Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1841-05-01

partcnlarly say that they had been 20 Thomas
Blddle a Co. 10 solicit investments Of that sort.
But II remained Tor Mr. Manuel Eyre 10 explain
the whole. which he did in the following statement
which repeat ihoagh you saw At IN yesterdays let
Er"
the Board &c Directors passed resolutions au-
ihonz'ng the Exchange Committee 10 make invest
ments nj any rate Of interest not lees than four and n
hail per cent. As chairman Of that committee !
called upon MeSsr. Il. Biddle * Co. several times.
and requested ihen 10 make oil their great opera
tons With US. and urged them TO tuke two or three
millions of dollars or more at , per cent, aud for As
long a time as they wished. They were not will
ing 70 take the loan for as long Il time Us the com
mrtice wished. but reserved the night oi paying of
rs might suit their convenience. The committee
upon unioubicd security loaned them upward of
l.lOO.OuO tollars NJ ) per ccnt-which loan is now
reduced as your I'M has observed, 10 co.,
900 dollars, and will pay an interest Of6 per cent
IL was thought a very advantageous arrangement
10 obtain such a large investment at five per cent
on such undoubted security. when the committee
were authorized 10 loan al four and 4 half per cent
! have always regarded this operation As one Ia
which the Bank was the favored party. and | think
II may be safely and truly slid thai tho account Of
Mcssrs. a. Biddle & Co. IA, been one Of the most
advantageous accounts in the Bun
MANUEL EYRE"
April 1882"
There was still another lpln Of S3s. 900 TO my
brother. Mr.. Charles Biddle. which was ascrihcd
to similar fhvoriiisu. As the loan had taken place
eight years before. I had no trace ut II in my mind
aud could give no accouhtO Of 1t, and there The mat
ter ended, except that Mr.. Wilson. the Cashier.
testified that the loan was not made by me hut by
the Boarl. The following year Mr.. Charles BID.
dc who had been long absent, returned To PhIladel-
phia. and he then mentioned that the Bank Of Phil.
~adelphil, of which he was then a Director. happen.
ing 10 get into SINE temporary embarrassment he
on The part of the Bank brought these notes 10 the
Bank Of the United Safes. where they were dis.
counted Tor the exclusive Use Of the Bank uf Phil
%alelphia, that this statement was entirely correct.
aud lohiaincd n leuerirom the Cashier ofthe Bank.
then Quintin Campbell, Esq 10 that effect. The
subject was happily introduced bv MIR. Thomas L.
Cope m his speech on the subject of banks i'm the
Pennsylvania Convention. a loan SAYS he. 10
Charles Biddle IN. likewise been the subject oi
criticism. Ii Is sufficient for me To say i'm relation
to that loan that he was at the time a Director in
one of onr City Banks. AMI that the money borrow.
ed was for the use of the Bank, nj a period of pub-
lie prcssuro-lhe Bank OF The United States M all
times willing TO render necessary assistance 10 any
Of the olher State Banks"
You will notl AIN sure nscribe 10 me tho lille
vanity Of making a parade Of these things. hut 7 70.
cur 10 them now because the very same subject IS
brought forward by this Committee. and in such a
way as 10 produce greater effect from being martial.
] = 49, AtHT - - NANA NlAG NFll NI m ElN re-
'ceived ACCOMMODATIONS Of this kind between August
1855 aud November 1887 10 the extent orSi2I3..
80 ~. more than half Of which was obtained i'm
1881 The suppression ofrhr namcsis of no con.
sequence since every body knows that II is the firm
OF ThOs. Biddle q Co, aud then the natural com.
Heh'aTy which follows is that there must have been
some most extraordinary Gyoritism on my part TO-
ward n house bearing my own name. IL is for
That reason, that I Reproduce these testimonials Il,
prove that during The whole time I was i'm mower I
never exhibited toward this house ANY flvoritism.
that ] even restrained the Board as NJ. Plul Beck
iesiihes, from giving them discounts. and that their
iarSe loans did not come through me nor by me-
i''S disposition thus proved may perhaps serve Us
4 general answer 10 the insinuation of Elyor;tiSm
ana certainly ! am not aware Of having in the Sigh.
test degree contributed to their loans. What re-.
