Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-04-21

N !. NanuerkemN. J X
I'll Richard Price, Matthew New
4 Nov what d 4 these gentlemen el,re Of N. =;
$ iua,icn OF the Bank
Ia March 1889, on the day Of NV retirement. m
{ Board unanimously adopted several o'uth,us-
IA one of which they describe me sn,ons re- 49,
y as one who having reformed so much and ),
faithfully, leaves the Institution with xhi,h h. ,
ldsnuhec, prosperous 10 al ITS rels,ions-s,r,,- -
IT'S abilities 20 promote the interests Of the eornu
mites by which II IS Surrosniei-cordal 10 Is as
soSAnonS with sister establishments and secars j,
the respect and esteem OF a. who are e,rreets.
N 1t IN foreign or domestic In;e7ooa-Se-
In transmitting 10 me these rsso. atlors lie 49,
mit'ee, CONSISTING Of MssS-s> Ams-a>r. NA-, =,
leo Core, and ). +. lnssrsou SAY. "lr svs-y ,-,,-
seney you have gives Il sts.ss-s ss,-,-. - -,
that your otnsIal eounecion as ss,sc. w. h,p,
| the rich consolation O knc4l-c -Ss- ~ ,x.rt
! IT ESriKEII TEoSEEEcCS~ NJ -, shytI
! In July, 1859, :Sos z,,rla. I;-.- al .ns SIns-
the oiV'denc eS-aaa'sss sas.ssScs q.
Matthew Nswkl-k : = VArr,,-,.,r,,.
| hlshr-: .-tc:.
| They rsPo-;sS, s,,,,;hs Ssrk hLs -Ir Hrr-rrI,,
OF surplus pcce-s E-na.1gtc o. - IS "a a. :.
een's' aa1 tssV sss-sta-- oesI-es g -rl5sn, q
Tour per - It.s -sas-. as "a. Is. ar.--,,.s, ?
by the following zs.r5c-s iss- --ss.-..
hanus Eyre Isss71 Caaoc.
Rieh'r1 AisoP, L.zzs Wa
| John Boh.en, Ant-,s. W..
! J. J. Nanderkemr Rr--.-ys p,
y
mat these gentlemen should make ,1-.-.- ..
four per cent unless they believed ,Es s-:-l:,,- =
the Bank justified II, cannot oe presumed
Fur her than this.
In December. 1889, nine months after NY -.,i-s.
ment MIR. Jaudon submitted 10 the creditor. Of a..
Bank, the following Official statement pubIisbss ir
London '
"A special committee consisting OF five n,.n,b.-,
o. the Bank of the United States IMessrs. Ricb,rs
AlsoP' LEWIS VAIN, Richard Price, John Council,
"9G - - Nahuetkempl was appointed on the l2th
OF November, TO examine into the situation of the
Bank. On the 18Th Of November 1.-The dav befo-e
the sailing OF the Great Western steamer, tbey
MADE report that the limited time allowed them
Pecuuru an investigation OF all the items of the sc
count and that they therefore directed Their attsn
INTO the least perspeuous items. The other items
however had been Investigated by the commune M
the state OF the Bank on VIII eh were Messrs. Ricb.
ard Alsop, Ambrose, White, Matthew Newk,rk
and Z. HIckmanl The following is given as The
Ies tN Inc details are then mentioned, and the
statement concludes thus; ~
probable surplus beyord the capital OF as 600
oOO OF dollars Sl,07l,O4 81 L. should be- ,scoi.
leete1 that the Son-i c: 1850 90 paid in cash o,
me Charter las -ss-F c-zz cc,rset 10 The surnI.
'uno' ahc lAai ! "a IL 5s-- distributed IN annual
vas done oy tie ATE Bs- q ne Uuit.5 So. -
iand would san 2oo9. 90 O: collars higher tb.n !,
nov does '''4N Il
! Sui nores
| "a tn i'' Of January. ls4O-,en monihs after NV
Of ''n-a0'-As' dividend committee, oonsa'as
Caleb Cope John BOhlen.
| Joseph Cabot, Richard Pee.
Matthew Newkirk,
made report concluding thus:
| From the foregoing statements exhibi.ine ,ur.
plus of Sj,27S, 925 II, the committee are oT o,;'
that dividend could noe be declared b ,bs -
and strong inducements osugsest that cours. ,soII
press themselves on the committee If tbe,, co,s,.,
ed only their wishes, to meet tue very natural eY
Pectatlons OF the stockholders ofthe institution b
NV .ooAeG win great confidence to a regular dis
/ Ilouuon OF the profits, at the accustomed period
But upon mature consideration Of the subject tb,,
are induced to believe that the permanent interess
OF me institution and ultimate benefit of the stoc
hoiders themselves will be promoted by withholding
a dividend for the present. The actual cond,rion .,
! !he Banks OF this State and respect for the Legis.
