The Madisonian. [volume], April 16, 1841, Image 1

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THE MADISONIAN.
VOL. IV.-NO. 82] WASHINGTON CITY, FRIDAY, APRIL 16, 1841. [WHOLE NO. 043.
THE MADISON IAN
THOMAS ALLEN,
K.dltor and Propria tor.
AGENTS.
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THE LAW LIBRARY.
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""Shrt-js sjz
Law Bookseller and Publisher,
,inr .vi.tf No. "2:1, Minor st., Philadelphia.
N B The noteh of the Bank of the Uni
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MERIDEN ENGLI3H AND CLASSICAL
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ft', Reading, Writing, Composition and Declama
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plete set of Electro Magnetics, Globes, Orr.ry,
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The Principal devotes his whole time to the ScW'1
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I iinrtnieiit 1 le also sis-nds about one hall ot his
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W11 SON'S FRENOI1 AND ENGLISH DIC
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?ttges being by far the most full and comprehcs.ve
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? x.'i^-4
Academy Boyer, Chambau.l, Garner and others. By
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KOry iC#Xt imported and for saleFbyTAYLOR
feb 18
VJIMMS'' NEW NOVEL, The Kinsman or the
Black Rider's of Congaree, .
And Walsh's Sketches ot the Conspicuous Living
Character* of France.
Are just received tor sale by F. TAYLOR
UEPOHT OF THE
COMMITTEE OF INVESTIGATION,
APPOINTED AT THE MEETING Of tfTOCKUOLDEKl* or
? THE
DANK OF THE UNITED STATES.
rhu Committee y .pointed at the meeting of the Stock
hohJers ofthe Bank of the United State., held Jan.
! '? examine the detaila of the ataleiuent
then submitted by the rreaident, respectAilly aub
urn the following
1UJPORT:
t i , o'"ra'Ue0 originally appointed, consisted of
Joshua Lippincott, Mosul Kempton, Charlea Maaaey,
rr5T* ttichl"d Willing, and David Kirk
Patrick. The three li?t named gentlemen declined
acting: and Edward Colea, Jauws S. Now bold and
Jacob Bacon having been selected to till the vacan
cies, the Committee were finally organised, by the
election of Joshua Lippincott as Chairman, and
George Sharswood as Secretary : and on the twentieth
ninth day of January, commenced the performance of
llie duties assigned them.
The Committee were accommodated by the Board
of Directois, with an apartment in the Bank, and
were Iroui time to time attended by a Committee of I
that body, as well as by the Officers and Clerka of the
Bank. Every facility was afforded to them, in the I
prosecution of theii laboia, as far as wa* practicable, '
by submitting to their examination, the Books of the
Bank, and by giving auch verbal explanations, and
furnishing such extracts and co|iies, us were request
ed. At an early stage of their proceedings, they were I
officially notified by the President, that a Resolution
had been adopted by the Board of Directors, " that
the Committee of Stockholders be informed, that the
Board is ready to afford them every facility, in the
prosecution of any investigation, which the Comuiit
l<?> i.i?y u.> willi,ip ?? mike, of the affairs and transac
tions of this Bank, and the causes of its actual situa
tion, and that it is the wish of this Board, that the
tvomruittee should make such investigation, in order
that the results may be laid before the meeting of the
Stockholders in April next." Conceiving it to be
their duly, under the terms of their original appoint
ment, as well as under the invitation thus extended
to them by the Board, the Committee accordingly
commenced an examination of " the affairs and trans
actions of the Bank," and " the causes of its actual
situation."
The Committee proceeded in the first instance, to I
'n detail, the Statement of the Assets anil Lia
bilities of December SI, 1841. The securities and
evidences in the possession of the Bank at Philadel
phia, were accordingly produced, and on comparison
therewith, the same was found to be correct. The
cash was counted, on the second of March, and cor
responded with the Leget Balance of that day. The
returns ftom the several offices and Agencies, were
road and found to agree with the printed statement.?
1 he accounts of the circulation and issues, of the late
and liresont Bank, were also examined.
The (Committee have prepared and herewith submit
a still more detailed statement of tho Assets and Lia
bilities of the Bank,on the twenty-first day of Decein
ber, 1H10, than that heretofore presented ; exhibiting
the particulars of each item of the original statement,
in the same order and arrangement, as is (herein pur
sued ; omitting, however, the items " Bank United
States Stock, balance unsold," and the amount crcdit
ed as " Bonus for Charter."
1 he next object proposed was to make a valuation
of the Assets. With this view they proceeded to re
examine the items of Active and Susjiended Debt,
Stocks, Ileal Estate, Bonds and Mortgages, Foreign
Bills of Exchange, and Amounts due by State Banks.
The President of the Bank was also requested to ob
tain an estimate of the probable loss, on the Assets at
the different Offices and Agencies : returns trom all
of which have accordingly been received. The esti
mates thus made are presented in a column, added to
the detailed statement, now submitted and before re
ferred to, (Appendix A.)
I he attempt to make an estimate of Probable Loss
es, was found to be attended with considerable diffi
culty and embarrassment. To adopt the present de
pressed market value of the several stocks and loans
held by the Bank, weuld not lie a fair criterion of
their actual worth, which, rather than their present
availability, was that at which the Committee endea
vored to arrive. Still they have been necessarily
guided, in a great measure, by the Price Current of
the day. Of the Keal Estate and Bonds and Mortga
ges, a veiy imperfect judgment could be formed,
without inquiries as to the title and incumbrances,
which the Committee had not lii??- ?? make. lVUny
o! the securities are of a character to lender it almost I
impracticable to form even a re??t>nnl>l.. conjecture of
their value. While therefore the Cominitte Itespeak
for this portion of their labours that regard, which is
due to an honest effort, from the best means within
their reach, to arrive at the truth, they must Ik- per
mitted to qualify it with the remark, that it is necessa
rily only an approximation, in which they cannot ask
the stuck holders to place entire confidence. The abil
ity of the institution to realize anything like a fair I
equivalent for its Assets, will de|iend much uisin the
course of | olicy it may in future pursue, and ujion
circumstances which no one can be expected to foresee.
