The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-05-25

Tor hin the lands in Dauphin county 'for which the
ueeu was gwen and that after the fact was brought
10 ms knowledge that the money had been taken from
the Iser's drawer, and while he was President OF
| Me Bank, and charged the books TO him. he had
admitted the debt ythe payment OF interest upon it,
itwih thus bc see, that The OF Mr. Bidde,
as snbIf ned was, sitting aside the typographical
ror eorrc .~aA Iy .s;s,ain4d by tliesLeoes Of the
Bank; yet he has not hesated to pronounce it It's
| sue of misrepresentation"
The committee confined themselves to so much Of
this account standing unpaid or unsettled Had
they gonelfurther back il would have appeared that
The following loans had been made 10 Mr.. NJ Bidde,
| and entered as " bills received
January /, 1888, $4,000
February l3, 1885, 10000
February %, 1898, 5000
| June 80 1888, $4,000
September l, 1888, 10000
Amounting in alto $4,000
| which remained unpaid up to March 25 1899, upon
| which day it was paid in full with interest
| Ii it be asked, why parade Mr.. Biddle's account
before the world the answer is simple 1t is
| because when these debts CONTACTED he
oicerthe chief oicer--and bound as such to set an
example to those in subordinate Offices and because,
as he has himself expressed it, officers of banks
ought not TO be borrowers at allnever large borrow
| eB."
| 2. The account of Mr.. S. Jaudon.
| The statement of the expenses of the Agency,
| London, and Mr.. Jaudons Commissions were intro
duced, not for the pose of casting upon
him. but in order to show Of the consequences of
| The policy OF the Bank, which had subjected her 10
heavy discounts and expenses her loans in Europe;
and also to exhibit the loose manner in which the
agreement with that gentleman had been made, SO that
/ be could still charge extra commissions TO large an
AMOUNT while appeared at the same time to be part
Of the understanding with him that for the ordinary
compensation stipulated, he should devote himself ex
cuslvely to the business Of the Bank
MIR. Jaudon had also been borrower. The com
m,tee referred TO and gave his account in the appen
dix where the amounts and dates of his several loans
and the amount and dates of his cash payments, with
list Of his collateral securities all stated in detail
Here are parcel of statements" says Mr. Biddlc,
called facts and suppose they are So but they are
scattered and separated that the great truth which
they contain is studousIy hidden" This great truth
seems to be- that Mr. Jaudon had reduced his debt to
$ll7 600; that his cash payments amounted to s307
OOO deductng which, from his receipts for services,
showed that the latter only exceeded the former by
about Ss2S ,OOO
Yet this, we are told gives an entirely new aspect
TO the whole question. For, after all, says MIR. Bid
de what debtor of the Bank has paid much SO
well during that time. douh, whether there is one
single man who has paid il anything like the same
proportion Of his debt" Perhaps there may be other
heavy debtors Of the Bank who would engage TO pay
even in full, if employed in agency office at
salary or commission Of one hundred thousand dollars
per annum, four times the salary of the Chief Mags
rae of the nted States, and eleven times that of
| American Ambassador abroad.
Mr. Jaudons accounts would not have been again
introduced, had not Mr. Bidde chosen to charge the
committee with scattering and separating the facts.
SO that "the great truth which they contain is
studiously hidden" This is a very strange asser-
ton for any to make with the Report before him.
Al page l6 Mr. Jaudons Indebtedness at the time he
elected Foreign Agent, is stated at $3.50 %
and in the very next line that the first of March
1871, it had been reduced to $ll75OO And again
at page 40 and SO, his whole account is given, debit
| and credit side by side the page. What
closer juxta position what full disclosure could
| have been desired.
3, THE CoTToN OPERATIONS
| We have carefully examined Mr. Biddle's first let
ter in relation to the Cotton operations without having
been able discover that single fact stated in the
Report on this subject has been directly controverted
Ii is minated, however, that these transactions
publicly known at the time they were going on, and
that therefore the Board of Directors could not have
been ignorant of them, though remains unex planned
why their formal consent not asked and obtained
to so large appropriation OF the funds of the Instr
tuition for unusual purpose The evidence relied
on to sustain the position that the Directors could
have been ignorant of it, an extract of Mr. Biddes
own published letter 10 Mr.. John Quincy Adams, of
the date Of Dec. TO- 1888. II is TO be remarked, that
in his letter 1t said that "as SOON as the capital
and industry of the county had time subsdc into
their accustomed channels, these operations
linouished and now they have totally and finally
ceased" So that, according to Mr.. Bddle this pub
LEGATION after these transactions closed and
supposing that stated them correctly it would be Of
no avail as to the point in question. But by no
means stated the operation really was II contained
this language Gas the Bank could not purchase these
staples, it made advances upon them in the South"
The Bank, however did not advance to the Southern
planter or shipping merchant, the paragraph i'm
plies. On the contrary, its funds used by Mr..
N Bddle and his partners in interest, 10 enable them
TO purchase cotton and ship to England ia order that
il might have the privilege of purchasing their Bills
the Bills Of their agents. for the proceeds in which
90 make remittances.
N.,xv thc avid hat fI,e .aratsn
authorized or sanctioned by the Board of Directors,
Isl
l. That not one syllable in relation TO II is TO
be found on the minutes of the Board either at the
time Of its inception or during its progress.
q The Preamble and Resolution Of the Directors,
Messrs Cabot, VAIN, Nca, Council, Eyre Price,
Lewis, Martin, Handy, and Taylor, adopted unani-
mously on the 2lst of December, ls4O
"As it appears by the Report Of the Committees on
Advances that large transactions have been going on
for several years without the sanction knowledge OF
the Board of Directors and further appears that
these transactions mostly IL wholly for the
MT and the profit and loss Of the executive Of
icers of this Bank ut those tines il Ii due from this
Board, that their just condemnation of such things
should be fully expressed and recorded It is there
fore !,
Resolped, That the large advances made by the OF
icers of the Bank the periods Of 1878 and 1888
3, being totally unauthorized and unknopn 10 the
Boardef Directors, merits and receives our just
sure and condemnation"
g. Mr. Biddles own admission, 81 determined
that as il mus, he done would do il myself
Indeed, il is very apparent, that MIR. Biidle espe
cIay, during the latter years Of his Presidency,
sidered himself the Bank and still considers him
self 10 have been so. This exhibits itself in several
other parts of his Letters besides that which has Just
been adduced. For example, in speaking Of the
sumption in January last he says Had occupied
the position once did, couid mol hare permitted
that resumption" Referring the assistance given in
1897 10 two large firms in this city, he says The
first took In hand myself, making the necessary adj
sances to carry them through their troubles, and they