Iature now on the Of assembIing. furnish Nh.
! ilonal motives for this courseU
On. rms report was unanimously adopted by the
ooaid consisting sill Of
! Manuel Eyre John Robio-
Richard Alsop, J. J. Vands,k.r,,
| Lewis Walr, Chevnev H;.I,sr'
TaeO Cope, Richard Pre- e,
John a. Brown Mathew Newkrk
+. Dunlap.
NO" what shall we infer from all tbisl Here
miitess--Specia Committees, over and owe, o.
declaring the existence Of large surplusses and ma.
KING diVIdends-and asserting the soyndne.s and
prosperity OF the bank ''o
On the lsi Of January, 1889, declaring dividend
81 ,oI' per CEN. and announcing surplus Of more
On the 18th Of March, 1889, ASSERTING tia, ,b.
BANK was prosperous in all ITS relations
On the LIST OF July, 1889 Jecaringa dividend NJ
iour per cent with surplus Of more than four
On the l5h Of Nov, $50, after detailed s,,roi.
re-
OF three millions. 'P'''
On the lot Of January, 1910, exhibiting sur.
plus OF more thnnhve Millions and abstsiniry f,o,,
making the dividend which they might do nicely
glsIlture. '"' LIZ
After this exhibition can any one dsov ,b,,
proposed 70 prove, that when I left tho Bank in
ditOn7 fNp0'OI' ''"-
It remains to show by what cause, the whole n
we, slsne j. changed INTO the present total prora.
too obvious u""'PPy
nave Just stated that the winter Of $3.50 gas
season OF great abundance ard ense in r,oot.d co.,
Tet9' ooih ~ Eng md and IN this country; but Eno.
ianu was soon after startled by The di.y6y,, ,i ?,
we gram crop vas Deficient and demand arose n,
spec 70 export for grain, combined viii ,,ro, eo
nshlal .oans, that changed the " hole surface N a.
/ ours The Bank Of England itself ate, b,,,,vy,,,
vi "'''hs OF collars from the Bank Of France was
I -. 80" ''n'"'u lor coin that &. was forced tutO
! ~ severe restrictive measures, which r,issd t5e
H.eie'. OF money 10 twice or three t,,oss ne ,,i
'9'e' Inc most injurious effect yrss On a., 49,.
ol gnls country, which we're No Iongs, con,s,,,lI
| w Engano except az great sacrifices. The c,s,.
'"'"euIaley reacted on ibis country t,ro,i.,., ~
usual eHecN OF embarrassment In tbe 60. .,,.
ahu alarm among the banks These t,oYbi.. ~
as they were, like many which had lee, ~, y, '.l,,
overcome m lofmer times by the B,nk r,,,h, ~.
maps, nave been again surrounded L,, -, - -.
on tne means and the credit Of the n ~ b, ~ .
'Iu'ns'ance which Is thus described IN Ist,,, 90
the laIe Cashier Of the Bank, to whom a,oi.d ~,
l"oihaligh az a. the causes which had broa.b, =,
4 'heSe mislorIunes. His answer is as follows.
~ oiDDLE, Esq, Phladephrs.
4 NY Dear SIt-The queries vou b,y. $780,. l.,
a C 70 me pave occupied no small share Of nv tboneb,,
w ol'eI PfosFauon Of the Bank Of the H. Sac
I Pass'ea, confess, my comprehension; may. how
o'ol Polnl OUT some Of the causes that in nv iud,
mem nave mainly contributed 10 BRING aboyn, !,
present painful ond humiatng condition ri
consequences OF the premature RESUMPTION NJ "a.
payments aiier the FIRST suspension bv The R,nL
snJ me Efforts Of the Bank Of the IJo,tsd e,s,..
no make matTesumpton universal reoui,ed IN ,bs =,
. nlnlsuauon OF It's affairs the utmost uisdoro :,
experience IN hnance-and in alluding N a ro,..,'
auop'eo oy those gentlemen most prornin,n, !,
management alter your retirement / d. NJ, =, 49,.
. 70 ImPggn thsr motives, or detrsei from H.; =.
y" ~ hiter The teversh excitement eon,.,,,,s.' ="
this TOO speedy effort tolreturn 10 essb -,
'bad " good degree subsided another sri!;. !,