1 he estimate presented however with less reluctance,
as from the details now given, each stockholder will
be able to form a judgment for himself.
It may be pro|ier here to remark, that it has been
thought best by a majority of the Committee not to
submit the lists in detail of the active and suspended ,
debt. The injury which would result to the credit of
individuals by such an ex|>osition, might ultimately
be detrimental to the interests of the stockholders,
while no benefit of sufficient iuqioilancc to counter
balance such a mischief, appeured to present itself.
In regard to these two lines, the Committee will con
tent themselves with rcmuiking, that but a small pro
portion consists ofiegular meicantile discounts. On
the Active Debt, December 21, 1840, are loans to se
ven incor[K>ratcd or other Companies of 1,211,103 dol
lars, 22 cents, including one of 502,222 dollars, 22
centstothe Philadelphia, Wilmington and Baltimore
Rail Road Company. The sum of740,05G dollars,
33 cents, is on obligations, having on that day more
than six months to run, and of this sum 597,(f28 dol
lars, 5 cents, had more than twelve months to run.
The sum ol 279,888 dollars 41 cents, a part of this I
Line entered as " Bills Receivable," being nominally
payable on demand, though really composed of per
manent accommodations, is not included in either of
these amounts. Nor is the sum of 66,800 dollars, 80
cents, " Bills leceivable for sale of Office*. " A con
siderable part of it is ill large amounts, as will suffi
ciently ap|>car from I lie fact,that forty-eight individuals,
firms and companies, have discounts exceeding 29,
(XH) dollars each, of whom twenty-seven have discounts I
exceeding 511,(NX) dollars each, and nine exceeding '
each.
A similai examination of the suspended debt exhi
bits as the result filly-two individuals, firms und com
panies, standing charged on the books of that depart
ment, with more than 20,000 dollar* each, twenty-nine
with more than 50,000 dollars each, and eighteen
with more than 100,000 dollars each. There are six
individuals and firms whose debts amount to 2,314,
000 dollars, two of which are ever 650,000 dollar* each,
a large amount of which will be lost; and four others,
who have loans amounting to 569,000 dollars. Eleven
Joint Stock Companiesaic :ndel>tcd on this List 807,
581 dollars, 22 cents, of which the l'hilapelphia ami
Oermantown Railroad Companies is 120,002 dollars,
76 cents.
The whole re*ult of the valuation made by the Coin
j mittee, may be thus stated in short:?
The assets of the Bank, amounting on the 21st day
| of December, IK10, according to the statement of the
Committee, to 09,531,742 dollars, 46 cents, have been
estimated at 851,779,705 46
From which deduct liabilities 36,050,530 63
Leaves flic sum of 814,820,266 II
to represent the ca[Htal of 835,000,000 00
Less amount of Bank United States
stock on hand, 2,741,400 00
832,528,600 00
To this may be added the sum of four ot live hun
dred thousand dollars, for that part ofthe circulation,
amounting on the twenty-first of December, 1M10, to
9,336,000 dollars, !M) cents, which is probably lost or
destroyed.
The Committee submit also herewith, condensed
General statements of the condition of the Bank, on
the first day of February, 1836, on the first day of
Ajiril, 1839, and on the first day of March, 1841 ;
with a coiiqmrative Table of Assets and Liabilities,
for the.M- three iieriods, and also a General Statement
of April I, lull. (Ap)iendix B. C. D. E. anil F )
The general statement ofthe condition of the Bank
February 1, 1836, is a copy of thkt submitted to the
stockholders convened ai the Bank, U|K>n the nine
teenth day of thai month, for the purpose of-consider
] ing the propriety of accepting the chatter, then recent
It granted by the Legislature of Pennsylvania. By
tliat ktutefiiciit showing the condition of the Institu
tiun, after a period of active business extending over
twenty year*, and including more than one period of
serious commercial difficulty, there appeared to the
credit of Discount, Exchange, and Inter
eat, #423,870 W
Profit and Loss, 3,766,399 M
Contingent Fund, exceeding the Losses '
chargeable thereto, by the turn of 1,436,861 6#
Foreign Exchange account, 847,871 0*
Fund for extinguishing coet of Banking
Houses, 1,104,MP fl|
Contingent Interest, 440,854 14
#8,018;784 60
These sums, after deducting the amount
of deficiencies and expenses, 217,194 '<9
formed the surplus fund* of the Institu
lion, #7,801,590 38
from which, it will lie recollected, it was strongly ur
ged u|K>n the stockholders, as the main argument in
favor of accepting the charter then offered, and after
making the most liberal allowance for prol>able losses
on the suspended debt and real estute, the entire Bo
nus could lie fiaid, without in the least degree impair
ing the capital.
