Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-04-23
900
Deduct for interest, over estimate, &c,

Estimating French exchange at D. %, 100000
From this amount it appeared that the profits real
led and confidently expected, amounted to Sl,l0O-
00O and that after paying ScG00G0 and rembnrsing all
the advances to the Bank there would still remain a
sum of S60OU in the Bank TO be enjoyed by the
Bank in any way permitted By the charter And now
what possible disposition could he made OF tins excess:
If there had been profit at all, should have been
content, for profit object in the operation But
if there profit, whether Of five dollars or 1--we
million of dollars the Bank could take part OF II,
for having right to purchase the produce Itself, to
take the least portion Of gain upon it would devove an
ownership which forbidden by the charter; and
all that the Bank could do was TO receive back lis prn
cipal and interest and exchange with the collateral
benefits of the operation. had never known any
thing whatever of the accounts or details, and being
wholly unconnected either officially or individually
with the Bank, when received thus statement pre-
suned that the result Of the matter correctly stated
and it settled accordingly, leaving The margin
of 900 dollars provide against all possible contn-
gency.
Eighteen months after had left the Bank, however,
| received Il letter from the Cashier, stating, that on
windp5 IN this concern it was found that there was
an r.advance of 1851 800 "a, and that the portion
which it belonged to me to return was S3lo,o!o "A
This of course fair charge, and intending 10 be
wholly responsible, and that the Bank should be exempt
from loss should have pad IT at once, but Tor Tins
considerations: found, upon examining the case, that
this loss was fact occasoned by the sacrifice oil this
property in order 10 sustain the Bank in Europe from
embarrassments brought wholly by the Bank itself
and it became question, bow far, looking at II as a
simple commercial operation, the only possible light IN
which II could be regarded, !, stranger, no longer
connected with the Bank, ought 10 bear the burden OF
this sacrifice. The nature and the cause OF 1t were
soon discovered 1t was thus:
Messrs Humphreys and Biddlc Of Liverpool, on the
first Of June 1910, addressed private and confidential
letter TO Messrs. Bevan &, Humphreys, in which they
rp nly to INQUIRY by the latter us TO the OF
their paying much money 10 Mr.. Jaudon that
ii was impossible for them resist the repeated and
anxious requests Of Mr.. Jaudon for assistance. Thus
they say that their advances to Mr. Jaudon were al one
time as high f270,000, besides being parties 10 bills
on London houses which then running for E226,
600. They then quote from Mr. Jaudons letters TO
them extracts Ike these On the 22d August, lc9, he
writes as follows:
q" must look 10 you for ESQ 900 to make up the
If do not get thus get none for all contingent
on nv max up estimates; every thing therefore,
turns upon what you do-for here am exhausted.
You must therefore work your hardest for melte or
death to the Bank Of the u. S. is the issue If 5000
bales of cotton must go let them go,be the loss what
il mayt canno; be great the loss from protest,
and nst be borne by owners or Bank they may set
lie the matter between them leave all to you, know
inc that you will leave nothing unred that may save
me-tbe sale of 5000 bales would do the business, and
there can be no doubt the choice of this evil rather
than the other.
And on the 23d, he says further:
al wrote you yesterday stating the absolute necess'-
ty of my relying upon you for 100000 to help out my
list without which the whole must fall through, the
large sale of cotton will help to provide this hope
now want your further aid for another t5O,O00 IN
bills on Hneth q Co.
They conclude these extracts by saying ain this
dilemma we had alternative but to make your cot
ton available for the desperate emergency and again: