Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-05-08
FSs.s ths Phi!sdsiphia faq~irsr.
THE UNITED STATES BANK.


GREAT MEETING OF STOCKHOLDERS
Long before the hour appointed for the adjourn
ed Stoekholders' Meeting, large number OF per.
sons had assembled in the Bank, and soon alter "
O'Clock the in which the proceedings TOOK
place, was crowded TO excess =,
Mr.. Samuel Breek having taken the chair, MT
Gratz Secretary, read the minutes oil the former
meeting, with which our readers are already tami'
lar Mr.. B,yard corrected an informallty, by sta
ting tina, "by the eo%%l; zee. sppo@n.ea a. Pre-
ve,tigalon," should be inserted, which was agreed
30.
Mr. English moved that that portion Of the proceed
inss relating TO Mr Richard Price and his letter
should be stricken out-as that gentleman had at
tended meetings ofthe Board read letters there, &c
Mr.. Price Wetherill said that MIR. Price had only
given information friendly 10 the Institution. mr.
Newbold said that Mr.. Price was not satisfied with
the manner in which his name had been put upon
the lsi and therefore declined taking his seat regu-
iarly at the Bosrd-that the committee were anx'
ious fot his services and Information, and he gave
them, but not as Director. Mr.. Puce Wetherill
supported his previous argumest; and Mr. bayard
took a similar view.
Colonel Drayton considered that act Of
justice, the motion should not pass-foS II it pass
ed, Mr.. Price would he made 10 state that which
was untrue, though by implication only Colonel
d. spoke highly Of the pure character Tor integrity
enjoyed by Mr.. Price; observed that Mr.. Price was
elected, but that he never accepted the appoint
meni-ncver acted officially. BE did not resign at
the time because he was making inquiries as to all
the circumstances OF the case-but al the request OF
the Committee, he attended and gave valuable IN
formation. He therefore opposed on that ground,
any alteration OF the minutes. Besides II was not
motion 10 correct an error, but strike part
OF the proceedings, which really did occur.
The amendment was rejected, and the minutes
of the former Meeting confirmed.
Mr. J. r. Chandler then read several documents
10 the Meeting, beginning with a letter which had
been sent the proper officer, informing him that
the Special Committee had been appointed to
tain the legal liabilities, if any, incurred by the Of
fcers of the Institution, to take the opinion Of coun-
sci on the same, SC. Then, letter from Mr.
Thomas Fleming, stating that his name had been
put on the list of Directors without his CONSENT and
that he had therefore resigned. Then followed the
Report of the Committee, and the Memorial they
had drawn up and sent 10 the Legislature, IN COM
pliance with resolution at former meeting.
The memorial prayed that the Bank should be
relieved OF part OF the bonus-trom making any trf.
Their loans to the Commonwealth alluded briefly
to past events OF the Bank-the necessity that ex
listed for suspension of specie paymens-that such
course was one to which the Middle, Southern
and Western States had been liable, but that like
all other evils it should be dealt with wisely; and
that therefore the penalties attached TO suspension
should be done away with. In brief, the memorial
suggested that the Bank should I've relieved from
paying the residue of bonus TO the SIate-from max
ing more State lohns-from penalties for suspen-
ganized with Sii,000,000 capital, and its name
changed.
IL was moved that committee be organized 10
take into con. ideraiion the prospects OF the bank
and u report at on adjourned meeting.
Mr. Rsndaj asked 1t any gentleman could tell
whether the Legislature had yet acted definitely in
any way affecting the Bank. Mr. John II. Martin
replied that up TO half past " the previous night
nothing final had taken place.
Mr. Finch, after apolog zng for offering any
ma ha hair assaH Aa.,
greet that the Committee had not come 10 de-
finite resolution as to the fate of the Bank-and
hoped they would not separate without some resolu
ton 10 the future course OF the Bank and the
Stockholders. Mr. F. briefly reviewed the Bank
events for the last two months-observed that the
Bank should not only have money. but reputation.
lie trusted, therefore, that some specific resolution
would be passed before the meeting broke up-and
hoped that we should not only hear what had been
done-but what was intended TO be done.
