Newspaper Page Text
(weorgialßstalesiiiaiL
x TERMS,—S3 PER ANNUM, IN ADVANCE,]
. «y BURKITT & MEACHAM,
GUOZIGIA STATESMAN.
IS PUBLISHED EVERY TUESDAY IN
MILLEDGEVILLE, GJL
On Wayne-Street, opposite the Eagle Hotel.
tCT* Terms.... Three Dollars in advance,
or Four Dollars if not paid in six months.—
I, No subscription received for less than one
year, unless the money is paid in advance,
( *nnd no paper discontinued till all arrearages
• an subscription and advertisements are paid.
N. B. —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 be published forty days previous to
the day of saic.
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.
*** AU letters directed to the Editors on
business relating to the Office, must be post
paid
» 1 ■ ! . | ! mu ,| I'.IR. .
MR. POWELL’S EXPOSITION.
[Concluded from our last.]
Mr. BURTONS’ Examination.
Mr. Burton states, Dr. 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 letter.
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 tire, Mr. Powell requested
me to ask Doct. Daniel if he wished
Mr Spalding’s letter published, 1
did and received for answer, that
■>; k was officially addressed to the
»<: ve. !' :, if ought to be published—
nit< .in d Mr. Powell of this reply,
md he ■'.'id l:c would publish the let
l.,- or letter:- from the President of
•if Hu: Bank also; without seeming
knowing what any of the letters
• d, i turned off and there the
mil’ r ended.—This was early in
the morning, aft r the business of
ti.r Senate commenced, and just
.Itci iho report above alluded to
wir* made.
The committee furnished today,
!»c 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 the
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.
’foNDAV, 11th Dec. 1826.
On nn lo.i of Mr. Powell, of ?>!’-
Intosb.
RcsoJ-'ed, That the official letter
of Anson Kimberly, the President of
the Darien Bank as communicated
ito the Senate on Thursday last, be
placed on the Journal of the Senate.
5e it further Resolved, That
the printed documents alluded to by
Wm. 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 .‘l. Kimberly.
Darien, 23th Nov. 1826
Allen 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 of its 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 rc
report—Dr. Troup one of the com
mittee having differed with the
majority in the amount of loss, has
not signed the report.
Your obt. servt.
(Signed) ANSON KIMBERLY.
Prest.
The letter of Mr? Harmon upon
the request of Mr. Powell, was also
journalized as follows :
Milledgeville, Dec. It, 1826
Allen B. Powell, Esq.
Dear Sir—At your instance,
and particular request this morning,
I fe, I 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
interferring in our discussions ; and
when more than once asked by me
to give some information on the sub
ject. you declined doing so and* re
tired from the room.
Yours truly,
Wm. N. HARMAN.
Printed Additional Reports.
[A.]
Documents relating to the Darien Bank.
Darien, November 13th, 1826.
Alien 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
Bank; this varies some from my
statement, but not materially. The
Committee make the losses some
thing larger than I did, and as this
did not accord with the views and
feedings 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
grecd pretty much with the balance
ot the Committee in the detailed
statement made out of bad debts,
still when the result appeared so dif
ferent trom 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 oi deception, he became
much irritated and finally left us in
a rage—J’heir leaving the Board,
you will find mentioned on the Min
utes, but in as modest a wav 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 tiie Minutes, to enable our suc
cessors to decide, whether we have
acted in this business with fairness
toward the Institution and public, or
not-
In addition to the other papers
you ivill find the Report offered by
Dr. I roup w hich was rejected, to
put you m possession of the views
oi all the Board. Since the Report
was made out returns have been ob
tained from the Branches, which
show a larther reduction in the
amount afloat, oi 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 pm poses,
can put at hazard the interests of
the State in his Institution, which
they certainly wifi do q they now
meddle with it.
A our obedient servant,
ANSON KIMBERLY.
BANK OF DARIEN. j
October 31st 1826. $
1 he following- Resolution offered
by Major Hood, was read and agreed
to.
“Resolved, That a Committee be
appointed to make a Special Report,
shewing in detail the situation ofthe
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.
, , Tuesday Morning,
Nov. 7th, 18.26.
“Reports from Dr. Troup and
Maj. Wood, two of tbo Committee
appointed to make a Special Report,
were submitted to the Board, and
a motion was 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
Troup.
Nays—Messrs. Dunham. Wood,
King, Atkinson, and Smith.
Dr. Troup then offered the fol
lowing Resolution, which was a
greed to:
“Resolved, That the consolidated
account with the detailed Report,
accompanied by explanatory re
marks, bo 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.
• J G. BELL, Teller.
