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S i d COHCMUMB,

J*# Session.

Rql. No. 460. ] '

He. m Mum

BANK OF T H E UNITED. STATES.

AVKIL 30,

1S3S.

Committed I© tit Committee of tit Whole House on the state of the Union.
TWEMTY-SECOKB CONemiSS—FIRST SESSION.
C o m n s s 'a* rax IJmiieii STATUS,
/ a ike H«i#e qf-Representatives, Marek 14, 18SI.
u
Resolved, That a select committee be appointed to inspect the books,
and examine into* the proceedings of the Bink of the United States, to report
thereon, and to report whether the provisions of its charter have been vio­
lated or not; that the said committee hi¥e leave to meetin the citj of Phila­
delphia, and shall make their final report on or before the twenjy-lrst day
of April next; .that they shall have power to send for persons and papers,
and to employ the requisite clerks, the expense of which shall be audited and
allowed by the Committee of Accounts, and paid out of the contingent fund
©f the House. ,f

1 E P 0 1 T OP T H E MAJOIITY.
M r . CLAYTON* on behalf of the majority of the committee appointed on the
14th March, 1832, to inspect the books, and examine into the proceedings
of the Bink of the United States, made the following.

REPORT:

^

.

In obedience to the foregoing resolution, the committee appointed under
the name, proceeded to the city «f Phiadelphia, and commenced the Inspect
tion of the looks, and the ©lamination of the proceedings of the bink, on
the 23d of March last:- and, after the most attentive and laborious investiga­
tion which their limited time would allow, the majority have prepared the
following report,, which they beg leave to submit to the House of Mepresentatives. '
*
_
They believed, that, as the House wished information more for the pur­
pose of enlightening their minds," and assisting their judgments us to t i p
expediency of again renewing the charter, than to abridge it of the small
n m n a n t of time left for its operation, a liberal construction of the fesotation
wot Id n©t be deemed a departure from their trust; consequently, they have
direeed their inquiries to two general objects.
Int. Whether the provisions of the charter have been violated.
S i . JHetber there have been any -circumstances of mismanagement
agpimt wheh future legislation might guard, or,which should dentrey its
cfaiira to furtwr ceildeace.

a

[ Rep. No. 460. ]

On the first point, following the example of t former committee, miking
a similar investigation, they will submit to the House, without eipressing
any opinion, such cases as have been subjects of imputation aeaitst the bank.
These cases they conceive to be six in number, and are as followi
1st In delation to usury.
2d. In relation to the issuing of branch orders, as a circulation.
3d. The selling coin, and prticilsrly American coin.
4th. The sale of stock, obtained from Government under special acts of
^ Congress.
5m. Making donations for roads and canals, and other objects.
6th. Building houses to rent or sell, and erecting other structures in aid of
that object.
. On the Irst ground, the president of the bank refers us to a statement
marked G t and says it will €l explain the only cases to which this description
might be considered applicable, two of them being cases in which the board
repaid the amount considered overcharged, and, in regard to the third, no
application has been mide for any change in the form of the original loan."
See said statement, marked No. 1.
To a question asked the president, whether any cases of disguised loans,
on domestic bills of exchange, had come to the knowledge of the parent
bank, in which the branches ha¥e received usurious interest? he replied ho
tod never heard of any, but made a further statement, marked jfo. 2, in
which he states that the usual custom is to charge upon domestic bills of ex­
change, the rate of interest and the rate of exchange; and, if the sums united
ahoold exceed six per cent., it is not usury; and gives an Explanation in saM
statement.
J , On the second ground, the committee will submit document No. 3, and
*its enclosures, in which the cause and origin of branch drafts will be fully
seen. The president states f« the inability of the bank to furnish the amount
of circulating medium which it was created to supply, became apparent at
an early period. In a year after its organization, the directors presented a
memorial to Congress, dated 9th January, 1318, requesting that an altera­
tion might be made in the chatter, so as to authorize the president mnd
emkiers of the sewerml branches to sign the nates issued by those
branches." See copy of the memorial, marked 3, a, in which it is stated
11
that, inasmuch ts the f act to incorporate the subscribers to the Bank of
the United States/ requires that the bills or notes which may be issued by
order of the said corporation, shall be signed by the president, and counter­
signed by the principal cashier, it has been found impracticable to supplyf
in any reasonmble degree, the required circulation from the bank and its nu­
merous offices of discount and deposite:" it is, therefore, asked of Congress
to permit the presidents and cashiers of branck banks to sign and issue.
bills. The amplication wis not granted. The president states ««the subject
was resumed by *nother memorial, dated November 84th, 1820." See cop j
of the memorial, marfced S, b, in which it is stated, « under the charter, it km
been^dnufated whether the bunk has power to authorize the issuing of note*
not signed by the president, and countersigned by the cashier. The labor jmd
the time necessary to sign notes for the bank, and all its lunches, are anich
greater than either of those officers can bestow upon that object$ api hence
the bank has been unable to put in circulation a sufficient amon^ Qf notes
. of the smaller denominatienf, which the public most want, an* which mm
lest calculated to serve tthe interest of the banfe.,JI It thcr requests that

[ I t f . N * 4S§i ]

"3

power be given to t i c parent bunk to appoint one or more persons to sign
notes of the smaller denominations; which wis not acted upon.
The presMent states the "application was again renewed, and a aelect
committee sf the House of Representatives reported in favor of allowing
tic appointment of signers, en the 27th of February, 1823; hut there wasm i c t i o n of the House upon I t ' 1 And he refers us to <§ Pamphlet, vol.
t i l No. 1 1 . "
On the first of December, 1826, the president was instructed to endeavor
to procure the necessary change. He says " he reported on the 27th of
Feortjiiy, 1827, that no action on the subject would take place st that ses*
i i o i #f Congress, and, accordingly, the matter was referred to the Commit­
tee on the Offices,,f See Doc. 3. c.
He adds, «the opinion of Mr...Binney, M r . Webster, snd Mr. W i r t , the
Attorney General, was taken on the subject of issuing branch drafts.' 1 See
Doc. 3. c
On the 6th of A p r i l , 1827, the following communication was made to the
board of directors: " T h e Committee on the Offices, to whom waa referred,,
on the 23d of February last, the report of the president of the bank, stating,
the unsuccessful result of the application to Congress for an allermtiom of
the enarter, which would authorize the signature of notes by other person
than the president and cashier, report that, in variotp parts of the Union*.
l o t , more especially, in the southef n and western sections, there is a constant
n d unceasing demand at the offices, for the smaller denominations of moles,
whith it is impossible to supply.'1* They therefore suggest that the " d i s ­
tant offices should be instructed to drtw checks on the cashier of the bank
for smaller sums than they hive hitherto been in the habit of furnishing.
I D order to eave the labor of preparing such checks t t the offices, as well
for the greater security of the bank i n d the community, it pas been deemed
best to prepare the blank forms of a uniform ^ppem*mncef i n d to distribute
them from the parent bank. Such forms have been accordingly devised,
and are now submitted to the board, with the recommeoda|ion of the committee. that the experiment be tried, and, if found useful t o the community,
h&permanently adopted." See Doc. 3, c.
T h e document marked 3, d, is a correspondence between the President
of the bank and the Secretary of the Treasury, on the character of these
branch drifts, which has already been printed and submitted to Congress.
T h e paper marked 3, e, contains instructions to the branch banks aa to
the Issue of branch orders. On the 21st of A p r i l , 1827, the cashier of the
parent bank writes a circular to the respective branches, ipforrnlog them,
among other things, that the directors lave " deemed it best that blank
forms of an uniform appearance ahould be prepared with skill m& care at
the-parent bank, and thence distributed to such of the southern and western
offices us seem to stand most in need of them, or to be able best to employ
tbem' asefully. Enclosed i send you a specimen of the 5 and $ 10 blank
drafts adopted. After being numbered, registered, and appropriated here
In catkin office*, a supply of them will be forwarded as soon as possible,
h instructions to the cashier of each office to bave.^very four hundred
^ | i n succession, snd as they may be wanted, filled in the order of some
sne.dBcer of the branch, by whom they most be endorsed lengthwise, and
about th% middle of the draft, payable to bearer, before the? be signed by
th© presiUhnt tnd cashier. When completed, they are to be furnished to
the enstom&iof the bank, or other persons who may wish to procure them.

S

4

T i e entries rispecitg them9'both here and at the branch©!, \re-4ntoMfed*
convenience sake9 to be analogous to those of branch note* Thrifte*
ceipt, under the denomination of branch drafts,tis to he similarly acknow­
ledged by the cashier. Mid in duplicate through the respective presidents.
They are, besides, to be reported on the weekly state of the officers branch
draft paper received, used, and on hand.
•
««And, whenever tbey may be in transitu between the offices, must be
so noticed it the foot if the Statement, like other packages."
"On the f th ;of January, 1831, a resolution passed the board to isufe irafti"
©f the denominttiott of 20 dollars. These branch orders, when dischirgei
by the parent bank, are again re-issued by that bank when it has no smsU
notes ef its own. The paper marked 8, f, contain! a statement of the
amount of branch drafts issued, on hand, it circulation, and the ©Hies from
whence issued. By this table, it will be'perceived that $ 109781,695 have
Issued; #8,871,544 are on hand; and $7,410,090 are in circulation.
The foregoing is a succinct history of the issue of branch drafts. Whether
it can be justiied under the charter of the bank, the committee will leave
to the better judgment of Congress.
The third case is the selling coin, and particularly American coil, \ The
attention of the committee was drawn to this subject by the fact that tin
General Government had, on one occasion, to pay the bank two per cent
on ten thousand Spanish dollars, which it wanted for the benefit of the navy
in South America. To an interroptory put to the president on this sub­
ject, he replied: " T h e bank is authorizffed to deal in billion. It buyi and
sells bullion. All foreign coins are bullion. Their being a legal tender
* does not make them the less bullion, and the bank having bought them at
a premium, sells item at a premium. The obligation of thd bank is, fur
pay the claims on it in coin, American coin, or legalized coin; and if th©
foreign coin is worth intrinsically, or commercially, more than the Aperican coin, the difference in value must be worth the difference in specie,'and
there seems no reason why the bank should sell its bullion any more than
its bills of exchange', at less than their value." He then refers the committee
to a correspondence, marked No. 4.
Although the bank acted under legal advice, it may be well questioned
whether foreign coin is bullion. The constitution gives to Congress th©
right to regulate its own and foreign coin; when, therefore, the latter his ii
Value prefixed to it by law, and is suffered to be used with that regulated
value, in like manner with our own coin, it would seehi not to have lust
tie name and character of coin, and is made, by force of law, what it wonht
be if carried through the mint, and subjected to the condition of our own
coin; and therefore, to deal in it as' a commodity, is calculated to distaifc its
legal value, and render at least that portion of the metallic currency uncur­
tain and fluctuating.
If, however, the committee ha¥e taken a wrong view of this subject, so
far as foreign coin is concerned, it seems by the statement of the president
of the bank, to be virtually admitted that our own coin is not bullion, aodjp
therefore, doea not come within the objects of trade allowed to the bank Wthe 9th fundamental'rule of the charter. .By reference to the slatemfrt er
specie sold by the bank, marked No. 24, it will be found that t h e * A &T
§84,7 84 44 of American gold coin has been parted with.
flPh© fourth case is, selling stock obtained from Government o«dw special
lets of Congress. They have thought it their duty to pi**nt the sub*
ject to fie consideration of Congress.
t jfer

f

[ Rep. No.'460. ]

I Bep/No. 480. ]

§

It-it jetitsujr 'tare -to ©bser?%. thattte ©barter mutft hove inte&Aail m o t
ttMaififl|gili prdbUritinjg the btofcHott ieadkg in stocks. There »> perhaps,,
M4iilgpet so fruitful in speculations ss stocks, and none which is so fiuctiidtfagiaiid liable to be Iniucnced by the slightest causes, often producing '
rote-or -immense fortunes in the most sudden manner. To preYent such m
| p i t moneyed institution then, as the bank, from dealing ' in this article,
^ t e h its fast means could false tod depress at pleasure, seems to hi?e%ccn
otfise provision In the carter. The fight of the bank Unacquire or sell
4idks, il a apecial one; it must be done b j virtue of a law of Congress.
ftochirter itself provided that a part of its capital mijjht be paid in the
■t#©k#f the GOTeraraeit, arid web stock, particularly, might be disposed of.
Butttaeommittee suggests whether this will apply to other stocke obtained
bf wk^m of a subsequent law of Congress, u n k n that law specially confersmm p#ipef to dispose of it. In two important loans obtained from the Go#bfttm©it«lttce the charter was granted, the bank lus parte! with a valuable
«jkoek; a§d these cases will illustrate the point now sulmiitteri to Congress*
'IWle the committee refer to the trensactidns of the bank in the funded
JHbf of the United States, for the purpose above mentioned, they also have
»-ff#if the presentation of the subject, -to show not only the manner of di^
i t f K - of that stock, kit whether it was not contrary to the express nnder-otoMing with the Government at the time of obtaining the stocks. FOF
-tfMfctfftof #4,000,000 of 5 per cents* made in 1821, and the 6,000,000 of
v 4|. fir.tents, made in December, 1884, there wis strong individual competi*w
^^0m premium for a- part or4he whole, against the bank; Jt% the bank
l^jtyimerence over the individual offers, upon the principle that it would
6» : «0f« advantageous to jipve it to the bank it a reduced' mte, and particig t a ' i * a partner, than to give It to individuals tt i premium. This was coni ( P # i it the Treasury. The president of the bank, in i letter dated IStfa
Dholiafaer9 1884, which will be found among the documentary testimony
after-flpiog he had taken the whole of the 5,000,(100 loan At par, says,«<sidf
dfree wmmvB token the loin at par, on the distinct ground of our having
ffct-Miiiof doing it, it would be advisable, in every point of view, not to
aefi mfot the Fbmdm hmn in Boston/ 1 By a statement of the amount of
fended debt sold by the bank, marked No. 6, it will be seen that, as earlv
an Juae and Inly, 1&85, the year after it was taken, the bank begin to sell
f l i t iteck, and continued to do so, sometimes tt i premium' and sometimes
dfc'ftlte^ up to the 87th day of November, 1889, on which day they had dis1 of all but 9 98,985 92, and that, too, tt a loss of 8 4,443 84, notwith[offers were made by individuals for a large amount, it a premium,
cted by the Oofeminent upon the principle before stated. The
,DWnent showi that there was, between February, 1889, and Octo"r' iM tie same yeir, sold, of the 5,000,000 Florida loan, 9 1,742,861, it a
_ toff .0*17,661 09. For this loan, the committee ire not aware of there
^ ^ ^ ^ y offers by individuals tt a premium. The name document showi,
^ ^ 4 ^ ^ ^ « n Febraaiy, 1826, and. February, 1838, the whole of the
^ ^ ^ ^ p loan of 5 per cents, of 1881, bas^been disposed of tt t premium of
$%fttVJB9 25. The premium paid for which, tt the time it was taken, w u
JffvNided for in t semi-annual appropriation of f 60,§00, in the report of the
••••■•kJuly, 1881, before adverted to. By 'these opnttlons, it will be ob»
-piously wrecked, that, if the bank is allowed to sel stocks acquired by spc«^.agreevente with .the Government, it can secure, by speculations, all the
^vantages ^%icb the Government might possess, in putting up its loans to

S

g

,

[ Rep. No- 46&r ] •

the highest bidder. It lot only destroys competition, but tikes the l i i i of
the Go?eminent from other individuals, who would have given a? premium!
for it, and*which the Government refuses, beeause it expccti to deriie m
ii • greater profit in another way, but in which it may bo defeated* by an imme-»
' diate sale of the loan# and which, if the right to sell by the bank is acknow­
ledged, might havi been niide directly to those wefj individual! who had
just offered a premium. In relation to tie four million loan of 5 per cents.
of 1821, Mr. Cheves, in his report oaf the first of October, l i f t , says?
11
The four million loan of five per eenta. are longer irredeemable than in j
other stock of the Government of the United States, and hence probably
this stock is more valuable than any other stock of the United State*"'' Ha
lf
the more the bank can retain of this stock, the better for the ir*%also says,
,,
itttl^iion. In the whole of which, the committee most fulty eoieurf for
it may be mentioned, with feelings of pridd that such is the high credit of
the Government, its stock is better than specie, and would be to the bank,
in any emergency, precisely the same.
, The committee proceed to mention tie 5th case, which is making dons>
tions for roads, canals, and other objects, the amount of which is $ 4,§20 00,
as will appear by document No. 7. Two of the largest of these kerns*
amounting to 13,000, are for turnpike roads madef too, after the General
Gowerninent had declined to make appropriations for similar objects.*
A question would naturally arise, whether the public funds in the bank,
for that institution, is expressly founded upon the principle - that it is ne­
cessary to, and constitutes a part of the Trjeasttry ot the United States, can
be appropriated to objects, indirectly, by the officers of that institution-!
■"when the Government directly refuses to eipend its re?entie§ on the ¥ery
isame objects. The committee ha?e looked, in vain, for any authority in
the charter to give away the money of the stockholders. "If the charter
i contains the powers by which the,bank is to act, and they are to be strictly
p issued, there is then no grantto"make gratuities for any object whatever*
The consequences of the exercise of such a right might be fraught with
v e r y great injury to the stockholders} certainly of dangerous interference
in the rival trade of different sections of the .country, tnd of pernicious infine nee upon the operations of the Government.
T i e committee approach the last ground, which is the building houses to
.rent or sell* and erecting other structures in aid of that object . They will
.merely present the fact and the law, and leave the House to place their own
.construction upoi the case,
. s*y
By an extract from the minutes of the board of directors, communicated
:to the Senate on the 12th, of March last, the following facts appear, viz.
■" The Committee on the Offices, to whom was, this day, referred a letter
..to the president from George W. Jones, agent, dated May 83d, recom­
mending to the bank the construction of two canal basins, and the erection
of wAMEHowsia around one of them, according to the plan submitted by
him, recommend to the board the adoption of the following resolution:
Resolved^ That the hoard appw>?e of the formation of two canal basin*
.at Cincinnati! proposed by Mr. Jones; one of them to be on square npm* The Pwidemt furnished this statement without explaining the grounds of these A»*tio»e>
no explanation hiving been particularly required of Mm*.
It i§ possible that the improvements were in the neighborhood of the real *■***• of thm
tank, and upon the ground that inch donations would increase the value of th* rgt * estate*

[ Bep. No. 410. ]

f

%ar HHtrfAre/(55,) and the'other one to'he on fhe square of ground be- ;
fivlfen Walnut and Yme streets, and Canal and St Clair or Court streets;
mil that he be authorized to erect, forthwith, warehouses on the margin
of this last mentioned bisin, not exceeding six in lumber, either in one
Mock or peparately, m he may deem most for the interest of the bank."
These six -warehouses were built It is also understood, nays thc^name extraet, that -several other houses owe been built by the agent at Cincinnati;
bit as they were erected, ia part, by contributions in labor and materials by
dstytoiS'to the bank whe hsd no other means of payment9 and, in part, by di*
nscl dii&iinements, no accurate statement of either their number or cost is on
fifia., J$b& agent has been instructed to specify _ these details in order tecumpMb'Ais return.
^^■wiireice to 'the foregoing, the committee believe it enough, merely
M4taote the following provision of the charter, to wit: <4The land, tonel p i t % « i d hereditaments, which it shall be lawful forthestid corporation
ttlMrid/shall beonfysuch m shall berejumte/or its immedimtemccommoJmdii/in -relation to tfte convenient transactions of its business, and such as
M A t e r e been bona jiiafe wmrigmged to it by way of security, or con▼effil to it in satisfaction of debts previously contracted in the mmrse of
HtfyttttngSf or purchased at sales upon judgment* which shall have been
fti** for *tjgi lfc##*.,,
iwpSIPtloses the view of the committee on the subject-of the violations of
lierirfg the second gpneral ^head as to any circumstances of misent of the bank, your committee have fully appreciated kthedeliacter of some of the duties assigned them, and the high responsi­
bility *of 4be office of inspecting the books, and examining into lie proceedm a of the -Bank of the United States.
v
' I n discharging that trust, ihey have not felt themselves at liberty to inquire
into the private concerns of any individuals of any denomination, unless the
public interest was Involved in their transactions with the president and di­
rectors 'Of the bank. The investigation was ordered by the House under
peculiar -circumstances, and in anticipation of a debate -on the renewal of a
•barter of a-National Bank, whose annual operations amount to two or three
lumdrei. millions of money, whose iniuence extends to the remotest parts
•f the Union, and whose connection with the Federal Government gives it
a public -character. Impressed with the nnpoftance (©f the great variety of
interests involved, your committee have executed the office assigned them,
by inquiring, generally, into ^the proceedings of the bank, not ofily for the
purpose of ascertaining whether its powers had been violated or abused to*
Hie injury of the private sted public interests of the country; but, with a
fiew to obtain information for the ise of the House, and to 'suggest, should
Comgrens determine to continue i National Bank, -such modifications as the
pKMie«iiiip of the existing institution would teem to have rendered necesing to these rules, the committee believed it entirely within their1
prolific© to inquire whether the iniuence of the bank, ncknowledged by all
to- b e of vast control, and, if improperly directed, of dangerous tendency,...
bad instauated itself either into the management of the press, or the direction
af t h e Gtaernment. This could only ye-done by the examination-of the
tnfltections* of the' Imtak with editors-and 'public functionaries. . And he*re
4he committee wish ittoWdistindfytfnderstood, that they do not pretend

8

[ Sep. N©. 4§ft. 3

to jet up the absurd idea that editow or ofitaniaie ttcloJadfrom tfcgrjjjb^
common to the rest of the citizens, of honouring money when aniwnaie'
thej please, from banks or individuals,-without being answerable^ in the
slightest-degree, to any person whatever. Bit while this admiiiion if de­
manded by the clear righto of the parties to whom it relates, it-will not be
denied, that if they obtain more favocs than the rest of their fellow ckugnB,
it if, "at least, a just cause of complaint -against the bank* «pd howmver tfaey
may' be Innocent of any improper or sinister ^connection with tint institu*
tiont it doe§ nut, by any metal, disprove the fact, that some.other iniu«»
once may have been intended to operate upon their minds, wholly ansiMK
peeted by them at the* time. If,, therefore, it ihonld appear that these in'dividuals receive larger loans than those who are its usual customers; -Aal
they receive these loans without the security usually aoquired under eirciitnstances not known in any other case; it would seem to the committees that
instead of a complaint from those whose transactions with the bank ha^a
thus been investigated, the grievance is entirely on the other side. Whether
such case! do exist, the committee will leave to the better judgment of the
House to decide upon the facts which they hav^ ©elected, and now resgpeot-'fully submit
*
it had been repeatedly allegpd that the bank had employed its fundi for*
the purpose of subsidizing the press, and the churgp was reiterated'during
the debate upon the resolution authorizing this inquiry. The attention of
your committee wms particularly drawn to this subject at an early period of
their examination by a communication from an editor of a New 1 ©rkpper f .
who had been accused, to a member of the committee, through the president
of the bank. The evidence relating to this .case will* be found In paper*
marked Nos. 8 and i, and in which are presented the following; ffceta. On the
26th of March, 1831, a Mr. Silas E. Bmrows applied to the president ©€
the bank, and informed him, in the languageof the president, that" he wasdesirous of befriending Mr. Noah, and assisting Mm in the purchase of e<
sjiare in a newspaper; and he asked if the bank woulddiscount the notes of"
these parties, adding, that, althongh as a merchant he did not wishtoappear •
as a borrower, or to put his name on paper not mercantile, yet he Would,
, at anytime9 do so, whenever it might be ntceasary to-secuye the bank. I
lo not recollect^ (says the witness,} whether he then mentioned the time
which the notes would have to run. The committee being authorized to
discount any paper, the security of which they miriht approve, agreed -to im
them. As Mr. Burrows wan going, out of "town, 1, (the president and wit—
ness,) gave- Mm the money out of my own funds, and the notes were after­
wards put into my possession. They remained with me • long time, as It
had no occasion to use the fond% nor wa» it till the dose of the year that
my attention was called to them by the circumstance that a new board *o€*
directors aid a new committee of exchange wottMnonn be-tppolnted, thesamecommittee which made the loan should consummate it 1 had seen, ala%
in the public prints many reproaches against the bank-for lending money
to printers and editors, and 1 was unwilling that any loan made by lie hank
should seem to be a private loan from one of its ©liters. Having no use im-,
the moneys it would have been perfeeiy convenient to let the loan mntln
spit was*.but I thought it right thatewwry thing done by the btok-shonlA
always fce distinctly Known and avow#df and thevefose fpvc Aenote* to
t | i chairmas. of the committee* Mr. TbontafP. Cup, wloentered tlraii
on the hooka." This- if the account gmm by the pwiiiapt huuelf, of i »

[ Rep. No. 4M ]

S

transaction in its origin. The money, ft 15,000, was advanetf on tie 26th
of March, the notes bear date on the lit of April thereafter, and were ten in
number, for fifteen hundred dollars each, with the interest added o i is they respectively becime due, which was on the Isl of April and October of the •
years 1832, *33, '34, '35, '36, and amounted, with the interest thus added,
t o ft 17,975. At the time they were entered on the books of the bank, on
the id of January last, the President received the money for them. These
notes were placed on the loots of the bank at this time, and it will be seen
mm the id of March they were withdrawn, as will appear hereafter. On the
9th of August last, after the foregoing transaction had taken place, J. W.
Wsfcb and M. M. Noah made an application to the bank for a loan of
920,000, accompanied by a letter from a gentleman, formerly a director of
the Bank of the United States, to the President of the bank, in the following
words: "I cheerfully forward the enclosed as requested. 1 see no reason
against this application being treated as a fair .business transaction." This
was accompanied with sundry letters of Webb and Noah, and the depose
tions of persons in their service as to their solvency and ability to pay the
loan requested, all of which will be found marked No. i. This loan, i t
six months, was granted, with no other security but that which is just men­
tioned, and was the largest loan made on that day • On the 16th of December following* another application was made, by these same parties, for a loan of
$15,000, which was granted, for'six months, by the exefaanp committee,
- without any additional security or recommendation. At this time, them
was a considerable pressure in the money market, and many notes of the
citizens of Philadelphia were rejected. It was one among the largest loans
cm that day. These loans, together with the loan made in March to Bur­
rows, amounted to the sum ofS52,§75, which consisted of notes drawn and
endorsed l y the editors only.
. The comoiittee will now submit the facts in relation to the manner In.
which this loan has been disposed of, first premising that the resolution for
Inquiring into the affairs of the bank was introduced into the House on or
about the 17th of February. The loan of August was reduced $2,000 at its
maturity, on the 10th of February last. On the 2d of March last, Mr. Silas
E . Burrows obtained from the exchange committee, discounts to the amount
of thirty-two thousand four hundred' and forty-six dollars^ being the largest
muni loaned on that day, and while many notes of citiiens of Philadelphia
were rejected. That the notes for $17, §75, payable in 1832, '33, '34, '35,
•tid ' S i , were paid and withdrawn by him on the 2d of March, without the
knowledge of Webb and Noah, as they state. On the 14th of the same
month, Borrows obtained another discount from the bank of $14,1-50, and,
on the 1 i l l of the faille month, the note of Webb and Noah for $15,000,
loaned them on the 16th of December previously, and not due till Juno
next, was paid off by two drafts from Webb, obtained at the United States
branch busk at New York, tc«ompaiied with the following remarkt, con­
tained is a letter to the _ President of the bank, dated New York, March
llCk, 1832, and found in No. i , viz. "Although the loans to as by the
Bank of the United States are purely of a business character, and made upon
statements' showing the necessity of the accommodation to our establish*
martt, and of our ability to meet .our psyments, there can be mo doubt bit .
the encmlcp of the bank,'asalso our political opponents, will endeavor to
gtve a false entering to the whole transaction. The loan, though strictly
defensible, is .a lar§§ #110, and the auiQunt may give rise to the charge of
2
• *

10

'

'

Xep. No. 460. ]

indiscretion <m the part of the directors. This, it m not only our duty but
our desire to pre¥entf if possible; aid therefore, with some little Inconve­
nience to ourselves, we have made arrangements to pay the note of §15,000
* in the course of a few days. 1 '
The evidence of the President of the bank explains the character of
these various loans, and the circumstances which induced him to be satisfied
with the-security, and to make these advances; which, together with all the
testimony and correspondence on this subject, will be found In the papers
marked No. 9.
m •
In that evidence, it is stated, by the testimony of Webb and Noah, that
they'knew nothing of the Irst 15,000 dollar loan made by the President of
the bank to Burrows; that Burrows made them believe the #15,000 were
loaned to Noah by his father, and that he had his father present to carry on
that traniaction, and for which loan Noah allowed Burrows.21 per cent.,
and did not receive it all for some months after giving his notes; that the
notes were discounted by the bank, in their names, without their knowledge,
and paid off in the same way. It will appear by the testimony of Mr.
Webb, that the paper of which he is the editor, made two publications in
the latter part of 1829, favorable to the establishment of branches; 'that,
shortly thereafter, it commenced its opposition to the bank, and was, for six­
teen months, warmly opposed to it; and that, on or about the 8th of April,
1831, it changed its course In favor of the bank. Connected with this lacff
is an admissionf on the part of one of the -editors, that, before the irst loan
was negotiated, he held a con¥ersation with a gentleman through whom the •
"loan was then negotiating, (who the committee know to be Burrows) in
which he, Borrows, urged the editors (one of whom, Webb, had expressed
himself in favor of a modiied re-charter) to advocate an unconditional re­
newal, " but expressed great satisfaction at learning that [one] was in favor
of a charter under any eircumstanco. ,,
The committee will state they were anxious to obtain the testimony of
Burrows, but were unable to do i t A subpoena was Issued for him,and sent
to New York, to which the marshal returned he was not to be found. It
was then sent to Washington city, and the sergeant-at arms made the same
return. The marshal of Pennsylvania was directed, by the chairman, to
make and continue a search for the witness in Philadelphia, having heard
of his expected^ arrival in that place; that the marshal reported to the chair­
man that he ascertained that the witness had arrived in that place on Thirs*
iw. the 5th instant, but he was not able to serve the process, because- he
" could not be found.
To an inquiry whether there were any other instances of notes being dis­
counted for the accommodation of any merchant and trader, it l f *2f 3, 4,
and 5 years' credit, unless to secure a debt in jeopardy, there was presented
to the committee four other cases.
On the 3d ©f April, the committee, by resolution, called for the follow­
ing statements to assist them in the elucidation of# certain facts which half
appeared in other documents, viz. '
1st A tabular statement showing the aggregate amount of notes discount­
ed and still due the bank, drawn and endorsed by non-residents of Philadel­
phia; which will be found marked A.
*
2d. The aggregate amount of good notes offered for discount, and,reject­
ed by the board; drawn and endorsed by residents of Philadelphia,'on the
following days, respectively; 9th of August; 16th December, 1831; fd Jani t r y ; 10th Februaryj 2d and 14th of March, 1832* 24th September, and

[ Rep. No. 460. ]

11

15th October, 1880. The statement marked B, will show the amount of
note! discounted; but the officers of the bank Mate their inability to discri­
minate between those that are good or otherwise-.
3d. The aggregate amount of note's dicounted on personal security, and
made payable mcire than six months after date, which appear to be only
four in number, besides the case of J. W. Webb and M. M. Noah.
4th. The aggregate of ^ notes now due the bank, discounted for a firm, of
the partners of a firm, without the name of some person not belonging to
the firm as drawer or endorser, distinguishing in each of the above statemeats the amount loaned to members of Congress, editors of newspapers
or persons holding offices under the General Government To this last re^.
iolution we're added the following amendments, viz. ' " 1 s t A statement of
the loans made by the bank and its branches to members of Congress edi­
tors of newspapers, and officers of the General Government, and the terms
of such loans." "2d. And the names and amounts of payments to mem here of Congress, In anticipation of their pay as members before the passage
of the general appropriation bill." "3d. And the amount of money due
the United States, and on depbaite in the bank, after deducting therefrom
the sum thus advanced to those to whom the United States are indebted."
m
And, lastly, a statement in detail of the amounts paid to those who are
now, or have been members of Congress or officers of Government, since
J S l i , for services rendered to the hank, stating the nature of the service.w
For the information sought by these inquiries, see papers marked C. Be­
sides these, tfere were furnished the statements of loans made to five editors •
or publishers of newspapers; by which it will appear that the accommoda­
tions to those five editors were upwards of $ 110,000 previous to the insti­
tution of this inquiry.
The various reports which have, for a long period past, charged the bank
with too frequent intercourse with brokers, and also of undue favoritism to
certain individuals, as well as the large transactions which exhibited them­
selves upon many documents called for by the committee, induced them to
ciamiae particularly the accounts of the firms of which Mr. Thomas Biddle
was, and is, the chief partner with the bank, as a broker.
*
Pour subjects of Investigation presented themselves In relation to their
transactions with the bank,
1st The allowing and paying interest to them on cleposltes.
2d. Relates to certain loans upon the pledge of stock, and the'diseounting
©£ notes made to T. Biddle by the President or others, without the know­
ledge of the board, and, on part of them, the pledge of stock, without interest
The committee would refer, for the particulars of these two charges, to the
papers marked No. 13.
The third subject is the amount of discounts made T. Biddle, and the rate
of interest The document marked No. 14 will show the amount on the
-15th of each month, from the 15th day of September, 1830, to the 15th of
February, 1832. By this it appears Jthat, on the 15th of, October, 1830,
he wai discounter upwards of #1,120,001), and has, at no time since,
been less than #400,000. The committee doubt the policy of such large-ac­
commodations to individuals or firms, at any time, as it deprives the bank of
the powerof fulfilling one^of the great objects of its Institution, which is to
facilitate trade by loans in time of pressure, and it may be proper to add that
these large loans, it a low rate of interest, in times when money is plenty,
arc usually followed by over trading, which produces pecuniary embarrass­
ment and general distress.
•

If

[ Rep. No. 460. ]

By a statement, entitled "Remittances to Europe," 'marked No. 16, it
appears that the following purchases of foreign Wilt were made of Thomas
Biddle and Co., drawn by them, viz.
1831.
Oct 14, 1 bill at 60 days sight,and at a premium of
75 to SO, and 105 days tt
" 14, S «
a
a
40 to 125
« 22, 13 "
If
a
40 to 110
Dee. 10, S «
1882.
i<
S£
Feb. 14,14 "
40 to 105
11
tt
-a
50 to 70
14,8 "

101 percts.
a
104
tt
11
tt
10

#32f89S
115,411
592,000
506,250

101
11

400,00© 00
148,000 00

tt

a

§B
11
00
0©

01,794,060 79
By the foregoing statement, it appears'that the bank purchased, between
the 14th of October, 1831, and the 14th February, 1832, of T. Biddle and
Co, foreign bills to the amount of 11,794,060 79.
With regard to these large loins, the committee refer to the statement
marked No. 19, by which it appears that, on the 9th of April, 1832, the
total amount of discounts on bills and notes at the l i n k in Philadelphia, was
§7,939,679 52. Of that sum, more than two-thirds were loaned to ninety,
nine persons*, to wit, §5,434,111. More than 113,000,000 were in the
hands of twenty-seven individuals; and nearly one-seventeenth part in the
hands of one person. The committee have already expressed iheir convic­
tion that these large accommodations, to a few individuals, are injurious to
trade generally, and they will add that they ought always to be made by
either the board of directors, or the committees empowered by them for that
purpose. For an eiplanation of this subject, see papers numbered 13 and 16.
Properly connected with this subject, is the accommodation eitended by
the bank to individuals on the pledge of stock. In all the monthly state­
ments of the condition of the bank, prior to the first of March last, there
was no column showing those loans. In that month, for the irst time,* m
far'as the committee can discover, a new column is exhibited, entitled
" loans on other stocks/9 and which appeared, at that time, to have been
transferred from the line called " bills discounted on personal security."
This change was made in consequence of a call for stock loans, by the
'House of .Representatives. A statement of the same was called for, marked
No. 20, which exhibits a list of stocks pledged, consisting of Theatre#hares,
Museum stock, Arcade stock, Railroad and Canal stocks, Coal-Company
stock, Beal Estate in Louisiana, &c. &e, amounting to the sum of
01,713,297 34.
The various transactions, in specie, by the bank, his been a subject of
special notice by the committee, and various statements called for, show
the magnitude of them.
The irst statement, marked No. 21, shows the amount of specie exportei
by the Bank of the Dotted States during the year 1831:
To London, in Mexican coin,
#255,000 €>§
To Paris,
do
do
§20,©§§
Do
In gold,
.
.
.
.
247,000
Do
In mixed bulion,
180,000
— —
1,047,000 m
#1,302,001 111

[ lep. No. 460. J

1J

id. Tie amount of specie eiported since 1819, will be found in the
^statement marked No. 22.
T© England,
- .
. . .
.
2,598,357 00
To Prance,
.
2,257,398 50
. 14,855,755 50
Of this amount there was, in gold,
In bullion,
in silver,

•
-

,-

.
.
.-

2,387,927 50
5§§,717 00
1,871,111 00
84,655,755 50

3d. The amount purchased since 1824, marked No. S3, shows:
Of silver,
.
.
.
.
.
.
605,850 00
pld coin, 17,596 0©
gold bullion,
*
438,000 00
$1,061,446 00
4th, The amount of specie sold since 1S17, marked No.
94, shows it to be
15,184,910 MB
Of which there was, American, gold,
84,734
British, French and Spanish, 48,291
Silver,
5,051 f884
^ ^ _ — .

44
35
50
_ $5,184,910 29

5th. The amount of specie drawn from each of the southern
and western offices, since 1820, to the Bank of the
United States and New York, marked No. 25,
shows the total amount to be '
- - #22,523,387 94
Of which #20,925,990 07 has been drawn to those places
ance the 1st of January, 1823,
- f 20,925,990 §7
6th. The amount of specie (in the same statement) sent to
the southern and western branchei, since 1819, Is
The premium received on the specie sold, is
The premium paid on the specie purchased, is

-

§8S6,47f ©§
-

_ 97,140 56
19,171 85
177,968 71

What proits were midc on the specie exported, the committee did not
call for documents to enable them to ascertain. It must, however, from th«
grett quantity sent away, hive been considerable.

14

[ Mep. No. 400. ]

The committee called for a statement of all the specie imported by the
bank from abroad, since 1S19; but, as none was returned, they presume
none was imported.
What proportion of the gold exported was American coin, the committee
ha¥e not before them the means to determine; it was expected to have been
given in the statements, but, in looking into them, the gold exported is with­
out a designatory name : it is believed, howe?er, the amount is considera­
ble.
In examining this subject minutely, the committee Ind that large amounts
of the specie have been drawn from the olSoe at New Orleans, Of this therecan be no complaint; it is the principal depot for returns of goods shipped
to Mexico, which are almost exclusively paid for in specie, and it cannot be
expected that it will remain there. But the committee suggest whether
the withdrawal of the specie from most of the other ports of the country,
and substituting paper in its stead, might not be highly injurious to those
sections of country subject to its operation.
The subject of the bank's furnishing bills of exchange for the trade of
India, China, and South America, has oeen brought to the attention of the
committee by document marked No. 2S ; and having been so strongly de­
scribed as affording great advantages to the country, in the triennial report
of September last, as m economizing" the specie of the country; the com­
mittee have felt it a duty to examine and present the subject to the conside­
ration of Congress and the commercial community, believing, as they do,
that there is something delusive in the operation. The result of their exa­
mination has led them to the conviction that this new method of dealing in
bills of exchange, does not "economize" the specie of the country at all. It is
a universal law of drawing, that funds must either go before or follow after the
draft to honor it at maturity; and whether it goes directly or circuitously, the
funds to discharge it must sooner or later arrive at the place of payment These
bills are to be paid in England; but they go round the Cape of Good Hope be­
fore they reach their place of destination. Instead, therefore, of sending the
specie directly to India and China, as formerly, who does not perceive that
It must now be sent to England, the country upon which these bills -are
drawn, there to meet them upon their arrival at the place where they are to
be paid ?» The bank consequently becomes the shipper of the specie, to pay
its bills, in place of the merchant,'to purchase his merchandise in the East
Indies. It is simply and purely nothing but a change of the destination of
the specie, with only the advantage of its going to London.
The mode in which these bills are drawn and disposed of to the purchasers,
having twelve months to run, as will be seen by a copy of the obligation taken
by the bank, marked No. 27, the committee consider of doubtful utility to the
country. The legitimate object of banks, the committee believe to be,granting
facilities, nothmning capital. The supplyingof biilsappears even much more
objectionable than loaning capital, for it encourages ai operation which com­
mences and ends without the employment of any capital whatever, and if
similar in their character to respondentia securities. The buyer is enabled,
within the term of credit, to make the voyage, dispose of his goods, and
obtain from the proceeds the funds to meet his obligation, and the bank totransmit the same to the place upon which their bills are drawn, (which are
at six months light,) long before they become due. It would seem to pro­
duce a greater export of specie, eventually, than would otherwise take place,
if the operations weie commenced with specie and not with bills purchased
in the manner described; for the merchant, relying upon his immediate re-

[ lep. No. 460. 3.

II

sources, would not engage to such an extent in the business, and would com­
bine in the operation much of the produce of the country, whereas relying
upon an extensi?e credit, he hazards every thing on the success of the en­
terprise. It is a species of speculation in trade, leading to great risfes, and
certainly terminating in overtrading—the evils of which the country is now
sorely experiencing. By loans of a similar character by insurance companies,
providing funis for traders to China, (Jo vera men t has sustained more loss
than in any other branches of trade.
The increase of the number of branches established since 1828, cannot be
passed over in silence by the committee, and deserves, as a source of ex­
tended influence of the bank, the most serious consideration.
In some few instances, where new branches have been established, per- ,
haps they may hive been called for by the community, and may have been
oseful to them and profitable to the bank, but, in most of the cases, the com­
mittee doubt whether they were called for from public utility, and their
establishment will, in the end, not only prove unprofitable to the bank,
but very injurious to the communities among which they are located. Mr.
Cheve% in a letter of the 27th of May, 1819, to Mr. Crawford, then Se­
cretary of the Treasury, siys : i f 1 am perfectly satisfied that, with the pre­
sent organization of the bank, it can never be managed well. 'We kmwe
§m mmmg branches, and jthe directors are frequently governed by indivi*
immi and local interests and feelings. For a time, we must bear with the
bunches, but i hope they will be reduced."
,
Again, in the same letter, he observes: " the real and original evil undef
which the country is suffering is over-banking. This leads to excess in
trading, manufacturing, building, and speculating, and the history of the illjudged enterprises which have been undertaken in these several concerns,
would give a full history of all the distresses of this country, excepting a
little agricultural distress growing out of the inordinate expectations which
the others excited. ,, These opinions fully accord with the views of the
committee, and they consider them as peculiarly applicable to the present
-time, as exhibiting similar causes now operating with more extended force
from which similar effects must follow, augmented in proportion to the in­
crease of branches.
The stockholders, at the triennial meeting on the 1st of October, 1822,
recommended a withdrawal of some of the branches then existing, in these
words, " In taking into view the business of'the bank, as connected with
its different offices, the committee think it right to recommend to the conti­
nued attention of the President and directors, the necessity of withdrawing
those branches which are found to be unprofitable, and transferring their
funds to other offices which shall seem to require additional capital." Since
this period two have been discontinued, and nine others have been esta­
blished 9 as per triennial report of 1831. These opinions of Mr. Cheveft,
in which the committee have concurred, were approved by the stockhold­
er!, n will appear by the folowing extract from their same report in 1822.
They say, lf they take great pleasure in unanimously declaring that the cir­
cumstances of the bank fully realize their anticipations is expressed at their
last meeting in regard to the President, (Mr. Uheves,) who, by his talents,
disinterestedness, and assiduity, _has placed its affairs in an attitude so safe
and prosperous, as that the burthen of duty devolving upon his succeisur
will be comparatively light.''
The committee eamnot but flrink that, had the succeeding direction of the,

In

[ lep. No. 460. ]

bank been guided more by the opinions and wishes of the stockholders, m
their expressed, and gope on gradually growing with the growth, and In­
creasing with the natural wants of the country, great sufferings to the com­
munity would ha¥e been avoided.
In the year 1819, great abuse** existed in the branches, of which Mr.
Chews speaks, without reserve, in his last report to the stockholders, as
well as in his correspondence wiih Mr. Crawford; and, upon ©tiling the eye
o¥er the monthly statements, it is remarkable to observe what losses have
taken place at the branches compared with the mother bank. For instance,
on the 1st of January last, the loss of the mother bank, on a capital of six­
teen millions and a half, was, in round numbers, #328,000; that of the Bal­
timore branch was $1,662,000, on a capital of one mlHion and a half, sf that
it lost more than its capital; that of the Norfolk branch was #22§,§0§, on
a capital of 500,000, losing nearly one half its capital; and so with"all the
rest of the branches, their losses are out of all proportion to their capital,
and ten times greater than the mother bank, according to the amount of their
respective capitals. These losses, however, were principally incurred prior
to 1819. The proper inference to be drawn from these facts, is, that the
worst of mismanagement has existed in the branches.
'.The "Contingent Fund" has claimed the attention of the committee.
The object for which it was originally created, and the original amount pro­
vided, together with the additional appropriations which have been made to
It, and the manner in which the same have been applied at different periods,
will all be explained in the following documents.
The report of the board of directors, ii July, 1821, published in the
gazettes at that time, marked No. 28; the report of the stockholders at the
triennial meeting in October, 1822; the report of the Dividend Committee,
on the 18th January, 1823, marked No. 29; a statement of the particulars
of the debts "considered lost," marked No. 30; a siatement of the sus­
pended debt and real estate, with the probable loss thereon, marked No 3 1 ;
the statement headed " Contingent Fund," marked No. 32; the sales of
the forfeited bank stock, marked No. 33; and the dividend reports for July,
1829, January and July, 1830, January and July, 1831, marked No. 34.
To these the committee refer for the particulars of the subjects to which
they relate, in conneiion with the " Contingent Fund."
The committeo feel it their duty now to give their views as to the causes
of the present distress in the trading community, and which they fear
may greatly increase. It is an acknowledged principle that LIKE CAUSES I K
ALL CASES, moDWCE LIKE EFFECTS;^ and as, in 1819, contraction followed
the expansion of 1817 and 1818, so, by the stroe rule, must contraction fol­
low the immense expansion of 1S30 and 1831, and like effects and conse­
quences succeed. To illustrate more clearly the position, and bring it home
to the-mind of every one, the following table of tie state of the bank d u ­
ring some of the months of 1818 and 19, and 1831 and 1832, are here e x ­
hibited, embracing the items from which direct calls upon the vaults proceed,
and the Immediate means which remain to meet them, viz. The first, a r e ,
the deposltes, circulation and debts abroad, not on permanent loan. T h e
second, the specie, funded debt, and lotes of other banks. The amount ©f
etch will be found under their proper heads, at the various' periods-men­
tioned.

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-18

,

, I Rep. No. 410. J

The preceding table Ihows that, at no period in 1819, when the t i n t
was very near suspending payment, was it leasable to extend relief to a suf­
fering oommiMtlty as at the present moment. In April of that year, the
month in which its difficulties were the greatest, its means of specie, notes
of other banks, and funded debt (which could have been turned into specie
or notes of other banks) amounted to upwards of ten millions-of dollars;
and the whole demands, which could come against it in the same month, of
, circulation, deposites, and debts owing abroad, amounted only to about fourteen*millions. But the committee feel bound, in candor to state, that this
was after a number of months of constant contraction, not only by the Bank
of the United Stales, but also by most of the other banking institutions of
the country, where a general exhaustion.had been produced. It was on the
6th April, 1819, that Mr. Crawford, then Secretary of the-Treasury, writes
to Mr. Cheves thus: " It is even doubtful whether it is practicable, with
all the exertions which it is in your power to make, to continue specie pay­
ments through the year." Under .the same date, he says, fl My impres­
sion is, that the safety of the _ bank can only be effected by withdrawing
• nearly the whole of its' paper in circulation. If the bank does this, all
other solvent banks will be compel led to do the same. When this is ef­
fected, gold and silver will be introduced into the country, and make a sub­
stantial part of the circulation, and enable the banking institutions gradually
to resume their accustomed operations. Whilst this is effecting, the com" munlfy, in all its relations, will be greatly distressed. Considering the ex­
tent of the suffering, it is greatly to be desired that some good may result
from it."
The committee believe that the course of operations by the bank, during
the years 1830 and 1831, have been nearly of a similar character to those of
the years 1817 and 1818. Drafts and notes, payable at distant offices, were %
then freely discounted at the Bank of the United States, and the different
offices. Bank notes were issued by the bank without regard to the wants
of the community, or the effect upon the circulating medium, which be*
came depreciated, driving the precious metals from the country; and, until
the reaction had operated to check them, led to extravagant speculations,
which ended in ruin; and relief was not obtained until the circulation of
the Bank of the United States had been reduced to about 4,000,000 of dol­
lars. Before this was accomplished, the expedient was resorted to of cur­
tailing loans; and, while they were doing that, they continued the issue of
bank notes, thereby continuing the evil which they were striving to avert.
What is the state of the Bank now?
On the 1st of March, (see monthly statement marked No. 35,) the bank
had f§,8(M)f(MM) specie, f t , 840,000 notes of other banks, and of funded debt
none!! making an aggrepte of Si,640,CM)0 to meet its circulation of*
113,717,000, deposites $17,050,000, and foreign debts owing III,876,00%
making an aggregate of §42,§43,000; and this evil exists while a reaction or
contraction is operating to a considerable extent
This contraction commenced in the 7th of October last, and is evidenced
by the following circular, which Indicates, beyond all doubt, that thtf bank
had over traded.

[ ~ p. No. 460. ]

Ifl

CIRCULAR.
BAWK UNITED STATES,

Ociober7f 1831.
SIR: The unusually heavy reimbursement of six millions of funded debt,
which was, on the 1st instant, advertised by the Gowernment to take place
on the 1st and 2d days of January next; but which, according to a subse- *
qoent notice from the Treasury Efepartment, under yesterday's date, may,
it appear?, be demanded of the bank, by the public creditors, at any ptriod of
the present quarter, is, calculated to press very inconveniently upon the par*
«nt bank, and upon the office at New York; the more so, from our uncer­
tainty as*to the time when the necessary provision must be made, and from
the prevailing active demand for money. Be pleased, therefore, so to shape
your business immediately, as that, without denying reasonable accommoda­
tion to your own customers, or sacriicing the interest of your office, you may
throw, as early as possible, a large amount of aFailable means into our hands
in Philadelphia and New York, and, at the same time, abstain, as far as prae- .
ticable, from drawing upon cither of those points; checks and short drafts on
the local banks, and on Indiwiduals, will prowe particularly acceptable for
several months to come, and whenever direct claims of that kind, on those
two places are not to be procured, you might materially aid us by taking
drafts upon the large cities nearest to them.
1 am, respectfully,
Your obedient servant,
W. McILVAINE; Cashier.
Addressed to the CASBIJEMS of all'the offices.
Since tie 1st of September last, the bank his diminished its means to
meet the demands which may come upon i t First. The whole of the funded debt which it then held 453,437,661 die
Second. The difference between the specie it then held $ 11,545,116 51
And the amount it possessed on the 1st April - • 6,799,753 63
4,745,862 88
Making an aggregate diminution of its means to meetite momentary de­
mands, since the 1st of September, of 88,243,043 94, while, during the
name period, those demands hawe increased #4,197,871 5-1, viz. the tirculatUm, deposltes, and foreign debt, the aggregate of which, was, on the 1st of
September, 138,452,758 67, and on the 1st April.$42,650,630 18. The'
measures and the effect mppear to be similar to those preceding 1819. The
extensive discounting of domestic bills and drafts, payable at distant branehv
es, the amount being, on the Ht of April, per monthly statement,
820,334,748 79. The orders for curtailing at all the western branches,
and the curtailing at the principal offices in the Atlantic cities, and at the
Bank of the United States, the amount of which, at the Bank of the United
States, between the Sth day of January and the 29th day of March, m
§1,810,403 37; at the office of New York, between the 4th day of January
and the 28th day of March, is $259,305 43; at the office of Boston, between the Sth day of January and the 29th day of March, is $167,860 85;
(and that, too, on a discount line of less than two and a half million of dol­
lars;) at the office of Baltimore, between the 16th of January and the 2d dap

80

'

[ Rep. No. 460. ]

of April, #123,741 S3, and on a discount line of little mdre than two mil­
lions of dollars, is will-beBeen by the weekly statement of those offices and
the Bank of the United States, marked No. 36.
- The most remarkable feature which presents itself to the ¥iew of the
committee, connected with the present situation of the bank, and the
course of operations upon it since the 1st of September last, is the increase
in the circulation of Its notes, which amounted, on the 1st September, to
.#22,899,447 52f and on the. 1st April to 828/17,441 14, making the in­
crease of #l f 3l7 f 993 62. During this |Jerlod, the bank undertook to check
the exportation of specie by supplying bills at such a rate as left no induce­
ment for indiFiduais to ship it; to do which, they exhausted all the funds
which they could procure from every source. Over £5,000,000 were re­
mitted, as per statement marked No. 16, tod still left 'them with a debt of
more than $l,7§0,0iCI In Europe at this period. The cause which led to
that necessity yet exists, with an increase to the extent of the increase
of circulation, and but for a decline in the price of specie in Europe, it
would still continie to be.exported.
The committee would present another striking tnalofry between the situ­
ation of the bank in April, i s i 9 , and its present condition. At the first
mentioned period, Mr. Cheves informed the Secretary of the Treasury that
the bank could not pay the Louisiana debt of three millions, without nego­
tiating a loan in Europe, and two millions were actually^borrowed in Europe,
the indulgence of the Government being obtained to that effect* The bank
tt this time is preciaely in the same situation; it has asked the Government to
postpone the redemption of the three per cents, from 1st of July to 1st of Oc­
tober, and has assumed the payment of one quarter's interest on these stocksf
being substantially equivalent to borrowing seven millions of the Govern­
ment's money for three months.
The supplying-of exchange by the bank, as lias been done for the last five
months, and the curtailing of discounts, are but mere palliatives, as the com­
mittee fully believe| and they are persuaded that no measure can be invented
to restore a souad currency, and a regular state of things generally, and give
a solid and peremnent value to property, but the withdrawal of a large por­
tion of notea onwin circulation by the bank, which will compel other banks
to do the same.
The committee will here' introduce a quotation from Mr. Rush, in his
Treasury report in 1S2S, which fully accords with their sentiments. c< lt v
is the preservation of a good currency which can alone impart stability to
property, lad present those fluctuations in its value, hurtful alike to indi­
vidual and national wealth." Again, lie says, "this advantage the bank
has secured to the community, by confining, within prudent limits, its issues
of papep, whereby a restraint has been imposed " upon excessive importa­
tions, which are thus kept more within the true wauls and capacities of the
country." According to the triennial report of the directors to the stock­
holders, on the 1st of August, 1828, the amount of circulation then was
§1^,045,760 71; and on tlue 1st of April last, as' before Mated, it was
.$23,717,441 14; presenting the astonishing difference of £10,671,680 4 3 ,
in Jess than four years. Can this be considered, according to the sound doc­
trine of Mr. Mush, confining its issues of paper within prudent limits,
whereby a restraint ha.s been imposed upon excessive importations? That
great contractions aro injurious, the commiil.ee consider they hare adduced an
authority Jhat cannot well bo doubted, and that a great one is now in operation

I

[ l e p . N t . 46.0. ]

81,

1

^

there ire to© many general evidences In confirmation ^of the fact, to be refuted. A particular one will suffice, which is taken from the documents called
for by the Senate, and presented to that body by the Secretary of the Trea­
sury on the 12th day of March last; in which will be found a communi­
cation from the President of the bank, stating that the amount of branch
notes redeemed by the Bank of the United States at Philadelphia, during
the month of February last only, to be £726,000; and the amount redeemed,
in 183f, during the same month, was only §368,91§.
■in a letter under date of, the 26th of March last, to .tie chairman of the
* committee, the President of the bank says " that the amount of branch
notes redeemed at the New York office during the year 1831, was 813,219,§35, and at Philadelphia, 86,3§8,8G€», making a total of fl8,§l8^43S, with
an increase of circulation between the 2d of February, 1831, and the 2d of
January, 1832, of pore than six millions of dollars, as per monthly state­
ments, and a decrease of its means, between the 2d of February, 1831, and
1st of April, 1832, td meet immediate demands, of more than twelve mil­
lions of dollars, viz.
In specie, funded debt, and notes of other banks, which, at the first named
date, amounted, as per monthly statements, to
121,756,668 10
And the list to "9,640,000 00
' 812,116,668 10
Making, as just stated, a diminution in the active means immediately ap­
plicable to the extinguishment of its debts, of considerably more than half of
Its former capacity, to effect the same object.
With such an Increase of issues, and the inluence of a most powerful re­
action now operating upon the fiscal energies of the country, as is exhibited
by the difference of the redemption of branch notes at the periods and
places above mentioned, together with such a reduction of its means, to
meet its engagements, must, we fear, compel them still further to curtail
their accommodation!.
It is evident from the circulars addressed to the branches, and correspondcnce with them since October last, that the chief object of the bank has
been to sustain itself! • The statements accompanying this report, clearly
proving that the bank has not increased its facilities to the trading commu­
nity in any part of the Union.
The Bank of the United States, among other conditions of its charter, is
bound to make collections of the public re?enue,,to transfer the fame, or
any part thereof, from one point to another that may be required, and to
make any and all payments for the account of the .Government, whether
for principal, interest, civil list, army, navy, pensions, or for any other
purpose whatever, free of all and any charges for such ser?ices.
For performing this duty, the* bank has claimed, and has received from
the Treasury Department, and the country generally, for some years past,
merit to an extent that could not have been surpassed even If all those ser­
vices it performs were gratuitous. This and other circumstances have lei
the committee to an investigation of the subject, as far as the limited time
would allow, before closing their labors, to see how far the bank Is entitled
to the credit bestowed upon it, and to what extent the bank has aided the
Government in its fiscal operations; beyond the obligation imposed in obe­
dience to its charter..

ftk

.

[ Rep. No'. 460. ]

T i e Government In its collections through the Bank of the United States,
receives nothing but specie or notes of the Bank of the United States, and
makes its payments in nothing else. If the notes of ,State batiks are re­
ceived by the 'bank in place of their own, it is a private matter between
such banks and the Bank of the United Slates, and one with which the
Government does not concern itself, and it is to be presumed that the Bank
of the United States is too watchful'and vigilant in the protection ofjts own
interests, not to see that it obtains from the State banks, for the notes thus
taken, specie or its equivalent, or its own notes in exchange, and thereby
be provided with a fund, from the collection of the revenue, equal in value
to that in which they are required to pay.
The largest portion of the revenue, particularly from imports, as is uni­
versally known, is collected in the Atlantic cities, north of the Potomac.
Those cities being the great marts of supply. to nearly the whole of the
United States, and places to which remittances centre from almost every
part of the country, creates a demand for funds upon them from nearly ev^ ,
ery quarter constantly, and generally at a premium. Therefore, so far as
the bank is called upon to transfer funds from those cities to other places, it
becomes a matter of profit, and not of expense to it, and the greater the tils—
tance the greater the premium; and the larger the amount thus required to
be transferred by the Government, and the greater the distance, the.greater
the profit and advantage to the bank.
That the bank has aided the Government thus far, the committee are una­
ble to discover, or that they are under any obligations to the bank for those
services, they are also.at a loss to imagine. How far the bank has aided
the Government in its fiscal operations, as it claims to have done, will be
.seen by a communication from the President of the bank to this committer,
hereafter adverted to in another part of this report; and also in-a report of
the committee of the stockholders at the triennial .meeting on the 1st Sep­
tember, 1831, in the following words: ".That the bank, through the whole
course of its operations, has effectually assisted the Treasury in the collec­
tion and distribution of the public revenue, and that, of late years, it has
been signally efficient in preventing the discharge of the public debt from ,
disturbing the operations of commerce,' or the value of pecuniary invest­
ments."
Now, the committee are notable to discover upon what principles the fore­
going declaration is made. By referring to the correspondence, in 1819,
between the then President of the bank, and the then Secretary of the
Treasury, the committee discover that the bank was then applying to the
Treasury Department to aid it in its operations, and was receiving all that it
could promise.
On the 20th March, 1819, the President of the bank closes a communi­
cation to the then Secretary, Mr. Crawforfj, thus: a 1 have ventured to trou­
ble you with those views, with the hope that you will pardon -the liberty,
and with the conviction that if you can serve this institution in any-of them
which you shall deem consistent with the public good, you will feel a plea­
sure in doing so." The Secretary of the Treasury, in closing his answer
under date of the 27th March, 1819, says, "every facility which it is in
the power of this department to afford the bank, in its efforts to. support
specie payments, and restore the currency to a natural state, may be confi­
dently relied upon."
By a reference to a statement of the public deposites in the Bank of the

[ Hep. No. 460. ]

•

23

Uoited States each month, from March, 1818, to Marchy 1832, inclusive,
marked No. 37, it will be seen that, from the 1st of January, 1823, up to
the month of March, 1832, there has been only one period, (November
1825,) when the public deposites did not exceed four millions of dollars, in
the hands of the bank, and they frequently amounted to eight, nine, ten,
and eleven, and, on one occasion, to twelve millions of dollars.
By reference to document marked No. 38, it will be found that, since the
month of March, 1824, at all the different periods immediately following
the redemption by the Government of portions of its funded debt, there is
no one time when-the bank#was not left with more than one million and a
half of dollars of public deposites; and, in many instances, with four and five
millions, which sums were, immediately- after, increasing by the constant
accumulated collection of the public revenue.
The bank, is it collects the revenue, knows, or ought to know, that it
mill be called upon by the Government to reimburse it, and, in all cases of
redemption of the funded debt, three months* notice is given by the Treasu­
ry of such intention. With such notice, and with proper management on
the part of the bank,-the committee cannot see that either the Government
requires any aid, or that the community can be affected by the course of the
operation.
The bank has its legitimate banking capital with which to do its regular
business, and accommodate the community. As it collects the public reTenue, it is enabled both to avail itself of the advantage of employing it to
its own benefit, and the accommodatian of the commercial community who
principally contribute to its'payment, by commencing the discounting .of
business paper, payable within or about the time they know-they will be
called upon to make the payments on account of the Government; and, as
they gradually approach that period, they-must also shorten the period
which the business paper has to run, until they arrive at the time the call
from Government is made upon them; when the business paper will
have been paid off, the bank then pays the Government, and the Govern­
ment immediately again circulates it among the community.
The operation, as thus described, appears to the committee too plain and
.simple to require any further illustration; and if the principle is sound, and
has been acted upon by the bank, they cannot discover in what manner the
operations of commerce could have been disturbed, or the value of pecunia­
ry investments have been affected by the payment of the public debt by the
Government
But if the bank has, as the public revenue has accumulated to the credit
of the Treasury Department, gone on discounting upon it, or loaning it out;
disregarding the period when they would be called upon to reimburse it,
the committee can readily perceive that, when that order arrived, they
would be found not only deficient in preparation^ but in a state of surprise, and
that the payments would first embarrass the bank, and then lead it to press
and embarrass the commercial community.
From the observations made, and the examination'of documents during
the course of this investigation, the committee have strong reason to ap­
prehend that the course pursued by the bank has been upon this latter prin­
ciple. If sp, the hank has incurred a high responsibility.
The committee believing the subject of the late postponement of i por­
tion of the 3 per cent stocks, intended, as they understood, to have been
paid on the 1st July by the Government, to be within the prefinee of their

I Rep. No. 460. ]
inquiries. And belie¥ing, also, that it had a strong connection with the pre­
sent state and situation of the affairs of the bank, and for the purpose of en­
abling them to form a correct and true opinion upon that subject, they made
a call upon the President of the bank for the correspondence In relation to"
the postponement of that payment in the following words: u will you please
give a copy of the correspondence connected with your application in
March last, requesting a suspension, by the Government, of the payment of
a portion of its debt intended to have been made on the 1st July next, or a
statement of the arrangement made in relation to that 9ubject;f, which
correspondence was communicated by the President of the hank, with the
following remarks:
' u i baYe made no application to the Government, nor have 1 requested any
;
suspension of the payment of any portion of the public debt.
" ' T h e inquiry, I suppose, relates to this circumstance: 1 received a let­
ter from the acting Secretary of the Treasury, dated the 24th March, 1832,
informing me that Government was about to issue* notice on the 1st April,
of their intention to -pay, on the first July next, one half of the three per
cent stock, and to do it by paying to each stockholder one half of the amount
of hit certificate. He added,
<<:
If any objection occurs to you either as to' the amount or mode of pay­
ment, I will thank you to suggest i t "
11
Thus invited by the Government, In a communication marked "confi­
dential/' to give my opinions on a measure contemplated by the Government,
1 felt it my duty to express my views of its probable operation; in my replyf
therefore, dated 29th of March, 1 stated • thaVso far as the bank is concerned,
no objection occurs to me, it being sufficient that the Government has the ne­
cessary amount of funds in the bank to make the contemplated payments.'
1 then proceeded to observe, that, in the present situation of the commercial
community, and with a very large .amount of revenue^ (amounting to nine
millions,) to be paid before the 1st of July, the debtors of the Government
would require all the forbearance, and all the aid that could be giFen them ;
and that the payment proposed, by creating a demand for the remittance of
several millions of dollars to European stockholders, would tend to diminish
the usual facilities afforded to the debtors of the Government, and might enianger the punctual payment For this reason, 1 thought it. for the interest
of the Government to postpone the payment till the next quarter. 1 further
stated that the plan of paying to each stockholder only one half of his loan,
would not be so acceptable as if his whole loan were repaid at once.
11
Having thus performed my duty in giving the opinion asked, 1 left it, of*
course, to the Government to decide. On the part of the bank, 1 sought
nothing, 1 requested nothing. After weighing the circumstances, the Government were desirous of adopting the measure, but the difficulty 1 under­
stood to be this: that the sinking fund would lose the quarter's interest, from
July to October, of the sum intended to be paid in July; and that the Oo▼eminent did not feel itself justified in making the postponement, 'unless
that interest could be sa¥ed, but that it would be made, presided the bank
would make the sinking fund whole on the 1st October. To this! said, that,
is the bank would have the use of the fund during the three months, it
would consent to save the sinking fund harmless, by paying the three months'
interest itself; and so the matter stunds.
«N©w it will be seen, that the bank, in all thi% has had not the lent
apacy, except to offer its opinion, when it was asktd, in r e p n l to a meat

9

[ Rep- No. 460. ]

35

sure proposed by the Government; and then to offer its aid in carrying that
measure into operation."
The committee- cannot discover any ability which the br>nk possesses, or
will possess, to give increased aid to the public debtors in the payment of
the nine millions of dollars falling due (as is said)»in the quarter ending with
the 1st of July; but, on the contrary, they believe that such is the situation
of the bank now, and such will be the demands which it will be called upon
to meet, that it will require the aid of all the accumulated collections for
the Government, to sustain itself. The committee are fully of opinion, that,
though the bank neither " sought" for, nor " requested" a postponement of
the payment by the Government, as stated in the declaration of the presi­
dent, yet if such postponement had not have been made, the bank would
not, on the 1st of July, have possessed the ability to have met the demand,
without causing a scene of great distress in the commercial community.
The committee are unable to discover in what manner the bank could
afford to aid the Government in carrying into effect the measure they pro­
posed, which the president of the bank, in his remarks, speaks of having
proffered to them. All that the Government could ask of the bank on the
1st of July, or at any other time, would be, to pay over to them the amount
it had collected for their account, when they wished to employ it—the same
as a principal would call upon his agent to pay to him moneys which he had
collected for his benefit.
By document marked No. 39, it would appear, that, on the 13th day'of
March last, the bank was aware of the intention of the Government to pay
off, during the year, a great portion of the 3 per cent, stocks; and the sub­
ject of making an arrangement with the holders, was, on that day, referred,
by a resolution of the board, as follows:
Resolved, That the subject of the communication just made by the presi­
dent, he referred to the Committee of Exchange, with authority to make,
on behalf of the bank, whatever arrangement with the holders of the 3 per
cent, stocks of the United States, may, in their opinion, best promote the
convenience of the public, and the interests of this institution.
This proceeding on the part of the board, nearly two weeks before they
were officially informed of the intention, by the Government, to make the
proposed payment on the 1st of July, demonstrates fully, to the minds of
the committee, an acknowledgment, on the part of the administration of the
bank, of its inability to meet the demands which the contemplated payments
of the Government 3 per cents, would bring upon it, without producing the
distress before alluded to.
In a letter to the Secretary of the Treasury, from the president of the
bank, dated the 29th March, 1832, marked No. 40, is the following: " Ow­
ing to a variety of causes, but mainly to the great amount of duties payable for
the last few months, there has been a pressure upon the mercantile classes,
who have been obliged to make very great efforts to comply with their en­
gagements to the Government That pressure still continues, and it may be
prolonged by the same cause—the amount of duties still payable during the
next three months; this state of things seem to recommend all the forbear­
ance and indulgence to the debtors which can be safely conceded. The in­
convenience, then, of the proposed ifneasure is, that the repayment of six or
seven millions of dollars, more than half of which is held in Europe, may
create a demand for the remittance of these funds, which would operate in­
juriously on the community, and, by abridging the facilities which the
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[ Hep. No. 460. ]

debtors of the Government are In the habit of receiving from the bank, may
endanger the punctual payment of the revenue, as the bank would necessa­
rily be obliged to commence early its preptriticins for the reimbursement of
ao large in amount of public debt.
11
My Impression, therefore, is, that with i view to the safe and punctual
payment of the public reYenue, the Government would be benefitted by
postponing the proposed payment of the public debt to another quarter, oy
which time the country will sustain less Inconvenience from demands on
foreign account"
The committee are obliged to dissent from the views expressed by the
president in the foregoini extract. The committee cannot believe that the
ressur© which has, and which continues to exist since October last, is attriutable f* wmimly to ikegremi mmmsmi of dmiimpayable for ike hut few
mwniksJ9 The committee believe the operations of the Bank of the United
States In Philadelphia, and the offices In Bdtlmore, New York, and Boston
the four principal places where bonds are payable,) during the last quarter,
urnish evidence to the contrary. By a reference to the weekly statements
of the Bank of the United States, the offices at Baltimore, New York, and
Boston, from July, 1831, to April, 1832, marked No. 3§, It will be seenf
that the amount of reductions on discounts and loans lit those four largest
commercial cities, during the last quarter, taking the maximum amount in
January last, and ending on the 1st of April, is g2,4§8,4S§ 76, or, In round
numbers, two millions and a half of dollars. This reduction by the bank and
its branches, has probably compelled a similar reduction on the part of the
State institutions, in proportion to the amount of their loans In each of those
laces. In this, and in this alone, the committee are fully persuaded is to
e found the true secret of the pressure which has existed, and does still ex­
ist, operating upon the commercial community.
That this pressure will continue for some time to come, the committed
fear; for the expansion has befen so great, that the contraction which is now
in operation, cannot, In the opinion of the committee, be effectually checked
or controlled, without a necessary curtailment of discounts.
^ If the bank possessed the ability to sustain Itself without curtailing its'
discounts, the retenue falling due the present quarter might be cnllectedt
and facilities granted during the time, upon the principle before pointed
out, to the commercial community, and disbursed again by the Government,
without any inconvenience being caused by the operation. But such abili­
ty the committee are well satisfied the bank does not possess, nor can It at
present command. Besides the diminished means of the bank previously
mlluied to, through the loss of five millions of Its specie, its foreign ex­
change and other resources, one of the great difficulties under which it now
labors In paying the public debt, Is its being compelled to receive the public
revenue in the Atlantic ports, in a currency, to wit, branch notes and drafts
©f the western offices, not promptly convertible, and to pay the public debt
In current money.
.Without a large abridgment of the usual accommodations, which will, of
course, greatly distress the community, the committee are under the
•trongest conviction that It will be little better able to meet the pressure
the Government payments will cause »on the 1st of October, than they
would have been on the 1st of July. The words of Mr. Crawford, In
a -letter dated 6th of April, 181S, to the president of the bank, the
committee consider peculiarly appropriate here to introduce. " Pallia-

f

}

C

[ lep. No. 460. ]

'

27

ation*raay prolong the existing embarrassments, and9 by exciting the hopes
and fears of the community, aggravate the existing evils, but cannot in­
fluence the final result^
In another letter^ dated the 9th of April, 1819, to the same gentleman,
he ^says: "Banks, in order to secure specie payments, must approximate
their circulation and individual depositee to a sum justly proportioned to the
amount of specie in their vaults. Any thing short of this, will keep them In
a precarious state, and postpone the period when banking operations can be
safely prosecuted u p n ordinary principles."
Wifen an institution, with investments amounting to seventy-five millions,
commanding the foreign and domestic exchange of the country, monopoliz­
ing lie Government deposites, cannot, at the moment when we are exporti ^ © u r annual crop of cotton, amounting, by the admission of the president
« p t t e 'bank, to twenty millions of dollars, (but really nearer thirty,) trans­
fer a few millions of its funds abroad to pay the Government debt, without
fgibarmssing its operations, and seriously distressing traders, is there not
reason to believe that its business has been too much and too rapidly ex­
tended?
•
, In the late letter of the president of the bunk to the Secretary of the
TjJjWy» #°f the 29th March last, there is the following postscript: "As
trfmitretion of the effect of the measures I have suggested, 1 may men­
tion that, in the month of February last, the collector of New York, with a,
laudable anxiety-to protect the public revenue, applied to the bank to an
thorize an extension of loans in that city, in order to assist the debtors to
the Government This was prempty done; this I should desire to do again,
m the payments to the Government during the next quarter will probably
be very large."
Upon a reference to the weekly statement of the office at New York,
from July,^ 1831, to April, 1832, before alluded to, the committee find no
aggregate increase of loans; but, on the contrary, they find that there has
been a reduction in the amount, viz. the amount on the 29th February be­
ing less thaij on the 2d and the 8th days of the same month, and 8140,000
less on the 2Sth day of March, than on the 29th day of February previous.
By examining the statement No. 36, it will be seen that the total amount
©f discounts at the New York branch, between the • 4th of October, 1831*
ani^the 28th of March, 1832, were actually diminished 1468,447 17, while,
during the same time, the bonds paid at that port amounted to between nihef
and ten millions of dollars.
The committee, in order to ascertain the precise manner in which' the
annual election of directors has been conducted, called, at an early period of
the investigation, for the following document, viz. " A statement of the
number of votes given at each annual election of directors since that of 1828,
the whole number of votes given, the number given in person, and the num*
ber given by proxy, and, in the latter cue, by whom;" which statement wan
mot furnished the committee, but the statement, marked No, 41, was furnish*
IML This shows the whole number of proxies to be 4,533f of whickth©
president holds, exclusively, 1,436, and, as a trustee in conjunction with
©tiers, 1,684, which gives him, without intending to impugn the exercise
of the power, decidedly a preponderating control in the election ofiirectors—
a power which was never contemplated by the charter. -So far from it, that
instrument, as well as subsequent laws passed by Congress, have studiously
endeavored to prevent the ?ery mischief which this accumulation ©f proxiea

.88

[ Hep. Nn. 460. J

in the hinds of one person is most obviously calciiatei to produce. T i e
darter his limited the votes of the largest stockholder, no matter wha*
y
be the number of shares, to the number of thirty, clearly with a view to
prevent the whole affairs of the bank from falling into the hands of a few
individuals. It isto©powerful an engine to be controlled by one mun alone,
md this must be apparent to the good sense of every ©no; yet, notwithstand­
ing this restriction, by the use of proxies, individuals, with little ©r no im­
mediate interest, cm perform what those possessing a direct and deep inte­
rest are prohibited from doing. Connected with this subject, there Is one
which ought not to go unnoticed. The charter positively requires twentyJive directors: for some years past, as appears by the list of directors, marjked
No. 42, there hive been but twenty-four—the president of the bank holding
the appointment from the Government and.the stockholders at^ the same time.
The majority of the committee cannot pass over mentioning the subject
©f the sums psid for printing. By reference to a statement furnished. the
Senate in March last, it will be seen that, from the period of the establishment of the bank9 after the yemr 1817, up to the year 1829, the sum pkid for
printing in anyone year, has not exceeded 0867 19; and, in some years, it
tin been reduced if low as f 124 and f 165 50. But, in 18309 the amount
'if swelled to the sum of #6,762 54; and, in 1831, to Si, 187 94. In the
year 1817, the year li which the bank wis established and went into opera­
tion, and consequently a greater cipense win; incurred, the eipcnse for
printing wis $3,226 15.
What circumstances occurred or existed during the years 1830 and '31, t©
require such an unusual increase in this branch of eipenie over the preceding
yetn, in the ordinary course of its business, the committee have been unable
to discover,' though they called for the accounts under this head of expenditore, but hive not yet received them. In the same document is contained the
sums paid to f< attorney a," annually, since the establishment of the bankThis subject, owing to their limited time, the committee were unable to in­
vestigate. Sufficient, however, came to their knowledge to justify the be­
lief that the sums returned as having been paid to f l attorneys, n embrace only
what was p i d to them in that distinct character; that the suits paid to ##lieitors and eounsettors for the bank, are not in the amount given.
The committee addressed the following inquiry to the president of the
bank,'believing that it involved a fact which will be useful to Congress in
its' future legislation on the subject of its charter.
"Did Mr. Ellsworth, or any one else of the State of Connecticut, as aslessor of taxes of that State, write to request you to give him a list, of stock­
holders belonging to that State for the purpose of taxing them according to
a law thereof?"
The president replied: l f l n December, 1829, Henry L. Ellsworth, of
Hartford, in^Connecticut, addressed a letter to me, requesting to be furnish' e i with a list of the stockholders of the bank residing in Connecticut, for
'the purpose of taxing the stock. The request was declined, for reasons
which will appear in the correspondence hereto annexed;w to which the
committee refer, marked No. 43.
•tie committee, in calling for various statements, hive collected t num­
ber of useful documents not referrible to any particular head, but, as contain­
ing amatfof useful information, they present them to the House, syhject to
their f.iture order, and, if found necessary, to be appended to this report,
when it, together with the papers t© which it wftw, shall be published.