The origin of the course of policy, which has con
ducted to tne present situation of the affuirs of the In
stitution, dates however beyond the period of the re
charter by the state. When it was jieiceivcd that the
charter of the lute Rank of the United States would
not lie renewed or extended by Congress, the President
and Directors commenced winding up its concern*,
and aiming the first measures lak in to that end, was
to sell or dispose of, as far and as speedily as could be
effected, the asset* of its several branches. This v"\
generally dim* tu Stkla Hankv, who yiive thr them tbejf i
obligations, payable by instalments at distant |irriod>
At the same time, the [xilicy was adopted ofconvertiig
the active debt into loans U|ion the *e< u'ity of sto'ks,
by which permanent investments might beprorided
lor the capital of the Bank during the long )ieriod of
its anticipated ? liquidation. On tne 6th of. March,
1835, " the President submitted to the Board, a gener
al view of the situation of the Bank, its means and lia
bilities, its circulation and deposites, and the probable
future demands upon it, showing its ample resources
and power of expansion: whereupon" the committee
of Exchange, wh:ch was composed ofthree Directors,
appointed by the President, were authorized by the
Board " to make loans on the security of the stock of
this Bank, or other approved security, and if necessa
ry, at a lower rate than six, but not less than five per
cent, per annum."
This delegation of power to the Exchange commit-,
tee, was never expressly and formally renewed under
the new charter, unless it be considered as included,'
under a general lesolution of the new Board adopting !
" the Bye-Laws, Rules, and Regulations " of the for
mer Bank. By the statement of the condition of the I
Bank upon the 'id of March, 1835, the wholoamount
of loans upon Bank stock, and other than personal se
curity, was 4,797,936 dollars 65 cents, while by that |
of Maich 3, 1836, these loans had increased to the .
sum of 20,416,367 dollars 88 cents. Under such cir
cumstances, the active means of the Bank were coin
g?ratively small, to pav the immediate demand of the
tatc for the Bonus, to settle with the government of
the U niteil States for its stock, and to meet its circulation
of 90,113,227 dollars 56 cents, which, contrary to the
anticiiiation, expressed at tho |s*riod of its re-charter,
soon began to be rapidly presented for redemption.
The Bank was of necessity driven into the market as
borrowers, and very soon the first step was taken to
obtain loans abroati, by sending the Cashier to Europe
for that purpose. Two loans were accordingly nego
tiated by him ; one in England, of ? 1,000,000 sterling,
and another in France, of IS 500,000 Francs, on fa
vorable terms.
In order to provide for the payment of these Loans
and to negotiate others, and in general to superintend
the interests of the Institution abroad, it was deter
mined by the Board to have a General Agent residing
in London, and on the 22d of September, Mr. Samuel
Juudon, then Cashier, was elected to that post, and
his agency there commenced accordingly November
8, 1837.
At the same time, the Bank entered the Foreign
and Domestic Markets, as borrowers, upon their Pest
Notes and Bonds payable in Europe; the whole
amount obtained in tiiis way at different periods up to
July, 1840, being more than twenty-three millions.
From these causes, n* well as from the general de
rangement of affairs, the suspension of specie |>ay
nnd tho discredit conseuuently thrown ii|?>n
American securities, and more particularly from the
nuirxo ?f the Hank * dealing in toreign Exchange, by
drawing bills to a large amount without having pre
viously provided the funds for their payment, and
thus subjecting their agent in London, to the necessi
ty of obtaining money in haste, in order to maintain
the credit of the Bank, it was no longer found pissi
hie to command funds there upon the same favorable
terms as before. And accordingly, U|kiii Mr. Jaudon's
subsequent negotiations for Loans, to the amount al
together of $12,212,697 16 cents, there is chargeable
to Losses the sum of 1,149,907 dollars, I cents, being
for Discount, Commissions to Foreign Bankers, and
other charges; not including ,Mr. Jaudon's own com
missions, and the expenses of the Agency in London,
amounting up to January I, 1841, to tho sum of 69,
344 pounds 17 shillings 6 pence sterling, which at
nine |iei cent, exchange is equal to 335,037 dollars 39
cents.
It may lie proper to explain in passing, how this
large sum fol the exiienses of the Agency at London
arises. When Mr. Jaudon was elected to the place of
foreign agent, he was the principal cashier, at a salary
of 7000 dollars per annum. The bank paid the loss
on the sale of his furniture, 5074 dollars, and the pas
sage of himself and family to London, a further sum
of 1015 dollars. He was to devote himself exclusively
to the business of the Bank, to negotiate an uncover
ed ciedit in England, to provide for the then existing
debt in Eurnfio, to receive its funds, to pay its bills and
dividends, to effect sales of stocks, and generally to
protect the interests of the Bank and "the country at
large." For these services he was to receive the com
mission theretofore charged and allowed to Baring,
Brothers & Company, equal to about 28,000 dollars
per annum. In addition to which, the expenses of
the agency were allowed him, including a salary of
l(HM) pounds sterling to his brother, Mr Charles R.
Jaudon, as his principal clerk. From the increase of
money o|ierations, arising from facilities afforded by
the agency, the amount u|ion which commissions were
charged was greatly augmented, so that the sums paid
him for his ordinary services up to January, 1841,
amounted at nine |ier cent, exchange to 178,044 dollars
47 cents., and the cX|ienscs of the agency to 35,166
dollars 99 cents.
In addition to these gums, he was allowed bv thr
Exchange Committee, an extra commission of one per
cent. ujKin a loan effected in October, IH39,of 800,000
pounds, say $38,755 56, and ujKin his claim for a si
milar commission, upon subsequent loans in France
and Holland, to the amount of $8,337,141 90, the
board of directors, under the sanction of a legal opi
nion, from counsel of high standing, and the views of
the former Piesident, by whom the agreement with
Mr. Jaudon was made, that the case of extraordinary
loans whs not anticipated, nor meant to be included in
the original arrangement, allowed the further charge
of 883,970 37. These several sums amount to $335,
937 39, as before stated.