Hae tibieruntartes, pacisque imponere morem, parcerc subjectis et debellare superbos.— Virgil.
Milledgeville, Tuesday, January 16, 1827.
Thursday 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 forty-five
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 ofthe
Committee, which was agreed to;
and after considerable debate,
Messrs Spalding and Troup retired;
when the question wa: taken on ac
cepting the Report ofthe 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 Bank, be transmitted to our Sen
ators and Representatives, to cither
lay before tiie present Legislature,
or otherwise, as they in their judg
ment may deem meet.
Extract from the .Minutes.
J. G. BELL, Teller.
BANK REPORT.
The Committee to whom was re
ferred the Resolution of the Direct
ors of the Bank oi 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
ofthe Bank in detail they have con
sidered them under the following
heads:—lst. Issues—2d. Its Funds
—3d. Its economy—4th. Its meas
ures—and sth. Ils 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, $1,029,363
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 last 10 m’ths 350,973
Leaving this sura yet
in circulation, $782,000
To reduce and pay this, we proceed
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 tiie 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 Milledgeville, 480,000
do do Marion, now
Macon 95,000
Amount and value cf real estate 89,000
\
sl, *61,351
2d. Doubtful. From which a part, if not
the whole may be recovered.
At the Mother Dank, $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 Miliedge'ille, 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, cither 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
and its Branches formerly, were for salaries,
as follows :
At the Mother Bank, $7,100
do. Br. in Milledgeville, 4,W(»
do. Marion, now Macon. 2,000
■ 13.100
These have been reduced as follows :
At the Mother Bank, $ 4,200
do. Br. Milledgeville, 2,800 •
do. Macon, 1,600
Difference, $4,500
4th. Measures. A call was made payable
in the winter of 1825-6, of 30 per 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 ti e
call amounted to 36 per cent
on their amount, or the sum of 289,000
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.
Another cal! has been made of 30 per cent,
by the Mother Bank, payable at three periods
of 60 days each, commencing the first of
January next.
sth. Stock. The amount paid
in by the State, sixty-live
per cent, or $325,000
Amount paid in by Stockholders, 326,175
$651,175
The Bank has made, 12 divi- ,
dends, or per cent, amount
ing to 297,861
The Bank 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 the 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, ) f .
GEO. ATKINSON, j 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, beg leave to submit the
following as 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
ofthe President, to credit the Bank
with the Stock it has received in
payment of debts, in nut 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. In 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 be realized
eventually. So in relation to the
i 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 ol 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.
State of the i ink of Darien, on Thursday the
i)th November, 1826.
Dr.
To Bank notes issued, 784,736
“ Ain’t on hand in
Darien, 2,753
“ Am’t at Offices,
“ do. in circulation, 781,983
“ Profit & Loss, 218,015 56
“ Cap. Stock (p’din) 651,175
“ Divia’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
$1,733,025 62
Cr.
By Cash Ballance, 15,737 69
“ composed of specie 12,984 69
“ “ Darien Bills 2.753 00 15,737 69
“ Office D. & D. U.
States, N. York, 200 50
“ office D.&D.Macon 134,799 85
“ “ “ “ Mil-
ledgeville, 511,02617 645,826 02
“ St. Bank Savannah 2,86194
“ Bills ot' Ex. do. 10,954 00
“ “ “ Augusta 27122
“ “ “ Marion 1,300 00
“ “ “ Milledgv’l 1,140 98
“ “ “ N. York, 10,988 50 54,654 70
Vol. 11. No. 2.— Whole No. LIV.
“ Bills &. Notes disc. 850,611 48
“ Th’s. Wilson & Co.
(London,) 63 77
“ Bunk House &.Lot, 10,090 00
“ Darien E.S.S. Mill 8,635 60
“ Bond & Mortgages, 62,905 33
81,540 98
“ Stock Account 83,95317
“ Deduct Dividends, 6,842 75 77,116 42
“ Expenses & salaries 3,71217
“ Protest account, 700 00
$1,733,025 62
E. S. REES, Cashier.
Per J. G. BELL, Teller.
Bunk of Darien, Nov. 9, 1826.
DARIEN, Nov. 9th, 1826.
To His Excellency G. M. Troup:
The Report forwarded on to
you by Air. Kimberly, the President
oi 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 th state of
the Institution, for the purpose of as
certaining its real condition.
The Committee charged with this
duty, could not agree in their Re
port—Subsequently, a bare majority
ot the Board have made up r Report
to be transmitted to the Representa
tives of this county, to be used by
them as they may think meet. Be
lieving both th se Reports calcula- i
ted to injure the reputation of the
Bank, and believing as we do, that
the assets ot the Bank, if prudently
collected, will refund every dollar of
the capital originally invested, wc
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.
