The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1841-04-24
Number 50.

correct. They had considered the amount,
emitting the bonus for charter, and one or
two other items, which were named TO the
meeting. They found it difficult and en-
barrassing 10 state probable losses on stocks
-and also 10 report on the value Of mort
cages. Passing over the mass of details of
active and suspended debt, the Committee
stated that but small proportion were reg
ular mercantile transactions; and the Report
stated that under this head, 4s individuals
and firms owed upwards of $4,000 each;
5 upwards Of $50 900 each; and upwards
OF 100000 each. In another part, it was
said that So individuals had loans of more
than $4,000 each, and that others had
loans amounting to S56O,OoO. The totals
OF the amount Of 2lst of December were
then named-and, as we understood, left a
result of sl4, $40, 900 TO represent $35, ,oOO,-
600 Of capital.
| The relative states Of the Bank were then
given; for the years ls36-39-and al. On
loans of Sl2,oOO,0 900, raised in Europe,
there was loss of more than 81 ,OOe,O 900,
produced mainly by the disadvantageous
circumstances under which those loans were
raised. Mr.. Jaudon received 81, 900 year
as Cashier, and when he was appointed A.
gent in England, the Bank allowed him S5,-
600. for loss on the sale of his furniture in
this city, and more than 81 900, for The ex-
penses os himself and family in going to
London. $4,000 was named in one place
as having been paid to Barings. sl 900
year had been paid 10 Mr.. Jaudon's brother
for his services. The sums for foreign a.
gents expenses up to ls4l, we understood
10 have been sl7s,044 Z; and not 10 enter
into details, we also understood that the
whole sum for foreign Agency and loan ex-
penses in Fnrnnn & ON, iha as,-..:...----4-r
Mr.. Jau Ion in England to the same date.
was S335,975. The Bank had borrowed
more money in Europe than it had Of ac-
tive deb, in America. In one year, 1887
the loans had increased more than 7,0O0,-
000-while the discounts had decreased a.
bout $9,OOo,OOo.
Several officers OF the Bank had engaged
in large operations with money obtained
from the Bank-and large had been loaned
to speculations and undertakings by compa-
nies, in which they had been engaged, and
large sums lost. Business men had not
been assisted as they should have BEEN
From March, 1885, the power had in great
measure passed from the Directors into the
hand Of the Officers of the Bank, who form
cd themselves into kind Of Echange Com
mittee. They did pretty much as they lik-
ed, and kept no books-very few vouchers
--and much Of the large business they trans.
acted, did not appear on the discount books.
In March, 1886, the bills receivable, were
about $4,000, ,O0O;--in 1887, 90 ,OO0, 900;
in 1898, 81, 900, 900; in 1889, 5000, 900;
in 1910, $4,04l,70 and in 1s4l, they
were reduced to only $l76,954! These
Bill accounts had been settled IN various
ways,or transferred under other heads. In
cluded in the above, twenty .one individuals.
firms and companies, had received 100000
and upwards; and one firm within certain
time, upwards of $4,000,0o0. The Re-
port went on to cite particular cases, in
which certain ex-oflicers of the Bank had
become indebted 10 the Institution in very
large sums, all Of which were named, and
had settled their accounts by stocks, railway
shares, lands, &c.
The history Of the great cotton specula-
tions of the bank in connexion with the
we'll known firms at Liverpool, was then
entered upon-in 1887, up 10 July, we un-
derstood the amount advanced for the pur-
chase Of cotton was S2,lss, 1000; and that
The whole Of the cotton transactions were
ss, 100000. In the first period of the great
cotton speculation, profit was realized
but by the last shipments, 10000 had been
lost. Several Of the ey Officers of the bank
were described as having settled large a.
mounts with Texas Bonds, Vicksburg stock,
land lots and similar securities mostly at par
al raIaaeaI all ;ok