Such were some of the results of the resolution of
March, 1835. I hough it cannot br questioned, that
much may be fairly attributed to the unhappy situa
tion of the business and exchanges of the country,
concurring with the unfortunate ^ioliry pursued by
the administration of thr Bank Thus the Institu
tion has gone on to increase its indebtedness abroad,
until it has now more money borrowed in Eurojie,
than its has on loan on its list of Active Debt in Ame
rica. To this has licen superadded, extensive dealing
in stocks, and a continuation of the policy of loaning
upon stock securities, though it was evidently proper
ujion the recharter, that such a policy should be at
once and entirely abandoned. Such indeed was its
avowed purpose, yet one year afterwards, in March,
1837, its loans on stocks and other than |iersonal secu
rity had increased 87,831,441, while the hills discount
ed on personal security and domestic Exchange had
suffered a diminution of 90,516,463 7]R.
It seems to have been sufficient, to obtain roonejr on
loan, to pledge the stock of an "Incorjiorated Com
pany," however remote its o|ierations or uncertain its
pro?|iecta. Many large loans, originally made on a
pledge of stocks, were |iaid for in the same kind of
pro|ierty, and that, too, at par, when in many instances
they had become depreciated in value. It is very evi
dent to the Committee, that seyeial of the officers of
the Bank were themselvesengaged in laige operations
in stocks and speculations, of a similar character, with
funds obtained of the llank, and at the same time
Loan* were made to the Companies in which they
were if)ternoted, ami to others engaged in the same
kind of operations, in amounts greatly disproportionate
to th? mean* of the |mrtiu?, or to their prutwr and
legitimate want* and dealings. The effect of tni* *y*
tern wai to monopolize the active mean* ot the In*ti
tution, and disable it from aiding and accommodating
men engaged in bu*ine?? really productive and useful
to the community: and an might have been anticipat
ed, a large |iart of the tutua thu* loaned were ulti
mately lost, or the Bank compelled on disadvantage
ous terms aa to price, to take in payment atocka, back
lands and other fragment* of the estates of great adu
lator*.
1 he loose and irregular manner, in which the busi
nea* of loaning money wit conducted, tended greatly
to produce thin result, and deserves particular notice
and ei|>lanalion. From March, 1835, the period of
the patsugc of the Itcaolution above referred to, the
chief control and management of the affair* of the
Inatitution, apjx ur? to have passed from the hand* of
the Director*. The mode in which the Committee of
> Exchange transacted their buaineaM, * how* that there
|really exiated no check whatever upon the officer*,
and that the fund* of the Hank were aluioet entirely
at their disposition. Tliul Committee met daily, and
were attended by the Caahier, and at time* liy the
President. They exercised the power of making loan*
and settlement*, to full as great an extent as the
Board itself. They kept no minutes of their procoed
ing*?no hook in which the loan* made, and business
done, were entered, but their decisions and direction*,
were given verbally to the officer*,' to lie by them car
ried into execution. The established course of busi
ness seem* to have been, for the Fir*t Teller to pay
on presentation at the counter, all checks, notes, or
due bills having indorsed the order or the initials of
one of the cashier*, and to place these as vouchers in
bi* drawer, fur *o much ca*h, where they remained,
liio'il just before the regular periodical counting of the
Ljkfi-, by the Standing 7' ;???<* ..f ilu> Bw" ?*?
[)RM oilhe Henk These vouchers were then taken
out, and entered a* " Bill* Receivable" in a small Me
moiandum Book, under the charge of one of the
clerks. These Bills were not discounted, but bote
interest payable semi-annually, ami were secured by a
pledge of stock, or some other kind of property. It is
evidently impossible, under such circumstances, to
ascertain, or be assured, in regard to any particular
loan or settlement, that it was sanctioned by a majori
ty of the Exchange Committee. It can be said, how
ever, with entire certainty, that the very large busi
ness transacted in this way, doe* not appear upon the
face of the Discount Books, was never submitted to
the examination of the members of the Board, at its
regular meetings, nor is it any where entered on the
minutes, as having been reported to that body, for
their information or approbation. A* illustrative of
the extent of these transaction*, it may be proper to
state, that the sum total of " Bills Receivable '
On the 4th ol March, 1836, was $6,2*21,660 85
On the 4th of March, 1837, " 8,183,115 01
On the 4th of March, 1838, " 7,229,503 '25
On the 4th of March, 1839, " 6,778,733 80
On the 4th of March, 1840, " 4,041,705 Hi
The amount outstanding on the books of this De
partment, on the 4th of March, 1841, had become re
duced to the sum of 176.954 dollars, 1*2 cents. The
accounts have been settled in vaiious ways, or trans
ferred to other heads, the Directors having resolved to
abolish altogether a course of proceeding, so pregnant
with mischief and loss, and to prohibit entirely, all
loans except by the Board itself.
There stands now u|m>ii the books of the Sus|iended
Debt Department, transferred thereto from "Bills
Receivable," still unsettled 1,470,651 dollars, 77 cents.
A (Kirtion is on the list of Active Debt, having been
changed into Bill* Discounted, at deferred |ieriods of
maturity.
These loans were generally in large amounts. In
the List of Debts on " Bills Receivable" of the fust
of January, 1837, twenty-one individuals, firms and
companies, stand charged, each with an amount of
one hundred thousand dollar* and upwards. One
firm of thiscity received accommodation* of this kind
lietween August, 1835, and Noveinlier, 1837, to the
extent of 4,'213,878 dollar*, 30 cents, more than half
of which was obtained in 1837. The officers of the
Bank themselves received in this way, loans to a large
amount. In March, 1836 when the Bank went into
operation, under its new charter, Mr. Samuel Jaudon,
then elected it* Princi|>al Cashier, was indebted to it,
100,500 dollars. When he resigned the situation of
Cashier, and wa* appointed Foreign Agent, he was in
debt 108,389 dollars, '25cents, and on the first of March,
1841, he still stood charged with an indebtedness of
117,500 dollars. Mr. John Andrews, first Assistant
Cashier, was indebted to the Bank in March, 1836,
104.000 dollars. By subsequent Loans and advances
made during the next three years, he received in all,
the sum of 486,930 dollars, 67 cents. Mr. Joseph
Cow pert b?^ve, then second Assistant Cashier, wiui
in debt to the Bank in March, 1836, 115,000 dollars;
when he was appointed Cashier in September, 1837,
32C,382 dollars, 50 cents; when he resigned, and was
elected a Director, by the Board, in June, 1810, 7
860 dollars, and lie rtands charged March 3, 1811, on
the books with the sum of 55,081 dollars, 95 cents.?
