Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-05-22

MIR Biddlc aifms that il was not until December
1889 long after he had left the bank that he bough
this stock OF a stockhroker.
| The Journal Entry of the Suspended Debt De-
partment, in relation to this item Is as follows:
Feb. ;, ISL. Nicholas Biddle, to bills
discounted suspended, for amount due
from n. Bidde, according to the fol-
lowing statement, with interest, from
/ Jan. 80, $40, S3I, 500 o.
"Sold by Thomas BiJdIe * Co for account, J.
owpetthwaite, Cashier,
1889, Jan. 20. 100 shares Reading Rail-
road, at sl5, s3i, 500 OC
! Interest " mos. 10 Jan. $40, 1880 %
$500 90
| Commission !, 50 IS
33,sO6 81
1889, Dec. To cash paid, 1000 90
! lS4O, Feb. !. do DO 500 SCI, SOC 50
Balance due by n. Bidd'c, Esq. sSI, 500 ~
on 700 shares, which is payable in - mos. from
January 80, 1910. with interest at i per cent, per
annum. (Signcd,) Thos. Biddle y CO."
Thus 1t appears, il this entry is TO be relied on,
that the stock was Sous hi the 29b January 1889
made payable with interest in twelve months, { ON
January 80 $50, and that when lis maturity arrv-
ed, February 2, 1884, not being paid, il was trans
terred to the Suspended Debt DE; ,artmen, and Mr..
Biddle there asked and obtained an extension OF -
months more.
The second item OF the account is a, follows
! jan >, lSil-tllS nOte due jan d, 1872,
with interest. originally debt to the
Bank, guaranteed by Mr.. Bi1de and
now assumed by hun, 500 0OO-
In the original impression there was a typogra-
phca error, the word nerer printed for notp which
was not discovered until after some four hundred
copies had been struck off. As soon as discovered
the correction was made IN the form, and with the
pen IN as many rs had been printed Ii is posi-
BILE, however, that few copies may have been
given out before this was done. This is the only
error pointed out in the second item which rs was
an aosurdry as originally printed, would have led
almost any one TO suspect typosrap hcal mistake
The third item of the account i:
Balance OF loans from Bills receivable, S29, 500"
Now It is true the Committee were shown let
ter from Mr.. Cow perhwIiie, declaring that he had
obtained this money from the Bank for MIR. Bid
die, without his authority; bni further appeared
that Mr.. BIdd.e had authorized Mr.. Cowperlh.
waite to purchase for him the lands in Dauphin
county, for which the deed was given, and that al
ter the fact was brought 10 his knowledge that the
money had been take from the Teliers drawer, and
while he was President OF the Bank and charged on
\ the books to him, he had admitted the debt by the
| payment of interest upon It,
! 1t will thus be seen that the account of MIR. Bid
die, submitted, was, setting aside the typosra-
phIcai error, correct, and fully sustained 6y The
books OF the Bank; yet lac has not heStated TO pro.
/ nounce III tissue OF Misrepresentation"
The committee confined themselves TO so much
OF this account as was standing unpaid unsettled
4
ell that the following loans had been made 10 Mr.
n. Bidde, and entered as "bills received"
January /. 1888, $4,000
J February 81, 1885 10 GOO
February %, 1888, 5000
June 20, ISIS, $4,000
September |, 1888, 10000
! amounting IN all to $4,000
which remain unpaid up to March p, 1889, upon
which day 1t was paid IN full with interest.
IN ! Ln gL.AN 49, l. I
before the world? the answer Is a simple one. IL
is because when these debts were contracted he was
an ohcer-the chief otficer-and hound as such to
set an example TO those IN subordinate Offices and
because, as he has himself expressed it, oicers OF
banks ought not to be borrowers at al-neyer large
borrowers"
,. The Account of Mr.. s. Jandon.
The statement OF the expenses of the Agency,
London, and Mr.. JaIdon's Commissions, were M
trodnced, not for the purpose Of casting censure
upon hun, but in order to show one of the conse-
quences of the policy OF the Bank, which had sub
JecIed her to heavy discounts and expenses on her
loans IN Europe; and also 10 exhibit the loose man.
ner IN which the agreement with that gentleman
had been made, so that he could still charge extra
commissions to so large an amount; while IL appear.
ed at the same time To DC part Of the understanding
wIih INN that for the ordinary compensation slpu.
lated he should devote himself exclusively TO the
business OF the Btnk
Mr. Jaudon had also been a borrower. The
appendix, where the amounts aHd dates Of his sew.
raj ioands, and the amounts and dates of mis- cash
payments with the list Of his collateral securities are
all stated IN detail. "Here are parcel OF state
ments." says Mr.. Bidde, "called facts, and sup
pose they So but they are 81 scattered and sep
arated that the great 1 u which they contain is
siudiously hidden" This great truth seems to be
That MI Jaudon had reduced ms debt to $4,000;
that his cash payments amounted TO 1907 900: de-
dIctng which, from his receipts for services show ed
that the Latter only exceeded The former by about
S2s, 900.
Yet this we are told, "gves an entirely new as
poet TO the whole question. For after ali, says Mr.
BIdde, What debtor Of the bank has paid so much
or 50 well during that n4e7 | doub; whether theis
IS one single mao who has paid m anything ike
the same pro orion Of hs debt. Perhaps iheie
may oe other heavy JeJto's ofthe bank, who would
engage TO pay even in full, II employed in an agen-
ey or office at a salary commission OF one nun.
dfed thousand dollars per annum, four times the
salary OF the Chief Magistrate of the Unied Slates;
and eleven times that Of an American Ambassa,
dor abroad.
Mr.. JaudOn's accounts would not have been
again introduced, had not Mr.. Bddle chosen TO
charge the Committee with "scattering and sepa-
aihg" The facts, 50 that the great truth which they
contain IS Etudously hidden" This is very
strange assertion for any one to make with the Re
port before him. At page 10 Mr.. Jaudon's indebt-
edness at the time he was elected Foreign gent is
stated AZ SiOs, 3S9 o. and IN the very next line that
on lhe ISL oil March, 1871, Il had been reduced to
sly 800. And again, at pages 40 and so. his
whole account Is given debit and credt-side by
side on the same page. What closer iuIta position
what more full disclosure could have been desired
3-THE COTTON OPERATIONS.
We have carefully examined MIR Biddls's First
Letter IN relation 10 the Cotton operations, without
having been able 10 discover that single fact sta.
ted 90 the Report on this subject, has been directly
coniroyehed. IL Is inumutsd, however, that III, Sc
Transactions were publicly known at the time they
were going on. and thaL thefefDre the Bnnrd Of d..