Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-04-27


personal, TO show that had been guilty Of gres
tavoritsm towards people who were represented a
my relatives That question was, therefore, tho
roughly examined by the Committee, AMI although
that shall put down the successive answers by tn
directors and officers they were summoned to giv
their testimony.
First, the Ex.Csshier, Mr. Thomas Wilson:
"when Mr. Biddle came in as President, | Of m,
own accord, and from the same considerations, EN-
ployed Mr. Thomas Biddle again. mention hi
in justice to MIR n. Bidde, and from wish to b
understood that il was through me that MIR L. Bid
die was employed as htoker of the Bank"
And again, in answer to this question by Nj
Adams:
"Do you know OF any preference or favor or par
TALLY shown by the President Of the Bank TO M
Thomas Bidde, in the transactions Of the Bank with
himl"
| ANSWER. ] do not. When the sale Of the for
feited bank stock contemplated, a committee Of
the Directors was appointed TO conduct il, and MIR
Whitney went to New York in order to dispose Of
IT, Such an operation Of curse TO be conducted
with secrecy. He made sales Of large portion
of 1t though the Primes Mr.. L. Biddle became the
purchaser. He held the stock for long time, at a
considerable disadvantage, and was not aware al the
time he purchased, that it was the Bank that was
selling. mention this circumstance TO show there
was no privity or connexion between Mr.. L. Biddle
and the President ofthe Bank. IL was large ope-
rdtion, and had il been known that the Bank was
| sSIhiiS, tue price Wouiu OF course nave tailen
may add that the commission alone on such sale
would have been agreat object II Mr. L. Bddle had
been employed rs the agent to conduct it."
! Then the Cashier. Mr.. Mllvaine, in answer to a
| question by MIR. M'Dufhe:
81 have never seen any disposition on the part of
the President to show the smallest favor TO the
house of Thomas Bddle * co..
And in answer to Nh. Adams's question;
| Have you ever known the President TO manifest
any Partially, or evince disposition to grant any
| special n Ofh ne tativ
ions1"
He answered.
81 have not. Whenever the Bank has been the
purchaser OF bills OF Exchange from Thomas Bidde
y Co., the President always appeared TO make the
! best practicable bargain for the Bank"
Then Gen. CAdwalder-to question by Mr..
Adams:
"Have you ever known the President to manifest
| any Partially, eynce a disposition to grant a
special favor TO any Of his relatives friends1"
Answer-"i have not. ! will however mention
two or three instances the other way"
He then mentions the sale of stock described by
Mr.. Wilson, above, and adds
! "Another circumstance within my recollection is
an application which was made by Mr.. Chas. BID
die, the brother Of the President, TOR Cashiershp
| in of the Western Offices; MIR. G. Bidde's Ia
Tents and habits Of business might be supposed to
have eminently qualified him for such an appoint
ment. His application, however, was discouraged
by the President Of the Bank. Another application
was made by Mr.. c. Bdde for the Soicitorship of
the Nashville Office. The President of the Bank
declined recommending him TO the Board OF the
Branch for that ofice-his want Of professional ex-
perience being suggested by the President as a suf-
hcient objection. few years ago, | visited ST.
Louis at the request Of the Board for the purpose Of
reporting TO the eligibility Of that place for the
establishment of branch. The character, talents,
and standing OF Major Thomas Biddle, brother OF
the President, seemed in the opinion of the most in.
elligent people Of the place to point him for the
Presidency OF the office. Being apprehensye, how
ever, that the President of the Parent Bank would
object to Major Bidde on the score OF the relation
ship, placed next TO him on my list the name Of
Col O'FallOn. When the office afterwards es-
tablished. and the Board of Directors were to be
appointed, the President desired that Col. OFalon
should be placed at the head Of the list, and it
so arranged by the Committee on the Offices"
And again
al have never known any leaning or parliality on
the part OF the President TO Mr.. L. Bidile or his
house"
So Joseph Cowperthwate, Assistant Cashier, in
answer to Mr.. M'Dufie's question
Whether you have ever known the present pre-
siding officer TO manifest any occasion DISPOSE.
ton TO grant fivors to the house OF Thomas BlGde
Co., or TO extend to them any facilities not condu
Give to the interest Of the Bankl"
He says-"With regard to loans to T. Bddle &
CO.. in 1881, they were frequently the subject of
discussion before the Exchange Committee, and il
always seemed TO me that the President was the
| ieast anxious on the subject. He was anxious that
the funds OF the Bank should be invested and spoke
in that general relation Of the meetings Of the Com
mittee. With regard TO the partIalty TO which the
question refers, know no instance whatever of IL.
My own impressions have always been that the
President has erred in being too scrppuioGs,"
He then cites the above mentioned by Mr.
Wilson, and addS-"When alluded TO the matter
among the officers Of the Bank, | received the i'm
preston that il was done in order avoid any i'm
Pntaton Of Partiallty."
go Mr. Paul Beck, jun, in answer to the ques.
ton
"Havs you ever known the President of the
Bank to manifest any Partially towards Thomls
Biddle Co., IN any Of the transactions Of the
Bank2"
lie says
mo never. | have seen him treat them as hard
as any body. In time of press brokers' and auction
GERS paper was always discounted last, mechanics
and traders always discounted first. / have very
often seen the Board wiling TO DO more for Mr. L.
BIddle & Co. than the President would allow"
Other testimony was taken till the Committee at
length came 10 this resolution, as may be seen in
their reports.
"The minority Ct the Committee GMessrs. Adams.
M'Dutke, snd Watmoush,l will avail themselves of
this occasion 10 say that IN all the transactions Of
the Bank with Thomas Biddle L Co. and Charles
Biddle, the President has been not only free from
the slightest lmputaton Of partiaity or fagorsm
but that his conduct has been invariably governed
by nice and scrupulous sense Of delicacy and pro.
puetyt ana ths they ieel authorized TO say is the
opinion OF the majority Of the COMMITTEE"
The following resolution unanimously adopt.
ed by the Committee. Messrs. Clayton, II. NJ. John.
son, Thomas, Cambreieng, Adams, M'Duffie aud
WMmough:
ReS5irsd, That the charges brought against The
President Of lending money to Thomis Bddle s Co
without interest," and Of dscounting notes for that
house and for Charles Bddle, without the sanction
OF the Directors, are witout foundation, and that
there does not syst any ground for charging the
President with having shown or manifested any dis.
position TO show any partially 10 these individuals
IN their transactions with the BANK
Still the question remained how did this large
loan come into the Bank Mr.. Cowperthwaite IN
the part u bis testimony above quoted, shows lis
origin. "He (tbe Presidency was anxious that the
funds Of the Bank should be inves'ed and distinct
y recolect hearing one or two Of the Committee
Mr. Cope particularly, say that they had been to
Thomas biddle & 20. 70 solicit investments OF that
sOrt.n
But it remained Tor Mr.. Manuel Eyre to explain
the whole, which he DID IN the following statement,
which repeat though you saw Il in yesLsrday's let
ter.
"The Board Of Directors passed resolutions an.
"thoriZng the Exchange Committee 10 make invest
"ments at any rate Of interest not less than four and
ga halt per eesL As chairman Of that committee I
"caIled upon Messrs T.. Biddie s Co. several times
land particularly requested them 10 make al their
''gTeat operations with US, and urged them 10 lake
Two or three millions Of dollIrs or aore NJ per
"eent and Tor as long time they wished. They
"Were not willing TO take the loan for as long a
time az the committee wished, but reserved the