It appears on the Imoks of the Bank, that these three
gentlemen, were engaged in making investments on
their joint account, in the Stock anil Loan of the j
Camden and Woodbury Rail Road Co., Philadelphia,
Wilmington and Baltimore Rail Road Co., Dauphin
and Lycoming Coal Lands, and Grand Gulf Rail Road
and Banking Company.
The various settlements effected with the officers
and other debtors for these irregular loans, must not
be suffered to pass without notice. These settlements
were without the knowledge or approbation of the
board, at least so far as ap|iears from their minutes.?
The large loan to a firm in this city, liefore adverted
to, was settled by the receipt in payment of various
stocks and real estate, except '221,'261 dollars, 50 cent*,
in cash. Another large amount of loans to a single
individual of 1,014,977 dollars, 80 cent*, was settled
in liko manner.
There was taken in settlement of debt from Messrs.
Bevan & Humphreys, (Mr. Joseph Cabot, one ofthat
firm, being at the time a director of the Bank) |
one thousand one hundred and fifty shares of United
States Bank Stock, in 1838, viz: On the '2d of Au
gust, two hundred and fifty shares, at 1'23 dollars, the
liank selling on the same day at l'20, less brokerage:
on !he22d of August, five hundred shares, and on the
'23d of August, four hundred shares at 1*25 dollars, the
market price on those two day* being 123 dollars, 85
cents, the Bank selling the duy after at 1*23, les* bro
keiage. Settlements of a similar character with
debtors for similar amounts, were of frequent recur
rence.
The first instance in which an officer paid his debt
to the Bank in other than moneys which the Commit
tee can find, was in March, 18:18, when Mr. Samuel
Jaudon (then in London as the agent of the Bank,)
Mr. Joseph Cowjs'rtliwaite, (then cashier,) and Mr.
John Andrews, (then first assistant cashier,) paid a
debt of 269,500 dollars, which they owed the Bank on
joint account, in Danville and Pottsville Rail Road
Company five per cent loan, 70,000 ^
Union Canal, six is-r cent, loan, 10,000
Philadelphia and Reading Rail Road Coin
lanv slock, 3590sharos, 179,500
est Feliciana Rail Road Company stock,
100 shares, 10,000
$249,500
Of course, the Committee cannot say, that the Ex
change Committee did or did not authorise or sanc
tion this settlement The iiaper which constitutes |
the only evidence of it, an?i which the Committee
have seen exhibits no sign of such authority ol appro
batiiin, other than the initials of Mr. Andrews him
sel f.
Of the residue of the,large debt of Mr. Andrews of j
163,104 dollars 88 cents, which includes hi* one-third
itrnportion of the foregoing suin of '269,500 dollars, all
except 31,311 dollars 55 cents was settled by the
transfer of Stocks and Loans.
An Account of the Settlement with Messrs. Jau
don, Coiiperthwaite, and Andrews, accompanies art1
jsirt maile by the Exchange Committee to the Board
on the 21st of Auyust, 1810 That Committee re
mark in their Report, "Your Committee are unable to
say, if any authority was given by the Board under
the Charter from Congress, but are very certain that
the Board*, under the present Charter, have never j
sanctioned such loans or settlements, ami they cannot
too strongly condemn such act*. The |*>wer of mak
ing loans and settlements must lie reserved to the
Board, while the Officers must Ik* content with Ix-ing
the executive ofit* decisions.
The accounts of thi'sc officers are herewith submit
ted, together with some ot'iers | Appendix G |
In order to inform the Stockholders, not only of the
character of the Asset*, Itut oflhe mode by which they
came into the |*>sse*sion of the Bank, there is attached
to this ItrjNirt a statement showing the particulars of]
the Slocks on hand at the Bank, the amount taken in
settlement of debt, pmchased ni subscril ed, and a list |
of the stocks in. |sissession April I, 1839. (Apis-ndix
II. I ) Of the whole amount of Stock* and Loans,
which the Bank hss received since its recharter, in
Wf
thln^ L since disposed of, it appear., that more
?han thirty-one million* of dollar* have been taken m
settlement of debts and advances
,h?" cour*t of ,he investigation the attention of
SLT*?" h?,, '**" certain accounu
d,J n ,?"**1.?" the "Advance, on Merchan'
Tobacco ?nV<\Were' fact- I*y""'nU {t" Cotton,
\*~ ?*J}? produce, purchased by the direc
?hiw^l to p'n P"""ivn'' Mr Nicholas Biddle, and
KKSoSTC 0nr:co?n' ?t hk-Klfand other*.
Eichni^e I).?. Cre kT b/, * clerk in lhe Foreign
the char,.,. "Foment, this Department being under
22 1837 w|.?, "Wl^'thwaite, until September
Th 'n , wa? elected Cashier and of Mr
Srtfar""
>?. th.
transactions?"" ?,!,"rt'la"on l" <h?
as wa* supposed bv ? K M*n ""taincd,
nannra ir0"?" fy the (.artles intereated, as private
pa|>er?. A succinct view ?f the whole ?\.ii J2r
dent to convev to ?h.. H. iV ? ? no,e '""Iter, suffi
iu?h?^Sr2L??vneral,idea of
mi I tec of the Boanl o? b r'Z- ?'" C?m
21st or July IKll) tor fh U"*' appointed on the
T.i?* ol ism, i, sK^Stra sa
of December, IH10, which reoort will, .1?
