Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-09-09


We stated yesterday that the u. S. Rank had
mace an assignment Of It's assets, Tor the benefit of
It's creditors generally. We find In the Pbil,t,I
phia U. ) Gaz tie OF yes,erdly the following ar,i
Gle, explanatory OF the Particulars connected with
this NAL step IN the existence of the institution.
On Saturday, the Directors OF the Bank of the
United States made an assignment OF most of the
Valuable assets OF that institution to the following
named gentlemen:-James Robertson, Presiden,. ]
> NewDold, Director; Rlchud Bayard. of Deia-
ware Thomas Taylor, Cashier; Herman Cope,
Assistant Cashier.
The preferences, If they can hc so denomin,,ed
are one or two small demands; next, those inJiyi
duaIs are 10 be secured who have made themse YES
responsible Tor any Liabilities Of the Bank partiru.
lIrIy those who have entered security on iu,,c.
mems recently Obtained against the Bank on ! S
notes, amounting, we think, to nearly two hund,,d
thousand dollars the proceeds OF the remaining
portion OF the assets are to he appropriated Tor the
benefit OF me general crCd!.ors the note holders, de-
pOslOrS, sc.
With reference to this assignment, we may re-.
mark that II IS called "partIal assignment" not
general because general assignment would NOT
ne v1Iid wit out the assgnees entering security Tor
twice the nominal amount assigned, anu no set of
men IN tins or any other city Of the Union could find
such security, Or, at any rate, none would accept
trust OF SUCH little profit upon such OncrOus con-
diuOn. The assignments, therefore, Partial and
IS authorised by an act Of Assembly granting the
Bank power 10 make partill assignments without
asking security from the assignees. Without know
M, we presume the schedule OF property nssignc
contains nearly all the valuable property OF tle
Bank not included IN the TWO former assignments,
VIZ: the one for the benefit of the city banks and the
o her for the bcneit Of tho note holders.
One condition Of this assignment is well worthy
0t remark, viz: the assignees may receive notes OF
The u. ;. Bank for any bills receivable, notes or
bonds duc; and they have, besides, power granted
10 sell any OF the assets, taking 10 payments there.
Tor notes of the U. S. Bank
u Is thought by some that notes Of the Bank will
nOw he Of more value, as they are likely to lie
called Tor, either to pay liabilities or to purchase rs
sets and We would take occasion 10 saw that =, H.
probable that the want OF some provision Of tho
kind ~ q former ass gnmcnt for the exclusive bcnc-
NJ 81 the note holders has led u the non.lulli nent
O me general expectation that The assignment wou
ltni 10 Keep the notes nearly 40 plr. ThOugh IN
THAT partial asslgnmCn, (fOr tho Jencf, of the noe
hoders) the nssgn-Cs are allowed To receive note,
OF the bank Tor the payment OF bills and accounts
/ becoming due, yet such provision has proved un.
''IIs' IHa9much as " IS probable that the best Of
mat class OF assets were assigned for the benefit o
the e. tank', and another class OF securities were
gwen 10 the nsslgne,s who act for he note holders
While ihey were no, allowed ~ sell those assets G,r
any uing hu' par money, nt any rate, not Tor Uni
ted States Bank notes. Ihat assignment, there
Fore without any fault IN the ussigncCs fails OF ono
great object proposed.
We may here remark th1l this assignment docs
not interfere with or suporcedc the other two spe.
ciil assignments 10 which We h1y. referred.
The course now adopted 10y the Board Of Direc.
tors has Jcu rendered necessary by the great nun,
bsr Of suits Instituted against the Bnk. on some OF
which judgment mad been rendered and s,curi,v
gwen, viii, others were rapidly maturing for Judo
mcu'1 and the numbers constantly Increasing The,
suits were absorbing the funds Of the Bank IL MAJ
therefore, uU lurlY inlcrrcI that tho OREGON, b,y,
consulted and protected the in,Crcs,s Of both note
holders and stockholders rs we as they could n '1
existing circumstance,
We ie.rn tbntln the whole uf the business con
nscieI with this assignment, uis utmost harmon,
and entire un1nlmty prevailed ut The Bord of Df
Ir.c'"fs me old and new mcmurss heartily concur.
/ ring ln The general plan nnG IN i.s details.
With reference 10 the nssigntcs, We may add f.,
those Of our readers Whodo not reside in this ueIrb
borhoOj, that their character and standing are sic
[ as 20 insure confidence ~ whatever they under
take.
OF course the Board Of Directors continue q
meet, though tho banking business neccss1r
| r. OsCs.
Tho assignment allows 20 M,sgls Robinson
| Bayafd 1nd Ncwbold fifteen hundred dollars a We,
zach Tor their services, and to Mossrs Taylor nm
Cope four thousands dollars year each. This
rather diminuuon than IN increase Of cxpepsc,
inasmuch ns Mr Robinson rcIinqushes his snIaY
OF hvc thousand dollars a year rs President. an
Taylor and Cope have received as Cashier and As
'istant Cashier the same salary which is now give
70 them. The new arrangement will, Of couy.,
cause the dismissal Of most Of the clerks b;hc,,
employed IN the institution. MIR Rob,nso, con,;,
ucs TO act as President, while he discharge, tbc d,
" Of trustee.
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