Newspaper Page Text
= ——' ~ ' - ' - ------ --’-t-i-'a 4§ IIIIJ I
GeorffiaffiStatesmass.
" /
TERMS,—S3 PER ANNUM, IN ADVANCE,]
By BURRITT & MEACHAM,
GEORGIA STATESMAN.
IS PUBLISHED EVERT TUESDAY IN
MILLEDGEVILLE, GJI.
On TVayne-Strcet, opposite the Eagle Hotel.
ICP Terms... . Three Dollars in advance,
or Four Dollars if not paid in six months.—
No subscription received for less than one
year, unless the money is paid in advance,
snd no paper discontinued till all arrearages
.m subscription and advertisements are paid.
N. u.—Notice of the sales of land and ne
groes, by Administrators, Executors, or Guar
dians’ must be published sixty days previous
to the day of sale.
The sale of*personal property in like man
ner must lie published forty days previous to
the day of sale. .
Notice that application will be made to the
Court of Ordinary for leave to sell land, must
be published nine months.
Notice that application has been made for
Letters of Administration, must also be pub
lished forty days.
*** All letters directed to the Editors on
business relating to the Office, must be post
paid
MR. POWELL'S EXPOSITION.
[Concluded from our last.]
Mr. BURTONS’ Examination.
Mr. Burton states, l)r. West in
formed him yesterday, between 12
and one o’clock, that the first para
graph of Mr Kimberly’s private let
ter was published to counteract the
second paragraph of Messrs Spalding
and Troup’s litter.
JUDGE CLAYTON’S Testimony.
On the morning that the commit
tee on Banks made, I believe, a par
tial report and requested to have
certain documents printed, standing
near the fire, Mr. I’owcll requested
me to ask Doct Daniel if he wished
Mr. Spalding’s letter published, 1
did su, and received for answer, that
as it was officially addressed to the
Governor, it ought to be published—
I informed Mr. Powell of this reply,
and he said he would publish Ihe let
ter or letters from the President of
of the Bank also; without seeming
or knowing what any of the letters
contained, l turned off and there the
matter ended.—This was early in
the morning, ait r the business of
the Senate commenced, and just
after the report above alluded to
was made.
The committee furnished to day,
the following as additional to the
former testimony :
Mr. Holt being called again, states
that when Mr Scarlett gave Mr
Powell the document, Mr. Powell
took it and appeared to trace with
his eyes the page containing a por
tion of the Private letter from Mr.
Kimberly, and then turned over Ihe
leaf and appeared to finish reading
the letter—Mr. Holt cannot say
positively that Mr. Powell did read
the letter, because he did not hear
him read any thing, but thought Mr.
Powell read it.
Monday, 11th Dec. 1826.
On motion of Mr. Powell, of M’-
Intosh.
Resolved, That the official letter
of Ansou Kimberly, the President of
the Darien Bank, as communicated
to the Senate on Thursday last, be
placed on the Journal of the Senate.
And be it further Resolved, That
the printed documents alluded to by
Win. C. Daniel, when he moved for
the appointment of a committee to
enquire into the cause of their print
ing, with power to send for persons
and papers, be also placed on the
journal of Senate.
The official letter of A. Kimberly.
Darien, 23th Nov. 1826
Ai.len B. Powell, Esq.
'Sir—By a resolution of Directors
of the Darien Bank, I am directed to
forward to the Delegation from this
county, a detailed statement made
by a committee of the Bank ofits pre
sent situation, to be made use of as
the delegation may think most pro
per in aid of the interests of the In
stitution, and I now inclose said
statement with the resolution ap
pointing said committee, and the
proceedings on accepting their re
report—Dr. Troup one of the com
mittee having differed with the
majority in the amount of loss, has
°ot signed the report.
Your obt. servt.
(Signed) ANSON KIMBERLY.
Prcst.
' The letter of Mr. Harmon upon
ine request ol Mr. Powell, was also
journalized as follows :
MiLLEnGEViLLE.Dec.iI, 1826
Allen B. Powell, Esq.