MU TI, shipment* wa* 2,182,998 dollara 88
Bank, tlanS'
the name* of the |iartieH interested.
In the autumn of 1837, when the second of these
Mr"sa no"! r"!nier^V " Wi" ^ ruco"t'cted, that
the Bank I JaUlun h"d ^'n ?PI??nted the Agent of
the Bank to reside in London. A bout the same time
a co partnership was formed between Mr. May Hum
phreys, then a Director of the Bank, and a son of Mr
i?a#'ri i'un'iw,hefinn ?f Bidd,t'& Hu,?
phreys. I |1IB house was established at Liverpool
and thenceforward acted as agents for the sale oFthe
produce shipped to that place, which comprised a large
proportion of the whole amount. *
an,?? 1P,?i?Sti0iT ?f lheHe Procec,1'nK?. the Committee
,P;'n lhe'r Kejairt a copy of a letter dated Philadel
i I>eccmher 2H, 1840, to the President and Direc
tors of the Bank, from Mr. Joseph Cabot, one of the
rret'or aful'el ?"U'nr'h7,y'' and Wh? bec"ne n lli"
rector at the election in January, IS38. This letter
was read to the Board December &), 18-10, but was not
inserted on the minutes. (Appendix K )
I his arraricemcnt continued during the years IH37,
t^M-Virwl i ii Aran,,aCtion" "r which amounted
I n l dollars 95 cents. The shipments were
made principally to Bidille & Humphrey., were paid
van - 11,".t ?'{. L'Va" & ^Umphwy??the funds ad
ancedby the Bank, and the proceed* remitted to Mr
Samuel Jaudon, Agent ofthe Bank in London.
It appears that there was paid to Messrs. Bevan &
Humphreys by the Bank in Philadelphia during the
lion hs ot March, April, and May, ls?9, the sum of
i l?n yntlred thousand dollars, and the account was
thus balanced. 1 he committee have reason to believe,
that this sum constituted a part or perhaps the whole
ot the profits derived from the second series of ship
ments llow and among whom it was distributed,
they have not been informed, but from the terms of the
bnal settlement to be adverted to presently, cach one
will be at liberty to make his own inferences.
ii '-ird nnd Account, amounting to 3,241 012
dollars 83 cents, appears on the books, as " Bills' on
London .advances S. V. S. W." These letters stand
?>r the name of S. V. S. Wilder of New York ?
Messrs. Humphreys & Biddle, to whom these con
signments were made, continued their accounts in
the name of Bevan 4 Humphreys, but without the
knowledge of that firm, an appears by Mr. Cabot'* let
ter of December 28, 1840. The result of these last
shipments, was a loss of 902,521 dollars 13 cents
Uf this amount the sum of 553,908 dollars 57 cents
was for excess of payments by Messrs. Humphrey* &
Biddle to the London Agency.beyond the proceed*
of sale, with interest thereon. The parties interested,
r'v? J"? wer? ?llow?l a deduction for loss on
000 dollars of Southern Funds, used in the pur
0'cotton, when at a discount, th e sum of 310
Vi 1 dollars .10 cenU, and also this sum, Iwing Bankcre'
Commission to Messrs. Humphreys <V Biddle on ad
vances to Samuel Jaudon, Agent, 2I.0GI dollars 8ti
cents, making 331,133 dollars 10 cents, and leaving
to be settled by the parties the sura of 031,390 dollars
/ cents
Before proceeding to slate the particulars of this
settlement it will be proper to precede it by the re
maiks of the Committee ofthe Directors, by whom it
was effected. I hey say : " A long and difficult ne
Viliation has resulted in the settlement of three-fourths
ot the Balance, and an agreement for tile settlement
or the remaining fourth. The payment of half the
amount, and the agreement for one-fourth, are neither
ot them such as the committee labored to obtain ; vet
the terms are better than at one [>eri<>d of the negotia
tion they could reasonably have expected, and although
unsatisfactory in themselves, are acceptable under the
peculiar circumstances ofthe < a*e."
The settlement reported to the Board on the 21st of
December, 1810, was as follow*
With Mr. Nicholas Biddle for one-half
amounting with interest to $321 220 13
!? or which there was received from him
in payment, three Bonds of the Re
public of lexas, for five thousand
dollars each, and an order on Gen.
James Hamilton, then in London, to
deliver to the Cashier, or hi* order, a
Bond ofthe Repiiblicol Feias, payable
in London, for i.10,120 13s. id., and
also ninety Bond* ofthe same, for two
hundred and filly |iound* each ; these
with interest due and Exchange, ac
cording to a calculation made by Mr.
Samuel Jaudon, amount to 201,042 20 I
Leaving a balance of $119 577 93
For this balance Mr. Biddle agreed to deliver to the
bank within one month, Texas Bonds, and on the de
livery of the last mentioned bonds, the Bank agreiil to
give him a full discharge from its claim U(M)n him for
his share ol the loss on these operations. This con
tract has been performed. The Committee of the
Board say, in reference to this settlement" Aware
that the I'cxian secuiities weie much below par in
the market, the Committee reluctantly agreed to the
settlement, under the belief that a better arrangement
lor the Bank could not lie (at least amicably) effected,
and in the Iio|h> founded on general information, that
tho Bonds might at a distant day, In- disused of with
out serious loss.
The Committee also settled with Mr. Jo
seph Cowperthwaite, for one-fourth of
the loss, $157,817 74
I* or which was received in payment, Mr.