1 he principal cause, of difference,
are in three items.-
First— i'h.e Bank owns a large
portion of its own stock, which was
taken for debts that were otherwise
doubtful. As the stock at par is a
debt against the Bank at $65 per
share, wc 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 judgii. mB, 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 ot the same charac
ter. In addition to this judgment,
we hold as collateral security for its
payment, bonds ami mortgages upon
real and personal estate of Col.
Stephen Proctor of Louisiana, to the
full amount. We conscientiously
believe, that between our collateral
securities and our judgements a
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, yocr very
obedient sen ants.
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 751,983 00
“ “ Cap. Stock p’d. 651,175 00
Deduct ain't p’d off, 98,642 00
“ Monies on deposite 6,000 00
“ “ on ac’t
bills and notes, 48,353 63
“ Dividends unpaid, 2,502 00
“ Salaries&expences 3,71217
$1,395,08386
To ballance in saver of
Bank, 6,220 60
$1,401,304 46
Statement of Debts due to the Bank of Darien
November 9, 1826.
By Specie in Vault, 12,98469
Bank U. S. N. York, 200 50
Offices Bank, Darien 615,826 02
Deduct losses at du. 70,000 00
State Bank, Savannah, 2,861 94
Bills Exch. do. 10,954 00
“ “ Augusta, 27122
“ “ Marion, 1.300 00
“ “ Milledgev'l Rl4O 38
13,666 20
Deduct looses cn do. 6,002 20
[OR $4 IF NOT-PAID IN SIX MONTHS,
Bills Exch. N. York, *40,9885V
Bills and Notes disc. 850,61148
Deduct this ain’t to be
charged to bonds and
mortgages, 116,480 0G
734,131 48
Deduetloss onthisam’t 150,73800
Bonds and Mortgages 62,905 33
Add am’t from bills &
notes, 116,48005
do. for Bank House 10,000 00 »
189,385 33
Deduct depreciation on
this account, 100,00000
Darien E. S. S. Mill, 8,635 69
Deduct loss on do. 5,635 60
This ain’t due for back
interest on notes con
sidered good, 50,000 000
1,366,304 4G
f 35,000 00
$1,401,304 45
By balance in favor of
Bunk, 6,220 69
+ 4,988 50. This is part of the judg
ment of seventy-five thousand dollars held by
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 printfft t
documents relating to the Dari®tf . »
Bank, was laid on the desks in
House of Representatives, I was
sitting at one of tlft? desks with Dr.
West, he took one of the reports
and apparently was reading it ; I
took up one and was reading the let
ter from Anson Kimberly to Allen B.
Powell Esq Dr. West then turned
to me, and said that the letter I was
then reading (being the ouo from
Kimberly to Powell) was not wittcir
for publication and that it would not
have been published at all, only for
the purpose of rebutting the report
of T. Spalding, and James Troup,
and the intention of making it public
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. Feennan states—it was at
Dr Wests desk the above conver
sation took place—he also further
states that he (Dr. West) then said
he regretted that the letter had been
published.
JOHN KENNONS, Testimony
On of last week I observed
to Dr. West that Mr. Kimberly had
treated the Legislature indecoursly
in the letter that he had adressed to
Mr. A. B. Powell, he observed that
Mr. Kimberly never intended that
letter for publication, and he further
observed that he desired Mr. Powell
not to publish it or regretted that he
had published it, the strong bias of
my mind is in favor of his having said
that he desired Powell not to publish
Kimberly’s letter.
Office of Secretary, of the Senate.
Mir.LEnGEvii.r.E 23d Dec. 1826.
I Certify 'he foregoing con
tains true Extracts from the Journal
ofthe Senate.
Wm. Y. lIANNSELL,
s’ecra/flry.
The following description of the ‘ Pilgrims
Anniversary-,’ by Mr. Noah is beautiful as
it is just. But the crater 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 of
the landing of “ the Pilgrims,” at Ply
mouth rock, was celebrated on Fri
day last, by the New-Englanders of
this city, with a becoming reverence.
We attended tbo exercises in the
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, is bo 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 impos.ed upon their pas
sions, feelings and movements, the
most inflexible restrictions. They
were a people of p ire will. In Eng
: land the pilgrims, and their puritan
; brethren, were above all temptation
and all fear. Over them, power wa?
as feeble as persuasion, With aster
ling good sense, they remained uu
corrupted by the gorgeojs brib.-s
--and unbroken by the persecuting Ad
7,66100