[ Rep. No. 460. ]

$9

The committee feel authorized to stale that they have not been able to
five, even the parent bank, that investigation which its extensive opera­
tions deserve, much less the branches,—in some of which there have been
aubjects of complaint, but which they have been compelled to abandon for
the want of time.
The committee that investigated the affairs of the bank in 1S19, when
it had been but two years in operation, with its business much less extended
than at present, were engaged, as it would seem from the records of that
day, from the 30th of November to the 16th of January, before they re*
ported, and then they had not made as thorough an examination as the
transactions of the institution seemed to require. At the present time, with
a greatly enlarged business of sixteen years' accumulation, and twenty-five
branches, whose operations have been charged with signal instances of irre­
gularity, the bank requires a much more minute examination than the com*
soiUee have been able to give it
. There have been many statements called for, which the business of the
bank, and the shortness of the time alUwed for the investigation, would
ndt admit to be furnished. The committee were particularly desirous of
ascertaining how far the payment of the public debt, and throughout the
whole term of the existence of the bank, affected its operations, and called
for all the resolutions and correspondence relating to that subject since 1817,
but have only received such, as related to the three per cent, loan, and the
circular of the 7th of October last.
On the subject of specie payments, domestic and foreign exchange, in­
vestments in public debt, by the bank, in 1824 and 1825, and its ability to
make loans to the Government, the influence of the operations of the bank
upon trade,—on the increase of the paper circulation of the bank,—its
agency in diminishing or enlarging the circulation of local banks, and the
means of permanently regulating our general circulation, go as to prevent
its injurious effects upon the trade and currency of the country—all matters
of vital importance in the re-organization of the bank;, concerning which,
the committee submitted a number of inquiries to the president of the
bank, who has not been able, from the press of his other indispensable du­
ties, to answer; and which queries are appended to this report. The inves­
tigations, however, which have been made, imperfect as they were, fully
justify the committee in saying that the bank ought not, at present, to be
rechartered.
It is obvious, from the statements submitted, and the correspondence
with the Treasury concerning the public debt, and the fluctuations of the
revenues of Government, that these have hitherto essentially affected the
general circulation and operations of the Bank of the United States. It
would, therefore, seem to your committee to be most judicious not to act
upon the question of re chartering that institution, or of chartering any
other national bank, until the public debt shall have been paid off, and the
public revenue shall have been adjusted to the measure of our federal ex­
penditures.

Digitized by

30

' [ lep. No. 4§f *

QUESTIONS SUBMITTED TO THE P1ESIBEPT <
! BANK Of THE OTffTlH
STATES, BY MR. CAMB„____. J .

Examination of the President of'the Bmnk of the United States^ on the
question qf the restoration qf specie payments on the 2Qtk qf Februa­
ry, IS 17, and the mgenc§ of the bam& in aecomptmhing that object.
I. What, In your opinion, were the causes which enabled the banks to
resume specie payments la February, 1817?
£• Are not specie payments, and a specie currency, naturally restored in
every country upon the return of peace and confidence, after trade has re­
covered from the shock of the irst reaction, where gold and silver ire the
only lawful tender, and where banks are required to redeem their notes in
specie?
3. Suppose that specie was, in January, 1815, 15 percent, higher than
New York bank notes, and that It fell when we received the intelligenc© of
peace to 2 per cent premium; what, in your opinion, produced the fall in
the price of specie?
4. Supposing specie to have risen in October, 1815, to IS per cent, and,
in January, 1816, to 20 per cent in New York: to what cause would you
attribute that rise?
5. Would not the hea¥y importations necessarily lowing into the country
to supply a market exhausted by a Ihree years' war, have a tendency to
raise the price of specie?
6. Suppose that the Secretary of the Treasury had directed the revenues
of the country to be received In Treasury notes, or In the notes of such
banks as would exchange their paper for Treasury nofes; what effect, in
your opinion, would It ha?e upon the currency?
7. Supposing the notes of the Baltimore banks to be 20 per cent, below
the ¥alue of the specie paying banks of Boston, would not such i Treasaty
order substitute the depreciated paper of Baltimore for a sound currency,
and necessarily raise the premium on specie, and was not that order the
principal cause of the rise of specie In 1815 and 1816?
8. Suppose that the Government negotiated a loan after the war, receivable In Baltimore bank notes, was not this another cause which produced
the rise in specie, and would not such a negotiation also affect the currency
unfavorably?
S. What was there to prevent the State banks from resuming specie p y «
»ents In November, 1816, when specie, In New York, was at If per cent,
premium, being 1 per .cent, lower than it was in February, 1817, when
specie payments were actually resumed?
10. Had they disposed, of their Government slocks, could not the banks
have resumed specie payments at any time after November, 1816, and with
facility?
I I . Bid not Congress adopt a realoution, on the 80th April, 1816, requiring specie payments for Government dues, and was not the bank the
agent of the Treasury in executing It?
12. Was not that resolution fenforced by the Government with a revenue
at that time amounting to 30 or 40 millions,) the immediate cause of an
earlier resumption of specie payments?
. is. Suppose that the experience of England corresponded with our own
after the war, and that the price of gold sunk below the mint price four and
a half pence per ounce, to what cause would you attribute tint fill?

X Rep. Na. 460. ] •

SI

14. DM not the Bank of England notes, which had been, in 1814, twen­
ty -five per cent, below the value of gold, rise, la 18IS, to within two and a
half per cent, of their par value?
15. Did not the Bank of England give notice, on the first day of January,
1§17, that it would pay off a million sterling, and did not it actually com­
mence paying in specie?
l i . Did not the Bank of England, in October, 1817, give a further notice
that it would pay in specie all its notes dated prior to IS 17?
17. DM it not continue to pay in specie, although the restriction act had x
been continued by Parliament till'the 5th of January, 1819, and did not the
bank pay, from the 1st of January, 18|7, to the first of January, 1819,
M6,75i,0CI0 sterling in specie?
18. Was not this second attempt of the Bank of England to resume specie
payments defeated by Parliament in prohibiting them from paying their notes
in upetier4
l i . In resuming specie payments the third time, did not the bank com­
mence one year before the period required by Mr. Peel's bill?
f 0. What, in your opinion, caused the rise in Treasury notes, which, In*
December, 1814, sold in Boston tt twenty-five to twenty-seven per cent •
discount, and on the l§th September, 1816, at two per cent—and in Go­
vernment stocks from fifty-five to one hundred dollars?
S I . It is said that the1 Bank of the United States was the cause of the-re- ,
sumption of specie payments, and that the State banks could not have re­
sumed them without the aid of that institution—are these your opinions?
£S. Were not the Treasury balances transferred from the State banks to
the United1 States' Bank and its branches, in February, 1817, and not the
banks in New York, Philadelphia, and Baltimore, reduce their balances, by
July, 1817, aboatfife millions of dollars?
S3. Would fffa ij§§slder the transfer of these balances-calculated to aid the
State banks, and*"till' they were better able to resume and to sustain specie
payments after than before the public deposites were transferred to the United
States' Bank and its branches?
• 24. At what time was the branch bank established in New Yorkf
S5. Bid not the branch bank owe balances to the city banks in New
York, and pay twenty or thirty thousand dollars for interest on these loans
from May to December, 1817?
Si. Will yon explain how a borrowing bank can aid a lending bank in
sustaining specie payments?
17. Was not the capital of the branch bank at New York, en the 2Sth of
May, 1819, #245,S87 81?
28* Could a bank with such limited means aid the banks of New York,
possessing some fifteen millions of capital, in sustaining specie payments at
a crisis like that of 1819, when the parent bank was in a perilous condition?
If. Did not the Bank ©f the United States, on the 2Sth November, 1816,
resolve to remit to the holders of the United States' Bank stock, residing in
Europe, their dividends free of expense, and was that arrangement calculated
to aid the United States' Bank, or the other banks, in resuming or sustain­
ing specie pay meats?
S§. Did not the United States' Bank commence operations by discount­
ing the notes of its stockholders on pledged stock, which soon amounted to
eleven millions—by receiving three-fourths of its second instalmentin the
s m e manner—by increasing its discounts in the irst fifteen months, to an

Sft

"

[ I t p.* No. 460. ]

amount exceeding forty millions of dollars, and by throwing Into circulation,
in about tie same time, some tea millions of paper money?
31. Was not such an administration of the bank calculated to produce agi­
tation and disorder in the currency, to disturb the business of other banks,
and to convulse trade?
82. If you think an institution thus administered was an efficient agent in
restoring or sustaining sped© payments, will you explain in what manner it
contributed its aid?
33. Did not the bank import, between the 30th July, 1817, and the 5th
of November, 1818, #7,311,750 53, in specie?
' 34. Had not the banks resumed* specie payments near six months before
the arrival of any of these importations?
35. Bid not the difficulties of the bank commence in July, 1818, and were
they not at their crisis in March and April, 1819—four months after the
bank had completed its specie importations?
38. What is your opinion of the policy of using extraordinary means to
import seven millions of specie, while effectual measures are, at the same
time, taken to drive it out of the country faster, by increasing the loans of
• the bank, and its notes in circulation, upwards of fifty millions of dollars?
- 37. Had not the parent bank less specie in its vaults after it had Inishel
its importations than before it commenced importing specie?
3S._ Did not the bank, at this commencement of its difficulties, in July 9
1818, and again on the 9th of April, 1819, adopt resolutions to collect the
balances due from the local banks; and did these measures aid the State banks
in sustaining specie payments?
39. Was not the Bank of the United States compelled to curtail its loans
fen millions, its circulation five millions; to incur a foreign debt of a mil­
lion and a half, besides a loan of two millions at three years' credit; to ap­
ply to Government for relief in various forms, and to acknowledge to the
Secretary of the Treasury its utter inability to pay the Louisiana debt of
three millions, without a loan in Europe?
40. Was not the bank indebted to Stephen Girard Si 30,000, which it
could not pay; and did it not owe, on the 12th of April, 1819, to the Phi­
ladelphia bank?, $196,418 66, with but $71,522 47 in its vaults?
41. Has not the president of the bank, in his eipositton in 1822, stated
that the bank was saved by the fortunate arrival of $250,000 in specie from
Ohio and Kentucky?
42. Is it your opinion that a bank thus managed, from January, 1811, to
April, 1819, could have essentially contributed to aid the State batiJu im
resuming and sustaining specie payments?

Examination qf ik§ President qf ike Monk of the United Siaim #n
ike question of Domestic amd Foreign BzchmMg&9rnmdits mgtncy im
. tqmaMsimg exchanges.
i. Is it not an advantage to the* bank, that almost the whole of our reve­
nue is collated in the ports of Baltimore, Philadelphia* New York, and
Boston?
• 2. Are not bills on these foir cities, particularly New York, usually
waited by trmdeni in the interior as remittinces for merchandise purchased

at this© places; a n i are not bills discounted at,the offices'in ties© cities, mf
the southern, western, and Interior cities and toWns?
,
3. Does net that demand for bills on the Atlantic cities enable t i e bank
to sell their drafts in the south, west, and Interior, i t a premium, sod to
discount i n the Atlantic offices bills and. notes, payable in various, parts'of
the Union, at a discount beyond the amount of the interest?
4. Do net these commercial operations enable the bank, not only without
iiioiinvenlcnee, but with profit to transfer t part of the funds of the Coverta*
ment from these four large purts, to those parts of the Union ffhere t h #
pi^|ite aerfice requires the eifjeniitiire of its funds?
. I . Do you not require that the Government should give yon notice beHstfir
t j i y transfer of its funds is made, and how long • nutlce Is given?
§. Is not that arrangement, in effect, equivalent to a loan for nearly th6*
whole of the term of such notice, of inch amounts as may be "this traneftmd?
.
#
7. Is not the me and transfer of five and twenty millions annually, ft*
source of profit to the l a n k of the United States?
8. i s not the profit on the uae and transfer of the public ft§ids f upOn t i l l
terms now enjoyed by the Bank of the United States, more Irian equivalent*
to an Interest of .four per cant, annually, on the amount of GovernmcNtfdepesites? ,
% What do you suppose to be the greatest* amount of bills of etdmijftP
passing in any one month between the Various cities and towns of A n '
United States?
10. What is the greatest amount of bills of- exchange discounted in any
one month by the Bank of the United States, and all its offices?
11. Do not bills of t i e Bank of the United Stiles always sell i t s higher
rule t h i n private bills? if not, state the cases where they are equal.
. 11. Are not private bills between different parts of the Union sometimes*
•old i t one, or even two per cent below the bank rates?
13. Does not the bank fix a tariff In foreign or domestic exchange, or
both,' at which they w i l l take just as much as it may he for their interest"4
and inconvenience, and which rate differs occasionally one to two per cent,
from the current exchange in the market? ,
14. Will, the bank at all times buy and sell exchange at the current
market rates among traders, or at any rate?
15. la not the policy of the hank to purchase at seasons and places, when
aid where i t may be favorable to purchase, and to sell at others when it i t
for the interest of the -bank to do to?
IS. Does t i e bann e?er sell at a discount, or buy at a premium?
17. Does it not usually sell at a premium, and buy at a discount?
IS. Does not the difference between the premium and thedisc©oot con~
sthute the* brokerage or p r o i t of the bank, and do not the discount and premium together give a profit to the'bank generally from one to two per eent.1
19. l i . the business of buying and selling exchange, deci not the bank
consult the interest of the stockholders more than the interest of traders?
30. A r e you acquainted with the rates of exchange, a n i ©f brokerage, '
charged on internal bills by the brolers.of Great Britain, Frapce, Germany# Holland, and the Hanse towns? I f you are, state them.
I L Are y#n acquainted with the rates of exchange and hrolcrtge bo»
twsen Paris t i g l Frankfort on the Mayo, Amsterdam, Hamburgh, Leipsfe *
Berlin, Prague, Munich and Fienna; 'between Paris a n i London, bonddn
S

$*.

I BepPNo. 4S0. ]

'-•nd Dublin, Edinburgh and Liverpool? If you arc, stole your knowledpt
•of them,
. -it. Are not the eichmgei in Europe usually at sight, or at short sight ?
13. Are not the exchanges In which the Bank of ihe United States gen©tially deal, at sixty and ninety days, -and four months, and sometimes six
ntonUii ?
• .14. Does it not give an important advantage to the Bank of the United
States* to unite in one operation the business of discounting, brokerage and
■ exchange?25. Do you not frequently decline purchasing or selling bills of exchange,
wtfen the course of exchange is unfavorable? .
■ 26. ■ Is not the business of buying bills on Europe in the south, and selling
them in the north, highly advantageous to the Bank of the United States r
. . -17. Will you alate the highest or lowest rates it which the bank has pur­
chased bills of exchange in New Orleans upon England, in the year 1831,
•cd the highest and lowest rates at which you hate sold the same bills of ex* change-in Philadelphia and New York ? .
«.£8« -Does not the difference, between- the purchase of foreign bills in
Charleston, Savannah, Mobile and New Orleans, and the sale of the-same in
Hie.north, constitute the prolt of the bank on such operations?
i t . Cannot the bank, by curtailing its discounts, produce a temporary scar­
city of money, deprive traders of the means of making remittances, mid
'thereby depress exchange when it wishes to purchase ; and can it not, on the
• t i e r hand, discount liberally, and raise exchange when it desires to sell ?
n 90. Has.not the bank repeatedly raised and depressed foreign exchange
©ne per cent, in a week, and sometimes in less time?
, 31. Do not the exchange operations of the Bank of the United Statesy
tend to diminish the number of those who deal in exchange, and consequent­
ly to diminish that competition which ultimately equalizes exchange in all
■ Countries where trade and confidence exist?
32. Suppose the bank was restricted to biying and selling domestic exfhange at par, deducting the interest only, (according to the practice of the
.ianks of .Scotland,) would it not continue to discount bills at two, three, or
four months, between different parts of the Union, as it now does ?
SX What would be the effect of limiting the discounts of a National Bank
entirely to domestic eichanges on such a plan ?
84. What was the average amount of capital employed in buying and sel­
ling foreign and domestic exchange,'and what was the aggregate amount ©f
prolt on that business in 1881?

Examination

of ike President of ike Bamk of ike Untied States on the
subject of branch bank mtim mnd drafts.
I. Since you began to issue branch drafts, it appears that your circula­
tion has increased many millions—do you think it would hive increased wo
tapidly if you had continued to issue none but notes signed by the President
«f the blink?
ft. Does not issuing branch drais and notes redeemable at your interior ofli*
CCSf enable you to sustain in circulation, a larger amount than could be sustained
ff your notes wert issued mud redeemable principally at the offidas on the At­
lantic?

[ Rep. No. 460. ]

35

5. What was the amount of notes issued from the offices at Baltimore,
Philadelphia, New York, and Boston, which were in circulation on the 1st
of January last, and what the amount for all the other offices?
4* When overtrading occurs, from whatever cause, does it not draw into
the large revenue ports on the Atlantic a large amount of these interior bank
notes and drafts, which press severely upon the offices at Baltimore, Phila­
delphia, New York, and Boston?
5. You have stated to the. committee that the parent bank redeemed
£5,398,800, and that the branch bank at New York, redeemed #13,219,633
of branch notes and drafts during the last year? is it your opinion that the
branch at New York would have been able to adeem thtneen millions of the
notes of other branches in one year, if any circumstance had occurred tc exexcite alarm?
6. If the offices at Philadelphia, New York, and Boston, found it difficult
to pay their notes inspecie,and receive these branch notes for revenue in 1819,
when the whole circulation of the bunk was about six millions, would it not
have been, under similar alarm, more difficult in January last, with a-circulation amounting to near twenly five millions?
7. When loo large an amount of these branch notes press upon the offices
here and in New York, is not the bank compelled to curtail its facilities to
southern and western traders?
8. So long as the bank continues to enlarge its circulation through its in­
terior offices, and the branch at New York is bound to receive the whole of
these branch notes, if presented, in payment of revenue bonds, must there
not be, periodically, a pressure on that branch, which must re act on all the
offices in towns or cities trading with New York?
9. Di.es not such a'plan of general circulation inevitably tend to disturb
the regular course of trade, by occasionally obliging the bank and its branches
to curtail its discounts at some points, aud enlarge them at others, and by
transferring funds between branches not according to the wants of trade, but
the necessities of the bank and its branches?
10. Will you explain what substantial difference there is between the pre­
sent plan of circulation and redemption of the branch bank notes, and an
obligation on the part of a bank in Philadelphia to redeem the notes ol all
the country banks in the State of Pennsylvania?
11. What would be the condition of such a bank in Philadelphia, should
the country hanks issue an extraordinary amount of bank notes?
12. Was not the branch bank at New York compelled to receive about
seven millions of the notes #f other branches in the last live months of
the last year, and was not its specie, in the same months, reduced from
#2,236,429 81 to S664,G86 G4?
13. What is your opinion of the expediency of making all the notes issued
by the Bank of the United Slates payable ;it one place?
It. Would it not tend to diminish the aggregate circulation of the bank,
and prevent any extraordinary or sudden increase of circulation, and wuuld
not the hank have greater power in regulating the amount of its general cir­
culation?

Digitized by

8§

[ l e f . No. 4SO. J

Examination of ike President of ike Bmnk qf ike United States^ on its
investments in public debt in 1824 ana 1835; and the ability of #Jk
bank to wmke loans to Government. _
1. 1 perceive that, between June 1824 and June 1825, the btnk Increisei
its Investment in funded debt from about ten to twenty millions—do you
think 1 that the bank can aid Government with long and large loans with
safety?
2. I f the bank bad not employed Its funds in Government loans, (without
the power to sell the stocks,) would it not have been better prepared to meet
the crisis you lave referred to, growing out of the speculations in 1825?
i . Would the bank have been compelled to resort to the expedient, as you
have stated, of procuring a temporary loin from a private source in 1825?
4. Had the same investment beenr made during war, would not the bank
l i v e beei compelled either to sell its stock at once, or suspend specie pay­
ments?
5. Is there not a material difference between originally investing the cap­
ital of .a bank in funded debt, and subsequently attempting to make loans to
Qovernment?
6. After a bank is in operation, its capital invested, and its notes in cireuk t i o n , hew can it make long loans to Government without .curtailing its
discounts, increasing its capital by a new subscription, or by augmenting its
paper money?
:
• 7. How can a bank continue to hold such loans, and make dividends,
Without increasing its paper, depreciating the currency, forcing specie
thread, and suspending its payments in gold and silver?
8. When a bank tales a loan from Government for the purpose of selling
i t to fund-holders, is i t any thing better than a mere speculator upon Govern­
ment?
9. So long as the Government "holds an interest in the stock of the bank,
dues it not effectually secure a monopoly of every Government loin which
Congress authorizes i t to contract for?
10. Would not competition among banks and fund-holders secure loans
to Gov eminent at the lowest rate of interest?
11. In case of war, w i l l you explain how the Bank of the United States
can efficiently aid Government with loans, without inevitably suspending
ipecie payments, and substituting a paper for a metallic currency?

Examination of ike President of ike Bank of ike United Simla on #Jk
influence ofihe operations of the Bank mpom irmde.
1. Since 1816, have we not experiefced reactions in 1818-19, 1825-26,
1819-3© ; and has not the demand for money been increasing since October
kit?
.
m
I . A r e not such reactions in trade usually attended with stagnation of in­
dustry, bankruptcies among traders and .manufacturers, and distresi among
laborers thrown out ©f employment?
S. I n every such reaction! does not .a large amount of property pass from
A t active and enterprising to the wealthier clasaes?
4. Are not countries- where t large paper circulation i i substituted for
* metaUie conmey- most liable to these distressing fluctuations?

I lep. No. 460. 3

37

9. Docs nut tils arise, In a great degree, from the tendency of prices where
inch i currency exists to. rise higher and fall lower, than In countries where
t i c price of labor and tie value of property are more uniform through an
unchanging and sound currency? 6. independent of the various Incidental causes" which may agitate trade
at any time and in all countries, are not some of the fluctuations in the value
of property of all kinds exclusively attributable to changes in the revennc
laws, snd do not the most violent arise from sudden, alterations of the cur­
rency, or from too abrupt an expansion or contraction of bank loans and
drculatloos?
7. If a bank lira government adds ten millions suddenly to in existing
paper currency, and as suddenly loans it to trade, will it not injuriously af­
fect both your trad« and your currency!
*
8. is there iny substantial difference between issuing ten millions of a
new paper currency, not representing capital, ani arbitrarily adding that
amount to the value of your metallic currency by increasing its value by
law, except in degree, as to the suffering of the community?
I. Was not the distress of 1818 and '19 caused, or its severity much in'-,
creased, by the proceedings of the Bank of the United States between Janu­
ary, 1817, and October, 1818, into© rapidly loaning more than forty millions
of dollars, and in increasing our general circulation upwards of ten millions
in bank notes?
10. Was not the distress much increased by s sudden contraction of its
loans and circulation, between July, l s i 8 f and May, 1819?
11. Was not the distress of 1825 and '26, much increased by the change
urour revenue laws in 1824, by the increased loans §f the Bank of the
United States—by an addition to its circulation between the 1st of January,
1824, and the 1st of July, 1825, of five millions of dollars, and by too
rapidly increasing its investment in funded debt, from June, 1824, to June,
1125, from ten to twenty millions of dollars?
12. Supposing the speculations and reaction of 1825, '26, to have origi­
nated in England, should we not hive been less affected by it, had not i e
circulation and funded debt of the bank both been suddenly doubled?
13. Was not the distress among our manufacturers in 1829, '30, partly
attributable to our tariff of 1828, and to the banks iicreasing its circulation
four millions, and its total investments I f e millions, from June, 1828, to
June, 18S0?
14. To what other cause thsn the operations of the Bank of the Unitel
States can you attribute the demand for money #hich began in October
last, and has continued to the present time?
15. Wis it not the natural consequence of the bank's rapidly increasing
its bank note circulation from the 1st of January, 1829, to the 1st of Janu­
ary, 1831, ten millions, and its total discounts in thirteen months, to the
1st of January last,' from forty-one to sixty-six millions of dollars?"
IS. W i s it not probable that an increase of loans, and bank notes, corpesponding with that made in 1817, '18, might, in 1832, be followed I f
consequences'similar to those realized in 1819?
17. Was not a rapid addition of twenty-five millions to the discounts of
the bank, and a sudden transfer of loans from GoFernment to trade, calcuiated inevitably to produce general oFertradlng?
.
9 ,
18. Did not the' sudden addition of ten millions to our bsnk note circula­
tion iiJiei our curreney- unfa?orably, and force our ipecic abroad?
'

88

[ iep. No. Mmg% 2m

19. Did not the Bank of the United States lose, between the 1st of July
and. the 1st of January last, five millions of its specie?
' *
20. Had the directors of the Bank of the United* States become alarmed,
is in July, 1813, and resolved to curtail their loans extensively, or had any
political or commercial event occurred to produce a sudden contraction of
the expanded circulation and loans of the bank, should we not hate seen
the same demand for its specisf^ind the same commercial distress which
the bank brought upon itself and the country in 1819?
21. Did not the President and directors of the Bank of the United States,
•n the 7th of October last, direct i circular to be addressed to the cashiersitf ill the offices, instructing them to curtail their business, and to favor the
#ffices at New York and Philadelphia, is much as possible; and will you in­
sert • copy of that circular in your answer?
£2. Were not similar instructions given in October, November, Decernber, January, and February; and did not the demand for money, which the
circular states to have been "active/* on the 7th October last, continue to
increase?
28. Was not the pressure on Louisville and Cincinnati so~severse, that, ©n
the 3d of March, orders were given not to insist on the proposed reduction,
. but to proceed to accomplish the object they had in view in as gentle a man­
ner as possible, under circumstances so distressing?
24. bid not the President of the bank (Mr. Chev'es) inform the Secreta­
ry of the Treasury, in April, 1819, that the bank could not pay the Louis­
iana debt of three millions, without negotiating a loan in Europe; was not
two millions actually borrowed in Europe; and did not the President ask
©ther indulgencies of Government?
25. Has not the bank asjied Government to postpone the redemption ©f
the three per cents, from July to October; and has il not assumed the pay­
ment of one quarter's interest, being substantially equivalent to a loan of
six or seven millions lor three months, made by the Government to the
Bank of the United States?
26. Had your loans and circulations been gradually increased; had not
near twenty millions been added to our bank note circulation since 1824;
and had -not your facilities to trade been extended in the four years preceiinglhe first of January last, from thirty-three to sixty-six millions of dol­
lars; do you think the bank would have found any difficulty in transferring
sufficient funds abroad to redeem that portion of the three per cents, which
is held in Europe, and which might not have been re-invested in this country I
27. When an institution, with investments amounting to seventy-five mil­
lions, commanding the foreign and domestic exchanges of the country, and
monopolizing the Government depositee, cannot, at the moment when we
are exporting our annual crop of cotton, amounting to twenty millions, trans­
fer a few millions of its funds abroad without embarrassing its operations,
and seriously distressing traders; is there not reason to believe that its busi­
ness has been too much and too rapidly extended!1
28. Can any bank, confining itself to the legitimate business of a banker,
which never forces its loans upon trade, or its notes into circulation by ex>
Inordinary means, ever be compelled to curtail its loans, or to ask indul­
gence from its creditors?
29. Do you not consider the resolutions of the board of directors, in
1830 a i l ' 3 1 , to make long loans at reduced rates of interest, on picdgei of
■took, u t apecies of forced loan; and the expedient ©f inning branch

[ -Rep. No. 4§0. ]

#

m'

drafts from t i c bunches, y an' experiment to force: the circulation of your
bank notes?
30.. Did not the lank, by t d i i i g to our paper circulation near fnirtam
millions from the irat of January, 1828, to the first of Januaryy 18S2, adopt
the most effectual measure to raise our foreign exchange* depreciate our- cur- : •
tmncy; enlarge Importations, force the exportation of our specie, aid dimin* .
ish its ability to meet its engagements both it home and abroad?
Has not the present state of trade been chicly produced by the over*tr*A*' ,
ing of the Bunk of the United States in discounts tod circulation, and in en­
larging the total amount of its investments, from December, l i t S , to J«m%
183i, from §41 to 17 millions of dollars?

Examination of ike President of ike Monk qf ike United Simim m '
the increase of ike paper eircmlmimm qf ike bank; its agency in iff*
minhking or emlmrging ike circulation qf heal banks*, mnd the mean*
of permanently -regulating our general circulation, so as to prevent
its injurious effects upon ike trade and currency of ike country.
I . I notice that, from 1823, to the 1st January, 1832, the bank hid incnmned ill bank note circulation from about four ind a half to twenty-four and a »
half millions of dollirs; that thirteen or .fourteen millions of this increase
©ccurred between the 1st January, 1828, and, the 1st January, 1832, and that >
you hive the right, by your charter, to extend your circulation to thirty-fit*
millions—is it not your opinion, that, while such a circulation continues and ,
the Slate banks exercise, a similar power, our paper currency must fluctuate j
in value, that sudden demsnds must be occasionally made on our banks lor
specie, and that our traders mist alternately become speculators and bank­
rupts by abrupt changes in the value of property?
* f. Docs not an increase of gold and silver throughout the world tend, Is
some measure, to augment prices in every country?
3. Does not an increase of bank note circulation, or of any other paper •
substitute for a metallic currency, tend to raise prices in the country whew i t
is issued above the level of the prices of the world?
4. Suppose the 'entire wealth of this country to be three thousand mil* .
i©ns, and that, by increasing our paper currency, we should nominally angment the value of property ten per cent, or three hundred millions of iff.
lars,-would not the speculations, resulting from such a change, inevitably*
and very considerably increase commercial operations, notes of hand, b i l l
■ of eiehange, and bank notes and checks of every kind and description? • • ,
5. When we increase our -general circulation, by an Increased issue of ,
United States' Bank notes, are not our load circulations simultaneously •«§•
immted?
.
.
§. If they are not thus increased, and if, as some suppose, onr general
eireulation diminishes the aggregate amount of our local circulations, how
do y#u account for the following facts which appear from the returns made .
to the State Governments, VIE. that the banks in Massachusetts, between
l i i J and 1831, had increased their capital from 11,690,000 to 21,439»8O0f
and'their circulation from 3,145,010 to 7,739,317: that the capital of the
State banks in Mew York, Massachusetts, Rhode Island, and Pennsylvania^
has increased since 1817, more than thirty millions of dollars. That the
inerease of the circulation of the banks in these States, not including 4ha> a

m

l Bap. No. .4M. ]

J h t l t i M p h i a turnip, fwn, in the last year, 4 tbt||t dgjbtflrfllionss T h a t ' l l *
"«ouotiy banks in the State of New York had, oetween the l i t January*
-XMO* i n d the lit" of January,183% increased their circulation from S f i74 f S4S
Up *»6M,877 dollars?
• 7. lf f «i !• iupponedi the. tendency of the United States9 Bank i i to d i *
i m i s h State bunk paper," l o w does it happen that* in almost i l l the States^
the local circulations have been doubled, and, In w m e , tripled in amount*
* Jppt the bank w p chartered?
Ȥ. I f the Bank of the United States, with its capital of thirty-five miljiimtp and its geneml circulation of twenty-two millions, gives an impulse
to • national capital of three thousand millions, doei it not Inevitably g i f t m
an impulse to banking, is well as all other operations, tnd must not these
capitals and circulations increase with t i l others?
t §. When • nstional bank, like that of the United States, expands i t i
l&ans, circulation, tnd investments, throughout the Union, and a spirit of
'eculation is excited ewery where, are not sales and purchases so multiied, that one capital is frequently represented by ten notes of hind at the
me time, tnd does not this speculative increase of credits, produce an
increase of banks?
■HO* Does M i l • national bank, with a gpnenil circulation, excite ©rerw
grading among local banks i s well is among merchants?
11. I n what manner can a national bank diminish the circulation of
Mttntry banks, with which they have no transactions, except by reducing
lip own circulation?
I f . Are not bank cheeks, notes of hand, tnd bills of exchange, capsP i of being multiplied to an Indefinite extent, and are they not of theoaeelves a- substitute for specie and lank note circulations?
,13. I f no bank notes were authorized by the General or State Govern­
ments, would not trade soon conform itself to such a regulation by mul­
tiplied expedients to dispense with the use of them, as in some t>f the
most commercial countries of Europe, where bankruptcies are rire?
14. I f banks were restricted to dealing in, tnd lending capital only,
nr the representative of an existing capital, and were not permitted to
manufacture and lend the representative of nothing but legislative power,
how could banks ever injure trade or currency?
15. I f banks were restricted to their legitimate and primary object of
borrowing and lending-the capitals actually existing in the. community,
p i g h t they not go on annually enlarging their facilities and their profit*
i n a ratio corresponding with the annual savings of labor and accumulations
of capital, and without detriment to trade or currency?
I f . I f the Bank of the United States and its branches were compelJ p i ' t o allow an interest nn all deposites, public a i d private, would i t
not draw inlQ active use millions of capital now dormant, and compel
toery State bank in the Union to adopt the same plan of banking?
17. Woald not.such a measure effectually check any over issues, by
compelling the banks to loan the large amount of capital upon which they
were obliged to pay interest, before they could be tempted to manufac­
ture a b a i l note capital for the uses of trade?
18. Would it be practicable for banks to sustain any extraordinary amount
m circulation, when their notes would return upon them as fist as they
were issued, because the holders would lose the interest upon them while
Hmy retained them?
' . .

f

I Rep. No. #6§. j*

41

19. f i r i o t that i fallacious pi A of banking, the object of which seeriif
to be to mire interest by substituting bank notes for i metallic currency,
While a portion of t i e community annually lose the interest on five times
that amoaot, eompdled of bank deposites and dormant capitals?
20. If we were to change our banking system, and call into active'
use ill the savings of labor, the proits of trade, and the aniiual tccumutations of income, by compelling all our banks to allow an interest
of four per cent, on all deposites, is it not probable that a capital would
be drawn from these sources for the uses of trade, five times greater than
mf amount of piper money which all the banks in the Union could po§*
•ibly sustain in circulation?
2 1 . Were we to adopt that system, would not trade safely regulate itself
md kmp pace with the animal accumulations of capital; and would not ca»
/ pital increase more rapidly than it now does under a ban king system, which
substitutes the p p e r representative of jiower, and eicludea, from the active
ones of trade, a much larger amount of the real wealth of the country?
• f t . Were all the banks in the Union compelled at once to become bor­
rowers of, and to cease manufacturing capital, could nut the change be ef­
fected without any derangement of trade or currency?
2d. Where bankers lend their own money, or the money of others, upon
which they pay interest, have you ever ndttced that extraordinary, but ima­
ginary, deficiency of capital, which we hear of periodically in every coun­
try where banks are permitted to lend, without restriction or any self-regulating principle, a currency manufactured by themselves?
* 24. May not a bank note currency be safely tolerated, where the mass of
yoor capital, for the active uses of trade, is drawn from other tnd legitimate
sources, and inhere your paper circulations must necessarily bear but a small
proportion to the amount of your depositee, as in Scotland?
25. In Scotland, the ban k4 deposites, in 18SIS, amounted to, about 84 mil­
lions sterling; say, in our money, 18© millions of dollars; more than half
of which amount was composed of deposites in sums under 1,000 dollars;
•nd drawn from the laboring classes; its circulation, which hid been gradu­
ally enlarging for more than 130 years, was about three and one-third mil
lions sterling; equal, in our money,'to about 16 millions of dollars. Sup
pme the bank deposites mf Scotland now to .be 150 millions, and its circula­
tion 18 millions; can the trade of Scotland ever infer from reactions white
it is sustained by so large an aggregate of real and active banking capital, or
ila currency ever be agitated while the amount of notes in circulation scarce­
ly exceeds one-tenth of the amount of bank deposites?
26. If the trade of Scotland depended as ours does, not upon the accu­
mulations of a capital which never diminishes, but on a capital manofacturecl by five hundred banks, and' which diminishes with every reaction, ani
may almost vanish with a panic, would not Scotland suffer as we do, and a#
they have frequently clone in England, from ©very convulsion in the money '
market?
27. Suppose our trade was sustained by deposites equal (in a ratio to those
of Scotland) to seven hundred and fifty millions, and facilitated by a paper
currency of ninety'millions;. is it your opinion that our country could ever
suffer in peace or in war from a scarcity of money or a want of confidence?
f S. If we were to oblige our banks to pay an interest of four per cent
on all deposites, would not our laborers, mechanics, traders, farmers; nay,
all our productive classet become lenders of capital to give activity to trade
i

4i

■

•[ Bep^ N#. 4S§. J

and'enlarge the employments of _ labor; #nd would not the ability of the
Bank of tie iJnite'd States to facilitate trtde, b© tripled in a very few
years?
2§. Is not the Scotci plan of banking more proltAle to the banks and
* the'community thin any adopted in any other country? 3d, If this plan should not be adopted by Congress anil our State Lieiplatures9 would not redundant circulations be effectually checked by limtttast
dividends to ill per c§ntf and compelling tic bantu to divide their pnoStur

t Rep. No. 460. 3

DOCUMENTS
ACCOMPANYING T B I

H E P O I T OF T H E MAJOEITY^OF T H E SELECT COMMITTEE,
Melaiiwe to the mffmim.^f the, Mmmk of the Umiied Simtes.

■*

No! 1.—[G.]

* OH' TME SUBJECT' OF TJSTJBY.
1

Extract froth ike minmtei9 of April 18, 183©.
T i e Committee on the Offices, to whom was referred, on the.5th February
Itit, a letter from the honorable Richard M. Johnson, dated Slst January .
last; on 16th February, a letter from the name'gentleman, dited 11th
February, together with i . letter from tie honorable Judge McLean, .
dated ICIth February list, report:
That, having examined the Ilea of the bank, and procured additional in­
formation from t i e office i t Louisville, they ind tie facts relating to the
application of Colonel Johnson to be as follows:
On the 12th October, 1820, Thomas Wilson, late cashier of this bank, be^
iag then on a visit of inspection to the western offi'ces, made an agreement
with Cafe Johnson and Thomas D. Caracal, by which the? recelved $30,000
of the notes of the Bank of Kentucky,, then owned by this bankf and gave
their notes, dated on 12th October, 1820—une for f 80,(10(1, payable in three
years, and three for 11,800 each payable, respectively, in one, two, and
three years, being for the interest on the note of $30,000; all .which notes
were secured by a deed of trust covering. the real estate of Cave John­
son ind T . D. Caroeai This debt was gradually reduced, by. successive
payments, till* it now stands at the sum of $ 17,000 due in the month of
September, 1829, for which sum, with interest, Thomas D. Carneal and
Beajamln Johnson, of Mississippi, executed.tbelr five several notes, payable
in from one to five years, with interest, which are held as collateral securi­
ty^ tad if not paid at maturity, as I hey .fall due respectively, the bank may
proceed forthwith to a sale of the remaining mortgaged property.
Under these circumstances, Thomas P. Carneal and Cave Johnaon have
applied, through the honorable R. I I . Johnaon, requesting that, as the notes
of tit l a n k of Kentucky which they received from this bank were, at the
time of making the contract, much depreciated below their nominal valuef
they may now receive • cifedit on their engagement! to the bank equal to the
amount of that depreciation.
The committee are entirely satisfied that, in the whole of this transaction,
tie bank and ill its officers* acted with the most perfect good faith; that the
parties to whom the notea of bank were delivered knew perfectly the depreeiation of the notes it the tune of receiving them; that the long eredit origi*

44

^ Mcp. No. Im. ]

m i j of three years, since protmcted for a large part of the debt to a pericjwcf
of from nearly ten to fourteen years, was a great aid unusual accommoil»•
tion t© the borrowers, who, they ha¥C no reaaon to doubt, have derived f r o m
it all the advantages they anticipated. The committee are further of o p i n idn that these notes of the Bank of Kentucky were originally received b y
the Bank of the United States i t their par value, on account of the G o v e r n ment or of individuals, and that, although suffering at the time of mating t h t o
contract under a temporary depreciation, yet if, Instead of being lent to t h e s e
parties, they had been retained by this bank, they would ultimately h a v e
been paid in full, with Interest, in specie or its equivalent, is all the o t h e r
notes of the Bank of Kentucky have since been paid. The committee are*
alsoi of opinion that, under all the circumstances of the case, the present -ap- .
1
plicanta hive lost their claim on the bank, certainly at law, and probably i n
equity, for the allowance new requested. They bave'not, however, thought
it necessary to pursue that inquiry, because they knew that the board would!
npver resist any well founded claim on merely technical objections, nor p a r mil any want of form to prevent them from doing, substantial justice; and
the committee have, accordingly, considered this case as an original question
which they are called upon to decide by the liberal principles of a €onrt # ©f
equity. Eiamioing all the circumstances of the transaction by this stand*
ard, the committee have reached the conclusion that, when, on the 10th"
. October, 1820, Cave Johnson and T. D. Caracal delivered to the bank their
obligations for §35,400, and obtained, in exchange,'not the notes of this
J
bank, but the depreciated notes of the Bank of Kentucky, they did not re­
ceive a legal equivalent for theit engagements to the bank; that the claim of
, the bank upon them should, therefore, be reduced to the actual value of what
they did receive; and that their present proposal to obtain a credit Tof the
difference between the real and the nominal value of the notes of the Bank
of Kentucky at that time, which credit should be applied to the payment of
their other debts to the bank,, ought to be acceded to. They, therefore, sub­
mit the following resolution:
Resolved, That the cashier of the office at Louisville is hereby Instructed
to ascertain, from respectable brokers, merchants, or others, the exact depre*
ciation of the notes of the Bank of Kentucky at .Louisville, on the 10th day
'
of October, 182©; anil to calculate, by, that standard, the difference between
the par white and the price on that day of the notes of the said bank which
were delivered to Ca¥e Johnson and Thomas D. Carneal, as a consideration,
for their notes to this bank, dated on that day, for the sum of SS5,4§§.
The amount of this difference, with the interest thereon until the day when
the same shall be so ascertained," the cashier will pass to the credit of the
said Cave Johnson and Thomas D. Carneal, in payment of such other la*
bility to the bank of the said Cave Johnson or Thomas D. Carneal, either
joint or several, as this board may hereafter selecffor that purpose.
Extract from ike minutes, of Jufy 9, 188©.
A letter to the cashier from J. Harper, cashier'of the office at Lexington,
dated the 09th of April lastj one to ihe same, from P. Benson, cashier of
the office at Cincinnati, dated the 8th of May last; two to the same, from E.
Shippen, cashier of the o l e e at Louisville, dated the 8th «nd llih<of May
last; and one to \ke same, from Herman Cope, amnt, Cincinnati, dated tit
10th of May last, being all in reply to the cashier's letter of the 19th of

•

•

_ [ icjfk No. 4§t). J

■

41

April last, communicating i resolution ©! thin board ©f t h t ISIh of the same
month, in relation to a credit to be allowed to Ca?e Johnson or to T . D.
Caracal, were read: whereupon, the two following resolutions were, on mo­
tion, adopted:
1st. Resolved, That the agent i t Cincinnati be authorized to applj to the
debt of WilliaAi Steele, T . D. Caracal, and William L y t i c , due to tbatagenty» a credit of four thousand eight hundred dollars, together with the inter­
est accruing upon that 8um from the 19th day of October, 1820, being the
.isccrtaiiicd difference at Louisville of sixteen percent betiveen the nominal
and current value of %30,011© of the nptes of the Bank of Kentucky, on that
day paid tO'Cave Johnson and T. D. Carneal, i t par, by the office i t Louis­
ville, and agreed'to be allowed to one or the other of the two list mimed par­
ties, by a resolution of this'board, adopted on the 13th day of April last.
2d. Resolved, That the agent at Cincinnati be instructed to charge the'
amount of the said credit to the account of losses chargeable to the contin- .
g*nt fund i t that agency.

. < Extract /mm ike mimmle$f October 15, 1830.
A letter to the cashier, from Herman Cope, agent, G i n c i n n t i , dated t i e
7th instant, expressing his satisfaction at the confirmation by this board, on
the 84th ultimo, of the agreement made by him with Ambrose White,
without any 'modi Ecation of ihe terma of the said agreement; requesting,
also, that the loss of $7,608, recently incurred by the concession of this
bank to T . D. Carneal and Cave Johnson, at Louisville, the settlement of
which was transferred to the agency at Cincinnati, should be charged to the
contingent fund en the bp©k§ of the parent bank, wa§ read.

—

♦

In the month of February, 1822, the office had on hand an' amount of
notes issued by the Bank of Kentucky, and which had been received by the
tfice at their nominal specie Falue, partly on account of the United States,
md partly in payment of debts to the office. They were, in fact, equlFilent to specie to the office, as the Bank of Kentucky periodically paid inter*
est to the offiee on the amount o f its debt, and finally discharged'it in full.
In specie. In February, 1882, however, they were at a depreciation, and
the office did not re-issue them- Under these circumstances, an application %
was made to the office "by William Owens, to borrow a sum of money, he
agreeing to take these notes, which M j . Owens stated would answer as well
as specie the purpose to which he meant to apply them,' which wis the pay­
ment of a debt d i e by him, and to which purpose, it is belieFcd, he did, in
fact, s p p l j them. The loan was, however, refused on his first application
for it in February, 1822, from doubts of his solidity; but, in consequence of
ttcommendationa in his favor, and after repeated nolicitations by him, the
loan was finally made to him on a credit of three years, when an order was
nren to him upon the Bank of Kentucky for $2,900, pari of the balance then
i t to the office, m d bearing interest;.and the residue of the loan, to wit,
f 1,100, w i s p l d to him in the notes of the bank. The pubic exhibits of
the aflaira of that bank, i t is stated, did, at that time, show its ultimate ability
to p y in jpeci© fta netes mid dipositess, m d , in about six montha after the

f

4S1

" | Hep. No. 4€(

'

|

loan in" question, it actually paid In speck tin
amount actually due to
the office, In which would have been Includeci me amount loaned tt> Owens,
with interest at 6 per centum, had not that loan been made* •
When the loan became due, the sureties of Mr, Owens, in order to relieve
themselves, raised the objection that the borrower hail not received a full
- equivalent for his contract. The case came before the Supreme Court on a
demurrer, which, of course, excluded the consideration of many of the facto
just stated.
Such is the statement of the case as furnished from the office at Lexing­
ton, for the'information of the present' president and directors, who knew
nothing of the particulars until it became a subject of litigation. How far
the knowledge'of these facts might have affected the judgment of the Su­
preme Court had they been submitted to that tribunal, it is difficult to con­
jecture; but, what is of far more importance than the pecuniary considera­
tion involved in the case, they seem to relieve the" bank from the reproach
©f either intentional violation of the law, or of oppression to the individuals j
The second case, and the only one which came before the board of di­
rectors of the bank, was that of Care Johnson and T. D. Carneal, of which
t i e ctrcuinstances were as follows:
On the 12th October, 18J:0, Thomas Wi»son, then cashier of the bank, be- |
ing on a visit of inspection to the western offices, made a loan to Cave John­
son and T. P. Carrieal, of$30,(M)§ of the notes of the Bank of Kentucky,
for which they gave their notes on a long credit. These notes were paid
in part, and the debt was reduced to about f 17,000, when the parties ap­
plied, in Pebfuary, 18S0y io the board, slating that as these notes of the Bank
of Kentucky were, at the time of their receiving them, at a depreciation, I
they thought they ought. Injustice, to have a reduction of theirdebt on that
account. The board acceded* io their request.
The committee lo whom the"application was referred, reported " that,- un­
der all the circumstances connected with the transaction^the present appli­
cants have lout their claim on the bank, certainly at law, and probably in
equity, for the allowance now requested. They have not, however, thought
it necessary to pursue that inquiry, because they know that the board would
never resist any well founded claim on merely technical objections, nor per­
mit any want of form to prevent them from doing substantial justice; and (
the committee have accordingly considered the case as an original question
which they are called upon to decide by the liberal principles of a court of i
equity.f9 The board then decided that the difference between the nominal
and the current value of these £30,000 on the 12th October, 1820, should
be ascertained, and that sum, wilh interest at § percent, should.be refunded
to the claimants. This was accordingly done The depreciation was found
to be S 4,800; the interest on this sunk from 12th October, 1840, was 8 51,808;
and this sum of 87,60$ was repaid to the claimants. In this case, the board,
it will be perceived, endeavored to repair any unintentional wrong which
might possibly have been committed by any of its agents. That there was
no disposition to oppress these parties, may be inferred as well from the facts
themselves, as from the acknowledgment* of their agent, .the honorable R.
M. Johnson, who, in answer to a letter communicating the resolution, wrote,
on 10th April, 1830:
^
'
j
* The resolution contains precisely the proposition, which 1 consider cor­
«
rect and proper, and rneeto the equity of the case. 1 cannot express the
high sense of obligation 1 feel to the board for the liberality which they

[ l e p . No. 4S§; J

"

47

Imfa manifested on this ©ccasion, anil, in fact, on all others, so Tar as 1 have
m personal knowledge of them, and goes far to destroy the maxim, * or nther •
tbe common saying, that banks hate no souls."
T h e third case Is that of a loan.
Mxirmeifmm

ik§ minutes, Jammmry 26, 1822.

M

A letter from the" cashier ©f the ©lice at Louisville, addressed' to the
president of the bant, dated the 10th instant, was read, and, on motion, il
was
l€
Orderedf That the office at Louisville be authorized to loan in Kentucky
Bank notes, the sum of § 10,000, payable in one, two, and three years, for
t i n acceptances of Hobert & Samuel Neilson & Co., of New York, endorsed
fay Thomas Neilson & Co., of Petersburg, Virginia.9'
Extract from ike mlnm£m$ MarcA 5, 1822,
11

A letter from Robert Neilson, dated March 4, 1822, to the president,
renewing the proposition made by Mr. H. Neiiion, of Louisville, Ken­
tucky, was read; whereupon, it was
* " Resolved, That the loan off 20,000, in notes of the Bank of Kentucky9
he granted on the terms now proposed, provided that, in addition to those
terms, insurance shall he constantly kept on the steamboat Paragon, and that
the policies shall be assigned to the office at Louisville, and deposited in that
llffi€e.,,
\
Extract from ike minutes, Mmrck 8, 1822.
m

A letter from lobert Neilson, dated March 6, 1828, was read; the
hoard approved the mode in which he proposes to make insurance on the
steamboat Paragon; and it was
m
Ordered, That the loan of f 20,000, in Kentucky Btnk notes, be grant*
ed when the terms shall be complied with. , ,

No.'2. «
WSUMlf m

DOMESTIC IXCHAIIOE.

This is presumed to arise from confounding two things distinct In them•tires, but necessarily blended in the same operation.
When a person-lends money to another, payable, for instance, in Philadel­
phia at the end of siity days, he charges the usual interest for the loan; but,
if the money is to be repaid not in Philadelphia, but in some distant place,
the lender calculates the cost of bringing back his money to Philadelphia,
and .charges that in addition. The Irst is the rate of interest; the second is
the rate of exchange. Thus, a discount re-payable in Philadelphia, would
be one per centum; a discount re-payable in Lexington, might be 1 | per
centum: here is I I per centum charged for SO days, but this is not usury; it
In the rite of eicbatige added to the rale of interest. The purchase of the
bill, howeter, forming one ©perttlon, the distinction is not perceivable. A
person who sells a bill at i© clays payable in Londoto. charges t l per cent.;
this is exchange, and no one believes it usury. As far m the bank is con-

■ [ Hep. Nt. #S0. ]

,

cerned, Its whole operations have tended to depress tie rate of exchaqge,
ao that where formerly a person who sold a bill from one place on another9
was obliged to pay 8 or 9, or 10 per centum, he now pays only'l per cent.;
sometime! not so much, often nothing whatever.

No. S.

' " '

ON' rmm HUMECT OF BRANCH J»AFTS.

The inability of the bank to furnish the amount of circulat­
ing medium, which it Was createdtosupply, became apparent i t
ao early period. In a year after its organizatioo, the directors
See cop| of presented a memorial to-Congress, dated the 9th of January*
the manorial. igig f requesting that an alteration might be made in the chip• ter ao as to auihoriie the president and cashiers of the several
branches to sign the noies issued by those branches.
See copf of The subject was resumed by another memorial, dated Novemthatpartofthe.ber 24th, 1620*.requesting authority to appoint signerstothe
memorial-re-

atmgton ca,

QOteg>

^ j ^ a pp|| cai fi^n w a g again renewed, and a select committee of
the House of Representatives reported in fa¥or of allowing the
Pamphlet* vol. appointment of iigners on the 27th of February, 1823, but there
8, No. H.
w a 8 no action of the House* upon i t
Extract from On the 1st of December, 1826, the president was instructed
minateeofthat |o endeavor-to procure the necessarf change,
d
*]frtmctff»m - He reported, on the 27th of February, 1827, that no action nil
minutesof that the subject would take place on that seslion of Congreas; and,'
day.
accordingly^ the matter was referred to the Committee on the
Officen. *
Copy © that The opinion of Mr, Binney, Mr. Webster, and Mr. Wirt, th*
f
.opinion.
Attorney General, was taken on the subject of issuing branch
drifts.
Extract from The committee reported on the subject, recommending the
the minute! © mimm c0 f branch drafts. e
f T h Sccre tor
lh
cfiMofeorTreasury, on the 7th of J n u s r y , 1828,
% J. °'
respondenee. requested information with respect to.these drifts. He was »nswered oc the 10th of January, 1828, with a full eiplinstion of
the whole subject He replied on .the fist of January, 1828,
that he had i§ felt no hesitation in directing that such drafts be
taken In payments to the United States/'
Copieioftheae Inatnjctions, to the offices, in reprd to the issie of the brunch
lettere,
draffs, in letters of the cashier, dated April*21, 18S7, June 14,
182;, January 7,1881, and February f, 1831.

I Bep. No. 460. ]
No. 3, a.

4S

,

.

JR> the honorable the Senate and'House qf.Heprestniativee of the United
Si aim in ( ^grms mmmMid:
T i e memorial of lie President ana Directors of the Bank of tie United States*
RSSFECTFITLLT SHOWSTH:

That, Inasmuch as tie " Act to incorporate tie subscribers to tie Bank of
the United States," requires that tie bills or notes wiich .may be Issued by
©rderofthe said corporation, shall be sipm . by tie president, and counter­
signed by the principal cashier, it has bet... found impracticable to supply,
in any- reasonable degree, the required circulation from the bank and Its
numerous offices ©f discount and deposlte, and that, in the frequent trans­
mission of large sums to distant offices3 fully prepared for circulation, lie
eorporation has been exposed to very serious hazards, and incurred great
expense in the precautions employed to guard against casualties, and that
these difficulties, hazards, and expenses t mast greatly increase wilh tie
growth and expansion of the establishment; that the arts employed in conntcffeiting bank not.es have attained an alarming degree of perfection, the
eifects of wiich can. only be counteracted by the frequent cancelling and re­
newing of the hank issues with new devices apd checks, which it will be
utterly impossible to effect under the existing provision; thafc* in order t#
remedy these evils, your memorialists respectfully beg leave to suggest the
expediency of authorizing the corporatlop to dispense with the signatures of
the president and cashier of the "Bank of the United States lo lie notes io«.
tended to be issued from the offices of discount and deposlte, in order that
■ the same may be transmitted, without risk, t« thek several oUces, there to
receive the signatures of their respective presidents and cashiers, and to be t
imptressed with new arfd distinctive devices and checks, by which the cireu- ^
latioh may be supplied,, varied, and renewed, from time to timet with In..ereaaed facility, security, and utility to the corporation and the public.
Your memorialists, therefore, in behalf of 4 Hbe President, Directors, and'
Company of the Bank of the United States," respectfully .solicit ,tbe assent
of CdAgress to the alteration! and amendments herein suggested, in such form
as your wisdom may dictate.
By order, and in behalf of t i c President and Birectprs of tie Bank of the
United States,
W. JONES, Pwmidml.
BAHK OF TMB UHITED STATES,

January 9, 1818.
•
No. Sf k
* .JBxtract from, ike memorial of ike J^rtsmtemi iw§4# Directors of the J8n#il
of ike United Staiee, 3411 November, 1820.
u
3%ird. Under tie charter it has been doubted whether the bank his
power to auihoriie the issuing of notes not signed by the president, and
countersigned by tie cashier. The labor and the time necessary to sign
notes for the bank and all its brancies, are much greater than either of those
officers can bestow upon that object; and hence, lie bank has been unable
to put io circulation a sufficient amount of notes of the smaUer deuomina*
7

50

i Rep. No. 460. ]

linns, which the public most wait, and which ire best calculated to serve
-^(h© interest of the btnk. if authority were given to the board, from time
to time, to appoint one or more persons to sign notes of the smaller denomitaations tt the pirent bank, under the superintendence and direction of th© •
heard and its principil officers, there would be no public riik, and it would
aihrd ill the aid which your petitioners desire on the point 1 '

No. 3, c.
■Extract from ike mimmtm of ike Bomrd of Mreci§rsf 2$d Feb., 1827.
The President reported, verbally, to the board, that, in pursuance of the
authority given him by a resolution of the 1st December, 1828, he had em­
ployed every means in his power, as well by correspondence as by personal
representations, made during his late visit to Washington, to the Committee
of Ways and Means, to obtain « favorable report upon the application "for­
merly made to Congress by this bank for permission to have its notes signed
by cither persons thin its president and cashier, but that it was now fully
ascertained' that no bill for effecting that desirable object would be brought
forward at thepresent session 'Whereupon, it was, on .motion,
Resolved, That the subject of the report just made by the President, lie
referred to the Committee on the Offices.
BANK OF V«JB UNITED STATES, March 38,
GENTLEMEN:

1827.

i am initrocted to ask your professional ©pinion on the fol­

lowing subject:
The several officers of this bank, especially Ibose at a distance, are in the
habit of drawing checks on the bank for the accommodation of the commu­
nity in its eichange operations. These checks, from the nature of the bu­
siness they are designed to facilitate, as well as from the labor of multiply­
ing them, and the hazard of .their being counterfeited, have generally been
for large sums. It is proposed, with a view to the more general accommo­
dation of the community and the bank, that the offices should be instructed
to issue these checks.for smaller sums, such,as twenty, ten, and five dollars,
whenever requested by the dealers with those offices; and, in order to relieve
the offices from the burden of preparing them, to transmit, from the bank,
the blank forms of the checks, wanting only the signatures of the proper
persons at the respective offices. With a view to the prevention of coun- _
_terfelts, and the 'security of the bank as well as the public, it is further pre­
s s e d , that the general appearance of these checks should be uniform, and
approaching, as near as their different natures will permit, to that of the
notes of this bank, to which the community is now habituated; and, also,
that they should be signed, not by the cashiers alone, as the checks are at
present, but by both the presidents and cashiers of the respective offices. ,
This statement, with the accompanying form of' the pfopoeei check, is
now submitted to your judgment! and you will have the goodness to give
your opinions, whether this plan is or is not within the constitutional power
of the bank, and whether there occur to you any objections, either of law
#r expediency, to prevent the adoption of i t
1 have the honor to be, &c.9
N. B1DDLE, Pms^i
DM 9 !. WaBtnm fc H. B i m n r , Eaqn.

PHILADELPHIA,

JWireA S3, 18tT.

1 have considered the questions submitted In Mr. Biddle's letter of t i t
SSd Instant, and am ol the following opinion:
As there is no substantial difference between the checks or drafts here­
tofore drawn at the different officer upon the Bank of the United Slatei,
mud those which it is proposed hereafter to draw, the difference being in apr
poarance more even than in form, there can be no legal objection to then%
which docs nut apply to every thing of this nature that has been done by
the present Bant of the United States, by the former bank, and by almost
all the banks in lie country: checks or drafts of a similar description be­
tween banks and their branches, and between independent banks, have been
cueval with these Institutions in the United States.
If the former practice has been lawful, so must the proposed practice bt;
ft»rf whether the drafts be for large sums or small, whether they are sign­
et I by line officer or more, and whether they have the external appearance
of a bank note or otherwise, must be a nutter of perfect indifference, and
entirely within the competency of the-bank to regulate at its pleasure.*
That the former practice is without objection, Is to be inferred from ite
Ir-ng continuance. It is a practice,* moreof er, within the powers of every
kinking corporation, for, in this way only, can the intercourse of a bank tn#
lis offices, and the exchange operations between banking institutions, be. ad*
equately prosecuted, and consequently, unless restrained by charter, every
bank is competent to empower its officers to draw such drafts or checks upon
if a funds, wherever situated, and to<jbind the corporation to the holder for
their due honor. It is an ordinary banking operation, to which their gen#»
i t l faculties sre perfectly competent. A restraint upon the exercise of thie
j ower, is, 1 believe, without example in the charter of any bank; certainly
I am unable to discover aucl^ in the charter of the Bank of the United
States. Whether it is within the power of the corporation to issue >"bi!fa
<or notes promising the payment of money to any person or persons, his of
their order, or to bearer," unless signed by the president, and cbunteroigflp
ed by the principal cashier or treasurer, Is not' the present inquiry. The
affirmative provision in the 12th fundamental article, which gives such bills
or notes, though'unsealed, i particular effect, has no reference, 1 conceive,
t o checks or drafts drawn at'the offices upon the bank* It is, perhaps
owing to the practice only of the various banks in the country under thia
clause, that a doubt has arisen whether it is lawful for these corporations to
Issue such notes, signed and countersigned by other officers; but the argu­
ment of practice is at least equally cogent to show, on the other hand, that
the clause has never been supposed to prohibit checks and drafts signed by
officers of the branches, and drawn upon the principal bank. 1 am unable
to discover any legal objection to the plan proposed, and, since It will facili­
tate the exchanges of the country, and secures the public and .the bank from
frauds, It seems to me as expedient as it is lawful. .
HOR.BINNET.
1 cencur entirely in this opinion.
DANL. WEBSTER.
1 can see no posalble lepl objection to the pme-tice above stated, and con­
cur entirely i i the opinion.
W E WIRT.
%

I l e p . No. 4§§. ]

§2
Extract/ram

tke mimuim qf •Sprit 6, 1811.

The Committee on tie Offices, to whom was referred, on the SSi Februtry
list, the report* of the President ot the bank stating the unsuccessful rejult of the application to Congress for an alteration of the charter, which
«vould authorize the signature of notes b j other persons than the President
and Cashier, report;
' That it Is found, by long eiperieice, 'to be impracticable for any one pernan, whose general duties require constant attention, to sign the necessary
cumber of notes for the nineteen different establishments of this bank, and
;that great inconvenience is thus -sustained by the community as well m the
Institution. In various parts of the Union, but more especially in the south<etti and western sections, there is a constant and increasing demand at the
Hffices for the smaller denomination of notes, which it is impossible t© supfjply. The committee are under ihi impression that this inconvenience to
Hie community might, in some degree, be remedied, and additional facilities
afforded to the customers of the bank, if the distant office! were instructed
■to draw checks on the cashier of the bank for smaller aums than they ha?e
liitherto -been in the habit of furnishing. In ortler to save the labor of prearing such checka at the offices, as well is for the greater security of the
ank and the community, it has been deemed best to prepare the blank
forms of a uniform appearance, and to distribute them from the parent bank.
Such forms hate been accordingly devised, and are now submitted to the
•board with the - recommendation of tfte committee that the experiment lie
Cried, and, if found useful to the community, be permanently adopted. Fur
this purpose they offer the following resolution:
' Bemiwdf That blank drafts on the cashier of the bank for lire and tea
dollars each, in the form of which a specimen accompanies this report, be
fjrepared and forwsrdecl to such of the western and southern offices aa, in
•the opinion of the officers of this bank, may irst employ them usefully,
4pilh instructions to furnish them to the customers of the bank, m ©liar
persons who may wish to procure them.

t

Extract/rom

the minute* of ike Board qf Director* qfthe Bank qftke
Untied Simimf December 1, 1826.
Mr. Cupe offered the following resolution, which was, on motion, adopted;
Eemlimd, That the President of the bank be authorized to use his best
endeavors to obtain the passage of an act 0 f Congress, permitting the notes
of this bank to be signed by any two of its assistant caihiew in lieu of the
president and cashier.

No. 3, d.
BAN/C Of THE UwfTED STATBSf

January 10, l i f t .
• Sin: I l t d the loner, o i the "Mi instant, of receiving your letter of the
itti, stating that instructions hate been requested from your departiacnt, by
#cme of the receiviag officer* of the United State* relative to the receipt of

f

[ I f f . . ! © . 460. ]

. 5$

draft! m chucks issued by the offices of the Bank of the United States upo$
the bank i t Philadelphia, and pyable at the respective offices, and requesting
that the character of these 'drafts may be so f i r explained ss to enable the de*
partment to judge whether they may be legally received In payment to t i t
United States.
1 am Instructed, by the board of directors, to give you the mist pieeisf
and detailed information on that subject, and accordingly hasten to exettii©
that duty.
You are aware that i n expression in the charter of the haul his been con?
•trued as Implying that the notes issued should be signed by the presidenf
and cashier. H i d the question now been an original one, there would peff
laps have been little difficulty in deciding that, as the corporation might c«%
tract obligations'In various modes, the phraseology of the charter did not
exclude the issues of notes signed by other, officers than the president and
cashier. In the Irst Bank of the United States, the comparatively small is*
mm of notes placed the supply more within the power of these officers; and
the new bank, adopting the construction which prevailed under the ol4»
commenced a similar practice. I t was, however, easily, perceived that this in\
terpretation would greatly impair the usefulness of the bank, but,, having bee&
adopted, it was deemed ineipedlent to depart from it without a previous, ap^*
plication to' Congress; and, accordingly, the board of directors have more
than once presented the subject to the consideration of that body. A t thf
last session, a request to authorize the signature of notes by other officers*
than the president and cashier were submitted to the Committee of Wa|§
and Means of the House of fiepresentatlves, but was not so fortunate as to
©btain the approbation of a majority of the committee. Having thus fulS|lr
« t its duty to the Government, to theeommunfty, and to itself, bv a full eij»
position, to the proper authority, of the inconveniencies by which all were
affected, and perceiving no prospect of avoiding them but by Its own re­
sources, the institution found itseli in a position where It became necessary
either to renounce the great purposes of its creation, or to seek among its
other acknowledged powers the means of accomplishing them.
I t was one of the favorite objects in establishing the bank, and one of the
best uses expected from it, to supply a circulating medium which, by i t »
equal value and Its general diffusion, should generally supercede the depre^
ciated and multifarious currencies which had prostrated the credit of t h *
cnuntry. This medium, the bank was willing and amicus to supply. B u i
the object was defeated by the absolute ind physical Impossibility of pre­
paring the'notes agreeably to the prevailing interpretation ef the charter
I t is a fact which, when it is stated. Is proved, that it is out in the power o |
any human being, whose time is occupied as that of the president tnd cashten
'of the Bank of the United States must necessarily be, in the daily duties, o j
administration! which they can neither pujpeid nor delegate, to superadd tfif
mechanical labor*of signing notes far the bank and its nineteen branches*
The state to which the institution was reduced for the want of notes, w i l l I n
apparent from a report of a committee mside during the pant year.
After stating (hat the construction, of the charter, requiring the signature,
.of thft president and cashier to i l l the notes, <c renders it entirely impractica-,
ble for these officers to furnish the necessary supply for the bank. and l i t
nineteen office8,,, the report proceeds!
711
Of this, mo stronier enridepce m necessary than the fact, that, sjitcetttit
fttHfrfion
of the. bans* the whole ipnaber of notes of #5 Issued, mnnnnfs f t

§4

[ Rep. No. 400. J

£1,576,000. This inconvenience has recently become nitre sensible.than
heretofore. Soon after the commencement of the bank, a considerable num­
ber of notes were prepared, but as, during several successive years, the cir­
culation diminished to one half of its former amount, there remained a large
atock on hand; and since the adoption of the present system, (of issuing on­
ly its own notes, and not those of State banks,) the bank, in addition to the
new issues, was enabled to use the previous accumulation of notes which had
been withdrawn from circulation. In advancing now to an amount of cir­
culation more than double that of 1882, this stock his been necessarily ex­
hausted so that the demand having outgrown tie power of supplying it, the
stock of notes las diminished to a most inconvenient extent This will be
tvident, from the fact, that several of tie ©ffices'are almost entirely desti­
tute of the'smaller denomination of notes, and that no one is possessed of an
adequate supply." Thus, according to the latest returns, the office of Ports­
mouth had on land only 2 notes of 15; Providence, only 8; Fayetteville,
i(>2; Mobile, S; Lexington, 44; ^Pittsburg, 165; Louisville is without a
lingle Ive dollar note; and the parent bail: has only 180. It appears,
further, tiiat the whole amount of this denomination now on land at the"
bank and all the offices, in about §100,000; and of SIO, about 0500^000.
To remedy this evil, the officers of the bank might have adopted the use
of a facsimile. But to this there were the insuperable objections, that the
signature was not in fact, what it professed to be, the 'manual execution by
the officer in the accustomed form; that it was less safe' for the community,
•ince no imitation, however perfect, can equal the natural freedom and fresh­
ness of an original signature; and thst the defection and punishment of for­
gery might possibly not be as easy or effectual. The board, therefore, after
much consideration, resorted to another expedient, which they considered
free from every objection, either of law or propriety. Of the right of the
bank to use it, there existed no doubt; but,-in adopting a rteiv measure, it
was thought most prudent to proceed with great caution, and to obtain the
sanction of the highest professional authorities. The subject has according­
ly been submitted to Mr. Binney, Mr. Webster, and Mr. Wirt, who, as
the annexed correspondence will show, concurred in opinion, that they
4i
were unable to discover any l e p l objection to the plan proposed; and since
It will facilitate the exchange of the country, and secure the public anil the
bank from frauds, it seems as expedient as it is lawful." The plan ii simply
this: the offices are in the constant habit of drawing checks on each other and
on the parent bank; and it was, therefore, thought that when an office %vas un­
able to supply notes signed by the president and cashier of the bank, they
might furnish, to those who wished tlem, small drafts instead of small notes;
In order, moreover, to secure uniformity in the general appearance ©f all
paper issued by the institution, the blank drafts are made to resemble, as near
as possible, ordinary bank notes, and the entire control of the issues of them is
reserved by having them all prepared and registered at the bank itself, and
brwarded for distribution, wanting only the signatures of the presidents and
cashiers of the offices. In the meantime, the' signing of the smaller de«
nominations of notes by the president and cashier of the bank continues as
fast as their other avocationi permit; and the issue of branch checks »re li­
mited to notes of the denomination of Ive and ten dollars, and chiefly confined
lo those offices in the southern and western States, where the demand for the
•mailer lind of currencies was greatest, and the benefits of them more ex­
tensively felt. The enclosed specimens, which, when you have no further

i

I Rep. No. 460. ]

55

occasion for them, you will have the goodness to return, will best show
their nature and their resemblance to the other notes of the bank.
The result has so far been highly satisfactory; our information from every
quarter concurring in the fact, that these drafts have been eagerly sought by
the community, and used as substitutes for the depreciated currencies of the
neighborhood in which they circulate.
Having thus explained the history and the nature of these branch drafts,
I have only to add, that, as a material part of the design in issuing them was
to facilitate the collection of the public revenue, they are placed on the same
footing of negotiability as the noles signed by the president and cashier of
the bank; and that, if received on account of the Government, they effectual­
ly bind the bank, and will be paid in the same manner as notes of similar
denominations signed by the president and cashier of the bank now are, or
hereafter may be, paid.
Whether, under these circumstances, it is expedient to receive them, is a
question for the exclusive consideration of the department
I have the honor to be,
Very respectfully, yours,
N. BIDDLE, President
Hon.

RICHARD RUSH,

Secretary of the Treasury,

Washington.
TREASURY DEPARTMENT,

January 21, 1828.
SIR: I have had the honor to receive your letter of the 10th instant, with
its enclosures. As you state that the amount of any of the drafts to which
it refers, which may be received on acoount of the United States, will be
paid in the same manner as notes signed by the president and cashier
of the bank, I have felt no hesitation in directing that such drafts be taken
in payments to the United States.
The specimens which accompanied your letter are herewith enclosed.
I have the honor to remain.
Very respectfully,
Your obedient servant,
RICHARD RUSH.
NICHOLAS BIDDLE,

Esq.

President of the Bank U. &, Philadelphia.

No. 3., e.
INSTRUCTION TO BRANCHES AS TO THE ISSUE OF BRANCH DRAFTS.

Extract from the minutes, JJpril 6, 1827.
At a meeting of the Board of Directors of the Bank of the United States,
held April 6, 1827, the following resolution was, on motion, adopted, viz.
Resolved, That blank drafts on the cashier of this bank, for five and
ten dollars each, in the form of which, a specimen accompanies this report,
be prepared and forwarded to such of the western and southern offices, as, in
the opinion of the officers of this bank, mayfirstemploy them usefully, with
instructions to furnish them to the customers of the bank, or other persons
Tyho may wish to procure them.
Digitized by

5S

[ Rep; No. 460. ]
(Circular.)
BANK UNITED STATES, April SI,

1817.

Sin: The board of directors, aware, from long experience, how imprac­
ticable It is lor the president and cashier of this bank, whose general du­
ties require almost constant attention to sign the necessary number of notes
for its nineteen different establishments, and how much inconvenience isthui
sustained ty the community as well as by the institution, more especially in
the southern and western parts of the Union, where an incessant and grow­
ing demand for the smaller denomination of notes cannot be adequately met,
have, in their earnest desire to find a remedy for the existing delciency of
accommodation to the public and to customers of the bank» resolved to malic
the experiment of instructing the distant offices to furnish checks upon the
-cashier of this bank In greater number, and for smaller sums, than bavebeefi
habitually drawn for; and, in order to save the labor, time, and difficulty, of
preparing, in a suitable manner, such checks at the offices, as well as for the
greater security of the bank and the community, they have deemed it best
that blank forms of a uniform appearance should be prepared, with skill anil
care, at the parent bank, and thence distributed to such of the southern and
western offices as seem to stand most In need of them, or to be able Irst to
employ them usefully.
Enclosed, I send you a specimen of the S 5 and 810 blank drafts'sdopfed. After being numbered, registered, and appropriated here to certain of­
fices, a supply of them will be forwarded as soon as possible, with instruc­
tions to the cashier of each office to have every four hundred drafts in
succession, and as they may be wanted, filled in to the order of some one
officer of the branch, by whom they must be endorsed lengthwise, and
about the middle of the draftj payable to bearer, before they be signed
by the president and cashier; when completed, they are to be furnished to
the customers of the batik, or other persons, who may wish to procure
them.
The entries respecting themf both here and at the branches, are intended,
for convenience sake, to be analogous to those of branch notes. Their re•eipt under the denomination ot branch drafts is to be similarly acknow­
ledged by the cashiem, and, in duplicate, through the respective presidents.
Thrf are§ besides, to be reported on the weekly sUrte of the office as branch
draft paper receifed, used, and on hand; and whenever they may be in
transitu between the offices, must be so noticed at the foot of the statement,
like other packages.
Each office cashier will be required to advise the parent bank, regularly,
©f their dates, and of the clerk by whom filled up. He will also be in­
structed to send, previously to their emission, to the first assistant cashier of
this bank, and to all the cashiers at the offices, the signatures of the presi­
dent and himself, together with the signatures, endorsement, figures, and
mode of writing the months, of every other officer whose hand is to sppentr
upon the drafts. Such notice being given, the officer may be varied from
time to time, provided the filling in of each hundred in the series of num­
bers be completed by a single person. Should the cashier find it conveni­
ent or expedient to sign twice himself, his name and the date may be written
in the bodyfan«i " p a y to bearer" on the back of the draft by another
©Ulcer.
Town respectfully,
Wf MclliVAlNE, Cmkmw

[ lep. No. 4€0. 3

I?

BANK UWITEB STATES, June 14, 1827.
SIB: Apprehensive'that you uftay possibly be awaiting positive instruc­
tions from me to issue the branch drifts lately transmitted to you by Mr.
Andrews, and which were Intended to be used at your office as soon ts they
oould be prepared ih the manner prescribed in my circular of the 21st April
last, 1 think proper to remove, as soon is possible, any misconception, on your
part, that may ha?© arisen from a different interpretation of the terms of that
letter;

1 am, &c.

W. McILVAINE, Cashier.
Extract from the minutes, January 7, 1831.
At a meeting of the Board of Directors of the Bank of the United States
held January 7, 1831, the following resolution was, on motion, adopted:
Mesoiwedf That all those offices of the bank which now issue I r e and ten
dollar branch drafts, in pursuance of the resolution of this board of the
6th day of April, ■ 1827, be authorized to issue similar drafts of the deno­
mination of f i d , under the instructions of the officers of this bank.
Mxirmci of a circmlarf dated
BAMK UNITED STATES, February 2,

1831.

The offices now using $ 5 and $ 10 branch drafts will be supplied, as soot
as practicable, with $ £0 branch drafts of like form and of superior execution.
W. M c l L V A M E , Cashier.
No. 3,£
Stoietmemi of Branch Drafts issmedf om handf and in circulation.

i38-!

!

ApA 5 Office, Pr#¥iiciico
Norfolk Mtf.?l
April i
Fayetteville
Mmr. 7
Charleston
April 1
Savannah Mob!©
Mm. %i
New Orleans
Natchez -

m
m

'

M*

•n

it I
Jipf i
Mar. 39
17 J
April 5 1
3

«

}

1 '
; \

8uhom

§90,115
406,130
§42,8§§
iSi.316
88i,0S5
710,000
1,441,585
' 615,945
318,000
1,081,930
723,330
1,403,95©
§4'J,Sf§ |
5J57.540
170,330
417,995
109,905

--

•

NaahrilJe *
Louijwfle t
Lexington T ■
Cincinnati r
Pittsburghluillo
•
Utjca
Buriingtoi)

T

?
?

Issued.

r
r

-

'

110,78|,635

!

On hand.

In circula­
tion.

161,420
|28,§95
834,120
17S»«M1
55S,72§
83,140
996,015
411,300 i
1
633,310
855,785
§44,46©
§5,540
" 75S,0S§
88i,495
188,S»
497,965
831,135
• 86,765
§71,890
409,040
457,54©
971,790
832,950
571,000
693*910
16,410 j
557,540
*
1
969,490
100^40
351,5§S
§6,43©
57,385
141,880
#3,|71,545 , #7,4)0,090

The abort aa>unt repreaanta tie giops sum of branch dnffs |n circulation; lie amount on hand
it the hank and be scyeral offices; ani the-amount in transitu between them is not deduct'-d

m

[, Hep. No. 410. ]
No. 4.
© THB SWBJIICT Of THX VALUE Of FOREIGN GOLD AS BULLION. _
W
TmEMMMT DlFAHTMSlfT,

iff A September* 1830.
SIB: In the month of November last, 750 doubloons were sent, by the
collector at K e j West, to Charleston, to be deposited to the credit of the
Treasurer, but, is the office of the Bank of the United States, tt that place,
would not take them tt the rate that the collector expected, they were de­
posited specially to the credit of the Treasurer. The collector having now
consented that they shall be taken tt the intrinsic value, i have to request
that you will be pleased to give the necessary instructions to that office to
hive the amount placed to the Treasurer's cash aecourtt accordingly.
1 am, respectfully,
Your obedient servant,
S. D. INGHAM,
Secretary of the Treasury.
N. BIDDLE,

Esq.,

President of ike Bank U. 8.,
Philadelphia*

BANK UWITBD STATUS,

September 2l9 1830.
SIE: 1 had yesterday the honor of receiving your letter of the 17th hstant, requesting that the office at Charleston should be instructed to receiie,
at their intrinsic value, seven hundred and fifty doubloons, deposited there
specially by the collector at Key West It will accordingly be instructed'so
to receive them. These doubloons, however, possess a value in commiree
above their intrinsic or mint value, and, if they are of full weight and vdge,
I should think it just to the Government, or the collector, to allow apremium of two per cent, that being the highest price which the bank, at pre­
sent, gives to other depositors of gold. Such an authority would heaven
by this mail, but, lest there might possibly be some reason, unknown u me,
for mentioning the rate of the intrinsic value, 1 shall defer it until I hive the
pleasure of knowing whether it will be acceptable to you. In the mem time,
1 have the honor to be,
Yery respectfully, your's,
N. BIDULE,
Prmdmt.
Honorable SAMUEL D. IEOHAM,

Secretary of ike Treasury, Washington, D. C.

