Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-04-22

"seems to have been ior the First Teller to pay
presentation to the counter, all checks notes or due
bills, having endorsed the order or the initials OF one
OF the Cashers-andto place these as vouchers in
his drawers Tor so much caSh-where they remained
until Just before the regular periodical counting OF
the cash by the standing Committee on the state
of the Rank. These vouchers were taken out and
entered as Bills receivable in small memorandum
book under the charge OF one ot the clerks" And
then led imagine that these irregular loans
having got into this gulph OF bills receivable,
| lay hidden from every human eye.
This was undoubtedly what this Committee
would have persuaded the stockholders-lhis is what
they meant to insinuate without asserting IL. But
by one OF those lucky accidents which sometimes
defeat the worst designs this very committee have
inadvertently and uncnnscously put forth state
ment, which not only fatty contradcis the whole Of
their report, but convicts their Chairman, MIR LIP
pincott of the srossest negligence or connivdncc-
As long as the Committee wished to prove that the
officers ot the Bunk and the Exchange Committee
were guilty, 1t suited their purposes to represent
these persons rs conceaiius their proceedings But
having accomplished this, there were still some Di
| rectors-some stockholders probably OF the Read
| ing Rail Road-who were TO be punished, and they
therefore short round and declare that these very
proceedings were constantly before the Directors,
who, they lnsnuate are guilty of neglect IN not ex'
aiming and stopping them. Thanks to this Wind
rage for more vengeance, they thus reveal what
completely answers all that they have previously
written, and never, certainly, wasseen at the Guar
ter Sessions, any witness caught more completely
Il IN ms own trap. All this IS the following
extract from the report
"By the Thirteenth Standing Rule of the Bank
| It is provided that the Committee the state of
the Bank, composed OF FIVE members, and elected Ivy
ballot every three months should at least once du-
ring their time OF service and count the dis
counted notes, and compare the amount thereof with
the balance OF the amount of bills discounted in the
general ledger; they shall a. count the cash, and
the printed and the imprinted per IN possession
| of the cashier-eXamne the evidences of the pub
| debt N ma q n N
inventory OF the same, be compared with the
books IN order ascertain their agreement and
port to the Board The custom appears to have
been for this committee 10 contne theie examination
exclusively to the cash bills discounted personal
and other security, the issues, and the printed and
/ imprinted bank paper on hand. The account, how
ever OF the general state OF the Bank submitted TO
the Directors at every stated meeting, contained the
Items Of Bills received Bank stock and other
curity,' which included well the bills receivable
/ Tor sale by branches as the loans made in the
ner heretofore adVerted TO, and Foreign Bills of EX
change under which head was contained the ad-
yances on shomenis OF merchandise. Thus, on
June 2S h, 1888, on which day examination
reported by the Committee the state of the Bank
there stood to the debit Of Bills Receivable the
sum OF 10, lO6O74 dollars 55 cents, and OF Foreign
Bills OF Exchange the sum OF 1915, 100 dollars, 81
| cents.'
This is truly astounding. Here 1t appears by the
declaration OF this Committee ITSELF that at every
stated meeting of the Directors for many years. all
theSe loans now deemed 50 Secret-all these advan-
ces on Cotton-every species OF investment which
is the subject OF reproach, was submitted to the Di
rectors- Every day did these Directors see on the
table before them this statement of Loans and ad-
vances, and any Director who wished for the par
ucularS had only 10 ask for II and the whole detail
would have been Immediately brought into the Di-
rector,' Room. Not merely might every Director
A examine it-but there was Committee whose spe-
eia duty It was to examine 1t, according to the Bye
Laws every three months.
W ~ Committees on he AT of
the Bank, whose business It to control the EX-
change Commntees2 They were:
In IS36-March 4. Lippncott Nefl. Brown, Trot-
ter, Bey lard October 7. Nef, Troth, Beylard, New
kirk, Cope.
In ls37-January 6. Newkirk, Lppncott, Boh-
: len, Nanderkemp, Hickman. April IA. Newkirk,
LppincoIt. Bohen, Lewis, Hickman
In ls3s-Janusry ;. LippncotI, Lewis, BohIen,
Brown, Council October 9. Cope, Nefi, Cabot, Al
sop, Hickman.
In Is39-January IL. VAIN, Hickman, Alsop.
! White, Newkrk. July .Alsop, Hickman, White,
Newki'k, lngersoll. Dee II. White, Newkirk,
Cabot, Cope, Price.
In Is4O-Jan. 7. VAIN, NeH, Connel, Handy,
> Cabot. July :. VAIN, Taylor Alsop, Nefi, Brown.
Oct. H. Nef, Lewis, Martin, Eyre, Brown.
But more especially let US follow MIR. Lippin-
colt.
We haze Just seen by the above extract from
the Report of the Committee that on the 2Slh OF
June, 1888, on which day an examination was re-
ported by the Commtiee on the state OF the Bank,
there stood 10 the debit Of bills Receivable" the
sum Of Sl3, l06,O74 So, ard OF "Foreign Bills of
; Exchange" the sum of s7,2Is,lO9 -.
4 Here then vas every Item OF all these loans and
cotton purchases before a committee whose bounden
n duty It was TO examine them. Who was this Com
miueel What directors were they, so lost To their
duty not TO have examined these doiRgs and ex.
l posed theml Who, above all was the Chairman
of that Committee, the natural leader of that great
retorml Alas, 70. human infrmty. In the APP
pendex OF the Committees report is list Of all the
Committees for the several years, from which it APP
pears that the very 2Sth of June this vCilant
r! ed, and al their head IS JOSHUA LlPPlNCOTT,
Chairman,
Lawrence Lewis,
John Bob!en,
John A. Brown,
John COnnell.
And now when this Mr. Lippncou goes before
the stockholders TO complain of abuses let him be
asked by some independent man Whist he did on
that occasion. Say 10 him did you examine these
statements II you say no-then YOU BETRAYED
your duty then you were failhiess to us. lives
then Why did you not stop these proceedings, which
now, nearly three years afterwards you come 10 US
TO denounce. You are unjust to US in either way,
and we fear that all this pretended zeal IN our SER
vice IS bot mask 10 conceal yOur own selfish pur.
poses. Let any sockholder say that TO him, and
see what I've Will answer.
On the whole. my belief Is, that this movement 10
conspiracy got up by tbs managers Of the Schuyl.
XII Navigation company, aided by few weak per.
/ sons who Did not see that they were the dunes Of
their selfish assOcates-that TO carry their objects
they have by Interpretations irrtated the stock
holders mo measure which cannot fail great
~ 10 nlure their Interests and that the Bank of the
United States has been sacrificed 10 the Jealousy
and u1e desp'ir Of the SehuykIi Navigation Com
pany.
/ And now hove occupied you long enough with
these miserable ntrgues, and Will release YOU with
the assurance OF the sincsre respect Of, Yours.