Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1843-02-04
PALMER's REPORT.

that of Mr. Palmer is The most bungIing. II is
not only iIIaudabIe in that particular, but II IS de-
ceptve and false. Whether its errors arise from
the imbeciIiiy of its author, The effect Of
mind prone to misrepresentation, we know not.
Wero i, even iTuo, nothing but the hyena spiri,
of ocofocoism would have entered the private ca
binet of an honest man, nnh expose his private
oifairs to the world. The prompt and honest bor-
rover of money from a bank has right to expect
his transactions TO be kept as confidentially as
though u were with private individual; but the
dishonest peculator should have hi, frauds expo
sed to the world.
The report contains. or purports 10 contain, the
names Of ench individual indebted to the bank,
with the amount of their respective indeb edness
IN May last. The object IN this publication, is
said to DO TO enable the people of the State to
Judge Of the ability of tho Bank sustain itself
The liabilities Of each debtor given. but his
means and assets Of course not mcnti ed
As well might the enemies Of an institution pub
lIsh its liabilities, and withhold that Of its asseis
and then call upon the people to judge Of It's SOL
veDcy. For instance, on Individual may be in
debted to the Branch 10 this place to the amount
Of $4,000, and this fact is published TO the world
by Mr.. Palmer; at the same time, this same in
diyidua may have aid into the Bank $4,000 in
spccie stock, Of which the public have no
knowledge. Many instances of this character.
exist n fact. the object Of the report fails in
mother particular. The debts due the Bank in
May last, as published by Mr.. Palmer, have near
one half been paid.
Mr.. Palmer attempts TO pay compliment TO
the Directors of the Branch in this city, but at
the same time, he estimates the loss that this
same Branch w i'll sustain on her sncfire D0Der''
at 10 per cent, when there can be no just proba-
bili'y that it will amount to one per cent. Mr..
Blanchard, the President, in a report made to MIR.
Palmer, (aud which is published in his repor,,) ha
wing been to by the Cashier and President,
and certified 10 for correctness by Basil Bright
we'll and Caleb Shearon, states that "The whole
amount Of debts los, since the organization Of this
Branch, including What now consider despe-
rate, is about $4,000. Twelve hundred and fifty
dollars of which amount was obtained forged
endorsements, some years past" Thus it will
be seen that only $3.50 has been actually lost
since tho organlzatio of the Branch. which, up
on Tho whole transactions of the Bunk, will no,
amount to the fiflie,h par, Of one per cent; ye,
with this, perhaps unprecedented punctua!ity
this most accomplished and erudite financier, es.
Inmates the probable loss their ''active paper
alone at 10 per cent more than fourteen thou
sand dollars,
On the notes protested in May last, Mr. Palmer
estimates the loss at 20 per cent; yet he says
the affairs Of this Branch have been conducted
with singular prudence and ability" This
innate is perhaps moro fagran,ly wrong than
that on tho active paper. Now the facts are, that
every note which was under protest at the time
Of Mr.. PaImer's exnmina ton has either been paid
of, or amply and fully secured, with very
small exception, beyond all probability of loss
The loss cannot exceed tro per cent.
Mr.. Palmer estimates the loss on 'notes in SUIT
at 25 per cent. By tho reports of the Bank At
torneys employed in the cases referred to, there
does appear be the least probability OF loss,
except in one or two small cases, which cannot
make the loss equal to five per cent, instead Of
2o stated by this prince Of loco financiers.
On actire bills of Exchange" Mr.. Palmer
estimates the loss at 10 per cent. There is no
foundation whatever for this estimate. The bills
OF all the persons enumerated in the report, hare
been paid in full, with one exception, which is
secured beyond all doubt.
The loss on protested Bils'' is put at 30 per
cent. Tho pawn of these bills is secured by
mortgage and otherwise, to three times their
amount even under the most disastrous times.
The loss on bills in suit is estimated a, 80
per cent. This bill is secured amply, beyond all
question by a mortgage The loss instead of 30
per cent. will be just nothing at all.
The report IS full of errors and were doubtless
made by Mr.. Palmer himself. Personally, we
are under obligations to Mr. Palmer. We have
felt ourse,t indebted to the Bank 10 the amount
of several hundred dollars; but this most saga
cious Of all Examiners. has discovered that our
Indebtedness in May last, amounted 10 the enor
nous sum Of eighty whole dollars! For this lib
erai use Of the sponge, most certainly
under obligations to Mr.. Palmer. Without his
aid we should most probably have been placed in