Dear Sir— At your instance,
■md particular request this morning,
1 feel it my duty to state, that in all
the interviews which took place be
tween Dr. West and myself, two of
the sub-committee, on the Darien
Bank, you invariably abstained from
mterferring in our discussions ; and
" " en lno|, o than once asked by ine
to give some information on the sub
jeet. you declined doing so and* re
tired from the room. *
Yours truly,
- Wm. N HARMAN
Printed Additional Reports.
[A]
Documents relating to the Darien Dank.
Darien, November 13th, 1826.
ARen B. Powell, Esq.
Sir —Since writing you by the last
mail, nothing special has occurred.—
Accompanying this, you will have
the Report of the Committee ap
pointed to give a detailed state
ment of the situation of the Darien
Bauk; this varies some from my
statement, but not materially. The
Committee make the losses some
thing larger than 1 did, and as this
did not accord with the views and
feelings of Mr. Spalding, who I sup
pose, had calculated on their aid in
keeping the public in the dark, he
and Dr. Troup withdrew from the
Board, and although the Doctor a
greed pretty much with the balance
of the Committee in the detailed
statement made out of bad debts,
still when the result appeared so dif
ferent from his calculation, he thot’
proper to dissent and has not signed
the Report—A copy of the resolu
tion appointing the Committee, and
of the proceedings on Thursday ac
company the Report—On that day
much warmth and irritation was ex
hibited, and although the majority
was a large one, still as Mr. Spald
ing could not drive them into a
course of deception, he became
much irritated anil finally left us in
a rage—l'heir leaving the Board,
you will find mentioned on the Min
utes, hut in as modest a way as pos
sible, it not being our wish to make
the breach wider than it now is, not
withstanding their conduct is such
that they ought not to receive any
indulgence. The Report with all
the proceedings, will be spread up
on the Minutes, to enable our suc
cessors to decide, whether we have
acted in this business with&fairnes.-
lowurd the Institution and public, or
not
Tn addition to the other papers,
vou will find the Report offered by
i)r. i roup which was rejected, to
put you hi possession of the views
ol all the Board. Since the Report
wa« made out returns have been ob
tained from the Branches, which
show a farther reduction in the
amount afloat, ol more than ten thou
sand dollars.
I c rtainly regret the change in
our Legislature, more practicularly
as it will put at hazard the now fair
prospects of the Bank of Darien—l
cannot however think, that the ma
jority, merely for party pin poses,
can put at hazard the interests of
the Stale in his Institution, which
they certainly will do if they now
meddle with it.
Your obedient servant,
ANSON KIMBERLY.
BANK OF DARIEN, )
October 31st 1826. \
1 he following Resolution offered
by Major Wood, was read and agreed
to.
“Resolved, That a Committee be
appointed to make a Special Report,
shewing in detail, the situation of the
Bank in relation to its issues, debts,
and other matters connected with
its concerns, with a view to present
to the Legislature, the means and
resources ot this Institution to pay
its debts, and in time, to go into ac
tive and efficient operation.”
Messrs. Atkinson, Wood, and
Troup were appointed the Commit
tee.
Extract from the . Minutes,
J. G. BELL, Teller.
'P.tesday .Morning,
Nov. 7th, 1826.
“Reports from Dr. Troup and
Maj. Wood, two of the Committee
appointed to make a Special Report,
were submitted to the Board, and
a motion wrs made and seconded,
that Dr. Troup’s Report be adopt
ed.
The ayes and nays were taken,
and the result was as follows:
Ayes—Messrs. Spalding, Kell and
Trcup.
Nays—Ylessrs Dunham. Wood,
King, Atkinson, and Smith.
Dr. Troup then offered tho fol
lowing Resolution, which was a
greed to:
“Rtsolved, That tho consolidated
account with the detailed Report,
accompanied by explanatory re
marks, be recommitted to the same
Committee for revisal and consoli
dation, and that they report at an
extra meeting of the Board, to be
held on Thursday next at 12 o’-
clock.”
Extract from the Minutes.
I J. G. BELL, Teller.
Hae tibierunt artes, pacisquc imponcre morem, parcerc subjects et dcbcilare superb os.—Virgil.
