The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-02-22

Philadelphia.
Correspondence Of the Herald !

VI tue herald
PHmADELpHIA, Feb. al. 1872
-1@JoS"e" hes''ng al the u. S. Bank-GyYaf
Excitement
This was the day ofthe adjourned meet;n. os,h.
stockholders Of the United States Rank Sor ~.
purpose OF considering and Affirming resolutions
onered at a previous meeting, annullinr tbs IT,.
iast assignments made by the Bank, TO wit th., ..
secure the circulation and deposites made ths m
aay OF June, and that made in September for ~.
dement, oil all creditors, known as the eener.I o..
sisnment" The hrst assignment made to sec,r.
the Banks holding the Post Notes of the Ir.,t.s
States Bank was not brought in question.
IL being an adjourned meeting, the off, er. oe
the previous meeting took their seats, to wit =
HENRY c. CoRBir, as Chairman, and Josrp. p
CHANDLER, Esq. Secretary. The Secretarv road
the proceedings of the last meeting, which. After
some little dispute point of order. were an.
proved; not, however, until an appeal from the
decision Of the Chair had been tskca.
At this point person in the BODY of the creva
asked little delay until soc kholders were ah. n
get in the room, alleging that they met with d;f;
Guilty in obtaining tickets of ad mission from ~.
officers OF the bank Some scrutiny was observed
In order to keep out those who were not stock.
holders.
The resolutions passed at the last meeting. and
which were the subject Of aft rmati on at this
read.
MI. watts moved to amend them by substitutinS
resolutions requiring the validity OF the assign
men's 10 De passed upon by the legally constituted
tribunals OF the country. He enforced thi, amend
ment by aspeech of considerable lcngth-spoke of
the diiiGlity OF reaching the real opinions Of the
stockholders ON the question, and the greater ain
blslawyers disagreed. lie wa. a, ieossh M inssi
Ynu nj ted hv Mr. del H.. "a L
to the amendment. On the supposition that tS4xy q
when. s
Col. DAYTON rose in opposition TO them. II.
commended that all te assiyn,n ents were NOT o.iv
valid but for the best interests OF the
and other creditors Of the bank To prsye that the
Officers Of the bauk had the authority to make The
assignment, he read at length from the law autho-
zing them to make. He coatended that thew
were Aot now within the cognxance Of anx
human tribunal He averred that The wer to salien
and convey" was incidental 10 the pre sident and
directors Of every incorporated comDanv even 81
If not expressed in the act, and cited Chief Justice
Marshall In proof Of his positicn He contendei
tnattne resolutions offered as an alendment. were
OF the most mischievous character, aud directly in
the lace Of those previously offered by Mr. Randall
he said theirtenaency were raise doubts of the
legality Of the sssiqAments, under which debtors
would screen themSelves from their iust obliea.
items to it, and it would further preclude the trIs.
tees from making titles 10 the vast amount of real
estate that was to be sod. Thus the effects ofthe
usAsuttous Wuuc tuIS punt OF validity being
determined, would be wholly wss:ed and FILTERED
away He said no better dispos tion of the proper
ty could be made now than these assignments had
aready made o. It, Then why set aside the as
Perty of the Bank, or lessen its value BY disturb
ing existing arrasgements2 He said the validity Of
these assignmsnts were maintained by the written
opinions OF Mr.. BIuNEy, Mr. SERGEANT, Mr. Me. y
REDiTH, Mr. RAwL, and others. He, therefore, ho-
ped that they would receive tho sanction Of this
meeting.
Hn~a -
floor, which was finally given to
Mr. RANDALL, who asked that he might be
heard. He said the remarks OF Col. Drayton called
Tor something from hlm-said that the duplicity
and DECEPTION OF certain perso1s had misrepre.
sented him, and charged him with a desire TO ffus-
trate the first assignment made to secure The
banks. 7 his he characterized as untrue He
wanted that that assignment should stand and that
all others should be made to conform with the act
Of Assembly and with the true interests of the
creditors Of the institution. He said the opi-
were w,ittsn before ths assignnssts wers~ n.sds
and could not, therefore, apply to them.
Mr.. IScRAHAM said that It was assert ed that there
was no %sde Of reaching Judicial opinion in this
case. he said there was, and pointed il out
Mr.. Warts obtained the floor, and urred his
amendment at considerable length. He thought .
legal Judgment perfectly practicable, and far more
satisfactory than our popular action through the
stockholders. When he had concluded
Mr. GIBBONS offered an amendment to the amend
meat to this effect that the assignment of June
8cC0T01OCo
best interests Of the stockholders and that there
fore this meeting afirms what was then done This
amendment created considerable noise and much
noise and cly OF question wasmadc TO quiet further
debate. Alter some time quiet was restored, and
mr.. laid his censuIs on Mr.. Rand Il with much
severity-spoke Of his connection with Nieholaa
Middle, as counsel, and attempted to show up Mr..
g inconsistency. He charged Mr.. Randall with
desire to rePudiate acts sanctioned and Approved
by himself and with disposition to break dow the
courtesy acknowledged between gentlemen.
1 CHAIRMAN Order, order.
Mr.. RANDALL.-lti is not true.
Mr.. GIBBONS white with anger) will show the
gentleman up IN his true position before this meet
ing IN reference to his past and present cour=e-I
vii! define the genteman's pssit Jon
Mr. RASDALL.-(angrily )--"I will define
Mr., GlBsoys-"Y You are at liberty to do so."-
And continued his argument. He ccn:ended that
these assignments had protected the property Of
the bank from judgment creditors, who were bro
badly now ranged round this room ready TO posnce
upon the ehects OF the bank as soon as the assign
A person called out from the crowd 10 know If
adoption Of the amendment would settle the matter
The CHAIRMAN and Mr. CrBposs both a,.v.,ea
will settle nothing. -
Mr.. GIBBONS resumed, and concluded bv some Cd
dsparaging remarks in reference to Nicholas RIA.
die and Nh Randall, his counsel; and took his seat
amid great hurrahing
Mr.. scnwAB of New York made short speech.
In which he roasted Mr.. Bayard, who was present.
little, for his declaration that the Stock of the
Bank worth $40 per share. Mr. s. isa f.
reigner, and helds some eight thousand shares of
the Bank. He said he wanted something mora
than mere talk and promises.
Colonel DRAyroS then said something more in
justification Of his course.
Mr.. BAyARD then rose in explanation of the ac.
cusations made against him by Mr. Schw.b-hut
before he had proceeded far, was clamored down
by The cry Of question.
The CaAIR proposed to take il by voice. but this
not being sat sfactorya division was ordered "a
tellcrs appointed, previously determining that the
count should be BY head and not by stock