TREASURY ttorARTMElTy

23d Septemkr9 tSSfl.
SIR: In answer to your letter of the fist instant, 1 have*© state tint,
as doubloons possess a value in commerce higher than their inrinsic or mint

• [ Rep. No. 4i§. ]

it

irmluc, It will be natisfictorj that they be cred ited by the bank tt such higher
v a l u e In authorizing them to be credited at their i€ intrinsic value/' the
collector* no doubt*,meant to indicate that-they ©ught not t© be. taken- i t
less.' '
I iiri, respectful v,
* •
Your obedient servant,
S. D. INGHAM,
Secretary of the Treasury.
1L BIDDLE,

Esq.,

President of ik§ Bank"
United Simim9 Philadelphia.

BANK UNITED STATES,

September 259 1830.
Sim: 1 transmit you, annexed, a copy of i letter lately received by the
President ©f the bank from the Secretary of the Treasury, who, in a subse­
quent letter, states that the collector t t Key West, in authorizing the donbloons to be credited it their intrinsic value, meant, no do:ibt, to indicate that
they ought iot to be taken tt less than their mint mtue.
This, according
to law, is, you are awire, only 84 cento per pennyweight, but the Director
m( the Mint, in his report of 1827, says that the gold coins of Spain, Mexico,
and Colombia, of their present standard, may, it is believed, bo justly made
j
a legal tender it 84f cents, which price you are authorized to allow for the
deposite referred to; thus making each doubloon, weighing 17 dwts. 81 grs-i
worth about 3114 68 cents intrinsically. In addition to 8 tf centa per dwt.
yem msy allow a premium of two per cent., being the same with that which
we ha¥e just been paying to brtikers for large amounts of American gold of­
fered by them to the bank, and which, at the present rates of foreign ex­
change, we consider a liberal price.
I am, &c,
WM. McILVAIKE, Cashier.
P. BACOT,

Esq.,

, Cashier of M. U. & Charleston.
P . S. In reply to your inquiry, contained in the postacript In your letter
©f 14th instant, to the seeotfel assisting cashier, I have to eiprass my wish
that the whole of the small Inal dividend from J. 0. Johnson's estate.should
go to the credit of the standing debt, as being far the greatest, and standing
moftin need of diminution.

_p. No. 4S§» J

60

No. f8TAT£MBKT # F THE AMOUNT OF FUNDED 1 1 B T 10LD BY TMB BANK K I C K
-TEAM, l a T W B E l f 18514 AND 1 8 8 1 , INCLUSIVE; T M l COST OF THE SAICE,
AND THE AMCIWlfT IT PRODUCED.

Sale* qf 41 per eemi. siockmf 1S25; loan qfjitm millions.
Date.

Principal.

T o whom sold.

1*5.
Juife 7 Qen. Lafayette July 6 S. CJapier
,
I'­ ! T. Newman
l l T. & J, G. Bidilc
14 ;
Do
16 T. Newman
18 Prime, W. f K., & Co. 014,800
u R. Wiling
3SV96§ 38
IS

»

T. & J. G. Keltic
m
Offce, New York

Rate of ;Ratetf Amount Antfnt
pre'm. idiec'nL ofpre'm. Wiertit.

110,000
par
25,451 61 Ipr.ct.
18,000
par
6,000
par
4,000
par
4»00Q
par
par
50,768 38
1,500

i%o§§
8,900

6
7
IS

Do

Baltimore

S54 St

-

par
50

t
i
'

par

1«,S0O
500
7,710
i
Do
do
I
S40
i
■■ p a r
i ■ 90,Q00
Do
do ' •
»
84 • Do
do
4,900
i
!
86 Prime, W.,K.,&r Co. 12,000
l
27 Office, Boston 6,200
i
Si
:
4,000
Do
do
i
Sept. 3
S.4S4 58
Do
do
i
5
Do
do
1,800
14
Do
do
•
1,100
*
i Do Baltimore
1,000
par
IS
Do
do
1,000
par
19
Do Boston
.
.
.
1,800
4
par
79,074 40
Oct
1 Sundries
par
G. Mclntosn
l§f40©
par
J. E. Black
7,950 35
103,414 78
par
187,0€»
S Office, New Yorit
par
Sundries
4,37© S7
" 191,370 97
par
5 Office, Boston 19,500
Do NewYoik
10,00©'
par
Sundries
151,836 90
par
•191,336 90
par
1§,000
4 Office, New York
Sundries
710 44
par
16 170 44
par
Si Office, N e w ' T o *
3t,203
Sundries
52S,153 5#
par
56S,36R 50 l
41,185
7 Office, Boston par-J
M. A.Bnnce
200
par*]
Allowed H. Hutchlns
for sertricea in effecting
exchange of bills for 4 i
par I
stock for sun'yperaens 1,113 15
par
Snndries
»
7.050
4f f i48 515 1
— ■
— 1
Aug.

•

1

1*

38 55
• 1 3 tO
81 17
24 5©

■

•
•
-

■

1
■

31
20
31 38
9
S

■■■■■■■

-

! o

[ Rep. No. 469. ]

61

STATEMENT No. 6—Continued.
|

Date.
-"* IHKTT

T o whom sold.

Principal,

"

mm, -

Oct.*

S

•

1 l"11"""
E. & J . Perot * flf,87§
Office, Hew' Y o r k
89,4©©
Sundries
m
5i,65S 35
1 . Wohlleben
1,600
M s r j Stokes
1,300
! Cmaiiire, 1 . U. S. a t f y 2,853" 53
■ B. Cluenet
9^00
f2,CMMI
J. Mack

■

"

Rate o.

Rate of] Amount A n f t l t
pre*m. uisc'nt. of pre'nL disc'nfc.
1— i m f u m

'"

.
«
•
•
.
-

par
par
par
par
par
par

1
I
■

par
par

1 113,979 88
it

Office, Boston 14,3©§
E . j k J . Perot ^ i,35«
Nikoa I t W i l l i n g , ass• 9,403 41
Sundries
18,400

1

-

!•

par
par
par
par

—

•

\

41,453 41
ii

miiMili
D. Ltnoai i t others
J . Dillon
J . Black
Sundries
*

1,700
10,003 H
400
3*000
10^00

Jane Alley
T . Smith
Perot, E. i t J .
Officii, Boston L . Custis
W . P. Cuslis .«.
Sundries

700
1,400
4^000
0,871 IS !
1,000
|
3»S§©
St,S4© 60

J
it
j

I

»

1

par

»

„,

par
par
' par

^
96VM3 11

,

,
—

.
«
.
•
«•

1

par
par
P**
par
par
par
par

■

f

49,511 79

E.W,'McCklMi
J . Gourin
Sybelja P. W i l s o n

4,5©§
600
50©

par
par
par

■».

„.

%

\

' 5*600
14

W . Hush, j r .
Office, Boston
Esther Lome
Sundries

-

35§
90,100
100
19,913 m

.
•

par
par
par
par

-

39,7S3 i i
Offioe, Mew Y o r k
B. Baehe
J. King Female Asylum J . Deiunater

14*000

If

B. Ctuenet
•
S. i t J . Nevins

3C»
«S,tMM>

18

S. Keith
Sundries
«
Oifce, I f cur Y o r k
Do
do
M . C. Jenkins J . Rons *
J» tLompiir
R. W i l l i n g , et'r.

«»§§©
'
i,85§
16,000
6>100
3,916 67
8§©
100
•60

Office, Mew T u r k
Do
do
M S J J Gerlia

4%©§§
16,000

11

-

so©
10,000
960
1,000

«,
«
»
•
«
m9sm
-

per
' par
.pur
P«
far
par
par

95,300

•
•
•

par
par
par
par
par
par
par
par

„

.
•

»

Jpr.ct
1

39,016 17 1
IS

sit

•

1

par

1 par 1

m

I

50

m

[ Rep. No. 460. ]

62

STATEMENT No. 6—Continued.
Date.

T o whom sold.

Eateof Eateof Amount A m o u n t oi
pre'm. disc'nL ofpre'm. d i s c o u n t .

Principal.

———80,000
25,©©©
»»5©©

Office, New York
90' Po
do
C. Birkinhall
E. Meredith
Thou. Montgomery
S. It J* Nevins E. Eeyser

sm
50©

•
•

3,000
8,700

800

.

-

i

• 30,100
500

-

-

31 11

1 ;

par
par
par

-

1,§56 S4
3,000

-

par
! P*f
par
; P* r
par
par

67,40©

21 T o J. Q. Biddle 6 . Evans
M. Morrii
J. Stroup

•

par
par

1,000
33,500

1835. J. G. Jenkins
Oct IS S. & J. Nevins -

lit

83,656 64

22 Office, if ew York
S. It J. Nevins -

44,000

par
1 P»*

-

35t«»

<

78,000'

Office, Boston T. Sternum
T. Hawson, fcc J. Williams, &c

10,113 78
300
781 i f
301 15

MS Office, Bonton
3. E. Black
Sundries
Saving Fund Society

1,815 4?
1,856
100
30,000

M T . l t J . G. Addle
S. & J. Nevins -

80,000
10,000

S7 Pilot's Society Un. BenPl Soc'ty
W. Irvin

1,000

m

par

;
I

80,506 58

par
par
par
par

■

S4 f 771 47

par

1 r«

30,000
1,1©©

3D©

1 p**

-

pa:pai

8*500

28 H. Hutchins
E. & J. Perot

857
-

*,©97

par
par

«,347

m

48©
3©0

H. Hutchins
B. dmenet .

par

;

ptJf

780
31 J. M. Benvist
S. Bringhurst
, A. Schmck
| T . l t J . G. Biddle

par
pmr
par
par

7,600

Ml
13©
6,600

14,571, 81*

Nov. 3 G. Evans
S. Emlen, 3tc. Office, Mew York
3
7
i
11
If
IS

M. Luctt
M. Smith and others
T . fc J. G. Biddle
Janem ay
A. Fntley
H. Johnson

1,000
4.58S 83
5,©0©

"

par
par
par

10,586 S3
2,000

3©§
§3,300
1,345
1,800

850

1

par'
P* r
PW
par
par

Ipr.efc

886 50

[ Rep. No. 460. ]

63

STATEMENT No. 6—Continued.
DateJ
lttfc!

T o whom sold.

IS W. Wilson
Office, WmMngloii
Do Norfolk -

800
9,800

4
f
f
li
IS

inns.

par
par

1§,S§§
900
. 1,590 §S
l,4Si §8

E. Kieimer
»
8. at J. Nevins •
J. W. Benolit Par. l a n k , Lancaster Comm. Peoilon Fund
J. Oatrow
890
Jamei King
10,900

•
•
m ''

-

•

11,090
5,800
157,000

•

-

1,563 31

■

par
par

.
9,775 17
13,000
900
90/100
9,580
9,1 M 97
5,000

-

-

.

•

-

•
•
•

.
•
•
-

999
141
13S
SS
■ 183

11
50
fI
78
53

.
•

81
17
S6
8
ISf
MS

84
17
31

319
104
710
Sli

30
ft
S5
SS

par

• •

•

par

96,400
16,000
5,950

-

•

•

par

49,500
9,957 S3
9,900

Feb. 13 T.fcJ.G.Biddle
. .
18
IS Theo* i5«f, rj, P. E. Chnicb, O. 17 Sundries
•
» - 1.
Mtf.19 Prime, W., K., It Co. 11 J. Patterson
•
1
IS : T . k J . G. Biddle .
Apr. IS 1 E. Patteum
•

par
par
par
par
par

•

•

•
-

Office, New York
Vito VM
Office, New York
Sumiiriei

1,S8§ 74
500
!©,§•§
1,000
15,3§0
150,000

9,497 US
1,599 84
1,177 77
• 3,395
400

C. Piatt - 4
Orph's c% Del cty
Prune, W., K., it Co. Wm. Mcllvaine Prime, W., K., It Co. 8,40©
90,000
T.fcJ.G.Biddle-

Office, Norfolk W.Ervin

• par
par
par

'

«
,

Officii, Now York
Do
do Prime, W., K , * C a Hale It D.
•
Prime, W., 1L, it Co. Do
9,197 06
Do
Officii, Now York
900 '

" IS Primo, W., K., k Co.
If
Do 18
97,000
Do
19,500
T. it J. G. Bridle
JLw.ll
96
1817.
AngM
S«ft. §
8
CM. 10

-

!

90 Office, New York
'If Prime, Ward, 1L, & Co. 1899.
§51 17
Jan. 7 Office, Boston* W.Beinbridge 1,890
31
Feb. 7
99
24
IT
98
Mar. 9

Emteof Eateof Amount Amount
pre'm. disc'nt. of pre'm. of disc'nt.

\

Tfov.16 G. Evans
8. It J. Nevins -

2J
94
S8
IS
Dec S
li

Principal.

•
•
par

-

\

>

•
■

-

.,
•

.

S5
SO
13
5S

•
•
•
-

51
17S
If
' 77
44§
S
199

84
44
IS
§4
17
95
88

•
-

•

6,900
18,000
7,694
9,918
48,6§i
«S7
95,000
909

-

par

•

■

79
15

■ IS S7

3,941
111
689
174

100,000
3,000
90,000
■7,000

31
94
m
m

If 1 8S

£ Rep. No. 460. ]

64

STATEMENT No. 6—Continued.
_

, . ITT-

"ism"

—
m
May S T. fc J. Q, Blidl«
J
m
D©
m
i i Office, N . Y . , P., W n X. t ltC©..•
» L. Francis
•
•
83 S. Hutchins . • m
31 A. Se»©igtie
Juno S Prime, W. f 1L, It Co. 11 C, J. Ineenoll 11 Prime, W., K* Ik Co. •
«
14 J, Clarkson
I t Sundries
18 T.&J.GlBiddle
.
fl Prime, W., K., It 0©. m
i
M y l Sundries
10L890 14
'8 J. White, cash'r
1,000
Estate, J. Steele
E. Taylor
- r
1,750
A» De Chardonary
3f3Si 09

3 W . McKnight «
Eii. W . Bingnmia
Am. Pcarce,ex'r
J. Cnthbettaon •
S, Harbeaon

8
7
8
9

L,
A,
S.
J.
E.

R. Bailey
E. Murcken Graham
Black
Aahbumham »

~

^~~T

Principal.

T© whom aold.

Data,"

■

1
;
!
!
I
"
!
'

8,10©
" 8,000
7,30§
900
3,400
600
1S,5§©
1,396
17,907
1,570
3,300
90,000
10,784
134,044

•
•

pr
pur
pmr
par

500

91,754 ©1
1,380
4,500
1,100

*
*
-

19,©M
1,000

•
90,094

1© Office, Boaton

-

600

T . Hulme

4S,§©§

760 60
86,000

»S,75i 60

M D . Caldwell

P. Debboa
W . MiMer mud ©them

954 §4
«,§§§
S7,44S §5

-

-

3§f3S7 Si
8,000
3,7i0

IS W n a Miller and ©then -

19,468 IS
8,000 00

15 Zadbck Thomas
IS Office, Boaton *
ChaHeston
If D©
J, Keating

m

Office, Boston

J. Suwm

-

■. -

Th©re#aW©©d O. A.W©Ik©y -

11,368 18
1,100

9^900

« , « § §1
100
870

t.

J. Steele, jr.
Sunday school

•
S,45§ ©7

•

600
?©§

86 Office, Boston

-

6>100

J, E©fcerti§©»

i»

1,900

15 S. Lntae,

48 75

$»

-

if

•

96 Si

f

•

Si

i

-

par
par
par

4S

'

par
par
par
par
per
par
par
par
pr
pmr
par

48,000

A. Riley

11 J. Steele & Trustee

•

-

pur
- P*r
pur

88
§8

it
5
18 95

it

99

<
•
-

3,600

•

pur

17,001 93

5,511©

-,
1 • •
i
eom'n}

-

51

-

6,900
75,f§4 i l

Rate of Rate©! Amount " Ammmt
pre*ia, diac'nt. of pre*m» of diac'nt.

500

9,600

|

6,600

par
par
pmr
par
par
pmr
par
par
par

-

par
par
. pw#
par,
par
pmr
, par

'-' n

t

pmr
par
4

'

[ Rep. No. 460. ]

65

STATEMENT No. 6—Continued.
Date.

T o whom sold.

1899.
*
July 19 W . Kelby
Office, Boston .C. McKeniie

Principal.

1,S65 35
5,000
1,800

.

Eate of Eate off Amount Amount
pre'm. Idisc'nL of prefaC lofdiac*nt'
par
pur
pur

8,465 35
par
sm
1,000
• P**
1 5©,«M!
1 17,171 60
fm
10,000
!
944 09
par
! 10,944 Sf
8 Do •
do
2,200
par
J. J. Eodrigne 9,800
pur
Prime, W., K.»& Co. 6,100
par
11,100
8 C. M. fennel
200
.
par
10,000
T.fcJ.G.Biddle
■10,900
. ll' Office, Charleston
1 fm
E. Bringhurst 101
par
I J Office, Boeton 4
5,000
par
5,101
15 T. It J. G. BMdle
90,000
If. Wain
3,333 M
par
13,333 34
18 C. It S. Wiatar par
sup
89 Office, Boston 90,600
par
Jul. Scott
80,700
Office, Wnaliington
1»©83 ©6
par
m Prime, W., K., & Co. 99,576 17
s^ Office, Bolton 15,400
par ,
m
C.Yeates
- '
1,574 t§
par
16,974 1©
S7 Darby Lyx
500
par
i 8 T . It J. Q, BMole
10,000
•
Sep. 4i J. Chew 14,450
par
5 T. l i J. G. Biidle
95,000
8' S. Straight
par
400
9 Office, Bonton 96,000
par
J. Shotmmfcor 19,500
.
par
45,500
11 E. Pierpont
•
3*000
par
1,900 .
par
Mmry Rogem
4 f t«t
'
13 W . Custis
9,000
] par
•
15 Ofiee, Boston so©
G. Matthun
600
J. SMeldi
r
500
1,600
IS S. Htttduns
480
r
T. It X G. BMdle
85,000
Office, Mew York
96,000
" 1
61,480
11 i t Porter
800
P"
Prime, W , K., Ik Co. 95,759 76
SS,55S IS
1/100
1
•
1 fit 1
m James Craig
9

31 Office, Boston Mmg.2 J. King
6 Office, New York
§ Prime, W.,K.,fc Co.
7 T. & J. O. Biddle
Office, Boston -

i

1 '• '

115

•

i

if

•

*

95

-

i

m
i

|

W
-

i

§sft

t

.

-

*
"

i

• 1
1

-

Sill
6i

I Rep. No. 460. J

«0

STATEMENT No. 6—Continued.
-

^

■

■

"■

Date.

Principal. ' mateoflRateof" Anoint Amount
pre'm. disc'nt of prCm. of disc'nt

T© wioni Kid.
*

1818.
Sep. 18 AnnOraigf
CSanmeato

1
-

1,0©©
800

9,800
1,000
1,000

Oct 9 E.Tavtar
• 3 E. Ashburner
4 J. Clarkson, jr. 11 Wm. Mclr?aine, trustee - ■
17 J. B. Neagle' 11 E.P©rter
Ml Office, Boston 95
Do
do
13,000
Orphans' m% Kent co. 3,00©
Cumin'g&Lockw'dyex'ni^OOO

1,050
415 6©
13,000

17,000
1S,500
1,000

par
par

800

J. Brew©n, ©f England M. MUJer
Oil©©, Baltimore
Prime, W.f K., fc Co. D©
H. J. Hutchins, trustee
T. it I. O. Biddle
Otic©, Button Prime, W.,K.,& Co. -

Par

par

-

300
, Office, Norfolk 10,000
; W. McIWame, In trust
18

i

16,144 11
40©
SO©

•

par
par

I par

-

[

-

10,500

Dec 1 T. Sttelds

S
4
11
It
11
IS
17
IS
SS

par
par
par
par
par
par
par
par
par
par

too 25
151

3© Office, B©iton do
SI P©
H t f . l l M. Ambereombie & H. J. Hutchins, eiecutoni §,792 SO
11 Office, Charleston
P.f War!, K., It Co.
19,361 SI"
13 M. Alexander 15 Office, B©nt©n 600
SI L%©ime
i Prune, W., K., fc Co. 10,000

par
par •

-

Baimgand others, ex'rs
©* 3-5 estate, W.
f
Bingham " 33,163 14
»P. AahDtBB
4}50O

-

-

par

!

-

10,318
par
7,686 74
1,000
par
8,0©©
par
85,00©
1,100
14,569
1 P""
!©§,©(»
1 j*
25,»5
par
16,913 59 disco'nt ©limn dry sales
to this Wat©"
-

31 ; T. Jk J. O. Biiil©
J 100,000
1899.
Jin. 1 Plant fc Mec b% S. C. 08,500
par
par
D. Caldwell
SW
1
Oilce, Baltimore
1§»»8 11
par
J. C. Clay, jr. 478
. pwr
W. McKnight S,§5§
j 76,156 IS
3 J. Humphreys 1,300
: P"
A. de Cnardonnay
3,13© SI
, par
Abm. Peace, ex'r
1,000
1 pt*
fi,43§ SI
S A. Bradley
S©
O
G. Widdifidd . 400

a

-

1,000

*
"
*

i

-

15

85#
S4S 7*
§m

I Rep. No. 460. J

67

STATEMENT No. 6—Continued.
:

I

Bute. 1

T o whom told.

.1 Principal,

I

I

*

11,777 64 1
SIS
3,©0©
• ■

■

8 Office, Charleston
9
D#
do
13 A n n Pemberton J . l a c o n , trustee

r

— J = ^ J a <sat

-

14,993 §4
11,498
73,789 80

§

1

-

9Q QA* A J

Ill

1 D. P. P. Harignes
I Office, Baltimore
B. dmenet
-

"'|

jEate of [Rate o.| Amount I Amonnt
I pre'm. alsc'ntnofpseftti. of dJsc'nt.

l«f.
l,©lf
J m . I| T . I t J . Ferry
1 W B L Mciltaine, in trust. 131 90 I
f

:

*

J

ft

par

1 Wm
1 P**

578 2 8
811 S 7

par

1,&9 53
350

18 T . Ik J . Perry
19 J. C. Clark & Jn. Raier, tr.
81 J ; Brawn
50,000
Otlce, Baltimore
S f l Oi

1 P* 1

9,soo

1

par

1

1

par

5§§

""

50,671 ©4

S t Over Issued, Charleston, 9th
I S W m . Mcllvaine, in trust
17 I f . F. Parrot
I S Office, Baltimore
F A S Do
do
f N . Kendly
10 Office, Boston
I f G. Pnm
.
.
.
t t . J.Ckrkson
S i Jus. Black
M a r . f Geo. Oakly, adm*r.
l i ■ A. Carlile
1 1 Office, Boston 13 Gen. Bernard 1,818
M-\
W i n . Mcllvaine -*
500

1

sw
e

m

S,35i
500
4,73«
1,400
101
3,8§S
3,03©
1,100
300

.

•

j

1

1,711

:

-

m

•s A t l o s t o a
G. Green, Boston
m '8.Haibeson W . M . Seating -

May 4

m

M

-

1

1

I
m
«, 1
• 1

-

I
14
1
38 88
Si
11
11
S

*

"
«
*
-

-

4
399 IS
103 H I
•

li

I

if

§

J

30

*

4SS
40
l i t 88

I

I

!

m

-j
j

—

I

- 1

-

I • 1
1 «
,
,:,
I " J"
I

:::
:::

1

j

- 1 «, J
- 1

«. 1
I

"
*
4S»40#

i
1 .
1

100
i5 f ©§©

J
1

„

1

— (

1
1

SO
17 86
€ li
S

. J

-

i , » i §5 J
500
1

Sara! Hntrimson, in tmst
fiLfcJ.lfeviB*
-•

—

1
1

1 %©» 1
m%
I
1
1
" 1

1
1

■
'

"

[

—

4,04©
14*188 80

45,000
1,010
404

•
-

—

- j

"

3S©
136 15

1,804 80
611 75
ft©

:

—

18,168 90 1
W . P. Curtis
s i P. Prowenehow, •§c#
j R. Porter
■ I . Lybmnd t
-

.

•
-

5©,3« I f
1,037 5S
600
3>000

f i

_

I

•
-

• -

486 15
W . P. Cvstia
P. Lorrillard

„

m

- i par

'

4©4

•

m,

—

•
-

•

1 $7

f

par

I

1

1

1

par
1 par

S,©CI©

11 R. Porter
18 T . & J . G. Biddle
40,000
Prime, W . , I L f I t Co. 1%3§2 ISf
A p r i l fl T . i t J . Perry
a Office, Boston 161 T . W . Rogers 17, W . Mcllvaine *
Do
in trust

•

183 37

i f I

•

I 675

—

j

-

1

*

I

m

1

m

I

" J

•

ii
'4
1 -

sis m

[ Rep. No. 460. j

68

STATEMENT No. 6—Continued.
Principal.

To whom sold.

Pate.
T8SS.
May IS;
• 18,
Jut 3
4

At Boston
- ;
JL W . Kennedy, et al. i n ttUBt Wm..McIlvaine - ;
At Boston
1,500
At Mew York 4,9§S 52

8 R 8. Patterson Boston -

808
6,000

11 Bonton 11 S . I t J. MewmM 13' Boston S.4J.Ne¥ins»itCn.
IP H. J. Hutchina l i l y I SamieiTait

%-

Rate of Bate of Amount Amount
pre'm. diac'nt of pre'ro. of disc'nt.

6,000
650
S6S IS

6,459 52

6,808
6,350
10,000

-

8,000
5,000

7,000
1,847 55
3,131
.
138 85

•-

8 RWood & S.O.e.Ban«liy410
AtBonton
18,053

IS
87
ILig.S
8
11
11
14
88
BBp.ll
Oet 3

Washington
Mew York
T. BMdle
AtJfewY©* Do
Do
Do
Prime, W., K., & Co.
At Mew York Do
Do

Mow.ii , J.DeiaieM
87 ! W . 6 . Buckner -

-

'

18,463
1,500
,
f§,38© m
3,420 S3
5,CMMI

2,000
9,850
186 05
1 8,180 §5
21,500

2,618 77
16 39

-

.
.

2,639 16
25,(MM»
25,000

- . -1
•
•"
-

"

•

,•
-

*
•

1
!

-

30
C
1 18
3 75
49 5S

—

t

-

1 3 5ft

■•

!

,
l

-

[

•

!

>
i

•

,
1

►

:

11 8ft
125
3
68 5ft
IS
31
1
5
120

47
73
18
51

*• i
- I -■ i
•
"* [
- 1
- 1
'
•
-

15
863 81
42 i f
- '
SO
20
91 5ft
•
■
1 8ft
81 81
■ 115
-

•

-

•—

-

I
,

8ft 3ft

par
par

! 4»»6,©74 08 atS9f,§ >5prl00 5,669 32 J 0,309 6ft
5,869 38
Disco iint

4,440 M

Sales o/4i per cent, stock—-ham qf 5 millions, 1824, ael 241k Mmy.
1889.
F e k l l At WaiMngton July 1 Planters1 and Mechan­
ics* kink, Charleston 50,000
J. Cowper, Norfolk
6,61© 21

473,501 15

4,131 §1
800

58,610 21
A. D. Chardonnn
E. It J. Perot

7,4S3 67
6,000

m §r

500
871,468 15

N. Kennedy
At Boston

%4

871,968 15
ffl AftCliaittaten

-

I f 5ft

11,493 67

§ ftft

^M64 St

1§§,§«1

1,000

t Rep. No. 460. ]

69

STATEMENT No. 6—Continued.
Date.

To whom sold.

Principal.

•
IMS.
- • 14,600
Jiiy 9, At Bonton
P. Ashburn & others
6,860
T. Btdcfie
100,000
At Boston
11
D©
Bo
«.
At Washington -

to

Ml Wm. McIIvaine,

8,350
14,247 47

.
-

146
§8
1,247 5 3
1

•

-

10
96 81
75 5C
142 41

-

"

83 9£
125
400
939 51

m

.-

"
-

1 82
8 11

; - .
•
j

,
-

,

§8,600
933 83
10,000
202

.
-

901 Do
si! M. Kelly
« i At Charleston
J. Black

15
18
991
3©
Aug. 3
I
6
7
li

99,597 47
' 6,000

•

...:.
"

183 83
750

trust

Boston -

23: At Boston
24 N. J. Kennedy
,
Huston -

-

m

—

1S1,4§0
1,000
10,400

-

-,
-

"

.
«.

1

14
Boston
15| Nevins 10,000
L.W.TasewoU,N.Y .40,000
Baltimore
18,600

Rate ofRate of Amount Amount
pre'm. disc'nt of disc'nt of disc'nt.

1,38© If
2,5S5
-

Charleston
Do
If. Kennedy
Boiton Do
Charleston
Boston If. Kennedy
Boston W . filler & others

11 R. Wiling, &c Washington

4,805 If
8,900

-

950
§,600

•
6,850
150

-

1

"

par

•

i

"

-

. -»

-

-

§4 5S
2 5C
50 M

-

"
"

1
132 51
I t 7f

-

10
1
199
194

...

"
"
"
"
-

-

"
- 1

m

-

;
;

-

100
18,999 S4
2,000
i par
1,000
1
1,000
100
'

13,900
19,401 69

-

32,:
15,849 SS
14,141 41

2S,§84 10
4.5S3 59
1,194 79 1

-

1,109 33

IS P. CsHlole
91*94 At Boston
T. Riddle
«S I At Boston
' MI
Baltimore
31 1
Boston
1 - 'Baltimore " Do
ftp. 11
af ■ Bstton

1,080 SO
' 9,679 90

-

.
• ,
•
•

■

• •

3,700 10
9,090 90'
96,000 .
100,000
6,000
1,000
I 99,800
17,000
1
14,500

•» *

-

•

v

■

■

1

lit

17

par
par

so©.

13 S. B. Lear, of Washington
15 T. CadwaJader, ex'r
If 1 Rew. J. Kemper 309 33
800
Marg. Turner At Boston
1,000
IS P. Conrad
O. Trade Do Bella

* -

39 5
C
2

■

.
•
•
-

4

-

.
.
-

- i

■ 158 41
141 41

m

3m
8

10

. l i tC
IS 81

"
•
•
-

45 "M
11 ii

i

§0
ISO
1,147
60
10
■ 998
170
181
S

Sfl
'
51

15

[ Rep. No. 460. ]

70

STATEMENT No. 6—Continued.
Bate.

1899.
Sep. 4 S. Andrews
7 A t Boston
C. Event

-

T . CaiwaJnIer
A t New Y o r k
W a Miler
Charleston
New Y o r k
Charleston
C. 8ermiento
T . Biddle

70,010
58,184 71
3,600

-

'

131,S84 71
1,000
867
S8,65« SS
1,300
1,870
4,300
3,030 30
8§,0§0

-

1,742,961 i l

-

-

4
i
S6 H i

•

•

3©
S §d
700
681 84
35

-

-

1§
8 6T
S86 sm

-

«
?

• 1
S

• '
-

10,739 30
3,000
550

-

•

.
-

-

•
•

-

3,3§§
404

stf
S,S3§ '30

-

"
*

-

-

11 Bo
11 A . Finley
14 T . B i i d i c
Huston ■Beltimora

Mate of. R a t i ofn Amount A m o u n t
pre'm. diec'nt ofpie*m. of diac'nL

SOU
600

Moo

8 J . B. Neagle
10 C. Event & others
Boeton -

IS
IS
17
19
11
S2
28
30

Principal.

T o whom fold.

-

-

IS 7©

par
par

-

1

-

at S i i,8€4pr. •100

si

.

so m

8§§

17,181 0 9

Sales of 5 percent, stock—loan of 8 miliiomT o whom sold.

Pate.
.1896.
February 6
8
11
13
18
S3

Maw*

80
IS
9
10
15
17

18S7.
Octolier
1818.
November
April
May

-

-

t . & J. G. Biddle

-.

.

.

.

-

1
|
. \
|

3,113 3S
40§
50,00©
20,000
t»«Jf

so^ooo -

. . .

iss m
so
1,87©
:
;

847 75
9©
74S
lit

s,4l§ ss
67
374
ft
374
1,870
400
1,570
9,400
90

58

11
IS

T. & I. G. Biddle

-

S,500

899 11

IS
9
IS

Prime, W., K.f k Co.
T. & J. G. Biftdle -

3«,S0©
5,009
Sjioo

8,4*3 • •
ill it

.7

Do -

-

1

3,000
78,000
' 1,500
10,000
S0i
10,000
50,000
10,000
1
4S,000
60,000
1,909 I t

Premittm.

E. Porter
Prime, W., K., & Co.
Mary Mcllvaine
f rime, W., K., & 0o.
Do
Office, Boston
Prime, W . ,K., & Co.
Office, Bolton
R. Porter

18

April

T.fcJ.G.Biddlo
S. Straught T.fc J. G. Biddle
Do
Mary Mcllvaine
T. & J. G. Biddle
J. B. Mcllvain©

Principal.

-

-

-I

58

89
70

sit is

r p

ep. No. 460. 3

STA
Date.
1888. ""
11
i
11
IS
11
14
July
§
August
8
•5
Seplembe r 4
If
October 30
1988.
January
t
13
If it 11
90

Pehtnafy 17
March
18

Jane
Jnly

3NT No. 6—Continue*
T© whom sold*

May
Jung

April

71

6
If

n1
1

1

3
S

.
f

Prime, W. f K.f & Co.
Ditto
Ditto
T.&J.G.Biddle
Prime, W., K., & Co.
J. Bailey
Prime, W.,K.,& Cm
. Ditto
Ditto
Ditto
,
Ditto
©He©, Baltimore
-

Principal

.
.

.
.

-

.
.

.
.
.
.

-

.
.

.
.

.
.
.
.

.
.

1,000
)
1,000
I
4,©9S If J
6,500
4,501 5©
3,500
1,100
1
1,000
35,SSS 99 }
6,470
1,711
J
Sf00§

.
.

-

.

Do Boston
.
.
.
.
D© Baltimore
Do
doWin. Burke
* Prime, W., K., & Co.
Arnold Myers
.
.
.
.
T. & J. G. Biddle Premiiini on aalea 7,861 73, by P., W., K., St
Co., in trait, 30th Janmirj
AtBoiton Alex'r. Elmsie
J. White, caahhr
.
.
.
.
AtBoiton
Planters' and Meehaniea' bank, Charleston Johnlrowii Matthew Lawler
•
J.G.Rocli Wm. Steweinon
Baltimore
lama© Harvey, jr., &e.
Wm. Strawiridge Roman Catholic Society, S t Joseph Mary Cornell
* - .
Theoph's Harris
Wm. Mcllvain©
Win. Y. Byrch
E. A J. Parol
J. G. Koch Sundries
John Brown Arthur Harper
.
.
.
.
P. Beck, jr., trustee •
Pa. Ins. Co. •
John Potter Arnold Meyers
At Boston - "
C. Mcleod H. Binney, et aL, in trust
J a i o R. Roberta
Claw. Chauneey
E. M a r t i a l
Cain. Mona
.
.
.
i C. J. Ingenoll & W. J. Bel D. W . Francis, in trust
•
1 E . W a g , ex'jr, in tnitt
* A* A* Buswtk
.

Premiums

50,000
33,843 77
8,000
8,S85 05
7,181 73
300
10,000

:

-»
50,000
14,000
1,000
3,000
SS,5» 11
90,687 41
«©,84§
§1,108 31
11,300
3,000
15,400
§00

34§ 87
311 78
804 14
110
8,6*0 ft
3JUD

1
!
;

t,50i
1,688 If
400
434 §5
85
483 Hi

j
!
;
!
j

!,§©§

300
15,800
600
3,708 53
106,150
10,400
1
51,900
1
4,000.
i
17,000
!
3,500
6,000
5©,§0©
5,200
134,000
300
•,538 40 '
800'

344 08
1,730
84©
45
114 58
1,M3 51
SOS 8?
80S 4©
§11 06
115
154
9
15
8
ISS
§

37 08
1,051 5Q
104
518
4§

m
15
ۤ

7,000

SO©
58
4i§©
$
• i JS
t
i»
7©

•f§0§

§§

»,§©§

176 88
•,§§i 88 1
13,308
J
4488

1 77
m

•01 ^l

«e

[ Bep. No. 460. ]

72

STATEMENT No. 6—Continued.

July

E. Wiling, ex'r
M. Chapman and J. Bacon
Neal Panan W E Boyd and S. Lewie
f Thomas Bidile
Win. Hembcll
Andrew Thompson M. Sniallwooci
B. Bush
At Hew York
li
Ditto
.
1! W. Howell, in trust J. & S. Perot
13 Ann Watson
.
J. P. Espy E. S. Patterson
At Mew York
Ditto IS
Ditto 17
18 At Boston New York
.
S©
Boston E. S. Burd
•
81 J. J. Schum C. Chauncoy
A i d . Sesoigne
At Few York
if
Ditto S3
14 , R. Loxley, et al.
T. W . Morria
At Boston'
Ditto
25
8

T. W . Morri»#

87
IS

August

30
31
3
4
5
€
7
8
10
11
13
17

»

Principal.

To whom sold.

Bate.

18
SO
99
15

1

-

1
I

.
-

.
-

.
-

.
- .

.

.

-

-

-i

-

Wm. Strawbridge - •
At Boston New York'
Boston New York
.
.
.
Cmsh'r Bank U. S., tttorney for foreigners
At How York
Boston E. & J. Perot
At Boston
Martin Scott J. Hambleton, U. 8. N.
i At Boston New York
• .
Baltimofe
Boston 'Ditto Mew York
Ditto Ditto Boston Ditto r
Ditto
:
f. P. Morris
1 At Boston *
i
Ditto
-

I
!
I
!
1
|
. !
- :
.

8,931 1©

10,891
11,000
320
W,W©
22,806
1,000
553
100
45,498
80,308
415
40,905

Si
m
li

sen

1,200
S,00©
S,000
5,000
35,000
80,000
.
19,438
5,000
1§S,8S5
599
3,85©
§,000
18,120
32,985
7,800
1,000
45,000
S50
40,918
300
5,098
CMS
• 19,000
.
* 1,800
33,691
1,30©
48,700
-

09

31
66
St
S8
14

48 |
|
17
80,
IS

6,§mn

8,542 S5
8,000
4,997
1,000
5,367 §3
8,545
1,000
7,100
7,787 98
1,000
17,S8S 14
5,0§§
4,000
«§,©©§
■1,000

3,§§§
. %909

Premium.
8§ 30
106 fl
110
6 40
1,048 Ml
289 06
it
• 11 §8
•f
7m 2i
1,5K Of
8 50
409 OS
4
94
90
lit
100
70©
70§
388 71
175
1,639 07
14 9§
Si 95
6©
3M I t
S59 70
16©
15
900
8 75
1,030 71
178
163
475
45
1,010
§7
1,307
li8
73
60
149
30
If 1
166
150
SIS
14i

s#

43
5$
74
m
48
4S
il
il
Si
M

§40 HI
15©
lit
160
.90
106
§4

[ Rep. No. 460. ]

73

STATEMENT No. 0—Continued.
Sales of 5 perceni. stock—loan of 4 millions.
Date.

Idas.

August

To whom sold
25

!

Principal,

.

Now York j PhcBitix Insurance Comptoy
27 i Law. Lewi* 3© ; Win. Mcllvalne
September 1 At Baltimore
August
31
Bolton
.
.
.
.
September 2
Charleston
.
.
.
5
New York
.
.
.
8
Boston i
Mew York
.
.
10
Ditto
-'
11
Ditto
.
.
.
Charleston
.
.
.
N. Y. f P., W . I t & Co.
12 Mew York 14 T.Biddle
15 At Boston 16
New York
Premium on* sales at Baltimore, l i t July
17 Phesnix Insumnco Companj
19 At Boston -,
3
•
*
? T.Biddlo
October
3 At Baltimore
.
.
.
10 j Short Cr., N. Y., 15th August
31 At Hew York
.
.
.
November 10 J. Delaficid, ca«h»r December 5 j . W . G. Buckner
.
.
.

Premium.

•
$9,319 48
15,000
, 2,500
2,200
8,100
1,0110
7,330 63
12,000
5,000
10,000
2,000'
3,930
5,000
30,789 73
14,500
5,173 31
23,000
S,347 5S

.
. i
. !
1

.
.
.

•-

_

■

#279 58
450
75
66
MS
30
293 23
3S0
150
1

;

■ »60§

so*

117
200
923
435
155
890
250
175
660
750
600
275

90

69
21
43

22,006
25,000 58
20,000
9,000
73 ,
6,780
25,000
25,000

203 4H
1,000
1,000

2,599,974 01 ]
141,400

70,938 40
4,705 56

.
.
.
.

Sale by Barings, March 12, 1823
4

28

12,741,374 ©1
#66,232 84
At 10,24 1 60 per #100

RECAPITULATION.
Sties of 4 | per cent stick, 1825, loan of me millions, act 26th May, f 4,i©€,074 OS
Do
do
1824,
do
act 24th May, 1,742,261 01
Salea of 5 per cent stock, loan of four millions,
2,741,374 §1

Sales of 5 per cent, st&ck--loan of four
lisu.

January 13
February 8
9
18

20
22
25
26

Mmmh

f

6
15

In New York
Ditto
Boston Ditto New York
Boston Ditto Ditto Corporation of Washington
At If ew York

Ditto

Boston

10

.

.
.
m

%

.
.
-

.

I

millions.

224,500
2,620
1,000
18,000
250
1,000
"10,000
11,000
159,170
220
10,000
40,000

1,225
157
60
3S0
13
56
563
623
7,953
12
550
2,333

90
75
25
Si
33
50
73
34

[ Rep. No. 460. ]

74 v

STATEMENT No. 6—Continued.
Dote.
March
April

18
7
9
11
1

By Prime, W. I t , St Co.
At N e w York '
■ Do

Premium.

Principal.

T o whom aold.
-

-

June
T o Corporation of Waabington
October
Do
1831.
.July
16 At N e w York
Do
,
■
-.
18
Do
.
15
Do
October
4
10
Boston •
1* i T o T . Blddlo fc Co.
1831.
•
February 93 At Baltimore

•
:

47,000
60,000 •
70^000

1,937
3,757
4^550
995
193
6,597

4,5§§

|

* 1,900
137,416 15

; ..».:.i »■::■■ ■ ■ ::

■

:

:

t , i . : ;: ;

i

ai

a

Si
74
"
50
IS

115 S§

%JUQ

I |13S,fSS IS

IjiflQOfiOO
'. is

.577 49
9,iso
9,750
1&946 48
1 91

10,000
*
180,000
50,000
917,806 8S
41 f •

:: i

RECAPITULATION OF 4 | P E E .CENT. STOCK.
4§per cent loM, act 96th'May,
.
.
.
. f4,906/»74 ©8 .
Do #
io
94th May,
- '
#1,749,961 01
Aid thia amount to former, and iedwct it from the latter, be­
ing an error in naming tie atock when aold,
1,737
9,737
4»§©8,81l §8 lfT3f,SS4 i l
91,188 SS 3fiS§t47&St

1631, October 30, amount! pail ©ff by U. S.,

5,000,0M>

No.

5,000,000

f.

Dentations.
Question. What Is the amount of doottions made by the
and other purposes?
i
1Q17—October 3, To the Phoenix Hose Company,
1815—March 13, i i
Resolution
ditto,
a
- #
Washington ditto,
<
CI
a
Aasistance Fire Company,
II
it
Fellowship ditto,
,
II
II
Vigilant
ditto,
t§
if
Fame
, ditto,
ii
•u
Southwsrlt ditto,
a
II
Philapelphia ditto,
if
it
Neptuic Hose Company,
April i f ,
CI
II
Columbia
ditto,
.
if
m May 1»,
Relief Fire Company,
■
if
Perseverance H o « Coorpaoyt
#i
CI
J ma 1
1.
Philadelphia ditto,

bank for roflri*,
*
<,

§ 100
50
50
50
5H
50
511
5©
S§
5§
5H
50
5©
SO

[ Rep.-No. 460. ]

•

1818—June , 2, To the Resolution Fire Company, ■
1823—Febr'y 7,
"
Fire Company of Cincinnati, lOtiO
feet of hose.
1824—Pcbr'j 27,
"
Vigilant Fire" Comp'y, Plttsburgf
1828—March I I ,
"
New York police officers,
1829—-Dec'i" 22,
"~ Frankfort and Lexington Tura- *
pike Company,
1830—Febr'y . 9,
" * .Repairing and improving Main
Cross street, Lexington, Ky. 11
August 80,
«
Cincinnati, Columbus, and Wooster Turnpike Company,
1831—Febr*/11,
«« Canal Commissioners of Ohio,
100 feet of squire ground in
the northeast part of Cincin­
nati, Yalued at
-,

75
SO
100
50
1,500 '
* 5Q
1,500

680

msm
. No. 8.
Xclfer from James Watson. Webb io the honorable C. G Catnbrele$igf
Philadelphia.
[PMYATK

N E W TORK, March 1% 1892.

Yesterday's southern mail brought i s the Intelligence that a
committee hid been appointed, by the Speaker, to examine into fhe affairs
of the United States' Bank, and that you are a member of this committee.
1 have viewed the discussion on this subject with perfect indifference, and.
If any thing, rather wished for a commitiee to be appointed, hollering, as 1
did, that it would prove to be a nneasure favorable to the recharteriiigof the
bank. But Mr. Burrows called yesterday, and made me acquainted with
a fact ivhich may be misconstrued, and which induces me to address you on
this subject
When Noah purchased the half of the Courier and Enquirer, he borrow­
ed 815,000 of the father of Silas E. Burrows, and 85,000 of Mr. Stewart,
to effect that purchase. For the 815,000 borrowed through Burrows of
his father, Noah, gave ten notes of $1,500, and interest on each, which notes
1 endorsed. The .$5,000 of Mr. Stewart was a similar transaction. 1 now
learn from Mr. Burrow*, that, In January, he wanled money, and had
these notes discounted in the United States' Bank on some collateral se­
curity; that, consequently, he did not endorse them; and that they now
piaed opoo the books of the bank simply as our paper discounted! sA mo­
ment's refection will show you how important it is that this matter should
be properly .understood, both on account of the bank, and the reputation
of MR. Noah and myself. To my knowledge, Mr. Burrows received a
eommisauon of 2 | per cent for procuring this money for Noah; and if
your committee are to touch this matter in any way, f ask of you as a
friend, and 1 'tentaod of you as the representative from this eity,that Bur­
rows and mynw .*be called before you to testify era oath to theoatureof
thie transactioo.
DEAR S I R :

76

m

[ Hep, No.' 460.' ]

You will Ind, on the books of the bank, that we have been accommodated*
wit|i the means of carrying on our concern; but this 1 am perfectly willing
ihould be known to the world, as it would redound to the credit of the
bank—do us no injury—and cover with shame ouf local institutions: I
would tell you, and prove it, too, that, at the time of our espousing the recharter of tire United States'Bank, we bad f 13,500 of accommodation in the
City Bank alone, on the endorsement of Mr. Stewart; that we had a large
similar accommodation for neatly two years from this one institution; that,
in consequence of our favorable opinions of the United States' Bank, they
made us pay up every penny of our accommodation, and threw out our note
with Mr. Stewart's endorsement; that the Manhattan and National Banks
pursued the same course; and that, in consequence, we were cut of from our
usual resources of obtaining those accommodations to which the amount of
©ur capital employed, and the extent of our business entitled os, and which we
iurely did not sacrifice by publishing a newspaper. We.were literally pro­
scribed by our local institutipns^and when, in August, (five months after our
course in relation to the bank had been changed,) it became necessary to
- raise funds, we laid the case before Waiier Bowme9 expressed our desire to
obtain the necessary -facilities from the United States' Bank, and obtained
his letter of introduction to Mr. Biddle. He kmwf and you know, that(
when three of oqr local institutions threw out a note for $2,500, with Mr.
Stewart's endorsement, it was literally saying <: go to the United States'
Bank—you are opposed to us, and we will not accommodate you." We
had no other alternative, I went to Philadelphia, and gave to Mr. Biddle .
a full and perfect history6-of our paper, and asked for a loan of $20,000. It
wai granted. And in February it became due. We paid on it §2,0110, or
10 per cent, and between five and six hundred dollars'discount on the re­
maining $18,000, and gave our note for that amount at six months.
There is nothing in our acctmmoclation with the bank which is not of a
business character, and the circumstances under which it was asked for, can
do us no injury, and must, at the same time, redound to the credit of that
institution. If you examine the books, you will perceive that |lie notes dis­
counted for Burrows are drawn by Noah, and endorsed by me; while those
for the paper are drawn by Noah and myself, and endorsed by James Wat- *
son Webb 1 !: Co. If Burrows and myself were both dead, this difference
would show the different; character of the transactions.
But my object in getting before the committee would not he conlned to
the explaining of this- transaction. 1 would proceed to vindicate myself fur­
ther. 1 would tell you, and through you, the people, that I always ha¥e
been in favor of re-chartering the United States' Bank; that the first article*
which .ever appeared in our columns was written in Washington about a
month previous to the message of 1829; that it was inserted In our columns
during my absence from the city, or without my examination; that I disapproted of it, its arguments, and conclusions; that 1 never, in my life,-wrote
"a line against the bank, but that I permittee! and sanctioned articles against
it because we had become committed; because the President had assailed it,
and becauie I was under the erroneous impression that it was prostituted to
the advancement of HENRY CLAY to the Presidency. 1 became convinced
that this was not the case, and 1 eagerly seized upon the expression of a
Jackson Legislature in Pennsylvania, upon the danger of embroiling the two
States^ (the folly of which Mr. Yan Buren now suffers under,) and the going
out of Tylce, and coming in of Noah, to take the course which 1 was per-

t

[ lep. No. 460. J

"?7

suaded would best subserve the interests of the people, and, at the same time,
accord fully with my own opinions, i .would assure you, under the solem­
nity of an oath, as 1 now do on my honor, that I did not even dream of an
accommodation from the United States' Bank after Noah's purchase; nor is
it probable that we would e¥er ha?e required one, if the local banks had
given ui those facilities to which we were justly entitled, and which we
were driven to%seek elsewhere. 1 repeat, that if we are to be referred to in
the report of your committee, 1 am entitled to full opportunity of explana­
tion, or you must accept of the statements here made. If this matter comes
before the public without being folly explained, we will notoply be assailed
by the opponents of the bank, but the .enemies pf Mr. Fan Buren, and of
General Jackson, will make e¥cry exertion to injure our influence, and de­
stroy our establishment We ask nothing but justice, when we object to
any ex parte repprt, and to you we look both personally and politically for
such a course of conduct as will secure to us a fair hearing, without, In any
way, screening is from the just resjjonsibllity of our conduct.
* Your friend and obedient servant,
JAS. WATSON WEBB.
■♦

No. 9. .
OH T i t t SUBJECT O f LOANS TO W E B B AND NOAH. .

Examination

of James Watson Webb.

Question by Mr. Cambreleng. Are you one of the editors of the New
York Courier and Enquirer?
Answer. 1 am.
Question by Mr. Cambreleng. At what time did you make your arrange­
ment with M. M. Noah to associate him with you in the concerns of that
paper?
Answer. Between 20th March and 1st April, 1881, as near as 1 can
recollect
Question by Mr. Cambreleng. Was M. M. Noah's name introduced
into the paper, and afterwards taken t>ut?
Answer. It was.
Question by Mr. Cambreleng. Who were the partners in the i r m of
James Watson Webb & Co.?
Answer. Myself and M. M. Noah.
Question by Mr. Cambreleng. Did M. M. Noah negotiate a loan-to ena­
ble him, in part, to purchase a share of the paper? If he did, state what
you know of it, and of ten notes given by him with your endorsement,
which were afterwards discounted at the Bank of the United Stales, and
withdrawn.
Answer. Mr. Noah did negotiate a loan of $15,000 to enable him to
purchase the interest of D. E. Tylee in the Courier and Enquirer. That
Juan was made by a gentleman in Connecticut, and negotiated by a gentle­
man in New York, who received a commission of two and a half per cent.
It was paid in different instalments, between 1st April and 15th November,
1831. The security given by Mr. Noah was ten notes with my endorse­
ment, which, I understand, have since been discounted at the Bank of the

t

[ Rep. No. 460. ]

f8

United States for t i c benefit of the Individual who received the two and i
half per cent, commission for negotiating the loan. 1 know nothing of their
having'been subsequently withdrawn.
Question by Mr. Cambreleng. There appear to have been two notes,
©i© for $209000, and the other for 015,000, discounted -by the bank on the
, 9th August, an!? 16th December, 1831. Were these notes on account of
the paper? if they were, state what you know of them.
Answer. They were discounted for the credit of Mr. Noah and myself,
for the ordinary and eitraordinary expenses of our business.' At the time
we applied for the irst loan, we had been refused the ordinary' business fa­
cilities in two of the banks In the city of New York, and one of those banks
not oily refused to discount a note for $2,500, .but compelled us to pay up
all ©ur accommodation, pa per, which, in April, 1831, amounted, 1 think, lo
more than $13,000. We then applied to another bank, with Mr. Stewart
is endorser, and our note was thrown out. It never had been our intention
to apply to the Bank of the United States for a loan, but, attributing the refosal by the local banks to the course pursued by the paper in relation to the
* recharter of the United States' Bank, we deemed it but proper that that
bank should render us- the necessary accommodation. With this vieiv, we
applied to Walter Bowne, esq. for an introduction to Mr. Biddle; and, on
his representation, and the statements made by me, to which i beg leave
to refer, we procured'the amount required, from this bank. I1 will addf
that, in March, 1881, our accommodation paper in New York amounted to
nearly $30,000, all of which was paid at and about the time we were "com­
pelled to apply for a loan to the Bank of the United States.
Question. Bid you make any application for a loan to the branch bank
t t New York?
Answer. No, we did not.
Question by Mr. Adams, Was tie letter forwarded by Mr. Bowne to
Mr. Biddle enclosed in his letter to him of 5th August?
Answer. The letter of August 5, 1831, written by Mr. Noah io Mr.
Bowne, was4, as I understood, forwarded by mail by Mr. Bowne to Mr.
Biddle. The statements In relation to our resources, 1 landed to Mr. Bid­
dle at the time of making the application fcr a loan. Mr. Noah was request­
ed by me to ask Mr. Bowne to inspect the books of the Courier and En­
quirer, its receipts and eipendilures, and then make a statement to Mr. Biddie; but i believe Mr. Bowne declined doing so.
Question by Mr. Cambreleng. You have referred to an accommodation
©f upwards of $13,000;' was there no other name on that paper but your's
and Mr^Noah's?
Answer. The accommodation referred to was to Colonel Tylee and my­
self, with Mr. Stewart's endorsement. The Irst note thrown out by the
bank was of the same character, and the subsequent ones were drawn by
Mr. Noah and myself, and endorsed by Mr. Stewart
Question by Mr. Cambreleng. Is not Mr. Stewart a very wealthy man?
Answer.

He is.

^

Question by Mr. Adams. What was your reason for requesting Mr.
Bowne^to recommend your application to the president of ihe bank?
Answer. ^Because Mr. Bowne is a gentleman of high character, and of
the same political principles as the editors of the Courier and Enquirer.
We supposed lis recommendation would reiei?e from the president of the
lank the attention to which it was entitled, and his known integrity would

[ Bep. No. 4S§. ]

70

our application wa§ other than one
ordinary
EW¥Citofthe supposition thattgaiist the editorss oftodtheMr. Bowie.of Enquirer,
usiness nature. It was so considered by i
From the
nature
the charges made
Courier and
mud the subsequent refusal of the local banks to accommodate i s , it became
necessary that any application to the Bank of the United Stales should be
made with more than ordinary precaution, and therefore it was that we
wished our afiaira investigated, aid the loin, if i safe one, recommended by
Mr. Bowno, who then was, and sill is, the mayor of the .city of New
York*
Question by Mr. McBuffie. Whit is the value of your newspaper esta­
blishment! as nearly as you can estimate it?
Answer. It is impossible to state the value of the piper. 1 have invest­
ed in my portion of it upwards of #80,000, aid if any person, were to offer
me at this time $ ¥0,00© for my Interest and, at the same time, become re­
sponsible for ill the debts of the paper,J would not accept it<
Question by Mr. McDuffie. What is your estimate of the annual income
of the Courier and Enquirer, making the usual deduction for bad debts?
Answer. 1 think the receipts from,October 1, 1831, to October 1,1832, •
will not fall short of $ 75,000; possibly, they will exceed that sum. 1 found
this estimate on the receipts of the year preceding, and the subsequent in­
crease of business.
Question by Mr, Oambreleig. For how much did Colonel Tylee sell his
half of the Courier and Enquirer?
Answer. For j ! 10,000, and the amount charged him on the books far
adfances made to him, which was about $ 4,§00.
Question by Mr. Cambreleng? What are the annual expenditures of your
establishment?
• Answer. They,are now much greater than formerly. From October,
1831, to October, 1832, they will probably be between 40 tnd 150,000.
Questioii by Mr. Cambreleng. •- When did you withdraw the note for
# 15,000, dated December l i , 1831, at six months?
Answer. We paid the note for 115,000 on 15th March, 1832.
Question by Mr. Clayton. If appears that the #15,000 loan was dis­
charged by two drafts from the cashier of the branch bank at New York;
will you explain this transaction?
Answer. 1 purchased these drafts for the purpose of making the remit­
tance. The money wai not furnished by the bank, or any penkm connect­
ed with .it, nor was 1 solicited to pay and withdraw the note at the time 1
did.
Question by Mr. fClay ton. Wts not your paper opposed to the bank prior
to April l f 1831, and did it not advocate the rechartering of the same after
that date?
Answer. Our piper has always been, and is now, upposed to the renewal
of the present charter. From 30th November, 1829, to about April, 1831,
being a period of l i months, the Courier and Epquirer did warmly oppose
the rechirtering of the bank, i have no recollection of ever having written
and published a line against the institution, but I certainly sanctioned
nearly all the attacks upon it that appeared in our columns. 1 have always
been in favor of an United States1 Bmk, tnd, although 1 considered the right
of establishing bfsiches without the ssnctioii of State authorities, and with­
out the liability of being taxed by the same, as State institutions, a danger­
ous power, yet, up to the 30th November, 1829, our columns contained

SO

[ l e p . No. 460. ]

nothing but whit- was friendly to the institution. On SOth November,
1829, an editorial article, the whole, or a part of which I have reason to
believe, was written in the city of Washington, made its appearance in
our columns without my knowledge or consent That article was not only
•hostile to the bank, but questioned its constitutionality, it did not meet
my approbation, nor did it express my sentiments, but, believing as 1 did, •
that the institution was prostituted to the support of the political views of
Mr. Ciay;#and the President of the United States having shortly after
# called the attention of Congress to the subject of the reeharter, 1 consented
that it should be attacked as improperly interfering in the politics of the
country, and, consequently, obnoxious to the censure of the people. Our
associate editor, Mr. James G. Bennett, who' avows himself hostile to
all tanks, assailed • the institution almost daily, and wrote many para­
graphs which i censured at the time, notwithstanding my then conviction
that the bank was interfering in the politics of the day, and espousing a
cause hostile to that we advocated. A variety of circumstances, but principally the movement in the Legislature of Pennsylvania, composed almost
• exclusively of the friends of General Jackson, produced a change in my_seotiments in relation to the political character of the institution. The ques­
tion of the necessity of an institution of the kind, was discussed by able
pens, and, although always favorable to such an institution, this discussion
not only strengthened my opinions, but satisied me, beyond the shadow of
doubt, that a modified reeharter of the present institution, or the establish­
ment of one similar to it, was absolutely neeesstry for the preservation, of
the currency of the country, and for the protection of our commercial inter­
ests. A resolution had been introduced into our Legislature, and laid upon
the table, declaring that the c* present" charter ought not to be renewed.
This produced considerable excitement in the Legislature'of Pennsylvania,
then in session; and i foresaw, that if our Legislature passed a resolution
against the bank^the Legislature of Penfisylvania would pass one in its fa­
vor. This, as 1 thought, would produce a collision between the two States,
and, although sick at the time, and confined to my room, I addressed a let­
ter to Charlea L. Livingston, esq. the present Speaker of the House of As­
sembly of New York, then a member of that body from the city of New
York, pointing out the dangers which, in a political point of view, were to be
apprehended from passing the resolution then before the Legislature, and
urging, in strong terms, the withdrawal of it by the mover, or, if he would
not do that, then the necessity of permitting it,to lie quietly on the table*
In that letter, 1 stated my firm conviction that, although the present charter
was .objectionable, yet, a similar institution, or the present charter, modified
by a provision that branches should only be established by consent of the
States, with their capital subject to the same taxes as our local institutions,
was absolutely necessary. 1 authorized him to exhibit my letter to the
* gentleman who introduced the resolution, who was well knoivn to me, and,
in the event of his not withdrawing it, or suffering it to lie on the table, I
advised him (Mr. Livingston) to move for a modification, approving of a ^
reeharter properly restricted. Mr. Livingston replied to this letter, by stat­
ing that the mover of the resolution was not then in Albany, and that'll was
■ not probable he would ever call it up. He agreed with me4 substantially, in
my views, and concluded by saying that It had been introduced into the
House without any concert among the leading democratic members of that
lodyi that, if called up, he should move to postpone it, or so* modify it as
to correspond with his views of the subject

[ l e p . No. 4i§. ]

81

About tils time, my sickness created considerable* alarm; my life was
generally despaired of, and our establishment requiring more funds, my
father-in-law, (Mr. Stewart,) proposed to adFance me 110,000, provided ■
Colonel Tylee would raise and put into tie paper the same amount, which
Would enable us to get along comfortably. . I made the proposition to Col­
onel Tylee, but he objected. He said- it was not convenient for him to dc+
s#; that the business did not accord with his habits and pursuits; anil exressed a determination to sell out He had some conversation with Mr.
3"oah, Mr. Bennett, and Mr. Haskln, and they partially agreed to purchase;
bnt wh,en 1 was apprised of their intentions, 1 ga¥e them notice 1 fhouid
object, unless they brought into the capital of the concern at least §10,001).
This they could not accomplish, and the negotiation ended. Shortly after­
wards it was again renewed, and Mr. Noah expressed his belief that he
could, through a friend,, raise the whole amount required to effect the pur, chase, if I would make out a statement of the concern, and, from that state­
ment, the loan should appear to be a safe one. While this negotiation was
pending, 1 went to Albany, and, while there, "strongly trfged upon bur imme­
diate friends the danger of calling up the resolution against the United
States' Bank, in consequence of the feeling exhibited by the Legislature of
Pennsylvania. 1 understood from Judge Marcy, our present senator in
Congress, from our Secretary of State, and froiri.our Comptroller, from Mr.
Livingston, and others, that neither of them had been consulted on the pro­
priety of introducing the resolution, and they were unanimously injhe opin­
ion it ought not to be called up. 1 also learned from van authentic source, (that a gentleman, who is said to be much concerned in local bank stock spe' dilation, had made application, but without success, to different members
of the House to introduce a similar resolution; but there was little doubt
but it had been introduced at his suggestion, and that the persons connected
with the Mechanics and Farmers' Bank, the editor of the Argus, and others
connected with them in slock speculations, were determined to push I t
thrdugh, at all hazards, as apolitical'question. k I was satisfied that these
men saw the objections politically to doing so, and 1 could not resist the con­
clusion that, if they persevered, it would be from interested motives, at the
"risk of bringing New York and Pennsylvania into collision* 1 then openly
opposed such a proceeding, and returned to New York. Before 1 went to
' Afbany, 1 mentioned to the gentleman through whom Mr. Noah was nego*
tilting his loan, and to Mr. Noah, that I was prepared to advocate a modifed recharter of the bank, and the nature of the letter 1 had written to Mr.
Livingston. Mr. Noah staled his fears of the effects of such a course on
the reputation of the paper, and said he questioned the constitutionality of
the bank unless located in the District of Columbia, but admitted its utility.
The gentleman referred to urged our advocating an unconditional recharter,
but expressed great satisfaction at learning that 1 was in favor of a charter
under any circumstances. #On my return from Albany, 1 was more than
f»Fer satisfied of the necessity of a United States' Bank to prevent the loc.il
banks from controlling the politic* of the State, and so expressed myself
both in public and private; and the following extracts from 4n editorial arti­
cle in relation to the establishment of a branch at Buffalo, published in our .
columns 29th September,. 1820, will prove that the idea of hostility to the
bank by owners of stock in our local institutions, was not of recent date,
and, instead of originating in the movements at Albany, was thereby mere^
Yy confirmed.
■ II

f

81

[ Hep. No. 460. J

Extracts from editorial article in the Courier and Enquirer, 89th Septan*
tier, l a s t , headei " Mrmmck Bank ml Buffalo:"
" T h e location of a United States* branch bunk i t Buffalo, in the western
district of New York, is i very important movement in every point of view.
So far ss relates to the business and interests of Buffalo, it will no doubt be
advantageous, and give a new impulse to its trade atod enterprise.,J>
" What effect this branch bank is to have on the new and old banks in the
country, or in favor of,, or against the new system, as adopted by the last
Legislature, we hifft no means of judging. It is altogether natural to ex­
pect, that men interested in other banks chartered by the State, and allowed
to take ieven per cent, will not be satisied with an institution that asks no
more thin 'six per cent The whole matter of the Buffalo* branch bank 1
%
however, in the nature of an experiment, and it will require some time to
,,
judge of its acts, intentions, operations, and beiefits.
Believing, as I do, that the object and desire of the committee is simply to x
arrive at facts, whether for or against the bank, i have embodied in this re­
ply much that could not have been 'drawji forth, except by questions which
would ba?e partaken of the character of insinuations against my integrity,
and which, consequently, I '.should hate respectfully declined answering.
For the information if the committee, I will now add, that, at the time the
gentleman referred to urged our adtqcating an unconditional recbarter, nor
at any other time, did he or any other person promise or insinuate, directly
or indirectly,, that the Bank of the United States would make ns loans or ac­
commodations of any kind or description whatever. As 1 have stated, we
never entertained the idea of applying for such loans till many months there*
after, when our local banks refused to discount good paper for us, and, as 1 *
believed, (whether correctly or not, i cannot say) because we advocated the
rechartering of the Bank of the United States. When we did apply for a
loan, it was without the knowledge or advice of the individual peferred t%
and I am not aware that, even at this momentf he is appriied of our having
received any accommodation from the -bank
1 will also state, for the information of the committee, that 1 am satisied,
in my own mind, he did not act as the agent of the bank in making the loan
to Mr. Neat, and for the following reasons: In the first place, 1 presume,
lie would not then have received a commission of two and a half per c e n t ;
and, secondly, flic money in such case would have been forthcoming when*
required; but, instead of that being the case, he gave his and his father's pa*
er at short dates; which was not paid when due, which my father-in-law,
Ir. Stewart, cashed, and one-third of which was replaced by his notes at
sixty days, and six months, because lie cojuld not raise the fundi at the time
he had agreed on.
1 have said 1 believe the article in our paper of 30th November, 1829,
was, in part at least, written at Washington. 1 consider it my duty to add,
that 1 have no reason to believe that it was written with the knowledge, or
expressed the vieivs of the then Secretary of State. From an intimate know­
ledge of his character, 1 am convinced he would not hate approved of such a
proceeding.
Question by Mr. Cambreleng. You have referred to your notes with Mr.
Stewart's endorsement hating been thrown out by the local btnka;' stale
what banks you refer to.
Answer. The City Bank and the National Bank. '

E

[ l i f . No. 4S0.

■

. 83

Question by Mr. Cambreleng. .Can you state who are tic president! of
those banks?
Answer. Albert Gallatin is jiresldent of the National Bank, and Isaac
Wright, president of the City Bant. 1 do not attribute to these gentlemen,
nor to iny gentlemen In particular, the rejection of our paper. I only know
that our notes were rejected; although the security offered was abundantly
good. 1 belicFe in all our local institutions, notes are thrown out if any two
of the directors dissent, and frequently If only one objects; and they are
abt required to assign their reasons. I do not charge that our paper wan
rejected because .we act?ocatecl a recharter of the bank, but, in the^absence
of any other- seemingly good cause, i attributed it to that, and acted accord­
ingly.
it may be.proper to add to the statements 1 htYe made, that, since we pro­
cured the loan of 20,000 dollars from bank, we jhave added to the property
of the Courier and Enquirer, boats, press, and types, which hate cost us
> upwards of $19,000, and that the whole amount of accommodation from the
bank at this time Is but 118,000, which will fall clue In August next.
1 ha¥e said-, in one of my previous examinations, that, from a variety of
circumstances, I was satisfied that the gentleman who negotiated the loan for
M r . Noah did not act as the agent of the bank. I will now add that 'he
informed Mr. Noah that it was necessary for him to go to Connecticut for
Ms father and the money. After a few days, he apprised us thatjbis father
had arrived, and we were invited to his house* where we were introduced
to his father. The ten notes drawn by Mr. Noah, and endorsed by me,
were given to him, and the paper of his father, endorsed by himself, waa
deceived in return. TJuere were three acceptances for $4,875 each, the two
apd a half per cent commission being deducted, and all of them fell clue in
April. As 1 have before said, they were not paid at maturity, and, on the
MMh May, "as I subsequently understood, the last of these acceptances, which
had then been due sometime, was exchanged for two notes at sixty days
mud six months, drawn by the negotiator of the loan, and endorsed by a mer­
chant on Pearl street, and the one at 60 clays sold immediately thereafter
to a brefeliin Wall street 1 have understood from the gentleman within
the list month, that this money was loaned by his father; that he was in
want of funds in January last, that he went to Connecticut, procured these
wiles, and had them discounted at the Bank of the United States upon some
collateral security.
The following are extracts from the articles of agreement between Mr.
Noah and myself:
*
•
•« Article 5th. In case of disagreement between said Webb and Noah in
felatton,to the course to be pursued by the paper, or on any other matter
nr thing growing out of the connexion hereby formed, it is agreed, that such
difference shall be submitted to Alexander L. Stewart, whose decision shall
be binding upon the parties."
"Article 7th. AH- notes given for the benefit of the concern, shall be
drawn and signed jointly and severally by the said Webb and Noah. 1 '
if
Article 10th. No dividend or division of profits shall be made until an
actual surplus of money accruea not required for the carrying on and con­
ducting of said newspaper.

84

'

[ Hep. No. 4S0. ]
Examination

of Mckolm

Middk.

Questions by Mr. Cambrckng.—Are you a member of the exchange
committee?
•Answer.—I am. By the by-laws of the bank, 1 am ex-officio a member
of every committee.
Question.—Are the discounts authorized by that committee laid before
the directors for their approval or rejection?
•Ansioer.— Not necessarily, nor generally, except for Information. They
are acted upon definitely by the committee.
Qtfe£/t0j»<—What is the usual credit of notes of hand discounted by the
bank?
•Answer.—\t varies with the state of business, there being no rigid limit.
Sometimes it is four months, occasionally six; sometimes the committee of
exchange is invested with very ample powers in regard to loans, when the ©
length of the loans is left entirely to their discretion. They hare had such
powers for the last twenty'months, under the following resolutions. The
Irst was passed on the 9th of July, 1830, and authorized the committee
" t o loan on the collateral security of approved public stock, large sums of
money at a rate of di3count not lower than five per cetit. ,, The second was
passed on the 17th of September, 1880, and authorizes them to make such
loins onAtocks or other approved security, at a rate of interest not less than
four and a half per cent." Under these resolutions, ihe length of the. loans
was left to the committee.
Question.—Is it usual for the bank to discount a note where the draivef
and endorser are partners in the same concern, without an additional name?
•Answer.— 1 think it has been frequently done. The rule of the bank
that the name of a firm shall be considered as a single name, is not con­
strued 4o prevent the discount to an individual of a firm, where the firm
itself, or another individual of the firm, is either the drawer or the endorser.
if the board were satisfied of the security, they would not require another
name.
*
*
A
Question.—Is it usual for the bank to discount notes where botp the. draw­
ers and endorsers reside out of the State, without requiring the name of one
responsible man in Philadelphia, whose standing is known, to the; directors^
unless where the debt is secured by collateral soeurity?
•Answer.—It is frequently done. The board would not require a name
here if they were satisfied with the security. •
Question.—Do you recollect any instance where the bank discounted for
any merchant or trader, a note drawn by one partner, and endorsed by an­
other?
•Answer.—I cannot recall, at this moment, -any particular case, but, as 1
have already slated, 1 think it has been frequently done.
Question.—Is It usual for the bank to discount notes of hand for persons
residing out of the Stale, when fair notes, drawn by residents in Philadel­
phia, are rejected, and when there is a pressure on the money market?
•Answer.—lx\ that case, every application would stand on its own merits;
there would be a-preference, but not an exclusive preference, for Philadel­
phia paper. Under ihe resolutions 1 have just mentioned, a wider latitude
of discretion, as to time and place, was authorized.
Question.—Has there not been a pressure on the money market ever since
l
October last?
•

,ep. No. 464 ]

85

■ .
'

•Answer.—There lias 1
greater demand for money since that time.
Questions by Mr. Cicryfc/n.—Since the 1st of October last, have you not t r X / ^
been'compelled, at various times, to throw out, "as i\is termed, good paper?
•Answer. —Sometimes we have.
Question.—Is not the latitude given the exchange committee in cooseqence of the pressure, in some degree lessened?
•Answer. —That Is a matter for their discretion.
'
, •
Questions % Mr. Cambreleng.—Have you any knowledge of the dis­
counting of M. M. Noah and J. W.-Webb's note, endorsed by J. W. Webb
*and'Co. for $20,000, on the 9th -of August, 1831, at six months? If so,
state the circumstances of that loan.
•Answer.—The application for this loan was made by J. W. Webb, in
irson, who brought, besides statements of his affairs, a letter from Walter
owoe, mayor of New York.. These were tit submitted to the board, and
the application granted.
Question.— Had you any other security for that loan?•Answer.—$io.
'
_
\
Question.—--Was thefartnershlp between Webb and Noah known to you?
•Answer^—1 had no knowledge of it, except what the papers cxhibite'd by
Mr. Webb communicated.
Question.— Bid you make any inquiries of either of the directors of the
parent bank residing in New York, or of the branch there, Sis to the stand­
ing of Noah and Webb?
•Answer.--No.
We are not in the -habit of making such inquiries,, par­
ticularly in a case where the parties exhibit a statement of their affairs.
Question.—Have jbp+ny knowledge of the discountof a note for $15,000,
dated the 13th of December, 1831, drawn by J, W. wtbb and M. M. Noah, •and endorsed %y J. W. Webb & Co.?
tfnsi$er.—Thai also was a case of personal application by J. W. Webb,
accompanied by statements.
Question.—Was that discount made by tho exchange committee, and
was there any collateral security?
•Answer.—Lll was dune by the exchange committee, "by virtue of the re^
solutions already mentioned, and there was no collateral security. The
•notes have since been paid in full.
Qtie9/t7>n.—Have you any knowledge of the discount often notes which
appear on the domestic exchange book to have been discounted for 1. W.
Webb, amounting, in the aggregate, to Si7,975, drawn by M. M. Noah, and
payable in April and October, 1832, 3, 4, 5, 6?
r
•Answer.—These notes were discounted by the exchange committee, un­
der the resolutions just referred to. They were done at the request of Mr.
Silas E, Burrowsf of New York. Mr. Burrows had, some time before,
brought me a particular letter of introduction from an old friend, Mr. Mon­
roe,' the Ex-President. t Mr. Burrows had been very liberal to Mr.. Monroe
in his pecuniary misfortunes, and he had recently receiFed from the Presi­
dent of the United States, particular thanks and commendations for his
generous conduct towards a Russian ship of war. I understood him to be
a very rich merchant, of kind # and benevolent disposition, and constantly ■
"engaged In doing acts of liberality. In one of his visits to Philadelphia, he
■aid he waa desirous of befriending Mr. Noah, and assisting him in the pur­
chase of a share in a newspaper, And he asked if the ban! would discount
the notes Q{ these prties, adding that, although as a merchant he did not wish

S

88

•

[ Rep. No. 4S0. ]

f© appear i i a borrower, or to put his name on piper not mercantile, yet
he would at any time do so whenever it might be necessary to secure tin .
bank. 1 do not recollect' whether he then mentioned the lime which the
notes would hate to run. The committee being authorized to discount any
aper, the security of which they might approve, agreed to do them. Aa
If. Burrows was going out of town I'gave hint the money out of my own
funds, and the notes-were afterwards put into my possession. They re­
mained with mt'foraloiig time, as J had no occasion to ise the funds, nor was
It till the clone of the year that my attention was called to them, by the cir­
cumstance that, as a new board of directors and a new committee of exchange
would soon be appointed, the said committee which made the loan should
eopsummate it. I had seen, also, in the public prints many reproache*
against the bank for lending money to printers and editors, and I was ynwilling that any loan made by the bank should seem to be a private loan x
from one of its officers. Having no use for the money, it would have been
perfectly convenient to let the loan reniiin as it was; but 1 thooght it right'
' that every thing done by the bank should always be (Hstinctly known and
avowed, snd 1 therefore gave the notes,1c thet chairman of tfte committee,
Mr. Thomas P. Cope, who entered them on the books.
,.
*
On the 2d day of March Mr. Burrows called at the bank, and paid the
notes. 1 ought to add that the loan was mgde it the request of Mr. Bur­
rows, and that neither 1 nor any .of the committee had ever seen Mr. Noah
or Mr. Webb, or had any communication wilh them, director indirect, sJHMt
the loan. It was made on the credit of Mr. Uurrows, who afterwards paid it,
^Question % Mr. Clayton.—By whom were the do£iunadey and to whom
jnyable?
■ w
•Answer.—They were drawn by M. Af. .Noah, snd endorsed by J. W.
Webb.
*
*
Question by Mr. Cambrekng.—Had you any written obligation from
Burrows with regard to his responsibility for this loan?
•Answer.—No. We relied on his assurance, which he has ainee fulfilled
by paying the notes.
Question % Mr. Combreiemg.— Do they not appear on the dom&tio
exchange book as having been discounted for J. W. Webb?
•^fnfmer.—They of coirue took the same form in the book in which they
originally were drawn.
Question by Mr. Cambreleng.—Did not the eichange committee discount notes for S. E. Burrows, on the Sd and 14th of March, amounting to
upwards of 140,000?
Jlnswer.—\ do not know the amount T i e books before the oommittee
will show it
QueUion % Mr. Cambrekng.—Hnd S. E. Burrows ever obtained m
discount from the b a n t previous to the 2d of March last, eicApt the one
#
you l a t e referred to?
.
•A««#€#•.— 1 think he did. The books will however show, is 1 am not sure.
Question by Mr. Thomas.—On what day did you pay the $15,000 taa
Silas E. Burrows?
«tf/i**0er.—On the 26th of March, 1831.