Milledgeville, Tuesday, January 16, 1527.
Ihnrsday Morning,
Nov. 9th, 1826.
The Directors met.
Present—
Mr. KIMBERLY, President.
WOOD,
SMITH,
SPALDING,
ATKINSON,
TROUP,
DUNHAM.
Absent—
Mr. POWELL,
KING,
KELL,
Agreeable to Resolution of the
last meeting of the Board, the Di
rectors met this day for the purpose
of adopting a Report, to be submit
ted to the Legislature, shewing the
present state of the Bank of Dari,
en—When Major Wood offered the
following resolution, which was a
greed to by a majority of the mem
bers present:—
'"Resolved, That in the investiga
tion now before the Board it is con
sidered that the Bank in its calcula
tion, state the Stock at torty-tive
dollars the share, it having been ta
ken from persons in payment of their
claims, who were considered as un
able to pay the same, except by ta
king their Stock at sixty five dol
lars per share.”
When Maj. Wood offered the res
olution to take up the Report of the
Committee, which -was agreed to;
aud after considerable debate,
Messrs Spalding and Troup retired;
when the question was taken on ac
cepting the Report of the Commit
tee, and unanimously agreed to.
Maj. Wood then offered the fol
lowing resolution, which was like
wise agreed to:—
“Resolved, That the Report of the
Committee detailing the affairs of
the Bunk, be transmitted to our Sen
ators and Representatives, to either
lay before the present Legislature,
or otherwise, as they in their judg
ment may deem meet.
Extract from the Minutes.
J. G. BELL, Teller.
—.c^o—
BAJVA REPORT.
The Committee to whom was re
terred the Resolution of the Direct
ors oi the Bank ot Darien to Report
on the state of the Bank, do RE
PORT:
That they have given the sub
ject as full an investigation as the
time would admit; and for the more
perfect understanding of the affairs
of the Bank in detail they have con
sidered them under the following
heads:—lst. Issues —2d. Its Funds
i —3d. Its economy —4th. Its meas
ures—and sth. Its stock.
Ist. As to its Issues. It appears
that the Bank and its Branches have
put notes into circulation previous
to the year 1826, as follows—
Mother Bank, $1,020,363
Milledgeville Br. 732,000
Marion B. now Macon 95,000
Making a total of 1,856,363
Os the above amount
there had been re
deemed previous to
Ist Jan. 1826, $723,390
During lust 10 m’ths 350,973
Leaving this sum yet
in circulation, ,$782,000
To reduce and pay this, we proceed next
to shew the resources of the Bank, as follows ;
Ist. Its Funds. Which we shall class un
der three heads, good, doubtful, and bad, con
tracted as follows—
At the Mother Bank debts due,
good, $438,679
To which may be added, back
interest due not yet paid 30,000
Cash on hand, and bills of Ex. 28,672
At the Branch at M illetlgcville, 480,000
do do Marion, now
Macon 95,000
Amount and value of real estate 89,000
$1,161,351
2d. Doubtful. From which a part, if not
the whole may be recovered.
At the Mother Bank, $80,710
do. Branch in Milledgeville, 10,000
do. do. in Macon, 5,000
$95,710
3d. Bad. Even for some of these a small
per centage may yet be obtained.
At the Mother Bank, $255,730
do. Branch in Milledgeville, 10,000
do. do. Marion, now
Macon, 35,000
$300,730
The real estate given as security alone, and
in other instances, as additional, is—
At the Mother Bank, $189,385
do. Branch in Milledgeville, not known,
do. do. Macon, do.
