Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1914-02-27
Letter from
Big Bud.

ANeAAIS8
AS know you will be interested
in the report of the committee ap,
pointed to investigate the fee al
lowed by Chancellor Whitman in
re the Union Bank and Trust Com
pany Of Meridian, I enclose copies
of parts o. the report. I intro.
duced the resolution asking for
this investigation and would have
introduced the resolution enclosed
but it was thought best that the
member from Lauderdale should
take the lead. Most Of the law.
yers in the House were opposed to
adopting the resolution condemn
ing Whitman offered by Walker
Of Lauderdale and fought it's adop-
tion, but when the house adopted
it by a two third vote, Mr.. Rem
cher of Kemper offered a resolu'
luton addressing Judge Whitman
out Of office. This would never
have been done had we not have
adopted the Walker resolution.
Morrison of Grenada was one law
yer who favored the resolution and
said that Judge Whitman should
have been kicked out of the state
for taking a ten months old baby
from it's mother.
Walter Price was in the house
and favored the resolution and
will support it in the senate, but
there are too many lawyers in the
senate and / predict the resolu-
tion will be killed in that body.
Well, we may not get any relief
for the stockholders and deposi
tors of this bank but we have made
things so hot that no chancellor
will dare do as Judge Whitman
has done in the state for tie next
100 years.
b Mr.. Brame said he would have
voted to condemn Whitman if the
resolution had condemned the at
torneys also. I would have pre-
ferred to have had it this way too,
but it was I thought we ought to
condemn the judge. Yours,
BIG BUD.
REPORT OF COMMITTEE.
'In support of our conclusion
that the fee was excessive we
would call your attention to the
fact that Mr.. J. A. Mccain, an
able business man and a most ex
cellent gentleman, was cashier OF
the Merchants and Farmers bank
at an annual salary of 80, 400 and
that his duties as such cashier
were not materially interfered
with. Mr.. W. G. Moore, also a
man of ability and very popular
gentleman, is not man who
!, would command an unusually y
large salary; in fact one witness
= testified that Mr.. Moore had, a
, short time before his appointment
as receiver, offered to take a posi-
D tiou at $85 month. 1t seems
that Mr.. Moore devoted almost, il
not his entire time, to the receiv
ership for the first twelve months.
The attorneys gave to their clients
all the help and assistance needed,
out also looked after their. usuaI
practice at the same time. We
would direct your attention to the
further fact that certain interested
parties undertook to organize 8
committee of citizens for the pur
pose of closing up the affairs OF the
bank and that negotiations were
opened with one of the most prom
inent bankers and best business
men in the state, who offered tC
put up the affairs of the bank fol
a fee of $4,000 and six per cent
interest and six per cent. Interest
per annum on the amount of money
he had to put up, provided tn
amount did not exceed 5000, 600
If more than that sum the fee wa
to be $15, 900 plus the interest OF
his money. This shows what &
prominent business man, figuring
on the proposition purely for bust
ness reasons, thought of the fee
But the deal with him was no
consummated.
We find that many people il
around Meridian have suffered ma
terial loss and great inconveni
ence on account of the failure o
the hank. DepOsitOs who hav
not been paid in whole or in par
were for months without thei
money. We find that the stocl
was distributed among the peopl
of that community, some bein