S

%

•

[ lep. No. 460. J- ' .

SI

Loans to Me^irs. Webb f» NoatL
QuMtion % Mr. Cteyton.-JN\\[jo\i
please look upon the discount look
for t i e offering day of the 9th of August, and lith of December, 1831, md
©it the 2d of January, 1832, and say whether Webb's and Noah's loans are
not,considerably larger than any made on those respective days? And whe­
t h e r many small notes offered, by citizens of Philadelphia, of% undoubted
solvency, were not rejected on the two last mentioned days?
Will you please answer the same question with regard to Silas E. ^Bur*
rows' loans on the 2d and 14th March?
'.
JInsuxr.—l have looked over the discount hwk for the purpose requested,
and collect the following results:
• AH, .or nearly all of the notes offered on the 9th. day of August, 1831,
' were discointed. The few exceptions, must have been owing to the want
of .confidence in the offerers: two of whom, 1 observe, have since filled.
T h e loan to Messrs. Webb & Noah wis the largest offering on that day.
On the 16th of December, 1831, the loan to Messrs. Webl & Noah was
not the ^largest discounts mad« on that day. 1 perceive' that many notes
were rejected on that day. Whenever there is an active demand for'mo­
ney^ applicants offer many notes: and,,although a portion of their offering
is rejected, they thus often obtain as much as they eipect or want
In regard to t i e 2d of January, 1838, 1 have explained to the committee
that 1 had, some time previous, given l | e amount out of my own funds;
end l i e placing them upon the books on that day created no new claims on
f
the bank, and did nrt Interfere with the ordinary discounts: for I 1 did not
use m y pari of it ftra long time; much of It not ufftll withi% a few days •
p»rt» and some of it I believe still remains In the bank.
The domestic bills discounted for S. E . Burrows, on the 2d and 14th'of
March, being done-ln the intervals between the' board days, did hot affect
the loans of those board days, more especially as i large portion* of them
was actually paid back into the bank to take up the notes of Messrs. Webb
ind Noah; so that, to the amount of them, It was the substitution of short
business paper for tKose loans.

'There are upon the bonis, In relation to these loans to Webb and Noah, in
every place where they appear, certain erasures, certain interlineations, certain
entries In different ink, and, In one place, a mistake as to a name. For instance:
1st. On the pay list for February 14, 1832, the. names « Webb, J. W.
end M. M. Neah," aro interlined, and then scratched out. .
i i l On the name book for March 0, the name of Silas E. Burrows is In­
terlined, and the reference to the page in black Ink instead of red, which is
the character1 of the rest.
Sd. On the same book for March 13, the amount of J. W. Webb's loan*.
is first marked 33,000, and then 27 written over 33.
4th. On ihe discount book for August S, 1831, the loan for 820/>00 is en­
tered In e different handwriting, and different ink from the other entries.
1th. In the same book for December 16, the entry of the loan of 915,000,
is in different ink, and the name of W. W. WaJl, interlined, appears for M.
M. Noah?
TtieiiaP 8111 * to ^ • | I S I C inaccuracy in the expression tint l f whefwer

88

' .

. [ lep. No. 460. ]

these loans appear, there ire certain erasures, certain interlineations, and
certain entries In different ink."
These loans appear, for instance, on the pay list since the 9th of August,
1831, and, of course, have been on, the list .more than sixty times. Now, the
pnly alleged errors are two in number:
1st That on one occasion, on the 14th of February, 1832, the names of
" Webb, J. W. ami M. M. Noah," are Interlined, and then scratched oup
■ In regard to this, the clerk who made the^entry has already explained to
the committee that he put down these names on his pay list, believing that
the notes ought to stand In the names'of both those parties, whereas he
found that they ought to be in, the name of " W e b b , J. W . " alone; and
perceiving that the two names were superfluous, he paused his pen through
„ them, but did not scratch them out
fhe 2d Is, that on the 13th of March, 1S32, the amount of J. W. Webb's
loan is Irst marked 33,000; and then 27 written over 33.
Mow, both these entries are perfectly correct The 13th of March was
on Tuesday, the day of the meeting of the board. The pay list was as
usual made op the day before, that is, on Monday, and it truly represented
the loan at $33,000; but Mr. Webb's letter of the 12th of March, now be­
fore the committee, enclosing a draft for $6,000, arrived in the course of the
mail on Tuesday morning before the meeting of the board; and, in order to
present to the baord the'true state of the debt, now reduced by ,$6,000,
the figures 33 were changed to 27, the;only possible way of representing the
fact, as it would have been equally useless and impracticable to prepam a
new pay list for the board that morning.
. These are the only tiip cases stated, as being on the pJ|r list Then, with
regard to the discount book, the statement is, that the note for 820,<I00 90
the 9th of August, 1831, is entered Io*a different handwriting and ink frofel
the other entries.
'
♦
The reason of this Is obvious: the discount book consists of notes offered
for discount on the day preceding the discount day; and, of course, no note
not so offered is on that book. Now, this loan of #20,000 was asked for in a
letter read to the board at its meeting on the 9th of August, and, the boiptl
having agreed to make the discount, the note was not offered until after the
board adjourned; and therefore could not be on the book previonsly prepar­
ed for the meeting of the board. There are three clerks who work on the
discount books, and any one of them to whom the note was given by the*
irst assistant cashier, would enter it on his book. In the present instance.
It was the phiefclerk who made this entry in the book which one,of his as­
sistant clerks had prepared the day before. This chief clerk writes a dif­
ferent hand from his assistant clerk, and uses, probably*a different inkstand.
The next is, that the entry of $15,000 in December 16, is in different Ink,
and the name of W. W". Wall, interlined, appears for M. M. Noah*
The clerk who made this entry has already explained to the committee,
that, not being familiar with the name or the signature of M. M. Noah, he
thought it was W. W. Wall, and, accordingly, so put it down. There re­
mains only the^statement, that, on the pay list for March 6, 1832, the name
of SilasbE. Butfrows Is interlined/and the reference to the page is in black
ink, Instead of red, which Is the diameter of the rest.
The clerk \iko prepared the pay list has already explained this to the com- jnittee in a ¥ery clear manner; he makes up his pay list on the morning of
the day preceding the discount day, copying the names from the liatof the

[ lep. No. 4S0. ]

89

previous discount day. * If, in tie course of that day, m y discount is made,
$o that a new name must be introduced, as the list is alphabetically arranged,
In order to place it under ils appropriate letter, he must use a smaller hand
writing. Thus, in the ease alluded to, ha¥ing written his column of names
alphabetically, when the discount was subsequently made to Mr. Burrows,
In order to bring it under the letter B, he was obliged to write it in a smaller
hand between two other names. This can scarcely perhaps be called an in­
terlineation, being unconnected with the lines between which it is inserted,
bit merely a writing in a smaller hand for want of space. The difference'
in the color of the ink is to be accounted for in the same way. In making
up the general pay list, the column of figures representing the page in the
credit book, where the details of each account are to be found, is in red ink
in order to attract notice. But afterwards, when a new name is accidentally
introduc ed, the clerk has probably not thought it necessary, after writing,
the name in black ink, to change his pen and his ink in order to write the
three figures in the adjoining column.

t€

Did you consider the loans made to James Watson Webb & Co., fair
bisiness transactions, such as you could not refuse without subjecting the
bank to the imputation of indulging political partiality? State fully the
views and considerations on which you voted in favor of these loans. ,f
1 certainly consider them as fair business transactions, or 1 should not have
consented to them. At the request of the committee, 1 will eiplain the
reasons of that opinion.
If, in making loans, e?ery transaction was perfectly safe, and every bor­
rower perfectly good, banking would bg an easy office; bit as men general­
ly borrow to employ the funds in some profitable pursuit, subject, ofcoirsc,
to vicissitudes, all that" can be expected in making loans is a Jalr aid reason­
able caution as to the situation and prospects of the borrower. Tried by
these, the only true tests, 1 think the loans in question are unexceptionable.
The first was done by a board of directors, consisting, besides the presiding
officer, of six gentlemen, Mr. Lippincott, Mr. Fisher, Mr. Bohlen, Mr.
ffeff, Mr. Piatt, and Mr. Willing, merchants and men of business, with no
partiality towards the applicants, with whom none of them were in the least
acquainted. The grounds of their judgment may be thus stated:
in making ordinary loans, the board judge by the general standing of
parties, without any examination of their affairs. B i t in this case, the parties began by an exhibition of their whole situation. This was forwarded
by Walter Bowne, esq., the mayor of the city of New York, where"the
^ applicants resided, who, in1 addition to his being personally known and res­
pected by ail the members, had been one of the oldest directors of the Bank
of the United States, and, for many years, sat at the board round which the
directors were then assembled, in this letter, he says, " 1 cheerfully for­
ward the papers, and 1 see no reason against this application being treated
as a fair business transaction. n He does not expressly say that it ought to
be granted, because he transmits, at the same time, some of the materials
on which the directors were to form their owi judgment; to which ©there
were added by Mr. Webb. But when an old director of the bank forwards
cheerfully an application to his ancient colleagues, which he says should be
treat©! as • fair business transaction; It implies certainly no responsibility,
If

S§

'

[ Hep. No. 460. 1

for he could Jnot be expected to assume any; bat it may be well regarded is
a declaration, that, were he still a member of the board, he would sanction
i t Under these auspice?, the board proceeded to consider it.
One of the parties had been appointed by the President and Senate of tic
United States, to s eonidential and lucrative post under the Government
Thejother hid already inverted # 83,0§0 in the paper, and his father-in-law,
Mr. Stewart, whose letter accompanied the application, was known to be a
•wealthy man. Both were considered men of talents and peculiar aptitude
for the business in which they were engaged. Then what was that business?
It was the conducting of the largest newspaper in the country, requiring,
of course, considerable means, and giving employment to a great mass ©f
active industry. Its situation was represented to be this:
Mr. Webb declares that there are 3,300 daily subscribers, it ft 10, 83,01X1
' «,300 othcw, at an average of #4,50,
.
.
.
.
10,850
2f5 yearly advertisers, at #80, - 8,250
310 days1 advertising, i t 55 per day,
17,050
Making
§8,650
Deducting from this, 10 per cent on the daily subscrip­
tions and advertisements, (of which about f is paid in
advance,) say ft
5,830
and £0 per cent en the other subscribers, say
- 2,070
—
• 7,§0O
There remains a gross income of
The annual eipenses are stated at

§0,750
85,000

Leaving a net! annual income of •
#25,750 This statement is confirmed by the affidavits of the book-keepers and the
pressmen of the establishment
The total value of the paper was thus stated:
1. Watson Webb, had invested in it 133,000, for which §40,000 h i d
been offered, provided the other half could be had for #25,000; this he d e ' dined, bit it is mentioned to prove that the whole might have been sold for
#§5,000.
TlSn it was an improving establishment
It had owed a debt to the bank of #15,000, which it had paid off I n
April and May, 1881, out of the collections of the last six months, which
had amounted to #20,000.
J t had, in 1829, owed a total debt of f2§,000, which It had since paid ©IE
And, at the present moment, its outstanding claims were more than its
debts by #10,000j for its responsibilities and means stood thus:
Outstanding debts in the country, more than §25,000, of which
could be collected on presentation of bills,
.
.
.
#10,000
Due in New York more than four months' subscription, which,
with the unpaid arrears of the last six months, may be safely
estimated at .
.
.
20,000
And the property ©wned by the applicant! amounted to 8,000
W i l e the whole amount of debts: was

Lotting an exeen of

-

-

58,000
28,000

-

•

-

-

.

lo^OOfr

[ Rep. No; 460. ]

SI

That they hid been deemed worfby of credit in New York, appeared
from two facts:
1st. That the banks of New York hid lent them 115,0(10, which they
hid repaid.
2d. That the respectable mercantile house of J. L. & J. Joseph & 0b.,_
m firm well known to the directors, had lent them f 20,000, which had been
repaid out of the profits of the establishment, is these gentlemen themselves certify, In i document accompanying the papers.
Finally, they hid no accommodation, direct or Indirect, out of any bank."
The case then stood thus:
Here are two persons of skill in their profession, engaged in an esta­
blishment, of which the capital is
§§5,00©
The gross Income,
.
.
.
.
.
.
60,750
The expenses, 35,000
v

■

■'—■ ■ ■———»

And the nett income,
.
.
.
.
.
.
25,7ft
In conducting such i business, where the receipts are semi-annual, and
the payments daily and weekly, they naturally require, like other men in
business, some credit.
They accordingly apply to borrow §20,000. They wish to borrow if„
not to pay prey Ions debts, not to spend It on objects unconnected with their
business, but for the purpose of employing it all In a way to increase the
profits of the concern itself, by procuring a new press and enlarging their
means of obtaining early commercial information, and. thus*.make the paper
more valuable. Now the statements may be presumed to present the most
favorable aspect of the case, from the sanguine temper In which men are
prone to estimate their own professions and prospects, yet, unless they were
wholly fallacious, the board saw eoouf h in them to warrant the loan. It
was further justified by the e?ent, for when the note fell due, #2,000 were
paid off at a time when the demand for money"induced many other debtori
to ask for renewals in full of their notes.
So much for the loan of Jf 20,000.
The other rested on the same principles, with this addition. The parties
stated, that owing to the" part which they had taken in regard to the bank,
they had been deprived of their usual accommodations in their buslneas,
wbateFCf 'might be the reason. The fact of an abridgement of these facili­
ties furnished a reason for extending the loan, in addition to the belief of
its safety; which was, that, by so doing, any hazard to the original loan
might be pre¥ented, and the best evidence of its security is, that the parties
faa¥e since repaid" the loan.
In regard to the other loan?, which appear in their names, they were
given without any knowledge of their being discounted at the bank.
They were done aj; the request of a person of undoubted solidity, which
has been proved In the most decisive way by the actual payment of the notes.
That they were Intended to aid Mr. Noah, the drawer of the notes, In pur­
chasing a share in a newspaper, was stated at the time, bit that formed no
objection to them. He borrowed money, as thousands borrow money eFery
day, to employ it in his active business. If Mr. Noah had himself applied
to the bank for t loan to buy a share in a newspaper, and the security was
■mtisfactoryj, the purpose of the loan would have mide 10 difference. Ninetenths of the Joans of the bank probably are made1 to persons to buy some­
thing, or to pay for somethipg akeiiiy bought. Men borrow to buy i share

Si

[ Sep.'No. • 460. ]

in i ship, i shire in a cargo, i share in a bank, a share in i canal; w h j not
a share in i newspaper? The bank hid no difficultj about the loan, because
it was thought secure, nor about the object, because that was not the concern
of the bank- It does not inquire, and does not care where its money goes.
Its only anxiety is, that it should come safely hick, snd whether, in the inter­
val, it is employed by a merchant or a farmer, or a lawyer or an editor, is
i matter of which it takes no cognizance.
On the whole, when loans are made, as they mist necessarily be, subject
to all the casualties of human affairs, it is not easy to say before hand, which
is safe, and which is hazardous, until the result decides. Now, on this occa­
sion, these loans possess at least one justification, that by much the greater
part of them are repaid, and that the whole responsibilities of the parties
amounts, now, to only $189000. Jo respect to loans generally to editors of
newspapers, the bank proceeds on the principle of knowing no classes of
citizens, and proscribing none. Even, with this rule, its silpation in regard
to such loans is a little peculiar; from the nature of their occupations, edi­
tors engaged in the discussion of matters of national concern, have general­
ly expressed opinions in regard to the bank, and their dealings with the
bank render it difficult to escape censure. When an editor friendly to the
hank applies for" a loan, if it is granted, it is ascribed to favoritism; if it is re­
fused, the party naturally thinks it ingratitude. When an editor opposed t©
the bank, applies for a loan, if it is granted, it is deemed an attempt to in­
fluence him, while, if it is refused, it is called a persecution on account of
his free opinions. The bank has endeavored, In these matters, rather not to
deserve reproach than to escape i t In reply to that part of the Inquiry
which relates to politics, 1 believe that, if in granting the loans in question,
there wan insensibly blended with the mere business considerations, any po­
litical feeling, it was probably this: That charged as the bank habitually
is, with hostility to the present administration, it was due to the interests of
the stockholders to correct so unfounded an impression, when a fair oppor­
tunity occurred of giving accommodation to those who were considered as
- the most strenuous and efficient supporters of that administration.
The directors of the bank understand too little of the subject to attempt
to adjust the balance of accommodation to political parties, nor have 1 my­
self ever had even curiosity sufficient to notice it until the inquiry of the
committee has suggested i t But undoubtedly, as the committee cannot fa§
to perceive, by far.the greatest amount of loans to editors, is to the frilnds
of the present administration, and a large portion of that to the decided op­
ponents of the lank. This is, of course, accidental; but the accident shows
the absence of all disposition to favoritism, and it adds to the evidences, that
the bank is, as it always has beenf neither for any administration, nor against
any administration.

Queitian % Mr. TAomm.—When J. W. Webb and M. M. Noah made
^application for two Joans, one of I f 0,000, on the 9th of August, 1831, ani
the other on the 16th of December, 1831, for §15,000, did you, or any member
of the exchange committee, apprize the board of directors that J. W .
Webb's notes, with M. M. Noah as endorser, for il7 9 975, had been dis­
counted by the eiehange committee prior to the 9th of August?

'

[ Bep. No. 480. ]

S3

Jlnswer.—No. It was not necessary -to apprize tie committee; becauseche committee l i d mide the loan themselves, before making that of the
16th December; nor was it necessary to appriie the bottrd on the 9th of
August; because, though it had been agreed to, it had not then been con­
summated, and it might suit Mr. Burrows to pay it off before it was charg­
ed to the bank. It w n granted, too, on a security ^together distinct from
the responsibility of the pities then before the board o i the 9th of August

Testimony qf JUkert Gallatin.
i
NATIONAL BAVX, Mem Y&rkf IfIA Jtprti, 1838.
DSAR SIR: 1 enclose my deposition in relation to the discount applied
for by Messrs. Webb sod Noah. I had not the slightest recollection of the
fact when your letter reached me, and know now nothing further concern­
ing it, than as it appears on the record. But, speaking generally, bsnk di­
rectors cannot, without injury to the institution entrusted to their care, state
the reasons why they reject notes offered for discount
1 have the honor to be,
W i t h great respect, dear sir,

Your most obedient servant,
A L B E I T GALLATIN.
The Hon. -A. 5. Oi-AYTow, Chairman 9 #€., Washington.
In compliance with a resolution of the committee appointed by the Hoist
of Representatiires to investigate the books and proceedings of the Bank
of the United States, dated «• Philadelphia, April 12, 1832;" the undersigned, president of the National Bank of the city of New Yurk, declares
and deposes as fbllowetb, viz.
That it appears by the register of notes offered for discount to t i e sail
National Bank, that a note of two thousand five hundred dollars of James
Watson Webb and M. M. Noah, with an endorser, was, on the 86th of
July, 1881, offered to be discounted by the-said J. W. Webb, and that the
said application was refused; but, for what reason is not recollected by the
undersigned, and may not ha¥e been known to Mm at the time, as two ne*
gatives are sufficient to reject a note, and no director is bound to assign hia
reasons.
That neither of the two parties aforesaid even* has obtained any loai.or
discount from the National Bank; nor does ft appear by any record, or is it
recollected by any officer of that institution, that any application to that effect
WM made other than that abore mentioned; but that notes offered so late as
the,morning of a discount day are not always entered on the offering book;
and - that no** record was kept of the notes not actually discounted, which,
during a portion of the year 1831, were offered to a committee authorized
to discount on other days than the regular discount days.
And that James Watson Webb aforesaid, has had an account with Ac
National Bank from the thirtieth day of July, 1831, to this day; dirlng
the whole of which time he has always had a balance to his credit, and
which, on tie. twenty-sixth day of July, 1831, amounted to one thousand
five hundred and seventy-four dollars and thirty-five cents.
A L B E I T GALLATIN.
N»w Yomt, 17M April, 1832,

§4

[ lep. No. 460. ]

City amd county of New York, ss.
On this seventeenth day of April, one thousand eight hundred and thirtytwo, before me personally appeared Albert Gallatin, the above subscribed,
aad, being by me duly sworn, smith that the above deposition is trie.
THOS. W i t TUCKEB,
,
Commissioner of Deeds, #c.
#
Testimony of Isaac% Wright.
N E W YORK, 4th mmik
18, 18S2.
RSSPACTSD FRIEND: 1 received thy letter of the 13th instant, enclosing
a resolution from the Committee of Investigation of the Bank, requesting
me to reply what application James Watson Webb and M. M. Noih had
made to the City Bank for loan, &c.
The reply 1 now enclose, which 1 hope will be satisfactory.
With respect, thy friend,
• ISAAC WRIGHT.
A . S. CtAYTOW.

1, Isaac Wright, president of the City Bank of New York, being dulj
affirmed, deposeth and saith, that, on the second day of July, eighteen hun­
dred and thirty-one, a note was offered for discount at the City Bank, by
James Watson Webb and M. M. Noah, and endorsed by Robert Stewart,
for two thousand dollars, at four months, and rejected; that the reason for ite
rejection is unknown to me; that a single negative of the board is sufficient
to cause the rejection of any offered for discount; and that no reason for the
rejection of a note is required. That the above mentioned note appelri to
be the only one offered by them since the first of April, eighteen hundred
and thirty-one. Though others may have-been offered and rejected, as
paper is frequently presented to, and acted on, by the board of directors;
whichf if rejected, does not appear on the offering book of the bankJames Watson Webb had discounted at the City Bank two notes, each
for fifteen hundred dollars, endorsed by Eobert Stewart, dated May twentysixth, eighteen hundred and thirty-one: both paid when due,
M. M. Noah had a note discounted for eight hundred and thirty-six
dollars; renewed July eleventh, for seven hundred and fifty dollars,
renewed October the • thirteenth, for six hundred and seventy-five doU
lars, endorsed by J. L. Joseph, and renewed January the twelfth, eighteen
hundred and thirty-two, for six hundred dollars, endorsed by Daniel Jackion; which are ill the notes that appear on the books of the bank. This
note of M. M. Noah is the balance of a note discounted for his private ac­
count, before he had any connexion with J. W. Webb; and 1 understood
the two notes abovementioned, of J . W. Webb, were for hia private ac­
count Those two notes were 20 and 25 days each.
ISAAC WEIGHT.
NJSW YORK, 4th month

17IA,

1833.

City and «Mnly of Mew Forkf ss.
On the seventeenth day of April, one thousand eight hundred and thir­
ty-two, before me personally appeared Isaac Wright, the above subscribed,
and, being by me duly affirmed, deposed and said that the allegations tootained in the above deposition are true.
THOS, W E T U C K E 1 ,
Commissioner qf Deeds9 # t

[ Bep.-No.460. ]

SS

Testimony qfMmdecmi M. Noah,
N«w YORK, JiprU 8th, 1831.
T o JTOMIE CLATTON9 Chairman9 and the members qf the CmMwitimf&f
examining into the affairs of the United Simim9 Bmmk.
GENTUXEN: On the return of Mr. -Webb from Philadelphia, 1 learnt
from him this morning, for the first time, that the sum of $15,000 had been
loaned by the president of the bank to Mr. S i n E. Burrows, on my piper,
endowed by Mr. Webb; mud he suggested that Burrows had represented that
lie obtained the lean to enable me to purchase the moiety of the Courier and
•Enquirer establishment,formerlyowned by Colonel Daniel E. Tylee. Jus­
tice to myself requires that no time should be lost in correcting a statement
calculated to do me in Injury, by a plain statement of facts as they occurred.
Colonel Tyleefindingthat Ms duties as cashier of the Swings Bank of this
city prevented a proper attention to the concerns of the paper, announced
his Intentions to dispose of his interest, and offered it to sundry persona.
The friends of the paper, alarmed at the prospect of that interest passing
Into the hands of a peraon opposed to its political course, aid desirous that
Mr. Webb should have associated with him a partner entertaining similar
political views, and personal regard, proposed to me to purchase Colonel
Tylee's intereat; and Mr.-Stewart, the father-in-law of Mr. Webb, offered
to loan me $5,000 in the furtherance of such-views. Being on terms of
intimacy witl| Mr. Silts E. Burtows, 1 mentioned the circumstance to him,
and, believing that he possessed facilities, proposed that he should loan me
#15,000 to effect the purchase, on condition that ten per cent, should be
paid every six months, with interest, until the whole was liquidated. He
told me that his mercantile operations were extensive, and that he could not
well take that sum from his capital, but that he approved of the purchase,
and would apply to his father in Connecticut for a loai to that amount, la
a few days he Informed me that he was going to Connecticut for his father,
and subsequently that his father had arrived in town, and invited me to meet
him at his house in Bleecker street, where, after much preliminary conversa­
tion and arrangements, 1 gave my notes to Mr. Burrows, senior, endorsed
by Mr. Webb, and a commission of 21 per cent to Mr. Burrows, junior,
nd received from from Mr. Burrows, senior, his paper, which was subse­
quently cashed# by Mr. Stewart, the father-in-law of Mr. Webb. It was not
for six months after negotiating this loan that the final payment was made
by Mr. Burrows. Judge, therefore, of my astonishment at having heard it
suggested that that sum in mpney was loaned by Mr. Biddle, for my use,
when, throughout the negotiation, the name of the United States9 Bank
was not even mentioned; and 1 never, for a moment, suspected that the loan
emanated from any other source than Mr. Enoch Burrows of Connecticut
If any reference* to this transaction is made in your report to Congress, yott
will, gentlemen, see the justice due to me in making this explanatory state­
ment part of that report; and if it is to be referred to without this explana­
tion—this, utter denial of any knowledge of the supposed agency of the
bank in the purchase; 1 ask the privilege of being called before yon to con­
firm the statement 1 now mike under oath.
1 have the honor to be,
Respectfully, your obedient servant,
M. M. NOAH.

[ lep. No. 460. ]

IS

P. S.—*^pri7 §.—Since writing the foregoing, I hate deemed it expedi­
ent to present the statement at once in the shape of an affidavit
City of New Jewjfe, *t.
M. M . Noih, being dulj sworn, doth say that the forefoing statement m
trie, to the best of his recollection, knowledge, and belief.
Iff. Iff. NOAH.
Sworn before me, this 9th day of April, I8S2.
ALFEED COLViLL,
COM miesioner qf Deed*.

Copy qf a letter from

W. BownetoN.
BiMk.
N E W Yomit, J&ugu*t 5, 1831.
DSAB Sim: I cheerfully forward the enclosed, as requested. I see norea*
son against this application being treated is a fair business transaction.
I am | sincerely, yours,
W A L T E R BOWNB.
To NICHOLAS BIDDLE, Esq. Philadelphia.

[PRIVATE.]

8th Jfogtut, 1831.
DBAH SIM: Will you send the enclosed to Mr. Biddle, with such friendly
suggestions as may accomplish the object in ¥iew? The loan can be safely
made, or 1 would not recommend it. As Mr. Webb leaves to-morrow, will
r
you have the goodness to let *A
**-" - day's mail?
Very ti
M. M. NOAH.
Mr. Bowjfit.
N E W YOBK, Jhtgu*t 5, 1831.*
DEAR SIR: We are about making considerable improvement! in the esta­
blishment of the Courier and Enquirer, such as building i pilot boat for the
exclusive use of the office in boarding ships for news, also procuring a double
cylinder press to deliver 3,000 sheet! per hour, enlarging the paper, and
placing the whqle concern on a footing corresponding with its increasing pa­
tronage and circulation. To accomplish these objects, it will he necessary
to raise a loan of $80,000; and, as our receipts are semi-annual, we wishtm
payment! of such loan to be made in the same way: for example, ten pea:
cent, every six months,* with interest, until tie entire amount is liquidated;
which will make the payments out of the profits of the concern, without adJ ding to the capital invested. Our local banks are unwilling to accommodate
us at these periods; besides, there is good reason to believe that our local
institutions are rather coldly disposed towards us, since the paper took the
course it did relative to the resolution of Morehouse on the United States*
Bank, concerning which yon and 1 con¥ersed at the time. Under such cir­
cumstances, 1 have advised Mr. Webb to negotiate a loan of #20,000 with
the United States' Bank, founded on a frani statement of the concerns of

|- lep. No. 460, ,]

ST

t i e establishment; to proceed to Philadelphia, and see Mr. Biddle in person,
mid state what art his views. In the furtherance of this object, i shall be
much indebted if you will gi¥e Mr. Webb a letter to Mr. Biddle, or, if you
prefer it, make such representations to Mm as you ire warranto! by facts,
with a ¥iew of promoting the object contemplated.
'
The Courier and Enquirer does not owe a dollar to any bank. We p i d all
our accommodation paper, amounting to about iI5,©©©, in April or May,
from the last six months* collections, which exceed 020,000. It must be ap­
parent that any business, the expenses of which exceed #35,000 annually,
requires banting facilities to enable capital to' be judiciously employed. I
will instance the cue of printing paper, of which we purchase 016,000 per
annum, at six and nine mouths' credit, yet have seven per cent, deduction for
caah. The time slowed to pay off the loan will be a great accommodation,
nevertheless, we should not like, for that accommodation, to pledge the pa­
per to m y course relative to the reobartering the bant; nor, indeed, would
auch pledge be required .of us. Mr. Webb made a publication of his ¥lews in
April on that subject, and the paper, if induced to take any part, will,a at
leant, go m far in favor of the bank as he mentioned at that time. We wish
to place it on the fooling of a business transaction, in common with other cus­
tomers of the institution.
1 am, dear sir, very faithfully, yours.
M. M. NOAH.
WALTER BOWNE,

Esq.

Copy of m letter/irom Ji. L. Siewmri to I. W. Webk
NEW Yomx, August 5, 1831.
As you consider my opinion in relation to the rechartering
d the United States' Bank may be of some importance to you in negotiat­
ing a loan, you are at liberty to say that I was always friendly to the old
Bank of the United States; that 1 am perfectly satisfied of the great benefits
which the country experiences from the present institution, in consequence
of the salutary influence which it exercises upon our circulating medium; and
that, as you well know, 1 always have been decidedly of opinion that it
should be reehartered.
Yours, affectionately,
A. L. S T E W A 1 T . ,
DEAR WATSOE:

JAMBS WATSOM WJJBB.

Simiewmmt % J. JV. Webb rektliwe to the Courier mmd Mmqmirer.
The constant and steady increase of our subscription list, has rendered
our subscribers so numerous that we cannot print all our papers at m suffi­
ciently early hour in the morning. We are compelled to keep our press
©pen always until two, and frequently till four o'clock in the morning,
waiting for our boats with foreign news, ship-news, &c.j all the morning
papers in the city then go to press about the same hourf and all of them use
the same description of press. It follows, of course, that our circulation be­
ing nearly two hundred per cent, greater than either of the others, we are
compelled to serve a majority of our subscribers at t later hour than our co13

§8

[ Hup. No. 460. ]

■temporaries. T# obviate this, we propose purchasing, immcdittel j , i press,
which will work two thousand sheets per hour, (the one we now use works
•bout eleven hundred,) and which will cost us 14,000; we also intend col­
lecting news exclusively for ourselves, and must purchase a pilot boat, and
row boat, which will cost about 13,500, and for our current business, we re­
quire an accommodation of about 112,000,
We ask, therefore, a loan from the United States1 Bank of f t 0,000, on
t i e joint aid several notes of James Watson Webb amf M. M. Noah, paya~
ble 10 per cent, with interest at six per cent per annuto9 every six months
JAMES WATSON WEBB & Ca
PHILADELPHIA, Auguet 8f ,1831.

Statement 1.
The amount due the Courier and Enquirer in the country exceeds #f 5,©0©f
of which sum, there can be collected on the presentation of bills §10,000
There is now due in the city of New York, more thin four months
subscription, and advertising, which, with the amount of the
last six months1 business*remaining unpaid, may be safely es­
timated it
.
. - 20 9 0OO
We have property worth at least 8,CMH
The whole amount of debts due by the paper is less than -

-

38,000
28,0011
10,CMM>

In J u n e , 1829 9 w e owed upwards of
Our property and debts were worth only

-

-

$26,000
3,000
— —

2S 9 00O
33,000

So that, In little over two years, we have cleared, and all but realized,
§33,000; as the amount of good iebts due the concern exceeds the amount
1 bate named.
J. W. W.

144 quires x 24=3,451, less the exchanges, & c , say 3,300
daily subscribers at 810
- '
#33,000
275 yearly advertisers at $40 per annum, but being calculated in
the above it $30
.
- ,
6,250
810 diys advertising, at §55 per day 17,050
S8,S00
About | of the whole amount Is paid in advance, yet deduct for
bad debts, ten per cent on the whole amount
-

5,88©
52,470

I icp. No. 4S§. j

m

#
1 04 quires semi-weekly X M—2,481, Icniotehinges, ite.»
say 2,800, at #4 and gS per annum, m?erage §4 50
010,350
Deduct £0 per cent for bid debts
.
.
.
2,070

.
Annual cxpcaiies

.

.

.

.

.

.

8,280
35,000

#25,750
N O T E . — I have invested in,the Courier and Enquirer upwards of #33,000,
besides my present responsibilities. No partner could come into the con­
cern with me, and change the course of the paper on any question wh h had
been broached in its columns; consequently, Colonel Tylee found a difficul­
ty in felling his half of the proprietorship. He naked #25,000; ind, al­
though he ebuld not procure that much, under the circumstances mentioned,
he was told that his interest would be taken at #25,000, pro?ided mine could
be procured at #40,000, and he was authorized to offer me that sum. He
did so, and I rejected i t 1 do not place1 any specile value on my interest in
the establishment, because 1 do not wish to dispose*of it; and 1 only refer to
this fact, to show that the whole would have sold in March last, for #§5,000,
the purchasers to take it as it was, with its debts, and also its property, with
the amount due i t .
We have not, at this moment, one dollar of accommodation, directly or
indirectly, out of any bank.- It is scarcely necessary to add, that in no time
of my life has a note of mine fallen due without being promptly met. 1
deem it a duty to be thus frank and explicit, because it is not presumed that
you can be acquainted with these circumstances, aid there might be some
delicacy experienced in making the inquiries.
One reason why 1 think my publication in relation to-the United States'
Bank has had an influence on our city banks, is this: after an accommoda­
tion of #2,500 had been refused in the bank where we kept our account, the
cashier of which had, for two years preYloui, a standing order to give me
#10,000, without submitting it to the board, and to which, at the time, 1
did not owe a dollar, 1 was told that there would not be any difficulty in pro­
curing an accommodation at the Farmers and Mechanics' Bank in Albany.
JAMES WATSON WEBB.

C l T T A5D COWffTY OF N E W Y O H , SS.

•

John Thomas, pressman in the office of tie €t Morning Courier and New
York Enquirer/' being duly sworn, says that he prints one hundred and
forty-foul-quires of paper, daily, for the Daily Courier and Enquirer, and one
hundred and four quires semi-weekly, for the Courier and Enquirer for the
country.
JOHN THOMAS.
Sw#rn to before me, this fifth day of August, 1831,
M E L G1AY,
Commissioner qf Deeds.

I Bep. No. 4S§. ]

100

Thus A.^ViUiams ind Edward S. Howard, bout-keepers In t i e office of
the Morning Courier aid New York Enquirer, being Inly sworn, say, that
the transient miwwiimmg of the paper from t i e 1st April last, to this date,
has eiceeded fifty dollars per day9 of which amount, the avenge of cash
advertisements, is 010 j % \ per day, and, that the tdwertisiog patronage of
the paper is apparently increaiingj also, that the collections on account of
subscriptions and advertising during the same period, exceed #20,000
THOMAS A. WILLIAMS,
HOWARD S. EDWARD.
Sworn to before me, this 4th day of August, 1831.
\
1 . R1KER, Mecotdcr.
10th April, to 1st Auguat| lest than 4'months #20,875.
Thomas A. Williams and Edward S. Howard» book-keepers in the ©He©
of the Morning Courier and New York Enquirer, being duly inform, depone
and say, that, in the month of May, 1831, two hundred and ninety-six per­
sons became subicribers to the Daily Courier and Enquirer, in the month
of June, one hundred and forty-nine, „ in the month of July, one hundred
and eighty-three, and during the first three days in August, twenty-lire; and
that the withdrawals, and names stricken from the subscription list during
the same period, for non-payment, amount to two hundred and thirty-five,
leaving a nett gain, from the 1st of May to the 3d of August, oifour Attndred and mgkiem daily subscribers.
- '
THOMAS A. W I L L I A M S ,
EDWARD S. HOWARD.
Sworn to before me, this 4th lay of August, 1831.
R. RIKER, Recorder.
We certify that we loaned the New York Enquirer, at diffapnt periods
in the years of 1827, 1888, and 1829, upwards of #20,000, winch sum was
repaid from the collections of said newspaper establishment.
T H . & S. JOSEPH Ik Co.
"NEW YORK, August

6» 1881.

Copy of a Mm from Jamei Watson Webb In N.

BMdk.

MAKSION HOUSE, PHILADELPHIA,

Friday evening December IS.
D I A B S I B : I have just arrived from Washington, and find here the in­
closed from Mr. Noah. I feel mortified at the necessity of s p i n Hiking
yon for a loin, but the circumstances under which the application is made
must be my apology. It certainly does appear that our local institutions,
guided by their attachment for one per cent, are determined to let us feel
their power; but this is our misfortune, rather than oyr fault. The safety of
an additional loin to ns may be summed up in'one general view of the sub­
ject. Our business compels us to hive in possession about 230,000 of avaia-

- w sp • No. 460. ]

101

M e property, and doing all our business at six months' credit, it follows, * of
cuurse, that we must hive at all times due to i s in the city, of 'good debts,
from twenty to forty thousand dollars. I ha¥e a very large cash capital in­
vested in the paper, and it is certain, that but for my publication in relation
to the United States' Bank, 1 might now be withdrawing a'portion of that
capital, and depend upon the character, standing, and credit of the paper, for
the necessary business of facilities; as it is, we cannot get credit for a dollar.
If ©ur jktper manufacturers and those who deal with us cannot raise money
upon our notes, no matter by whom endorsed, it follows that we are totally
without credit.
In this emergency, we look to yoir bant, lad we do it with confidence.
W e come not as insolvents, or persons without visible means, but we come
with the evidence that the loan will be perfectly safe, and because" we are de­
nied facilities elsewhere in consequence of espousing your cause. 'Tis true,
we did so unsolicited, and it is equally true we do nothing more than advo­
cate my own sentiments} but, in my opinion,, thisdoei not alter the case.
Your business is to loan money, and if our security is ample, you must
agree with me that the United States' Bank is bound, in good faith, t o do
what our local institutions would have done, and most cheerfully did BO, un­
til 1 published my statement in relation to rechartering the bank with cer­
tain restrictions. This was in April last, and from that time we have not
had a penny from them. Finding that we do not want their aid, they now
endeavor to reach us through those with whom we do our ordinary business.
The case requires no comment.
In consequence of my Inding the enclosed letter here, 1 will not leave
town until Monday, and, in order thai you may have the subject fully before
you, 1 submit it to you to night, i latter myself that, under the circumstan­
ces, the only question with the bank will be the nature ©f the security. I,
of courie, would prefer having the accommodation on our QWD paper, but
If that cannot be done, then I am prepared to give a bill of sale or. mort­
gage on all the enumerated property, except the press, estimated at #2,000,
and the'types, &c. now in use. These we shall not want after the irst of
January, and it is obvious that the interest of the concern requires they
ahould be disposed of while they have a certain ahtxed value. I will ob­
serve, in relation to the twine of the articles, that Mr. Noah has received his
data from my principal book-keeper, is obfious to me; he (Noah) knowing
nothing about them. The schooners, press, boats, types, &c. are all per­
fectly new, and I know that he has properly stated the cost, the purchases
having'been made by me. 1 will call on you at 11 o'clock to-morrow.
Your friend and obedient servant,
JAS. WATSON WEBB.
P . S. In looking over what 1 have written, 1 find that I have pressed the
subject, perhaps, too much, i have written as I felt on reading the enclos­
ed, and as 1 think you mist feel. You must, therefore, make the necessary
allowance. We have been very badly used by our local institutions, and 1
feel i t Their refusing us an accommodation 1 consider nothing, .but to
strike at us through a third party to effect our credit was disgraceful. The
time will come when we will requite the service.
W.
• To N. Bu>pu, Esq.
PmUmt United Simim9 Bmmk.

108

[ Rep. No. 460. ]
Cffjf qfa letter qfM. M. Nmk to J. W. Webb.
N E W YOEX, 12/A

Dee.

18SL

DBAE W E B B : I ordered the schooner Courier and Enquirer to come
Into the Hook during the severe weather, and the Mary Ann to be dincharged, bit it cannot be done until the term of service of the latter has e x »Ired. In this heavy weather it is difficult to board a ship off the high*
ands: when the new schooner is aioat, she can keep the sea in rough timea.
Greek and Elliot, oir piper contractors, have just called, to say that ©or
notes, with their endorsements, have been rejected in bank, on the avowed
ground of scarcity of money, and necessity of curtailment into, &c lie, but
on inquiry, I find that the notes of'Dwight, Hale, and others, ire prompt­
ly discounted. It is useless to disguise the feet, that the President's meo»
sage, connected with the views of the Secretary of the Treasury in relmtion to the United States' iBank, have brought down upon us the hostility of
the local banks. In a conversation with Mr. White, of the Manhattan Bank,
I percei¥ed that he felt very sore at the course we had taken, and insisted
that we had abandoned the express wishes of our political friends, and that
there was sufficient funds in the local banks to answer all the emergencies
of the country, without rechartering the United States' Bank. The Argus
tnd its friends, although very much cut down at the course of things at
Washington, are secretly at work to cut offoar supplies. In this situation,
we must look exclusively to the United States1 Bank for any tnd every facili­
ty. The moment our local banks refuse to discount our paper with the
name of such a house as Greele and Elliot, all credit ceases at once. This
they know full well, and they intend to punish us by preventing our receiv­
ing the usual and necessary facilities'under any circumstances. I have seen
Mr. Stewart on the subject, and he advises an application for a further loan
from the United States' Bank. He says he is prepared to advance you half
of the necessary cash capital, but, at the same time, thinks that a concern like
oUrs, in which so much real capital is already invested, which, at all times
has nearly thirty thousand dollars' worth of property in the office, and
which, from the very nature of the business, (giving credit for six months,)
must always have between twenty and thirty thousand dollars of the best
description of debts due in the city, should have a credit equal to its wants.
He thinks, and facts sustain the opinion, that as our course in relation to
the Bank of the United States has drawn upon us the hostility of the local
banks, and checked our usual facilities, that the United States' Bank is
bound to accommodate us, so long as we satisfy them we are abundantly
able to meet our engagements. By obtaining an additional loan of SI5,000,
we will be independent of all the local institutions, and the bank will be our
•ole creditor.
On the 20th of this month, we will have in our office,' and connected with
it, the following property:
One news schooner and equipments, bought in September last, #4,530
One news schooner of 95 tons, equipping for service, - '
7,550
NoTB.—f 2,000 cash has already been advanced on account of this ves­
sel, and $1*000 will be paid on the 16th. leaving but S4,55§ unpaid.
One double cylinder Wapier prebs,
-■
-.
- #§,§0§
One single
do
do.
eontmctei to be sold to
the Albion*
•
•
•
£,§§§

f

£ lef. No. 460. ]

108

One fount of news, tnd one fount of advertising type, now lay-.
ing in cases, to be used on the 1st January, Types, fixture!, &e. now In use,
Small news boats, ill new,
*
Lease of 58 Wall St. 6 years, which brings $8,0©0 per annum.
W e pay in rent,
§50
\

,

But, with all improvements, costs us -

3,400
8,0(M>
650

2,350
i years

#14,1(11
-

-

-

5, £00
#80,380

Of the,#15,000 additional loan to be asked, we will appropriate §4,550
to pay the balance on pilot boat, and .then we have of new valuable tnd un­
incumbered property, what would bring under the hammer to-morro%vf
* more than #30,000, besides the whole of our business for the last three
months, and at least g20,000 of debts, which we are now collecting. We
must have money in consequence of the course taken by our local bants,
and if the United States1 Bank will not give it to i s on our own notes paya­
ble 10 per cent, every six months, give them a mortgage on the whole, or
any ptrt of the foregoing described property, with the right to keep it Inlured. The leas© alone is nearly worth what we require, but there can b©
no objections to mortgaging presses, types, boats, and any or all the pro­
perty, should it be required. 1 do not think the bank will ask i t Situated
i s we are, we must be put on a footing that will enable i s to meet our op­
ponents boldly, and we must not stop to calculate on tie sacrifices required.
You can hive no difficulty In satisfying-Mr. Biddle that there is a neces­
sity for the bank exercising a liberal feeling towards us, assured that they
will* be entirely safe in affording us additional facilities, and that, had we abitained from f ghting their battles, we should have required no aid.
I enclose you an affidavit of our principal clerks, showing the increase of
business, and the prosperity of the establishment It may Be useful to you.
1 enclose also a note to be used, but, should the bank require the mortgage,
you can use the signature of the firm.
A few words in relation to the branch it Albany. Olcott and Co. declare
that no person of credit or capital ask for the branch: the bank can show to
the contrary. 1 am advised that a great petition can be got up In its favor.
Now, as to the time of its establishment If it is done after the session com­
mences, t i e lobby may push on an excitement, which may lead to the
adoption of strong resolutions in the Legislature; if the establishment of the
branch is postponed until after the Legislature rises, It may happen, if Concress recharters the bank at the present session, that the establishment of
branches without the consent of States, may be prohibited: it will be then
too late for the Albany branch. If it Is established now, it may be In tran­
quil operation before any progress is made in legislative business- ■
The lobby have started Otis for Speaker. But more of this anon. Your
family are'all well, and there is nothing new.
Very truly "yours,

M. M. NOAH.

[ Bep.%J¥o. .460. ]

104
Copy qfiqsmiiwn

qf book-keeper* qf Courier and Enquirer.

STATE OF N E W YOHK, |

Ciiyqf New Fork. §
Thomas A. Williams m i Edward S. Howard, book-keepers in the office
of the Morning Courier and New York Enquirer, being, duly sworn, doth
aty, that from the first i i y of April last, to the present date, 2,857 (two
thousand and eight hundred tnd fifty-seven) perions have become subscriber*
to the said newspaper, dally and country, and that 1,156, feleYen hundred
and fifty-six) (one thousmnd one hundred and fifty-six) have withdrawn
during said period.
*
.
THOMAS A. WILLIAMS,
EDWARD S. HOWAMD. M
Nuw YORK, 13th December, 1831.

Sworn before me. the 13th day of December, 1831.
'FRANC IS IL LOU,
CommUrioner of Deeds.

.

Copy ofm letter from J. W. Webb to N. Middle.
OFFICE OF THE COURIER AWD ENQUIRER,

New T&rk9 Mk February, 1831.
Sim: Enclosed Is i certificate of a deposlte for f 2,549, which you will
please carry to t i e credit of,
Your obedient servants,
. JAMES WATSON WEBfe & Co.
N. BIDDLE, Esq.

Copy qfa letter from J. W. Webb to N. Middle.
N«w YORK, March 11, 1882.

Sim: Although the loans to us, by the Bank of the United States, are
purely of a business character, and made upon statements shewing the ne­
cessity of the accommodation to our establishment, and of our ability to
meet our payments, there can be no doubt but the enemies of the" bank, as
also our political opponents, will endeavor to give a false coloring to the
whole transngtion. The loan, though strictly defensible, is a large one, and
the amount may give rise to the charge of indiscretion on the part of the
directors. This it is not only our duty, but our desire, to prevent If possible,
and therefore, with some little inconvenience to ourselves, we have made
arrangement! to pay the note of $15,000 In the course of a few days.
1 beg you to explain to the board tof directors the cause of this determi­
nation, and, at the same time, ausure them of our grateful recollection of their
kindness at a moment when our local banks refused to continue their accom­
modation, and one bank alone compelled us to pay $13,500, without renew­
ing or discounting a dollar for us, after our expressing an opinion favorable
to a modified churter of the Bank of the United State*

£ l e f • No, 460. J

, * ||f

T i e contemplated piyment w i l Imrrc but lie note of i l 6,000. We hgn
ft® account with any other bank, and the following are the resources ©f the
piper, independent of our private means.
Six years9 unexpired lease of No. 58, Will street, worth, at
lowest calculation,
-.
.
.
*JQ ^^
#
News schooner Courier and Enquirer, launclfed In January,
nnd^with '36 ton? pig iron on board •• ballast, cmi
- 8 650
News schooner Eclipse, new in September last, which, with
Mflast, cost us about .
- 4 yu§
Five new small hosts, ill built slice September list,
'750
• New font of type, which cost in January, 3,260
Wew^double cylinder press, which cost in January, •
.
3)200
Old single blinder preas, for which we are offered $1,900, 2,000
Office property, job office, presses, type, & c

fee.

-

-

3,<M»

We have nearly nine thousand subscribers on, our books, and
collect semi-annually. On the 1st day of April, there will bo
due us In -the city of New York, of good debts, a?least, "
-

' 25,000

• .

#§§ f 57§*

We consume annually about $22,000 worth of paper, and the expenses
are in proportion, and hence the necessity of lirge banking facilities.
^
Sincerely your friends,
>
™
I
■
And obedient servants^
J AS, WATSON WEBB; i t Co.
N . BlDDLS, ElCj.,

President qf ike Bank Untied Siaim.

*

'

Copy qf m letter Jrom J. W9 Webb to M BMdle.

N E W YOBK, Monday, March If, ISSi.
Six: 1 have the honor to enclose you a draft for $6,000, and will probably
send you one to-morrow; which, with the #ne now enclosed, will meet the'
note of $15,000, dated December 13th, 1831.
Respectfully, your obedient servant,
J AS. WATSON WEBB.
To N. BIDDLX, Esq. -PMlmddphw, •

President qf ike Mamk qf the limited Simim*

Copy qfa Utter from J. W. Webb to K JBiddte*
N«w Yoxx, March 14, 18SS.
To the Presidemt qf l/k Bmmk qf the Umiied Stales:
. ,
Sin: 1 have the honor of enclosing yoi a draft for $8 I 80§ I which, with tin
amount enclosed on the 12th inatant, $§,©§0, will be sufficient to met! ou*

lit

[ Bep. No. 4ii. ]

. mote payable on tie 15th Juie In making i payment of 10 percent on our
first note, m small error ©centred in the calculation of interest which plea§«»
instruct your cashier to correct by deducting the amount from the aum mmw
eneloaed, and permit the trifling balance which will then remain to be placed
'to the credit of James Wataon Webb & Co,
Permit me again, sir, to dkpreaa our sense of the accommodation which we
htye reeelrdd from the Institution oreir which you preside, and believe me,
sincerely.
Your obliged and obedient servant,
J AS. WATSON WEBB.

C
STATEMENT? FURNISHED IN ACCORDANCE WITH THE RESOLUTION ©F T E E
COMMITTEE OF TB« 3 D APRIL.

No. 1. Theaggrepte amount of good notes offered for discount and in­
jected by the board,° drawn tnd endorsed bj residenti of Philidelphii, on tint
'following daya respectively: 9th August, 16th December, 1881; £d January,
10th February, 2d and Mth/March, 1832; 24th September, and 15th Octo­
ber, 1830.
Statement A exhibits those particulars.
No. f. The aggregate amount of notes discounted aid still die the bank^
drawn and endorsed by non-residents of Philadelphia.
4||
Statement B exhibits those'particulars.
No. 8. Aggregate amount of notes discounted on personal security, and
made payable more than six monthi after date.
The committee is already in .possession of t document showing the amount,
with the specification, of the only notes In the bank made payable more than
six-ihonth.8 after date.
No. 4. Aggregate of notes now due the bank, discounted for a firmj or
the parties of a firm, without the name of some person not belonging to the
firm as drawer or endorser, distinguishing on etch of the above statements
the amount loaned to members of Congress, editors of newspapers, or per­
sons holding offices under the General GoFernmoot
Without knowing the names of all the parties to every Irm, it is imprac­
ticable to ascertain in what particular cases the endorser .or drawer may be
connected with the Irm; and the officers of the bank have not the requisite
information for that purpose.
No. 5. Loans to members of Congress,' editors, of newspapers, and of­
ficers of the Government, by the Bank of the United States and it*
branches, as far as is known.
Statement C will give this Information.
No. 6. The names and amounts of payments to members of Coifnwii, in
anticipation of their pay ai members, before the general appropriation bill,
and the money due United States, and on deposite in the bank, after deduct­
ing therefrom the sum thus advanced to those to whom the United States arm
indebted.
We have no memos at the bank of ascertaining the 'fcmount of the* ai*
vaneea. They can be hid at the branch at Washington.

■

[ Bep. No. 4S1- J

107

No. 7. A statement in detail of the amounts paid to those who are now,
or have been, members of Congress or officers of Government, since 1816,
for services rendered to the bank, stating t i c future ©f the uenricc. ,
Statement D will furnish this informatipn.

A.
!Hk aggregate mmomni o/ gmd mim offered /or dhwmmit, mnd rejeeied
% the boardf drawn and endorsed % residents o/ Philadelphia^ on tM
/ollowing dmy9f respectively: 9 th Augustf mmd 16M December9 1831/
2d January, 10M February, 2d and Mih March, 1832/ 24IA Septem*
ber9 and 13th October, 1830.
*The following are the amounts of notes ©fferei and rejected on th©§©
several days. Whetler they wore good notes, 1$ is impossible for the offi­
cers of the bank to mj, in-the reasons ©f their rejection were knoini'oily
. / t o the board of director:
'1830. September 24, .
.
.
.
.
.
06,318

f

1831, August §, December l i ,
1839. JinutryS,
February 1%
Mtri?h 2,
13,

-

-

•
.
.

.
.

-

•- , ■.
.
.
.
. . . . .
B.

-'
.

§,842
82,181
300,623*
162,85$164,631
148,255

* '

STATEMENT*
shovnng the aggregate amomti of notes discounted mmd still im
the l«»Jtf drawn amd endorsed % non-residents of Philadelphia.
Payable at Boston,
New York,
Baltimore,
Washington,
Norfolk,
Charleston,
Savannah,
Mobile,
New Orleann,
- S t Louis,
Louisville,
Cincinnati,
Burlington,

.
.
.
.
•
.
.

-.
.. . .
.
.
.
.
.
.
.
•
- - .
.
.
.
•
- . .
.
.
.
•
- '
- ■- . .
.
.
.
.
•
-

•
.
.

-

-

- §7,687 44
I38,2S7 55
16,476 81 *
14,900
' 578 8§ .
2,4§4 75
3»6i4 61
12,108 21 .
ilf275#
1,C32 51
•
- 1,117 l i
10,448 45
4,480
■ - »„ ■ ,

* '

'

I

.;;.

8285,ISO 88

[ Rep. No. 460. ]

108

~Ko. )0.—LOAMS T a EDITORS.

Jesper Harding,
••
1831.
December 3©f
1832.
January
6.

«•
' «•

13,
17,

§ •

• i

t •

2%
24,
2/»

• i•
•
••

• f

31,

••

Pelwtfj

3,

• M

••
••

10,

Hi

• •'

• t

• 1

17,
Mt

••
••
••
• f
1 •

Until

'

ii.
2,

• i
i •

« •i
•

6»

••
• ••
t

%

••

1

IX

• f

16,

• i•
•
#

• i

n

<«
••
••

33,

§ •

sr,

"•
•• «i

»•

30,

«•
••

2,

April-

c 1

• 4

f

*

.• «
f t

• i•
•

10.
Mf

J

Pnyer.

Dieeoa liter.

J. Lotken,
E. Cummiskey, •
Stoddart k A., L. Jiihnson,
•
W. B. Uolton,
•
,G. Giiier,
J. Laval, T. VY. L. •'rrcntn f
Dennett Jk Walton,
H. H. Lindtay, •
C. Peter*,
H. 11. Lindety, Dennett Jk If.» •
J. Faye, 11. H. Porter,
Dennett & W. t •
Denjamin Kennedy,
S. F. Bradford, If. 11. tlohon,
•
T. T. Sini'ey,
Jaime* Locken, •
Kvan Lew'w,
•
E. Cummi»key, •
Join Laval, ■
Do.
D©.'
:
H. II.L ndwy, •
J. G. Coleaberry, John Laval,
John Hill,
. M. f l Pcirtrrt> •
J. McEewati, jr..
Bennett Ik W., i L. Jotiuson,
•
W. Foulkr,
John Laval,
Dennett & If.,
.
If. D. Holton,
- .
J. H. Jttckson It Co.
J. McKewan, j r . ,
William Drown, pr.,
I Dennett & W., J. CJ. Coletberry, •
J. H. Jackion fit Co.,.
John L-tval,
•
M. Siokei,
T. T. Smiley,
11.11. Limit .y t .
Bennett & W.,
1 M. Stokei, W..B. Uolton,
» •
8. C. Aikinaon, pr.,
J. McKtrwaii, jr.,
J.II. Jackauii, & Co.,

2iJ

1

1.
I

I

"
•
60§

:

m

320
153 r#
250

r

" **

[

SJ3
880

1
• |
# 1
• 1
I

1
1

1

!

1
•
m

—
m

f

m
m

I

.

i.

250

•

■

•
m
419 26

1

. «»
■

1

«•

I
1

„,
m

1

m

I

a,

.
1

•

„

m

-

"
1 #13,461 5§

T i c I M of #6f0(Ki it staurcd by nortgtgt.
coutie of hk bualnetf.

m

•

6tom
1.440

,

—

68T \.
463 I
276 '45
2m 71
m

»J

••
•«
••
••
••

••
««
••
*«

-2L
t.

«.

5.
17.
IS.
. 20.
26.
29.
39.
86.
3.
5.
S.
S.
13.
12.
S.
12.
19.
96.
96.

<»

M.

• i

31.
S,

•t

June

n.

i •

••
••

293 19

—

M

••

2tJ§
'873 47 i
200
260
f
2V3
35# SS i
2/5

•

1.008
♦31 2J
§9m

1
1
1

i
1

63§ .
350
350
1,000
361 58

- «»

1 • •
«oo

••
«• .

$m
1,260

m

I
*
•
1
I '—
1

• i«
•

20©
■ 220

....

I
1
1

• i

..

I

I

• i

-

45#
257 §7

1 , 2 4 © OS

1

May

i i
884 97'"
367 81
•i •
«
397 m
285
'April

'

•
"
"
*

I

Due.

r

July
May
J"iy
June ■
July
Septeii'f
June

•«

c•

July
June

•«

t•

••
350
483
AMf
7J0
* * ••
*
230
••
• i
20§
430
July
432 5©
••
381 in 1 Auguat
300
July
230
June
560
Jtiiy
566 66
iugttat

c
s.
8.
8.
10.
1©.
9.
12.
19.
19.

^
If.
SS.

as.
38.
27.
39.
3.

3.
1.

£

m

m>

t.

«.

ii.
12.

#34 455 15

The olhen hart been dieeottiitcd ia fXm

, - [ Rep. No. 48§. ] ,

109

,

Loam to M§i§rt WaUft.
832.

.

Pajer.

Discounter.

January 13. H . S. Tannery
-.
§850
March £3. Carey I t Lea,
500
"
i f . P. Hoffman,
791 I f
April
3. J . W . Walsh,
- S,§C§
5,000
The three firat ire business discounts.
The fourth Is a loan, of which Mr. Walsh's father was understood to be
- t i e original borrower i n , May, 1830, by a draft of Mobert Walsh on his
father, in Baltimore; st the death of the elder M r . Walsh, the loan was con­
tinued until the settlement of his large real -estate could be made, and the
note then took its present shape: being a note of Mobert Walsh, endorsed
by J . W . Walsh, of Baltimore, the acting representative of the estate of the
elder M r . Walsh.
M r . Robert Walsh has had no other discount in the bunk, eicept oeca*
sionally snail qctes, neirer ezceeding9|probably9 in the whole, two thousand
% doJbra, at any one time: nor has any discount eter been g i t en on accounl
offfiia Gazette.

Loan to Buff Greem.
1

The loan to M r . Duff Green was made under the following circumstances:
H e was the printer to Congress, and had to provide materials for executing his work by the meeting of Congress. But, as the Government does not
make advances, he wished to raise the funds by giving drafts on the Clerk
of the House of Representati¥es, accepted by him, and also a mortgage on
•om© real estate.
• The amount of the loan requested was $80,000.
The proposal csme through the honorable Joseph Hemphill, who, in his
letter, remarkst m I said that, perhaps, in his case the bank might feel a delicaey.lest it might be supposed that they were courting i n editor opposed- to
the institution; though I did not think that ewen that circumstance would
have the least Influence over1 the bank. He replied that it would be best there
u t a l l d be no misunderstanding, and that is the reason why he has alluded
iaTOe future course of his paper.1'
The allusion in Mr, Green's letter* to M r . Hemphill, was is follows:
<« I t may be proper to add, that no accommodation gi?en by the bank w i l l
induce me to alter, in any respect, the course wjiich my paper has pursued
r
In relation t o . i t "
M y answer to M r . Hemphill was as follows:

*

PHILADELPHIA, February

10, 1831.

M i r DBA* S I R : 1 have had the pleasure of receiving your letter of the Sth
I j j j i i t , enclosing a letter froti M r . Green, expressing his wislf to borrow,
from the bank, twenty thousand dollars. 1 will submit it to the board at
their next meeting. In the mean time, 1 can only say that it will receive
from them i kind l i d respectful consideration as a matter of business, with- •
©it looking to, |he past or the future. The bank is glad to have friends from
conviction; but seeks pone from interest. For myself, I lore the freedom
©f the presa too much to complain ©fits occasional injustice to mej and if the

| l i p . No. 460. J

no

loin be' mide, it shall be with a perfect ittdepttiding—to be pit Into the
note if nefeessary—that the borrower is to speak his mind tbout the btnk"
just us freelj ts he did before, which 1 take to be "ample room and verge
enough.'9
With great reprd, yours,
N. B1DDLE.
Honorable JOSEPH HEMPHILL,
House of Representatives, Washington, D. C.
The board authorized the loan for $20,000; which has since been reduced
t» $10,1100, at which It now stands.
Tho reduction lias been made by a payment in cush.
The account now standi as follows:
Loan io Dmffi Green.
1832—Jan'y 31, L. Washington, jr.—Payer, 10,000—Discounter, 10,0bO
Branch Bank mi Rickmwmd*
Thomiis Ritchie, 2 notes,—Payer, 299OQ,-r2MSi00tf n/er, 8,000.
Jit Philadelphia*—Gaits
:

mnd Seaian.
Payer.

i

Discounted.

2,875
3,000
8,000

\

»,87S

1

3,000

£,50©

;

£,500
8,000

lftQI

August If, - - ' J. F. Webb, .October 14, - Do.
T. Donoho, 1882January 20, - Bo.
Feb # y If, - Do.

11,875

J

11,875

Jit office of Washington.
**"
4 nofcs—Pnyer.?, 10,095—Discounttrs, 3950-—and © © domestic Mil of
n
exchange, of which they m payers &§§©.
Jit Philadelphia.— W. W. Seaton. *
'Discounter.
9,
1831—April 19, H. J. Weightman, and>
1#1 ^Ji
L. Coyle, Trustee^ J
' . '
"•
^%Wp
The debt it Philadelphia has arisen this: They it© appointed, by CMRgress, to prilt a work of great extent, and haw©toprovide materials faritft
eeutin£ it until Congress makes appropriations. These appropriations aft'
to I© received by trustees, and their acceptance* of the drafts of the parties,
in addition to the personal security of the borrowers, form the security of
the loans.
" The debt, at Washington, is understood to bo the jrenairider of a largo,
loan p l d off by them, and is secured by real estate*

[ Rep. No. 410. J

_

'

i;

No, II.
.
\
#ff STATEMENT qf the qtecie, on hand, mi the Bank U. Stales,
, between the 1st of October, 1835, and ike 1st of April, lS2i,*n# each
period of the meek on which ike sioimmnl is mmde up, mbo the mmommt
dme ## and from the Simii bmmks &m ike settlements for emeh of ikme
days, dwrimg the mmeperiod
—

Date.

1895,

Ctetober

3
S
li
13
17

—

-

-

-

-

-

■■

1 .

1 Specie on band. 1 Due by State
1
banks.

-

■ Due to State
!
balks.

§489,358 48
91,951 ,850 33
1404,389 84
1,140,481 85
439*957 i i
. 6S9.S47 18
1,804,778 S3
•
371,880 f i
736,528 5§
•
812,380 l i
J 1,901,105 46
759,106 24
*
1
811,898 09
409.48S 46
714,585 64
327,075 51 I
1
767,431 14
582,823 59
m !
S4
.
326,874 46
756,610 52
501,109 93
If
'
370,217 73
- 767,309 S7 '
503,999 46
• 31
6Sf,448 S3
500,117 63
531,905 78.
November 3
822,001 49
I
749,881 71
893,314 4S
7
J
868,611 §4
464,137 66
951,796 31
li
481,279 28
895,134 09
848,908 63
14
8C3.S83 87
3 § 8 , M i 89163,387 10
- 17
.
845,8118 S i
543,632 54
158,535 33
(
81
84|,878 Sf
158,821 38
171,253 49
84S.13S 39 >
443,f35 68
104.211 89
SS
843,648 Of
465,340 81
911,999 m
Becfantaf 1
*828,S6iF 90
415,573 18
238,843 28
I
J
815,667 45
378, SIM I f
• 191,717 77
8
I
813,7514 OS
3 f 7 , U 3 27
874,459 96
• 11
8?5>,505 19
393,174 S i
» § , 7 0 8 43
15
89S.878 11
358,7S1 01
221,111 §4
li
§4§,©4§ 8S
434,83i 54
272,013 96 ■
S47.S65 S3
415,158 41
«S4,SI8 33
96
•
349,206 99
412,864 57
981,445 51
23
f>48»98l i f
377,610 30
303,407 S4
f
§43,147 31
373,607 S5
356,678 51
1896,
Jtaaaiy
9
5
§25,878 f t .
393,339 11
488,357 85
9
933,287 77
333,008 46
533,826 OS
1
931,313 91246,953 54
520,100 83
19"
§98,162 §3 ■
IS
■ M l ,508 33
314,SM 66
•17,781 42
i l l , 098 14
li
'
- J
346,362 00
350,S95 S i
477,883 98
SS'
1
759,134 3S
46^,651 3 3 * '
305,013 61
748,655 32
ss
349,355 35
461,654 34
* 30
'710,996 8S
447,«62 10
375,133 39
730,518 fS
February 2
476,854 41
399,303 64
717 f S?7 f t
6
S
728,470 §1
300,454 52
493,824 3S
423,598 44
482,466 85
733,933 94
-Jhy.
f3 .
381,897 83
740,549 S i
491,066 71
m
457,201 41
739,457 i l
416,333 §3
jS
•462,338 11
416,081 18
&
S3
741,741 34
520,257 §%
379,60f 97
758,621 49
' if
•
370,449 93
"• Mmmk
S
762,659 65
507,961 08
516,118 70
373,822 18
759,697 I f
• 36S,124 99
i
487,787 74
833,081 88
13
§30,136 89
SS3,i23 i l
J
831,776 S i
376,838*85
IS
511,865 10
j
851,666 57
373,794 48
625,802 Of
849,875 99
90
13
381,48S §8
706,317 50
851,119 45
17
.
343,703 85
707,353 34'
•846,468 73
3S7.350 16
061.985 09
1.021,110 31
> ■ i iiiiM amain a i II
n 1 li i in I iiiaii ; i11 p « M m ^ « B t a — « a I H i » y
i
^ w
i1

n -

.tJL

li

-

lit

[ Bep. Nd. 4i§. 2

■
"

No. IS.
LOAXS T© THOMli BlDDLK & CfK
t

Examination of ThomoM Wlk&m.

#

Quetfimt If Mr. Clayton. Wow y « formerly Cashier of tlais Bank?
When did you enter, an'1 when leave the link?
Answer* I was. 1 think it wis 1819* during Mr, Cneres9 adminis­
tration, that 1 came into the link. 1 left the situation of Cashier.of 'the
Parent Bank, 1 think* in 189(5.
Question liy Mr. Clayton. ' Do yon recollect any circumstance relatingto Mr. fhoHftft Biddle's retelling money from the Teller's drawer, and
•Iff©siting certificates of stock for the same? if yea, please relate all' the
facts in your knowledge relating to it.
Answer. 1 .have no recollection of Mr. Thomas Biddle, or any other
person, receifing money in, that way.
Question by Mr. Clayton. Do you recollect having mentioned to my
•nc of flic Directors, some time in the year 1824, about the month of May,
that Mr. T. Biddle wm in the habit of obtaining money inl depositing
certificates of stick as security, aid afterwards returning the money and
taking lack his certificate, or some transactions-of that kind?
Answer. When 1 came into the Bank 1 was anxious, from considera­
tions of personal regard, to employ Mr. T. Biddle is the broker for the
Bank, aid did so; but finding that it appeared In be unpleasant to the then
President, Mr. Cheves. 1 changed, the arrangement, and employed
McKnen,aHale, and Davidson. When Mr. Nicholas Biddle came in as
President. I. of my own accord, and from the same considerations, ensplnyed Mr. T. Biddle.again. 1 mention this injustice to Mr. N. Diddle*
f lie President of the Bank, and from a wish to be understood that it was
through ne that Mr. T. Biddle was employed as broker for the Batik.
Willi regard to transactions of the kind referred to, J cart only say, tint,
us "Mr; T. Biddlc was employed to purchase bills fur the Bank, it became*
sometimes, necessary for him to have funds at his immediate command, so>
as not to appe.*.r to have overdrawn his account. This was an accommo­
dation to him as agent of the Bank, and not individually, and, for myself,
I, saw nothing whatever culpable in it I may hare mentioned to some
ono, that in consequence of his great facilities as broker, it was proper to
he careful that Mr. T. Biddle did not derive a personal profit from hfe
transactions with us. 1 remember, now that the matter is brought to my
mind by the inquiry, that, on oie occasion, Mr. T. Biddle offered pj some
hills on Virginia, at a higher rate, than we wore willing to pay; tHkresi•lent and myself, therefore, declined taking them. Some time afflKSjflr.
Biddle having in the mean tine tried to sell them in New York, Ubtight
then lark to us; 'the President, contrary to my opinion, agreed to toko
them. The-hank was then i*cry much in want of bills. .This was. lowever, a difference of opinion oily. This circumstance 1 remember on one
occasion to have mentioned to one or two of the Exchange Committee.
1 mentioned it to Mr. Whitney, one of the leading members of the E x ­
change Committee. There was no question as to thp diameter of the
bills, but merely in relation to the rate.

I Bqb'V* 4#§. ]

■

*,

Hi

Question by Mr. Clayton. Witt are w tounderstand i f the ivais*k»
©
* It became sometimes necessary for bin to have finis it ill immediate
command, so is not to appear to bave ©terdraw n lis account?"
Answer. I refer to • general practice among our respectable merchants
and brokers, and not to Mr. Kiddle particularly, farther than us acting aa
•gent for the lank in Its purchases of l i b . They drmw at different times
during the day, making their depositee at a lute hour; sometimes when
checks ape presented, tie officer mil nut think it necessary scrupulously
to examine the accounts of tke individuals lt , iwiig # to ice with lew much
tfcpy ape credited, b«<% 1 1 pay them it once* This it a facility extended
1
t#» may merchants in whom the Bank his cmttience. Mr. Cletes at*
fempted to check this practice us at irregularity* aid, in consequence, the
business of the bank with the brokers was diminished, and maiy ceilplmiits were made by tie merchants. The practice" wm soon resumed,
not, however, with the assent of Mr. CheYCs, kit is a practice necessarily
arising ii business^ if which the principal respopsibility wm with the

i#

IfeStr.

Question by Mr. Clayton. During Mr. Cheves? administration, wew
* any notes e?er discounted by the Exchange Committee? and was nut all
discounting of notes done by the Board of Directors on the wgalar dliCMntdays?
Answer. AH notes discounted ware discojuntod on the regular diacouat
days by the Beard.
■ •
.
Qipstion by Mr, Clayton. Was it not Mr. Chaves9 mode of doing.hu-*
riimal, to let no one l i f t money unless regularly discounted by the Bomri
#CDif*cters?
Answer. It wm lis* practice.
Question ly Mr. Clayton. Do you recollect any instance of the officers
«f the Bank purchasing bills of exchange from Mr. T. Biiile, after the
Exchange Committee had refused to purchase of him?
Answer. I do not.
Question by Mr. Clajton. Do you recollect being directed, and by
whom, to allow Mr. T. BIddle two different sums as'interest on dtposifes?
if yem, please state *tho amount* as nearly as yon can recollect, of each, and
whelMM' you did not make a memorandum of it at tlie time?
_ Answer. There were two instances' of allowance of Inturest to Mr. T»
Hiddle 01 deposites. 1 think one was about sixteen hiinirei iollaw. Tim
books will show it. Mr. Andrews paie the entryf and can explain i t
I recollect distinctly tie circwistaices connected with i t Mr. T. Biddie
presented to Mr. Andrews ai account current, is which tie lank was
charged with interest on deposites from day to day. Mr. Andrews asked
tfjpte »f ' b ^ pssid the account? 1 told him I knew nothing of the tratwac^
TAkm, aid ad?ised him to consult the President about it; le felt some deli*
*mmcy about itf and 1 did it. The President directed it to he allowed. 1
Ideolect it distinctly, because ii was the only instance, lesidea the other
I .have mentioned, l i t the details of which i cataiot recollect.
* Question If Mr. McDuffie. Whit was the nature, aid what the cif#nmatances of the deppaitos on which T. Biddie, or T. Middle it Co. re*
neivsed interest? State whether the said depoaito was, or was not ■nd*1ntood as a loan to the lank.
Anawer. The deposites were male in the ordinary way. The inomit
te fit best of my recollection, exceeded en© hundred thousand dollars^ *k
ii

114

j

t Hep. No. 460. ]

which Hi© interest account contmcircJ, and the funds to theii' credit wire
used at their pleasure. The interest account cotitinued9 1 believt*9 fortyotic days. "It was not regarded by me as a loan to the l a n k till the Inter­
est account was rendered, and the eiplanation was given by the President,
nor was ii known to the Directors.
Question by Mr. MrDuffic. Did not the President state wine special
ground on which interest should be allowed? or did lie convey to you the
Mea that T. Biddle & Co. should receive interest on an ordinary deposife?
Answer. The President did not state to me any special ground. He
stated to mo nothing to distinguish this from an ordinary depotite; hit my
impression' was, that it was because at that time there was a pressure on
the l a n k . 1 mentioned this natter, 1 think, to Mr. leek, and perhaps to
Mr. Whitney.
Question by Mr. McDuffle. When did this transaction take place?
■ jiismer. Hiring Mr. Middle's administration, and 1 think about a year
previous to my leaving the Bank. The natter of allowing interest on depositcs was seferal times discussed before different Boards. Applications
to that effect were made l y Mr, Prime, of New York, and McEnen, Hale,
and Davidson, of this city, aid refused. These were, 1 think, before the
allowance to Mr. T. Biddle..
[Air. McDuffie her© read to the witness a portion "of Mr. N . 111111©%
evidence of yesterday, relating to an allowance of swei hundred and thir­
ty-nine dollars interest to M r . T . fiiddle.1
Question ly Mr. Clayton. Is the explanation just read to yon, gtvcti
l y Mr. Nicholas Biddle, of a similar payment of sefen hundred and thirtyty-nine dollars, the same explanation he ga¥e to you when you asked trim
if the interest on Mr- T. Biddle9s account was to be allowed?
Answer. 1 have no recollection of such an explanation; nor do 1 be*
licfe such an explanation was made at the "time.
Question by Mr. Adams. Did Mr. Beck, or Mr. Whitney, e¥er, to your
knowledge, at the Board of Directors, notice this transaction as a ques­
tionable one?
Answer. Never. 1 kept tie minutes of the Board, and 1 am certain they
meter made any question of it.
Question hy Mr. Adams. Do you know of any preference, or favor, o r
partiality, shown l y the President of the Bank to Mr. Thomas Biddle, In
the transactions of the Bank with him?
Answer. 1 do not When the sale of the forfeited lank stock was con­
templated, a committee of the Directors was appointed to conduct it, anil
Mr. Whitney went to New York in* order to dispose of i t
Snct
an operation was of coarse to tie conducted with secrecy. He made sale
of a large portion of it through the Primes'*. Mr. T. Biddle became the
purchaser. He held the stock for a long tine, at a considerable disadvan­
tage, and was not aware, at the time he purchased, that It was tie Bank
fiat was selling. 1 mention this circumstance to show there was no privity or connexion between Mr. T. Biddle awl tie President of the l a n k .
It was a large operation, and lad it been known that the lank was selling,
the price would of coarse have fallen. I may aid, that the commisshm
alone on sach a sale would lave been a great object, if Mr. T . Biddle had
been employed as the agent to conduct it.'
Question I ) Mr. Clayton. Will yon look upon' the discount-book, for

£ l i p . No. #§§. J

ilf

• May* iSt4§ tnl'«|iti Whether you know any thing of the distounr-for
a
Siflt§§§f then and there made for 1\ Biddie, and how it was made?
Answer. It wan discounted with the knowledge of the Directors,
Question by Mr. Clayton. Look at another discount for Charles Biddie
I i the sum© ninth, and say. if you know any thing in relation to that loan,
and how it was made?
Answer. It was discounted with the knowledge of the Directors. Tim
President was vcry particular, with regard to the transactions of the Bank,
with km ©wither Mr. Charles Biddie.
, Question by Mr. Clayton. The two loans above mentioned uppear to
have been made without the notes Icing regularly entered aud laid before
the Board; explain the reasoi of i t
Answer^ It is a frequent practice to make an offering on a slip of papr f
tic note not being presented at the time; the President marks the slip, if it
is accepted, in the same way that he does the discount honk; the slip of pa­
per, so marked, is handedf with the other notes, to the discount clerk, who
eo enters it*
Examination of Beubem M> Whiime§.
Question, by. Mr. Clayton. Were yon ever a Dipctor ©f the Bank of the
United States?
Answer, Yes.
Question by Mr. Clayton. During what period were you a Director?
Answer. During tie years 1822. 3, 4.
Question by Mr. Clayton. Who wia tie President luring tie tin©
ffM were a Wrtctorf
. Answer. Mr. Cheves in 1822, and Mr. liddle the two subsequent yearn
Question by Mr. Clayton. Were yon a member of any of the com*
mittees?
•
Answer. 1 was a .member of the Foreign Exchange C©niiilttee during
f nearly tic w.hoJe time I was a Director. Occasionally 1 wa» on the Commltte© on the State of the lank, occasionally on the Committee on the
Offlces* mid on the Monthly Committee. I was a member of the Dividend
Committee, 1 think, if ery tine a dtfideni wis declared while 1 was in the
Board*
Qyestion ly Mr. Clayton. What were tie duties of the1 Foreign'Ex-,
change Gommittee?
Answer. In the early stages of my bring a member of that committee,
they attended principally to the management of therforeignexchange dopartmeut! there was also committeckto their care the management of the
foreign loan then in existence; aiwthe sale of the forfeited Hunk stock;
they were also entrusted with the negotiation with the Government of
two loans of five millions each—one under tic Florida treaty, and the
•tier subsequently, for the purpose, I think, of paying off the six per cent
atock. Time comprised the principal duties of that committee.
Qnestion by Mr. Clmyton.' Did the comnitte© mat© discounts daring
dw reeessep of the Board of Directors?
•
'.
Answer, Not to my knowledge.
Question by Mr. Clayton. Were loans or discounts made by any com*
mlttee or person, with the authority of tho Board, wbila fm wire n Wmm
Ar?
Jmmi*
Not to ny knowMgA

116

J-. "

]

Quertioi by Mr. Clayton. Did Mr. Thomas Wilson, the fanner GasHftv
mer acquaint you with any circumstance relating to t i t acoountB of Hf.*
Thomas Bfddle In the Bank? if yen, stmt© filly what It was.
Answer. _ 8ometimein 1884, Mr. Wilson and Mr. Andrews mentioned
to me that some transactions had taken place in the Bunk in which
T. & J« G. Biddle were concerned, which they were not willing sioufi
etist without torn© manlier of tie Board Icing informed of them. I asked
what they were. Thty replied that T. It J- G. Biddle had hem in t i t
habit of coming to Bank aid getting money, and leaving certificate* of
itock which represented iff in lie First Teller's ira%er f without piling
interest They alio stated, that 'the Messrs. Biddle l a d l i d notes dis­
counted for them by the President, which were entered on the books of the
•receding discount day. I asked them what sums there m*ere of the kind
in existence at that time* They well with me I© the First Teller's drawer,
arid we found one sum of S45»0§Gf dated 25th May, aid one for §£#,©§§,
dated 86th May. We then neiit to tie discount clerk's desk, and found
one note at fifteen days, dated 13th M.ay, for 820,000, of T . l i d d i n g and
one note of i'harles Middle's, dated 21st May, at sixteen days, for
238,319. The two i n n e r s i n s represented cash* and tie two latter
new notes, which they stated to me had been discounted' i f order of lie
President* Of ill thege 1 made a memorandum (now produced) at tic
time, which corresponds with the entries now in the looks now shown m
me.
Question by Mr. Thomas, • Did yon communicate these matters to t i c
President? if yea, state when mnd where.
Answer. Immediately after examining the. hooks I came into fie Pre­
sident's room and communicated to him what had been communicated to
me, and what 1 lad learned by examining the looks. After stating Ilia,
I desired that wcttling of a similar nature should occur while 1 was a Hirector of the Bank. He told me there should not
Question hy Mr. Clayton. Did you lof direct the ©fleers t© enter
Whit yoi discovered, on the books, and was it done?
Answer. 1 directed the officers to enter on tie boots the money that
had Itecn loaned from the Toller f s irmwer, and which was represented h y
ntock Certificates. ■ It wis dune; I did not see it done, l i t 1 kiww it was
done. Subsequently 1 saw this entry of " bills recei¥able f ,, which 1 kn©#
was tic entry Hide for that purpose. In tie enti'y on t i e 'semUweekly
statement, or state of the l a n k , under date of 87th Mmy, under head #f
hill*'receivable, the s i n of £69»000 is entered, which is the'exact amount
of the two sums of 141,00(1, and gM,000, represented hy-atodt certificates
l i the Teller's drawer.
Question by Hr» Adams. Did y©« inyour communication, immediately
lifter directing the'enftries to be made in the looks, inform* the --FresHfoat
H a t you had directed those ontries to lo made?
Answer. I caftiot say tint 1 did.
Question by Mr. McDuflie. The memoraadum ym hmm -prtodacad If
Hm mie heltore 'tWfeited to by you; mien was it made?
Answer. 1 made it at the time Ihe comtaminicalftfti w i s o p f e taaa 4njpr
Mr.' Wilson and Mr. Andrews, and thii memorandum we% prafiaced is
I i i one#
^Qieatioi fcy Mr. McDuflkw What arc the dates on Hat m nm wraa liiiii >
viz. May 85, opposite 845><X>0, mid May fiS, opposite to g«4,i§0?