Town and City property, either owned or
under mortgage to the Bank, situate as
follows:
In the City of Savannah, $35,000
Do. of Darien, 131,000
Elsewhere, 23,385
$189,385
3d. Economy. The expenses of the Bank
ami ils Branches formerly, were for salaries
as follows :
At the Mother Bank, * $7,100
do. Br. in Milledgeville, 4,000
do. Marion, now Macon. 2,000
’
These have been reduced as follows :
At the Mother Bank, $ 4,200
do. Br. Milledgeville, 2,500
do. Macon, 1,600
Difference, $4,500
4th. Measures. A call was made payable
in the winter of 1825-6, of 30per cent, at the
Mother Bank, on which there was paid at
the rate of 20 per cent, on the
whole debt, or $213,000
At the Milledgeville Branch the
call amounted ta 36 per cent
on their amount, or the sum of 239,000
At the Macon Branch, to about
20 per cent, or 39,000
Debts not running or continued,
to be discounted agreeable to
the rules of the Bank, were
ordered to be sued ; of this
amount, there is in suit and in
judgement, at the Mother
Bank, $450,000
At the Milledgeville Branch at this time not
known. The same remark applies to the
branch at Macon.
Ano the - call has been made of 30 per cent,
by the Afctlicr Bank, payable at three periods
of 60 tkys each, commencing the first of
January aext.
sth. Slick. Tbe amount paid
in ly the State, sixty-five
per -cnt. or $325,000
Amountpaidinby Stockholders, 326,175
$651,175
The Bank has made, 12 divi
dend!, or per eent. amount
ing to 297,861
The Bsnk has been obliged to
take of its Stock in payment
of bad and doubtful debts, to
the amount of 85,279
There is hypothecated stock
which it is believed will fall
into the hands of tbe Bank,
and unredeemed, of about 60.000
$145,279
Stockholders amount paid in, 326,175
This will be the amount due the
Stockholders, 180,896
And reduces the amount stock
debts to 565,996
All of which are respectfully submitted, by
JACOB WOOD, ) „
GEO. ATKINSON, \ Comm ’
Bank of Darien, Nov. 9, 1826.
REPORT
Offered by Dr.. Troup, and rejected.
The Committee appointed to ex
amin into, and make a Report of
the actual state of the Bank, for the
purpose of being laid before the Le
gislature, bog leave to submit the
lohowingas the result of their inves
tigation:—
In the statement submitted by
your Committee, it will be seen, that
the condition of the Bank varies
materially from the statement for
warded by the President to the Go
vernor. This difference is chiefly
owing to the omission, on the part
of the President, to credit the Bank
wall the Stock it has received in
payment of debts, in net including
the back interest due on good notes,
and considering as bad, what your
Committee believe to be ultimate
ly good, the Louisiana Claim.—
These several items make an ag
gregate amount of dollars,
which placed to the credit side of
the Bank, will leave a deficit of
dollars. Ii estimating the loss the
Bank will sustain from bad debts, it
will be perceived, that the Commit
tee enumerate many as such, from
which something will bo realized
eventually. So in relation to the
property owned by the Bank. In
estimating this item, your Commit
tee have allowed upwards of 50 per
cent, for the depreciation of proper
ty of every description which under
the present depression, is deemed
liberal, and which, under a more
fortunate state of things, such as a
revival of trade in Darien, would be
considered not only ample to secure
the Bank from loss, but to leave it
a considerable profit.
Darien, Nov. 9th, 1826.
Side of the Eank ts Darien, on Thursday the
9th November, 1526.
nno.u
Dr.
To Bank notes issued, 784,736
“ Am’t on hand in
Darien, 2,753
“ Am’t at Offices,
“ «10. in circulation, 781,983
“ Profit & Loss, 218,015 56
“ Cap. Stock (p’d in) 651,175
“ Diviu’ns No 1 a 12 2,502 55
“ Discount Account, 22,242 82
“ Monies on deposite 6,000
“ do. do. on ac’t
bills & notes dis
counted, 48,353 69
$1,733,02562
CV.
By Cash Ballancc, 15,737 69
“ composed of specie 12,984 69
“ “ Darien Bills 2,753 00 15,737 C 9
“ Office D. & D. U.
States, N. York, 200 50
“ office D.&.1). Macon 134,799 83
“ “ “ “ Mil-
Icdgctillc, 511,02617 645,826 02
“ St. Bank Savannah 2,861 94
“ Bills of Ex. do. 10,954 00
“ “ “ Augusta 27122
* “ “ Marion 1,30000
“ •• “ Milledgv’l 1,140 98
Vol. 11. No. 2. —Whole No. LIV.