MIR LentZ commented on the attacks which had
been made IN the spa pers and elsewhere, nllud
ing particularly TO those IN relation Mr. BIdde and
Mr. Llppincotr, and moved that the Of the lat
ter gentleman should be Withdrawn from the Com
mitee. Mr. Newbod remarked that he thought
such motion was entirely uncaled for the more
especially as MIR Lippincou would probably have
TO make some remarks Tn the Meeting. he hoped
therefore that MIR Leniz would Withdraw his motion.
The motion Immediately withdrawn.
Colonel Drayton, as President of the Bank, read
the resolution previously passed, as to seeur-
ing payment Of the Post Notes IN the City and
County B,nks, and other purposes, sc. He said
that Special Committee OF the United States
Bank had met COMMITTEES OF the other Banks, and
made the arrangement already known to our rea.
ders; and that the Committee and Board had made
some progress towards securing the circulation de
posts, &c. he then came to that part Of the resolu
lions which directed that the operations of the Bank
should in future be confined this city. IL was not
IN the power Of the Committee or Directors so TO do
immediately, but II depended mainly, TO the best
course for them 10 pursue the action of the L.
glsature. The Board had done what they could
They had suppressed many Of the Agencies and
were pursuing the same course with the others
In relation To dlscountlne-no discounts had been
made, except on discount days-and they had met
Tor discount purposes every day-none had been
made at any other Time or place. The Board had
made no loans. The salaries Of the officers had
been reduced-Ihe Presidents frst-the Cashier,
from $500 per annum TO $500 per annum. On
the list OF April, re organization OF the Bank took
place. Several clerks discharged, the salaries
OF others reduced, and the Committee represented
that others would be reduced still further il desirs
BILE. But IL should be remembered that the duties
fell heavier on those who remained; and il was
thought we'll to wait for the hnaI action OF the Lee
gislatuTe-f IL the Corporate Bank we're continued
1t was probable that the present clerks would be
continued.
On the subject Of the responsibilities Of officers
and that the clerks should be released from ontbs of
eec-JsJ SAID that portion Of that part OF
the resolution had arsen from n msa pprchersion as
the clerks had felt themselves called on 70 re-
fuse 10 any committee, 10 directors or other persons
authorized to receive them, any evidence or norma-
ton IN their power.
Mr. Finch asked whether the assignment made for
the post notes held by the Banks was not contrary
10 the spirit Of the resolution passed OF previous
meeting7 That assignment, as he understood, was
only to be made the contingency Of a certain
eTent--tbe event Of the other Banks receiving the
notes Of the u. s. Bank. That event had no. taken
place.
After some explanation, MIR Finch resumed and
remarked that the security should have followed, in
stead Of having preceded the cepion Of the notes
Of The U. s. Bark by The other Bank. IL was clear
10 him that such were the instructions OF the meet
ing.
Mr. LipPincott explained that the committee ap-
pointed by the Bank 10 carry that resolution into
effect, had met the committee Of the other Banks
and were desirous OF carrying outthat resolution 10
the letter, but found II impracticabe, as the laws
Tcqdi ed that large securities should be given bv The
Trusees Application has been made 10 the Legis.
lature for the passage OF law set the necessity
Of such securities aside. This required time. and
the committee thought il would be as well not 10
wait for legislative action, the result Of which would
bs very uncedainj and they had, therefore, accom-.
plished thus much, namely, giving the secunte s TO
the other Banks for their post notes.
Mr. Newbod said that the course was desirable
that properly should be apportoned for the circun-
ton, depostes, &c,
Mr. w. J. Duane said that, as trustee Of others
he spoko-and he considered the committee hid not
only exceeded their authority, but had actually yo-
ls'ed the resolution. by giving away the property Of