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

"at all tin,es willing TO render necessary ssSistanee
l ITO any OF the oher State Banks"
You wiltn not | am sure, ascnbs to me the id'e
vanity OF making parade Of these things,
but reeur to them now because the very same
SUBJECTS brought forward by this Committee and
In such way as to produce the greater effect from
being partially yelled. Thus it is said. "one firm OF
this city received accommodations Of this kind be
tween August 1885, and November, 1887, to the
extent OF Si,2i3,s7S 80, more than half OF which
was obtained in 1887" The suppression of the
names is of no consequence since every body knows
that it is the firm Of Thos. Bddle s. Co, and then
the natural commentary which follows is that there
must have been some most extraordinary favori-
tism my part tow rds house bearing my own
name. IL is for that reason, that produce these
testimonials to prove that during the whole time
| was in power, | never exhibited towards this
house any favoritiSm-that | even restrained the
Board as MIR. Paul Beck teSu6es, from giving them
discounts, and that their large loans did not come
through me nor by me- This disposition thus pro.
we'd may perhaps serve general answer to the
| insinuaton Of favoritism, and certainly | am not
aware Of having IN the slightest degree contributed 10
their loans. What remember is this: In the year
| 1887, alter | came from New York where there
had been vast deal Of commercial distress, il
seemed Just that the same OF relief should
be given to our own city. Now there were two larse
establishments here then in great jeopardy. One
the house of Messrs John A. Brown & Co-the
other Thos- Biddle & Co. The first took in hand
myself, making the necessary advances to carry
them through their troubles, and they were ac-
cordingly saved. With the house Of Thos. Bidde
Co., | would not interfere; but | requested
Committee to examine their affairs, and il they
thought 1t expedient TO carry them through /
would consent TO IL. They did All this in.
crease Of loan made IN 1887, was work in which
had no part whatever, any more than in the orip
nal loan made by MIR. Eyre, and the securities offer
ed were understand very substantial then, though
IN the great decline OF all personal property, they
may now be inadequate. Having said thus much
concerning these loans, finally close that subject.
a m at NJ IN xpha nj nm nj
tee is hurying the Bank. lfthey had been stock
holders themselves If they had consulted the inter-
oil the stockholders their course was perfectly
obvious. The Bank had had quarres enough
what wanted was repose--t needed that its cred
1t should be sustained abroad, and that at home il
should seek favor and friendship with the communi
~ and the government The Bank might hive
been gradually TeStored-its capital diminished so
as to enable 1t 10 make dividends and all its msior
tunes gradually repaired. But what do these com. |
mittee men7 They vify all those who have here !
tofore managed the Bank, they denouDce MIR. Jau. |
don, and they describe the institution not en-
titled TO confidence. What is the consequence !
They have destroyed the ability of Mr. Jaudon to
serve the Bank-they have so completely prostra- |
ted the credit of the Bank itself that will be scarce
y possible to make arrangements for continuing to
pay its interest in Europe-and the Bank has no |
means Of sending it from here, so that at the first
default the foreign creditor may be tempted TO sell
the securities he holds at any price and come upon 1
the Bank for the difference, claim which would |
sweep away large part OF us capital Atthe same |
time they have allenated many persons who were
able and willing to serve the Blnk-they have rem
dered 1t odious, and the Legislature of Pennsylva-
MA will either the Bank adrf, and leave 1t 10 its
dte-or else if 1t affords any relief will do it only on
condition that will give up its indie pendence and
place itself at the mercy of the Legislature so that
its charter may be at any time repealed without as
signing single reason.
Such are some Of the blessed fruits Of the labors |
OF this Committeeman If hereafter the Bank is de-
III 4 is cyl in
quence Of the discredit thrown upon il by the |
Commttee--f the citizens of PHILADELPHIA are to !
lose the use Of the remaining sixteen millions of /
capital, VIII Oh the Committee say is yet safe, and |
are TO be forced TO pay their debts, let the stock
holders Of the Bank and the citizens OF Philadelphia !
know to whose financial ability and dsinterested-
ness their gratitude is due,
After such brilliant persons every thing else be-
comes dull, and | will only add how sincerely
am, Yours,
n. BIDDLE