Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-05-18
May 4, 1e4l.
lFrom Lle PaiIaselphla PulIie L1dger..

| MORE BASKIYG.-We have exp ressed sumo hope Of
getting the whole truth, through the quarrel now in
progress between the late and present officers Of the
u S. Bank The "Committee Of Investigation, in
their first report told enough Of Mr.. Bddle and
of his associate officers, "to damn regiment and
Of them, Mr. Lppincot, in reoinder, tells enough
of his opponents ITO damn army Which, if e.
Their, tells the TRUTH the whole truth, and nothing but
the truth, is point not yet decided; though we
hope TO get the whole before the quarrel is ended
One truth cannot be talked out of sight; which is
that the stockholders have certainly lost thirds OF
their capital. Another thing may turn up truth,
which is, that they have lost The whote But whatever
be the end which, at BEST will be bad enough, find
one thing in which Messrs Biddle and Lippincott
agree which throws flood of light upon the subject
of American banking, and shows how utterly unsafe
the public in trusting TO the banks for currency
The committee say that they requested Mr.. Bidde to
ex plain certain charges in the account of expenses,
exceeding $500, 900, and could obtain information
upon the subject from either MIR Bddle MIR. Cow
| perthwate. Mr.. Bddle says that this very account
was examined by the dividend committee, of which
Mr.. Lppiucott was member, when that body decided
upon declaring q dividend. In reply to this, Mr.. l..
says that whenever the dividend committee met TO de-
eide upon declaring dividend, the report which they
were make presented 10 them, already drawn up
and neatly written by clerk accompanied with large
number of documents that he knows not whether these
documents not the original vouchers for
the items in this account OF expenses as they were not
examined by the committee, and have since been de-
stroyed; and that this dividend committee instead ofpre
parng their report upon their examination, adopted
already prepared for them that they confded mp
city in Mr. Bdde and the officers and therefore adopted
their report prepared by others without their
knowledge, and which, he believes, prepared
by Mr.. Bidde with great circumsp econ, for the pur
pose ofdeceving!! Such is the substance though not
the language, of Mr. Lippncott's statement. Here,
then, we find MIR. Biddle charging the dividend COM
mitee with making report and declaring dividend;
and the chairman Of that committee, Mr. Lippincott,
admitting that such report was made by such commit
tee without their examination of the documents
which it purpored TO be founded!
Here is precious confession Here is banking
The President SAYS that the directors had the of
knowing the condition OF the Bank by examining its
to their examination and The directors confess that
they saw the accounts but declared dividend with
out knowing their contents We neither know nor
care whether these truths or asehoods
and if the latter, whether fabricated by Mr. Bddle
any body else. One alternative is clearly raised by
the declarations Of Mr. Biddle and The confessions Of
Mr. Lippincott and this Isl that the directors were
ruudulenty unfahiul, grossly, scandalousy, mex
cusaby inaentiVe to The interests OF the stockholders
They either combined with others 10 pick the pockets
of the stockholders, perfectly Indifferent whe
ther they were picked not We do not say that the
stockholders have been fraudulenty, deliberately rob-
bed but we do say that they might have been without
the knowledge, or with the implied consent Of this CON-
miitee and that if they have been, the committee
were partners in the crime, Indifferent whether
the stockholders were robbed or protected. In law,
gross negligence affords presumption of fraud. BY
Mr.. Lippincotts confession, he and his associates
were guilty OF gross negligence II then fraud were