Cowperthwaite's share in certain Dau
phin County Coal Land, which cost
$120,000, less a mortgage thereon of
$10,000 $110,000 INI
l.and in Cataraugus Co., New York,
which cost, 5 INK) 00
Land in Lycoming County, Wisconsin
an.l Michigan, 20,(NNI <K)
Boston and Illinois Land Co. Stock, se
venteen shares par, 17CNH) 00
Commercial and Rail Road Bank of '
Vicksburg, 350 shares par,
Planters' Bank of Mississippi, 59 share*
?I'ar' , . 5,900 00]
VVest Feliciana Bank, 100 share* par, 10,(NN) 00 1
German town and Norristown Rail Road
Co. 500 eharcK.par, 25 (NN) (N)
Camden and Woodbury Rail Road Co.,
100 shares par, 5 <hn> 00
Loan of Camden and Woodbury Rail
Road Company, 12,0(K) 00
. . , $247,900 00
r u r 1 payment, (he Committee nay
of "about' 10,000 00
35,INN) 00
Making altogether $203,900 (N)
The Committee slate, in reference to their settle
ment with Mr. Cowiierthwaile, that it was made on
the ground, that" with the exception of a few thousand
dollars retained to pay other debts, the agreement com
prised all his remaining property."
I'ho Committee also settled with Mr. S.
V. S. Wilder, the remaining one
fourth, amounting with interest to $101,'793 .13
For the purpose of enabling Mr. Wilder
i to settlethis amount in cash, the Bank of
the United States in New York, loaned
to hi<n the sum of $112,tt0fl^on the se
curity of
I. Realestate at Gieen I fill, Phil
ade I phia county, - - ?JO,DOO
3. Five thousand tiv? hundred
acres of " Iron land " ami two
furnactw in Columbia County,
Pennsylvania, in operation ami
producing a rent equal to C per
cent, on i?l0,000 - 79,000
3. On hi* claim upon William U.
Robertson of Mobile, - 7,500
1. On his claim on Mr. Bigelow
of New York, - - * 5,500 112,000 oo
?The balance wu settled bv receiving the
whole amount from Mr. Wilder in caab, 49,793 3.1
$101,793 33
Mr. 1 human Dunlap of Philadelphia guarantee*
under date of UtoiiUi 31, 1841, ihe faithful and
punctual payment of ihe Inana to Mr. Wilder The
oiuimtu* of the Board add " Under thi. arrange
ment we apprehend no loan to the Hank."
Under the preaenlalionof the Report o? the Com
m tUH-on advance., to the Board on the Slit of l)e
m I f'' !t ' * ,no('0" w&" '"ade, to recommit the
same lor the pur^e of having inserted therein, ihe
, , 1'T, t ,M,r!y n'Ally 'he one fourth,
lor which the settlement waa made with Mr. S V S.
Wilder. 1 lua motion did nol prevail, but the Kei^rl
I ^cc,,l,t,'d and the committee diachaiged.
After the WeiH.rt had tieen read, the following pre
amble and Resolution* were submitted by Mr. Jaiucs
Martin, and unanimously adopted by the Directors
present, who were Messrs. John R. Neff, Joseph Ca
bot Lewi* Wain, John Connell, Manuel Ky re, Rich
ard Price. Lawrence Lewis, James Martin, George
Handy and Robert Taylor; Mr. Neff acting by depu
tation ua President pro tem. in the absence of Mr.
Dunlap.
Aa it apjieara by the Re|>ort of the Committee on
i tanres that large transactions have been going on
,.?r.rVual 'I*'" w''l'oul the sanction or knowledge
iln/ii "* '^'ruc,or*i "id a* it further appears,
, " ' '?????>,on. were mostly if not wholly for
SLSS- a;'i tu ?'?? uml Loss of the eiecu
his H w hk i" "k 81 ihm'~ il ,H du" "om
1 ,,M . ,i lh, ,rJu?l condemnation ofauch things
fore expressed, and recorded : it is there
exclusively and of right belongs totlw IW?d of Di
rectors, and that all loons or discounts made by a
Committee of the Board, in concurrence with the offi
' the*B l'*' ^'duly reported to a regular meeting of
Huvlved, Phut the loaning or discounting on the
deposit* of collateral security or promissory notes of
the officer* ol rhe Bank is unauthoized, and contrary
to the proper administration of the u airs of the
Bank.
Wdo/twi, That the laige advances made by tho
Otticera ofthe Bank, in Ihe periods of 1837-8, and
id" Iteing totally unauthorized, and unknown to
the Board of Directors, merits and receives our juat
centure and condemnation."
By the Thirteenth Standing Rule ofthe Bank, it is
provided that tho Committee on the state ofthe Bank,
composed of five members, and elected by Ballot every
three months, should "at least once during their time of
fry ice, examine and count the discounted notes, and
compare the amount thereof with the balance of the
amount of Bills Discounted in the General Ledger:
they hhall also count the cash, and the printed and un
printed paper in Ihe |>o*ac*.ion of the Cashier?exam
ine the evidences of the public debt and property of the
corporation, make an inventory ofthe same, to be com
pared with the books, in order to ascertain tbvir agree
ment and ie|>ort to the Board." The custom appears
to have been for this committee to confine their exam
ination exeluaively to the caah, Bills discounted on
(lersonal and other security, the Issues, and the Printed
and Unprinled Bank pa|*ir on hand. The account,
however, of the general state of the Bank, submitted
to the Directors at every stated meeting, contained the
Items of" Bills Receivable on Bank stock and other
security," which includes as well as ihe bilb receivable
for sale of branches as the loans made in the manner
heretofore adverted to, and "Foreign bills of Ex
change, " under which head was contained the ad
vances on shipments of merchandise. Thus, on the
28th of June 1838, on which day an examination was
| retried by the Committee on the state ofthe Bank,
there stood to the debit of" Bills Receivable," the
sum ot # I J, KM!,074,55 eta., and of" Foreign Bills of
Exchange, "the sum of#7,216,109,34 eta ThcCom
mittce annsx to this .Report u List of the Directors
and the several Standing Committees of the Board
since the re-charter. (Appendix L.)
