Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-02-07
eoan, OF the shade which i, cast. on III. character

nou..
ala the spring OF the year. isio the prcspee,, for
negotiating the loan in Europe, HAVING improved.
| 'nd an opportunity having occurred, OF employ ny
an ogent to neg tate u, OF very sh character. aud
every way deemed adequate. General James
| uaghton, nj South Carolina, who was on his way
| TO Europe, upon financial negotiation for another
Smtr, WIS empoyed by the Company to undertake
the reso n i'm OF The 10 TO the x,ent OF about
rnndred end fifty thousand doilars, and for thi,
putPse. STERLING bonds Of the Company to the
noun OF fi2S, 500, equivalent TO $3.50 222 a. bear.
ns interest q, the ratio of five per ecntum per
annem, and redeemable according to the provisons
ue &c. OF Assembly, were placed in his hands
"n 'he on day OF May, 1910 TO this extent, he
was charged with negotiating the perm,nen, loan.
anu WIS most Vigorously inioned not 10 dis ,os, of
the bords at less thsn Es3 q. = /, the bundled. .
sum wn'eh oeing gwen for FIVE per cen, stock, was
ueemed equivalent To par for SIX per &C nj stock In
ofuer' however. 10 raise snail sums indspen., nj.
TO meet the cash engagements OF the companv. rs
peeialy the interests upon their debt he was A.,
ho'zed TO dispose OF small portion Of the bonds
| al minimum It Eso IN the hundred, or instead of
that, he was authorized to raise those small sums
upon temporary lbSns and 20 pledge sterling bonds
a security Tor their redemption.
A'er Gen. Hamilton's arrival in Europe he gave
| 10 the company the most cncourng ing hopes from
time to time, that he would be able TO succeed in
mlsng the pernanen, lonn to the full extent of his
authority and upon favorable terms, and he appear
cd 10 ne actively, zealously, and, indeed generously
/ tra
OF the Company. lie did not succeed, however. in
negotiating any part OF the perman, mt loan; but
obtained temporary loan, from time to time, to an
s~er the indispensable cash demands Of the GONNA
N.Y. so hat al the end oil the year 1871, the company
stood debtor TO the house of Morrison, Sons & Co.
Banking House OF London, on account of those
loans IN sum which Is stated in their account rem
ueredi Leg $50 ;. G. sterling, whereof 1856 3,
was due on the 3Oth Nov, lsii; .f20OO on the 4,h
febfuity, 1919; f5500 ON the Sth February 1919.
tloOo on the 23l February, 1912; EIOOO on the
An March lSis; E5500 on the slh March 1912.
ihere Is no room TO doubt the accuracy of the
account, unless It may be that six per cent, the vir.
gina interest. has been charged by mistake instead
o, 'ha Ensl'sh interest OF per centum per annum
FOR the security OF tbs loan thus ne ,otated Alorri-
son, Sons X Co. hold in plcise bonds of the Com
pany 10 the amount II is believed, of one hundred
and eish, thousand pounds sterling of which bonds
thev were authorised, 10y the contract entered into
with them 10y Gen. Hamilton, To take in pavmen,
or TO sell enough To discharge their debts at nrico
not less thin eighty pounds in the hundred. But
they nave nilher sod, nor consented to take any of
them IN payment; of the loan, but are DESTROYS TO
have tho whole loan with lawful interest refunded
TO them with all practicable despatch. This the
company are most anxious to do without any loss of
tm'' anu TINS, until very few days past, they had
expected to be- able To do through the aid of the
Banks; nut m that expectation they have been dis.
appointed.
The stock itself, To the amount of Csc. 900. is
now IN ths country, actually deposited IN the Bank
fed
Morrison Of New York. a mcmbsr Of The CO. ~
Morrison, Sons * Co. The balance of that sr.ek
when was IN the hands OF the London House is
dy expected To arrive in this country TO the care
OF TIC same gentleman MIR Alfred Morrison 10
"homis entrusted the whole negotiation for redeem
me The loan and surcnIering the company's sock
The President and Directors are exceedingly anx-
ous TO ciicci this object IN time for remittance TO
London 10y the picke; Of the Let OF March, s, that
their edit may lie protected, and the posses sion o.
their bonds to cd To them
WIN respect 10 the balance OF the company's
bonds placed IN the hands OF Gen Hamilton. thew
nave not been returned, nor has any satisfactory nc-
count been given Of them, and they hnyo reason IN
believe tina, this whole balance to the amount of ~
thousand eight hundred pounds sterling has been
hypo'heca,cd with mercantile house IN Holland, TO
secure some an negotiated with them IN which the
company have no interest and no agency. Cor,ain
= 49, that the letters ofGen. Ham ton 10 the Pre-
sldcni OF this company, received on the 22InnJ 2Gh
oi TIE last month"; have announced the TACT that such
hyrothecation has been made, but to what extent
OF ior what amount borrowed, he does no. explain
Tins anauncation however, was accompanied with
assurances ihat the pledge would certainly be re-
deem d, that eticctual measures had been taken to
have rcmi,Nnces made from New York for that pur
POSE by the packet OF the LIST OF February, that an
indemnity TO the comptny had been alrcidy pro.
V'deh, ana that further md more ample indemnity
would toe forwarded from Cuba on his way 10
America, and that, IN short, the company was in no
n'ssibie danger OF loss from tins hypothecntion-
DHi mough zen. liumItuu's arrival at New Or.
leans has teen some dnys since publicly announced
AMI though the gentleman from New York, 10
whom th' President OF the company was referred,
has been written 20 more than a week since, vet
nothing more has been heard either Of the indemn.
ties or OF The remittance; nor has any thing further
been he Arc from Gen. lIami.t on himself Of later
date than the 9Th DAY Of January, 1912 when he
wrote from st. Thomas, on his way 10 America.
This unexpected diversion OF a part Of the funds
OF the Company, from the purposes for which they
were entrusted to Gen. Hamilton, has filed your
petitioners with surprise, modification and regret
will add to their financial embarrnSsments and may
expose them to some Ultimate loss. There is not
however, sufficient knowledge Of the facts attending
The Transaction 20 enable them 10 obtain legal ad
vice upon tho question oi their liability or TO enable
them TO form any reasonable conjecture Of the pro
babe extent of their loss For further information
unon this subject, the letters of Auornies, under
which Gen. Hamilton acted, will be laid before you
together with such Of the correspondence with him.
as the Legislature may desire TO inspect. They will
only further remark upon this subjec, that, whilst
they will do nothing to sanction any invasion OF the
rights OF the COMPANY, they will not willingly adopt
any measure which would impair its credit"
The memorial concludes by asking for the loan
OF s25O0O0 State Stock, to redeem the bonds in the
hands of Morrison & Co., and those in Holland.