttee and acquitted himself Of the accusaory matter
arising from the facts disclosed in the report TO Inc
stockholders af the Bank. But while felt 1t due 10
my own self-respect, TO make no reply TO nm, II
seems proper to state to my constituents at TINS meet
ing in as brief possible, the leading points
in his attack upon me personally ana 80 lar answer
them, that any false impression he may have made
shall be removed.
In the 6rst place will furnish you with copy of
my letter to him. which has been inadvertently omitted
in the Committee Report 1t is as follows ,o,,
BANK USITED STATES, March "A, lS4l.
To " Bidde.
Sir The Committee of Investigation, appointed at
the meeting of the Stockholders of the Bank United
States have found among the items of expenditures an
amount of 1895 544 TO- "a copy Of the items compos
ing which, with their dates, respectively encosed)
paid on your receipts and charged to an account de-
nominated "Permanent Expenses, and that the sum
Of 100000 paid you on the Cashier ORDERS Tor
which an entry made, credting cancelled, the
lat March, 1886, that amount of parent Bank notes.
The Committee have appointed 10 Mr. Dunlap, Pre-
sdent Of the Bank, to be Informed as to the purpose
for which said expenditures made, and he has re-
piled that he is unable to give any information upon the
thA~a cd
dress you this note order that as these expenditures
were during the period of your presidency OF the in
stitution. You may furnish the Committee with any
explanation you may deem proper.
Yours, respectfully,
(Sipned,) JOSHUA LIPPlNCOTT
Ths particular points TO which refer and to which
/ shall confne myself follows, viz:
lst Mr.. NJ Bddle, in his second letter, says 81 am
assured by the late Cashier, that both Mr. LlPPncot
and Mr.. Eyre, while sitting directors, frequently
asked and obtained from him loans which they did not
submit 10 the Board or Committee =
In reply to this assertion, will state the following
facts That had several accommodation notes regu-
larly discounted by the Board Of Directors, while Mr.
Bddle was President come years back and accepted
collateral security of $50 shares of Schuylk Naviga-
ton Stock, which notes were renewed from tune TO
time by the Board and reduced agreeaby to the reduc
ton required Of others. In one or two instances,
accidentally neglected to offer my note for renewal on
the day previous to falling due, customary,
and presented to- the Cashier the day fell due,
who, after examining The regular Discount Book, and
finding that the amount had to pay had been entered
there and thus provided for by the Board, he caused
my note to be regularly entered in my Bank Book,
to pay or renew the then due. This Bank Book
contains all my transactions with the Bank, and has
been carefully examined with the regular Discount
Book of the Bank and found to correspond in every
particular.
will further remark that all my liabilities to the
Bank have long since been paid off in full WITH MONEY
since which my $50 shares Navigation Stock have been
re transferred 10 me-
Mr. Biddle in his Sd letter, after commenting largely
ON the Reading Railroad, the Schuylkll Navigation
Company myself, &C. &c, winds up by asserting the
following
aThs is really the foundation of the whole of this at
tack unon the Bank the vengeance of the Schuyl
kill Navigation Co. against the Bank OF the " D Tor
lending money TO the Reading Railroad
"Of that intrigue the stockholders OF the Bank have
already been the dupes and very much AFRAID will
be the victims.
In all this TRADE Mr.. Bidde has exercised his usual
ingenuity But let us look at even the probability OF
his pre- posterous assertions.
Instead Of the Managers of the Navigation Company
consprng against the Bank, such was their confidence
in it that there S9207 standing to their credit on
deposit the day of the first meeting of stockholders,
Cth january and on the day of suspension there
was Sl0374 90, previously placed there for the pur-
pose Of providing for the next DIVIDEND to be made In
February Up to the time of the suspension, the In
vestigang Committee had so far progressed in their
ton of the Bank.
Further az President of the Board Of Managers
of the Schuylkill Navigation Company. and CONVEX
SAINT with their transactions, will assert, and IT 's
due to the Board of Managers and the stockholders
sf that Company to declare, as | now do, that the
assertions made by MIR Bdde in his letter referred
DO, ARE ENTIRELY uSTRus, and that | mean this de-
NAL 20 ts PLAIN, POSITIVE, EXPLICIT and ENTIRE.
On the fourth January last, attended the meeting
Of the Stockholders at the Bank, and after nefec
l~ll 49,.
tiers disposed of after ccniusion ION the spur Of
the occasion yentured to offer resolution for the
appointment of committee o. investigation, which
was adopted with single dissenting voice, and six
gentlemen were appointed with power TO fill vacancies
three of them subsequently declined serving, and their
places were supplied by appointing Mr.. Edward Coles
Jas L. Newbold, and John Bacon. These three gen
tlemen with Mr.. kempton who had been appointed ey
the Stockholders, Corning quorum OF the Commit
tee,) neither of them share o. the Stock IN The
Schuylkl Navigation Company, or, to my knowleose,
have any interest in its concerns.
MIR Bidde's remarks this subject are not support
ed By single fact indeed there is not the slightest
ground to Justify him in making them, and feel conf
dent they must meet that indignation they Justly de-
serve.
There is another circumstance to which will advert,
however painful.
Mr. Nicholas Biddle in his third letter quotes several
resolutions that were offered in the year 1888 at the
Board of Directors of the late Bank United States
chartered by Congress, in which he mentions the
names and the votes for and against those resolutions
This was at time Of great political excitement when
the government directors believed to be acting
under special Instructions from the city of Washington.
Ifthere was any Inconsistency in the votes gwen by
myself and other Directors chosen by the stockholders
las he Mr. Biddle attempts to proye) it through
zeal 10 support his ADMINISTRATION in whom at that time
they placed implicit confidence which has since proved
to have been unmsried and Mr.. n Bddle, had he pos
sessed spark of honor, would have been the last man
to impupn the of those who sustained him in that
trying time.
The next remarks of Mr. Biddle to which | shal!
refer are those contained his fourth letter, on the