Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-04-19
$1,000
Deduct for interest, over estimate, SC.

Deduct for interest, over estimate, sc. 100000
Estimating French Exchangeat 5,25. 100000
From this account, It appeared that the profits re-
olized, and confidently expected. amounted to
SliOOOOO, and that after paying $500, 900, and re
imbursing all the advances tile Bank there would
still remain n sum OF 100000 in the Bank, to he
enjoyed by the Bank in any way permitted by the
charter. And now what possible disposition could
be made Of this eTcesSl Ii there had been profit
al all should have been content foe profit was no
OBJECT IN the operation. But If there was a profit
whether OF i've dollars five millions OF dollars, the
Bank could take no part of it, for h,ving right TO
purchase the produce ITSELF take the least portion
OF gain upon It would involve ownership which
was forbidden by the charter; and al That the
Bank couli do was TO receive back It's principal and
interest and exchange, with the collateral benefits
/ of the operation. | had never known any thing
ThAtever OF the accounts details, and being hol.
y unconnected, either officially or individually with
/ the Bank, when received this statement, presum-
ed that the result of the matter correctly stated
and was so settled accordingly, leaving the mar
gin OF S6OOOOO TO provide Against oil possible con-
| urgency.
| Eighteen months after had left the Bank, how
ever, received a letter from the Cashier, stating
that on winding up this concern, II found that
there an advance OF S63l 800 81, and that
the portion which II belonged 10 me TO return was
| S3ljG95 a. This, of course, was a fsi. charge
and intending TO be wholly responsible and that the
| Bank should be exempt from loss should have
paid II at once, but for this cOnsIderauon-l found
upon examining the case, that this loss was in fact
occasoned ny The sacrifice OF this properly, IN order
to sustain the Bank in Europe from embarrassments
brought on wholly by the Bank itself; and II le-
came question how Tar, looking at It as a simple
commercial operation, the only possible light in
which =; could be regarded |, stranger, no longer
connected with the Bank, ought to bear the burden
| of this sacrifice. The nature and the cause of
| were soon discovered. IL wts thus.
| Messrs Humphreys Bidde, of Liverpool, on
| the LIST of June, $40, addressed private and con
/ hdentla letter TO Messrs. Beyan < Humphreys in
which they reply 10 an enquiry by the Latter as TO
the reasons OF Their paying over 20 much money 20
Mr. JaudOn, that II Uds impossible for them 10 re-
sist the repeated and anxious requests of MIR Jau-
don for assistance. Thus they say that their adj
vances TO hlT Jaud0n we're al one time as high as
E27O 900, besides being parties TO bills on London
| houses which were then running for -E226 OOO-
/ They then quote from Mr. Jaudon's letters 10 them
| extracts Ike these. On the 22d Of August, $50,
| he writes follows:
81 must look to yon for ESQ, 600 to make u, the
sum. IL do not get this, get none: for all are
contingent on my making up my estimates-evsry
thing therefore turns upon what you can co-ior
here am exhausted You must therefore work
your hardest Tor mC--iIte or death 10 the Bank of
the United States Is the issue. II 5000 bales Of
cotton must go, let them go, be the loss what il may
it carnot b, great as the loss from protest
and mus, be borne by owr ers or Bank, as they may
settle the matter between them. | leave all 10 you
knowing that you will leave nothing un;ried that
may save me-ihe sale Of 5000 bales would DO the
business, and there be doaJt Is 10 the choice
Of this evil rather than the oiher.p
And on tie 23i he says further
81 wrote you yesterday stating the absolute ne
cessily OF my relying upon you FOR tjOO 20
help out my list, without which the whole must fail
through, the large sale Of cotton will help provide
this hope. now want your further aid for auo-
iher 10000 IN bii on Hueth Co."
1 They conclude these extracts by sayin-:-"In
u lu no MI 10 Iuf ~
your cotton available for the desperate emergency
and again: 1--WE hove deemed o.. necessary 10
make this full anu unreseryed communication by
which you will see that FREQ sales Of the cotton
shipped 10y you were absolutely necessary 70 re.
fund the immense sums Of money we had borrow.
I Cd fion bankers and brokers for the use Of MIR
Jaudon."
So man'es,ly wrong was II 10 thIog upon them
TIE loss upon this Cotton, that the President Of the
u nix himself On letter TO Messrs BeVln and III nm.
Phreys, of the . e February, 1870, actually as
sumed tins loss. Is letter Is as follows
BANK OF THE UNITED STATES, Feb. 5, 1910.
Messrs. Began and Humphreys, Phi.ade.phia.
Gentemen:-The 6.a,e Of Inc debt due by the
Bank TO Messrs. Humphreys ard B.ide, Of Lver-
poo has soen for some Tine the subject Vi great
soIcitude.-Ihcse gentlemen have with q yea in
favor ofthe nix Tor which on. thanks are pirficu.
/ lry due, sust Ined Mr. JaUdon in many periods OF
his struggles with the AID not merely Of their funds
but with al they could raise on their credit and
. have enabled him 10 pest his payments, when, but
I Tor the assistance, he would not have been abIe 10
[ eRsrcate himself We now learn by the last sd.
sanaes that their credit vii. suffer unless they
are relieved from their heavy responsibilities on h,
account We are therefore extremely anxious to
repay them, but N the present state Of the Bank q
is impfactcabIe 70 do % by drec. rsmuances We
understand, however, that they have stiil or hand
aquaruty Of merchandise shipped by you, some Of
which they have already been obliged 10 sell 10
meei Their most pressing engagements on account Of
MfJauoon IS the only remaining method OF &C.
quitting the debt due 70 hem have To- r,nrIsst ,t,,
you viii direct them 70 roise funds by TIE sale Of
any or aIl the merchandise consigned by YOU 10
5 them and Il tbs sale should be attended Iv any
glcnhce on ~ cost, We shill make up the differ.
, ence, and that the same difference will be MI
, up on what 1hcy have already sold HAVING n,
other method Of paying dsbtof so sacred a si.o
acter, We must submit 10 any merely pecuoilry los,
II must occasion.
, WIKI great respect v5urq