I 8#p. fit*. 49ft. 3

111

Aiiwtfb 1 presume time are the datne on which the money wis tapjiff
I cannot any positively whether they are the lutes of the loans, or of the
stock iwtl%iit§s. They wem not taken by awftvaaibunks, |pt from tbf
isemoranduin fp tic Teller's drawer*
Queation by ifr. Adams. Have you ever had toy communication*
written or verbal, on this subject, with any member of the committee?
Answer. I have, verbally, with Mr. Clayton, aid in the presence of
|§ff Cauibrelen*.- I havje also told different individuate ©fit Immediately
.after it occurred, m well as it various tinea since.
flppestion by Mr* Adams. Yoi hit© said you have communicated verH§% with' Hr. Clayton, in tie presence of Mr. Cambjreleng; state whether
jpw in© ever communicated in writing with any one of the committee? Answer. 1 never hate iy letter, and whether 1 live by memorandum
in writing, or not, I cannot recollect
^ Qiestiop Iy Mr. Adams. Whei and where did yon make this commu­
nication to Judge Clayton ii the presence of Mr. Cambreleng?
Answer. It was since the committee n e t in this city; 1 cannot recol­
lect the day, aid 1 think in Mr. Clayton's room.
Question iy Mr. Adams. Was this communication made on y©«r own
notion, or had you been solicited to make it?
-Answer. I do not recollect whether it'wis voluntary, ©r whether I
t n a asked to make it
Question by Mr. Adams. Had you any particular motive for making
this communication?
Answer. 1 hmd no particular motive. My motives were general.
Qwwtlon Iy Mr. Adams. Did yon g© to Mr. Clayton without any
l
jnrevious solicitation?
"
•
Answer. 1 lad received a letter from Colonel Benton, informing me fe
bad recommended Judge Clayton to me.
"
4
Queation by Mr. Wainoigh. How long have y©» been a resident if
this country?
Answer. I was burn in this country.
Question by Mr- Watmough. Were ym not a resident of Canada,
during tie late war?
Answer. I resided there from 1808 to tit spring of 1816, when 1 « H
moved to this city. *
Question by Mr. Claytoi. D© yon know any tWng of Mr. Ilmmaa
Biddkfti receiving interest on dupositesl
Answer. 1 knuw nothing l i t what Mr. Wilson told me.
Question iy Mr. Biddle, the President of the Bank. Where lid the
alleged conversation between ym, Mr. Wilson, and Mr. Andrews, tako
place?
Answer. In the area of the banking room, not fir from the-Firat Tellerti
peek. These gentlemen, Okie or both of them, went with m totht Tulterti
©
desk. 1 made the memorandum of tie .cash there, and my .memorandum
of the notes I made it the discount clerk's desk; one or both of them wont
with me.to the .discount derk'a dealt, mid .there I made' my memorandum
©f the notes. Mr. lurtis was, I think, the discount clerk. 1 cannot mj
whaqjMU' 1 directed the entries on the bunks of tie loans before I wjcut to the
diaconnt clerk. I gave the direction to both Mr. Wilson and Mr.Andrewa,
If both were present, .or to bit one, if only one was present. 1 ftatedta
j m An fortacnlace 1 lad learned, m atated in the memorandum. Xan

fit

[-Sep. No. 4Sl. J

lid not deny them. Too colored up a good deal. 1 catonot a y whether
there was 'aiij jierson who could lav© overheard this conversation, but 1
presume not I cannot say whether I saw Mr. Wilson and Mr. Andrews
immediately after I left you, 1 cannot say whether or not I have -hail
any conversation with them since; 1 think it probable 1 have9,as 1 do not
know1 how eke 1 learned that the item of bills receivable related to t h e »
transactions.
Question hy Mr, Biddle. Could yoi not hair© recognised this entry a*
referring to thi* matter without conversing with those officers?
Answer. 1 might by the suns; buty •* bills receivable" is an$w line I
lad never seen on the books previously, and 1 have no doubt 1 was told by
the officers that it represented the two,items which were in the casfli
drawer.
CopyqfJItr, Whitney's memorandum

May 15.

-

fc6.

•

-

845.ooo

-•

-

g20,00i collateral.

»1. C. Biddle* -

-

§S8,SI9 16 days, I - i Jun&-

May 18. IS dayi f

24,000

■ On the close of Mr, Whitney's examination, Mr. Clayton, the Chairman. submitted the following paper, to be put on the file of the committee*
Mr Clayton wishes, in answer to a question asked'by Mr. Adams of
Mi% Whitney* viz. whether he had ever communicated what lie has now
testified, to any nember «f this committee, to say, ami to have it entered am
Up minutes, that Mr. Whitney iid communicate to me, in the presence of
Mr. Caipbrcleng, in my parlor, at the United States* Hotel, what lie has
wow testiied; that I have sought of t i n and every one else that 1 thought
could give me any information on the subject of the misconduct of tim
Bank; thai I had been recommended to Mr. Whitney by Colonel Benton,
as a person who, from having been an acti¥e Director of the Bank, colli
give roe is much information as any one else; that 1 took a memorandum
of the information at the time, and predicated thereon certain resolutions
which are noV the subject of inquiry; that, at the time 1 submitted aaii
resolutions, I stated 1 would produce the witness, to lie examined on t i t
facts; that accordingly lie lias bei»n produced. 1 have nothing to-conceal,
swl will, on all occasions, which 1 have frequently staled to tic commit­
tee^ seek of my fellow-citizens information, publicly and privately, on all
subjects that mty come before roe to act upon in a public office.
Mr. Adams then desired tie following minute of former procceiinp ta
be pit HI the ile:
* ■

.Jfirtf 2 f ISSf. '

The Chairman having proposed that a subpmna should i© issued I t
Thomas Wilson, who was Cashier of tie Bank in the year 1884, to ap■ p a r before the Committee, Mr. Adams desired that it night be stated
what it was expected Mr. Wilson would prove.
T i e Chairman declined saying more thai that I© bad reason to bfjlieve
the testimony of Mr. Wilson was material.
' Mr. Adams then objected to the issuing of the snbpmna.
After some discission, the Chairman withdrew t i c motion for t sobprnna.

f Hep. No. 4S§. J

MB

April S 18S&
»
The Chairman read from a paper statements which Mr. Adams under­
stood to be certain charges against Nicholas Biddle, the President of the
Bank, which tie Chairman then stated coitained the grounds upon which
he moved again for a subpoena to Thomas Wilson.
Mr. Adams asked for the name of tic person front whom the Chairman
bad received the information upon which these supposed charges were
made; which the Chairman declined to give.
Mr- Adams moved that a copy of the charges, as read-by the Chairman,
be entered on the Journal of the Committee, to which the Chairman ob­
jected.
The Chairman afterwards reduced the substance of these charges to the
resolutions which were adopted on the ■
, aid entered on the
journal of that date.
Examination of John Andrews.
Qiiestipn by Mr. McDuffie. Did you ever inform Mr. Whitney thatThomas Bidile, or Thomas Bidile & Co., had been in the habit of obtain*
l u g money without interest from the lank pn a deposit© of stork?
Answer.' 1 do not recollect giving any such information. 1recollect
thmt Honeys have been advanced to the Messrs, l i i i l c on a depoaite of
stock as collateral security, on which they have always regularly paid interest.
Question by Mr. McDuffle. Did Mr. Whitney.ever direct you to ©iter
in the books two sums of S45.000 and 824,0(10, which T. Biddle &' Co.
had drawn from the lank in May, 18S4?
Answer. 1 have no recollection of it—none whatever.
' Question by Mr. McDuffie. Have yon any recollection of these transactions as related by Mr. Wliitney in the testimony just read to you?
Answer. 1 have not.
Question by Mr. McDoffie. Did yon ever inform Mr. Whitney that
the President had been in the habit of discounting notes for T. Biddle It
Co. without the sanction of the Hoard of Directors?
Answer. Not to my knowledge. - 1 have norecollectionof i t i hava
no recollection of the President ever having done so.
Question by Mr. Thomas. Have you ever knolrn the President to^dis' count a note for any body without hating previously consulted the Direc-■tors?

,

Answer. As I have sail before, Mr. Biddle has handed me notes to"
to extended, (such Is my impression, but 1 cannot say what notes they
were.) 1 did not Inquire whether they were done by the Board or not.
Question by Mr. McDuffie, Is it not usual# when nutes come ii on the
discount days, for the President to nark them, aid t© hand them over to
J01*
*
'
Answer. Yes. Frequently notes come In, and are tot pit down on
the books, becaise not regularly offered, hut which are nevertheless sub-:
mittei to the Board, and agreed to be done by them, and handed <*«* to
me; sometimes after tile breaking up of the Board. These notes to which
i have alluded, may have beei sometimes handed over to me by the Pus--ipdent.

Question by Mr. McDuffie.

*

m !■ •

t. »

Fran examining tte First Teller's check

lit

* l '!•#* NO. 460* ]

book for ltt4f'Would yon say that tl© entry of 845,000, for tills receir~mile, must have been made on 25th May?
Answer. 1 shdili suppose It was made on that day, because 1 pcrceiv©
that, after tils entry, there are several entries made on the same day. The
check hook Is a look of original entries.
Question ly Mr. McDufie. Prom examining the journal, would you say
that the entry of 845,000, hills receivable, was made on that day?
Answer. 1 should say so.
Question by Mr. Thomas. Will you explain the difference between
111
hills discounted" and « bills receivable?" ,
*
Answer. u Bills tJIsco^lntecl,, are*those which are discounted by the
Board oi personal 'security or on pledge of stock. If Bills receivable'11
i|re those secured by stock, aid on which the full amount is advanced to
tie borrower en interest, payable when the loan is lie. To this account
is also carried bills growing out of compromises of debts, and more re­
cently, of bills received on account of India arrangements.
Qiestion by Mr. Thomas. By what officers of the Bank lias money
Imeft loaned on bills receivable, without the consent of the Directors?
Anstoerb 1 am not aware> nor do 1 recollect, of liny loan made ■ by an
officer of the lank which has beeh charged to « bills receivable.'" It has
*
hwi ».prattles for the officers of tie Bank to afford occasionally accom­
modations to individuals, for a few days, on a deposits of their chuck or
note, secured by a deposits of stock nr coin; and, from the tempimry na^
tire of these loans, they have been passci with the assets of the Toller as
cash. This practice 1 hmve always considered familiar with our Direc­
tors, aftd one #Mcli 1 believe prevails in the other banking iistititwiis of
this city.
Question by Mr, Thomas. What amount of money has been advanced,
from time to timet 'to Thomas Bidile It Co. on billsreceivable^ly the.officers of the Bank? and what sum, tins loaned) was due to the Bank on tl©
stsd day of February last?
Answtr. I hnve no knowledge of money advanced, from time to till©,
to T. Biddle k Co. by the officers, charpd to « bills receivable." The
»
amounts loaned to them, aid charged to " bill receivable/' wem all paid
#n tie 1st July, l l t l .
Questioi by Mr. Thomas. Have ©tier persons, btsidus Thomas Biddle
It Co,, frequently taken motley from the Teller's drawer, on a deposits of
certiffe-at» of stock, without hawing first consiltei the Directors? .
Answer. Cither'persons, hesiie T. Biddle & Co., have been accomms*dated with temporary loans in tie manner I have stated.
Question by Mr. Adams. Did you ever make a private communicslio*
to any one Director imputing misconduct to the President of the Bank*
which yw thought the Board of Directors oight to he infbnsed of?
Answer, Na
Qiestion by Mr. Johnson. Do yet recollect any Instance in which asp
Birectwr has given yoi w any officer of the Bank directions to inks'sotrifeason i l l honkt?
Anawet. No.
<fcsesti*B hy Mr. Adams. D© yoi oonrfder it the' right of any krihridm# Birattsr to order -ysa to make -entries os ths bssks? •
Answer. No.

triMEm %f Mr. • Aimp. Wt» hmm 'Imsrd Jfr. W h i l e s stkhiss .

[ lap. No. 480. J *

111

read feinting" to a CMTemation between him f M r . Wilson* and youmelfc
You bave s a i i you have no rccollectioi of i t Was that transaction of
swch a nature that It c o l l i have escaped your recollection i f it bad oc­
curred?
Answer. 1 think n o t
Qaestlon I j M r . McDaffie. I f M r . Whitney had ordered yon to make
the entry as he stated, would you have done it without inforniing the Pre­
sident?
Answer* No.
Question by M r . Clayton. A r c ,.the entries referred to in your band
f
writing?
'
Answer. No.
Question by M r . Clayton. Do you know whither interest w i s ever
paid to T . Diddle, or T . Middle & Co., for deposites; if yea, state how of­
ten, and to wl|at amount; and did you eier make any entry of i t on the
books?
Answer. 1 recollect but one payment of t i e k i l l mentioned—in De«
cemlier. 1825, of seven hundred a i d Sonne odd dollars* The amounts de­
posited l y the Messrs. Biddle'consisted of demands upon the city b a i l s ;
ti© object of which, as far as 1 recollect, was to reduce the very heavy
balance which this Bank ©wed the city banks. T i e a n o i n t on w i l d t l i
Interest was charged, was paid with simple Interest only.
Question by M r . Clayton- Was interest on deposit* eier paid to any
nut else, and had not application been made to that effect, and refused?
Answer. 1 do not recollect a i y application being made to i s l y any
body bat the Messrs. Biddle. 1 do not at present recollect any a p p l e t t i o i to the Bank by any one else for sach an allowance.
Question by Mr* Clayton. Ha¥e yow any recollection of having stated
to M r . Wilson, t i e former Cashier, that M r . T . B i d i i e bad cbsrged in*
tcrest on a deposite, and wished to kmm of b i n whether be had allowed
M i d interest, a i d what reply did be make?
Answer. 1 do not .recollect, whea that bill w i s presented for payment
whether i t was presented to myself ©r to M r . Wilson. 1 recollect the time
w t o n i t was presented for payment, and that reference was,made to the
• President with r e g s r i to the correctness of the bill, i s we bad nut bee*
informed of the transaction. T i e bill was directed to be paid by the Pre­
sident, as the Messrs. Biddle, as 1 understood, had been employed to procure funds for t i e Bank*
•
Question by M r . Clayton. State .whether you and M r . Wilson did no
examine the account together, awl were nut able to mak« the interest ti©
maw which waa allowed, and wan net that interert somewhere about
81,600?
*
-•
Answer, I do not recollect Hint.
Question by M r . M c t t n l l a . Waa theft m y thing unusual in t i c feet,
f i a t M r . W U S M and. yonraelf had not been infonned of the nature of the
transaction?
Answer. No. 1 cainot say that there was. m
•
Question by M r . McDnHe. Wkat w i s the advantage derive! by the
B u n k fan this derails^ and i n It, er was i t n u t i i t i e nature of a lean
i n the Bank, UP did i t nut Herts .the Bank the saute purpoat as a loan?
Answer. I t did neirre the parpose of a loan. The epsemtion i f i t W M M
ti

lit

•

t

[ Hep. No. 460. 3

Me-ixammaitm of'John Andrews, in t fie presence of R* M

Whitnej.

The following questions were put to the witness by the Chairman:
Question. Is it not customary to pole upon the minutes all business r e ­
ferred to, or committed to, the committees by the Board?
Answer. 1 think it is. 1 am not the keeper of the minutes. Mr. Mcllvaine is. He can answer the question.
Question. Do you know of any authority having been given by theBoard to ai*y committee to make discounts or loans during the .year 1822,
% #4?
Answer. Bio.
Question. Were any loans or discounts made during those years, to*
your knowledge, except by the Bostrd?
Answer. No. ■
'Question. To whom were the two loans made, being the two first items x
charged to the account of •* bill* receivable/* the first on 425tli May, 1824,.
for 8459000t and the second on Ǥtli May, 1814, for 8*4,000?
Answer. 1 belfe¥e to T. Riddle & Co.
Question. Was the amount of the two loans of 845,000 and S84.00O
placed to the credit of the borrowers, and the same checked for in the
usual manner, or was it paid out of the drawer of the First Teller, and ac­
counted for by bin by a charge to ubills receivable?"
Answer* i do-nut recollect if they were paid to the borrowers or passe J
to their credit 1 rather think they were paid. If paid by the First
Teller, 1 should say it would be charged to "bills receivable." To the "
»
best of my recollection, the practice of passing " bills receivable" through
our books, when an amount is loaned, is to issue a Bank voucher in favor
of the party, receiving a collateral security of stock or coin, accompanied
by a note of the party to pay it at a particular period for which the loin is
made. *flie voucher is charged to *• bills receivable/' aid the mite de­
posited for collection to the credit of bills receivable. This lias been the
practice to the best of my recollection. The account of bills receivable
was first opened, 1 think, i i 1S«2. 1 should say, from the entry in the
First Teller's check book, that tie amounts had been paid to T . BIddle,
aid charged to bills receivable. ■
.
^
Question. At what periods were the two loans of 845,000 and JS£4,00§ #
paid by the Bank to the borrowers?
Answer. 1 mist refer for this to the statement headed " bills receiv­
able," furnished by.Mr. Cowperthwait.
Question. What are the dales of the first and the last loans charged to
bills receivable in 1844, and whit the amounts of each loan, and the date*
i t which they were made during the said period?
Aipwer. 1 must make the same reference as 1 did to tie last question.
Question. Yon have said that loans are frequently made and charged
to bills receivable, will yon say if, to your knowledge* that item appears
upon the Bank statements prior to tie 85th May, 1824, and subsequently t»
the 14th of August? .
Answer. 1 do not recollect The statement will show.
Question. Were any of tie s i n s loaned, aid charged to "bills receiv­
able' ii IS84, made ©i the regular discount days; if yea* state the amount*
•f each9 and the dates?
Answer, i #© m t issoUsct whether these tans W§R> nude hates t i n

[ Rep. Tf#- 46*. 3

.

IIS

Board, ©r whether the ©fleers of t i e Bank were anthortaed bjr the Board
to make t i e loans, i l l y taking the obligations of the partita.
Question. W a t t i c 25th May. 1884, a discount day?
Answer. I t appears so from the looks.
Question. You have said that you knew of mo authority granted l y the
Board to any one to make loans or discounts in 1822, 'Si M, by whom
were t i c aforesaid two loans made?
Answer. I have answered Hat already.
Question. C a i you say* from any circumstances, cither l y the dates of
the notes, or the interest charged, whether two notes discounted for T . and
J . G. Biddle, in May, 1824, the one for 820,000, and the other for
J5SS»S19, l i d entered upon the discount book after the work of t i e regular
discount day l a d been cloned, were discounted on orbetweeu discount days?
Answer. 1 a n l o t able to say.
Question. Are there* to your knowledge, any other notes entered on.
the discount look in 1 8 f t . 'S, f 4 , in a similar manner to the above two—
that is, aided to t i c work ©f the regular discount day after it l a d been
dosed ?
Answer. 1 do not recollect
Question. Did M r . Cleves ©YCF, to y o i r knowledge, make any l o i n
n r discount whatever, on account of t i e Bank, upon l i s individual rcspon*
eibilit}?
Answer. 1 do not recollect
Question. Wliii were among the most active, laborious, and influential
members of t i e Board in the years 1822, '3, 94!
■ Answer. 1 cannot recollect who were Directors at that time, without
referring to the looks. 1 should consider M r . Whitney as having been
Huong flic active members of the Board.
Question. Was y o i in t i t habit of frequently or occasionally ^commu­
nicating with M r . Whitney, while he wa§ a Director; upon t i e uusiness
tftbe Bank?
Answer. 1 think I night, us with the other Directors. ... 1 recollect
•ometling of M r . Whitney's being entrusted with the sale of the forfeited
Jlank stock.
Question. Whenever t i e President lands you a note, a i d desires that
i t may be entered .upon t i e looks to the credit of t i e person he names, l a s
I t not been y o i r practice to do so without inquiring the authority, a i d have
you not considered his direction sufficient?
Answer. I t lias, as 1 hate never had any reason to qncstloi t i e au­
thority under which lie acted.
Question l y M r . Clayton. Has M r . Whitney ever, to your kwiwlodgc,
had access to any of the looks of t i e Bank since he l i f t t i e direction at the
flkmeof I8fi4?
Answer. Not to my knowledge.

"NICHOLAS BIDDLE-—LOAHS TO T. BIDDLE & Co. iir

1850.

W i l l y o i state the natare, and the circiiistaices of l i e large discounts
to Thomas Biddle find Co.?
l i the year 18809 owing to the abundance of miney, i t w i s difficult to
■■fust the Jjandi of thp Bank i t the a n a l rate of intarea^ m l , in come-

i a*. NK *** 3

in

qaence, a reebliitioi) was posed by the Board on tie fth.of |flf f 18H» if*
reeling, •• that the Committee of Exchange I© authorised to loan, on tic cot«
lateral security of approved public stock, large sinus of money it a dis­
count riot lower than five per €ent.,>
The difficulty of miking investments became increased, in tic coorse of
the year, by tie reimbursement of the five per cent slock, lutucritted by
the Government to the lank at the time of its creation, tic sum of seven
millions of dollars having been paid off ii the cmirMS of nine months, begin­
ning with the 1st of October, 18S0,
Under these circumstances, the following resolution w p jidopffd on the
17th of September, 1830.
The President submitted to the Board a statement of the diminished lint
©f discounts, at the Northern and Eaetern offices generally, and suggest­
ed tic expediency of taking timely measures for reinvesting, gradually*
the amount of funded 5 per cent debt, that will, ere long, be paid off by v
the Government to this Bank, la other goti securities, yielding oven a lean
rule of interest than 5 per cent.
Whereupon it was, on notion of Mr, Fisher,
Resolved, That tie resolution adopted by the Board on the 911, anthorising the Committee of Eicbange to loan, on the pledge of public stock, be
so modified as to permit such loans to b wade on the same, or other ap»
©
proved securities, at a rate of interest not less than four and a half per
cent, per annum.
Under this authority the Committee of Exchange applied to Tbomiis Biddie and Co. and requested them to concentre all the loans they bad ©ccasioii
to make in this bank, urging them to take any amount which they wanted
jit five per cent. To this they consented, and accordingly took ip lommi
amounting, at oie period, to upwards of a million of dollars at five per
cent. These loans were always secured by a large excess of public stocks
aver th# amount of the loans. They mere considered m accommodations
to the Bank* not to* the borrowers. They could certainly hat© obtained
them at other places at a tower rate, for the rate pf interest in the market
was below five per cent and the Committee of Exchange themselves were
authorised by the very resolution under which the loins were made to gp
m low as four and a half per cent
The total amoint of the discoint pail to the Bunk on these loans b y
Thomas Biddle and Co. was 849,548.01.
On what now remains of the loan the interest has been rained to six par
cent. The statement of Manuel Eyre, one of the members of that commit­
tee, will further explain this subject. His statement is before ibe comnrfttee.
Question. It appears, from the books of the Bank, that Thomas Biddle
and Co. sold to tie Bank bills of exchange on houses in London, oi the
following da} s* and for the following amounts, to wit—
October 14, 1881,
11

ti f

m

.

.

'

.

.

8147,810-11
§9it§§§.©§

Beceimberi, «
- . - - 5i6.25i.00
February, 14,1838,
.
.
.
.
S4S.tMMl.tMl
What security had the lank for the repayment of ttm money thw pdvanced, before the bills were accepted?
When did the lank first rcrei?© notice of the acceptance of each tbetif
ftrementioned biis .of egchai^e? .

f l i p . No. 4Mk J

iff

Answer. T i c m e t r i t i s on wtich l i t Committee of E x d p i g o took ttoso
Mils wws—
l i t . 11M undoubted solidity of i m drawers of the'bills. *
t i . T i c letters of tie European louse or houses, 01 which the bills were
drawn, authorising t i t drafts, and of o w m ©quitalent to an actual accept­
ance by them.
S. The knowledge of the fact'that public flocks of this country, suflicient
to cover the amount, were remitted by tie drawers in t i t European louse
©r houses, on which they drew either at lb© €m% ©r previousjto th© timet
of drawing tic bills.
T i e time ©f receiving untie© ©f the acceptance of the i l l s respective! jr
i n s as follows:
That of October 14, 1831,
8147,810.11
M©¥©«ibcr 14, 1IS1.
m
"
£0, m
090,000
«
S£» 1831.
"
December -9, m
500,050
■ January §>
liii.
"
f e l r i a r y , 14, 1830,
S4S»#§§
JVYcfalns BiddUf$feeitmoiiy.
Whether Thomas Biddle e?er obtained money from the Bunk, by leaving
I certificate of some kind of stock, which wis put into the drawer of the
First Teller, and called cash? Whether lie returned the money without
puying interest, and recti?ed back his certiScates of stock, aid to what
amount such transactions were allowed? This inquiry relates to transact
j , tioos iii May, 1824.
,
1 have 10 perspnal knowledge of any such transaction. 1 find, apm ox*
amination, l i s t at the time alluded In, thrro wis a practice i i this bank r
as well as tic other city banks, a practice since discontinued In this bank^
that when the customers of the Bank wished to borrow for a few daySfO*
a pledge of stock, instead of making a formal hypothecating t 4 tbo stocky
In order to sav© time and labor tic stock itself was transferred, mid put
into the hands of tic First Teller 1 This practice was extended to many in*
dividual*, among the rest to th© firm of which Mr, Thomas Biiile is tin.
obief partner. It appears, i i May ISS4, that house had a loan of this de-»
• scription to the amount of Si 9,000 for a period of a few days, on which
w
they pmitl sixteen dollars interest. Neither thuyi boweter, nor any other
individual, ever hail a loin of any description without paying interest for it.
Whether discount luff© been made for Thomas Biddle and Co. of individual notes, ami entered back upon tbo-books, say ailed to the discounts
of the preceding discount day? This inquiry relates to transactions in
May 1804.
1 hsrve no recollection of any fbcts connected with this inquiry. On ex*
miiniig the discount book for May I804 f I do net perceif e m y discount*
for that firm. On tic 1st of Juno, 1824. 1 observe three notes dis­
counted for Messrs. T. aid -I. €r. Biddle, th© former style of the firm,
l i t i c m recall a© circumstance whatever connected with i t ^ It is,# how-*
over, tie general practice of the l a n k , where loans are mule in the Intery d s between the Board days, to-annex t h i n to tbo w«©k -of the preceding
discount day.
W better Mis of © i d a n p offered toil© Exchange Committee, for sate l y
T l o m s Biddle and Co., nnd-iefosed l y then, ires* nftsrwaris-pwrcbaaqO
by any riker of t t o Bank i i r * 8 lunk?

Mi

m

Rep* No. 4m: 1

1 late no* remembrance; uf any such circumstance.
Whether Thomas Biddle and Co. hav* receiveil any Interest an their t&+
positcs, mid If fhey have* to what amount, and If It has been allowedtoM/>
mi© else?

Simni examination of Thomas Wilson.
•The Clerk read to the witness Mn Whitney's evidence.
Question by Mr. McDuffie; Did yen inform Mr. Whitney !■ May*
18S4, or at any other time, that Thomas Biddle & Co. wcrii in the habit
of drawing money from the Bank without paying interest for it?
Answer. I certainly never gate information that they ever obtained
money witliout Interest, and I can speak generally that I nevor knew a
loan or accommodation to any' individual or company without interestQuestion by Mr. McDuffie. Would you have made a complaint to Mi
Whitney of tie conduct of tie President?
Answer. No. i was on those terms with the President tilt 1 would
have spoken directly to him.
Qiestioii ly Mr. McDuffie. Were individual Directors in the libit of
directing the Cashiers or Clerks of the lank to mike entries on the books?
Answer. _ Never, to my knowledge. No clerk in the Bank would obey
such- directions. '
Question by Mr. McDuffie. Yoi late heard Mr. Whitney's evidence.*
If such mi occurrence! as Mr. Whitney relates, had taken .place, would ii
not have made a strong impression on your mini, and do you not think yem
would certainly have recollected it?
.
•
Answer. Undoubtedly 1 should, aid 1 should hate been a very unfaitlt*
til ■ officer indeed if I had been privy to such a transaction as leading money
without' interest* and the Director would have been equally culpable who
knew it aid concealed it With respect to the note for 880,000 for T<
Biddle, referred to by Mr. Whitney, I am positive it was discounted by
tie Btari. 1 an equally positive as to the note of C. Biddle. I a n v
jmsitive about this as about the other.
Question by Mr. Clayton. Do yon recollect whether you ever l a i any
conversation with Mr. Whitney about Mi*. T. iiddle deposiiig.ccrtiiififttes of stock, and the inconvenience attending it?
Answer. That 1 mentioned to Mri Whitney that Mr- Biddle had loans
mm stock security, I have no doubt. I lave said he had these facilities,
and 1 cannot say ■ that 1 was pleased with such transactions^ though such,
facilities were allowed to many bteside Mr. Biddle.
Question by Mr. Thomas. Were the customers of -the Bank allowed
to'draw money from the drawer of the First Teller, leaving therein certifi­
cates of stock, to be counted as cash oi hald, prior to the election © Mr*
f
.Biddle as President?
Answer- No, not in any instance that I knew of.
* Question by Mr. Adams. Are customers ever allowed to draw money
from the drawer of the Teller?
Answer, If the word * drawee* is meant to convey the idea © recel?ing
*
f
money from the Teller, they are.
Question by Mr. Thomas. Can you state at what tine since the dec*
tion of Mr. N. Biddle as President, tie practice of Inaning money on do*
pMtes uf ftmclif without conaultiog the Du^ton^ comvencedi

[ lep. No. 460. ]

'

lat

Answer. 1 cafinot mention the precise time.
Question by Mr. Clayton. Why are there no memoranda on the books
of the Bilk* of the amuunt of money out on deposited certiicates between
tie time when Mr. Biddle was Irst elected President anil «5 May, 1824.?
Answer. In cases of that kind, the amount of money paid l y t i c Teller
would be represented by tic security, anil he would hate counted that m
cash.
Question by Mr. Johnson. Since the practice cnnmc-iicel of making
temporary loans on the deposite of stock or bullion, have yon ever known a
loss occir to the Bank In consequence of it?
Answer. No. It would be impossible.
Question by Mr. Clayton. .Were you and the President ever oi nir
friendly tehns during yoir continuance in the Bank?
Answer. Meter.
Examination of Joseph StuifU
Queailon by Mr. Adams. Are you a partner of tie 'house of T. Biddle
& Co*, anil if yea, how long have you Jbcen so, and how long have yon
been connected with that house?
Answer. I have been a partner two years from tl© 1st January last,
and bate been in the counting house of T. and J. G. Biidl© since'July,
1811.

Question ly Mr. Adams. Have you frequently transuded tie business
ef T. & J. G. iiddie, & T. Biidl© fc Co. with the Bank of tie United
; States personally at the Bank?
Answer, i havei frequently.
[Mr. Whitney's evidence was here read to the witness.]
Question by Mr- Adams. Have you any knowledge of the hots© of T.
Biddle &Co.|Or T. and J. G. Biddle, being in the habit of obtaining money
from tie First Teller's drawer without paying interest, on tl© deposit© of
«teck certiicates, in the way described bj Mr. Whitney?
Aiswer. They never did in any single instance.
• Question by Mr. Adams. Have you any knowledge of the Messrs. Biddie ev er obtaining a loan from the Bank, from tie President, without con' -milting the' Directors?
Answer. 1 lave no knowledge of such t tiling.
Question ly Mr. Adams. You say you have never known a single in­
stance of money being borrowed from the Bank without paying interest,
iav« you not known of the payment of interest for «t single day at this
Bank, when in similar cases the other Banks did not charge it?
Answer. 1 have known this Bank to charge interest frequently on a
draft on New York at sight, presented at the B*ink after they had made
up their accounts for the eastern mail. This has sometimes been unex­
pected, and, therefore* inconvenient to is, and resulted from the extreme
exactness of the cashier, Mr. Andrews. We frequently received cash from
other Banks for drafts at seven days9 sight, which the Bank of the United
States would not take without charging interest, though in want of New
York funds.
Question by Mr. Clayton. Did you give any notes for the loans which
yoe received on deposite, and did yoi deposit© them for collection to go to
tiie eralit of bUhi receivable?

»"»■

(_ Hep. Nb. 4«0. ]
•

r§r. Notes ©r chunks. 1 rather think wo gave checks. I think 1
:t cases of notes. They were paid In a short time; sometimes they
v iven "for aft short a time as two days, and interest always was charg­
ed. Some © the other Banks, with whom we made the same arrangement^
f
preferrei checks. At ©tie time we made an arrangement of this kini
with one of our city banks, of a small capital, to tie amount of Slit,©it
in checks.
EocamtmUion of Pmul Beck, Jan.
Question. Were yoi a Director of the Bank © the United States? If
f
j€»» low long?
Answer. In the years 1824,959 aid f i f mil f28f fB% a i l so, 1 was m
Director.

Question. Do yoi know whether the Bank las mer p i i interest to
any one on account of-deposites?
Answer. 1 io not. It never came under my notice.
• Question. Did Mr. Wilson, former Cashier, ever tell yoi that any one
had received interest © that account? If yea, who was it?
n
Answer. There was a coolness existed shortly before Mr. Wilson left
this city for New Orleans, between him and the President. Mr, -Wilson
did mention such a circumstance to me in regard to Mr. Tlios. Biddle» but
1 supposed it to arise from irritation. 1 took it for granted that tie Presideit and the Exchange Committee understood the business perfectly well.
1 believe Mr. Wilson to be ai honest man, though 1 did not consider him
as fully competent to the management of the affairs of this institution, bat
1 do not think that would prevent him from telling tie truth.
Question. Dip* lie ever tell y©u any thing in relation to that subject, ©r
my other, where money was irregularly ©Mailed from the lank?
Answer. He never mentioned to me a single instance but that.
Question by Mr. Adams. Was Mr. Wilson removed from the olioe of
Cashier?
Answer, lie was removed to New Orleans. Mr. Biddle knew n© to
l a t e been the friend of Mr. Wilson for many years, aid Mr. Biddle europlained of lis incompetency to me9 and wished me to p-opsa lis going to
Hfcw Orleans. It was tie opinion of Mr. Biddle that the Institution could
not get on with him, but that he must be removed. 1felta hesitation about
the climate of New Orleans, and did not make tie propositi©^ Hi, how*ever, went to New Orleans, aid acted as Cashier theme.
Question. How long did le act as Cashier there?
Answer, i do not recollect.
Question. Was he renamed from that situation?
Answtr. I believe he was.
Question. Did Mr. Wilson ewer state to yoi my thing which hi ameeived improper or irregular in the conduct of the President of f|e Bank'
Answer. No.
Question. WǤ the conversation you speak of just before bo went to
5©w Orleans?
,
Answer. It was.
Question by Mr. Middle. You speak of my laYfng asked ym to «p|#f
to Mr. Wilson rispecting his remoFai to New Orleans. Was not my
•omiinnicatioi with yoi at that time undo in the aunt of irifft%iiii mid
w
good will to Mr. Wilson?
*

[ lep. No. 460. J

liS

Answer. I t was, and with a ¥lew of placing him i i a situation fur-which
he was letter qualified.
Question. Hate you ever known the President of the Bank to manifest
any undue partiality towards Thomas Biddle & Co. in any of the transactions of the Bank?
Answer. No, never. I l a t e seen him treat them as hard as any body
else. I i time of press, brokers 1 and auctioneers9 paper was always dis­
counted last; mechanics' and tinders' always discounted first. I have very
often seei the Board willing to do more for Thus. Biddle k Co. than l i e
President would allow.
Question. Hate or have not T . Biddle & Co. been the most valuabi©
customers of the Bank? and do you, or do yon not, conceive that the l a n k
has been rather t i e party most benefited by its transactions with them?
Answer. 1 lave no doubt of it. There lave been times when we have
been very glad to get rid of money. 1 have encouraged people myself to
come forward when they could make op a large sum.
Question by M r . Adams. During the six years that you have been a
Director of this l a n k , has any circumstance ever come to %our knowledge
of what you considered as misconduct in the President of the Bank in his
official capacity, or in any manner in violation of lib* duties as such?
Answer. Bio, never.
'
Question. What is the largest sum ©?er due the Bank by T . Biddle &
Co. atone time?
Answer. 1 do not recollect. The Committee o j Eieliange discounted
mt one time a large amount on stock. I kept the tickler, and was familiar
with the amount at the time, ft very person at the Board could see at
©nee the amount. 1 saw it, asked the question, and was told it was done
©ii stock-—the lest security we could have.
Question. Is your confidence in t i e punctuality and safety of T . B i d ­
dle & Co. so great, that you would willingly, if able, loan them one mil­
lion of dollars of your private funds?
Answer. I f they gave me good stock, 1 certainly would, to them or any
body else. They are a house of the first character in that line in our city.
1 know of no one else so extensive. I would give them as large credit as
1 would any house in Philadelphia, on their personal security.
Question. Would yon, if able, make a loan of 81,000,000 to any omf
©n personal security ?
Answer. No, i would l o t .

Be^examinaiion of J*. Cawperthwait.
Question by M r . McDuffie. What is meant by bills receivable, in tlio
looks; and when vps the account of bills receivable raised, anil by whom
was it directed? •
Answer. M y situation gave me a full knowledgd of this subject. The
account'of " bills receivabIe,, was raised in 1822, and lias been continued
ever since. I t was an account raised for the purpose © I keeping temporary
* Joans separate from the discounts, and'has been continued ever since for
t l M purpose, and now atso for the purpose of placing the bills that art
going circuitously—I mean India bills.
Question by Mr. Thomas. In the account of b i l k receivable, did yon
enter the amount of loans made on deposites of stock certificates, counted

ir

130

.

[ Hep. No. 460. J

as cash, by"the Teller, prior to the 25th May, 1824 ? if y«tf give the dat©
and amount of such loans.
Answer. Mo. We did not do it prior to that date, nor ever have done
since.
Question by Mr. McDuffie. Arc the entries in May, 1824, of two sums
of bills receivable, viz: 845.000 anil S24»0i0, in the books of the l a n k ,
the regular entries of the bills receivable, and such as had been usual since
1822?
Answer. Yes. In examining the books of the note desk for June,
1824, I found that the loans granted to Thomas Biddle & Co. in May,
1824, of Si69*000, had been paid by them, and that the mite clerk had.
explained the transaction to be a stock loan; that the proceeds of the loan
were credited to the account of bills receivable, to which they had been
previously charged, and the interest accruing thereon had gone to the ere*
dit of interest account.
Re-examination of J. Cowpcrthwait.
* Question. Why is the entry of S69»00if being tie two items ofg45 f §00 and S24,000, certificates of stock deposited by Thomas and John G.
Biddle in the Teller's drawer, unlet- the head of bills receivable, in the
book called the Semi-weekly Statement of the Bank, the only place, down
to that date, in that book, which commenced June 10, 1822, where such
an kcconnt appears?
Answer. There were no loans precisely similar to tho*e mad© by T.
and J. 6 . Biddle in.May, 1824, charged to bills receivable anterior to that
time. A transaction with that house in May, 1822, was charged to tliat
account, and appears upon the semi-weekly statement of that period. Prior
to, and since May, 1824, loans ot the description alluded to, that is, tem­
porary loans, payable on demand, on a -pledge of stock, or other security,
were placed in the Teller's drawer as cash, and of course no entry made
in relation to them, eicept to credit the interest received upon them, which
usually went to exchange account.
Question. Were there any loans upon pledge of stock between the month
of May, 1822 and 1824? If yea, why were they not entered to the credit
of bills receiinble, as well as the loans before mentioned?
Answer. The only reason 1 can assign for those particular loans of
May, 1824, having been charged to bills receivable, is, that the amount
being much larger than usual, it may have been inconvenient to retain
them in the drawer as cash.
* Question. To what accoint do you credit interest arising on all loans
made on bills discounted?
Answer. There are three general accounts to which all the interest
arising on loans of every description is credited, namely, *$ Discounts re­
ceived/' « Exchange Acceunt," <§ Interest Account."
Question. The practice of lending on pledge of stock lias ceased for£hc
list two years—will you state the reason?
Answer. Similar loans are. now seldom applied for; the last was made
ill December, 1831—but, if applied for now, would prebably bo granted.

[ lep. No. 460.. ]

.

1S1

Examination of John Bnrtis*
Question by E. M.-Whitney, through the Chairman, Are not all the
notes discounted, or deposited for collection, numbered; and is there nut a
corresponding number in flic margin of the discount and deposite note book
against eacli note?
Answer. It is the design to number them all to correspond. with the,
numbers in the margin of the book; but it occurs sometimes that they are
not numbered, and do not correspond—an error resulting from accident.
Question by the same. At what time or period of the day is the register
of notes discounted, on discount days, closed, and etch column added up,
to be posted to the respective accounts?
Answer. The time is generally the morning of offering; sometimes the
etening before, anil sometimes the day of discount.
Question b j the same. Were there, to your knowledge, during the years
1822, 3, 4, any special meetings of the Hoard between the regular discount
days, to consider applications for loans?
Answer. Not that i know of.
Question by the same. Are all notes for collection entered upon the
tickler, under the dates on wbicli they fall clue?
Answer. They are; and if not, it is from mistake.
Question by Mr. Clayton. Has Mr. Whitney, to your knowledge, had
access to any of the books of the Bank since he left the direction at the close
of the year 1824?
Answer. Wo.
Re-examination of John Muftis.
Questioi by Mr. McDuffio. Has it ever come within your knowledge,
that Thomas Biddle & Co. have drawn money out of the Bank, on a'pledge
©f stock, without paying interest?
Answer. Never.
Question by Mr. McDuflie. Did-Mr. Whitney ever give an order t©
Mr. Andrews or Mr. Wilson, in your presence, to make an entry in the
looks, of money loaned to Thomas Biddle & Co. on a pledge of stuck?
Answer. No. I have- no knowledge of Mr. Whitney's ever having
come with Mr. Andrews or Mr. Wilson, or any other person, to my deilff
r#wl/
for the purpose of making or ordering any entries.
Question by Mr. Clayton. Look upon the discount book for May, l i l t ,
and say whether the 1 ith day of that month, as entered on the top of the
page, was not the regular discount day?
Answer. Yes.
Question by Mr. Clayton. Look upon the same page, and explain the
reason why a note, to run fifteen flays, discounted for Thomas and John
G.' Biddle, fur $20,000, appears to be, after the book was closed for the
regular discount clay, and discounted on the I3th May instead of the 11 tit.
Answer. 1 can say no more than that it was directed to be put there
Iiy some of tlic officers—-Mr. Andrews, I presume, as lie generally hands me
the notes. It came regularly into my hands as til other notes. I belteve
that no notes are ever handed to lie but such as are authorized by tin
Board or the Exchange Committee.
Question by Mr. Clayton. Look i p i the sane book for May, 1824*

1SS

[ Hep. No. 460. ]

and say, whether lie 21st of t i l l month, a3 entered i t the top of the page,
wts not the regular discount day.
Answer. Yes.
Question I j Mr. Clayton. Look upon the next page, purporting to be
i n t e r the same date, and explain the reason why a note of Charles Biddle,
for SS8,S19» also appears to I© discounted after the limits are closed for #
the regular discount day.
Answer, It appars from the entry, that that note was discounted by
the Board, and entered the following day, which is not an uncommon oc­
currence. The discount is 'charged from the fist May, the regular dis­
count day. .
Question hy Mr. Clayton. ^ Why is the note dated on the IStl May,
aid not entered aid offered regularly with the other notes on the'book?
Answer. 1 presume because the jiote came in after the books were
made up, and was entered like other notes.
Question by Mr. Clayton. Can you give a i y reason why there are so
few cases on this same book, where notes hate leei similarly discounted?
• Answer. I cannot. '
BxamUuMam of J§MoOmm Patterson, Fini

Tdter.

Questioi by Mr. McDuffic What station do you hold in the Bank,
how long l i t e yon been in it, and what are your duties?
Answer. 1 hate been first, or paying Teller, from the commencement
of the institutioi.
Question by Mr. McDufle. Did the President ever give yoi any di­
lutions to loan money to Thomas Biddle It Co. without interest, on a
I dge of stock, or on any other security?
Answer. Never, to my recollection.
Question by Mr. McDufle. Has it ever cone within yoir knowledge,
that Thomas Biddle & Co. have drawn money oit of tie Bank, on a pledge
if stock, without paying interest?
Answer. Never, without paying interest.
Question by Mr. McPille. Would lot such a transaction have been
Known to you, if it had occurred?
Answer. 1 belie?c it would.
Question by Mr. Clayton. Hawe yon ever known Thomas Biddle it
Co. to receive money on depositing a certificate of stock in the cash drawerf
Answer. 1 lave.
Qiiestjffi.by Mr. Clayton. Did those certificates remain there i s cash?
Answer^ They did.
Question by Mr. Clayton. How were they afterwards disposed of?
Answer. By deposites of cash; the certificates being subsequently taken
op by their own checks.
Question by Mr. Clayton. Do you know whether they had been regu­
larly discounted by the Board?
Aifswer. i do not know whether they were or not.
Question by Mr. Clayton. By whom were they personally deposited?
. Answer. They were sent to me by th* Second Teller, as cash, with
©tier cash.
Question by Mr. Clayton. Has not interest been charged upon them
after they lav© remained then longer thai was'at first' intended, and by
whom?

[ Rep. No. 460. ]

13S

■ Answer. Interest was charge! for II© tin© they remained ii the
dra wefts The interest was always paid to me when tic certificates were
taken up. The practice was, and still Is,tocredit tie Interest to eichange
account. Other persons have receited similar accommodations/ The
Nevins'fl for instance, on a deposite of specie.
Question ly Mr. Clayton, flat© you never heard Mr. Andrews t i l
Mr. Wilson complain that they had difficulty in keeping Thomas Biddle
It Co's accounts, In consequence of their drawing money upon these certificates without having-them regularly discounted?
Answer. 1 lave 10 recollection that 1 lave.
Question ly Mr- Clayton. Is It the practice now to deposite certificates
of stock in the cash drawer, and receive money therefrom ii tie way yon
late mentioned?
Answer, 1 d© not recollect flat it his been for some time; perhaps a
year or two.
Question ly Mr. Adams. Has there leei any order from the Board ©
f
Directors to cease that practice?
Answer. None to lie, nor to any one else, to my knowledge.
Question hy Mr. McDuffie. Bid Mr. Whitney o¥er give an order to
Mr- Andrews, or Mr. Wilson, in your presence, to make an entry in the
loots of money loaned to Thomas Biddle It Co. on a pledge of stick?
Answer* i hate not the slightest recollectioil of any thing of the kind
A part of the testimony of Mr. Whitney leing read, as follows:
« They (Mr. Andrews and Mr. Wilson) went with me to the First Tel­
ler's drawer, aid we found one sum of 845,000, dated f 5th of May, aid
#io for 824,000, dated 26th of May.,f Question ly Mr AdaHs. Do yon know any thing of the fact stated ly
Mr. Whitley In the above extract?
Answer. 1 hate not the slightest recollection of It
Question ly Mr. Adams. Did Mr. Whitney com© witli Mr. Andrews
mid Mr. Wilson to your drawer, and exafnlnetle coatentsof the same, at
mny lime in the year 1824?
Answer- J hate no recollection of It
Question ly Mr. Adams. Was you on the 27th of May, 1824, at yoir
drawer, during hanking lours, the whole time?
Answer. From the-entries on my look, I should say* I was.
Question ly Mr. Adams.* Were you also at y « r drawer during bank­
ing hours on the two preceding and two following days?
The entries on my look being made by myself during the time speci­
fied, 1 have no doubt that 1 was. 1 am ¥ery seldom absent
Question ly Mr. Clayton. Bo you recollect whether any certificates of
stock were deposited ly Thomas Biddle It Co., one for 145,000. and the
other for 824,000, ©a or about the 24th of May, 1824, in the First Tel­
ler's drawer?
Answer. 1 have no recollection © those particular accounts, or any
f
ethers.
* Question ly Mr. Clayton. What is the meaning of that entry in the
book called the «• State of the Bank,,f on the 27th May, 1824, of 869,00%
and oi what accouit charged, for what purpose, and what does It ctnsiit *
of?
Answer. 1 lo not knaw, as it does not cone under my notice.
Question ly Mr. Aians. " Do yoi know of any instance of depositei ©
f

134

[ Hep. No. 460. ]

certificates of stock, or other collateral security, thus deposited In j u r
drawer, and afterwards withdrawn, without payment of interest?
Answer., 1 have no recollection of any instance of the kind.
Question, Examine the entries under the line «* bills receivable,M made
in the general leger, First Teller's check hook, and semi-weekly state of
the bank, and say whether lliey are designed for a meroomndim of t i e
amount of money loaned on deposites of stock in the Teller's drawer?
Answer. The entries of bills receivable are not designed to be memo­
randums of the amount of money loaned on deposit© of stock i i tie Tel­
ler's drawer.
Question. Bo lot all those entries bear date subsequently to the 25th
lay of May9 18S4 ? State the amount and date of each entry in each look.
. Answer. The'entries in relation to bills receif able, bear date agreea­
bly to the transcript of the account under that caption, furnished to the
Committee, beginning in 1322. .
Question. You have stated that interest was always paid upon certifi­
cates of stock deposited in the cash drawer fur any length of time, and
charged to the credit of exchange account Will you pleas© to point out
any such charge on certificates of stock, prior to 24th May, 1814.
Answer. The following arc amounts of interest charged on certificates
of stock, or other securities, represented as casli in the Teller's drawer:
1828, May 28tt interest on L. CJlapierfs clieck,
129 17
June 5,
«
<
§ 50
JNevins's deposit©,
19,
m
5 if
do.
•«
m
41
July 19,
S 67
io.
II
1828, July 21,
do.
« St 4,000,
11 §7
ii
22,
do. 8 depositee,-June 25, 1 5 , 0 0 0 , ' )
£7, 10,000 197 5§
July 2, 10,000.
m
io. ■
26,
4 8S
a
28,
10 $7
do.
u
Aug. 2,
do.
June 24, 14,000 39 00
a
90 i f
Sept. 69
do.
m
.
17 78
J. G. Stacey, 6,
a
•
63 S3
' C. Biddle,
If,
a
44 00
20,
Net ins.
if
S i 66
do.
•
Oct 1,
•i
•
do.
- •
fi7 673.
II
Biildle's,
§4 00
i*
4t<
14 l i
Kevins,
H»
fi
2S 9*3
do.
2if
II
50 26
do. 2 deposites,
22,
m
10 67
Biddle's deposite,
' NOV. 8,
m
25 §0
•
do.
"
15,
if
65 55
Jfevins's 4I
Dec 8,
if
Bidile's, 14 days, on 120.000,
46 §7
1814, March 12,
ii
16 00
do.
5 days, on §12,000,
May If,

1

SUBSEfWEHT.

lS24,May 29, interest' on Nevins's, S days, on g50,000., .§<
Biddle 9 *
1825, July 16,
a
do.
Aug. i,
a
N«flns'%
Nov. %

15
10
45
58

00
92
73
91

'

*

I Rep. No. 480. ]

135

All the alov© were credited to exchange account with one exception
which appears to have gone to Interest account. The interest on loans
made on bills discounted, is passed to the credit of an account called "dis-»
counts receif ed.w When an account is charged on the Teller's books, it
ceases to be cash in the drawer.
Question. Has Mr. Whitney, to your knowledge, had access to any of
the books of the Bank, since lie left It, as a director, at the close of the year
1824?
Answer. Not to my recollection.
Examination of Thomai BiddU*
Question by Mr. McBuffie. Bid you ever receive interest on money
ieposlted in this Bank, and, if you did, state the circumstances under which
li was done?
Answer. In 1825, 1 think, (my books will slow the date) there is an
entry of seven hundred and thirty odd dollars to the credit of our Interest
account, it is the only transaction of the kind that 1 recollect. 1 be­
lief e in that year 1 was selling stocks, five's and four and a half per cents,
t i t , as It depends on memory, 1 am not exactly certain without reference
to my looks, by order of the Bank. They wished to protect their Ferdi­
nands and Caroluses, the Spanish dollars of those names, as the state
of their balances was not as strong in their favor with the .city banks as
they wished. That was a year of very extraordinary pressure. Mr.
Baring's phrases on the subject were of an unexampled character,
and the contagion of them diffused itself through the United States.
Large sums of bills were returned protested from England. It was
Yery desirable, on that account, therefore, to be strong in specie
funds. The President of the Bank told me lie wished to strengthen him­
self immediately; to get him all the money 1 could, and bring it to-tho
Bank. At that time 1 had in my hands large resources,, recelted from
foreign hands, which were known to be in my charge. 1 obtained for the
Bank considerably upwards of 8100,000, but 1 am not precise as to the
sum. The account now in Bank, that 1 furnished, will show i t 1 con­
tinued adding to this sum, daily, what I was enabled to obtain. The ac­
count was, 1 think, settled on the principle of allowing interest on the
balances which 1 had in l a n k . I do net think the interest 1 received was
an adequate comjiensation for the use of the money, or equivalent to the
uses for it, which presented themselves on all sides. Mr. Wilson made
some little objection, or rather 1 should say he had some difficulty in know­
ing to what to charge the account when I presented it. He did not seem
to make the slightest objection to its propriety. He went to the Presi­
dent's room. 1 am not aware, nor did I ever know, what passed between
him and the President. He came out and gate bis entire assent to it.
My transactions with the Bank, in ordinary cases, are done with the
Cashiers; when a rule is once established, or in usage, for 1 do not know
when it becomes a rule, we apply to the Cashiers; and, in nine cases ott
of ten, the whole transaction is begun and concluded with them.
Question by Mr. Watmougli. Has the President of the Bank ever
given yon any information touching the operations of the lank, with the
view to enable you to promote your own interest and advance his?
Answer. 1 am not aware of receiving any information of a private

136 ■

[ Bep. No. 460. J

character, which 1 could turn to nay advantage or to his; to his, certainly
never.
Question hy Mr, Adams. Ha?© you been for many years a broker of
large and extensive operations with the city hanks, as well as with this
Bank? Give a general view of the extent of your operations.
Answer. I i the year 1791,1 became familiar with business, under my
father, the late Colonel Clement Biddle. During the heavy sales of stock
in If it, for a respectable merchant of New York, afterwards a Director
of the Manhattan Conljiany, my father deposited, through me, upwards
of 81,200,000 ii tl© old Bank of the United States. In after yemra 1
mist late had, 1 think, ten transactions, of a million of dollars each, in
a day. In the sixteen million loin we took, under the late David Parish*
upwards of two millions, and paid ii upwards © oie million on the first
f
instalment, into Girard's bank. Of Mr. Dallas's loin, in 1815, we paid
in, inier the authority of a letter to Richard Bache, 81,500,-000 to- the
Bank of Pennsylvania. We have had authority from Europe to silsctrlb©
for as much as two millions of a loan, the sped© to le sent if necessary.
We have taken of the Ohio loan, in our own name, and under others in
Mew York, a respectable amount; {of almost all the Pennsylvania State
Joans, under and in conjunction with the banks, very largely, to the extent
of several millions. We offered, in conjunction with Prime, Ward,|Ringf
and Co., and Charles King, of New York, for the If© per cent, loan of
1821, for ive millions against the Bank of the United States, to Mr. Craw­
ford, then Secretary of the Treasury.
Qiestion by Mr. McDuhfe. There appear upon the looks of the Bank,
entries of two sums, viz: S4S,Si§ on the 25th of May, 1824, and I24f©0§
about the same time, which appear to have been drawn from the Bank;
will yon state the manner and terms upon which you obtained these sums
from the Bank?
Answer. They were obtained on deposites of stock. That of May l i f
(this is the date on my looks) on a deposit©, as it appears from my books, of
812,000# United States9 seven per cents, and 86.000 six and a half per
cents, which was paid on the til of June, with an addition of $45 interest.
I iiid that the Bank charged me with interest for the list and last days,
inclusive. On the 24th of May there appear.% to ii»¥e been a deposit© of
S27t000f six per cents of 1813, which was -paid 4th of June, with an
addition of 054 interest. I do not believe, from the practice of business,
that the President of the Bank knew any thing about this, but that the
transaction was altogether with Mr. Wilson. On the 26th of May, tier©
were borrowed g24»00§ on a deposite of §24,000, six per cents of 1815.
It was paid on 7th June, with f5£ interest. This explanation is derived
from my books, the entries from which 1 annex.
Question by Mr. Adams. (Mr. Whitney's evidence biting been read
to the witless.) Were you, at the time referred to, or at any other, time,
in the habit of getting money from the Bank, and leafing certificates of
•tock in the First Teller's drawer, without paying interest?
Answer. I am not aware of ever having had any transactions with tic
First Teller in any shape or manner. It was not my habit of doing busi­
ness. Nor am 1 aware that any of the members of my house, or any of
my clerks, ever had transaction with the First Teller. I am not awant
of ever having had any money without paying interest.
Question by Mr. Adams. Were yoi ever in the habit of getting discounts

[ Bcp. No. 460. J

'WT

from the President, which were put down as having been done on the prerious discount day* as stated by Mr. Whitney?
r.shier
Answer. Never. Nor do I be eve that the President or Cashier
whom I had intercourse. Nor do I believe that any body in my employment has done any thing of the kind.
.
f
Question by Mr. Thomas. Did your house obtain from the Bank oT
the United States money on the deposite of certificates of stock at any time
in the vears 1823 and 1824, prior to the 19th of May, 1M**
Answer. Yes. It is so stated in the extract I have furnished from my
b o o £ T h e r e Is an item the,* dated 28th of February, 1824. I cannot
recollect as to 1823, without reference to my books.
Thomas and John G. BiddWs Bill for Interest.
1825—Oct 8, To cash, 8100,000 to Nov. 19, is 42 days,
at 6 per cent, is NoV. 19, off
33,000 to Nov. 21.

Nor. 21, off

867,000 to Nov. 21, is 2 days,
at 6 per cent, is 17,000

Nov. 23, off

30,000 to Nov. 23, is 2 days,
at 6 per cent, is 50,000

8< 0 0

Received payment,

^ ^

^

J Q H N Q

w

*2 »3

low
~

g

B 1 D D L E

0(>

,

FOR E. R. BIDDLE.
Entries in T. Biddk's books.
Feb. 28, 1824-Cash received of T. Wilson, Cashier,
(826,000, U. S. S's transferred as collateral.)
May 5-Cash of ditto,
(812,000, U. S. 7's transferred as ditto.)
19-Cash of ditto,
(812,000, U. S. 7's and 6,000 6's transferred.)
24—Cash of ditto,
•
(827,000, 6'aof 1813, transferred.)
26-Cash of ditto,
'

, ( ? 4 f °f' SL°{

1815 t r a n 8 f m d )

'

:

' .

.

27—Cash of ditto,
(818,000,6's of 1815, transferred.)
28-Cash of ditto,
(812,000, 6's of 1814, transferred.)
S i - C a s h of ditto,
(820,000, 6's of 1813 and 1814, transferred.

820,000 00
,„„..„
12 000
'
°°
18,000 00
27,000 00
*4'000

00

* 18,000 00
iV

"

12 000

'

°°

80,000 00
8151,000 00

18

1SS

[ Rep. No. 460. ]

1814.

March If—Cash p i . Bank U. S.
May 12,
do
do
June
2,
do
do
4f
I©
do
7,
do
do

820,000
12,000
18,000
£ff000
£4,000

and Int.
do.
do
do
do

i46 67 g£0 9 046
16 00
12,016
45 D
O 18,045
54 00
17,§54
52 00
24,052

67
OO
©#
OO
H©

lff

id

do

12,000

do

S2 00

12,032 O©

14,

do

do

20,000

do

50 00

20,050 OO

Hjp

i©

io

11,000

do

m 00

18,080 OO

15151,000

ism

67 interest

Average 12 days? interest
Tfce above extracted from books*
TflOS. BIDDLB & Co.

Re-examination of Reuben JIL Whitney.
Qicstioi by Mr. Adams. In what place in Canada did yoi reside
during the war?
Answer- In Montreal. 1 went to Canada as a clerk. 1 afterwards
hecame engaged in* business on my own account. When the war broke
out, 1 had a great deil of money scattered about in that country, having
soli much on credit, all which I should hate sacrificed by leafing it wfcii
war was declared. 1 remained, therefore, having the permission of t i c
British Gofernmcit to do so.
Question by Mr. Adams. Did you ewer ask permission of the Guv emment of the United States to remain there?
Answer- 1 ne?er did.
Question I j Mr. Adams. On what conditions did the British Govern­
ment permit you to remain in Canada during the war?
Answer, i took an oath to obser?e the laws of the country while I re­
mained there.
Question by Mr. Adams. Did you understand that to b© an oath of
allegiance-?
, Answer. No. 1 did not, permanently.
Question by Mr. Adams. Did you consider yourself as hating fully
discharged your duty as a Director by the private communication yon iay
you made to the President, without communicating it to the Board of
Directors?
Answer. 1 cannot say whether 1 took that view of it at the time.
.

Examination af J§hm Andrews, Fwst Assistant Cashier.

Question by Mr. McDuffie. How long, and in what relation, have you
been associated with Mr.* Biddle, in the administration of the affairs of
the Bank?
Answer. 1 have been in the Institution since its foundation. 1 was ap­
pointed Assistant Cashier towards the close of 1821.
, Question by Mr. McDuffie. it appears from the books that very large

f Bep. No. 460. ]

13S

loans have been made to Thomas Bidilc & Co. particularly in 1831; will
you state whether you l a t e ewer known the present presiding officer of
this institution to manifest, on any occasion, a ilspiisition to grant favors to
the liousa of Thomas Biddle & Co., or to extend to them any facilities
not conducive to the Interest of the Bank? State fully what you know on
this subject
Answer. 1 do mil recollect that In any instance he has manifested a
disposition to fit or that house.
Question by Mr. Adams. Have yon ever known the President to mani­
fest any partiality, or evince a disposition to grant a special fit or to any
one of lik relatives or conicjtiois?
Answer. No.
Examination of Joshua IAppincotU
Question by Mr. McDuffie. Have you ever served on a Committee of
the .lank Directors with Mr. Whitney?
Answer. Yes. In 1824, on the Committee on tie State of the Bank.
Question by Mr. McDuffie. Did yon met hear Mr. Whitney speak of
any improper transactions in the lank?
Answer. No. In January, 1824, Mr. Whitney, myself, and some other
of the Directors, made a full examination of the affairs of the Bank in rela­
tion to many particulars; and among others, the alliances on security of
stocks. We found every thing perfectly right and corresponding with the
glneral ledger of the Institution, which Mr. Whitney and myself particu­
larly examined. I am under the impression 1 made a similar examination
in July, but do not Ind the documents. The documents of the January
examination 1 have seen.
Question,by Mr. McDuffie. Did you ever converse with Mr. Whitney
on the general transactions of the Bank, and of the manner in which Mr.
Biddle had discharged his duties as President, during the time Mr. Whit­
ney was a Director, or since hi left the Bank? If yon did, state what ho
siii on the subject
Answer- i hate frequently had such conversations with Mr. Whitneyf
both while we were Directors, and since, at none of which lias Mr. Whit­
ney ever hinted, at any thing like impropriety of conduct in the lank.
Mr. Whitney always spoke in very high terms of Mr. Biddle, both as an
individual mud in relation to his management of the lank.
Question by Mr. Clayton. Was Mr. Whitney an active and vigilant
member of the Board?
Answer. Yes. Mr. Whitney and myself sate next generally to the Pre­
sident, at the Board, and holding the notes in our hands, examined them
as the President read them from the look, and generally either approved
or disapproved of their being discounted. Our decision was regarded as
conclusive, unless other members of the Board objected. The Cashier
always sate between the President and ourselves.
Question by Mr. Clayton. Was he entrusted solely with the sals of a
large amount of forfeited stock in New York?
Answer* 1 do not know any thing of such a transaction.
Question by Mr. Clayton. Is any individsal, except the officers of
lank, permitted to inspect the books of the Bunk?
Answer. JMot that I know of. When 1 first heard of Mr. Whitney's

|40

I Sep. No. 460. ]
*

«tatement, made Wore tic committee, It struck me from titt very crircnn^
stance it could not be correct.. 1 never knew any Director examine mnj cj
tie looks of the clerks or cashiers, except when flic Inspection Is niaq
aemi-annuaily, in January and July, by a committet of lie B o a r d , €
^
under some special resolution from the Board.
Question by Mr. Watmough. Do you mean to sty that the prmciaci
yoi have mentioned of Mr. Whitney's sitting near the President a t tJi|
Board, arose from any peculiar confidence In Whitney, or from the mcci
dent of hit position at flic Board?
Answer. Mr. Whitney had no higher standing at tie Board than th^
other Directors; but owing to his extensive business, lie was looked to m
^
teing well acquainted with the .standing of individuals. He took a verj
active part ii tie business © the Bank.
f
Question by Mr. Adams. Has Mr. Whitney since failed?
Mr. Thomas objected to the question, because such a question n e c e ^
sarily will lead to collateral inquiries, which will greatly consume the
time of the Committee, and idi to the expose of its proceedings; because^
if the committee receive the testimony, showing the solvency or insolvent
cy of a witness, as a node of disparaging or enhancing testimony, thc|
Committee mill be pledged to hear anil examine any testimony the witness
Hay produce, to show that his peciniary embarrassments, if they exist^
were the result of misfortune.
The Ayes and Noes being called, whether t i t question proposed bj|
Mr. Adams should le pit to the witness—
AYM.—-Meaan. Adman, Camtadeng, Johnaon, Watmoogh.—4.
Noia.—Mean*. Clayton, McDuffie, Thomaa.—8.

^

So the question wis p i t
Answer. Yes.
Question by Mr. Adams. Did yoi conceit © it to be your right, as a Hi-,
jftctor, to make my entries oi the looks?
Answer. No. 1 never considered it my right as a Director to cxamne the hooks, unless authorized by the Board. 1 should think the Clerks
would regard it as an interference with their duties.
Question by Mr. Clayton. If, when you were a Director, any of the
©fleers of the Bank had asked your opinion or advice about any difficulty
which might arise in the course of their business, would you feel unau­
thorized to give them your opinion or advice?
Answer. No; but the opinion would le of little value, unless sanctioned
by the Board.
Question by Mr. Clayton. Would you feel authorized to look into a
look, or into the Teller's drawer, if requested to do so by the Clerks?
Answer. I should feel authorized to look into a book or drawer, if
asked to do so by a Clerk.
Examination §f Wikon Mant
Question by Mr. Clayton. Did Mr. Whitney ever communicate any
thing to yon relative to any trinsactions in the bank in which T. Biddle,
or T. Biddle It Co. were concerned I if yet, state what it was, and when
it occurred.
Answer. Some years since Mr. Whitney called at my counting Jiouse
and showed He a paper containing I piemorandum of some lotus, which he

[ Bep. No. 46Q. J

141

nid l i i been made to Mr. T. Biddle, on stock. 1 considered the comma'cation as confidential. It was so understood at the time between us, t i l
lave newer mentioned it since, i should add, that he said these loans
Irere made by the President, without the. knowledge of the board. It
Was not less than five years ago. Mr. Whitney was a Director at lit
time. It wis before his misfortunes ii business.
Question by Mr. Adams. Did Mr. Whitney state to you that these
bins were mide to T. Biddle without interest ?
Answer. No. 1 am sure he did not ssy they were made without in­
terest. 1 thought the charge serious enough at the time, and think that, if
In ltd said the loans were without interest^ it would hute made a strong
impression on my mind.
Question by Mr. Adams. Did Mr. Whitney say aiy thing about these
bans lot being on tie books, and that he bad ordered them on the books I
Answer. 1 think be said they were not on tie books; bit 1 do not remember his saying he had ordered them on tie books.
Question by Mr. Adams. Did Mr. Whitney gite any reason at the time
for making this commnnicafion to you ?
Answer. 1 think he said Mr. Wilson, or some other officer of the
link, hail consulted him about tie propriety of this sort of loans.
Question by Mr. Adams. ' Did Mr. Whitney sty lie lad aiy object in
communicating this to you ?
•Answer, i don't recollect lis doing so. I considered Mr. Whitney,
•t the time, as not friendly to the President, Mr. Biddle. This wis my
fapression, founded on communications made to me by Mr. Whitney,
itlative to transactions in the Bank.
Question by Mr. Adams. Had Mr. Whitney utile any previous com*
■miration to you, on which you founded this opinion I
Answer. He lad mentiqned some other circumstances, discounts, aid
ether things, which he disapproved of. He thought Mr. N. Biddle l a i
'Msiincd too unci Influence in the Bank.

r

Jitrwer of M Biddle to the testimony of KM. Whitney*
When, on the 10th instant, 1 declared to the committee that the whole
tfkSenc© of R. M. Whitney, so far as it related to me personally, was to­
tally and absolutely false, i relied on the consciousness of my own Integ­
rity, satisfied that 1 was wholly ignorant of the transactions themselves,
ii which this imaginary conversation was founded, and that no such con­
versation had ever taken place. My own situation, the committee will
readily perceive, is, in this respect, very peculiar. From day to day,
and from year to year, I am in the habit of receiving, officially, crowds
of persons, who remain with me for a few.minutes, aid who are immedi­
ately succeeded by oilers, presenting subjects of a different kind, and
each effacing, to a certain degree, the businesi of his predecessor. When,
therefore, a person swears, that, on a certain day, nearly eight years
igo, he came into my room, when I was alone, and said something tome,
to which 1 answered a few words, and he then, left me, it Is difficult, in
ordinary occasions, and ip matters of Indifference, to contradict such a
casual visiter. But where, as in the present instance, the witness imputes
to me conduct wholly inconsistent with my character; and, when the ini dividual represents himself to have spoken to a© in a strain entirely di£»
i

142

[ Bep. No. 410. ]

ferent from tlic aniform tone of his constant demeanor daring til our inter­
course, sucii a transaction, however short the time it occupied* could,not
fail to have made a lasting impression upon me. 1 did not hesitate, there­
fore, lo deny the whole, in the most unequivocal manner.
The oilier persons whom lie named, on the occasion, have since, 1 un­
derstand, contradicted him decidedly on all that relates to them res|iectively. By a fortunate accident, 1 am now enabled to prove, in tlic clear­
est manner, to the committee, that the occurrence to which- E. M. Whit­
ney has sworn with so much hardihood, was not merely improbable, but
actually impossible. After the adjournment of the committee yesterday,
on examining tlic minutes of the Bank for another purpose, I casually saw
a passage which furnished the means of convicting the witness, of being
guilty of a deliberate violation of troth.
It will be recollected that R. M. Whitney swore that, on a given day, in
the month of May, 1824, the Cashier and Assistant Cashier complained''
to him of certain loans, without interest, made by me to Thomas and J .
G. Biddle; that lie went to the First Teller's drawer, and found there two
.certificates, one for 824,000. mini one for S45»§00» dated, respectively, the
25th and 26th of May, which lie iinmedlately directed them to put on the
boo';s of the bank; anil that they were- accordingly so placed upon the
books on the 27th of May: and lie triumphantly exhibited this entry of the
27th of May, of S69.000, as being the aggregate of the two sums «f
§24,000, anil 1*5,000, which lie had thus withdrawn from'their secixt
place in the First Teller's drawer, and placed on tlic books. It was imme­
diately after lie had given this order to the Cashiers, that lie represents*
himself as coining into my room, relating his discoveries, and expressing
his hope that, as long as lie was a director, such a thing should never take
place again, on which, not denying that it had been done by my order, I
promised that it should ^not be done again. Now the dates of this story
ire its essence. The certificates, according to a memorandum made, lie
says, at the time, and produced to the committee, were dated on the 25 tb
and 26th of May; of course the loans would not have been made before
the 25th of May; and the entries of them are on tlic 27th of May. Of
course the alleged conversation with me could not have been after that
day. He is, therefore, according to his own story, enclosed between *
these two dales, beyond which he cannot escape, anil according to his own
exhibition of dates, the conversation with me, if it took place at all, must
have been between the 25th and the 27th of May; that is, on the 26th ot
May, the only interval between the date of the last certificate, and the
27th, the day of their appearance on the bonks.
Now 1 am about to prove to the committee, that, on tie werj day whei
R. M. Whitney swears that he conversed with me in this room at Phila­
delphia, where we are now sitting—for many days before that day, and
for many days after that day—I was actually in the City of fVaikington.
The first evidence is, the original minutes of the Bank, by which it will be
seen, that, from the 22d day of May, to the 1st of June, 1 was absent
from the Bank, and that R. M. Whitney himself attended tlic meetings of
the Board, when the fact of my absence was recorded. The extract from
the minutes is as follows :
•

[ Rep. No. 480. ]

148

Extract from the Mimmim*
BANK OF T H E U N I T E D STATES, May

89,

1884.

Tlie Board met agreeably to adjournment.
Present: Thomas Cadwalader,* President pro timf
Messrs. Dupont,
Messrs. Willing,
Eyre,
Clapier,
Bnblen,
Beck,
Whitney,
,
Brown,
liippincott,
Evans.
Tlic Cashier read In tlie Board tlic following letter, from tl© President
of the l a n k , to Thomas Cadwalader, Esq. which was ordered to be plao
cd on the minutes, viz:
BANK OF T H E U N I T E D STATES, May

88,

1824,

Si»: Being about to visit Washington, on the business of the Bank, I
hereby depute you to act as President of tlie Bank of the United States
until my return, 1 have tlie honor to be,
Very respectfully, yours,
N. DIDDLE, Freridenti
Tmenf AS CADWALADER, Esq, Philadelphia.
Whereupon, Mr. Cadwalader took tlic chair.
A letter from Mr. Clay, dated the 21st instant, to the President of t i c
Bank, was read, and referred to tlie Committee on tie Offices,
A letter from Ezekiel Whitman to tie President of tlie lank, dated the
S2d instant, and sundry documents in relation to the establishment of an
office of discount and deposite, at Portland, Maine, were read, and referred
t© iie Committee on the Ofl}ccs.
Adjourned.
BANK OF T H E U N I T E D STATES, May

£8,

1824.