“ Bills & Notes disc. 850,61148
“ Tb’s. Wilson & Cos.
(London,) 63 77
“ Bank Mouse & Lot, 10,00000
“ Darien E.S.S. Mill 8,635 60
“ Bond & Mortgages, 62,905 33
“ Stock Account 83,95917
“ Deduct Dividends, 6,842 75 77,116 42
“ Expenses&salaries 3,71217
“ Protest account, 700 00
$1,733,025 62
E. 9. BEES, Cashier.
Per J. G. BELL, TeUer.
Bank of Darien, Nov. 9, 1826.
' DARIEN, Nov, 9th, 1826.
To llis Excellency G. M. Troup:
The Report forwarded on to
you by Mr. Kimberly, tbe President
of the Bank, was sent on without be
ing submitted to the Board of Di
rection—lt is to be received, there
fore, simply on the responsibility of
Mr. Kimberly. When this was
made known, a Committee was ap
pointed to examine into the state of
the Institution, for the purposo of as
certaining its real condition.
I he Committee charged with this
duty, could not agree in their Re
port—Subsequently, a bare majority
of the Board have made up n Report
to be transmitted to the Representa
tives of this county, to be iued by
them as they may think meet. Be
lieving both these Reports calcula
ted to injure the reputation of the
Bank, and believing as we do, that
the assets of the- Bank, if prudently
collected, will refund every dollar of
the capital originally invested, we
transmit to your Excellency a re
newed statement of the Bank and
its condition, prepared by us with
great care, and with the aid of the
only Officer that has been left us in
the Institution.
Thejirincipal cause, of difference,
are in three items:—
first—The Bank owns a large
portion of its own stock, which was
taken for debts that were otherwise
doubtful. As the slock at par is a
debt against the Bank at £65 per
share, we claim the stock held by
the Bank, to be a credit at £65 per
share. This item will make a dif
ference of about thirty thousand dol
lars.
Second—There is a debt due the
Bank on judgment, against Messrs.
J. &. C. Bolton of New York, for
seventy-five thousand dollars, Time
was given to the Messrs. Bolton’s
by this Institution, in common with
all the other Institutions of the
State, for debts of the same charac
ter. In addition to this judgment,
we hold as collateral security for its
payment, bonds and mortgages upon
real and personal estate of Col.
Stephen Proctor of Louisiana, to the
full amount. Yfc conscientiously
believe, that between our collateral
securities and our judgements n
gainst Messrs. Bolton’s, the Bank
will not lose one dollar cf this
debt.
Thirdly—Upon the great mass of
debt now in judgment, we put down
$50,000 for interest due. These
three items, alone, not one of which
were admitted by Mr. Kimberly,
more than balance the estimated loss
made by him, in his statement
Submitting this letter and its con
tents, to be used by your Excellency
in any manner you may think best
for the public good.
We remain respectfully, your very
obedient servants.
T. SPALDING,’
JAMES TROUP.
I am perfectly satisfied with the
contents of the above letter.
(Signed) ANSON KIMBERLY.
Statement of Debts due by the Bank of Darien,
November 9, 1826.
Due for n’ts in circulat 781,99.™ 00
“ “ Cap. Stock p’d. 651,1 To 00
Deduct am't p’d off, 93,642 00
“ Monies on deposite 6,00000
“ “ •' on ac’t
bills and notes, 43,333 CO
“ Dividends unpaid, 2,50200
“ Salaries Stcxpc.nces 3,71217
$ 1,395,083 36
To ballance in favor of
hank, 6,22060
$1,101,304 46
Statement of Debts due to the Bank of Darien
November 9,1826.
By Specie in Vault, 12,934 69
Bank U. S. N. York, 200 50
Offices Bank, Darien 6)5,826 02
Deduct losses at do. 70,000 00
State Bank, Savannah, 2,861 9-1
Bills F.xch. do. 10,954 00
“ “ Augusta, 97122
“ “ Marion, 1,30000
“ , “ Millcdgus'l 1,140 38
13,66620
Deduet loesses on do. n,0it920
[Oli $4 iF NOT P.AID IN SIX MONTHS.
