Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-05-18

committed about this large sum of 100000, and we
neither assert deny it, the burden Of proving their
innocence of particip patton lies upon this commit
tee. Their innocence is not 10 be presumed till their
guilt is established. The presumption is already against
them, and their guilt must be taken for granted till they
have proven their innocence. This is awkard pre-
dcament for men entrusted with the money OF other
people. We are not defending Mr.. Bddle at the e1-
peIsc of Mr. Lppncott. If there were no fraud, the
committee guilty of merely gross negligence, and
Of the implied lasehood of publishing q report as their
| own which drawn by others, and of declaring a
dividend in ignorance of things which they were bound
to know. If there fraud the presumption IS as
strong against MIR. Bidde as against the committee,
and ne can remove the presumption only by telling the
public the particulars and the origin of these famous
| accounts
Mr. Lippncot says that he and his associates relied
implicitly upon the integrity and accuracy of the ofi-
GERS Indeed They must have entertained queer no.
tons Of their duties and responsibilities TO the stock
holders They elected by the stockholders to the
dictatorship of this bank for the purpose of managing
its funds most adyantageousy for the owner and the
public. The charter imposed duties to the Puohc
upon the stockholders and the directoria election I'M
posed duties TO the stockholders upon the directors;
and the directors the agents. servants and re-
of the stockholders they charged
with the double duties of consulting the interests Of
the public and Of their immediate constituents. Onder
| this double trust they were bound to with their
own eyes and hear with their ears, and decide
upon their own knowledge. The stockholders ana
the public expected that they would rely upon their
own intelligence and integrity, and not upon the IN
telligence and integrity of others The stockholders
intended them for agents and not patientsfor active,
working servants, and not cyphers. If their once
were merely 10 say yea TO The decision Of others, the
stockholders might have dispensed with their services
have taught many parrots or stangs to say yea
If then they merely said yea without knowing why, as
they did, according TO Mr.. LPpincott's coniession
they wilfully and deliberately neglected their trust and
violated their implied contract with the stockholders
and the public. IL such conduct honest' And 1t the
transactions of the Bank should prove TO be fraudu-
lent, will intelligent acquit them OF particpa-
ton in the fraud upon their mere assertion: Would
MIR. Lippincott, however confident about the IN
telligence and integrity of his Clerks and other
agents. submit his business entirely TO their ma
nagement, and draw checks and make payments with
out inspecting vouchers? We know that he would not
do so, or trust his own business with one who did
And yet, as the director of gigantic bank, entrusted
with the business of Others of the stockholders and
the public he and his associates have scrupes about
such conduct! How did they know that the condition
of the bank would authorize dividend? How did they
know whether they were paying dividend from the
profits or the capaE How did they know that the
bank might not totally fail at any moment, and swim
die the public out of its whole circulation. They
fded in the officers! The stockholders placed them
there to supernend and govern the officers, and e1
pected that they would confide in Themselves
And this is banking And upon institutions thus
managed must the people Of this country rely for n
circulating medium But shall be told that this is
bad management, and that the rest of our Banks
managed better. Who knows Who say that
every Bank in Pennsylvania is not as rotten the
Bank of Mr.. Bidde and Mr. Lppincott And this
merchants pick upa little common upon the OBJ
iect of money