, 1841-05-22

Cashier, and at times by the President. Thew
exercised the power of making loans and
settlements, to full as great ar extent as the
Board itself: they kept no minutes of their
proceedlngs-no book in which the loans
made, and the business done, were entered,
but their decisions and direction, were given
verbally to the officers to be by them carried
into execution. The established course Of
business seems to nave been, for the First
Teller to pay on presentation at the counter,
all checks, notes or due bills having Endorsed
the order or the initials of one of the Cash.
iers. and to place these as vouchers m his
drawer, for so much cash, where thew re-
NAMED until just before the regular periodical
counting of the cash, by the Standing Com
mlttee Of the Board ON the state ofthe Bank.
These vouchers were then taken out, and
entered as Bills receivable" in a small me-
morandum book, under the charge of one of
the clerks. These bills were not discounted.
but bore interest payable semi-annually, and
were secured by a pledge of stock, or some
other kind OF property. 1t is evidently i'm
possible, under such circumstances, to ascer.
tam. or lie assured, in regard to any particu-
lar loan or settlement, that it was sanctioned
by a majority Of the Exchange Committee.
It can be SAID, however, with entire certain
ty. that the very large business transacted
in this way. does not appear on the face Of
the Discount Books, was never submitted
to the examination of the members of the
Board. at It's regular meetings, nor is il any
where entered on that minutes, as having
been reported TO their body, for their infor.
nation or appreciation. As Illustrative of
tho ay1ent ut thpcn tr1ncortOnc It rno,x L.
proper to state, that the sum total of s. Bills
receivable
On the 4th Of March 1856 was S6.22l, $50 IS
On the 4'h Of March 1887 ~8,1ss,445 OIL
On the 4th of March 1888 7.929,5O3 o.
On the 4th Of March 1889 6,772,731 so
On the 4th Of March 1910 4,O4I,7o4 50
The amount outstanding on the books Of
this Department, on the 4th of March, 1871.
become reduced 10 the sum of 1884 dol
lars, II cents. The accounts have been SET
tied in various WAYS, or transferred 10 other
heads, the Directors having resolved to abol-
ish altogether a course Of proceedings, 50
pregnant with mischief and loss, and to pro-
hihit entirely, ell loans except by the Board
itself.
There stands now upon the books OF the
Suspended Debt Department, transferred
there to from ..Bills Receivable" still un-
settled 1,470.661 dollars, II cents. A DOT.
ton is on the list Of Active Debt, having
been changed into Bills Discounted, at defer.
red PERIODS of maturity.
These loans were generally in large
amounts. Ia the List of Debtors on .BiIls
Receivable" Of the first of January 1897.
twenty-one individuals, firms and companies.
stand charged, each with an amount of one
hundred thousand dollars and upwards. One
firm of this city received accommodations of
this kind between August, 1885, and Novem-
her 1887. TO the extent of 4.213.878 dollars
so cents. more than half of which was OBJ
tanned in 1886. The officers of the Bank
themselves received in this wav, loans TO a
large amount. In March, 1886. when the
bank went into operation, under its new
charter. Mr.. Slmuei Jaudon. then elected its
Principal Cashier, was indebted TO it, lO0,.
500 dollars. When he resigned the situation
of Cashier, AMI Unsupported Foreign Agent.
he was in debt 4o8,3S9 dollars, 25 cents, and
on the first of March, l84l, he still stood
charged with an Indebtedness Of lI7.5OO
doIIlrs. Mr.. John Andrews, first Assistant
Cashier. was indebted TO the bank in March
1886, 100000 dollars. By subsequent loans
and advances made during the next three
wears. lie received in all, the sum of 1885,
$50 dollars CT cents. Mr.. Joseph Cowper-
thwaite. then second Assistant Cashier, was
in debt TO the bank in March, 1886, $4,000
dollars; when he was appointed Cashier in
September. 1888. 326.383 dollars; so cents;
whrnhe resigned, and was elected a Director,
by the Board, in June, 1910, 1880 dollars
and he stands charged March S, i84I, on
the books with the sum of 55.OSI dollars, IS
cents. Ii appearson the books ofthe bank, that
these threegen tleman, were engaged in ma
king invesimenis on their joint account, in the
Stock and loan of the Camden and Woodbury.
Rail Road Co., Philadelphia, Wilmington
and Baltimore Rail Road Co., Dauphin and
Lycoming Coal Lands, and Grand Gulf Rail
Road and Banking Company.
TO be continued merit week