'aemosE Is ihls. In the year 1897 after came
ION New York where there had been a vast de,I
% commercial distress, II seemed Just that the same
measures o. relief should be gwen TO our own city.
NOW There were Two large establishments here then
IN great jeopardy. One was the house of NIe,srs.
john A. Brown & Co, the other Thos. BiJJIs 4,
To. The first | took in hand myself making the
necessary advances u carry them through their
troubles, AMI they we q accordingly sayeJ Win
The House OF Thos. Biddla & Co. / would an, inter.
ierei but l requested a Committee 90 examine tbci,
affairs ana IL They thought II eXpedicnt - carry them
'nrough' 1 would consent % 10. They did 50. All
lhls increase OF loan made in 1887, was a work in
which | had NJ part whatever any nnre Than :,
me original loan made 10y Mr.. Eyre, aud the secur.
liies offered were 4 understand. very substantial
tien' though ia the great decline Of all persouol
properly They may how be in adequate. Having
SAID tIls much concerning lhes5 loans | finally Close
that subject.
And now lett us see TO what an end this commit.
lee Is h%urrying the Bank II they had been stock.
holders themselves, if they had cunsuIteJ tho IN
| teTeStS of the sfpckbnlI.rg fk...
y obvious. The Bank had quarrcls enough. Nh,
Il wanted was repJse-it needed that lis credi,
should I've sustained abroad. and that al homo !,
should seek favor and friendship with the com.
muniiy and the government. The Bank miybt have
been gradually resIo.ed-its capital diminished so
rs 10 enable u To make dividends and all is misf,r.
'nnes gradually repaired. But what do these com
miiiee meni They villify all those who have her,
tpiore managed The Bank. they denounce Mr. Ian.
don, and they describe the institution rs one no,
eniIlel TO confidence. What Is The conscouencc3
Ihey have destroyed The nbiliiy Of Mr.. Jandon :,
serve The Bank-they have 50 completely prostrot.
ei The credit Oithe Bank iiselfthaf il "a IN he srorce.
" possible 10 make arrangements for continping IN
pay It's interest IN Europe-and the Bank has mo
means VI sehding u from here, 50 that at The first
ueiddIt lhe foreign creditor may he temnted Il, soil
the securities he holds OF any pric. and com. -
ihe Bank for the difference. a claim which vonIJ
sweep away a large part ofiis capital. AT the some
80 NV gNNIH
lime lhey nave alienated many persons yyho yve,e
aO'e and willing TO serve the Bank; they have rem.
"ered u odious, and the Legislature Of Pennsvl.
wanna viii either cut the Bank adrih and leave il
10 us iate-ore else ift affords my relief will do i,
Only on condition that it will give 10 lis indepen.
uehee and place itself at the mercy Of the Leei.lo.
'nre' 81 that is charter may be ut any Time repeal.
ed without assigning n single reason.
such are some ofihe blessed fruits Of the labor.
% 'is Commiiieo-and If hereafter the Bank i,
des'royed-ifiis whole capital is exhausted in cor
sequence OF the discredit now thrown upon IL by
lhe Commitiee-ifihe citizens Of Philadelphia ar,
10 'ose The use Of the remaining sixteen millions oi
capital which the Committee say is vet safe, ant
are 10 be forced to pay up their debts, let The stock
h'lHcrs Of The Bank mud The citizens or PhiladeI
phl know 20 whose financial ability and disinteres
icdnes their gratitude is due.
Aler such brilliant persons eyery hing else be
comes dull, and ! will only add how sincerely
am.
Yours. N. BTDDLE.
THE RESCUE.
A. FNciDxSr or THE REVOLUTION.