Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-04-17
s26s,5OO

| vi course, the Committee canno, saw. that rho
Exchange COMMITTEE did or did not authorize or
sanction this settlement. The paper hich cons,;.
'ules 'ne only evidence of 1t, and which the Com
W. nave SEEM exhibits no sign of such authority
OF appreciation, other than the initials of MIR An
drews himself - '' ~"
VI me residue Of the large debt of Mr. Andrews
OF 4oS, lOi dollars IS cents which includes his
J.r" proportion OF the foregoing sum Of 269, 500
dollars, all except 81, 3II dollars IS cents
| tied by the transfer of Stocks and oar,
An Account of the Settlement with Mess,. Ian
uo"' Co"perthwaIte and Andrews, accompanirs a
report made by the Exchange Committee. to tb,
poatu on the 2lst OF August, 1910 That Com
rnilee remark IN their Report "Your Commute
are unable TO say, II any authority was givsn I
Inc Board under the Charter from Congress Inn,
are very certain that the Boards under tbs n,.ss,
Cnatter' nave never sanctioned such loans or settle
-r anu they cannot too strongly condemn such
acts Inc power of making loans and settIenn.n,.
must be reserved TO the Board, while the Ofic.rs
must be content with being the executors of IFS de-
. csions. VI ia ue-
The accounts Of these officers are herewith ,,h.
mlied, together with some others TAnnsnJir - +,
In order TO inform the Stockbolders r., - !
the character of the Assets, but of The mods H.,
rhich they came into the possession of the RAM
mere Is attached to this Report statement SHOW!
pns the particulars OF the Stocks on hand az the
Bank, the amount taken in settlement Of Jeb, r',.
chased or subscribed, and list of the STOKE l.; ~,
session April ], 1889. (Appendix HH az ,b.
whoie amount of Stocks and Loans which IN. p, ~
mas received since its recharteT including tbos. ,na
sII, o. u appears, that more than IhiIty-one
'nlohs OF dollars have been taken in setleps,, If
debts and advances '''''e"' VI
IN the course OF their Investigation, the nt.n,;on
oil the committee has been directed TO rer,s;n -.
counts winch appear on the books as "Adynn-.s
on Merchandise" but which were in f,c, -
ments for Cotton, Tobacco. and otber n,ojIs, pay
cna,ed by the direction Of the then Presiden, NJ
NiGhoias Is ode, and shipped to Europe on account
OF hImseli and Others. These accounts yye,e -
.;y G.eTK IN the Foreign Exchange Department.
tnIS department being under the charge nj Nj
Compartments, until September %, 1887, when he
was elected Cashier, and of Mr.. Thomas DunIan
| dent. S'O'e" resi-
l ne original documents necessary to enable the
committee TO arrive at all the facts in relation Ia tb.s
trans ictions were not accessible HAVING nee, 800;
~, as was supposed, by the parties interested "a
private plPsrs. succinct view Of the whole mai.
YER Suhcient TO convey to the stockholders geno
raj idea OF ITS character NAV be drawn froro H. =.
port OF Committee Of the Board of Directors an.
pointed on the 2lst July, $780, for the purnoss NJ
adjusting and settling these accounts and who -.
ported on the 2lst OF December 1910; which repoT,
WIN 'he accompanying accounts, is spread al iarue
upon the minutes, '5'
The first transactions were in July, 1897. and an.
pear as advances to A. G.. Jaudon to purcbase ar
ton for shipment 10 Barring, Bfo'hers & Co az ;yo,
poo, the proceeds TO be RENTED TO their borss -
LONDON, then acting as the agents Of the Bank Tn,
amount of these shipments was 80 ~ ggs % srL.
proceeds were passed TO the credit oft6e Rank. and
the account appears to he balanced. The resuI,s
as 70 the proht and loss do not ppear and Tho
mitee had no means OF asceuainIng them. nor the
names Of the parties interested.
In the autumn Of 1887, when the second Of tbs,.
transactions commenced. it will be recollec,eJ IL,
MIR Samuel Jaudon had been appointed the os.n 81
the Bank 10 reside in London. About m. s,rns
tlme, 60 partnership was formed between Mr. Ma
| humphreys, thena Director Of the Bunk and A so1
o, mr hichoids BIddIe, under the arm of Eiddls 4
Humphreys. This house was established At iyor
pool and ihenceorward acted as agents for IN, sale
Of the produce shipped TO that place, which COMMITS.
/ eu a large proportion Of the whole amount
In explanation Of these proceedings, the Commit
zee zee annex TO Their report copy Of letter dated
I Phil1de phia, December -, 1910 10 The p,,s,i,,
and Directors Of the Bank, from MIR Josenb CT.
/ one OF the firm Of Boyan < Humph,evs and ,yI1
/ became Director az the election IN Januarv ts7s
Tbs LEI er was read 10 the Board December 29
dix X N"PPe"-
This arrangement continued during the y.,,.
] 1857, 1888 md 1883, The transactions Of yb,ch
amounted 10 - 1863 $50 IS. The sbipmen,s wc,s
made principally TO Bidde X Humphreys, were
palu Tor ny drafts on Bsvan 4 Humphreys-tbs
\ iun1s advanced Ivy the Bank, and The proceeds 49,
United 10 Mr. samuel Jaudon, Agent oftbe BANK in
I London. '"o D''N W
" appears that there was paid 10 Me.srs. B.v,,
q lumphreyg by the Bank IN Phladelphii. during
the months OF Mach, April and May, 1889. tbe sum
Of eight hundred thousand dollars and the account
was thus balanced. The committee have ,s,,oo 10
believe that this sum constituted part or psrbsn.
TIE whole ofthe pfohts derived from the second r.
res on shipments How, and among whom. IL "a,
DISTRIBUTED, they have not been informed b1t from
we terms OF the final settlement 20 bo adve,t,d ~
presently, each ono will be Of liberty 10 n,ke HE
own differences y" "''N' "s
y ne thrd and last Account, amounting 10 32u .
w uolsT', IS cents, appears on the books \, "l,
7 ol L,ynloon' advances S. va W." These letts,,
siano ior me name q S. V. s.. Wilder Of NJ, W.
messfs Humphreys Il Biddle. to -boro r.. ~.
, agomenh were ,nsde Continued ire, ..s.,,., =.
the name Of Bsvan 4 Humphrey, by, ,,b,', ~
knowledge Of that firm, as appears Nv AZ, Gu.
letter Of December %, 1870 The go,
shipments, was loss Of 962. 57i dollar iS as'
VI this amount the sum Of B539Os dols,, sz -
Yves Tor excess Of payments by Msssts Hgro,,a,..
Bidde 10 the London Agency, beyond ,bp ~
ceeds Of sale, with interest thereon, IN. -.
interested claimed and were allowed J.dns,;e,
for loss on 200 dollars Of Southern Pond, 80.
70 the purchase Of cotton, when al a discount 49,
sum Of 3lO07l dollars 80 cents and also tbis ,n",
ee'ng Bankers' Commission 10 Samuel JsuJon
J Agent 1851 dollars, Sc cents, making s3l "a,
; collars 10 cents, and leaving 10 be ssuisd no an,
Y Pa,ues the sum OF 63l 800 dollars, 81 cepts.
Before proceeding to state the partjcuar, NJ ,hl
: setement, " VII be proper 70 precede /, bv tbs "a
= kn al h. a.. -