Tie Board met agreeably to adjournment
Present: Thomas Cadwalader, President pro tern*
Messrs. Eyre,
Messrs. Henry,
Bohlen,
Clapier,
Coxet
■
Beck,
Whitney,
•
Brown,
Lippincott,
Willing.
EJvans,
Tie discount business being adjusted, the Board adjourned.
BANK OIF T U B U N I T E D STATES, June 1, 1814.
Tlie Board met agreeably to adjournment.
Present: Nicholas Biddle, President,
Messrs- Eyre.
Messrs. Henry,
Bohien,
Clapier,
Coxe,
Beck,
Whitney,
Brown,
Cadwalader,
Evans.
Willing ,
Adjourned.

144

[ Rep. No. 460. ]

The occaslpn, and tie duration of my visit, I will now explain* It was
to negotiate with the Government for tie loan of five millions of dollars,
for the payment of the awards umlcr the Florida treaty. On that subject
1 received front the Honorable James Lloyd, of the Senate, a letter, of
which the following is an extract, dated May 20, 1824, and receifed May
ffi, 1S24:
Extract #f a letter from the Honorable James Lloyd io A*. Diddle, Esquire,
FfmM£Mt of the Bank of the United States, dated
'WASHINGTON, May

20,

1814.

DBAM S I R : The bill authorizing a loan for five millions of dollars, to
pro?ill© for the awards under the Florida Treaty, this day passed to Its
third reading in the Senate, under so decisive a vote as to lea?© oi my \
mind no doubt as to its final passage on the morrow. Its warmest friends,
thinking it expedient to reserve their support, did not find it called for,
and were willing to leave the merits of its passage to others. Lest it should
lave sustained some- alteration, since 1 sent yon a copy .of the bill, 1 en­
close another, i i the shape in which it will become a law.
The combined interest and ability of the Bank of tie United States be­
ing such, in my opinion, as to distance all competition, 1 offer yon with
pleasure any services it may be in my power to render, towards carrying
into effect the wishes of the Board of Directors of the Bank of the United
States, in the attainment of the loan, it being my intention lot to return
eastward from hence, prior to the 10th of the ensuing month.
Jn this case, specific directions, as precise as you may think proper,
would be desirable; and the soomer an arrangement may be offered In, or ef­
fected with, Urn Secretary of the Treasury, the wwre advantageous ii probably
would be.
In the payments, assignments on the branches at New York, Providence,
aid Boston, especially the latter, would be acceptable to the claimants,
under the treaty, resident there, and might, perhaps, afford a convenience)
to the lank. They might b© issued, under the orders of the Secretary, lit
Philadelphia, in such mode as may hereafter be prescribed.

To this 1 immediately aiswered as follows:
BAKE OF THIS U N I T E D STATES, May

it,

1814.

1 have just had the pleasure of receiving your letter, which
leaves no reason to doubt the final passage of the Florida- Loan Bill
Aware of the advantage of acting promptly on this subject, all our arrange
ments have been prepared for some time; and I have waited only formate
decisive indication of the temper of the Senate in order to make immedi­
ate proposals to the Secretary. 1 shall accordingly leave this place9 for
Washington, to morrowf and as 1 shall go by the same conveyance wlaicb
carries this tlote, will probably arrive there before this readies you. 1
shall then have the pleasure of thanking you in person for your attention*
and of assnring you how respectfully, anil sincerely,
i am yours,
N. MIDDLE, President.
Hon. JiJtEs LuTDf Washington, H. C.
DEAE SIR:

t
• [ Bep. N©. 4f§. j
'

*

145

, ©i tie same day, to the honoralrB* M. J t l i i i t i , i s ftlBAifFiiif T H E V K I T E D STATES, May Sf» 1824. ■

DEAR S I B : 1 she!,' if PO accident happens to ne. be in Washington icfore you receive Ms; and shall be glad to see ytw mid your brother at Wil­
liamson^ Hoti.
Yery respectfully, yours,
. * ,
'
• N. .BIDDLQ, PregtdcnU
Bonorable fi» M» JOHNSON, Washington^ D. C.
On the £Bih day §f May^ the contract for the five million loan ups
made between the President ©f the United States—the Secretary ©f the
Treasury being to© ill to transact business—and myself, according to the
. original document now submitted to the committee, In the following words:
WASHINGTON, May £6, 18f4.>

Sim: 1 have tie honor t© offer, on the part of the Bank of the United
States,' to purchase the Stock to the amount of five millions of dollars*
wlirh yoi fire' authorised to is/uie ly the act of Congress* to provide for
i m jwarda of the Commissioners under the Treaty with Spain. The
rate of purchase to be, one hundred dollars in money for every.one hun­
dred dollars of stork; bearing an Interest of four and % half per cent, per
annum* payable quarter yearly. T i e money to he placed to the credit of
the United States, at flie l a n k in Philadelphia, on the eighth day ©f June
next, aid the stock to bear interest fron that day,
I have the honor to be, very respectfully, yours,
N. 11DDLE,
President Bank K 8.
Hon.

WILLIAM H.

C«AWF#IP»

Secretary qf ih§ Treasury, Washington*
The proposition madnby Nicholas Biddle, president of the Bank of the
United States, is accepted*
JAMES M O N I O E .
I
On the same day 1 wrote the following letter to the President, pre ten* p r e , of tie Bank.
WASHINGTON Wednesday evening. May'&69 1824.
M i DEAR S I B : On my arrival here, 1 found Mr. Crawford extremely
ill, in conseqnwice of i reltpse, and he lias since continued inetfpable of ittending to business. 1 have therefor© endeavored t© transfer the negotiatkm.ta the President himself; which has been accordingly done*and 1 liar©
to day made some progress in if. But as iiis is the last day of the Sea•Ion of Congress, ie las • been very much occupied, and has passed the*
whole evening with lis Secretaries at the Capitol, i» artier to facilitate
the passage of bills. The business is now in sach a state* as-to.require my
jieraaiial attention, aqd 1 feel it my duty to remain*, until it is finally set­
tled, although the ieliiy is exoeediugly disagraabl* to m» fersondlly* Tom «
19

r

14f

[-Sep. No. 460. ] •

will bo informed to-morrow of its progress. In tlie moan time, hove tfm
goodness to explain to our cofea^ucs, the reason of my being obliged to
remain longer thin 1 bad anticipateu,«wd present my respects tti them.
Very sincerely, yours,
'? - *
*
'
' , N. BIDDLE.
•Greneral CADWAIXADE^.

'

"

Ti© icst day I wrote to hitn tlie following letter:

'• .

WASHINGTON, May

2T,

1814.

Half after 10 In the evening.
M Y DEAR Sim: I am busily engaged In prepariig to leave this place
In tie morning: but lest 1 should be detained another clay, 1 write to in­
form yout that 1 l a t e contracted for tie mlinle loan of five millions, at
parf payable on the 8th, ami drawing interest from that date. The other
I o n not being wanted until January next,, I have of course not done any
thing.in relation to it; lie state of Mr. Crawford's health rendering it
proper not to engage" i i any operations of magnitude, not indfajtetlsably
• necessary.
In haste, very truly,-vows,
N r BIDDLB; '
Genera! CADWALADER9 Philadelphia*

Tlie contract for tlie loan being concluded,• 1 thought it proper to writo
f to tlie President, anil state, that, as tlie negotiation hall been made with­
out the beneSt of tlie assistance of the Secretary of the Treasury, and at
a time when he wa«< much pressed by other concerns, if, on the recovery
of the Secretary of the Treasury, lie thought terms more advantageous to
the Government might have been obtained, the whole contract should bo
iubject to revision. Accordingly, i addressed to him tlie following let­
ter, dated May 28, 1824:
WASHINGTON, May

28,

1124.

I have the honor of enclosing to you tie documents which
yon were desirous of possessing, in relation to the loan, and i deem it pro.
. per to accompany them with a few words of explanation.
These papers will prove, I think, in the most satisfactory manner, that
in arrangement so advantageous to the Government, ,as that proposed by
t i e lank, could have been offered. The details of that arrangement 1 endeavored, in oar interview, to present to you in the niosf distinct manner,
«nd invited your particular attention to the points most, material in the
transaction, which were: Whether the Government was, by the treaty with
Spain, bound in good faith to pay tlie claimants immediately on theex|iinitfan of the commission:. Whether there was any obligation,or would beany
advantage,on the part of the Government, in Inviting public proposals for
III© purchase fit the- stock;" at what place the •Government was 'bound to
• i k e the payment^ and whether the terms of tlm loan were as favor&blq.
•Iff tlie Government i s could bat© been obtained from any other quarter.
H i thes© several points you .were imtiwJy satisfied nfter consulting with
' «tlp officers of th* Treasury* aid the Arrangement was accordingly QIOML
DRAR S I R :

• [ .Bep. No. 4SS. j

lit

1 cannot, however* bit be aware, that the neceashy of iftilfig1 hntacstft
ately on this matteiyhas brought ii before you 6othcw1iat utiexpeetedlyytt
the inidst of a great pressure of other business, and without the/ benem. of
any rooperatjoii from the Secretary of the Treasury, to wbafce ctt^-tiii
negotiation of the lean would havehecn naturally assigned by you;; '
■ ,J»
•The defect of this assistance I htiVe endeavored t© stipfify. m' far as it
was in my power, by presenting toyotrthe whole subject, with all-the l«t
formation I possessed with regard to it; and by suggesting every conside­
ration which I, thought belonged to theroostcandid examination of it: I am
not aware that any tiling has been emitted. J belicwiiie arrangement,
eminently advantageous to the Government, while it is useful to the Bank,
ani 1 neither perceive, nor anticipate,-»any objection to it. ■ Ncfrertheft'ss,
f
the peculiar situation of the Secretary of the. Treasury♦ as % tf m tlii
%l
«
fpankness -and confidence towards 'niyrielf personally, which hato^ Marked
yimr.deportmentton the occasion, im|mse on me flic duty of staling, is I
now do, that although tiie.contract for the loan is completed, anil shaft bfe
immediately executed, yet If, on the restoration to* health of the Secretary,
be shaU perceive in the arrangement any thing to the disadvantage of tiK
Government, which Ms personal attention to it might have preveHtedran^
modifications of it which lie may suggest will be most res|iectftil1'y cciusP
<faredby the Board of Directors, aid cheerfully agreed to, if wit' inconsrsU
«nt .with their duty to the institution. For myself, I speak with' eittfrti
confidence, nor have I more hesitation in answering for all my eolteagueH}
who are desirous on this, as on every other, occasion, of conducting :1henfc
selves towards the Government in a spirit of the utmost firmness and a*
commodation.
I think it proper to guard against, any casualty to myself, by leaving
with' you this declaration, which, as you know, is wholly voluntary, on toy
pii-t^ and. of which you will, I am Hire, at once understand ami apprcci?>
ate the motives.
, " 1 have the honor to be, very respectfully yours,
N. Mi DOLE, President.
. Bis Excellency JAMBS MONROE*
*
. »
. President of dim United Slates, Washington.
.
i
■

i

On the 29th of May, I addressed the following letter from Baltimore,
-In the Hon- Janes Lloyd, at Washington. ■ . .
.
.
\I
BA&TIMOKE, Jfof if, 18f4. ■ j
M r DEAR SIB': The delay of the steam boat till this afternoon allows ma
time 'to say, that, before letving Washington, 1 cille'cl to sce.you, litti
leafed, with regret, lltfft ^^ were much indisposed. A few days* enjoy­
ment of tic repose-which' lifts bceo m long denied to you will, 1 hope}
min re-establish yon. 1 was desirous, before.going home, of communicatttg to you toy progress in' the 'business of _the loan, and* of my lope ofriftteVing* yon from the trouble of discussing flic question of interest on till •
ititlkfntti the Bank of Columbia; For this' purpose, 1 had an inteiMtfJP-'
Wit* Mr. Rej*, of Georgetown. He acquiesced in out views, stated'life
opiuioii, that, tinier all the circumstances, die lank of Columbia ought to'
yield the'point; mini!idl«l that lie would, lit once, see'Mr. Moiiwie,*ktiilf
if he siccecdcd Hi satisfying that gfentleman of the propMcty of thejionnnyy
b f f a d Midrib* It w<*W to-fuMuiged Wil&out fiiiihet'troaMo. ™ ; f l U *

I4S

[ Hep. No. 460. ]

■ *

decision could mt, however, take place before next Thursday, when i t s
Board of the Bank'of Columbia meet. ''.
• ■
Under these circumstalices, I hope to avoid troubling you in tills..wit­
ter, or, at any rate, J©M will be apprised, ly Mr. Smith, the Cashier
should there be any occasion for your interposition, which has been in­
voked too often, 1 fear, for your confirt,.but which is ilwuys so desimbi©
to tki Board © Directors, as well as to
f
lours, with great respect,
:
N. BIDDUL
;
. Honorable J i m a LKOTD, Wm$kmgtom
.
On the 1st of June, as will be s©» by the minutes, 1 took my place lit
tic Board.
It will this appear that during the whole period which R. Mt Whitney
assigns for this alleged inter?lew with me, In this room, 1 wis absent
from Philadelphia.
Lest lie should still idler© to the substance of his testimony, bit ww
give it mother datet I now conclude, with, a declaration, flint i was entire­
ly ignorant of the transaction to which the alleged conversation refers—
flbat i did not know of the existence, in the First Teller's lraw©rf of the cer­
tificates which he ■ describes—that 1 did not discount, without the knowl«dge of tie Hoard, the two notes, ©r either of them, which he describes
jui being on the discount book«~that 1 was lot awar© of the practice of
Vhomas Biddle's obtaining loans without interest—and that no such con­
versation, as I© describes, cter took place between R. M» Whitney and
myself.
Statement of 1. M. 9Fhitney9 in continuance of his taiimomf givm m ik&
9thinstantf before the Committee.
Tin statement presented ly Mr. Biddle, the President, on tie 11th Inst,
to tie Committee, points out some partial discrepancies in my testimony.
But the main facts, of which 1 produced a memorandum,'taken at the time
I learned them* still remain as they were, confirmed ly the books*' «.
. Ftnl. The loai to T. & J. O. Biddleuf S45t000f on the I5th day of
May, 1824, mil of g£4»§0t), on the 86th day of May, 1824, both sums
paid from the cash drawer of the First Teller, upon deposites of stock certica|eaf aid accounted for | y him, by m charge to •• bills receivable," which,
for tie first time that year,' appears ii the look * The state of the Biiik f ,f
<
00 the 27th day of May, 1824, and ire the first entries to that .account.
The first sum of 845,000, loaned and charged on the 25th day of $fay»
|824, was on a regular discount day of tie Board—Tuesdays and'Fri­
days being tlie discount days, and the 25th of May, 1824, was an a Tues­
day; why this loai was made on a discount day, (awl entered to a new
gccountii the books,) should not have been applied for to the Boards on
ttyat day, and entered in the rcgalmr manner that notes are, which are dis­
counted by tie Board, 1 will, with die respect, leave to the Committee to
determine.
Tie second loai of 824.000, made-on t i t 26th day of May, 1814, wa§ the
day following a regular discount day, t i 4 in regard to lull those loans,
H n i l | e for .the Cenunittoe to determine^ bgr the testimony and the minute*

[ l*p. Nft. 4§#. ]

t

'

lit

• f fhelloard, whether there existed mi authority by the Hoard, at H i t
time, for any committee or individual to make loan**
8eamd. The two notes entered upon the discount book, after'the die*
c u n t s of tli© regular discount fflys, hill been added up; and, i t dates be*
tmreen the regular discount days, tlie © i t for 820,000 and t i e other for
$58,319.00 are found to corres|H>nd, l y t l o looks of the Bank, with the
memorandum by me produced. Whether there existed aw authority for
granting those duamnt* must be determined as in t i e case of t i c precc^
ding loan*.
'
"
The discrepancies which appear exist i n , t i c collateral circumstanced
r
collected with tlie preceding loans i n i discounts, as rotated by me.
F i r s t As to the period that the facts were communicated tome, and-my
g i v i n d i r e c t i o n s to have the two loins put upon the books. *
Second. As to tlie time I informed the President, M r . B i l l l c , t i n t theee
ftcts-had been communicated to me*
Of those circumstaticea 1 did not take any memorandum whatever; t|t§
one taken, as w i l l be seen, was confined merely to dates a i d amounts.
A f t e r a lapse of nearly night years, (as in this case,) the Committee will at
once discover how liable any p r s u n may I© to err in a general relation of
'drcanuitanoeB, a i d , particularly, as to particular dates; and the discrepant
c i t s which appear i i #1© circumstances, connected with the facts, are to be
attributed solely to error in recollection.
I n relation to the fir*L my impmsion now is, that, when 1 was inform*
ed o f the facts l y tlie ©fleers of t l t l Bank, that 1 directed tlie two loani
t o be put upon tli© books, or that 1 was informed that they had been placet!
there, and that I confirmed their hating done so. As to the period'at
which 1 was informed of them, i t would apjiear that it must have been prior*
t o the Slst ©f May, 1824, for at that time ••bills receivable*' account*
had been Increased to t i e amount of 8119,000, by another loan t© T . *& J. 1
G . Biddle, whereas- the sums of which 1 had 1 memorandum (845,000 tftid
1
$24,000) amounted, on the 27tli day of May, (4 days previous,) to o i l /
869,000. In relation to tlie second, it appears that f at the time the t w t f
'loans'were'made of 845,000 and 824,000, of which I took a memorand u m , t h a t M r . Biddle, the'President, was absent at Washington; there-1
Tore, I could not, as 1 believed 1 did, inform him of tlie communication
which had-been made to mc« at the same period, and immediately after re*
c c i l U g them; hut i t must have-been subsequently.
' •
The two loan* appear to lave been made and clarged f while M r . l i d dle 9 the President, was absent at Washington; anil 1 think it may'be fair*
l y inferred that they were allowed by the officers, in consequence of tlie
precedent established of similar loans having been made, and they, •»©#
feelitig willing to refuse to do, while tlie President Was absent what lie
had authorized and done while present, which mas the reason of my being
informed that they hail been made, and- that they had been put upon the
'books, or that I directed they .should be. I n relation to interest being paid,
i t certainly appears by the books that, at tlie time the two loans were paid
' ©IT, interest was at tlie same time p a i l , for the period the moiiyr had
been borrowed*
Having been asked by a member of the committee, whether M r . Wilsoit
mud M r . Andrews accompanied me when 1 took tli© memorandum of the
two loim» f and two notes discounted, and having answered, that one or both
did, i beg leave here to mention circumstances which must b© otniplitolf •

[ l t p . Mil. 4ML ]

Iff

fpWfll»Pf*tivq«>f that fact; which are*—that, by tic rules and reg&latiniMi
of the Board, no Dircctiir shall be permitted to inspect tie private trtmsf*
actions of individuals with the Bank; therefore, the committee will itfbv
tint 1 could not -have obtained the particulars of the two fata* made, wlffc*
out having bad one of those gentlemen with mc, even if-1 cotikHhose"£f
tbt two notes discounted and put upon tlie books. But then*! wilt istfc
if it cwi for a moment be supposed, that i would look. buck upon thedfc»
count .book fur a priod prior to tiefl^fliof May, to tie %?ork of the'regit*
Jar discount days, (which had been closed) for tM two notes in question,
* Unless my attention had been.direcled to them by some one, which appear
to bawe been tided tii the work of .tie 1 Itli arid 21st days of May, awl apyqir to have been discounted, tlie former on the lStlu and tlie latter on the
ISi days of M$yj and this litter dated tlie 15th day of May, doe'the 5-41
June, awl sixteci days interest charged.
'»
Mr. BlddJe, the President, having stated that. I© wis absent, at Wash*
fnjgton, from about tlie mi day of May to about thqlst June, 18£4, fop the
puqiose of negotiating for the five'million Florida loan, which lie took* 1
fvisi to observe, that* by a reference to the minutes of the Bank, it-, wilt
fee seen, that 1 was, it that time, a..member of the Foreign Exchange Com*
mittee, .to whom the Board intrusted tlie pwer of negotiating for thai
lpau, and,, consequently, the President's visit to Washington wms connect­
ed with, and by, tie sanction of that coin mi tier.
,1 trust that this statement will satisfy the honorable committee is to any
partial discrepancies which may appeal ii my testimony,'already given,
mi be received by them in explanation.
.i. I i tdditiop to the foregoing explanation atid confirmation, 1 wish to b#
allowed to-'continuejipon the records of my testimony the < following* to
ib#w the position which 1 held at the Board, and the confidence reposed in
iw by my colleagues.
■
■
; .let* The sales of eleven thousand shares of Bank stock, sold in New
1[ofk in 18£4, in-the month of December, by my order, and inier my smp f inteiidence, as agent of tlie Batik.
Jd. A letter from N. Biddle, tie President, to me, while in New Yorkv
dated the kffth Beccmbcr, 1824.
M. My memorandums of transactions for account of the Bunk, stowing
tho trust committed to me, the manner in which that trust wasredeemed,to
well while 1 was a Director, an subsequently, ii 1&£5, after my teraMsa
Director had expired; tlie whole of which was gratuitous, charging only
my expenses—.sixty-five dollars. i Tie latter document 1 request nay be verified by the officers of the
Ranlr-

R. M.-WHITNEY*
■ 1 4 1 1 , 18S«4

I .•

-

PHILADELPHIA,

December IS, li£4.

DEAE SIR: 1 hate this morning returned from Washington, having ta­
ken the whole l i e millions at par. 1 wish yen would see ami console Mr.
Srime, and particularly efideavcir to keep his complaints out of the newspa*
pfera; Moreover,*he may, perhaps, be serviceable to us, by turning o?er to
ugl tta.finida be bin! provided in Boston* Considering the* fvetiftg on Whidi

fbe Bank very latifmllj and justly claimed ,the fauty *B M ^ ^ S p M e d b r
m u m advantageous to give it to MS rather than to individuals, we should ail
cactitMftly fegrct Icing obliged to part with any of ©nr F|orWn Loan; w©
would much rather? even ft son© little sacrifice, get funis lit fy)6ton9 Ijf
M N | | M n g them i i New Tork 9 and ©itatnlng drafts on the Boston hanks, ©rf
111 tltfjiptfwort, raising some hundred thousand dollars it Boston, by pledging.pn.stock tier© for sixty days, until we could replace the amount there
w i i i l think y©« ©f this last plan? 1 agree with you as to the expediency of
mAaiiaing -the tpecie at New York, if we could raise the necessary folds with­
out It at Boston; bit, we are hot sure of thatf and we have reason not to b© _
**Qr;<>gUlfident of tlie Boston banks themselves. We mist J©a¥e nothing to
hmuirl; and, sine© we lave taken the loan at par, on the iistiicl ground of
UK Ipltipg the means of doing it, it would be advisalle, in every point of
# W i not to sell any M{ the Florida loan Jn Boston.
■After i n c h consideration, therefore, we are all of the opinion, that tie
•pecie had letter go on; J havo-arranged for two or three hundred thou­
sand dollars frop Baltimore, to be sent here.
. Hi© news of the loan will probably 'occasion a rise in Bank stock. Would
it nut I© well to patwe and profit by it ? We leave this to your good judgmuBt' ..
In haste,, very truly, j^ours,
N. BIDDLE.
M. M. WMITHBYI Esq. Mao York*

Memmamimm of IrauaocHbaj for aeanmt of the Bank of the Untied Slaim
i f J L J f . Whitney.
ISfi.
Dec. t S—Received of Thomas Wilson9Cashier9 4 certificates of 1000 shares
each, any 4000 shares, aid gave a receipt on my departure for
New York.
Dec. £7—Retimed Thomas Wilson, Cashier, certificates of 4000 shares9
/
received abofe, and received from him my receipt
D e c si—Received fronp Thomas Wilson, Cashier, certificates for 5000.,
shares United States Bank stock, and sent to Prime and Co-,
aid gave T. Wilson a receipt.
■ .
t
lM
18*5.
'
,t
Jan.' S—Gave T . Wilson a draft oi Prim© and Co. favor of J. Holmes,
i t fight,
.
.
.
.
I2i0 f i00 00
Do. do.—Gave T. WHson a draft on Prime and Co. favor of
E . D, Whitney* at one. day's sight, without grace, 170,000 Oi.
Jap. 5-—Received of T. Wilson, Cashier, anil gave a re­
ceipt 1000 shares of United States Bank stock9
. .
and sent Prime and Co,
Jan. 8—Received of T. Wilson, Cashier, certificate of one
thousand shares, and sent Prime ami Co.
Jan. 8—Gave T* Wilson a draft at sight on Prime and Co.
for

-

-

-

Jan. i§—Received of T. Wilson, Cashier, and gave a re­
ceipt, 4,000 shares of Unitec) States Bank stock,
and seit Prime and Co.

1 £0,000 00

lit

.

'J Icp. No. 460. ] '.

Jan. 10—GavoT. Wilson, Caq)iiery a draft on the Branch
Bank i t Boston, on account of stock sold I j
Prime and Co.
.
.
.
299*000 §©
Jan. 11—Gate T . Wilson, Cashier, a draft on the Branch
Bank i t Boston, on account of stock sold by Prime
aid Co.
46,S4>§ 00
Jan. 12—Ga?e T . Wilson, Cashier, a draft on the Branch
Baiik at Boston, on account of stock sold by
Prime and Co.
- ,
70^200 C >
M
Jan. i s — Gave T . Wilson a tjraftoi 8. Frothingham, Bos­
ton; on account of stock sold by Prime and Co.
100,000 ©§
Jan. 18—Gave IV Wilson, Cashier, I draft on Prime and
, Co. payable £0tli instant, without grace, 140,000 Q§
Jan. 24—Gave T. Wilson, Cashier, a draft on Prime aid
Co. at sight, on account of stock sold,
130,000 ©i
Jan. 26—Ga?e T . Wilson, Cashier, a draft on Prime and Co.
at sight, for balance due for stock sold by them
to close the account, - ' ,
- .
4,910 55

Statement JL J £ Whitney requests tmmy be continued after hu testimony and
previous statement
The question baring been agted by Mr. Allans, if 1 had .not failed, sine©
i was a Bank director ? 1 .b#g to be permitted to answer it myself, and to
state circumstances which that question naturally calls forth.
In 18S5—the same year, .during the month of January .©f which,as mill
be seen by documents presented, although not a director, 1 was employed
by the Bank to transact business for them, and did it gratuitously, and was
entrusted with nearly six hundred tliousand dollars at a time—in the month
of December of that year, 1 did fail. My failure arose from the very heavy
losses 1 sustained upon the importation of foreign goods, tlnyc losses in- ruin­
ous speculations i i which 1 had engaged, aid tremendous losses by bail
debts and misplaced confidence. Between 60 and 70,000 dollars are yet
due from one concern, 16,000 from another, 15,000 from another, and
many from 1 to 5,000 dollirs; all contracted that year, besides heaty losses
§i preceding years.
*
At the time of my failure, 1 owed the Government, for duties in this place
and New York, I If 8,714 97; tie whole of which 1 regularly paid, as the.
Itotttfi became dmr; and am not low indebted to the Government one dollar,
although I have paid lor duties «n foreign importatiomvsince the year 1816,
upwards of ©tic mtttion six hundred thousand dollars, aid regularly m tbo
bonds or obligations became inc.
1 . M. WHITNEY.
Examination of Joseph CamperthwaiU Semntl Assistant Cmhier.
Question by Mr. McDuffie. How long, and in what relation, have jett
been associated with Mr. Biddle in the administration of tie affairs of tbo
Bank?

'' [ Hep. Nil. 4fi. ] ' .

lit

Aiswcr. 1 In?© been in tic Bank eleven years. For a norober of
yetrsp 1 think between three aid four, 1 was Secretary to tie President
and I' always, prior to my holding tic place i now do, of Second Assistant
Cashier, maintained a confidential relation to the President.
Question by Mr. McDuffie. It appears from the books tint very large
loans lave been made to Tloraai Biddle & Co., particularly in 1851;
will you state whether you have ever known the present presiding officer
of this institution to manifest, on any occasion, a disposition to grant favors
to the house of Thomas Biidle & Co., or to extend to then any facilities
not conducive to the interest of the Bank? Stat© filly whit yon know on
this subject.
Answer. With regard to loans to T. Middle & Co., in 1831, they were
frequently the subject of discission before the Exchange Committee, aid
It always seemed to me that the President was the least anxious on tin
subject. He wis anxious that the finds of the lank should be infested,
mud spoke ii that general relation ft lie meetings of the committee; and I
distinctly recollect hearing one or two of the committee, Mr. Cop parti­
cularly, say, that they had been to Thomas Diddle & Co. to solicit invest­
ments of that sort. Willi regard to the partiality to which the question
refers, i know of no instance whatever of it. My own impressions haft
always been, that the President has erred in being too scrupulous. Gnu
case now occurs to me. 1 recollect some years ago it was determined to
■ell part of the forfeited Bank slock held by the Bank; when it was sold9
1 was surprised to ind an agent in New York had been employed* rather
than the house of T. Diddle & Co., to whom, 1 myself, if 1 had had the
management of it, would have given it, believing that they could hate
managed it much letter. When i alluded to the natter among the officers
of the Bank, i received the impression tint it was doie ii order to avoid
any imputation of partiality.
Question ly Mr. Adams. Have you e?er known the President to mani­
fest any partiality, or evince a disposition to grunt a special favor to any
one of liis relatives or friends?
Answer.

No,

Examination of Joseph Parker JVbrrif •
Question by Mr. McDuffle. Are you the President of 'the Bank of
Pennsylvania?
Answer. I am. * Question by Mr. McDuffie. Are yon aware that Thomas Biddle & Co*
obtained a considerable loan from the Dank of the United States?
Answer. I have heard so.
Question by Mr. Diddle, President of tie Bank. Did the Baard of
Directors of the lank of Pennsylvania p«s§ a resolution authorising the
fifficers of- the bank to make ldfens on stock? State at what time, and
what was the rate.
Answer. They did. They passed a resolution in October, 18S§, i i '
empower the President to loan any sum, not exceeding 8500,000* at a rate
of interest not less than four and a half per cent, on a deposit© of public
•locks, or the stocks of incorporated companies, such as he might approve.
Question by Mr. Diddle. Did they ©itaii any loans uidef that nwoHf •
t i n , and to what amount?
M
* *

114i

X ltep.Na<4M4-]-

Answer. T l i f l i i . i believe about one liiniteJ and M y ifcopaai
dollars H I S all i could loan.
Question by Mr. Biddle. Were T . Biddle & Co. aware of thaftno**
lution?
Answer. They were.
Question by Mr. Biddle. Had T. Biddle & Co. withdrawn any por­
tion of their loans from tie Bank of Pennsylvania to the Bulk ©f the
United States?
Answer. 1 cannot say.
Question by Mr. Biddle. Did they tike part of the loan of the Bank
of Pennsylvania?
Answer. They did, at four and a half per cent., aid if it had not been
for tltem, wo should not have loaned mow thai twenty or thirty thousand
dollars..
Question by Mr. Biddle. Would not the l a n k of Pennsyi?ania have
lent to T. Biddle & Co. the whole half million, or nearly to?
Answer. They would, or very near it. If others had made proposals
equally advantageousf we should haw. given it to them as well as to the
Messrs. Biddle. ■ We would have willingly lent the Messrs. Biddle n o w
than we did. We thought at the time that the Messrs. Biddle had not
treated us well in coming to the Bank of tie United States for part of i%
ExammaHan of Thowms Ca&walader*
Question by Mr. McDnffie. How long, aid in what relation have yo«
been associated with Mr. Biddle. in the administration of the affairs of the
Baik?
Answer. 1 live been a Director ever since M R Biddle came in mi Pre*
sidetit, with the ciceptioi of the one year in three when I was out by ro­
tation.
Question by Mr. McDuffie. , It appears from'the books, that very largn
loans have been made to T. Biddle & Co. particularly in 1811; will yoa
state whether you have ever known the present presiding officer of this
institution to manifest, on any occasion, a, disposition to grant favors to the
house of T. Biddle & Co., or to extend to them any faeilities not conduct?•
to the interest of the Bank? State fully what you know on this subject.
Answer. 1 lute known nothing of the loans to T. Biddle & Co. till
within these few days. I have no recollection, i t any former time, of
having heard of applications for loans by that house, except on one oc­
casion, sonic jcara ago, when I was acting for the President of the Bank,
in liis absence. 1 never have had toy evidence of any leaning or partiality
on the part of the President to Mr. T. Biddle, or his liouse. Mr. T . BidHe Is a second cousin of tie President. 1 hare never known of any lean­
ing ©n the part of the President to any relative.
Question by Mr. Adams. - Have you evff known the President to ma*
nifest any partiality, or evince a disposition to grant a special favor to any
©ne of his relatives or friends?
. ' *
Answer. 1 have not. 1 will, however, mention two or three circum­
stances bearing the other way. Some five or six years ago, the Exchange
Committee were desirous of selling part of tie bank stock belonging to
the iustitutioiii It wis supposed by some member! of the board, that, as
ills wis a matter in which secrecy and good Management were essential,

4be«M«tife person*'to to'employed In tletislnefii MMiMbel1. IHiif§
It € a The President, however, on that occasion, employed a New York*
hoofe/ Another circumstance within my recollection, is an applicafiotf
# l i k l was made by Mr. Charles Biddle, the brother of flic President, for
a cashiers lilp in one of tic western offices* Mr. C. Biddle's talents and'
habhsof business might be ftupposed to have eminently qualified hiiA for
ateb aw appointment. His application was, however, discouraged by 'tl#
President of the Bank. Another application was made by Mr C. lidliiy
after some interval, during which time lie lad been engaged in the stwlf *
ot tli© law, having before bcei a merchant, and failed, for the solicitoi*siiip;
of the Nashvi.le office. T i e President of the Bank declined recommend* *
ing him to the l o u d of that office for that office; lis want of- professional
eiperience being suggested by the President as t sufficient objection. A*
few yean ago i visited St. Louis, i t tie request of the Board* for the pur­
pose 4>f reporting as to the'eligibility of that place Iir the establishment'of
•-Branch. I reported against-the immediate establishment of the office;
but being-of opinion that it might shortly become expedient to fix such an
establishment in that city, 1 took some pains to ascertain the most suitable
pewnns to be recommended to the parent board, as president and directors;
when such to Office should be established. The character, talents, aid
standing, of Major Thomas Biddle, a brother of the President, neemcd, in
the opinion of the most intelligent people of the place, to point to him fcr
the presidency of the office. Being apprehensive, however* that the Pre-.
■ideiit of the parent Bank would object to Major Biddle on the.wore of the
relationship, 1 placed next to him, on my list the nam* of Col. 'ff Fallon.
When the office was afterwards established, aid the Board of Directors
were to be appointed, the President desired that Colonel (PFallon should
be placed at the bead of the list, and it wis so arranged by the committee
en t i e nfficm.
Jtamuiiatioa of WMmm JPMvaine, Caskkr §f lie Jtetifc if fie UniUd
Statu.
Question i j Mr. McDuffig. Bow long, and in what relation, have yon
been associated with Mr. fiiddl© in the administration of the affairs of the
Baifkofthe United States?
Answer* 1 am the Cashier of the Bank, and came in on or about 4th
February, I8fi6. My duties are chiefly of an executive character: my
position i i tie Bank does not bring me into an immediate acquaintance
with the loan operations of the Bank, which arc attended to by Mr. Andrem* the i n t assistant cashier. My duty is specially connected witb
the exchange department
Question by Mr. McDeflle. It ippears from the books that very large'
tonus ha¥« been nude to Thomas Biddle & Co., particularly in ISSi;
will you attic whether you l a t e ever known the present presiding officer
of this institution to manifest, on any occasion, a disposition to grant Favo*-*
to the bouse of Thomas Biddle It Co., or to extend to them any facilities
not condoeive to the interest of t h e ' i n k ? State fully what you know on
this subject '
• •
Answer. 1 hmm neter seen aiy disposition oi the part oF the President
In show Hie smallest fit or to the house of Thomas Biddle It Co. - Their

15S

[ Iff. Nik 4#§, J

connexion las been intimate, arising from their being the oiost aeeompHab*
ed brekera in the. city, and doing the largest business.' They have not
been eiclusively employed by the link, bit their transactions have been
▼cry large* The operations of our foreign stockholders ha?© almost all
been done through them. Without disparagement to others of their pro.
Cession, 1 will sty, 1 late always found then more prompt and skilfiil tluui
others with whom 1 ha?© been officially related, particularly in larg» oper*
ations. In til purchases of exchange from them9 aod in all purchases of
itock mad© by their agency, 1 have always found tic interests of tie Bank*
aid of all parties entrusted to them, rigidly protected.
Question by Mr. Adams. Hive you ever known the President to ma*
lifest aiy partiality, ©* evince a disposition to grant a special favor to
t
any on© of his relatives or connexions?
Answer. 1 have not. l i tic stock operations, recently conducted fur
tie Government, purchases of three*per cents, have been foam Thomas
Biddle & Co. generally at the lowest rates. Whenever the Bank has.bees
the purchaser of bills of exchange from Thomas Biddle It CJo. the Presi­
dent lias always appeared to make the best practicable bargain for the
Bant
Jtfanutl Byre9$ Stakmmi.
The Committee having requested me to commit to writing what I verbally
stated to them respecting the loan to Messrs. Thomas BIdile it Co. 1
cheerfully comply with their wish*
in the year I830t owing to the great abundance of money, aid tie reim*
birsemeit of the public stock owned by the Btnk, it was an object of
great anxiety to find investments, as the funds of tie Bank could not then
be employed In regular discounts. Tie Board of Directors passed peso*
lotions authorizing the Exchange Committee to nuke investments i t any
rate of interest not less than four and a half per cent. As Chairman of
that committee i called upon Messrs. T. Biddle & Co. several times, aid
particularly requested them to make all their-great operations with us,
aid urged them to take two or throe millions of dollars or more it live
per cent, and for as long a time as they wished. They were not willing
to take the loan for as long a time as the committee wished, but reserved
the right of paying off as might suit tlieir convenience. The committee,
upon undoubted security* loaned them at five per cent, upward of eleven
hundred thousand dollars, which loan is now reduced, as your committee
" i t s ©Iserted, and now jiay ip interest of six per cent. It was thought a
irery advantageois arrangement to obtain such a large investment at ive
per cent, on such undoubted security, when the committee were authorized
to loai at four and a half per cent 1 have always regarded this opera­
tion aa one in which the Bank was the favored party, and i think it may
be safely and truly said, that the account of Messrs. T. Biddle & Co*
has always been one of the most advantageous accounts in the Btnk.
MANUEL EYRE.
dfrtl 5th, 1838.

I Rep. No. 4SS. ]

%

157

No. 14,
ACCOUNT Of THOMAS B1DDLE fc CO.
Jf STATEMENT of the amount of money due #o the Mmnk # / the
United States by Thomas Middle #» Co., ms pay$rs ©r endorsersf on
lie 15M day mf 'mek mtmi every month from #Ae 15th dmy of Septem*
Acr, 1830, io the 15th dmy qf JMruairy9 1832, ihowimg lie terms of
mek loan.
%

1830.
September
October
November
December
1831.
Jtnmrj
February
March
April

17i
15
li
14

890,000
1,183,100 1
730,000 !
730,000

■144,950
1,131,67s
737,112
737,012

780,400
540,400

14
IS
IS
1'5

7112,31111
540,4011
4§0 f 00© |
48§,§§0

480,000

May

17 j

443,0§8

443,188

June

14

'571,178

July
August

15 1

4tM>,©§§

557,9§8

|

li

501,169
573,9 IS

504,912
57§,§I2

Scptembir IS

573,912

883,9§5

October

580,000

§§8,727

W ,

580,000

|

75«,647

li' !

580,000

[

§83,115

January

17

580,000

652,388

fcfebraary

17

4t#7,7S6

48Sf3ii

Ne¥embcr 15
December

Rate.

Dttoounter*

I%«.

5
5
5
5

per
per
per
per

cent.
cent
cent.
cent

5 per cent
5 per c e i t
5 per cent '
*
5 per Cent
S # 3§,473 at 41 per cent
1 balance at 5 per cent •
f S i i%641 at 4 | per cent
|
balance i t 5 per cent
5 per, cent
5 per cent
■ | 8 7 8 , 8 3 1 i t i percent
1 balance at 5 per cent.
| # 179, SOS t t S per cent
|
balance t t 5 per cent
Cft 141,384 at 6 per cent
|
balance at 5 per cent
Cft 181,384 at 6 percent
|
balance at 5 per cent.

WIS.

1

e#48,922 t t i percent
|
balance at 5 per cent
5 per cent
■ —

■ /-"*——~7~ y

~;;»

m m - ~

= = =

^

=

^

If

Tie above loans at 4i and 5 per cent, were made by the eichniige com­
mittee, and tiose it S percent, on personal security, were made by the
board.

f lip. No. .460. ]

i#p

No. 16.
if mTEMBWT

qf all ike remittance* mmie to Emmpef Mince ike lsi.qf
mi ike credit of ike bmmk9 #j their bankers;

«nirrrAN*BB
yirfBrfff
fa- S

Drawer.

Endorser.

Dfawoe

Ou _
t.

1831.
George Gordon
Stephen C. Green
Albert Putnam
Wm. Teuton
Gordon Forstall, It Co.
Mark Springer
Andrew Low, fc Co- Gordon Foretell, & Co.
Abm. Murphy
Scott it Bmlfoor

A. Low,_& Co.
Chas. Lippitt
It. G. S, Do Peyeter

' Ieaac Low, & Co.
:
do
•1
- Cropper, Beneon^ It Cow 1
s
M
do
Foretell, It Co.
A. Gorfon, & Co.
- I
Levi BL Gale
Booth, Dixon, It Cov - J
X Marehall, cash'r
Thos. R©y
- 1
; Forstall, & Co.
A. Gordon, It Co*.
•1
A. Low, & Co.
Thoa.R©y
1. Marshall, caehPr
Dairidson, Simpson, It 1
DavMaon
-1
Joehna W . Foornef • - T. Denebcr, Edinburgh
Dd. Oliphant 1 M. A. Baron & Richards Hagartf Stietdien, L'pool
f 0 . Train, & Co,
do
do
do
1
A. & J. Dennistown, It Co- - ; John Hagan, & Co.
J &A.Dennietown,Gleju
Cooper, Caruthere, &Co. HagartyltJerdien, L*pool|
If. A. Baron fc Richards
William G. ifewei
Bolton, Oj»den, It Co. David Ingerspll
Josh. Lc Carpcntief
Booth, Dixon, lc Co. - 1
Benj.'Booth, It Co. •
Sam'l Jaudon, cash'r - George Ramsden
,- 1
9 Thomas Fernf
W. It H. Rose
11 Scott It Balfour
Deviaeon,Simpeon.&D>n 1
J. Marehall, caeh'r
do
io
Charlotbe C. Minor Stephan Duncan
George Green, i t Son - 1
Gordon, Forstall, It Co. George Halt, It Co. - '
14 Jno. Arrowemith
W n u B . Suiock
Scott It Balfour
DaviaBonjSimpeoii,lED'
James W. Breedlowe - Cearns, Crary, ft: Go. .
16 John Minturn
Gordon Forstall, It Co.
Foretell, & Co.
A. Gordon, & Co.
do
do
Jno. G. Greenes
N. A. Baron St Richard
Peten It Millard
Hagsrty It Jerdiea
James Fife
Ceams, Craiy, It Co. 18 Higham & Fife
W. Mcllvaine, caeh'r - Hantniry, It Co.
18' Miria Rundle
• l
H. P . Soott
«
* Chae. Btnkhead^
,
«
Jno. G. Creates
A. Gordon, It C#*
21 Gordon Foretell, It Co,
McNlcol It Davideon - Sam'l Greg, & Co.
» Wm. C. Murray
H, Ik G. Mummy
do
«
Felix Forstall
A. Gordon, It Co. ' .
» Gordon Foretell, & Co.
#
Lewi H. Gale
. , Bolton, Ogden, It 0#b • • Nathaniel Kimball
Patrick McLoskay
Roekell, Ogden, It Co.
-15 McLoekey, Hagan, It Co.
W . & S. Wild It Sneyd
J. W. Zarimria, fit Co.
• • H. W . Palfrey
Deposit© by H. D. Scott, of the
F. Office, for the nee of Sir ,
Charles John Peehell
*
•
» I
•
♦
«
Deponite by Wm. C. Cballinor,
of Liverpool, for the use of S.
White, of Saco, Maine
•
•
Bank of BngUad
m -Bank of Ireland Baring, Broth­ T . Stephens m 1Deposited with Jameeon Hun ters, JtC©., by
erv for the nee of W. C. Lord,
WUmington, N. C.f per their
m
m
m
letter Jane 14 1631
- '
•
• i

Julyl

-C' Rep. :N#. 410. ]

>H*

No. II.
/tt^y, 1831, whethet in bilb9 in spede9 m* otherwise^ mmd oil #t#f»# placed
Mating from whence they came*
WO LONDON.
Whore payable.

Dote of bill

Tint,

AnpomiL

Bate.

Amount,
currency.

" ♦ r
"

£.
London
io
do io
do
Jo
do
do
io

•
•

„
do
do
•
ifo
do
•
do
in
•
do
•
do
•
do
•
do
io
•
.
do
-|
Lotid.
Liferpoolin
London
"liferpoolin Load.
in
d©
d©
do
London
%
,
# do•
Ltferpooliii LondJ
oiaacheater i o
do '
io
liferpool
' do
do
do
do
do
io

•

8*Ton'h, June f S Sidiiyi
do
do
N.OiL, l i n e 11
do
do
do
do '
18
do
do
16
do
8aTon'h,
14
do
If. Orl,
ft
do
S»¥»ll,b#
H4
io

35§
1,000
4S7
Ml
740
4S3
3۩

a,

Pit coat.

4

!'•

13 1
If 4
8
i

6,418 §•

•

5§

3*199
1,631
3,816
1,313
1,713
14,100
76©

6
f

Ǥ
7
if
7

159 1? 11

7
8
5f
fil
S
|

•

§

S

s
7
S

6
5
i
I

7
§|
7
7
7
7*
7*
7*

.

•

H

i|
Si

n

\H

7*
7§

H
| H

BS
57
67
il
§§

4,755
940
8,46§
5*771
•,4SS
588
1,696
11,777
5,633
1,186
1,909
4S7
475
1,070
i,53S
14f3§©
14*300
S,559
6*368
181
313
14*900

H
H

3*§§«

io
do
If
1,000
50
Chmrieitoii, 34
do
N.OrL, Jumitl
io
1,800
1,286
4©
m
io
3,000
do
SS
io
its
io
fl
io
360
do
tl
do
do
13
do 1 8,500
1,300
do
34
do
K©
Sanui'h, July S
io
400
do
1
do
100 1
Natchez, JuneSO
do
100
N. Or!.,
18
do
225
Savan'h, July 6
do
1,375
N.OrL, JmaeM
do
do July 1
do
s*ooo
3*000
do
S
do
517
do
do
f
Charlea'n,
11
do
i,300
SS S
Philadel.,
30 30 day*
il
Wiih'n,
94 so u
N. Ori,
- 7 do
3^000
Chm^oi'n,
14 ■ do
1,098 15
do
io
14
\ 8,333 s
N. Orl,
8
3*000
do
do Juiiofft
300
do
74» •
Mobile, l i l y 7
io
do
N. OrL,
9
190

Doll, eta

m

40

ii
If
89
78
33
88
»
33
if
Si
70
89
5S
44

16*791 09

1
1

14,900'
1,430
3*383 71
§71

•

London, June 6

do

IIS

if

909 71

do
6'
do May 5

•

io
lo

160
•i
74 13 3 | S

%689 77
^$58 Si

im

l»091 i f

"
1 London, lime 14 ' i o

I

809 •

S

r ^p- N°- 46°* ]

i6o

STATEMENT No. 16.—REMIT
|

n

;

.

Drawer.

1

Drawee.

Endowet.
■

■

—

■ —— ■

1
—■»-»■

1831.

Mf »

Depoaitefi with Barings, Bro­
ther!, It Co., bill on Coutts,
It Co,, remitted by Messrs.
Todd &. Romane, for the
me of Ann Galbreithi t§©»
Chambers i t , N. York
Deposited with Denieon, re­
mitted by W . It J. Brown,
of Liverpool
Deposited with Jones, It Co.,
for the use of William Far­
mer, of Cincinnati, in behalf
of Hy. Farmer, Freeman's
court, Corn hill, London •
Alexander Lyell
Scott & Balfour
Maty Gilpin

«

m

m

•

•

•

* 1

m

-

• I

• I
J.H.Unn, J. Smith, Esq. 1
,
David§on,Simpaon,itl3 B I
Aug. 1
Barclay, Tritton,Beraii,
&Co.
J. It R. Purvis, It Co. - A. Taylor, ItC©., IVpool
$ James Robertson Foratall, & Co.
A. Gordon, It Co.
- 1
4 Gordon, Forstall, ft. Co.
r
Wilham Hood
A. Taylor, & Co.
1 James Rebertoon John Hiddleaton
R.Jarvie, Esq., Glasgow J
€ Mclf Icol & Dawidson
J. B. Wood | Smith, Payne, fc Smith 1
Erfw. G/ Cozefts
• Thou. Hollinaed - . - ' Lee&Qarner, JJELSquirea H.T.Hutohina,T.'Lee,
It Co.
do
do
• I
do
do
do
• I
do
•
do
do
-1
io
•
T. E. Sq Hires, H. T. Hntr
Lee Ik Garner
chins
-<•
do
•I
Joseph Le fcarpentief - BootbJ)ixon,MoX'pool 1
11 Benj. Booth, & Co.,
Ogden Hammond
W. L. Woatenliolm - 1
McNiool & Davidson
W, It H. Rose
Davison, Simpson, It D"n J
Scott % Balfour
Deposited with Baring, Bro­
thers, It Co., by R-Holtm,
for the use of John Drinkv
•
1
all, of Cincinnati, per letter
89 June 1
• «
.
•
• 1
T. A. Stajmer, Esq. < j. Lotia Commis'rs of Ms 1
-•
11 R . J . R o a t h , C . G . •
Majesty's Treasury - 1
4
do
*
•do
-J
do
•
W, Hanrej, Esq.
do
do
•
! John Flemmin^, proa.
Bonj. Holmes, caah'r - Thos. Wilaon.lt Co. - (
Le Meaurier, Tilatone, it Co. T. A.Stayner, W.T.Barrjr Routba l^hompson - 1
IS Joe. Thompson
AAJ.Dennistown,&Co. -B. J.T. Nightengale, Esq., J
BornhH row, Friesbury,!
London
- I
Jno. B. Champ, Schuyl­
♦
IS \ John B. Champ
kill bank
Hanbury,&Co., bankifs 1
-1
•
« W . Mcllvaine, caah'r - Barman It Co. •
11 J. Smimove'
Jos. Le Garpentier
Booth,Dixon^cCo. L'jtofJf
' • § Benj. Booth, fc Co. Rich'd 0.nPritchard
- Fletcher, Roskoa, Rob- J
•5 | Gk»rg« Salkei
erts, It Co. •
- I
- | Da%M Jackson
-f
• 1 MeNM k Blak
SI i McKiool It Dafidsoo

«•

•

J. B. Tilden •
J. Marshall, caah'r
H. D. Gilpin -

•

[ Repi, No. 460. ]

161

TANCES TO LONDON—Continued.
Where
payable.

Date of bill

Time.

X.

«

"

London,

-

do

London

10*

328 73

90 11 9

par

402 61

do
do
do

51 15
110
952 2 6 !

Philadelphia, Aug. 1
Charleston, July 26
W. Orleans,
20
Charleston,
28
do
30
PalestinCjN.Y. Aug.5

do
do
do
do

Barbadoes,
do
do
do

do
do
do
do

do
do
July 13
N. Orleans,
26 60 days
Charleston, Aug. 3
do
Savannah,
2
do

London
do
do

London
do
do
do
do

Cluebec,
do
do
Montreal,
j Cluebec,

•

200
100
200
100
317 9 2
2,500
1,000
554

60

, do

Mar. 18 30 days
April 2
do
|
do
20
July 4 60 days
May 23
do

s
9
8

H

121
IjUoS
7,1-3
4,900
4,900
1,5 J1

9

4,444 58

8
S{
7

12,000
4,8 It 11
2,634 59

8
8

\

98

291 21

9$ less h -

}■
n

11
55
33

•;

060

1

8

374 40

105
100
2,000

Pittsburg, Aug. 5 20 days
Washington,
12 5 "
N. Orleans,
6 60 "

7

482 21
1,1-37 17
1,188 88

78

do

do
9
23 1 do

100
100
100
400
250

251 16
535 33
4,570 20

9 j less £ -

25
409 9 10
1,500
1,000
1,000
318 3 3

do
do
do
do
do
10 days

July 8 90 "
do
do
July 9
do
do
do

Nassau,N.P. July 16

do
| Charleston,

Dolls, eta.

do

do

do
do
N.Orleans, July 14
Savannah,
23

.

|

Per cent

s. d.

67 10

June 14 60 days

do
do
do
do *
do
do

.

Amvunt,
currency.

Rate.

Amount

8

512 17
480

150
1,000

9,5J5

1 s*

t

SI
Digitized by

55

716 67
4,922 25

[ Rep. No. 460. ]

162

STATEMENT No. 16—REMIT

[

A

c J3
>

1

Drawer.

|

Drawee;

Endorser.

1

1

a.
1831.
Sept S

5

5
7

Deposited with Baring, Bro­
thers, & Co., per their letter
July 14, by Bowen, &, Co.,
Malton, for the use ofRichm
/»
ard Judson, N. Y.
Deposited with Earing, Bro­
thers, & Co., J;ily 30, for the
use of A .&. R. Carrick, of
N.Y.
Deposited with Baring, Bro­
thers, &. Co., July 30, for the
use of R. Waugh, of Illinois
. . .
J. W . Zacharic, & Co.
H. Wm. Palfrey
-

13 Gordon, Forstall, 8c Co.
22 | James Moultrie
22
26
«6
29
23
Oot 3
14
14

17
19
22

-

Edm'd Forstall
James Moultrie, jr.

*

*

*

-j

"1

.
1 W.&S.Wild,&Sneyd f
Liverpool
-.1
A. Gord
8c Co.
S.Parao
Esq./Thrcad
Necdl
.^London -

{ D. Crommelin, & Son, their J. P. Van Ness, Mayor >
of Wasliington
)
\ own order
Deposit for the use of James
Upjohn, of Cincinnati, with
B. B. & Co.
.
H. Waldie, A. Waldie i
Royal Bank of Scotland
Stephen Girard
W. Mcllvainc, cash'r W . K. Allni
do
do
J. Campbell, Treas. U. S. Frs. Tenvayne
H.deTheuxdeMayland
Bank of Scotland Thos. Uankcn
Deposite with B. B. & Co., for
useofJ»s. F. Guille, Zancsville, Ohio
.
Thos. Biddlo, & Co.
- J. Swift
do
do
do
do
1
do
do
S. Duncan, G. Tichcnor
Thos. Butler,
Chas. Bankhead
W . Mcllvainc, cash'r E. Turner John N. Gosslcr
do
do
Thos. Biddle, fit C a
do
I
do
do
do
do
do
do
do
do
do
do
1
do
Bank Pennsylvania

]

JllO* G
•/ l i u ^-*

r «V* l?0*
& ^ ^*
f

*

J

"*

Bank of England
BaringtBro'Sj&Co.J^nd.
Hugh Paraell, Esq.
Baring, Brothers, & Co.
Stride, 8c Fils Coutts, 8t Co. -1

.

Thos. Wilson, & Co. •
Gowan 8c Marx
-I
do
do
»r I
G, Green, 8c Son, L'pool !
H. D. Scott, Eeq., Fo­
reign Office, London - ]
G. Green, 8c SODS, L'pool 1
Thos. Wilson, & Co. do
do
Gowan 8t Marx
do
do­
do
do

S. Duncan, G. Tichcnor
i Jno. N. Gosslcr
do
do
W . Mcllvainc, cash'r do
.do
do
do
do
1
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Baring, Brothers, 8c Co*

Digitized by

[ * l p . m 460. 3

163

LONDON—Cbnttoued.'

TA

'Date of bit,

Wbtfo
payable.

Time. •

Amount,

Rate*.

Amount.

currency.

£.

a. 4.

Dolls, cts;

Per cent

9

4

.f

'
. -

-

-

1,200

]

104

5,873 m

■

.

-

1,000

i

it

4,888 88

.

. 200

j

io

%

JC. Orlemii, A u g . 4 COdayi
d©
i©
27

l

175
750 "

Charleston;' 'Sep. 12 16 OcL

London
do

65 10
358 S 2

Amsterdam, J u l y 15 ' 10 days

Looidba

"' 71

t

.

977 78

-

S3C 11
3,583 33

7|

8ft
10J

I

315 81

'- ;

1,788 88

.
London,
A u g . IS
■ 40 ' •
JOftlcssft*
'Edinburgh, July 7 6idays
S70 4
10
10,000
11
-«
" '- 1 Philadelphia, Sep. 28 do
Mcw York,
22 7 days
1S6
Si
11
. Washington^.
29 Sight
44,946 6 5
30
Liege,
Apr. St 3 days
London
1 9ft less ft14 60 " • ■ 50
do'
- Bli.ofl9cot.Off
4

: -*f
•
4# '
J©

.

J

do
Jo
for*
t

1

*

.
London,
Aug. 3D
* ' 'Philadelphia, Oct. 12 SO days
• ' do
• '"
15 75 "
do
15 105 "
do
15 90 "
* ■ r Natchez,
^
Sep. 22 60 «

35
lOjlcssft*
Wj
8,582- S 6
10,000
)
>10J
10,000
5,500
j
10
190

i

§5
do
9
Washington, Oct 17
10
Katchez,
Sep, SSl " "do
150
. Philadelphia, OcL 21
do
lO.OOOl
|
d©
75dayi 10,000
111
-. , do t
90 "
10,000
do
d©
1
'*' "do* '
do
40 «
8,000
do "',
d©
45 w
"
8,000
50
8,§0©
do v , d©
do "
d©
CO «
0,263 1© 4
do '
. d o
70 "
8,000 ,
do*"
d©
75 "
8,000
. .
do
do
80 "
8,000
111
do
4©
55 «
12,000
d© "
do
S5 ff
12,000
'
do •
d©
S,SS3
m m 12,000 1© 3
do ' ,
do
115 «
do
do
1S5 f |
12,000
do
7S u ; 5,471 I S 5 I
. tf d©
' . ' i ' i o - ' -.Oct 11 m u j *\000
1 18|

Loom*'. ^

©

io ,
JoIo

1©

1S5 M
3,176 53
45,333 M
809 71
821,735 18
3S7 W

171 41.
32,33§ 63
113,411 11,
U2§*8S
f 66 44
■733 3 |
• -148,000-'

1*

t :
In
in

do
1©

f*

fid

till
do

do

do-

Brakenge -

899,000

.88444 48
948 11

[ Rep. No. .4611. ]

164
f

STATEMENT No. 1ft
Ihmwer.

1101.

s
if

§

10

I1

«
14

,#

1

do
Joseph Anie •

J. Smernire
Petit de Villers

Ȥ

3% Win. Gaston
do
do

IS

i Drawee.

fT.Baggott,P.Baggott,J-t P. Benton, cash'r
1 Baggott
'
I
%. S. Pratt, J. Hunt-'
Laleah Wood
er, caiWer lUDnnoan, G. Tichenor
H. S. Connor
Dcpoilte with Baling, Brothera, & Co., byCurries,fcC©.,
for the uee of Joak King,
Oimen© co.f Illinois
Dcpoflite bj J. Comerford,
(for the credit of Ms postage
account) Deposit* by Simpson, k Co.,
' of Wbitly, per R. Barclay,
St Co^ for the use of Root
Duck withfCincin. branch H. C. Coulon
. -• W.'McIlfaint, cashV - /(
S. Duncan, G. Tichenor '
u Jas. C. Wilkins
T.'A. Sfajner, W.'T.'
R. J. Routh,
J
Barry, P. Bf. Genl
Rec'd by Baring, Brothers,
& Co., from Messrs. W l liamson, k Co., against W.
Hallet's receipt, transmitted
them Sijnly last Dcpoiite wIthB.BJt€o. f for
the use of Jamea Jackaon,
of Turk Hancock, with-the
Wyoming bk.,Wilkesbarre
Chafes Bankheai - •
W. MdWaine, cash'r -

If

Dae. l i

lEmicwper.

t
;

• - .

Thomas Biddle,* Co.

if
io
io

do
Io
- .
in
in
do
MeMioul k DaYidson,
do

Jaa. MarehaU, cash'r9 J.
Hunter, cashf
"do
in
W. MelWaine, cash'r, Jo'
do
do­
do ■

•

do
«
do
io do
«
•
Stephen Watson,

•

•Jane Smith,
IS

vr

d6
John Hiddleston,
Jamet'Smith, •

Stetson It Awcty, •
Chads* Baaks*md, •

G. P. It W. C. l o w em,
W. BaeDfainey cash'r, -

J. Baggoto^ JStq.,
caster, England
Ctfjries, Rtjkea, k C o .
G.' Green, & Son, L'pool

iWfltoafcBltnshaTd G. Grapi, eVSbns,- L*pda1f
The Lorfs Comm'n of 1
■ the Treas'y,1Lo*doii §

'Sir John D. Paul,.BarL,
SJ7f Slnuiijliondon Herman, ei-Co.,
A. JL Gower, Nephews,
It Co.' «- • -•
Ratfcb«ne,Bfoa.fltC#., |
Literpool
*
J
T. & J. D. Tkornby Roskell, Ogdea, fc.Co*
Liverpool, • - :
Gtowan <a M a n ,
io
io
, •
*
. •
••
io
do
do
•do
do
•
•
do
W. L. Wostenholm, Li­
verpool,'
Rob't Jarvie, Glasgow,
io
Thomas Edgar, l i Lon­
don street,
Cynn Moiri%liw*fp%
H.D.ScosVF^miOdsco,

[ Rdp. No. 46<h ]

165

LONlftlN—Continued.
■
"
■i ' — - n
' * ■mi 9
Time.
• ■ Pate of MIL
Whew
payable.
f

~=

•

t

' .*pl-

i

Rate.

JjuMumt.

Amount^ **
■ euirsncy*
•'" i

Per cant.

' £ i a. d.
ft]

%ia<ciii!iati, Oct, 18 lOdays

smvajmab;
l * p < y - » . .• Jmtdwi, •

84 SO" 1 "]
" ' 15 80 lf

i*.

4

t.

Doita eta? .0

.H

!1

.<.ioo'.
80
'

• 373 88
878 88
146 m

s

j
1

Ilii: ;i:=0:::ii:i:

London,

.

-

-

Sep. 18

J©

'88
%

1

-

s«
so

.. 188 11
. do
,(
ft
.<60
PMIodelphla,yov. 8 Stent
If Hiring,
Oct.'If 80daj9! . 1J880Y
3§ »
ioo r

1 '4

8

■

i,sp i t

•*
■

.71

.

' '' *

91
•§ few §"
f

■

-J

148

"810 ■»
S # 11
e\848 4 i
•481 ! •

J

LondoDy
^:

^ t
"■*

t
t

i

4©

Oct. 8 1">- ^*"

Waaidngton, If#▼• Si 80 days
dV '
U
s «-

■""■I

■

i *

-

Sep, 38

i

'StTannan,
'

■

,*

*

•

'

.

l i IS M
60 tt
, do 80 "

'#t

f

,

do

i

!

si i l • !

• f leas |

80

S| leas |

:

II
381 13 S

8"

"

, tif l i 7
1,613 J •

si
-

1»180

:

'

| jJ[Clieileetoii, Dec f : i i "
860 • in
. .do.• '
do
do . J .■ ioo [ d o
■
'
i
i

- *'

1
[Ifaraiinmht *
* •
in
LjfUm Orients, Noel 18
;
BWfaoMifti^ Pec 14 1 'do ' J*

.88 *
•80 A '80

884
1,408 38

5,111 88

%- "'
:

IK
li
1

183 78

1,081 14
- 7,881 Si
8,SS3 77

4m
do l i •• : , 1,1880 -.
10,060
" ■
PKWtJpM% Dec S i 40 *" *
u
18y000
do
do : 90 w
10,000
do
do 80 w
18^880
die
■
u o ^ TO
T
83*881 8 i 110
do '• ;
<i© " 7ft **
"
10,880
6Q
*
do^ ' 80 u
-18,880
J©
do 80 1
!
do
J© # li©"* j 10,080
11
j
do
'
do. * H i

Hi

16*87

•

•

6018,860

8,679 88

1

.-

1

. 801 38
3,1'80
840 "

[ Rep. No. 460. ]

166

STATEMENT No. l&sjgBMIT!
Bate of
jrarcha- 1
aea,#

Drawer.

Endorser.

1

*

m«w#c.

1

1

1
.

1831.

"- J W. C^Molyiomt, I i - I
▼erpool,
•■
Forbea, Low, It Co. A*l
William Gaston, J. -Hunter, eash'r,
berdeen,
-1
Charles Potter, Henry
Humphrey It Everett, •
Farnum, It Co..
Thos. Dtekasjon, JtCe.1
93 Join Candler, Jr. McNicol It Davidson, - Maury, r*fimm, It CeJ
liverpool,
M
Norman Waiace,
Isaac Low, fc Co» XiterS
m Andrew Low, It Co.
•pool,
-1
W. McMiraine, casfc, - H. D. Scott, FonigaOfcl
Charles Bankhead, •
fice, London,
J
1
If John Campbell, treasure/, - T. L. Smith, register, J i r
W. McIlTaine/ cash* r,' ^ n f f ^ B t i l i t i % It CoJ
London,
*j
.
Deposited with Baring, Broth era, & Co. by Curries, St C o*forthe me of T . $ o t t i
of Marion cHy, Wliitsam, aandusky, per lettsjr,
i
do
do by Smith, Paytoe,& Co.forthe mm of Ra Iph Turner, of CinoiBMdfl
io
i o by Henry Ans e l for the uae of Thos. An sol, of the Aca^nmyJ
near Le^JnMMi,
1
m Edward Menlove, John'Stoney, Marriott tt'-Kogcm, i J
■ ; verpool,
do
•
;
do
- : jjohn McCtare, Maaj
i; Chester,
J
•
i W B L Mcllvaine, castor,' Aaron'VaO,Eaq. Sac1™
n Eugene A. Vail,
of American Ijesjntiall
90 ; Deptjslte by Mr. Bonlanger, € br the use of Eichard Smit h, castor, Wsauwigtony 3
!
do by Wright, & Co., for the use of Rev. Edward Fenwlck, of €Sgj»iitit3|J
1839.
'do byJotmThoiiiaii, So U, It Co., for the use of Dr. |J.F.N.Guia*.of&uM*l
Jan.' 2 W B L Gaston,
; RatMnftur,"' Brother*, 1
J. Hunter, msh'r,
i Co., Lfseipool^
1
4 i Deposit© for, the use of Thorn ks Nalton, of Few- York,
• •'
11 1 H. Montgomery, director, - Hew. Jamea Carley,' '* - ' H . f c X J o h n H M s t J t q
•
1
Jamca Marshall, cash*r, ITwnaii' B u m s i ^ M i t
It Andrew Low, & Co.
( Co., Abetiefm,
•i
Roakcil? © § € « % I t d
W o . Gaston,
1
do
Uvernpol,.
ftf
1 John Stoney,t Esq., - (Joseph'^Vy, KSMI^ M
14 Edward Monloft, —
I ' Tetpool,
J. P. Beiry,
*
I Andrew Low, It Co. , - Ismac Low, It €5©^
J Stephen Duncan,'1
George* Gieeta %L S t
m1 Gustavus Colhonn, Jr.
Liverpool, " J. Ganahe, Andrew Low, & Co. - 1 Isaac Xiibw, I t ICOJS
1 Stephen Watson, Esq. Rob»t Jarpfe, CaHeeM
18 McNicol & Daiwlson,
Ferdinand S. C. Stewart, - J W- Mollvaine, castor, '• 19 Wm, Gaston,
I Jamea Hunter, eash'r,' Liverpool,
*
8© Deposit© by Geo. Green & Sopis, of Liverpool, In a bille n HeaUvF^ti CS^joCLtj
s,
don, for the fas© of Mrs. J. C. William of N a i e h n . i i g i - »
t l R. J. Routh,
J T.A.Stayner,
Ma$Jty%
teS^^^y
'do
* -'
J G. Nichols,
W# McIlTaine, easb'r, - Sir Jan.4 0 e « j & p ^ l | n
S3 ( Charles Bankhead,
87 1 William Metcalfe, - . - Thomas Lanraon, It Co.

Hoc f t

E. Molymeia, Jr.

S. B. Parkman,

m

'^.

1

1

1 Jamei Metealfe,

1 Jo#iBSabiiaJ[gy

i

1

do

1

«lsj

[ Rep. No. 460. ]

w

T A N C E S TO LONDON—Continued.
Time

Date of bill.

Wler©
, payable.

Amount.

£

a, d.

Per cent.

Amoniil^
curreneji
'Doll, d a

ltfstati

3,§«l

Dec 13, .60 days]

Savannah,,

Rate

««

14 60

fl

8,500

13 1©

<4

83§

9*

4»»1 M

60

"

800

8J

•14 44

Savannah,
11 §§
1832.
Washington,, Jan. 1 60

"

6,50i

9

31,438 88

f<

105

8

M4

u

.

providence, R.I.

Charleston, 'Dec M

«
%

1831.
Troaa*yU.S.pe&8S

1,999 i

fi
' Iff
9f,

Oct t i
.4

-i

8.

9} leu
(.

" le*s i

«

646 6 11

IS 60

m

184

Waahington,., , m, 88 .A
London,' ' Nov. S
"

"

40
175 * " -\
145 4 11
479-4 S

Charleston,

fi

Dec If

do

Dec. 84 st ««■■
No?. 14
Northern Ba»ks Co'y
'Belfast,
Nov. 8 8 1 ••4«
Savannah, ^ Ejcc 29

60

Natchez,
;P©c 18 60 "
Savannah, Jan. 6, '38 i l l "
Charleiton, u
,11 SO «
,,

PMllMMpilk,
18
Savannah, m ' 10
London,
Oct 2S
diebec,

• -i

do

. •

41

* Bee. 8 130- u 1
U

9

Washington, Jan. 24
oo

do

m «
oo •*;

It

30
60

M 1

3©

II

I 30

u

fl

s? to
«t§ n
461 i f

4,487 44

im

IfS 78
853 SI
708 47
1,303 41
9
9}

11,111 11
3,314 44

130
16,109 44

1,393 18

Charleston,, t Jan. 5 si «
Savannah," * *# " 3 so «

• J 4 .* I f ^ i . *

'

8J

9,774 M

8

<g

3© 6 0 «•

. i f f /"«*!'4 J • »»

4

i»5<»

Savannah,

, r ^ London,
do>
'
do

10

M»ii? 98

9,000
784 7 ■
69*

8*
II

■ 100

8

095'
9,000

H

17,900
1,000
sm 14 s
4S§
100
5©

3,781 W
S,53I Of

H

480
3,000
9,644 44

8*

4,811 11

H

9,637 96

9}
8

9,689 78

940
800
400

4*360

[ Rep. No. 400. J

168

STATEMENT Nd; 16.—REMIT
Date of
porcha-

Drawer.,

Endorser.

1833.
Deposite with Baring, Bro­
thers, & Co. by T. W.Earle,
& Co., for the use of John
Parker, syndic of V. Notte,
& Co. per letter from office
New Orleans,
James Hunter, cash'r,
William Gaston, «
Henry L. Conner, -

Stephen Duncan,

Wilson 8c HaDett, .
Jas, Sidford, himself,

Emanuel 8c Gains, L.
Judson,
LinnScRiche, -

James F. Green,

Stephen Watson,

-

Deposite, bill pn Coutts, &
Co., for the use of Ann Galbraith, No. 200, Chambers
street, N. York, < Deposite by J. Crosby, & Co.
for the use of Joseph Huddant, of Cincinnati,
Deposite by Barclay, Bro­
thers, & Co., for the use of
Jos. Watson, of PbiladePa,
Andrew Low, 8c Co. F. Anon, Andrew Low, & Co.,
Themselves, Charles Bankbead,
Wm. McDvaine, cash'r,
Deposite by CaptHammond,
for the uso of SamL White,
of Saco, part of a bill due
January 14,
James Metcalfe,

Reynolds, Ferriday,8tCo

James F. Green,
Gourdin & Smith, •

S . N . Bishop, P. Bacot, cash'r,

D. Matthias,
Higginson, Dean, 8c Scott, •

James Robertson,
D. Matthias, Esq.

Gourdin 8c Smith, •

P. Bacot, cash'r,

do
James Robertson, Thomas Biddle, & Co.
do
do
do
do
do
do
do
do
do •

J. 8c R. Purvis, 8c Co.
Wm. Mcllvaine, cash'r,
do
do
do
do
do
do
do
do
do

T. k J. D. Thornly, Li-.
verpool, ) -*
^*
Geo. Green 8c Son, Li­
verpool,
Rob't Wilson, Liverpl,
M. Stapely, Tunbridge
Wells, England,
Wm. Stuart, Esq. Li­
verpool,
-'

Isaac Low, ScCoL
Th. Bannerman, U Cdt,
H. D. Scott, Foreign
Office, London,

Geo. Green 8c Son, Li­
verpool,
-Wm. Stuart, Liverpool,
McConnell, 8L Co. Man­
chester,
Thomas Roy, Lhrerp'l,
Barton, Iriam, 8c Hig' ginson, Liverpool,
Benjamin Smith 8c Sons,
Manchester, -'
Joseph Smith & Son, Thomas Roy, Gowan 8c Marx,
do
do
do
do
do
do
do
do
do

Digitized by

iff

CS*-]feM«».'t].

.'Whm'jjjf'.l.,*

Time.

DateofbilL

A'monnt.

J

183% Jan.'19
London, ' -

io

1

l

1,700

.81

10 80:

Nalehes,

CnaifiealDii,

London,

: 1,000

M

'' 16

•i

1,100
■ 'so

1,500

Jan. 81'

Dec«

*6 10 ,-

Dec. 11
8avannah, ' Jan. SO eo
* * '
§5 si
J.

London,
-

If nicies,
' Jan. 14
Chaitaton,
Fek 1

-

' ' do '

'-

•' " I t "*•'■

,£ ::

Iiferpooly London^,.do
do*

do
do
i©
4©
do
a©
*o

*

l | kaa |

S,SD§

s

■

D e c 3©

1©

.4>

55 8
9,500' ■

•

Condon, „. 'WUvn^tmi| r Feb.'4'

London,
i©

■ i f lew |

198.

Nov. 99

Lirapool, -

Percent

1,711 IS 11

J© * • ■ PSiloo^lphM, Jam 31 J30 London, ■
■
■

a. d.

Jim-14 60da7a|

Savannah,

Mobjlo, ,

'Rate.'

Pec* 94

m
m
m

Si

1,845
1,738 IS
650

1

SS3 10 S
If

Fob. 8
8 §©
i 8©
1831, Pub; IS § §
si
do
!
m
do
7§
- I©
75
i©
80
- 1©
90
1©
do
93 100
'40
' 4©
60
io
75
II

'Cftajfeaton,

8

"180.-

60
Barbadoea,

55

1,500
1,500
,411

t

•

5,000
' 5,000

9
9

M

1,00©
10,793 IS

5,000
5,000
Sf§§©
6,000

1§§

5,000
10,793 m

#

-

-

170

£ 8ep. 2ft>.460. ]
M

Diteof ■■ %
• :fmcfapu■en.

"

Drawer.

■-

t

l

-

..

■

■'

'"

■

!

k

-

^

j- "*

Dimwot*

: Endontr.- ,.J±

4

■*

■

■

*

I83S.
Wm.* Mcllvaine, cash'r9 Gowan St Man,
'do
'£*■'
.. do
do
' ■
A *
io '
i
do
3 A~»
do
do
i
1©
d
do
do
:
<
„do
do*
*>
,
John N. dossier, • *
Thomas Wilson, fc Co^
Bbinsel^
- y
' .- d o ■
<
do
do
I Wm. Mcllvaine, cash'r, t*
do.
do
yRobert Wilson,
J, Emanuel,
Q. W. Tarleton,
Wm. Smtfn k &m, Li­
do
Wilson k Hallett, verpool,
"Rnssel St Aitkin, B. L.
Bank of Scotland, • '
*-#
•Lear, - \
Coutts, fc Co. f
McNicol St Davidson,
McJfell It Hair, P.
. #
Rood, Irving, & Co., - Bacot, caah'r. ( , r
Patteraon & Haywood,
P. Bacot, cash'r,
H. St J. Johnson, k Co*
do
do
do*;
Edward Menlo?©, Josh. Fryi* Esq. Iivot>
Himself do
pool,
*
• J4
1
Lncas & Epbank,
Jon'n Lncaa, Jr. • •.
Jouathan Lucas,
Wm. Gaston,
•
- '' James Hnnter, casbfr, - [ Cropper,ficjoaon,it Co*,*
P. Anon©, Andrew Low, & Co. - ' Isaac Low; k Co.
; W. C, Mofyneox,
Jos. Camming,
Edw* Molynenx, Jr.
Andrew Low, It Co*
Norman Wallace,
: Ieaac Low. k Co.
John N. Goisler, ■ J. D. Boers, & Co. v
Thomas Wilson, k Cntf
Andrew .Low, & Co.
Jamei Marshall, cash'r, Rich*d Barnes It Soli,
Bury, Lancashire ' •
Jon'n Lucas, Jr. - ' ■ - Jon'n Lucas, Lncas St ^wbani,
Edward Nonlove, •Joseph Fry, Iiverpool,
Himself,
Alexander Wylly, Robert Habersham,
John Arnfitronf, Oath,
Jai§. F. Qretm,
Alexander Sinclair,
W. Stuar^Ifrerpool, Andrew Low, It Co*
Norman Wallace,
| Isaac LoHr# k Co,
P. Gibson; - ,
E. MoljneixflJr.
1 Wm. C. Motyneui,
Gordon Forstall,k-Co.
Jos* Le Carpentiir,
1 A. Goidoii k Co.
Cfaariei Bankhead, W. Mcllvaine, cash'r, - j H. D. Scott, Esq. Fo" reign tMBce, ' ;.
v
Staffer St Assnr, •
Do E l a n , Iseiin, 'and H. Chastelain, Sdmct:,.-Moore,
•*.
ler, It Co.
::::
#
. * do
' do
\do
!
do
do, .dodo
do
.
;
'.'do
io
do
.
'
De Eham, Iseiin, St Moon, - ; F. C. BoeE, •
J. Les iAmme, It Cut, •
do
do
T . W . Smith, 8t€©^ •
do do
j
' do"
!
do
do
'SusekjSmeth,
:
J. D. Been, St Co., E. Wainwright, St Co., Wainwright & SBMIS,
Liverpool,
do
|
do
do
€fgden, Ferguson, & Co., - •John Greenfield St Son, Bottom, Offdcn, k Ca i
do
x do
do
1L. Tfmppman,
•
J j Be Rham, Iseiin, and
1
| Moor©,
* John Bumnianl, It Co*
TkuwMi Biddle, k £ o.
w
do

4f
Feb. 11

l4
«
18
it

11

I-

'

ft
23
it

f4
8?

