Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-05-22
rc,n the Philadelphia Inquirer OF Wednesday.
RANK or THE UNITED STATES.
.s.O,h,r Cr,ai Needing Of SioekLoiders.

.4aoih,r Great Meeting Of Sioekhoiders.
The meeting room at the United States Bank
was crowded with Stockholders yesterday morn
Ing all anxious to participate in the proceedings o
the d,y and to derive consolation il possible, fro1
prospect OF their shares turning out more valuable
add productive than recent events had led the pub
lie to anticipate.
After some preliminary proceedings, and tho
,dopton of resolutions accepting the Relief Bill nnt
some inquiries respecting the present condition o
the Bank, which the Committee was not prepared
at that time to answer,
Mr. Lippneott, Chairman of tho Committee o.
Investigation then handed IN report, which was
read. The following is a copy Of the document:
FURTHER REPORT OF THE COMMIT
TEE.
Torar STOCKHOLDERS OF THE BANK OF rHE UsI-
TED STATES.
IL is with considerable reluctance that the mem .
hers of the Committee OF Investigation, appointed at
the meeting of the Alb of January last, request the
attention of the Stockholders to few remarks on
certain statements made by MIR Nicholas Biddle in
his letters to''the Hon. John NJ. Clayton" lately
published IN the newspapers.
In submitting their report, they performed duty
which was 10 them as unexpected ms painful; yet,
having assumed the Office imposed upon them, II
was a duty from which they could not shrink. In
formation of the causes which had occasioned the
nrostration of bank Of so large capital, and
which had been declared by its President, but two
wears before, TO be in state OF great prosperity,
was demanded by the almost unanimous voice of
those interested; and it was due to the Stockholders
due to the community, and due To the character Of
the members of the committee themselves, that tho
answer should be an honest and candid one. That
answer was given in the style OF simple narrative
of facts which had occurred IN Its history since
became State Institution. To all who could think
and calculate, these facts were amply sufficient TO
account for its actual situation. II the Inference
fairly deduced from them, were uniavorable 10 any
OF those who had been heretofore entrusted with its
management, IL was for them 10 eIculpate them
selves before the stockholders or the public. The
committee were not judicial tribunal, and 1t was
no. 70. them to arraisn at their bar the officers and
Directors as persons accused. They therefore con.
2 fined their examination TO the books, and when eX-
PLANTATION on any particular subject was needed,
sought for il from those who were supposed to be
able 10 furnish II.
A vndicntion of the measures and policy Of his
administration certainly TO be expected from
the former President, and had his publications been
limited to this, the committee would have remained
silent. But personal attack having been made
upon them, their motives having been directly I'M
peached, and some of the facts presented IN their
report having been formally denied TO be true some
notice OF charges grave as these seems absolutely
necessary.
IL will be remembered that the committee were
appointed not only TO verify but TO examine the de-
tails OF the report of the Directors of December p
1870 We did proceed both 10 verify and examine
those details. We conceived that we had an I'M
doubted tight To inquire how the immense mass of
stocks on hand had come into the possession OF the
Bank; an inquiry which at once conducted US back
Co the authority originally granted to the Exchange
Committee to the loans and settlements which had
been made by and with the officers, to the cotton op
eraione and 10 the causes which had led to the hypo-
thecatiun Of so large and valuable part of these
securities for debts abroad. No doubt enter
tanned that the stockholders intended such exam
ination TO lie made, and the public expectation in
regard TO the forthcoming report showed that the
community in general looked for something more
than mere verifcatiop OF the assets. The COM
mittee were further confirmed IN these views by the
resolution Of the Board of Directors, inviting them
10 investigate "the affairs and transactions" Of the
bank and fthe causes of its actual stu ton," and
expressing the wish that such investigation
should be made, in order that the results might be
laid before the meeting OF the stockholders OF April
following. Ii has been asserted that this resolution
IS TO be attributed to the "alarm and confusion"
which followed the last suspension, and was meant
by the Directors rs appeal TO the committee for
the purpose of relieving themselves by throwing
the blame on their predecessors"
Whether this so or not, 1t is enough at pres.
eat explicitly To deny that II received with any
understanding such as that referred 10. Nor is Il
necessary to add after what has already been said,
chat il made no difference IN the which the
committee had before. determined 10 pursue. II no
such resolution had been passed. full and thorough
examination Of the affairs ana transaction of the
Bunk would have been attempted; and If access 10
the books and papers for THAI purpose had been re-
Cased tine fact would have been reported the stock
holders, aud they would have been lett TO adopt |
such measures as they might have deemed proper
under the circumstances.
IL has also been asserted that the investigation
ga conspiracy got up by the managers OF the
Schuylkil Navigation Company aided by few
weak persons who did not see that they were the
dupes Of their selfish associates" and that the re-
port "the vengeance OF the SchuylkIil NayIsa-
ton Company against the Bank of the L. States for
lending money to the Reading Railroad" The
stockholders have already been informed that four
OF the six members Of which the committee was
composed did not, and do not, own a single share of
Schuylkill Navigation Stock or Loan, have the
interest Of single dollar in that Improvement.
As additional evidence II would EN-, OF these as
serons il is stated that Mr. Lippincott the Chair
man OF the COMMITTEE was the owner Of only FIVE
shares OF stock in the Bank, and Mr. Murphy OF but
two. The important fact which the very books
from which this Information was obtained would !
have furnished Is not noticed, that the remaining |
members were the propuetorF together Of i've hun
dfed and hlty-hye shares, which the whole Board |
Of twenty Directors, elected ~ January last 90 !
which election II is understood MIR. Bddie had
considerable agency owned IN ali bat one hundred
and fifty four shares Nor ought MIR. Bddle to have
to invite the remark that Mr. Massey's interest Of
Two shares war Just double his own.
Much pains have been taken 10 inspire the be-
lief that the ab1rs Of the Committee have BEEN or
likely 10 be, injurious TO the interests Of the
stakeholder. Now the facts are, that the stock Of
the Bank had fallen upon the publication of the
statement OF December 2lst, 1910, from O. TO 50,
and upon the suspension Of February last, to is,
and the notes 20 depreciation Of 10 per cent
Whether the losses OF the stockholders are TO he as
cribed 10 the policy and measures which caused
ptosDratioR as the Committee thought or to the oc-
currences which made that prOstraton known to the
world, as Mr. BiddIe conlends-in either case, the
mischief had all been done before the COMMITTEE
made their report
But Il was evidently one Of their leading objects
70 reaSsure the Stockholders by attempting to pre-.
them with fair and honest estimate not Of the
present availability, but of the probable future
worth Of their assets IN better times, and under
more favorable circumstances, and thus encourage
them to hold TO their stock. This was promi.
nent feature OF the Report, utterly Inconsistent with
any intention 90 break down the Bank, carry down
the Reading Railroad, and thus increase the profits
ol the Schuylkll Mitigation Company"
single observation may be here appropriately
made on the subject Of the condition IN which Nj
BddIe LEFT the Bank The Reports Of Dividend
Committees, and the published resolutions and state
Of the Directors have been referred TO-, and
much relied on ny him. The readers Of the report
may be safely left TO examine pages and 50 O the
appendix, and form judgment on this question Tor
themselves.
II will be there seen that the Stock Account in
April, 1929, amounted 10 SI7,Gs7, 7Oj a.
stock RemiIiances 10 Europe, 2,i7O,jfJ -
SPECIAL Loan 70 the Commonwealth GIL 600 co