Not only in regard to loans and settlements, but in
relation to the purchase and sale of stocks, the esta
blishment of agencies, and other important measures
?f general policy, the Board of Directors were not're
gularly consulted. Of this, the committee must lie
permitted to present some instances as illustrative. In
September, 1836, the Bank purchased the "Merchants'
Bank of New Orleans," of the capital of one million
of dollars, for an advance of 7(5,250 dollars, and esta
blished it as the agent of this Bank at that place. On
the 8th day of November, I83C, in like manner a pur
chase wna made for 384,CNM) dollars of "the IiiRurance
Bank of Columbua, Georgia." In August, l?39, ftr
ruii^cuirulM vrrrn mailt* fui itn? tiliichaiw ol* the cli?irt?*r
of "the Hamilton Bank." of Baltimore, and the pur
chase effected, but us the Bank never went into opera
lion the advance was but small. There was taken
from Mr. Cow|ierthwaite, on the 1st of March, 1838,
eighty-nine shares of Bunk United States Slock at
I20 dollar?, the Bank selling the someday at 118 dol
lars, leas brokerage j and on the Hth dav of January,
1840, there was received from him as cuah one hun
dred and thirty shares, at 100 dollar*, the market price
of that day being H5 dollars 75 cents. On the 4th of
March, 1H3U, Messrs. Joseph Cowperthwaite, Thomas
Dunlnp, and Joseph Cabot, agreed to purchase ofthe
Bank two thousand shares of Philadelphia and Read
ing Railroad Company's Stock, at forty-five dollars tier
share, on a credit of two years, and on the application
of these parties on the 13th of February, 18-10, the
said contract was annulb-d. It is stated in a Report
ofthe Exchange Committee of Auguat 28, IH40, and
entered on the minutea of the Board, thai the Phila
delphia ami Reading Railroad Co. have made u con
tract with Mr. Joseph Cow|*>rthwuitc for n loan of
500,000 dollars in his individual capacity, (although
supposed by the company to have been on account of
the Bank,) to lie converted into sterling bonds at 4
dollars HO cents |>er |K)und slerling. At the period of
that rejiort the sum of 326,000 dollars of this loan had
been taken up, of which the Bank was then the hold
era of272,000 dollars, and on that day, (with the as
sent ofthe Board,) assumed the balance unpnid of the
contract. Upon the 18th day of Auguat, 1H38, the
Bank guarantied a contract made by Mr. Nieholaa
Biddle in liia individual capacity, for the purchase of
two thousand five hundred bonds of the State of
Misaiasippi, of two thousand dollars each, amounting
in the whole to five millions of dollar*.
The signature of Mr. Thomas Dunlap, then second
assistant Cashier, was affixed to the guarantee, on be
half of the Bank, upon the verbal authority ofthe
President. U|*?n the 29th of January, 1839 the
Bank guaranteed to the State of Michigan, the punc
tual fulfilment ofthe obligations of the Morris Canal
and Banking Company, for the purchase of bonds of
thai State, to the extent of 3,14a,687 dollars 50 els ,
for 2,700.000 taken at par, and including interest on
'he instalment* payable every three momlia up to Jan.,
1843. On the 29th ol April, IH.'<9, the Bank guaran
teed a contract entered into by Mr Thomas Dunlap
in hi* individual capacity for the purchase of one mil
lion of dollars of the Illinois and Michigan Canal
Slock." In regard to these transactions, the Commit
tee can find no authority on the minutes ofthe Board,
and have been referred to none, by the President, up
on whom they called for information.
The Committee submit herewith (Appendix M.)a
statement of the Profit and I Amu Account of the Con
tingent Fund, and an abstract of the losses chargeable
thereto. In this last account there is a charge under
dateofjune 30, 1840, of 400,000 dollars to "Parent
Bank notes account," which has not !>een explained
lo the satisfaction of the Committee. It must lie also
mentioned, that among the expenditures of Ihe Bank,
there is entered, at various dates, commencing May 5,
1836, sums amounting in all to 618,040 dollars. 15
centa, as paid on the ' Receipt* of Mr. N. Biddle," of
"Mr. N. Biddle and J. Cowperthwaite,"and "Cashier's
Vouchers." A a the I 'ominitlce were unable lo olitain
satisfactory information u|a>n the subject of these ex
|<ennes from the Itookaor officer* of the Bank, applies
lion was made by letter lo Mr. N. Biddle and Mr. J.
CoW|>erlhwaitc, from whom no reply ha* l?een receiv
ed.
The Committee have now performed the ta*k as
signed them by the stockholders TIml hare endea
vored lo ? lect from the mass of materials submitted
to their examination, only *uch a* seemed sufficient
to illustrate Ihegenersl course of the administration
ofthe Bank. To have gone more into detail, would
have required more lime than wa? allotted'lo ihe
Committee, and lo have accompanied each (Articular
with full explanations, would have extended their rc
l*>rt Iteyond all reasonable limits. They have given
ihe simple fact* without comment; but enough lias
been presented, it Ms believed, lo enable each slock
bolder lo form a judgment of ihe manner in which
ihe interest* committed by him lo hi* trustees and
agent*, the director* and officers, have I teen managed.
To satisfy mere idle curiosity, the Committee ha<f no
inclination, and would have gladly omitted many of
Ihe facls and ei|4anations, ihey have given, could such