4k "

5

y>

*
,
if.

' TANCES TO LONDON-^Cbntinued.
•',7-^1

-■ '

:sss=ss.car

Wldwpf.

Date of bill.

Time.

Amount.

late.

Amount,
currency.

Per cent.

.. <Douevett»

able. .

1
'Iiondon,' "do'
i©
do
do,
do*',
*

>do'
/

;
i

*

tc

N e w York, Feb. -14 ■ S i *
« 90 "
'« 6© "
Motile,
Feb. 3" '60 u

-

"r - ■
"

do

#

i©

I

. dp'
do

m «
7§ ".

w

do

'

*

U

"
" ' -'■
'

do
4©

F«b. 93 UO-d'ye
. - I I
90 u
II
45 m
•>
.
i« 105
"
'
IS m «

'

so

ii

•■ Falkirk,

Doc. f'' 8©

- - ' ! Charleston, ' Feb. 9
' —
11

m
s©

•it

■. A

1

5,000'
8,0©©
5,©©©

S,©0©

1

■jrto*

fiBWr

J

10,000
■ 1
■
1©,©0©
| 111 '
10,000
'10,000
I
!§,©©©
j 111
14,343 4 l i
1,500
©5

1
1

-

■ lSS,4t§§J

i

u

1,500

u

s

•

7,989 S3

«

11

M

148,000

9,000

. « 1 ,9,950s© '.« |
80©

7,938 31

-f
•

s

'
: ,

!

u

14 so '
4§©
. 1
do
m ■ 60 ' u
1,000 r
do
'u , §,i©§
"'do •
• Savannah,- ' Feb. § m
4
do
-;
731
eo • u S,§©0 6. - 5
.1©
do
-.60 *4 u
'• ■
S ■ 60 ■
; i © * •!]
9,500
tt
do
N e w York,
" 9 1 ' , 60
90,000

sits

[

S,S88 SS
14,775 58

ol

J "1

6.782 M

*t\

,9t ■

1

13 Si'
l€
Fei>. 15 60
- IS §© f<
Savannah,
Jan. IS ■ S © "
:
«
■ Charleston, Fee. 17 S i «
■ so «
' - Savannah,
4<
•
IB i d «
N e w Orleans,
19 60 "

do
do
#©
do
do­
do
i©
'do

Savannah,
Charleston,

, • do

. ■ .
;

do
d©
*'do
do
do
1©
I©
i© .
I©,

Washington,
•«
*

II
II

* **
If
II

-

M
E

1©
it©

•

S3 ■6©
M
1©
II
60
CI
Wf
II
fi©'
'94 i s o
II i 60
II
■ 60
' If , S©

«

15

1

si

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I Bep. No. 460. ]

172

STATEMENT No. 16.—REMIT
Date of
purcha

1

Drawer.

Endorser.

Drawee.

]

868.

1832.
Feb. «7

L. Treppman,
Do
Do
.
Do
Do
Do
Do
Joseph Battersly,
Edward Martireu,

,

Feb. 27
. 28

Mar. 1
2

5

i

7

8
9

10
12
13
• t

14

,
•

De Rham, Is el in, and
Moore,
do

do

do
do
do
do
Ogden, Ferguson, 8c Co.
do

John Ba ran dent, 8c Co., 1
do
do

do

1

do
do
do
Geo. Jones, Manchea'r, I
Martireau, Smith, & Co. 1
Liverpool,
-1
Joseph Battersley *
Himself
Gardner, Outram 8c Co. 1
Jona. Lucas, jr.
Jonathan Lucas
Lucas 8c Ewbank
-1
John G. Greeves
A. Gordon k Co. L'pooil
Gordon, Forstall &Co.
Joseph Marx 8c Son
J. L. 8t S. Joseph 6c Co. Gowan 8c Marx
•1
Do
do
do
Do
do
do
*
Do
do
do
Do
do
do
do
do
Do
Gordon, Forstall & Co.
John G. Greeves
A. Gordon 8c Co., L'pool]
De Forrest 8t Son James Treat
Wm, Ingiis&Co.
• |
Coster 8c Carpenter
Gracie, Prime 8c Co. • Baring, Brothers & Co. i
E. Molyneux, jr.
Joseph Battersley
W. C Molyneux, L*peoI
S. N. Bishop
, - D. Barnes, C. G. Morris Wainwright 8c Shiels Do.
do
do
Gourdin and Smith P. Bacot, cashier
McConnell & Co , Man'r^
Patterson & Maywood
do
J. McCameron, Esq., Lp.
William Gaston
James Hunter, cashier - T. 8c J. D. Thombey Do
do
Rathbone, Brother 8c Co.
Do
J. Marshall, cashier, J.
Hunter, cashier
Cropper, Benson 8c Co.
V. Hazard
Wainwright 8c Shiels,
Win. Vernon 8c Co. - Wainwright 8c Shiels Wilson StHallett *
J. Emanuel
Wm. Smith £c Son
Jona. Lucas, jr.
* Jona Lucas
■
Lucas 8c Ewbank, Patterson 8c Maywood
P. Bacot
Wm. Stuart, Esq.
Hicks, Lawrence' & Co. - Silas Hicks
Roskell, Ogden 8c Co. Samuel Hicks 8c Sons - Cropper, Benson 8c Co.
Do
do
Do
Ally, Lawrence & Trimble
.
William Barber, jr.
J. A- Merle 8c Co.
Latham 8c Gair
Jona. Lucas, jr.
P. Bacot, cashier Lucas & Ewbank
J. & J. Oalders
do
Buchanan, Land Sc Co. *
W. Gaston James Hunter, cashier, - T. St J. D-Thornby Do
James Marshall, cashier Cropper, Benson 8c Co.
Do
do
Rathbone, Brothers & Co.
Do
do
Roskell, Ogden 8c Co. Charles Bankhead W. M'llvaine, cashier • H. D. Scott, For'n office
Depositc with Baring, Brother s 8c Co. by F. Hunt, for th e use of Francis W. Hunt,
W. Barber, jr.
Lincoln 8c Green
R. F. Breed, Liverpool *
James Robertson *
J. ScR. Purvis 8c Co. - J. Robinson, Liverpool *
Do
do
Andrew Taylor 8c Co.
P. Bacot
McConnell & Co-, Man'rl
Gourdin & Smith do
Joseph Smith 8c Son
Do

Digitized by

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LBep.No. 460. 1

173

•Av

TANCES TO LONDON—Continued.
Where pay­ '
able.

Date of bill.

Amoirot.

Time.

Rate.

Amount,
currency.

!

,
Charleston,
u

London,
do
do
do
do
do
do
do

«(
If
u

tt
If
If

Feb. 11 60 days
«
do
*t
do
If
do
ti
do
u
do
"
do
11
do

do
Liverpool, - Mobile,
3
London
Charleston, Feb. 20 60 days
ii
ii
do
do
do
N. Orleans,
. 13
do
do
Richmond,
16
do
a
u
do
do
tt
II
do
do
II
II
do
do
- ;
it
II
do
do
II
*
!<
do
do
do
N. Orleans,
15
do
d«
New York,
29
do
u
u
do
do
do
Savannah,
21
do
do
Charleston,
23
do
a
*t
do
do
do
24
do
25
do
do
do
Savannah,
24
do
«i
II
do
do
II

do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
of Cincinnati
London
do
do
do
do
*

do

II

New York, March 3
Mobile, February 18
Charleston,
27
II

II

New York, March 5
(I

u

if

if

New Orleans, Feb. 18
Charleston,
28
"
Mar. 1
Savannah, Feb. 2S
it

ii

u

if

ti

tf

London,
Feb. 1
New Orleans,
20
Charleston, March 5
it

K

.

«

6 !

|

ii

ii

1

450
500
491 5 7
503 4 6 1
490
550
439 17 6
620
1,800
634 14
2,000
! !»
1,500
8*
1,000
1,000
500
500
f 9
500
1
i
500
J
1,500
H
3,000
2,599 11
!•
1,100
10
1,000
9J
1,000
1,500
10
558 17 10
2,000
j
500
!

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1,000

do
5,000
do
1,000
do
1,000
do
1,000
do
3,000
do
4,500
do
4,500
do
2,000
do
2,000
do
2,000
do
300
do
500
do
400
do
200
do
75
do
5
do
400
do i
163 5
do
850
do
1,000
do 1 1,000

i

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12,880 75
7,250

19,377 7£

7,250
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17,111 O
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24,222 25
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9,666 61
19,511 12

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71
71
71
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4,877
4,877
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1,946
4,931

67
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67
26

9,733 34

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[ Rep. No. 460. 3

74

STATEMENT No. 16.^8EMIf
"•'' - ■ - - -

Date of
ftttfebaseB

i r

'

■ -■- -

Endorser.

.Drawer.

^ ^ ^ ^ - ^

I

"•,

■•■.

i

Dfmwee.

Si
Alexander Sinclair
Mackio, Howi%8i Co.
, Alston, F a u l t y It Co. • 1
Patterson & Maywood
P.Bacot •
Rathbone,Brothers It Co.
Robert Biggin
John Boyd k C o .
Archibald WHson & Co* 1
W. H. Robertson F. Colebert Ainc
Ketil St Courant, L'peol
Themselves
John Gore 8t Co*
Mmr. IS David Crommelin St Son
W. M'lhaine, cashier - II. D. Scott, foreign office
18 Charles Bankbeed '
IS • Brothers Cramer
Baron Cn's De Sacken - Baring, Brothers St Co.
SKI Benj. Booth & Co. Jos. Lo Carpcntler
i Booth, Dixon & Co.
do
Bo
Thomas Toby . *
i«
James H. P n t t
' Lincoln St Green
Latham & Galr
Lucas It Ewbank
•
* - ■ P. Bacot
SI Jona. Lucas, jr.
do '
do
•'Do
J . Smirnoff
Messrs. Barman & Co.
4-Steiglitz&Co.
Lincoln ft. Green
33 William Barber, jr. t R. F. Breed, Liferpool 24 Gourdin & Smith
P. Bacot .
; McConncll & Co., Man'r
i •
Edward Meniere , - Himself
' J. McClure, Manchester
i
Gourdin 8t Smith: *
P . Bacot
. Benj. Smith & Sons
• i
Join A. Merle It Co.
G. Merle
Baring, Brothers & Co. "«6 E. J. Routh, G. G.
T. A. Stayner, Esq. - Comm'rs of his 11 aj TreJ
17 Deposit© for the uie of Joseph F. N. Guille, of Zancsvil le, OMoj part of bill die)
Do by W . It J. Brown Ik Co. of Liverpool *
Bo for the us© of Mrs. Mary Murray, of Edward :«viUe, Illinois, in a bill
Do for Dr. Jos* Guille, o f ZanesYille, Ohio; snndr y bills at'iSandSCI days
Frost Thorn, V - L. Ro18 A.S.Warell
beson & Co. •
i Wm.IngIi8,PhflpotIa
Gordon, Foratall St Co.
Joseph Lo Carpcntler • A. Gordon & Co., L'pool 1
W. & E. Redmond Sam. k Thpa. Asiton Peter Bacot, cashier
Jona. Lucas, jr. '" Lucas St Ewbank
•
do
l a n k of Scotland W i . Fraier
Courts & Co. -1
Bank ol England - _
E. A. Gilpin, J . Gilpin Bank of England
*
Barclay, Tntten, Bciran
Mary Gilpin
Henry D. Gipin _
& Co,
-I
His order
30 P. J. duinlan
J E T . & T . Maxwell, Lp.
Andrew Low & Co.
Horman Wallace
Isaac Low & Co., L'pool
J . G. Greewes
A. Gordon & Co.
-1
- 31 Gordon, Fontall St Co.
J.JBlack', Hammcninutta I
E. Shippen, cashier
P. w . Grayson
site bj Join Devdnshire, for the mm of Win, Good man and Mrs. Sue's Good­
man, of Sheffield, Lo
wine county, Otto; 15

•

-

1831
Aug. 1
1833
AOyM
Feb. 1

^
^
hip President MonongsJiele.

•

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•
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[ Kep, No. 460. ]

175

TANCES TO LONDON—Continued.
'»

' " '
'
'
Date of bill.

Where
payable.

,

IIHI"

: !

Time. '

.

late.

Amount.

£

s., i . .

V

Loadon,
Charleston, March S "St d a p 1,300
M
do
do
366 IS
8
Mobile
3
4m:
525'
do"
U
'
«<
4a
! in
87f '2
Amsterdam, Jan* 3 10 days
io
65
Washington, Mar. IS - ! 80 days
io
400 i
St. Peters b'g, Jan. 8 1 i o
do.
, Mew (Means, Mar. 1 1 do
do
4,000
11
2,500
'
S ! io
io
357 2
"
- S ! do
io.
io
Charleston,
13 j do
915 12
io
"
14
do
J ,000
StPetcreb'g, Jan. 14 3ras.deio
170 12
320
Mew Orleans, liar. 7 60 dayg
do
1,500
Charleston,
16 1 - do
io
u
183
15
do
Io
41
1,500
.
'IS
do
Io
1,000
New Orleani,
§
do
io
500*
Quebec,
Feb. 15 30 days
io
245
14
ISth April - London,
•134 2
•
' 50
Contte
•
—
- ' • 749 I f
-

III1!Ill 1 : : : . . . . : = . : = . . .

Per cent

io
io
io
io

do
60 dajs
do
io
do
sight

. 8f§74 72

\

10

20 30 days
7
30 §§*
1C 60
SI
-

M

Edinburgh,, Nov. 1
London,
11
PfaladelpMa,
If arch IS, 183S
Savannah, Mar.
New Orleani t Louisville,

_ .

4n

B.B.atBui&]o London, ■
orerfecM. ' '

-

Feb. If

9

J
s

33,371 34

6
5
2

9

}

9,280 11
S2S 50
1,557 33

H
^

-

*

9 •

n
H

10

-

i©
10
10

4

)

f

15,413 19

$!
■■

io

7

4,866 67
2,444 44
1,197 76
655 74
244 44
3,865 28

Par
9

i *8*

29,133 33
699 n

> 8J
)

]

196
»»3?f 78

204 94

10
8}

-

•

fi50

|

32,523 7

*

.

2i,8S3 .'6 8

i

£
■

;

9

10*

392 33
7,250
14,500.
700
3,185

'
•

=

J

•'

-

■ dfcjai as:

41
S3
44
18

9J

22 10
80
1,500
3,000

M

-

5,8|0
353
313
1.940

-

9

11

44 2
4,000
4,000
2,000
145
20

Ifacogdody, Jan. 18
N. Orleans, Mar. 14
Charleston
20

Dolla.m

I9

n w s -H
H

London
io
io
io
do
do

Amount,
currency.

•

:

••

•

•■■

-

-

-

-

_ '

1

f

mtW9

1 f

•
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100^000

• 4177,230 f t

[ Bep. No. 460. ]

176

STATEMENT No. IS.—REMIT
Drawer.

Endoraer.

A. & J. Denneston, & Co. - OnMer, Brock, Ik Co.
John C. Ligo J. H. Yallance
Richard Carnochan<
Bernard Nicolay
A. & J. Denneston, It Co. - CaJder, Brock, & Co.
Le¥i H. Gale William Thomas A. & J. Denicston, It Co. - Calder, Broch, It Co.
Deposited for the use of P.
Frenage Depoaliel for the me of M.
Rollin
Deposited for the mo of Jna
Keating Depositcdfor the use of Ma­
dam Amelia M. Provenchnr ¥ . Meiat Bank of France
w. » f Mo.4S3
§14
do
•
o. 1%
G, fit
do
oo
s
€L 11,
S38
do
Y. »
531
do
f
F. 17,
841
do
F. 17f
708
do
M. !«•
380
do
•
G. W»
808
do
0. 90,
163
do
Deposite, Mr. Corneille, for
tie me of R. Dutreni Deposlte, Mr. Adam, for the
use of himself
John BoMen, L. Clapier, &
Hor. l i m e y , ex'rs of Paul
W. McIWame, eash'r
Sieman Peter It Millard
F. GueUemin, Consul
do
do
Mr. Baron, jr. p, Guellemin
F. E. Ferret
- S. Jaudon,
Pepoiite, C.deGadlon,forthe
use of J. Ldhgpie, of N. O.
DepoalHMf. Cjairicr, for the
use of Aiolphe Gorman Deposite, J. G. Cannoyt-for
theuseof L. A. Stallenwerk
Deposit©, Thos. Gardiner, for
the nee of himself
8. Jaudon, esjbfr
Ye. Conny do Io
Deposited with Bottimgner,
& Co., by John Henry, for
tic ise of Mad. Renting
Deposited with Hottinguer,
& Co., by John Henry, for
the use of Mr. J. Bailie Deposited with Hettingiier,
fc Co., by M. BicUumi, for
hit use •

Drawee.

1. Denneston, it C a Dumoustier fc Gouguad
Portal, it Ca •
J. Denneston, It C a do
io

Deleeseit, It Co.
French Treasury
do
Baeuenault, It Co.
L Y.Dn Paequier, It Ca

Ebaear Prebois
Hypoite i t S t Leger •

[ B6p. No. 460. ! ]

itr

TJJICES TO FIANCE.
-—■

IfiataoTbilL
m

•

•

-

-

-

■

-

-

:

Time

Pianci

W. O i l , June, 1831 S i daysi
Paris
m
do . .— uSam, Feb. » t a S J l * mum*\
-Bethols, G m
n
•)• »
do

-

ft::::!::

1.

.::, (

•

•

•>

•

May Si

PHH%

#•
-

'

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'

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-

f

• |

•
»

\

SO

•
i

4.

•

.

•

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I

-

s,ss
s,if|

I

16,644 66

-

-1

i,w|l*i

1»S6§66

sot as

\m -'

%m- 01

13,451 *48
1,000
1,000
1,000
]
J 5,111,411.
1,000
I dactine §5
1,000
{/notarial
1,000
1,000
1 charges
1,000
1,000
1,000

i

-

0,500 St

1,946-SO

i,soe

6,17ilt.i|

S30 70

3,000

5,17*

S7S 71

3,876 05
f ,7§5 07
471 l i
414S 87

% so

Paris,

745 40
616-60

1 i , s§

tsi ■

S, l S l i . |

48 S i

•

400

-

77 SO

1

HP

mi

"

fcSO

' 3,258 M
36*530 46

■

*
' =

•

Hiss

-

•

;

190,000

v

48 60

» [Sight

K . Orleans, Jniy r '&*

-

s,ts
6,05

-

June S I

do

•
>

•

\m -

: -

1
$<r Paris,

•
»

3,133 H i

-

S,15letii

15,3«1 4S

PMlaidpllim, Aug. 6 00 days
i N.Orleans, Jttjfffc*^ -60 J lg :
do
' ^
* do
11
!
*0
I S ;- - • 9
:

■it

5»»l

7,000

-

.

Ytab

M s * ets.

5,000
37,31? 14
13,1 I f §4
34,819 16

■Ilk

r
' Pawl, June 8, 1831

-

Percent

ms

i

'?»•

r

AmounV ^
enneneft' - '

1,875

-

•

ctmea.

S0,7S0

'N.Orleans, Julyr./.l
... • ' ' i -H

A-,

Rate"

Amount.

'

>—^.~

• »■■—ayy—-

is,lli

JWf^S

lit

-

11,000 60

6,171 .

so l i

%llilii.i

1 •

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1I
IS

0. 1

I.

t,isi si
1

10,600

••'Mi

I I S 10

-

1- "
1

MM 7
S

[ Rep. No. 460. ]

178

STATEMENT No. 16—REMIT
Drawer.

IB32.
SopU 3

17
90

Oct

18

««

Endorser,

Drawee.

Deposited with Hottinguer,
&Co. by Mr. Do la Grange,
for the use of F. Pasquier Deposited with Hottinguer,
&. Co., for the use of Armand Dcsau
Deposited with Hottinguer,
8c Co., for the use o f Mr.
Bali*, of N. O. J. H. Vallian
P. P. Thomasson
Deposite,for the use of A . V .
Veolland, of Canton, Ohio
Deposite,for the use of Mad.
V. Lafitteau
Deposite,for the use of Mad.
T h . Gaugan
Deposite,for the use of Miss
E. Gaugan
Dcposite,for the use of Mad.
V. Febree, vice Gaugan Thomasson
James Hunter, cash'r
Edward Fenwick
P. Benson, cash'r
Fk. Perrct L. M. Reynand
Deposite,for the use of Mad.
V. Vannier, and Mad. N.,
viceVannier
Deposite, for the use of Ciuea
net, of Philadelphia
Deposite,for the use of D o c t
Lokocho Deposite,for the use of Mad.
Legoigne
Deposite, for the use of Mr.
Dannery,FrenchConsul at
Philadelphia
J. C, Villadine Ballias
Thomasson
M. A. J. G. Villadine
Thomasson
DepoeitCjfor the use of Chas.
Barbier, of N . Orleans
H. Perrot & Charbonnet

Ls. Brugiere

22

Bion Berauld Berauld
Julis Piscay

B. Berauld Berauld
Morean Lislet

26

S, Dannery, Cons, de Fr., Ph.

W . Mcllvaine

19
SO

31
Nor. 1

do
do
Deposite, with Hottinguer &
Co., for the use of Count
de Survilliers
Deposite, with Hottinguer &
Co., for the use of Mrs. Delamere
3 I X . de Choiaeul
11 Deposite, with Hottinguer &
Co., for the use of Cesair
Bloom
-

do
Jas. Hunter

-

Dumoustier & Gougaud

M. de Jonquer
Didier,Petit,&Co.a Lyon
I.duPasquier, &Co. Havre]

J. Hunter, cash'r, Measr.
de Jonquieres
do
do do
do -

S.Jaudon, cash'r, DeLaunay, L. Burgy, Havre
Adolphe de Chabineix F. Perrot & Charbonnet
J. M. de la Grange A.M. le Derideur, del ad­
ministration de Tab^
do
do -

do

W . Mcllvaine, cash'r -

MODS. Herard, B a n q u e t

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'Wits' TORRANCE—Continued.

_
"«"I :• *

Wliere
payable.

Time.

D a t e o f MIL

*

IS

July

-

IS

Pane, ' •

Paria,

•

Sep.

i

J u l y 30

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J

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£ Hep. No. 460. ]
STATEMENT No. 16.—RETMl
Drawer.

Drawee.

Endorser.

Deposito, with Hottingucr &.
Co., for the use of Gaudry
Deposite, with Hottinguer &
Co., for the use of Eug.
Decaix Deposite, with Hottinguer &
Co., for the use of J. Hand,
of Philadelphia Louis G. Dousset -

Vt. Nayel

*

~ J. Hunter, cashier, Du-

moustiej 8c Gougoud,
a Paris
do
do do
do do
do do
do *

U. Chevrier, M. Chevrier Zoe Lege, Jno. C. Lege
C. Nayel, V. Nayel
V. Parisot, voure Dousset Deposite, with Hottinguer &
Co., for the use of Eliza W.
Combe, of Utica Deposite, with Hottinguer &
Co., for the us© of M. A,
Mange Deposite, with Hottinguer &
Co., for the use of V. Sabal, vice Terry Jno. Bohlen, L. Clapicr, and
H. Binney, Ex'rs of Paul
Sieman Jno. Fraier, &Co. N. Nott, & Co.
do
F. Guillcnxan

do
*
.
do
_
Jas. Hunter, casVr

W. Mcllvaine, cash'r •
P. Bacot, cash'r
R. D. Shepherd, & Co.
do
Peters 3t Millard

Delessert, 8c Co., Paris
J. Denneston,&.Co.t H'ro
S. Jaudon, cashier
do
Lo payen des Dispenses
Centrales du Tresor -

William Redmond Henry Parrot, & Charbonnct

Himsolf, P. Bacot, cash'r
S. Herman, & Son, S.
Jaudon, casVr
do
do -

C. Latham, 8c Co., H*re

do

do

do
do
do
do
F. K. Perrot
Petray Viel, fie Co. do
do
Jno. Frwcr, & Co. Deposited with Hottingucr &
Co., Ivy Blaque, Certain, 8L
Droill»rd, on account of S.
Danney Deposited with Hottingucr 5c
l)o., by Poncet, on account
of Mad. V. de VoluinVran
J. H. Vallean
Heman, & Co.
F. GuiUeroin
j
John Colefaert, aine*

-

-

.
.
-

do
do do
do H. Perrot & Charbonet
P. Bacot, cash'r
do
do

do

F. Courant, & Co., H're
Lahure, Dorcy, & Lamastre
H. Arnold, Havre
J. Paul Poutx, Harre DT1. du Pasquicre, h Co.
J. C. Daveilier, 8c Co. L. Berard, fils, Rouen Petray Viel, 8c Co., H're
C. Latham, 8c Co., H'ro

M.PrendcrgnBSTJ,.Hunter Dumoustier & Gougoud
Perrot 8c Charbo*net - O.SpragueScF.Marseilles
N. A. Baron, jr., i>. Jau­ Mr. Durant, Faubourg
don, cash'r
du Roule
Geo. Poe, jr., cash'r * F.Courant, h Co., Hatr

.r

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I lep; No." 4S§. J

Mr

TANCES TO FIANCE—Continued. •
* Wfcere
payable.

D a t e o f bilL

'TfaM.

"Rale.

Amount
t

Fhmes etmes.|
Pens,
'do

Percent.'

I 'Stp. lrf

' **404

I,18jl©nii

j'

,13!«S .

5,18|

14

Mtt i i

-.

(
i -r»;

T

"do- • ■ "

SaTswnah,
i .do
d»
* , do.r
r do"

li

Nor. f

/

30days
_T

gaTannah,

Nor. l i

Porii,

■ 1,878
184
184
184
- 1,178

gep. i i

f,000

■18

do i ' NOT. 13 10 days
J©
*
IS 80 ."
N.CMtmn%
li
do i
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do

14
f

Pub

40
Si
li
Si
40

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do
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8

J©

Paris <
do
. do

' Oct.

8,000

.i

* 1,187 TO
41,800
10OV00O
»»§§§
15,S8f Si

i»f if .is

'

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* l*i Is. ft
V
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do

;3§§«

.

i
.ISS 98

-

5,80 less
% HI
; $, 15
1
mo : K

ft
>\

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414 I S

14,7111 -81

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*

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iSS 60

Sfli

S3

14,131 77

# » i .-,

86,000 _

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y
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•
. ■ IS* 0 ' . *
3
M©tiEfe*
; '17'
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. 4&800
13,150
14*000
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45»000
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5, I S

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14,000

5tfS

17,884 88

80,000

5fs7ft

-

8,000

,. SSI 88

. isi m
•4888 85
8,881 88
i » f i i 4f

[ (Rep. No. 460. ]

ias

STATEMENT No. 16—REMIT
Endorser.

Drawer.

Deposite, by J. Bouellier, for
himself Depositc, byDennestonStGougaud, for Mad. V. Labal,
vice Ferry Depoaite,by J. Lesne,for him­
self
Geo. Pope, jr., cash'r
Jno. Colebert, aine do
do
Pelray Viol, & Co. P. Bacot, cash'r
do
•
do
William Redmond do
Deposite, by M. Chaulet, for
Mr. Rouine de St. Lawrent
Depoaite, by Mr. Durant, for
Mr. Danncy
Deposite, by Mr. Durant, for
Mad. Chevcnet, of Rich­
mond, Ya.
Deposite, by Mr. Durant, for
Mad. Legoigne, of Phila.
Deposite, by Mr. Durant, for
Mr. C. Carrere, of Charl'n
Deposite, by Mr. Durant, for
J. Rosati, Bishop, of St.
Louis, Missouri G. Poe, jr., cash'r
Jno. Colebert, aine do
do
•
do
Leon de Neckere
F. Guellemin

*

-

do
M. Au#. Jeaujean
N. A. Baron, jr.

Jno. Longpri

D. V. Fitzgerald

D. V. Fitzgerald *
Depository Mr.LeCombede
Bussy, for A. Girard
X. de Choiseul
A. Le Barbier, 8c Co.
Anto. Rousa Voyce, & Co. -

Jno. Longpro
Petray Viel, & Co.
Themselves J. W. Zacharie, 8c Co.

A. Le Barbier, & Co.
do
•
Ogaisk
♦

Petray Vicl, & Co.
do
Himself
*

do

♦

Wilson & Hallet
Hersant

do
♦

-

J. Emanuel

•

Feyes 8c Co. •

Drawee.

T. P. Poutz, Havre F. Courant, & Co,
J. C. Davillier, 8c Co. Petray Viel, 8c Co.
J.Denneston,8cCo.> H're

F. Courant, 8c C»., H're
Homburg, & Homburg,
freres, 8c Co., Havre
J. P. Poutz, Havre
RapsaitalVvertat Ghent
Payen de depenscs cen­
trales de Tresor
Marquis de St Maurice,
Montpelicr do
do Herard
Petray Vicl, 8c Co., H're
Edward Gluesnet, 1'ainc,
Havre dc Grace
Petray Viel, 8c Co.
do
Polish Central Commit­
tee, at Paris Mad. La Comtesse Vve.
Garran de Coulon
Hay, Witckins 8c Co.,
Havre
Herard, banquicr, rue*
S t Hon ore .

Deposite for the use of Jean
Rigne
Deposite for the use of Mad.
Bloom field

Digitized by

Google

[ Rep. No. 460. ]

189

TANCES TO FRANCE—ConUnued.
Where
payable

Date of bill.

Time.

Amount.

France ctmcB,
Oct 99

Paha,
do

7,700

do

do *
do
Mobile,
Dec. 20
. do
do
89
Charleston,
do
'.. do
L
dq
do

981 06
60 days
60. «r
60 «
60 *
60 •

Paris,

Nov. 15
!

di

16

Per cent.

Dolls. cU.

5,20

U480 08

5, 20 less i

187 n

5,20
3,500
19,000
5,27*
80,000
L«,27i, *
89,000
► 5 , 8 8 1 , ....
31,000
80,449 84
300

"I

Amount,
currency.

Rate.

5, 80 less i

673 08
3,601 80
3,791 49
15,396 93
57 49

3,700

5,80

-

71144

1,946 30

5, 80less}

r 378 49

do

1

do
do
do

*
"

1J500 ...

do

.

287 09

d0r
>
Paris

do
do

634 35

do

-

131 39

do
* do <
j
*r ,
^Mobile, ■ Dec 88
«i
do
do
do
. 30,
'» »••
1 N . Orleans, . *6
.

*

y

>■

•

-•-.-

b ,do,. \.
1 *«•! , i'

»

i.

.-

15,355
10,000

5,80
5,87J

.

60 "
60."
Sight

18,500
91,900

do
do

-

\

■ " • -

«

60 days

.

19 60 days

:-■)»

do i
do

31

do

8 ,"
8 "

8,000

M

9,166 78

5,87*

9,963 78
3,843 31

.5,86
do

9,959
1,895
)
3,507
4,018

375 '
■
• i

£0
74
II
90

.

: 410 n

-

1,8*4,95
736^67

4,300 89

Paris, v., . N o v . 89
Charleston, ; Jan. 13 90 days
Savannah, : \
10, 60 "

500
6,500
16,000

. 5, 80 less J
5,85
5,881
-

CannuL.delos, Dec. 18| 30 "
Charleston, Jan. 18 60 «
< -do
. i | *do 60 "

4,471
16,000

|5,85

.

4,439 10

5,20

-

28,840 15

5,20

-

461 54

5,271

-

93-67

1,86

7,300
fWtf

Philadelphia, Feb. 11 80 days
.*•<»«•%*• i'* i
15 "
^•T..H

!

60 "

4

New Orleans, ♦

86

u u

150,000
! 9,400
86,375

5,000
1,000

5,875
;Paris,*

Dec 8
1,400
1,063 33

5,171
do

.

269 18

ls.1

204 44

Digitized by

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[ Bep. Wo. 4S0. ]

JIM

STATEMENT No. 16.—REMIT
Drawer*

Date of
purchase.

Drawee.

Endorser.

* 1
»

1893.
11

Deposite for the use of Mad.

16

Deposit©, M. de Jonquiere,
Mr. Poursine
Deposite, Dumoustier & Gourffuad, Mad. Lafithare nu

»i

*

W. & R. Redmond •

SI

Wilson fc Hallet

92

Mar. 7

Deposite with Hottinguer 8t
Co., per rec»t No. 199, by
Dumoustier & Gourgaud,
for Mrs. Bloomfield, Utica
Deposite with Hottinguer &
Co., per rec't No. 126, by
M. Detope for Mr.Balbi Richard McManus

8
10

Albin Michael, Act Consul
Wilson & Hallet Deposite with Hottinguer &
Co., by Mr. Desgalt, for
the use of Step. Reigne Deposite with Hottinguer &
Co., Dumoustier & Gour­
gaud, Mr. Caboa
Deposite with Hottinguer &
Co., Dumoustier & Gour­
gaud, Pierre Marie Regne
Lunomine Alfred
Deposite with Hottinguer &
Co., Dumoustier St Gour­
gaud, Mad. Ve. Grand Pe-

*t

»i,

.

Deposite with Hottinguer &
Co., Mr* Durant, L. Danney
- • ■ • * Deposite with Hottinguer &
Co., Dumoustier & Gour­
gaud, Mad. Veuve Gra-

"

■

•

•

i

Chas. Latham & C«s
Havre
Hay, Wilckins fc Co*,
Havre

-

P, Bacot, cashier
J. Emanuel

■*■

«

- ""-

Antoine Abat
J. Emanuel -

16

*

Harrod & Cluarlea

■t

•

*

• i

93

•

•

•

'

•

*

. . .

'

•

J as. Denniston & Co.
Havre
,i
French Treasury
Hay, Wilckins & Co^
Havre

V

«

*

-1

i

*

* «

•

«

» *

1

i

[

*i

-•

*

*

*

*
• _

•

■•

*

»

•

•>

m

m

•

I

• * Depositc with Hottinguer &
19

'*
39

*• J

Co., Dumoustier & Gour­
gaud, J, P. Granier, fila Deposite with Hottinguer, &
Co., M. de Jonquire, Mr. i
Mad. Bijonare Deposite with Hottinguer *
&
Co., Mrs. Curel
Deposite witn Hottinguer & i
Co., Dumoustier & Gour­
gaud, Latoussar Desvado

do

.- ■

.[
—

•

*

* 1

m

m

\
1

. '

-;
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-

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[ Rep. No. 460. ]

186

TANCES TO FRANCE—Continued.
p M » P ■ IP a
When •
fejaMe.

h

!

Dole of bill.

Amount.

Time.

1

Rate&
I ooimlwl^'r 1

Fiance ctmea. I
♦

a
1

•

a

#

Dalle, eto.

mm

•

ly083 32

11

•
-

Ǥ

•

,#

n

Percent

-

9,333 00

-

-

i § , w 10

5,25

.

26,375

5,17ft

-

11

Charieeton

ft">

M

p<*. i s 80

Mollis

d»

400

do

1 5,10

-

s;i7ih.§

70 09

1

\
44S6I
" 3,153 71
S.tW©

I
4

• 'POT,

Due 11

•

-

11

1831, Jan. i

-

-

Jf• Oritano, Feb. 18
10
IMlIti •

w

0

4

*

190OO

-

M

- '*

' %'«7|
do

-

1.900
1,875 J§

1© ^

.

1,031 IS

:

'5,901eeaft

380 17
6SS4

1,175 17

do

»4«r

1,911 I f

do

3,400 -

s9m

-

•1

Ja

-

«

m

<•

140 93

=

M

m

' f

«•

m

•f

m"

^

9,893 70
' S f »5

a

• '

'•

-

•7,

«.

♦

764 18 i 5ylTft-le.ft

'f** - '

f1

• .Pane

„ •

mm\

357 1 4 ,

-i

300 i f

iss m

*' 5 , 9 0 M M ft

78 I f

i

♦

M

•

•-

>

x

• I

:i

«

•'

90 91

do

-

3,199 I f

5,2§

iis §r

•

Jan. 18

m

v..

5§§4§

1,748 54

5,901eosft

334 88

1
= 1

. 4*790 "S3
•HI

'

911 m
do

. -•

[ Hep. No. 40$; ]

186

STATEMENT No. 16.—REttf?
—

Date of
purchase.,

Drawer.

■

■ ■ — —

Drawee.

Endorser.

—J

J

1832.
Deposite with Hottinguer k
Co., Dumoustier & Gourgaud, for the use of Mad.
Ve. Febre nu Gaugan and
Miss E. Gaugan
• |
*~
*i
Deposite with Hottinguer &
Co., Mr. Herard, for Count
Choiscul
•
»
24 i W. k R. Redmond
P. Bacot

Mar. 33

11

Auguste Mandrot 8t Co,
do
do
do
do
« i Ve. Conney
«
36
r
• i

28

••

AprU 3

•

a
■

r

»

r

*

»
*
•
S. Jaudon, cathie*

Alfred Queanel
*
- 1 J. Ogden St C<x
Auguste Mandrot •
do
Deposited by Dumoustier &
.
G., for the use of John
*
►
M. Chapron
r
♦
M. Delape
♦
do
«
■
* Co.
A. fc J. Dcnniston & Co. • Calder Broeh 8c

-

* I
-1

Jas. Denniston 8t Co., ]
Havre
•
-*|
Mandrot 8c Co., Havre 1
do
do - j
do*
do - J
Brechot, rec'r of indirect
contributions, Beauvaia 1
Ed. Cluesnel, Sr., Havre I
Mandrot & Co., Havre 1

>
#■

♦
*

*

*

*

|

*

i.

*1

*
"

*

*1

*
"

*

~

M. Barbaud *1
M. Balbi
* Jos. Denniston 8s. Cos 1
| Havre *
*
•■J
*

1931.
July 15

Gold and' silver per Wm.
Penn, (gold $40,000, silver
1 $60,000) Aug. 20 ' Silver per Sully
29
Gold per De Rham
Oct 29
do Henry 4th

*

»
t

1

*■

t
«.

*

*

*

Digitized by

*

■

*• *

*

*1

.. [Otopiib: 190.1 ]

18V*

TANCES TO FRANCE—Continued.
Where
payable.

Date of bill.

Time.

Amount.

Rate.

Francs ctme§,

Per cent.

Amount
currency.
DolU*cU.

1,000

191 36

4,000
Charleaton, Mar. 16 60 days
N. Orleans,
9

5, 20 lees £
5,20

769 S3
2,863 96

5,23}
5,25
do
do

10,476 20

1
13
14
Paris,

15,000
30,000
15.000
10,000
1.337 50
34,787 34
12,600

5,20
5,25
do

257 11
9,026 10

Feb. 18

208 80
1,000,
926 90

N- Orleans Mar. 30 60

105,000

39 99
191 3S
177 36

5,20 lees*
do
do
5,25

120,000

537,480
1,056,980
385,080
385,210

100,000
200,000
70,000
70,000

4,268,601 87

802,338 14

Digitized by

Google

188

[ Bep. No. 460. ]
STATEMENT No. lfl.—RBifri
Endorses.

Bmwer.

Depoiite wiii Bope It Co. for the vie of T. P. ,C Bsesbeit
•
D©p©©ite with H©pn & Co. for the vie of T . F. Amur D©
do
do
T.G.Weinmin
- D©
do
do
T. T. Seyter •
P©p#tite withBope It Co*forthe vie of widow. P. # Yea
Ween end ion
•
Bep©Mle with Hope k C#» lor the mi© of DeJCvyperi
I. Co.
- • Depoiite withaBope& Co- forth© vie of N.D/Bvyde^
koper
: Dcpoaite wiii Hop© St C©»forthe vie ©f If. D. Buyi©ioptr
■ •
Depoiite wiii Bope it Co. for the vie ©f N. B. Hojdekopar
.
.
.
.
.
.
Depoiite with Hop© k Co.'forthe vie ©t If. D. Hnyinkoper
••
•
. •
DcfKiait© with Mtpe k Co. Ibr the mm of T. Bebrene •
B©
do
•
i©
* d©
B©
do
do
do
•
B©
do
do
do
•

4

Depoiite withBope k Co. forth© vie of Bsnti Otto
Wvlefcnita •
. Depoiite with B©p© It Co. lor Hi© vie of widow P. Yin
yrottifcBon
' . •

I

m

m

[ Rep- No. 469. ]

Dnwo*

»

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.

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•
•

w

• »

ir

.

_...

JnM 3, 1831*
J % 2 % •■ .

•
•

r

•■Wjj^/

■ Date.

• • ^ ii

ir

ir

•

: Jwf/1!,

••

»

, *

•

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-

#

.. V

*v

♦

r

..

•

♦

l

» It

tF«« ' * •

m

«• •«
#1

T

r

1 .

*

1

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II.'

«1
il

JUBOQat

■ :

|

-

*

. -'iifff
»

do lea |

- 4ii

•

l

.

*..,.!< £00
•

s§t.

$m Tf

.

205 i f

41

•IOO

-

do ■ -

•

«03 9T
803 i f -

L

• f 500 -' .-- do *
do
♦ 500 •
do
500 , do
50§
'- i l l
' 500

1

i-.

in

"

■*

. 49,800
- * * : : J5l' ..

♦

-

KT • *48i -•
.
I 4S6 HI
4©|lcn«| - *
-4ii.ll|
. do
do - •
■
36 40
do
40}
fB ii.

s *

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i
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!
1

203
2§3
S03
903
*
•

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.

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* ■• 1,900 '
1,200
1,000fi

«« .

t"*\

_ . _ C h t ......

<
§

ir

•

•

. •• #•

Rate.

ir t 4tt

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:

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:
(

97
or
§7||
W

•

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213 40

.

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• k . 6 9 9 53

53,091

•»-4_ „ _ » _
f
"' ■

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Ut

'

.' [ifep/fto* 460.' ]
No, is.

. * TESTIMONY 0 F ' N . ' B U > D £ E IS TO LOAN TO P . S T B V B W I I ? ^
'1

.

•

• .&

Question by .Mr. Thomas, W i l l ypu state wliat you know aboiit'tttaflltscountof two notes, drawn by P. l o y e r & Co., i i favor of, Philander
Stetens, on© for S2 f 50i, t i l the other for "81,000," as they apjK*r'on t h e
* credit book of t i e Bank of the' United States, of date, March 2 3 / i § 8 2 ? '
Answer. M y impression, in regard to it, is this. On the mornink^Wlien
this Committee of Investigation first met in this'room, and w l i i l c ^ T n l i i s
.with Ihem, 1 J gate to the Second* Assistakl ! Cashier, M r . Cow^erth'wpt,
- either, these twtf notes, or'one'of them?, *or'*a taemorandum'of 'One or both v of
tbero 9 1 do not recollect which, though i f I did not see the tiro notes b l i t h e
book* I should think that all 1 give to M r . Cowperthwait' was the n e m o *
randum in respect to one lote. ^ Whatever i t ' might be9 I gave i t t® h i m ,
■tying, that 1 knew M r . Stevens to be t responsible m a n ; and if f ©n i n ­
quiry, he should receive i good acroint of flic drawer of the-note, t i n t
he-could piss them to the credit of M r . Stevens, for he was g ^ j y ^ ^ n ^ o f
* town, before the meeting of" the Committee of Exchange; and i shqu{[($ not
<'myself be t i l e to l e with'that committee, on account of my pi$aence
. w i t h III© Committee of In?estlgation.
... '
^ ,*>
4 p 1 directed the discount on this occasion, without waiting a for, the'Com­
mittee of Exchange, because, from my own knowledge of the "party,' 1 %wts
•ure it would have been done by the committee,,of whichJLam myself a
member, and i s theapplicant was about to leave town I thought i t r i g h t
to git© that reasonable accommodation- to a stranger.
c/ I
*

Examination of JoaqthiCowporthwait.
- \ •' • •

«»u
r'l

Question by M r . Thomas. State what yon know of the discount o f two
notes for Philander Stevens, one for g2,500 9 and the other for 8l 9 000»
- drawn by P. i o y e r & Co.
Answer. -The President directed Ho to l i v e one note for, gfl,$GCj£(I did
* not see t i e other,) put on the booing, a i l -I'told M r . Lehman to i o ao*niThe
'President directed me to mpko some inquiries.,about the responsibility of
* the' Buyers at Baltimore, which 1 had not time to do. This committee
was just going into session, when, as I pa$a«d Into their room* 1 handed %be
note to M r . Lehman.
Question by M r . Thomas. I t appears from the Domestic E x c l i M f p
Book, for March 239a 1852, that these two notes wew entered thereoii'after
t i t Book was make up fur the-Board; have they the m i r k s by which the
notes mro designated, which are regularly discounted by the Committee
w the BoirdfAnswer. They have not the mirks, and wer© entered t i t e r the Books
were made i p for the Board.
Question by M r . Thomas. How many notes a M ^ b i l b , offered on §Si
March, 1832f for discount were rejected by the Coi^mlte© snd the Board?
Answer. 159 w e r e o f e r e i ~ 4 6 done—aid I I S ttflsed.
* Question. Among the notes refected are there not many drnwn, and
• n i o r s e i , by responsible citizens of Philadelphia?
Answer. There i r e , to a considerable amount.

[ Hep. No. 460. ]

£91

Examination .qf John Andrews. >

'■

Question by Mr* Thojmas, Dp you know iy whom a note fur 81,000,
drawn T y P. Bojer & Co. in favor of,; Philander Stevens, was discounted,
b
gilthe&3d of the present month?
■ J
'
^Ana^er. Yes. ...On that day, 1 think it war after 41© scssioi of the
Board, Mr. Sullivan came to my room" with a note of P. Buyer It Co. in
favor of Pliilander Ste¥cnsf'for discount. 1 received it, I.recollect distinctly
.that I'asked M- Sullivan whether he, was satisfied with the parties,,forthat
t Xknew nothing of them myself. Be said he. was. In consequence of; wMcb,
'Tdirected the Discount Clqrkto hat© the note extended on the Domeetic
Exchange Book. A voucher .was I think made ©it in favor of Stevcus^
^ ^ I p h ^ ^ ^ M ^ ^ . M r . Su^vanbj . ,
,
:
xwm niti raw 'ii.
/.."(

*'

.'/'-'^

t

\* ' ,

\.

*

. i ' No. I t .

i

■

- • ••

•

•

■

.

•

a

Mimiim^ki showing the number qf person* as borrowers from ike Bank
&t Philadelphia, on Mils' and notes .discounted in sums not less ik§n
§20,000, in mms mot Ms tkmm §50,000, in mtm not less ikam f 10§,DQO,
in sums..not Jem than. 8200,000, in sums m§ less ikmm 8300,IM)i,|p
'sbmsnoilesstAahr$4509QO0. '
■
.,.,-.
,f

i

•'.

•:

*'

s

*.

'

:

50,1X111, , B ' l i
do
Do ■ - 1
' Bint*not less than '880,000;!'to'7$, persons, l
D© ■•100,000, ^ 19 do 8
S do
^l'ipp.
' 50,000,
D©
100,000,
4 d©
■ 900,0W," none,
Do_ 450,000, to 1 peraon,
Do

.' '♦ .
'V
-

,

f

'

■ •■ \

'I

K

- #2,404,218
. 1,274,889
,"-*''

341,7ti

. §95,456
, • . 417,766
85,484,111

'«4prf/.7,;18S*. ■ v " ■/•'•*.... • - ■
■
On the^statb of the bank—bills discounted, "*
85,964,085 26
■ ■ domeiitic bills,
• '' , ,1,975,594 26
Pep atatelofi the bank, iMh Apr% tsm§'' #
87,999, «7i# 52
.

>

-

■

■

*

i

*

**

i

*

'

Per state of, the'bank, Oct, 14, .1880—bills discounted,
."
',
'. . . ,i • domestic bilhv
i

*

•»

-

-

*

'

'

.

I,

9,918,625 17
(§Sff7§5.§3
84,151,331 10

[ Rep Nt> 4M. ]

ist

No. f0.
STA TMMMNT qf'ike pariicmlmri cfthe Loams on m other siock$999 j»ar
Monthly Statement, Spril 2d9 183S.
At Bank
United
State*.

Pennaylvania Academy of Fine Arta, their
1,100
property
•
6,500
Inaumnce stock
10,500
#10,300 Union Canal atock
f 6,000 Schuylkill Narigation loan
| 20,000
220 aharea
do
atock
5
$3,600 Union Canal
•
• ,
§,000
5,400
do
8,000
200 aharea Schuylkill atock •
170
50 do Muaeuzn stock
200,000
2,000 do Chea» and Del.-Canal Co.
21,000
do
do
280 do
12,000
do
i©
130 d©
30,000
do
do
300 do
1,500
50 do Trenton Bridge Compiny
8,300
| 8,366 67 Louiswille and Portland Canal
40 ■ aharea Lehigh Company
1,900
13© d©
cl©
5,850
540 cl© Philadelphia Arcade
17,000
115,000 Louiarille and P. Canal 15,000
10 aharea Che*, and Del. Canal
1,800
74 do Farmer*' l i n k Company
1,100
1,250
100 # Norriitown Railroad
1,000
do Lehigh Company •
11,000
156 > do Loiiiaiana Bank • 2,000
61 cl© American Fire Injur. Co.
i©
H.0CXJ
69 do Mechanica*
186,000 loan of Union Canal Co.
16,000
f0 aharea Newbeni Hank
5,000
30 do Delaware ifidge.Co.
1,500
12,500
137 d© Bank Misaiaaippi, Natchez
d©
11,700
200 do
5,000
112 do Lehigh Coil Co.
io
179 do
41,612 67|
$33,100 loan f«f
do
$11,800 U. 8 . 4 }
12,000
f 6,927 13 Chea. find Del. Canal
6,053
30 aharea fl.U.S, and 154 Com.Bk
9,200
15 do Manhattan Company
750
$ 1,600 Uiion Canal
1,600
21 aharea Commercial Bank 1.050
257 do Sobuylkill Hit. Company
1,870
16 do
do
§00
f 5,400 Union Canal loan
5,400
2,900
do
2,900
3,§00
d©
3,3(10
5,000
5,000
i©
- .
•
3,000
, 6,000 Chen, and Del. Canal loan
5,000
-5,000 Union Canal loan 1,225
- 8,000 U. 8 . 5 of 1831 •
4,000
, 100 aharea Minera* Bank,. Pottatille
4§H0
;100 i o
do
5,000
100 do Southwark l i n k 4SS i o Com. l i n k Cincinnati, §75
58,750
paid, and 200 aharea f 10 paid
9,000
100 aharea Philadelphia l i n k
10,000
Note under seal of the Union Canal Co.

m

1

STATEMENT Mo. .SO—Continued.
mil
April £

'Jit R . n k
PiPle.I
Statcf.

•

6 H''»r»--» U .•«•• Omul lo<n, 6 *har i L e
»ii|:h, 41-1I S strirea Waln«it.»t Thea r
'2 001
On in i' lirage
Hud
7 m -lm-en Schmlk'U Navigation Co
35.00-J
$* l t 6 ( K ) 0 i o C * n a l « t o c k
14,000
2 0 6 a l iare* IJ m ' B m k « Cincinnati «
ii.6-.HI
|
1 . 6 J 0 U m n i i ('ana', »"fl 1 0 0 a<»ar#
S r h u Ik: 11 11 • k
■- 1,800
8 0 *«liarv« f!'»m. Il4>ik» rinc'mi«t» •
8,000*
2 3 A t F a r m r^ a*id M e . l i / a I l k
l-.Otf)
lUi
d o C«»w. tin i k t IJinciiiimli *
10,.1-m .
|1
rl-i " P ' v h %-»plii» I n I
I,'400
$ 1 0 9 . 5 U 0 D--I- and HIICIHOII C a n . € ,# c s . 1
• | o 0 0 0 CM- a. a -d I I I . C a al a e r k
3 2 691 9 6
ilo
do
i §i c l . loan
9 9m U n on C!anal
i«o
4,40'I
il •
do
' 6 1 * 3 8 0 P e t and MaM-«n Canal a*nek
3 4 5 0 0 ' « ilo
■ «lit
U 7 . 7 6 6 6]
11 5 0 0 L ••••; ille and P C * n d «»nck
2 5 tMJCJ
'do
cl-i limn
6*1,850 ^ c - w l i I N * v i j f i t i o n stuck
5 0 «h-rr% U . K . H i - k H'ork
? 8 J d o M n »s» Ha 1 , Po«?avil.
15 i i « P nnaylvania Hank
$ 3 . 0 0 0 U S . atock • x -liange
• !.«»»•» t-i L lii|ih t;*»ml .mi \ vigatimi '*©.
91,600
||i
M n - I W I and > c h . H a v m H a i .
r-»*d C .
51,©0©
Ilo
ll-rii e o f Hrftifff
2l,0<>0
Hi
T w n d i i o o f M -yum «na' « g
i1.000
l l - i C«»n t C -m w<f*ion r» 5(1 O00
1
I I • on ea> c* «ie m L *tiiaani
5J,000
Ca : n ie»i lljpik *to k
,•
8.450

office—
[Ho<« 1
1
»! -ti'.-rrl
2 4 W a a »«nif* i.
2*l|tl a-rjitnii
2 0 | s .vann-di

24

Si

Louis

«" n^tum i
23i

ttuflkk

V »»-*fi m «t,-clc«*
•-1 o e i x H . k - i " k
I , m i r^ti- n i-f W.«*tt m l n « i a t o r k
•,.vni H - » -ind I a i r n c e » l o i k
t
»• • - * - r . ' R- k
H i k ** »:«- IS Tjcia
' r i m * and V re lti«ti«!*a>ice U i i i i -

.

16,710
37,120

7, m

61,193

•i sm

I Jin H'IIIM S -itr R.nk
S««iCk S'al* II•*&« iri
II-I
iiii i.ni
Mi'»t)iir< il«»rk i««§ii
WiH'lril ilrbf
V trioti* stocka

,713 , » 7 34
59.193 I f
12,700
32,205.
5a,510

5 . 0 ! HI
§2,500
l-»,'.#00

.

72,480
1,401
1 4 5 . 0 S 8 75

.
M

Amjf.»
Do

$1,047 2 8

mutt •«f Loyna of die i - m c d i a r r i n t i o i i , p e r on* l.ly Statement l l e c e m S e r
31*% Iftfl
.
.
,
•
•
.
.
2.4S3.11S 9 5
do
do
do
do
January 3 1 . 18:12, 2 4 4 8 , 5 4 7 3 9 .
ll'J
ll'l
ilo
till
lUich 31, 1833, 2,144,895 »

25

s

t

114

[ lep. No. 460. ]

'

No. 21.

Statement qfthe Importation mnd Mseporimiwm of speck9 % lie MmmM
of ike United Siaies9 durimg ike year 1881.
Importation—none.
Mxpotimiiom.
To London, in Mexican coin9
.
.
.
§§55,000
To Paris, in Mexican coin,
■
- 0620,000
ii gold, 247,000
in mixed bullion, 180,000
, 1,§47,CIC»
Total,

-

glt302,OOO

N. B. The mignitude of tic shipments to Friice, wts occasioned bj the
iimiiiiied export of cotton to that countryfrom,the United States.

/

STATEMENT
Names of vessels.

Dates.

1881, Juno
July

September
1822, April
June

o
o

July
1826, August
October
1828, September
December
1829, April
October
|831, July
September
|832, February

TontinoTuscarora
Falcon Vc-ans C(
Indian Chief
28 South Boston
u
London Packet
« Electra 6 Solon IS Tuscarora
13 plectra 20 Triton 30 Bridget 30 Montezuina
14 Acasta 30 ~ Neptune
6 ' Corinthian
29 Cambria
16 Blossom
'
1 Dorothea
22 President
11 Monongahela
28
u
30
11

-

-

-

-

-

Io. *2.
of Specie exported since 1819.—Specie sent io England.
Gold.

Whence sent.

Philadelphia
Do
- Boston New York
Charleston
Boston Do Philadelphia
Do
-i
Do
Do
Boston New Orleans
Philadelphia
New York
New Orleans
New York
Do
Do
Philadelphia
New York
Philadelphia

.
.
.
.
■ .
.

.

-

-

-

.

<
-

.

.

.

.

.
.

.
.

150,000
260,000
290,770 bars
310,000
43,095
43,838
300,000
92,000
60,000
28,000
|
72,265
15,000
12,500
i
72,000

•
.
•
•

-

13,000
6,624

100,000

Silver.]

-

k Proceeds in pounds
sterling.