Bills Exch. N. lark, *40,98850
Bills anil Notes disc. 850,6X1 48
Deduct this am’t to be
charged to bonds and
mortgages, 116,48000
734,131 48
Deduct loss on this am’t 150,738 00
Bonds and Mortgages 62,905 33
Add ain’t from bills &
notes, 116,48000
do. for Bank House 10,000 00
189,385 33
Deduct depreciation on
this account, 100.000 00
89,385 33
Darien E. S. S. Mill, 8,635 60
Deduct loss ou do. 5,635 60
This am’t due for back
intercston notes con
sidered good, 50,000000
1,366,30446
[35,000 00
$1,401,30445
By balance in favor ol'
Bank, 6,22060
* 4,988 50. This is part of llie judg
ment of seventy-five thousand dollars held bv
the Bank against J. &. C. Bolton, secured
by a mortgage on real estate, of double its
value.
f The remaining thirty-five thousand
dollars the bank look to Messrs. J. & C. Bol
ton for, who they believe are quite responsible.
(Additional Testimony.)
Mr. ROBt. FREEMANS, Evidence.
On the morning that the printed
documents relating to ihe Darien
Bank, was laid on the desks in the
House of Representatives, I was
sitting at one of the desks with Dr
West, ho took one of the reports
and apparently was reading it ; I
took up one and was reading the let
ter from Anson Kimberly to Alien B.
Powell Esq Dr. West then turned
to me, and said that the letter I was
then reading (being the ono from
Kimberly to Powell) was not wiltci*
for publication and that it would not
have been published at all, only for
the purpose of rebutting (lie report
of T. Spalding, and James Troup,
and the intention es making it publi":
and to counteract an illiberal remark
made in the report of Spalding and
Troup, at the same time pointing
out to me the latter part of 2d. Sec
tion of said report.
Mr. Feerman vstates —it was at
Dr Wests desk the above conver
sation took place—he also further
states that ho (Dr. West) then said
he regretted that the letter had been
published.
JOHN KENNONS, Testimony.
On of List week I observed
to Dr. West that Mr. Kimberly had
treated the Legislature indeconrsly
in the letter that he had adressed to
Mr. A. B. Powell, he observed that.
Mr. Kimberly never intended that,
letter for publication, and lie further
observed that he desired Mr. Powell
not to publish it or regretted that ho
had published it, the strong bias of
my mind is in favor of his having said
that lie desired Powell not to publish
Kimberly’s letter.
Office of Secretary, of the Senate.
Milledgeville: 2Jil Dec. 1826.
I Certify ihe foregoing con
tains true Extracts from the Jouraul
of the Senate.
Wm. Y. IIANNSELL,
Secretary.
The following Ucsc:i|i6oii of Inc ‘ Pilgrims
Anniversary,’ by Mr. Noah is bcautifnl as
it is just. But the orator of the day Mr.
F so far o’er step’d the modesty of
nature; as to call forth a severe rebuke from
Mr. N.—
The Pilgrims. —The anniverary cf
tho landing of “ the Pilgrims,” at Ply
mouth rock, was celebrated on Fri
day last, by the New-Englanders of
(his city, with a becoming reverence.
We attended tho exercises in tho
Brick Church, and intended to say a
word or two about the oration, after
we shall have briefly expressed our
respect for the Pilgrims themselves
It has been said a thousand times,
that they were a stern and highheart
ed band, who fled from the despotism
of the Old World to find an asylum
and Independence in the New.—
Theirs was an intense and abiding
love of freedom, which admitted
neither of compromise nor abeyance
They were resolved to submit to no
outward control except that of the
law, and they were enlightened e
nough to know that laws, to be bind
ing, must originate with themselvel-
They became a law unto themsel
ves. They imposed upon their pas
sions, feelings and movements, the
most inflexible restrictions. The;
were a people of pure will. In Eng
land tho pilgrims, and their portal,
brethren, were above all temptation
and all fear Over them, power wa:>
as feeble as persuasion, With a sler
ling good sense, they remained uu
comiiiUuHi^thocorceou^bribe^