m

~~~.

-

24,265
-

Bullion.

32,717
56,567
63,142
67,434
0,333
9,493
65,305
20,050
12,271
6,089
15,753
3,371
2,610
15,571
82,023
10,414
5,271
2,708
1,380
20,816
32,523
20,883

i

i

j

-•
400,000
50,000

- *
-

--

190,000
155,000

19,624

705,000

■ "

,
1

16
9
15
19
li
0
14
2
11
2
12
15
11
1
3
17
7
3
1
5

4
11
9
5
8
7
8
2
7
2
6
2
11
1
5
4

6

8

555,783 11

4

ftp
1,873,733

w
o
o

STATEMENT No. f 2—Continued—Specie mni ## France.

Names of Teatelv.

Dates*

duecn Mab
Do
Mm
18 Cadmus
June
SO .Homer •
13 Howard October
1 Brig Cak
December 25 Governor Strong
18S8, Mmrch
18 Montano
31 Jeflfriao'n and Eliza
May
3 Margaret
it
Gem
- * 5 Virginia •
An«rust
80 Hciculca
November 10
181% January '14 Bolivar and Eugene
25 Olympia and B. Morgan
February 13 Catharina *
May
25 Montgomery
_ 1830, January 13 Olympia
* April
IS Science 1831, January
i
fume
10 Sully
21 United States 24 Eomulus
„
30 VanhaJIa
July
S3 Antioch it
Charles Carroll September 8 William Pena Alabama.
1887, April

li

Whence sent

Bullion.

New York
Do
Favannah
New York
Boston Pavannah
New York
Now Orleans
Do
Do
Do
Do

81,91« 52

75,297
21,986
73,462
16,940
27,740
7,500

!
;
;

1

100,000

ioo,otoo

•
-

50,000
SO.000
30,000
100,000
100,000
50,000

-

14,779
• 48,222
53»58§

•
-

-

4§f«7
17,870
19,992

96,1 n 1
so,»
•so,a

-

4§t80S

-

i

50,000

16,012

40,000
17,000

1

•

-

200,000
71,000

Pnoeeedein
Francs,

Silver.

• s

fS,838

D©

Do
Do
"Do
New York
New Oilcans
Do
Philadelphia
- Do
New York
Nem» Orleans
•Do
Do
Do
Philadelph
'Do

;

-•

•0,000

1

;

.
1

400,006
119,805
403,435
117,110
3H:,^)1 05
90,34i
117,947 §3
19223,780 m
530,290 4§
265,105 45
85,400
215,115 SO
t84,263 10
153,568 fi
52-.I-2' 1
528,71* 1
26-1,054 1 *
7 a ,780
257,185 60
285,795
1,108,362 »0
i 10,180 92,100
319,010
3!7,S3©
423,135
217,610
137,470
JSIpllI

STATEME1T "No.. l«—ContiDtteeU

Whence sent

Names of vesseFs.

Gold.

Bullion.

Silver.

-

100,000

Proceeds In
Francs.

Snllf
De Rham
Heniy IV.

.

.
-

.

. Philadelphia
- 1
Do
i
Do

-

.

.

.
514,194 59

57?Ȥf3

Gold.

Bullion.-

1,973*713

11,614
S71,§S3

1,166,111

©oo

1
10
Btcemitier 11

•!!.

October

§5 P*©

j

Dates.

It.fSSjSM 60

RECAPITULATION.

Specie sent to England
D©

io

Ffmiic©*

614,194 m

Silver.

* 705,000
1,166,111

Total.
! f 8§8,SS?
1,157,3^8 5©

w

[ tygR. No* 4Sf, ]
No. 23.
SPECIE PUICHASED.

STATEMENT cf ike amountf fyc. of silver, gold9 ami gold bmllwM,
purchased % #Ac Bank of ike Umiied Simtes. ■
PttTchtici from

Bite.

March 17,1834.
18
Jtn'jr
July
Bee.
Aug*.
June

31
19,1825.
15
9
26,1826.
18,1827.
12
13
16
'16
17

Lewis Clapier,
it

*i

John Coulter,
M. L. Tatum,
Lewia Clapier,
T. S*. k G. Biddc,
Samuel Archer,
William Beyi,
Lewis Clapiet,

B. St J. Bohlen,
Lewis Clapier,
| . 1 . Mcllvaine,
T. H. Jacobn,
J. Latour,
18
Bevan k Porter,
Ifrnr. 13
B. & J. Bohlen,
19
L. Ycrori & Co.
Bee. 29
Thomas Fisher,
Jan'y 2,1828. Captain Hayes,
Bowie k Lane,
••
• a
r
■ -3
M. A. Triimye
Lewis Clapier,
5
Alexander Benton
9
Lewis Clapier,
FeVy 23
M. Eyre
• i
Lewis Clapier,
May 3
B. & J. Bohlen,
Geisse h Korkhana,
12
Perit It Co.
July 16
Jno. Latour,
2
Wm. Aitkin,
18
Lewii Clapier,
Sept. 12
I C
P. F. Fontaget,
Rowlmd It Willirf,
Oct. 17
Jno. M. Ginley,
HOT.
5
Ed. Hagedown,
22

Oct.

27
I B. fc J. Bohlen,
April 20
William Jackson,
Maj 13
Lewis1 Ckpier,
15
J. Damciix,
26
p . F : For.ti^cs,
I S . & J. Nevint,
JUne I
6
William Jackson,
15
Lewit .Clapier,
6
I E. G. Shaw,
July
Sept.
April 5,1830.J J. R. BYanff

Silter.

Gold.

Gold bul­
lion.

119 SI

147,805
42,275 J
16,090
650
44,452
36,970
15,564

i§5 m

m»

1 82.
222 s§
184 §S

116 n

8,835

16"264
6,996
19,778
35,574
1,600
45,138
9,983
14,357
1,386
■8,000
4,389
2,100
1,090
15,000
2,604
49,993
17,371
40,965
5,170
18,996
3,510
926
1,999

44 T§

40 m
17 m
49 44
88 M
8
895 69
49 f i
71 f t
f S340
■

5,720
163'
2,043
3,662

14,542
§69
314
2,174
Doubloona,
13,74©
45,858
2,658
2,954
10,000

Premium
paid.

769

115
1,628
1,460
2,350
2,189

«

•

34 54
499 SI
173 n
409 6ft
25 8f
83 69
17 W
4 6ft
15 64
228 21
490
51 07
109 87
78 71
3 34
3 93 '
9 44
10 87
22 73
23 ©7
243 93
13 89
14 77
100
3 47,
5T 01
43 81
70 5§
54 73

199

[ %p- No. 460. ]
STATEMENT No. 23—Continued.

M, 1830, Bein» Booth k St. John*
,1. J. Johnson,
89
'Bile St DaTidson,
Veiln & Von'L.
Jone
May

11
24
36
28
39
30
Joljpl&iS
3
21
22

S. & M. Allen,
•
t
\3eo. M. Hickling,
Beirs, Booth k St. John,
Hale k Daviinoa,
fj. W. Massey,
S. Lehman, * ■
G. M. Hinkling,
Beeves, Buck St Go.
Betrs, Booth St St. John,
Alexander Benson,

Hale k Davidson,
SI
27
WilltrdW.Wetmore,
Oct. 11
Bryan,
14
Hale & Davidson,
18
P„ Garrett,
'25
1 . & E.Clark,
N O T . *-3
23
««
•«
34
W. T. Nickols,
6,1831 A. J. Valliele,
Jm*y
Feto'j 4
Hale k Davidson,
9
Konigmacker St Co.
17
Wtdswortli k Winn,
Much 15
H'y Toland,
* IS
Jas. Sloan,
•17'
Keniginacker k Co.
19
Hale and Davidson,
18
1 . & B. Clark,
April 7
B. Robinson,
3
*7
B. B. Hurt,
12
Beir% Booth & St. John
12
B. k B» Clark,
16
Bcirt, Booth k St. J ohm
"16
Jordan,
17
8. k 11. Allen,
IS
Hale 8t DaTidson,
23
•i
* ••
25
lone 1
Beirs, Booth It S t Johij
f
Hale & DaTidson,
21
1. A. Della-Bianca,
July 14
Konigmacker,
15
H. B. Martin,
li
Win. Bailey*.
30
Beirs, Booth k St. John,
21

Sept:

In | eagles.
5,500

385
137
267
370
IIS
139

7,181
6,096
"13,385
18,509
5,911
§,978
577
8,400

8 §§

■168
13 39
36 90

■ §69

1,845
•6,013
' 7,644
Am. gold.
3.5W

35
If
70
19
2S
58

i

273 IT

70
I 39
69
86
43
460 70
S3,©35
39 40
1,469
115 80
5,790
99 f l
6,661
15 2©
760
43 30
■S-,163
5 63
281
• 88
43
8 10
405
4 12
165
7 35
245
■pi 405 37
16,215
52 25
2,090
13 62
54§
II 75
470
1 2§
60
.65 50
2,620
8 75
MO
104 50
4,180
4 87
195
1 25
46
4 80
120
793 75
15,875
6 52
■ 145
.100 25
2,005
181 40
4,535
47»
1,181
89 95
2,570
50 56
1,444
341 85
§,767
328 05
10,395
407 25
13,575168 81
3,751
4i m
920
1 W
35
78 i f
1,735
767 70
17,060

sub

■[ Hep. No. 4ttO. J
STATEMENT No. 23-CMfii»e(L

Date.

Mf

as

8ept

Oct.

:KOY.

•Bee.

S.lver.

Gold.

22, 1131 u m. Al en,
.
35
3*ii*9 tl«i!|i fc St. John,
20
Hale fc Davkium.

tr

Ac*

Purclaatcl fiom

.29
29
30
1
3
3
5
' 8
8
1*
13
17
18
25
27
1
16
16
16
19
2§
2/
28
28
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II
2©
24
29
39
4
5
7
8
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12
15
18
22^
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m

6.105
2.190
1,370

HreniMie
p.d.

274 n

mm

51 M

PfCnc«i

Uegrande.
Bern, Booth fc St. Jol
•«
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8. Lehman,
Mmlf fc Dovidtoh.
8. Lciim: it,
■•
■ St B €I.irJtf
!-«** map, "
J C m f.ini t
Kim II. patton,
icir», Boutb it St. John,

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totlil
bulliiin.

4.856
§f©6©
3H5
5.WJ
1.19J
1,4»J0
755

trsM
4,§3J
510
115
890
68.i

••

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'
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'I*. V. Brlccf
M. O. ttallagber.
Hair fc David" on.
Bt ir-s Booth It St. John,
F. r>niri a,
Ntthan U n i t , jr.
Kerve*. Muck It Co.
•Hale St Davidaun.
B It K . C h t k ,
11. lr It Dnvkiaon,
P. Hawiltpri.
Brir-i Bontli It St. John,
J no. Tnompaoii,
W . K. H f»tf
Tlioa. Fletcher,
Kn«>x & II* ifu§,
Hale fc Davulion,
5>. Lehm • n.
Brim, Boorh-fcSt. John,
Wm. CI Connor9
I c i i l , Booilk Si i f . John,

4,425
* 5-JU
29,6bl
2 *
1,145
143
1,465
405
245
10,5ti5
2,651
25,6511
2,7441
245
465
1,175
17,495
4,9115

Hale St Davidson*
Beira, Booth It St. John,
W. Willuma,
S. Lehman.
Wm. MiUer9
A. Benaon fc Co.
Jim. Caualaiid.
Knox St Bugg?s
8. Lehman*
Ifectc% Unci It Co.
Beira, Booth It St. Joiin,

1,170
7«5
5,435
7,411
121
901
31
S 8*5
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35
8,805
2.595
2,515

iu

a .mm

3,560
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$605,85o

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23 28
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31 73
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4 •
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235 40
237 20
1 50
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mm

1431,185 1819.171 85

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[ Rep. No. 460. ]

SO 4

No. 24—Continued.
lias 1;

Bute.

tfur.

'

9

•
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10
16
22
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May 24
24
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58
1,165
.
7 00
♦

£ Rep. No. 460. ]

205

No. 24—Continued.
Pmfc.

■ Oi®wn%

Sp?«nMi
(It'llMM.

•1831
:
Mar. 14
J»ptil29
May 14
IS
20
July
8
9
28

4«ff. 1
2

.i

19
27
Sep. i
2
5
16
If

„

•

10,000
16.000.,
3.960' •
10,000
674 i
3 117 :
50.000 I
5, 000 :
26,000
29,0(10 !
1011,1.1m '

•
•

•

-

.
•
•
•
.
_
«.
-

15,<#CMJ

23
28

Pet. 6
K«*. 22

.

...
.
.
.
"

8,544

11?. anil Fi
H»l. i.

500 (K.

,;
.
.
.
•
•
-

.

12.500
9,000
3,8o0
5,000

11.580
Si.OtJO
12.000
5,COO
60,<j0o

•
.
•
::
:

America
jC«»ct.

•

5, coo

2u

|

m

F»ancs.

.

•
•
•

—
m
m
m

t

„

.

„

m
m

„

m
m
m

•
•

m
m
m

•
.
-

«

••
•
.
•
•

■

.
-

-

!

-

•
.
.

i
|
1

n

100
160
39
loo

OG

OQ
il©
60
(JO

^$7 m
* »•
500
25
260
290

JS
HO
CIO
00
00

1 i ,01x1 cm

•t«

!

.
.
-

•
.
.
* .
* -

5 5 3 , 1 9 8 5i» 8 4 , 7 3 4 44 J\ M7

Prrmiuiii*

§j»irtW
IP-Id.

i

1
1

31 2 5
# 7 5
«>7 50
28 50
50 00
150 u i
115 SO
4*7 50
1*» 00
62 S i
600 0 0

3> , 2 7 , 0 2 4 ; 9 7 , 1 4 0 56

#
No. 25.
S7VIT&MEKT of ihe pmou>»f nf specie d*aivn from each of the south­
ern unU western offices^ since 11511*, to the Munk ##/ the I'niirti States
, omit io the branch ml ..New Fork. ■
•

TEAS

1Ǥ

& w *

\

flal'imore
•
Fayeitrville
1 I'lPHbii'if
Cliillicoihe !

1181

1 Baltimore
, 11 iisliiiifftoii
Fatet'etille
I ;iiat fr»l»ifi
SaVtiinah

•

i.».
ChsiileS'Oi n
ff»'i» O r leant
ft'itiatourg
t

d<»
do
in

•
-

3h 1
24
29

$41,6i5
272
4,5"4
29,568

2 7 5 , 3 5 2 lU

d«»

2b.4^5 9 1
6,033
93.829
170,000
24O,0iKI
148,898
200 657 70 1
59,889

BankU
-

A.
*

-

Mew y . . i
tin
d«>
B.iiiJt U n
do

do
do

ly

175,979 91

1,91.014 74

206

[ Rep. No. 460. ]
STATEMENT No. 25—Continued.

*
>

=r
jk

TO

FROM

AMOUNT.

TOTAL.

101,000
7,150
50,000

Bant United States
do
New York

Baltimore
Charleston
Richmond

1826
1827
1828

Bank United States •
do
do
do
do
. -

Louisville
Washington
Baltimore
Pittsburg
St. Louis

— *
•
202,000
1,000
2,000

1829

do
do
New York

Washington
Fayetteville
Savannah

10,000
2,000
50,000

183S

Bank United States do
do
^Ib
do
do
do

Washington
Baltimore
Richmond
•
Norfolk
Fayetteville ^ Charleston
Mobile
;«fl St. Louis
*••• Cincinnati
Savannah
*

22,000
127,000
1,323
1,000
100
2,lt>0
k5,000
1,000
1,000
200,000

1825
1

dO

do
New York

*-

2

158,150
300
7,000

205,000j

62,000

360,539
1831

Bank United States . 1 Baltimore
Washington
do
Norfolk
do ,
Charleston
do
Savannah
do
New Orleans
do
St. Louis
do
Cincinnati
do
Pittsburg
do

•

3,505
15,000
2,000
2,000
2,000
6,000
2,000
6,000
2,000

40,505
^6,472

No. 26.
/STATEMENT
of all the bills of exchange on London and Paris, furnished by
the Bank to go circuitouslu; staling the places they were conditioned by the purchasers to be sent to, and the amount to each place; the amount each year; ana the
amount now oat unsettled for*
WHERE SENT.

Date,
182f>
1826
1827
1829
1830
1831
Apr. 1, 1832

South
East Indies. America. • West
Indies.
£62,187
10,000
4,200
31,602
36,480
159,448
£303.923

Totals for Amount
Mexico. Continent of each year. unsettled.
Europe.
62,187
10,000

5,610
29,300
1,700
36,610

5,000
3,000
7,500

1,000

4,400

10,500 | 1,000

9,400

Digitized by

36,&>2
45.096
201.648
1.700
£361,433

Google

100,500
100.50

[ Rep. No. 460. ]

207 .

STATEMENT No. 85—Continued.
YBAB.

1838

-

Baltimore
Richmond
FayeUeville
Savannah
New Orleans
Louisville
Pittsburg
Fayetteville
New Orleans

1838.

do
do
do
do
do­
do
do
New York
do

.

PW.403 m

I Bank United States * i
do
do
do
do
New York

,
■

•

• J l i n k United States r

#
•
•
-

do
do
• • do
' do
do
do'

. i,3gf ,<XB u

-1

.
1
.. 1

1,133,874 74

304,198
30,000
50,000
22,635'«88
49,991
205,465 96
200,000
301
125,879 39
723,000

Bank United States • I 457,809 98
do
32,945 36
do
1
5JSQ
do
163,506 53
do
514,850 68
do
250,993
do.
915,000 «
do
70,949 12
New York
29,859 01
do
870,000

-

x

376,681 88
100,355 33
: ~ 15,333 45
|
100,000
| 284,729*18
1
13,970 84
195,804 06
!
97,000
350,000

B i l k United States do
do
do
do
do
1 do
d#
do
1 New York

Baltimdre
Favetteville
Charleston
^Savannah
f New Orleans «
.
• Louisville
■7 .Cincinnati
• Pittsburg
Fayetteville
New Orleans

Baltimore
Norfolk
Fjyetteviie
C harks/ton
New jfirleans
Luuisville
Pittsburg

■
'

28
31
38
25

[
• New York
44,684 43
do
'
. ' "149,967
I n k Unite States §,994
!
do T
99,930 50
do
590,119 29
!
376,310 93
do

Baltimore
Washington
Richmond
FayetteFille
a • Churleitoo
New Orleans Louisville
<
Cincinnati
Pittsburg
New Orleans «

Bsltimore
"Norfolk
New Orletm
Louisville *
Cincinnati
New Orleans

22,525
23,957
6,076
178,319

TOTAL..

|6§,53«

•

do
do
do

■ * >

1837

■

ilii

*

1824

mourn.

lank United S « e « -

; Payetteville i New Orleans
Charleston Savannah
»
New Orleans
Pittsburg

*

1836

. *#

•

Baltimore
Washington Richmond New Orleans
Pittsburg
-

1833

1835

VBO0K

'-:*.
'*'. '
1,711,471 6S
■

r

499,100 50
70,231 12
334,654 56
19©,993
103,071
580,000

2,611,683 68

443,757
151
6.324
104,041
413,584
100,000
112,897

1,787,041 18

59
45
2#
62
33
50

[ Itep. No. 460. ]

208

STATEMENT No. 25—Continued.
WOK

»■*!.

\V«r Hi leant
Charleston

1829

1830

1831

.:= =:
: =:

W'
^r*

Ri It l u c r e
\iirfulk
F*yettev'»lle
il uir|fstJ i
New Orleant
Va-.hvdle
L«i trville
i;inc*n»iiati
piiuhunr,
Me« Orlcant

T© ♦

-

-

4ftaliimore'
F4\e*t*-vil!e
i Inrli iliin
t
S va'umti
Hrw ( H e i n t
Cincinnati
l»i fsiiirg- .
st L Miit
• Lout*vi|le
I. xi»gt»n
Nf * Orleant
ft ltimore
\orfolk
Fa%ettev.He
CIvHe-ton
i -Savafndi
1 %rw O.-lrant
|S*.

LIHI'W

l.wiUtille
s*vaniuh
%M)iI»New Oileant

•

Mew ¥«»rk
do
l . m k United Statet do
•do
do
do
do
d«i
do I
dr.
N - w York
Rank United Statet do
do
do
dii
do'
j . *.
do
•
MH
-do
r
tin
*-l
do
New Y A

AlOIIVT.

TTlTAb

$725,000
200,000.

$2,055,756 7S
200,000
27
24,455

U

i -co m
12

784,587
101.200
22 2,808
54,175
14,43
1,270,1111*1

16
47
20 !

2,673,115 9?

45 3 Mm
27,371 0.3
11,171 55
9 , 8 9 2 2d
63:1 H O 91
M

i stms 70
71,491

. » - .two

130,000
I ,069 68
1,960,000

200,00llai)k Un'-ted SUtet i
fki
* 13i>,00-)
3 3 , 8 9 7 10
do
2 , 2 5 7 62
dp
63..541
do
: l ,532 358 04
do
100,000
do
IMO.OOO
do
125,000
Mew ¥«irk
100,000
1
do
' 1,16U.000
t ( ■ d o

* 3,653,909 13

1

#

3.628.*53 76
22.52i.S87 94

1

■#!

— «

Statenient of. the mmomnl of specie sent i& ike southern and westerm
offices since 1819.
fSittt

Ha k United glutei
do
do
do
do
do

1823
N«*w

fork

Washington
Htehm tit!

riiarlet on
Loui»% ilk

p . 370
1 ,000
5J5J
85(1

pifi.ort

lf»ni»injfton
Cha r lf« a on
Norfolk

10,5110
10,000
14.624

%Va»?ii«irton
t*«fi»»tr¥iile

11,000
200

35,13$
IKS

Hunk United States
do
do

Chdlicothe

1

11,800

[ Hap.1 No. 4M. ]

1SS

No. 2 1 ■
F p B M 0 * OBLIGATION G1TBN BT PURCIIASEBS OF B l H i S T© GO. CIRCUIT- ■
OUSLY*

Memorandum §fam agreement made fl« — day of
■ J, H. i*—^
Iffwfia He Bank iff the Wmiki SiMa9 and A ft of FMlmidphm, fȤfchant.
Th© Bank of tie United States agrees to deliver to tie said A. B. its
bills of exchange drawn In his favor on Baring brothers and Co.9 London,
for one thoiiani poinds sterling, payablp one hundred aid eighty days
•fter sight, which hills are not tf be negotiated, except to the eastward of
the D a p ©f Good Hope.
*
In consideration of these bills A. B. agrees to deliver to tie Baik his •
note,- dated at twelve months date, in favor of, aid endorsed by, C. D.'for
ive thousand dollars, being the par value of one thousand poinds sterling
with twelve and a half per cent, .premium thereon, or at tie rate of It©
dollars per poind sterling.
On payment of this note at maturity, tie Bank will adjust the account,
ly converting the poinds sterling on the face of the bills, plus two a i l a
half |ier cent, into dollars, at whatever rate of exchange the Bank may then
in irawiig at sixty days' sight on London, and should this amount ii dol­
lars exceed or fall «hort of tie said payment, the Bank shall, in the first
case* receive frup the said A. B., aid in the last case refund to him, the
difference.
Should the bills be returned unnegotiated to the Bank before tie said
Bate be paid, the note will be sarrendered onreceivingfromthe said A. B.
one per cent, of its amount, or should they be retimed unneytiategBftar
the account shall have been adjusted as. above, the sum'paid will be IRrand- .
ed, excepting one per cent, thereof to be retained by the Bank.
Should the bills be lost, the Bank binds itself either to surrender tha
not© or to refund the money as tie case may be, reserving only the saii
one per cent, of the amount after it shall have received satisfactory proof.
of tie bills being entirely lost, accompanied ly a sufficient bond oHndem* lity against their reappearance; bit if tie money be received, fio interest
will be allowed by the Bank, however long the sane may remain-in ill.
Mttsassion before the deli?ery of tho bills, or of the said proof of loss and
me-bond.
If requested, the Bank will issao lew sets of exchange, of the sane tenor
with that which nay be lost, upon receiving proof of loss tad bond as above.

, * 17
A

tli

.

[ Bep. No. 4S§. ]
Jbport of the Dividend Cmnmiiim

At a meeting of fie President aid Directors of toe Ban)t of the United
States, on the 2d of July, 1821, the following report was adopted.
The committee appointed on the 27th nit. to consider the state of the
• Bank, aid to report whether any, and, If any, what dividend should bm
made of tie profits which hat© accrued during the list six months, respect­
fully report:
That, 01 examining tie accounts of tic Bank, it appears that the amount
receive! on account of discounts, eichange, aid interest, since tie Irst pf
January last; is II,ill.SOS 14. Of this sum, however, fS4,73§ 39, ha»
been receited on account of Interest, which bad pre?iously accrued, Idling:
S§5§»5§5 75 as the sum which has accrued, and been recelted during the last
sin months. But to give accurately the current proltsof the half year, to this
s i n must b© added the semi-annual dividend, about to be declared, which the
Bank is entitled to retain on 37,513 shares of Its own capital stock, which
it holds as a pledge, and which ha?e been transferred according to the im' strtments of hypothecation, to the President, Directors, and Co.
The expenses of the Bank, and the offices, luring the same period, the
usual allowance for the extinguishment of the bonis, aid other semi­
annual appropriations, amount to the sin ofgI8i,8£9, i l which being:
deducted, will leave a balance that would authorise a dividead of two per
cent and give a surplus of 850,761 46. The Committee, howewer, arc de­
cidedly of opinion, alter very nature deliberation, that it is the duty of tbo
Board, aid the soundest policy of the Bank, to pake, at this particular
Hue, a smaller divideiid than two per cent The irst great poiit in the management of the Bank, is, to remote all doubts as to the re-establishment
. of the capital. It is not enough that it may be Hade whole;«the stockhpiiers and the public mast he satisfied of the fact, for otherwise the on© wH
not hold, and the other will not acquire, with confidence, and,' like all un­
certain interests, the value of the stock mist be diminished in the estima­
tion of both liyer and seller. The Committee, therefore, proceed to exhibit
a brief view of the situation of the Bank, and their reasons tor the opinion
that a less dividend should now be declared thai would be authorised b j
tie ictt profits of the last six months, if abstractedly considered.
The Committee hate had before them, estimates of losses furnished iy
the respectite offices of the Bank, except four of the western offices,
brought down to the 1st ult and some of them to a later date* which they
have attentively examined, and where they have not been satisled with tho
mifclency of the allowances made by the offices, the Committee hate made
additions, l i t in no instance hate they diminished these allowances.
These estimates are, In some instances, a little more, and in others a
little less, than these which were relied upon in January last. • In the ag­
gregate, they exceed the estimates then made of the losses of the same of­
fices 825,363 §7 and in this near coincidence, perhaps, is discoverable •
probable proof of the fidelity and accuracy of the estimates of both periods.
With respect to the foir western offices above excepted, the Committee
hate thought it safest again to rely upon the estimates of the Cashier, Mr.
Wilson, particularly referred to in the Report of the Committee on the Sffia
of the Bank, which was agreed to by the Board, on the £Sd of Jannaiy
list, and published in the gazettes.
Accmwiig! then, to thepe premises, the estimated losses © the Bunk §♦
f

I Jtef. No. 460. ]

. 211

Jfce ,f § i l i s t , aregS, 547»SS8 80.' l i t although great pulps have been tai t i t u tfcexamine thoroughly, and no hesitation has teen indulged in stating
A l l y the losses which have p r e t t i l y help sustained, the Committee arc,
nevertheless, of opinion, that it is the duty of the Board, and the soundest
icy of t i e Bank 9 to ensure, i f possible, l y adequate sustaining means,
..certainty of that result which the estimates now acted upon fender p r o l •II©.
.The shares [37,515] which have been transferred to the Bank, are, with
j # y few ©xceptionsf pledged to t i e Bank to an a n o i n t , including interest,
Hirer and above any dividends which the Bank may be able to retain, equal
l i t h e highest price which they i r e likely to bring, though In the estimate
«f losses they lave only been Tallied at par. The excess, therefore, over par,
e^juiy price;which they may bring, may be made .applicable to th© extin*
gmshment of the actual losses, should they i© found to, exceed the estimat­
ed -amount.
There are, also, very considerable sums now die to the Bank, for inter­
est which has already accrued on suspended debts, other t h i n those secur*
• 4 l t y pledges of stock. The amount now estimated to he die on debt»of
Ibis description, which have been estimated as good, is upwards of $200,000,
iSkclusife of the interest due on doubtful and bad debts, tl© principal part
# f which, as well as th© interest wliich shall accrie on the same debts in
fhture, may also be made applicable, in like manner, to the extingnlsbfiijpt of tie- losses, should they exceed the estimated amount And i t is th©
t r i l l i o n of the Committee, that these resources, or thegreater part of them,
i i b l i l d be pledged, in addition to the immediate application of the past proi t f w f the/Bauk, to the full amount of th© estimates for the extinguishment
4pfhe eventual loss,
3fr
T l % Committee are also of opinion, that several temporary charges upon
the profits of the Bank, which have been under a process of gradual extingd'tebment, by semi-annial appropriations, ought to be immediately extingiiiehed. They therefore propose
latb That the estimate' of losses be increased to the even sum of
88*950,000, and be deducted from the actual prolts of the B f p k which
have heretofore accrued.
*■
■. §#» T h a t tier© be now declared a semi-annual dividend of one and o m
IjJ'f jjer-cent
!
; " J i i i ^ f i a t th© whole premium paid the Government for the two millions
M M I of 1820, b© now extinguished; that jthe balance of the commissions o i
t§§ lean'obtained by the l a n k in Europe, in 1819, be now extinguished;
•ad, that so mnch of the unextinguished balance of the expenses of the
tiMnraissiopers fur taking subscriptions to the Bank, &c. as w i l l reduce i t
t©:i§2©»0§§, be l o w extinguished. This small balance n a y be extinguish­
ed i p January next, and t i e Bank will then, besides its ordinary and curf t i i t expenses, i© encumbered only with th© payment of the interest of the
l o i i in Europe,' which w i l l cease after July, }822; the extinguishment of
t h o ^ p m m m on the four millions I f e per cent, loan; the extinguishment of t
thewnus;'and the establishment of an adequate fond, to cover any losses
wMch n a y le-sustiined on banking houses which have been, or ipay be,
elected or purchased.
.
'
.*
I f tl© appropriations thus recommended M now n a i e f the account of
p e l t - a n d loss to th© 1st instant, w i l l staid as follows:

£

&18 •

[ Rep. No. 460. ]

Baltice tii thi crciit ©f profit aid loss, according to t t i account herewith
' reported,
- ' $4,107,186 s §
Dividends to be retained on S7f5IS shares capital stock of
the Bank pledged, and transferred to the President, Di, rectors & Co. at 1} per cent
•
Si,fiii 50
$4,165,4** S5
Extinguishment of the premium on the two millions six per
loan,
.
.
.
.
$409000 00
. Extinguishment ©f the-balance of the commis­
sion oi the loan obtained b j the Bank in
Europe,
l i , 0 0 i 0§
Extinguishment of this sum of the expenses
of commissioners, &c. over aid above t i c
semi-annual allowance now made9 28,974 40
Specific fund for the extinguishment of losses, 5fS50,00© 00
Dividend of 1 | perceit. on 350,000 shares, -525,000 00
■.
4,157,974 40
Balance to be carried to the credit ©f proSt aid loss,

S5,4Sl 45

4. The. Committee arc of opinion that the sum of $5,550,000 thus ap­
propriated for th© extinguishment of losses, should I© put to the credit of
an account to I© denominated ««contingent fund," and le thus distinctly
set apart from the current profits and losses of th© Bank, aid that it should
be d^lared to be appropriated inviolably, together with all excess ov©r the
par value, which may be receive! ©n the stock pledged and transferred to
the Bank, .is before stated, aid all interest die, and to grow due, on the
suspended delta, at tl© offices of Louisville, Lexington, and Chilicotbe,
and the late office of Cincinnati, and particularly that it be declared that
no part of these funds shall be, on any account, or under any circumstan­
ces, diverted to any other object thai the extinguishment of the lossei
which the Bank has sustained without the approlatioi of the stockholder*,
at a regular meeting to l e called for the purpose, or at the triennial meet­
ing required by the charter.
The Committee are of opinion, that there should hereafter be a semi­
annual appropriation of $l5,000, in addition to tie semi-annual appro­
priation for the extinguishment of the bonis of 145,000, to extinguish the
premium on th© four millions if© per cent, loan, and to provide a fuid to
meet any losses which may be sustained on tie banking houses built a i i
purchased by the Bank, or which it may hereafter build cr purchase.
The sums to lie provided, arc as follows, viz.
The bonus, (original amount) - $1,500,000 i t
Ti© cost of banking houses at Philadelphia, Baltimore,
Washington, Richmond, Norfolk, Fayetteville, Charlesion, Savannah, Sew Orleans, and Louisville, which is all
that the Bank las hitherto erected or purchased, is
$771,617 §!• It will require about $10,000 to f nish
the banking house at Philadelphia, except tl© south por­
tico, which it is not intended to finish, and it is believed,
if so much be aided to the foregoing sims as mill make
m aggregate a $900,000, it will cover all the buildings

[ Rep. No. 460. ]
which the Bank will ii future probably build ©r preliap,
s t j , therefore!
. . .
.
.
Premium paid on tic four millionsfiveper cent loan, -

§§§»§§§ if.
2§5,880 00
22,605,880-00

'The Bank has heretofore appropriated* semi-annually, commencing- n
July, 1817f the .sunn of jS4Sf§00f which* if continued to the end of tic
charter, will yield
.
.
.
.
.
81*665*000 00
If to tliis be added a semi-annual appropriation of gl 5,000,
and ic Ic continued to the end of tie charter, It will yield
4£0,000 i i
22fOS5,o§i §§
which* it will be perceived, will extinguish the bonus* the premium on the
four millions fite per cent loan, aid upwards of 40 per cent on tic cost
of tie banking louses heretofore erected, or which will probably be erect­
ed hereafter.
T i t object of tie Committee in going so filly into details, was not oily
to lay them before tie Board, for its information aid consideration, bit
also to pit them in a shape which would be intelligible to the stockholders
aid the public, should it be tie pleasure of the Board to give publicity to
the report^ and thereby lay before them the means of judging of tie situa­
tion and circnmstaices of tie institution.
To carry these views into effect* the Committee recommend to tie Board
Hit adoption of tit following resolutions:
'1st Besotoed, That 83,550,000 of tie unapplied profits of tie Bank'
be appropriated, aid set apart, as a fund to extinguish tie losses whi<cli the *
"Bill: may have 4<
sistained, aid that it be pot to the credit of an account to
be denominated contingent fl§idf,, and tins be separated from tlo ac­
counts of profit and loss.
2, Besolved9 That tie interest due, and to grow due, oi suspended debts,
at the offices of Louisville* Lexington, aid Chilicothe* aid tie late office
of Cincinnati, be also set apart for the extinguishment of losses whici tie
Bunk may have sustained.
S. Besolvedf That these several funds be, anil they are hereby, inviola­
bly pledged for the object declared, and that they shall not be directed to
arip'other object, without tie approbation of tie stockholders at a regular
meeting* which shall be called for flat purpose, or at tie triennial meeting *
inquired by the charter.
4. Resolvedf That there be now declared a semi-annual dividend of one •
mtd one half per cent on tie capital stock of tie Baitk.
5* Besolvedf That 840,000 be appropriated for the extinguishment ofJ
the premium paid to the Government on the two millions six per cent, loan,
216*000 for the extinguishment of tie commission oi the loan obtained ty
tbe Bank ii Europe, 096*974 40 for the extinguishment of so much of tie' 9
expenses of commissioners* &c.
•§. Resolved, That, in addition to the semi-annual appropriation hereto­
fore made for tie extinguishment of tic bonis, there be a semi-annual ap* propriatlon of gl5,©0i for the purpose* with tie surplus of the appropria­
tion for tie bonis, of extinguishing tie premium paif on thefotfrmillions *
five per cent, loan, aid extinguishing in part the cost of banking houses *
built| ©r to he built and pireiased ly the Bilk.

*f 4

| Bep. Nt. 460. ]

7. Jfesofved, H i t this report 'be published in the National IMtfKttwpp,,
mil'tic gmietfes In the city tf-'Philadelphia; in which tto'^BtagfrlmS1
customed In,publish.
"
-":**■•
* ■ - L. C1EVES, JVwfitof." """
Attest,
THOS. WILSON, tiu&n

No. 19.

J„

RsiFORT m THR DlTIDRR-D CoMMITTRR, JjJfWABY, 18S&
BJLHIL W IMS UlTITRD SlAITJlt,

6th Jaawarf, IBM?*
Mr. FISHRR, fron tic Committee on tic State of the B a i l andlnvidJM^
•ffered the following report, which wis read, and unanimously adopfbiRr, ~'_
The committee appointed on the Slst ultimo; to inquire into the-stats *§£
the Bank, aid to consider whether any, and, if any, what -divirianAir
ifaould Ic declared of the proite which hate accrued for 'the last afe
months, report:
■
■- ' .
That, oil examining the accounts of the Bank, It appears that the'amtimt'
received on account of discounts, exchange, interest, &c. during'tMkfH
six months, is 81,038,089 06, including therein about 080,00% btiltflt*'
nett anoint rccel?ed oi account of contingent interest luring the jsihaef ** *
rlod, and 211,537 S3receivedfor premiums oi bills drawn on the credit^
of tie frank, on Baring, Brotiors & Co, to which amount of proiCa ia'trlp* 1
added any dividend which may le now declared on 37,934 shares of* the'
capital stock of tie Bank, which are pledged to it for mora thai the pur
value, n d have been transferred to tie President, Directors, & CaL'* " *
Frou the aggregate of tl© foregoing profits, the current expenM J M *
t i t usual semi-annual appropriations are to le deducted* • f »
Tie committee further report, that they ha¥e lad before them, and hrfM
attentively examined, returns from the several offices, brought down fet
very late priods, exhibiting the character of the debts due to'thenTtfespeo*
lively, anil estimates of tie probable losses installed by thin. Thati(A'
tie current business of the Bank and the offices, there is a larger aAnonafIm­
probable losses flan usual, though tie total amount is nevertheless inomi*
aideralle; aid flat tie aggregate estimate [of losses brought'down to "(be
present time, exceeds very considerably tint of the last dividend commit*
tee. Tie aggregate estimate of that committee was 03,74d,8999 ani tint
©f the present committee is SS,9S4»££S §1, giving an apparent ilifcfitMf if"
8i§if3i4 61. The principal part of this difference is found li'tfaiiptlBiates for lie offices of Baltimore and Pittsburg. Tie estimate*of tin i n *
dividend committee was for the office at Baltimore 01,671,121 87, and&aff
of the present committee is il,715Ȥ84 04, making a difference of S4%*.
Sit 17; of which last sum jS34,2£5 are supposed to lave beta omitted, by
mistake, by the last dividend committee, in the estimate of losses on stock
loans at tfiit office, pf this error, howe?erf this committee arc not fully
initialed, as the last committer were ai%d by tM'DirectonrlMas BiaUi■ore, In forming their estimate, am advantage of Which the peasant eirih-

[ Rap, No. 460. ]

316

mittee are degriypd by .their absence. But, wider t h e g ^ d r © i i i i t a i i c i s ,
ttejpeBe^t opminulttoe hgwe deemed i t to be fhfsir i i t j F l S ^ ^ f t ' i » largest
MUD. *The estimate of the l i s t committee, of the'losses i t t j t i iffic^Jilt Pittstar^-was 199,7If 16, and that o f the p q ^ p t c o m m i t t e r s ' 8 fifa,! 77 9B9
n u w j ! a difference of 76»4§§ 36. I t w i f n K f e e n * by reference to the reperf'orthe last dividend committee, that they did not allow the amount repertsd by the committee of the office, believing that they l a d greatly over­
rated their losses, i s they ¥©ry much ^exceeded all former estimates- But
the report of the office, last receited, h a t i i g confirmed the preceding one,
this committee l a t e thought i t to be their d i t y to adopt the estimnte last
f i n i s h e d by the office, though i t is nearly three times as great as the esti­
mate of the Cashier of the Bank made when he visited the office in 1820
fur this pirpos%ani more t h a n , d o u ^ the amount of any report of the ofi i p p r e c e d i i g ' that which was befonfflie committee in July l a s t
SU'Committee have again been go?cried by t i e estimates of the Cashier
• f A j Bankf_ referred to in former reports, in their estimates of the logpes
• t ' l B ^ i s t i l l e ' a i d 'Lexington, a i d the late office at Cincinnati. The esti­
mate returned by th© dffice at Chilicothe has, o i this occasion, exceeded
tte estimate of the Cashier of the Bank,, a i d the committee have increased
tMe estimate of that ©lice accordingly.
«^
-. T h e statement* of the arrears'of interest reported to be die by t i e last.
dividend committee, was g8I8,9S5 09, which was incorrect, inasmuch-M
i Q ^ t t M - t b e ^ c o n ^ n g e n t interrat due dn stock loans, which being added,.
i t j ^ l d j b a y t i i u a o u n t e d to 8lt279 9 520 54. The arrears'of interest now
A ^ ^ M n i t o 81*478,692 89§ including interest due o i doubtful and l a d
deEga,-' *On this view of the state of the Bank, the committee beg leave to
i r w i f p p f n i a dividend of two and-a half per cent on the capital stock of
t h e . Q ^ k f and, i f the Board shall so order, the following statement w i l l

Frqfit #1J Low,
D».
. T© Profit.and loss for current debts, since July last,
«
•
. 4 I Cortent expenses,
.
.
•
m
Interest paid on loan in Europe,
.
.
.
%
§t
Semiannual appropriation for bonis,, bank buildings,
.an^premium on four millions 5 per cent Joan,
'* P i ^ f c n d No. 8, at 2J per cent
«» B u l i a c c
.
.
.
.
.
.

88»87S 99
l S S , i i S 75
£6, S i t '61
6 i , 0 i i 00
8TS,00§ i t
274,902 78

8tfS78 t ry§ i s
CR.

B)r Balance of profit and loss amount i i July l i s i
§i
Current credits to ditto, since that date,
.m
Discounts, exchange, and .interest,
«« Dividend to be now declared on 37,954 shares Bank
United States stock, at 2ft per c c i t .
-

§141,796 07 .
5,152 20
w l,052,956 8S
94.S85 i t

i

81*578,770 IS
T i p analysis of the abo¥© balance is i s follows:
Balapce profit and lots amount j n J u l y , i t e l ,

-

-

85,48141

f

"

«

[ Icp. No; 460. ]

tingent interest received, is p r report of dividend J i lary, 1828, •do.
report, July, 1822, alum of exchange, and fairest refeel?ed on proceeds of
v ild exported, remittances^ Holland on account of loan,
&c. as per dividend report, July, 1822,
Contingent interest received during the last six mollis, FrenJium rcccitei oi bills drawn on the credit of the Bank
during the sine period,
•
Balance, being current prolts of the year 1822 undivided,
1

4,717 i t
SSj§§§ 00
1S5,§§§ ©0
£§,§§§ 0©
11,537 SS
is. 157 00

iZ7^m^

yg

Of iiis sum, gt4l>,79§ 07, which aSbdto the credit of profit aid loos in
July last,- and which is amalgamated ii the foregoing balance, tie stockholders, at their last meeting, appear to ha?e understood that j§19S,8§§
, would, as a Hitter of course, be carried to the credit of the contingent
fend. But tiey could not have adverted to the fact, that a portion of this
balance of prolts grew out of two transactions which are nut yet closed,
n d ought to abide their final result, via: 1st The reimbursement of that
portion of the loan of 22,04*0,000, which was payable in Holland; of that
loan there is still due, aid payable in England, glf§20,§§§. Id. Pre­
miums received by the Bank on bits drawn oi Baring, Brothers & C#.t
to whom the Bank is now indebted, as per statement of the Id instant,
the sum of J82§2,907 89» To meet, however, the views of the stockhold•ra, without leaving any charge on tic future operations of the Bank, on
account of the balance of the loan, or that due to Baring, Brothers * Co.,
&
Ii current account, the committee recommend that the whole balance, be*
fore stated, of 8274,902 78 be carried to the credit of thd contingent fondft
for the extinguishment of the losses of the Bank, subject, however, to the
payment of the expense which may he incurred in discharging the debt
now due to Baring, Brothers & Co., as well on account of the loan as in
account current. Tire losses of the Bank, it has heen seen, have beei esti­
mated by this committee atgS,9S4,2£3 61; to meet which, there will be^
1st, a contingent .fund of 83,824,902 78, subject to the expense of paying
the debt dae to Baring, Brothers & Co., as aforesaid; and, fidlj, the
•urn of 81,476,692 89 of contingent interest.
Finally, the committee report, for the consideration of the Board, the
following resolutions:
1st That there be now declared a semi-annual dividend of the profits of
the Bank, of two and one-half per cent, on the capital stock of the Bank.
td. That the balance of the statement of profit and loss, viz: 8274, •
902 78, be carried to the credit of the contingent fund, fei1 tit purpose of
extinguishing the losses of the Bank, subject, however, to the payment of
the expense which may be incurred in discharging the debt tww dm to
Baring, Brothers & Co., as well for the balance of the loan aforesaid, as
the balance due them in account current.

[ Rep. No. 460. }

SI 7

No. 30*
LOSSES CHARGEABLE TO THE CONTIHGXNT FUND.

The following statement is furnished, in compliance with a resolution of
the committee, requesting " a statement of the particulars of the amount
of debts (considered lost,' the amount, on the 1st of August, being
$3,452*976 16; distinguishing, in the same, those contracted prior to the
30th of August, 1822, from those contracted subsequently; and giving the
amount of each."
The returns of suspended debts, from the respective offices, give the
dates when due and protested or unpaid, but not the dates when con­
tracted. The dates, " when due and unpaid/' are therefore presented in
die following statement as the nearest practicable approximation to the in*
formation required by the committee.
It is also to be observed that a large portion of the debts which became
€t
due and unpaid" after the 30th of August, 1822, must have been the
result of transactions in which the debtors had originally obtained credit
at the bank prior to that date.
BANK OF T H E UNITED STATES, PHILADELPHIA.
When due
and unpaid.

Drawers.

Endorsers.

1819, April 4 Marietta and Susquehannah Trading Com­
pany
Sept. S Juniata Bank .
.
1822, Sept 27 George Strawbridge - John Strawbridge
John Steel, Steel & Mercer
1819, Aug. 31 John Thoburn
Anthony Groves
Apr.
Hugh Christy
Hugh Christy
June
Anthony ^Groves
Do.
April 23 John Greincr
John J. Wheeler
June 4 Anthony GroveB
John Jones
1881, July 13 John H. Gartley
J. H. Gartley 1820, Mar. IS John Jones
G. & D. Billmeyer
1818, Dec.
John Billmeyer
1819,June * Jacob Clement
j
Jacob Clement, jr.
James Morrell
1890, Nov. 3 R. & T. Morrell
Rulon & Baker
1818, Sept
Baker & Ferrand
Lawrence Seckel
1830, Mar. 7 John Seckcl
Nathan A. Smith
1818, Dec. n Nathan Smith
Isaac Levis
1831, April 21 John Walsh
Do.
May
John Thompson, S.
Mordecai Y. Bryant
1819, Mar.
John Y. Bryant
ct
John Y. Bryant Mord. Y. Bryant
Samuel Brooks ISIS, Jan.
Joseph Clarke
1832, July
John.Rugan &. Sons - John Claxton
J. M. S. McCorkle, Wm.
1833, April 29 Joseph Sim ins
McCorkle
Mortgage debt 1834, Sept. 15 Jno. P. Peckworth
Henry Sergeant
Emlcn & Fullerton
1819, May
John Gibson
James Gibson
«
William Wain t
Joseph Head
July
ii
T. B. Freeman *
Richard Bailey
Stothart Nov.
Josi aii Starkey
John Pemberton
1830, Feb. 7 John Clifford
it
Henry Shriver Robert Imiay
Adam Konigraaker
Dec
Win. Schlatter
Dockeray Smith l833,Feb.
Benjamin Wilson
Mar.
Th. H. Roberta & Co. Daniel Lamot

M

Due and un­ Due and un­
paid after
paid before
Aug. 30,1822. Aug. 30,1833.

15,100
13,346 31

-

3,72130

.
.

150
615

-

4,550
1,737 97

600
2,980
1,500
600
1,000
590
300
3,871 50
1,040
180
8,579 44
400
650
1,822
1,200
3,750
3,600
2,945 50
4,607

4,100
1,066 67
1,520
1,450
2,576
7,900
6,620
24,719 27

Digitized by

[ Rep. No. 460. ]

31ft

BANK U. S. PHILADELPHIA—Continued.
Due and unr Due and on*
paid before
paid after
Aug. 30,1832.1 Aug. 30,182«-

Endorsers.

1326, Feb.
Win. Allen
Jan.
Henry Simpson
April |Chs. N. Bancker
Feb.
Do.
Jan. 13 ISaml. Marsh
April 8 A. W. Hamilton
May 13[Cha. Biddle
July
1824, May
1896, May
18*8, Jan.
1880, Mar.
1818, Mar.
1821, May

Henry Simpson William Allen H. Simpson
Wm. Allen
R. M. Whitney & Co.
Th. Johhson, Th. Harrison
William Oliyer, John G.|
OUver & Co. Thomas Simpson

13 Wm. Oliver
30 Ansley Cooper
YC. M. «c W. H. Stokes Charles Biddle 25 Th. Philbrook & Co. - .Nathaniel Mullikin
John S tod dart
364 54
1 H. Dusenbury
Hester & Savitz 1 G. Frederickson
1,717 6 4
Thomas Dobson & Son
18 Thomas Amies
240
Wm, Taylor, jr.
1527, Jan. 19 Forged draft
John Cochrane •
1823, April 16 John Doyle
3,190 66
Sundry overdrafts
5,000
James L. Vauclain
1919, Feb. 7 Andrew Sequin
1,200
William Rogers May 4 Israel WheTan
33,500
July IIS. Smith & Buchanan George Williams
John Strawbridge
1822, Dec. 22 George MoLeod
Do.
1823, Dec 3 John C. Delprat
»
John Cochrane April 16 John Doyle
1,499 46
George Rundle 1819, Oct. 19 Edward Carroll
[L. Hollingsworth & Son,!
1814, Aug. 5 J. W. Saunders
P. Hollingsworth
1819,]*Iay 11
John J. Downing
2,197
April 13 Condy & Raguet
[James Imbrie & Co.
4,050
1822, June 30 Anthony Groves
1326, Aug. 26 W. H. Cowperthwait Wm. W. Drinker
956 43
E. Pennington & Son Samuel Hays
.
Oct 19 John Turner & Co. - William Hamilton
_
1827, June 1 Samuel Thompson - Jonah Thompson
.
Aug*s C. Salaignac
1829, Oct. 22 Armon Davis
_
John Doughty .
July 22 Charles Dilworth
[Edward Thomson
1826, May 2 Smith & Bailey
.
Do.
B. Araeyl
1825, Nov. 21 BlydenburgfitBurns Do.
1826, Jan.
Do.
•
Van Nortwich 8c Miller - |
1825, Dec. 26
Do.
Henry Thomas, Nevins,
1829, Oeu 10 Joseph Osborne
& Co.
Newkirk 8t Worth,(sterling]
1819, Aug.
Robert Graham
bills)
1,527 60
Do.
Jan. 4 Joseph Lynch
2,222 22
April 28 Wilson & Conyngham Do.
,
1,777 78
Do.
1825, Dec. 22|B. Clark
( do. )j:
Do.
R. Malone
( do. )
Do.
Andrew Low & Co.
(do.)
1831, Feb. 24 Expenses paid on collection of sundry debts as­
signed to Bank U. States, by the Pennsylvania
•
Manufacturing and Agricultural Bank of Carlisle
1830, Aug. 13 Interest relinquiahed on Murray, Fairman, & Co's
debt -

in

177,057 02

504 90
1,410 24

494 59
2,400

600
519 19
391 09
20,000
7,612 43
8,657 91
8,828 09
7,000

5,093 86
6,658 97
38,075 95
1,363 87
598 63
169,890 48
177,057 02
346.947 50

Digitized by

Google

[ Rep. No. 486. ]

ss»

BANK U. S. PHILADELPHIA—CooUnu*d.
Due and un­
paid after
Aug. 30,1899.
Deduct credit*:

Gain on sale of real estate - '
Balance of account of " contingent laterest"
Diaoount on notes received for Magnolia Grove estate
Protests repaid
-

-

450
• 4,340 19
- 16,050
4 IS
30,844 31
326,103 19
=.

,.,

•»

OFFICE AT PORTSMOUTH.
When due
anda unpaid.

Drawers.

1899, Feb. 9 H. S. Langdon
May 7 Joshua Neal
Mar. 30 H. S. Langdon
26 Do.
April 2 Do.
May 18

Do.

1823, Aug. SO Nathaniel Seward

Endorsers.

Josh. Neal, E. Thompson
John Langdon Do.
Jos. Neal
Eben. Thompson
Jno. Langdon, Edmund
Roberts
Jno. Langdon, Tb. A.
Harris
Sam'l Furnal, IX E.
Frembly
Thinking Penhallon
William Rundlet
A. 8t J. Wendail

May 20 Benj. Penhallon
1896, Mar. 8 John Clark, jr.
1898, June 8 Jas. S. Starwood
11 Isaac Wendail, Wm.
Jno. Williams, A. 8c J.
Hill
Wendail
Aug. 13 Do,
do. do. - Do,
April 99 Robert Blunt
Sherburne & Blunt
Aug. 21 A. & J. Wendail
J. K. Pickering
Edward Cutts
Deficiency pension office
1393, July 3 Stephen Chase
Jno. F. Mend urn & Co. 1898, June 15 Joseph Coe
Jno. K. Pickering
May 6 A. &. J. Wendail
Do.
June 17 Do.
Do.
July 31 „ Do.
Do.
June 8 Sherburne 8c Blunt - A. & J. Wendail
10 A. & J. Wendail
Sherburne 8c Blunt, Is.
Wendail
10 Do.
- Do.
•,
Isaac Wendail Aug. 11 Do.
7 Jacob Wendail
- , Do.
11 Do.
- | Do.
- ; Jacob Wendail, Isaac
June 95 Abm. Wendail
Wendail
Do.
. do.
July 10| Do.
April 24 John Williams
Abm. & Jac. Wendail Isaac Wendail, J. K.
June 4 Do.
Pickering
- |

Due and un­ Due and un­
paid after
paid before
Aug. 30,1822. Aug. 30,1822^
750
295
900
400
900
533 33

"
.
•

90
1,304 88
161 10
322 25

.
•
.
-_
•
.
^

1,350
2,400
1,320
996 74
17,861 99
74 43
560 86
600
560
286 08120

-.
.
•
.
.

;

800
1,600
1,390
1,250
2,200

.
.
•

300
260
1,22a

-

90O

Digitized

b Google
y

fitO

[ Rep. No. 460.
OFFICE AT PORTSMOUTH—Continued.
;

When doe
#nd unpaid.

Drawers.

Endorsers.

•

18W, June SS Jno. Williams,

.

%■:

■■' '

■

Due and un­ Bm tAQ\ VjB>>
paid before
paid oiler
Aug. 3©, 1888. A n g . 5 % i a m

*

Isaac, Abi*ii, St Jacob
Wendell,
J t J j 8S Do.
Isaac Wendal -'
Aug. 14 Do.
Do.
May 7 Sheibimie Jk Blunt - A. fc J. Wendell, J. K.
Pickoriiig
Inly 17 Do.
Do.
do. June 8 Joe. Wiggin T k Batchelder, D. P k k nam
July 14 G. M. Marsh
Sherburne and B* J. JL
Pickering
May 14 JoaephCot - ' J. K. Pickering, Alex.
Fatten
July S Do.
Do.
do.
17 i Do.
Do.
do.
SI Do.
-1 Do.
do. Aug. 4 Do.
Do.
do.
\
11 Do.
Jno. K. Pickering
SI Do.
Do.
WW, Aug. 15 Joseph Coo Jno. K. Pickering
Oct. 2© B. H. Palmer
Thomas Sheafe
>
July 87 Do.
i
- | Do.
Aug. 11 Do.
Do.
18f9f April f Jos. B. Whidden
Elisha Whidden
Feb. 13 WalterWyatt, C.Noyes Jac. Patch, S. Patch, Eat
Sibley
183ft, Fib. S William Hill lAaion Bill
If John Rodgeri
jNathaniel Gilman

•
•
•

1.880
1,150
4,808

,:
::

S,971 81
5V159

•

US

::
::

568

•
m
m

!

,:,
•

«,

!
|

•

::,

1,008
1,188
1,888
1,186
1,588
1,560
1,858
1,158

us

MS 71
466 • §
4S1 84
688 Sf
358
1,488

m

m

8,7§8 33

71,849 m
S,788 'St
1

75,657 88

OFFICE AT PORTLAND.
l S S i , F e k l i MilMons St Levitt
Mar. I1 Atwond & Co.
M
Emory It Smith
April 11 WBL H. Mils
May 19 Burbank St Bunion
1818, NOT. 7 Daniel Pox 11 Do.
.'
1829, Mir. 1 fThomas Dodge
1 JL. St H. Gooding
Mo¥. J [Thoims Chadwick
Dec IS Do.

Atwooi St Co.
Millions & Le?eti
Thomas Dodfc - ^
Mllions & Levett
Do.
George Fox
|
Che. Fox
S. it H. Gooding
Thomas D o d »
- Elcbari Chadwick
I t Chadwick, Dan'l Brown

1171 77

•
•
m.
.::..
m
m
m

•

mm

M
$1 71
88 m

MI ts
if i t
m 4^

m m
136 71
111
1,108 t t

tuBa&g

! _L

221

[ Rep. No. 460. ]
OFFICE AT BOSTON.
When ine
Mid UBptti.

Drawers.

I S l i , June 17 I. k J. Howe
i l l iRobert C. Ludlow
Do.
July 11
1883* NOT.
Dec.
1811, Jan.
Mar.

SSIItaac Child J13 Joshua Child 1 ! llsaac CM14 1» Do.

Endorsers.

i>ue end un­ INi© ^andVjsuv
paid before , pail alter
Aug.30, 18881Aug.'80,I8§f.

Asher Adams * •
i Joseph Grafton •
IE.-M. Jeffiies Joshua Child Isaac ChMi
[Joshua Child Do.
Jonathan WinaMp
iWaUey St Foratler
;
PeJci©fi€y pension office

900
1,000
907 481
150
1,000
100
S50
SO©
1,888 10

Abiel WenaMp
SI,'J. W. Langdoii
30|John S. SeDer
SO(Counterfeit bank note
17] Hammond St Hmetanl [Ji©. A. Welsh Do.
Do.
31i
Do.
Do.
Jim© I 1
Hammond It BaielanjI
May 171i Jno. A. Welsh
1
'
Do.
* Do.
June 851
Do.
Do.
J i i j S4I
2890, April 15 JJ. Filler, Id teller - [Cash deficiency
(Counterfeit bank n©tei

l«r9May
Mm.
l i l t , Nor.
May

7S8 m
1©

608 8S
1,501 l i
§04 IS
4©©
1,000
1,000
ii©

m

2,807 43

•,338 80
«,8©f m
19,148 .38

OFFICE AT PEOYIDENOE.
1989, Aug.
Sept.

635 IS
880 m

j Arnold St Dafenport • Cyras Barker R.G.Hamiil6 COsz. Lanthrop -

995 i i

OFFICE AT HAETFOIB.
|E. Fom, S. BaJbcock
1819, July » \ JeMel Johnson
Johnson
May 16 Samuel Balicock
Nathan AeiJey
Oct 15 Samuel Acklej
Benjamin Wiuiams
18S0,July 23 jDaniel Samson
39 |E. Bond, jr., W. Dan-|
Do.
forth .
Jjacob Twines
l i l t . Mar. 18 Austin Blackslee
IB. Williams, K. S. Wet181©, July 17 jWm. Danforth, jr.
more
IB. Williamson R. H.]
iThomas Child, jr.
Camming 1881, April J. Harper, J.Bartlett- Ij. H. Bartlett
;N.
18» f Aug. S8| Wilcox, J. Warner,
E. Doad, J. M a n n (Benjamin Williams i
IN. WICOX, J. WfjnerliLwiumme, J. L. Lewitj
Ilia. Brown
* t S , Nov. 88 .Keeler & Eogera
iDavid Brewster, Phi,
1898, July 16] Glea Stebbins
Hayward

10© 67
SO
li
8© 15|
Si
440
114
3©§
1,808 80|
IS©
ISO

8,000
180

m

[ Hep. No. 460. ]
OFFICE, HARTFORD—Continued.

When due
and unpaid.

1827, May 12
1823, Dec. 26|Fred. Pearl
Do.
1833, Jan.
38l Do.
Feb. 20 Do.
1938, May 3 l S e t h D . Wolf
1823, Jan. 4 W. C. Hall 1980, Aug. 7|Benj. Williams
1835, April 11 Jos. Williams & Co.
It)
Do.
1819, July 19 H. Southmayd
15
Do.
Do.
Aug. 9
26
Do.
"
Do.
1830, Aug. H|Eleazer Doud
1819, Aug. 19 Jehiel Johnson

Due and un­ Due arid u n ­
paid arW
paid before
lAug. 30,1822.1 Aug. 30,1823.

Endorsers.

Drawers.

|Cash deficienoies
JR. Miles, R. Whittlesey
Do.
do.
Do.
do.
Do.
do.

283
1,500
400
400
500
9

Josiah Sage
|Geo.W.BuU
Hiram Grant
Do.
W. Southmayd
Do.
Do.
Do.
Do.
[Nathan Wilcox
jLysander Wells, Samuel,
Babcock

24
200
252
15S

400
300
640
400
450
50
128

1820, Nov. 16 R. Doud, jr., W. DanJ. Fairchild, S. Crowell
forth
1826, Dec 18|J. West, J. West, jr.,|
C. Foot
M. Batelle, E. West,
T . N. West, J. Foot,'
Manhem Van Demson
A. Moody, Th. Moody 1827, July 28 R. Moody
Pierpont Hollester
1826, Feb. 19 Silas Spencer
•1830, Nov. 30[ Loss on sale of real esl t a t e N o . 5

150

S4

1,000
65
950
6,299 02

Deduct gain on real estate

7,708 50
6,299 OS
14,007 59
129 13
13,878 3 *

OFFICE AT NEW YORK.
1813, Jan. 4 Bailey, Wm. May 3 J. W. Leaman, jr.
1820, July 14 Tricon & Messillier u
George Johnson
u
Benton & Phelps
June 19 J. Corvill & Son
u
Jno. Lambert
Titus C. Waring
«
1823, Jan. 9 Walley, Foster, & Co.
1822, May 31 Counterfeit drafts
1826, May 31 Branch notes stolen Cash deficiency
"
a
1 Overdrafts
1825, Nov. 17 Robert Stewart

J. Hefferman
Townscnd & White
Labourse & A. C. Duff - 1
Post & McKinley
No endorser
D. Sullivan
Geo. D. Grass Undcrhill & Dusenbury J.Underhill,P.V.Ledyard

.

1,804
3,446
109
979
1,347
2,500
310
200

80
84
28
20
35

-

423 10

•

•3,630
2,556 16
3,495 3 8

-

2,885 74
1,500
220

9,997 67

McClintock, Hawthorn,
& Co.
Dec 17 Ulshoeffer & Groomc • Thomas Day
1828,
|James Rikeman
- J
Cornelius Rikeman
- |

- 1

Digitized by

Google

[ Bep. No, 480. ]

883

OFFICE AT NEW YORK—Continued.
When due
and unpaid.

Drawers.

Endorsers.

i" • r
=»
Due and un­ Due and un­
paid before
paid after
Aug. 30,1822. Aug. 30,1822.

1886, May
1887, May
Aug.
Oct.
July
1880, D e c

30 Amount short in 8d tel lers' cash
88 Amount short in specie
10 Amount short in tellers cash 15 Counterfeit check
7
Do.
-'
J. Corville & Son, R.
11 Jones & Clinch
Despeau, Baker, & Hop­
kins 1887, Dec. 88 J. C. & G. Newton - Joseph Newton
Do.
Do.
1888, Jan. 30
1887, June 1 J. & J. Cbddington •
1886, Aug. 10 Golding & Matherbee Overdraft
Nov. 86 Ross & Freeman
Do.
1819, July 14 Philetus Havens
F. Jenkins & Son
1886, D e c 15 Le Roy, Bayard, & Co. S. D.Ogden
•,
1887, D e c 3 Jeremiah Thompson • Jno. Grimshaw Jan. 14 Nathaniel Cogswell - Forged check - 1883, Feb. 6 Winthrop, Rogers, and
Williams
Moore & Hoffman
Do.
Do.
do. «
u
S. Lounsbury
Do.

900
1,000
100
1,555
750

•
•
•
3,133 11

•
•
•
•
-

1

5,111 54

•
•
.

1

•
•
28,939 79

%

2,800
3,200
384 96
202 81
189 44
2,000
2,039 19
100 50
1,350
700 ,
128 06
32,110 34
28,939 79
61,050 13

OFFICE AT BALTIMORE.
4,974 38
Jacob Myers
No endorser
3,200
Do.
2,400
Do.
2,400
1
Do.
20,299 13
W. G r a y / N . Stanley,
544 93
T. Sheppard
A. H. Falconer
3,500
1819, Nov. 26 S. G. Griffith
George Williams
7,150
June 4 R. W . GUI Finlav &. Vainlear
1,504
• May 17 P. A. Guestiers
Nov. 30 Thomas Higinbotham P. Higinbotham, Lemuel
Taylor, Hollins and
r
McBlair, D'Arcy and
Didier
13,047 42
Lemuel Taylor
5,937 50
July 2 R. Higinbotham
D. A. Smith, D'Arcy &
1821, May 1 C.S.Konig Didier
1,250
A. A. Williams, Colhoun
1819, July 9 J. A. Morton, jr.
585
& Mathcw
George Williams
19,000
10
Do.
Wm. Penniman
472 46
. 7 J. & A. Levering"
L. .Taylor, N . F. Wil­
I T. Marean • 4,079 S5
liams
628 42
June 21 F . W- Maher
C D . Williams
-i
Brown & AUeby
507 73
«M? 1 1 Do,
*

1821, Nov. 10 J. Burneston ••
1823, Jan. 21 W. Child
Feb. 21 Do.
25 Do.
1821, Feb. 15 C. Deshen
1820, May 15 Hy. W, Gray

Digitized by

[ Rep. No. 460. ]

224

OFFICE, BALTIMORE—Continued.
When due
and unpaid.
1

Drawers.

Endorsers.

Ane and un­ Due**dtm~
paid before
paid aftsx
Aug. 30,1832. Aug.30,183*.

i —

No endorser
Do.
R. Higinbotham
1
Do.
1
Hollins & McBlair
Do.
Lemuel Taylor
•
George Williams
Do.
Do.
Do.
Do.
Do.
Do.
Lemuel Taylor
DoN. F. Williams
Do.
Do.
J. W. McCulloch, Geo.
Williams
J. H. Bowly, C. WrigOct 1 Henry Thompson
man
L. Taylor, George Wil­
1821, July 20 C. D. Williams
liams, A. A. Williams
5 G. Weems
C. Deshon
1819, Kay 26 Geo. Williams
S. Smith & Buchanan,
A. A. Williams
_
July 23 Do.
S. Smith & Buchanan S. Smith & Buchanan,
24 Do.
L. Taylor
Hay 26 Do.
S. Smith & Buchanan 12 Do.
J. W. McCuUoch
•
July 6 Do.
- , G. Miles, jr.
June 41 A. A. Williams
- ' Geoge Williams
151 Do.
Do.
25 Do.
Do.
July 26 Do.
Do.
-|
20 Do.
Do.
No endorser
1820, Mar. 7 Wilson & Foster
1819, June 22 N. F. Williams
Do
July 20 Do.
Do
-1
Aug. 6 J. Johnson, J. T. John- Wm. Warfl, R. M. John,
eon
son
Hay 29 N. F. Williams
G. O. Van Amringe
J.L. La Raintree, teller, Deficiency in cash
Specie lost by Union
Bank
Chace & Tilyard
Overdraft
John Coates Do
Jas. C. Dew Do
Finlay & Van Lear Do
R. W. Gill Do
R. Higinbotham
Do
R. Hyatt * Do
R. M. Johnson
Do
L. Reiaeted Do

Aug. 5 J. W. McCulloch
ct
Do.
July 27 R.Purviance Aug. 10
Do.
July 3 S. Smith & Buchanan
June 2 Do.
do. May 28 Do.
do. July 2 Do.
do.
15 Do.
do. *
20 Do.
do.
June 1 Do.
do.
15 Do.
do.
17 Do.
do. July 6 Do.
do. 1821, April 10 Do.
do. 13 Do.
d% 1819, July 1 A.S.Schwart*e^ 15 Do.
29 Do.
*
9 S. Smith & Buchanan

-1

9,500
11,000
6,175
4,375
17,257 86
17,500
15,000
9,788 &)
3,893 33
20,145
12,562
2,500
35,000
20,000
400
400
5,000
2,700
3,i00

,

2,136 13
4,304/5

.

26,500
2,300
15,000
25,000
13,000
15,000
31.500
1,750
20,000
27,000
35,000
7,000 j
10,000
1,079 43
4,500
3,000

.

10,000
3,250
33,849 75
11,933
2,410
66
181
2,676
233
959
3,497
7,181
50

Digitized by

,

06 i
71
59
11
97
99
60
70
32

,.

> %

Google

[ Rep. No. 480. ] ♦

$29

OFFICE AT BALTIMORE—Continued.
Wien ine ,
und unpaid.

♦
! Drawers.

Endorsers.
1

* ^ ■ = %== r-ar
Due and un­ Duo and «■paid before
paid after
Aug.30 fl 182d Aug. 30,1823.

X W. McCnlloch
Oferfraft.
jE. Ptapiance
Do
Do
:S. Smith & Buchanan
Dennis A. Sinith
Do
Lemuel Taylor
Do
S. J. Thompson It Co.
Do
C. D. Williams
Do
-!
Geo. Williama
Do
- I
N. F. Williams
Do
*• Bad debts lost by pun dry compromises"
N Farmera' & Mechanics' Bank of Georgetown
Counterfeit check'
"
Deficiency In real and personal estate account Lem'i Taylor, D'Arcy, &
i
." 7 30 Thomas Sheppari
Didie-r
'%
1881, May 90 John Ruckle •
No endorser
1818, Oct 13 George Hnssey
0 . Hussoy & D. Iteyser
Finlay A. Van Lear, N. P.
1819, Juno 30 Richard Hyatt
Williama
Aug. 3 Geo. WEManis
E. Hyatt, J. L. La Eeintzel
Do (baL aund. notes) S. Smith & Buchanan,
1819,
J. W . MeCalloch % :J. Bundt, Yan W . & Mor­
1891, July 15 P.C.Graff gan
George Wiliams
181% Inly 9;E. Hyatt
Ryser St Crawford
1818, Oct 2 N. McHiirle George Wiliams
,
l§J13f Oct 4 Lindenbergor & Head G. & J. Lindenbcfrger 1981, Oct m Harris & Donaldson - No endorser
Hammond & Newman - 1
1821, Sept. n Jona. Rogers
Do
do
19 Do
Stock note
181% May 13 Lemuel Taylor
!
181%
8. Smith fc Bnchanan Geo. Williama, J. W.
:
McCnlloch •
u
kw.McCnl^ch
- Oeo, Wiliams, S. Smith
& Bnchanan -

27,605 m\
119 ?4I
54,013 66
10,229 id
27,038 46
ISO m
3,491 28
31,367 27|
13,176 QS
16,514 11
26,481 78'
' 8,1915 |
4,962 45'
9

4,768 50
4,1311 99
793 7©
1,993 93
3,5(1©

990,099 85
834 54
1,000

-

m

24,13§ 43

ljm m

1,900 61
I

-

98,500

161 70

1

MS

m

333,533 48
256,721 m
1,696,643 §S 1

•

1,689 74
1,696,643 09
1,696,260*99

Deduct credits 1
11 on saJee of forfeited Bank U. 8.
ick
51,523 tf
low
•* real eatate - !S,4S3 45
t

•

1,663,9'.-a i f
1

it

9ff9034 77

. ■■»»

mi

Hit

#

[ Rep, No. 460/ }

OFFICE AT WASHINGTON.
When due
•nd unpaid.

Drawers*

Endorsers.

I Due and un- Due and umpaid beiire L pmM after
jAug-SH, 1B2S,MLug.3ft,lU3t.

, A. Holbroek
IF. Ronckendorff
Do
G. Harrison, L. H. Johns
R. Kerby & Co.
[Barron & Mason
Do
,
Do
[John Threlkeld
[A. C Hanson, Mullofy, fcj
Watzs
W . Goody
*1880, April l l j E i c l m r i E n o W.Cox
Jan. S i W a i t e r Goody
M. Femlall, A. llolbrook
1884, June 89 P. R. Fendall
S» Smoot
181.1, May 80 John Gosiler
lllor. Field
1821, July 311 Joseph Heston
i |C C Jones
1888, June 85 J, K. Hanson - '
Baree & Kurts, Jas. Hydcj
1883, May.. 8 Thomas Hyde
ilunnel & Robertson
87
Do
Do
Do
April 2s#r
| A. Boone
June 3 John Hughes
iR. H Fitzhugh
1880, Feb. 89|Thos. C. Hodgea
18IH, April 131 Jno. Jackson &Co. - |J. Sturges* . Do
Do
Mar. 30
Do
81
Do
Do
181
'Do
IB Williams
1888, Nov. 19 L. H. Jtmns ! J. Adams, W. Rummy, jr,
•
15 James Irvin JL. Labile
1811, Jan. 8 6 D . f c B . K u r u
1L. Hipkins
1880, April 11 Rich'd Llbbys
p h . Slade
25
Do
E. W. Clark
Sept. lilJohn Love 1818, April 7 Wm. G. Miller ■ * - poo. Cook
Do
May 11
-Do
Aug. 18 was. Meevin & Son - (C» P. Reading Do
1819, June &9 Jas. Meevin •*
1H80, Mar. 88 T. J. & P. H. Horner lL. Hipkins
Win. Whann 1821, April 8 1 . F. MackaM ■
C k Slade
1810, April 18 Thomas Mount
S. Smith
85
Do
D©
Do
,■
M a y 16
WeteelSt Milfc
i S t f . O c t . I5ubhn Moore Do
-*
Do
June 11
[L. Stewart
Do
Nov. 5
Wetiell & Mil»
•83, Nov. 25IT. L. McKenney •
John Agg
Do
•14, Mar. 8|
John Cox
*m3 Nov. 85|J. S. NichoUa
B. F.ilackaM [John Peter 1 1 f April
Wm. MciCeiiney
Do
•88, Nov.
L. Stewart
Do ' May
E. Patterson
Lloyd Pumphrey
Nov.
[J. S. Nichols, L. Stewart]
Do
May
N. Heifes
Joseph Radt'uT
f t , Dec
iJohn Adams Wm. EmniMiy, jr.
Oct.
Do
Do
Nov.
1
Do
Do
Do
Do
Dec

1880, O c t SIThomas Brocelius
ISM, Aug. 7 David Bates S8J
Do
1813, Oct. Sw Arnold Bonne
Do
1884» June 8
1820, J air. tSJWalterCox *(Samuel Cox & Co.
Do"
1884, Jan- S4JJohn Coxe 1817, April 2«Edes, Allen, St Co.

%

1,600
iSS 101
489 9S
•15"
3,090
i75
S45
450

4,586 S i
200
150
535

-

l,i35
1,475

310
3S0
1,550
13S

85*
f$

m

:
:
:
543 69
1,094
385
35Q
1,575

185
3S0
850
3,400
130
43S 80
2i7 S3
S,73S 03
13(
,51
385
3,130
690

690
980

[

1

1CW

.
„
,

S4 47

S84 »
. 1.M0
1,530 •
837 50

" 1

_
3,000

881 87

«
_
1,550

15© it

•
* 179 m

•—

*
,
•
•

1

00

to
o
180

I

u©

iii

[ Pep. N<n 460. ]

a&7

OFFICE, WASHINGT-ON-^ContinuedWhen due
and unpaid.

Drawers.

Endorsers.

Due and un­ Due and un­
paid before
paid after
Aug. 30,182'J. Aug. 30,1822.

Dec. 10 Wm. Ramsay, jr.
'16, Dec. 22| John W. Smith
'20, April 11|Chs. Slade 25
Do
May 2| Smith
Do
9
Do
30
June
.
Do
Jan. el|Wm. Smith ^22, May is,-kevin Stewart
Nov.
R. F. Semmes
23, June n\Jno. K. Smith
April 17
Do
May 15[Edward Stone
87|
April
Do
5
M, Oct 22 Wm. F. Thornton

John Adams
300
S. Meade
250
L. Smith
340
L. Ilipkins
3,175
ICh. Slade
1,030
Th. Mount
550
Charles Slade
690
- Thomas Mount
690
- 'Wm. Cox
250
- I J. S. NichoIIs ' 315 08|
;
Richard Parrott
1,650
L. H. Johns
1,470
L. H. Johns, Dr. Duvall
4,500
ThomaB Hvde
140
Do
IBS
B. G. Thornton, L. Hipkins
2,S20
20, July 26 Micajah Tucker
iDavid Ott
300
'19, July 20 Sam'l Ward S. &T.PJummcr
610
'% April £ Wm. Whann - B. F. Mackall
it
2,350
Do.
Do
J,500
Aug. 21 Wm. Wedderburn
. H. Field
:
90
26,Feb. 28| fosiah Watson
r |H. Forest
^7, June 7 Robert Young
10f
- 'R. & J. Mandeville
Fohn Yerby rC. P. Reeding
- ,
Do
1
!
D o
*- I
franklin Bank of Alex
Sundry overdrafts
Cash deficiency
'21, July l 7 | Hor. Field
/
- IE. Oilman
Do
24
- |R. S. Blacklock
Do
Aug. Hi
- W. Wedderburn
.
Do
- Thomas Preston
(Charles Glover
- John Davis
[John Davis
I^fifi
#~
- Charles Glover
5
Do
70
Do
430
• % April 23 Ch. C. Jones
- [J. K. Hanson, S. Hanson,
of'S.
•
35
piJan. 14|Richard Parrot
- j W m King, jr. 390
^J, April 3mrugh Smith, Ex.
- |D. k J. Ross 3,400
*7>ApriJ 3JL. Edwards :
350
|J
A. C. Mitchell
337 18
- (Irrecoverable
K>A M
r* a w ex P e n»es
1
4,462 06
- A. Holbrook, T. Brocchus
J W 11 Amos Alexander
3,675
m
- [John Crabb
, April 18 Adam Baer 1,300
Do
*W 29
Do
400 1
- [Thomas Foyles
Aug. 15 J. D. Barry 375
- W. Cox
*
3ept 19 Elijah Brown
430
- IT. L. McKenney
Z*{ny 23 Samuel Blunt
249 56
- [Richard Cutts
*J June 20 Charles Cutts
660 20
- [Thomas Swan
620
3 pec, 84 Walter Cox
- [Thomas Foyles
600
*> Sept 19 E. W.Clark
Do
-,
225
19
Do
- Thos. Foyles, Wm. Smith
1,900 I
l„u 19 Do
- William G. Mills
. '
353 74
<^ May «6toeorge Cook
. - WetzfcJi&MHls
1:1M
4J^ a yl3]Richard Elliott
- R. H Fitzhugh, F. C.
' * * ?2|RiCnard Fitzhueh
' Hodjjet*
J,33Q

Digitized by

f Hep. No. 460. }

928

OFFICE, WASHINGTON—Continued.
Endorsers.

B«© and un­ Due and un­
paid after
paid before
Aug. 90,1822. iAug.30,1832.

•r
1 |E. Fitzhugh
25 K. Gilman
»' Heiirj Jackson
I l | John Moure
Do
Oct. 8!
July 9 Wm. McKenney

Feb.
*5,Jan.
Feb.
»»,Hot.

*
*

I

Do

Do

Aug. IS
Do
•84, May 4 Samuel Mark
»Sl, July 31hYi1!iam O'Nealo
«87, Mar. 27 S. J. Potto m9 May 6 Andrew Rosa
»31,May SD. & J. Ross
•18, Dec. 22 John W. Smith
1 3 , Nov. 25lJohn Thrclkeld
"IS, Oct. tOBrook Williams
• Nov. 19
Do
Id
Bo
Bank of Missouri
Protests
igff
bames Davidson
iRichard Johnson
Kvm. B. Williams
Henry Weigtitman
Cahh deficiency on
books
Mary Fcndall
Andrew Way

i

|R.B.FttA«gh,F.C.Eoi%es|
;R. S. Blacklock
Chariest call IRichard Elliott
Do
[S. McKenney, W. S.
Ringgold
Bo
do
Do
do
Do
do
Qrortfr Taylor
J. B. ~'l unberlake *
j Andrew Ross- [S. J. Potts
Wm. Githara JS. Meade
IJohn Cox
[L. H. Johns
Do
13c*

1,360

lit .
69
800
166 36

174 65|
27©
620
75©
iff

€25
1,550
• I l l 441

'Cash deficiency
Bo
Do
Do
I A. Holbrook, P. E.FeodaJ!
IE. Patterson, D. Ott»s ad-|
minis, and R. Cults
iThomas Hyie

Ȥ3t June iOlBunnelBotiertBon
'If, June SOISatterlee Clark
Graeff,jr.
*86, 9epL 5 John % v i s
Do
51
Do
I J. Davis
12U. Graeff, jr.
John Davidson
»|7, Oct 2uain«s Davidson
1 3 , June 3 Richard Elliott
* - John Moore
lW. C. Lipscomb
•84, April 27Uohn Lipscomb
Uohn Lipscomb
♦17, Aug. 14 W. C. Lipscomli
IW. O'Nesle
'81, May t d B . G . O r r
Stock, Mechanics' hank
'19, May 8D.McLeod *
Do
' 8|W. F. Thornton
Do
.
Feb. !
Taylor
Burch, errror in
f
Lement ofold ac t

|«Ct gain on sales of real estate

8,f51 71
4S3 I*
4,104
1,355*
455C4i
1,190
1,400
SfS 8
S
440
1,87« 871
278 26[

is eel

[ Rep. No. 460. ]
OFFICE AT RICHMOND.
When due
and unpaid.

Drawers.

%

1880, Aug. 2 Reuben Johnson
'18, July 8 Samuel McCraw
**>, Feb.

2 Carter B. Page

Due and un­ Due and un­
paid before
paid after
Aug.30,182; An.P.30,1839.

Endorsers.

John J. Johnson
Alexander McCrea, M.
Burwell
Th. Taylor, M.W, Han­
cock
Fred. Clarke, M. Bott Miles Bott

Jan. 12 Beverly Smith
'19, April 14 Fred. Clarke
14 J. B. Kursheedt
Late 2d teller's cash de­
»«,
ficiency
tO, Jan. 12 John J. Johnson
Rueben Johnson
Feb. 13
Do
Do
A. Strange, T. Johnson,
' M . D e c 4 Bernard & Morris
M. H. Rice, S. Ferguson
Harry Hatch, H. Tomp­
•20, Aug. 30 Carter B. Page
kins & Co.
'19, June 23 Ralston & Pleasant's Bond and deed of trust Overdrafts
•
* 1 , D e c 2® M. W.Hancock
S. Perkins, D. McKinzie
^24, April 23 Samuel Jones
Benjamin S. Harris
H9, April 3 John Mutter & Co. - Tompkins & Murray
Dec. 29 Charles M. Mitchell - William Mitchell
>20, Feb. 7]
Do
Do

2,000
1,500
.

246
1,026
1,239
1,957

85
82
57
69

4,566 05
1,000
2,000
800

3,300
2,040 38
5,302 94
4,000

/

-

2,940 50

2,$26 90
3,350
2,000
38,057 20

3,740 50
38,057 20
41,797 70

Deduct gain on sales of real estate
Contingent interest

.

900
500
1,400
40,397 70

OFFICE AT NORFOLK.
1319, July 14 James Dykes & Co. June 1 S. & P. Christian
1
Do
1
Do
July 19 Wilson &. Cunningham
18, Dec. 21 Jna B. Taylpr
12 Samuel Robertson
Nov. 4 James JolIifF
5
Do
23
Do
28
Do
2
Dec
Do
19
Do
. 21
Do
30
Do
Do
'19, Jan. 2
Feb. 8
Do
'IS, Nov. 28 Lawaon & Barnett
Dec !6j1
Do

Deed of trust H. AHmand
John Tunis
Fortescuc Whittle
Butler Maury
Law son St Barnett
Chandler & Finney
Parry & Boush, N. Bouyh
Do
Chandler & Finney
Samuel Robertson
Perry & Boush
Do
N. Boush
Do
Do
N. Boush
Do
Chandler & Finney
Perry 8c Boush
Chandler 8c Finney

3,533
11,400
12,000
7,000
1,160
2,644
923
1,000
380
1,203
500
591
612
631
483
500
1,000
546
3,253

50

60

,

13
40
24
26

*

67

Digitized by

Google

[ Rep. No. 460. ]

330

OFFICE, NORFOLK—Continued.
Drawers.

When rfne
It n . . IITirvk >rfl
A I I U U l i p ( I.J •

'19, Jan.

Due and un­ Due and un­
paid before
paid after
Aug. 30,1822. Aug. 30,1822

Endorsers.

-

4 P. Henop &, Co.
11
Do
17
Do
25
Do
Mar. 1
Do
Feb. 15 [George Raincock
22
Do
Mar. 29
Do
April 12
Do
Do
^
May 17
Do
Mar. 1 [Jacob Klein
22
Do
30 !
Do
15 George Murray
April 5
Do
12
Do
19
Do
24
Do
May 17
,Do
April 12 James Thorburn
121
Do
26 1
Do
26
Do
May 17
Do
5 Samuel Myers
July 12
Do
June 21 Wilson & Cunningham
21
Do
July 5
Do
April 19 C. H. Smith
19
Do
May 21
Do
June 1
Do
21
Do
21
Do
24
Do
July 5
Do
« April 26 M. W. Peters
May 3
Do
31
Do
June 7
Do
14
Do
21
Do
14 James Youn#
21
Do
2S
Do
July 23
Do
Aug. 2
Do
7
Do
April 26 J. F. Cunningham
May 3
Do ,
31
Do
June 7
Do
14
Do
21
Do
July 12 Moses Myers & Son 21
Do
-

John W. Henop
JameB Jolliff
John B. Taylor
Jacob Kloin
James Thornburn
George Murray
Do
Do
Do
James Thorburn
George Murray
Edward S. Waddey
James Thorburn
S. 8c W. Cameron
George Raincock
|
Do
James Thorburn
George Raincock
Do
Do
Do
G.Raincock, Geo.Murray
G. Raincock
Jacob Klein
George Raincock
C. H. Smith
Do J. Myers & Co.
Do
Samuel MyerB
James Young
Samuel Myers
Do
N.B.Barnett
Do
Do
W. L. Stone
Do
Do
Do
W. L. Stone
Do
Do
J. F. Cunningham
Do
Do
Do
Do
Do
Wilson & Cunningham
Do
.
Do
Do
Do
Do
M. W, Peter?
Do,
Do
Do
Do
Do

Wilson & Cunningham

1

Do

- 1
Digitized by

650 '
686 12
1,162 50|
G67 39f
1,576 40
• 700
1,500
1,150
1,930 46
2,250
900
299 71
795 55
1,000
2,200
749
'1,950
1,437 12
1,150
900
1,000
962 12
1,150
676 70
1,105 50
4,250
1,600
1,280
593 72
1,350
2,222 22
1,137 83
1,968 50
3,100
1,000
1,027 78
6,250
2,200 ,
575
900
1,200
1,000 I
1,000
1,6S5
2,160
1,340
1,350
1,690
l-,730
3,000
900
430
1,470
1,020
1,100
800
698 98
1,450 4l|

*

.

.

.

'
•■

Google

[ Rep. No. 460. j

231

OFFICE, NuRFOLK—Continued.
4

.

i

When ii«©
« n i unpaid.

Drawers.

i

Due and un- Due and un­
paid after
naid brfore
Aug. 90^ 1822. Aug. 30,1 §22.

Endorsers.

July 13 Jfoees Mye n & Son - Wilson & Cunningham
S81
B©
Do
Aug. S
Do
Do
Sept S Butler Maury
, D©
1
-'21, Sept. If Thomas Seaman
(Jane Collins
James Thompson, Lock'IS, Feb. 3 Jacob Klein
bead & Davis
James Thompson, LockMar. 17
D©
bead & Davis
Overdrafts
;
*21, Jan. 29 A. & W . CaMwell - J. Tunis, S. k P.Cliristian
S3
Do
1
Do
Mar. 5
Do
i
Do
'80, Dec. 3© Owen & Gibbon
;A. & W. Caldwell
'12, July 15 Butler Coche
Butler Murray
»19, Feb. 1 Perry & Boush
Chandler & Finney
June 30 Arthur Cooper
Do
Do
William Webb
*3VJan. m
'if, Oct. 88 Dennis Dawley
N. %%'allington
Overdrafts
•
S3 If. Walling ton
D. Dawley
J
^24, Mm. 88! Jane Collins
Jacob Hull, jr.
;
Law expenses
'
*85,NOT. 18 Jo-natiian Langley
Thomas B. Seymour
1 1 , May 21 Butler Maury
«-i Butler Cocke
' 1 % July 19
Do
James Young
li
D©
Moses Myers & Co.
Wilson & Cunningham
Do
Aug. »
Feb. 8 James Heron
P.Henop & Co., jTHemny,
J. 1. Taylor
17 N. Boush
Perry & Boush, J©s. Jolii*
•'28, Aug. 28 John R. Harwoo©!
Daniel G. Flsk
'88, Dec. i d William Camimck
William B. Lamb
'S3, July d JajperMomn
James Boyle

1,856 25
1,450 41
1,275
900
3,8S3
8,000
1,000
8,815
400
8,241
1,337
106
2,56S
7,632
3,5110
1,010

,
m
49
4S
50
91
49
§S

"
-

i

1,907 m
8,050 IS
1,493
7,541
4,318 €1
4,80©

1,031 SI
990
681
990
7,175 59
10,807

191,088 66

*

1,800
§»§§4 Hi
2,4#t»

*SS,S13 66
191,082 66
22*\986 32

Deduct credits:
H7, May
»28, Sept.
'IS, Mar.
Sept
'Si, Mar.
m9 May

31 J. B. Taylor, ©n account of ©Id debt
11 Joseph R. Hubbaii
do
la
D©
io
15
Bo*
do
11
D©
do
■
31 Gain ©n aales of real estate
-

-

lit
J SI
191
191
191
367

89
3§
34
M
34
88

•
•

1,333 66
225,§§3 24

2*8

f Rep. No. 460, ]
_
OFFICE AT FAYETTVILLE.

*■!"■

—

When due
and unpaid.

Endorsers.

Drawers.

•

1818, Aug. is! Bristol? & McKay

-

'19, NOT. 11 Duncan McLean

mf April is W o . Cameron
Oct i! E. it K. Mcintosh 9 1 , Fek 7, Joseph Armstrong 90, May 31 i J. E. Lnmsdcii

Due and un- Due and un­
paid before ( paid after
Aag.SU, 1822. Aug. 30,1823.

Geo. Jones, J. McKay,
sen., A. MeDuIy, Jno.
Rae, sen'r
II. McLean, AfcMbaJd
McLean
Wm. Waddle, jr., R. &
K. Mcintosh
Do ■

B. & R. McKinnie,
John Lnmsden, J. E.
Douglass, A. McDon­
ald, If. Pearce
Thomas McKay, John
April W W o , Cameron
Armstrong, Jos. Arc?
R. A. Taylor, W.P.WU
* f l l , " June 2 Daniel Bryant
liams, M. N. Jeffrey,
J. R. Stuther
, « , Dec 18 Gurdon Robins
A. Wilcox
Feb. 5 Oh. Chalmers
Wm. Warden 90, July 12 J. F. Bcnguin & F. C. E. Bridge, jr., Levy &
Gomes, Wm, C.Lord,
Riston
J. B. Lord, and Seth
Ring
1
93* Mir, 14 J no. Evans Thomaa Evans
9 1 , May 7 H. McLean A. McKeill, A. McLean !
James Townes
Over draft.
•M, April IS Alax'r McKay
M.D.Kkg, D.D. Salmon
9 3 , July 14 ' Alva n Wilcox
G. Robins, J.S.Stcinmets
A. D. Murphy, James
9 1 , Feb. 14 H. Baroldsoii
Graves, A. Graves,
Jac. Graves
John Leppitt & Co,
' -90, Oct. 15 Win. H. Leppltt
John I^eppitt & Co. - Wm. H. LepjHtt
Do
No?. 5
1
Do
1
Do
16
Do
Oct, •
Do
Do
!
Dec 10
Do
Do - .
|
Do
Do
Do
!
Do
Talcott Burr, John Lep­
Ho?. 6 I Wm. H. Leppltt
pitt, & Co. - •17, Mar. 18 i D. Hepkinson
i Anson Bailey, E. Arnold
June 17 Ef.rk. Arnold
Do I?. Stephenaon
Jan. 3 Wiffiam Cameron
Thos. N. Cameron
'
I S , July 13 HeiM Brice Angus Taylor
Do
June 15
Do
Fek 27 John Taylor
Alex'r McRae, Angus
Taylor
9 6 , Jan. 6 Jacob Levy St Co» - J.E.Burguin, A. Laiarua
9 6 , Aug. 96 Thomas Davis
Good Davis
Waddle Cade, J. Evans
mfWA. it Thomas Evana
Do
A. McKay
9% l i l y 15 John McLetmn
H. McLawrin 'Pi
Do
U S .
1 BSidMll
- ■ -

sm

1

515
it
652
S,783 4S
455
706
1,700
1,466
811

4,4S« §6

150 ■

-

1S7
337 IS
15©
1,173

«,165

-

875
160

*-

706
1,060
615
475
39©

sot

-

1,600
,1,3511
865 •
323 56
ft©
800

-

500

-

4,178 57
•

.
»
-

■

640
30*
S5§
1,755
» §

[ Rep. No. 460. ]

333

OFFICE FAYETTEVILLE—Continued.
w men ome
and unpaid.

Drawers.

■89. June 14 John McLcmn
* 7 . A n g . 1 John Annstrong

Due sad un­ Due and un­
paid after
paid before
Aug. JO, 1822. Aug. 40,1842.

Endorsers,
i

Jesse & Stephen Birdaall
Alexander Elliott

-

35i
475

11,481 88

-

17,159 Si
81,':Vl 88
38,S41 38
35

Deduct gain of (Miles on real estate

38,60i 3S

' OFFICE AT CHARLESTON.
1880, Aug. 14 John S. Bee,.
•IS, Sept. 14 John Cagnet
Thomas Fitch
J.F.Hoff .
Silas Howe .
'
Michael Kelly
John Ling .
1 Samuel Lord
1 A. B. Markley
•
! Anthony Newton
! C. It H. Q>Hini

•

Aug.Panjaud
John E. Rodgens
Hemy Rose .
JUMPS Sparrow

144
Hugh Smith .
130
P. Catonnet
.
Silas Howe, John Fitch . 8.800
. 44§
C bailee Happoldt
10,901
Joseph Rteh .
1
i John Ling
sss
550
Michael EMf .
3,000
Howe ISt Fitch,- E.Chenej
700
Henry Rose
170
James Sparrow
. •E. IfcPheiton, J. Robert­
8,885
son .
P. Catonnet
1,450
400
William Hanrryer 1,4500
RA.&Ab'mMarkly .
380
Anthony N ewton
4,71111
Henry Trescott

Joseph Trescott
Forged Drift
1 1 , June 89 Richard H. Flslthurn
D. Adams St Son
1 5 , May 18 Margaret Betfauti© .
'fl,
BartloL Carroll
Duke Goodman
Leary & Thomas
Edward Lpiah
.j
Wm. G. Steele
1 Francie Saltaa

*85, lime
*80, Oct.
1 1 , Fab.
*4»J>ae.
*21 f May
1 0 , Oct.

83
'85
3
3
S
88i

* , April 18
May 30
.March*!
J d y 131

James T . Weyman .
John Wilaon's estate |
S. Davenport St Co. .
Thomas Ferrand
George Hal! & Co. . j
J. M/ttappoIdt
Andrew Moffitt
Wagner & Cowing .
John Robinson It Co.
Frederick Naser
Wm. O?erstreat
Fred. Weener
O. L. Dobaan
'. '

m

.

.

.

.

Eobert Cochran
John Riley
Ch. Williman .
Wm. G. Steel .
Jr»s. T. Weyman
Stephen Thomas
J. Lynah, J. B. Lemaitre
Barthol. Carroll
Saltus & Bjthwood, J.
Bonnell St Co.
Buke Goodman

«

•

•

.

S. Band & Co.
Aug.Panjaud .
Balance of compromise
Chr. Happoldt .
Balance of compromise
Do
Do
1
Fred. Wesner .
Oliver S. Bobson
Patrick Oasimir
I f H a m Ovaratreet
.I

•

4,225 50
325*

ISO

-

108

80S
§,§5§ SS

3,41©
18,560
S,8SS

'
|

670
i3,eoo - !
. 581 SS

.

4,77i

8,145 S7 |
130
» 385. 40
5,547
1,325

m

-

1,719 SS

,
<

.

100
175
■111
4«©

[ Rep. No. 460. ]

234

OFFICE CHARLESTON-€ontinued.
■ 1 1 1 "C"B ' '""■

'15, April
•27, April
'25, Oct
'Si, June
'27, Dec.
'26, May
'14, Nov.

13
13
IS
14
IS
IS
13

Drawers.

Endorsers.

Hymaii Harris
Hurlbut & Lloyd
Samuel H. Lathrop .
Thomas E. Smitli .
Samuel Wharton
Barth. Clark'
James Lynah

Due and un­ Due and mnpaid before
peid after
Aug. 30,1822. Amg. 30, 1522.

Simon Levy . .
Robert Mils .
James T. Wayman
Wm, S. Kerving Smith
George Kiektey
N. Cooper
.
^ .
Edward Lyman
* .

ISf
360
2,000
7,300 3§
1,390
1S.560 m
1,1ft

•

When lue
mud unpaid.

i i i i l I

■ 1■

| 100,4?a 13

•'

36,§45 S3
100,418 13
• 137,374 OS

OFFICE AT SAVANNAH.
™ T—

1
1820, Feb. 2S Isaac-Minis .
"24, Nov. 9 Nicholas & Neff

1 3 , Mar.
»25, O c t '
Sept
•24, Nov.
10, Sept

J. P. Henry
.
Perry & Wright, (sur­
viving partner
16 David Lkon .
Eiea. Early, Bullock &
Dunwody
1 i A. Richards .
John Meigs, Johnson
t
HOls, & Co. .
f i Johnson Hills & Co. A. Richards, Price and
i McKenxie
11 Thomas Wright, sur­
viving partner of
Perry & Wright . ! Nicholas & Neff
20 James Rea .
.
•
( Spurious notes
Bank of Georgia,
IS j Alex. Hunter
Thomas Bourke
;
l i : R. & J. Habersham . R. Richardson & Co. . '
Prince & McKeniie, J.
26 A. Richards .
Hills & Co. .
G. L. Cope
19 Thomas Bbuike
Do
P. S. Fell, Jas. Morrison
5
l i 6 . L. Cope .
Thomas Bourke
29 Ballard & Spencer . Chamberlain & Burnett
19 B & G. Lathrop
C. W. Carpenter & Co.
9 Witiam C. Mills
Stebbens & Mason
J. & E. Hughes
J. & J. Thomas
18
1 A. J. Bryan & Co. . Da?id HiM & Co., Sethbridge & Duel, E.
Wafen, J. Bartteile
& Co,
.
. 1
30 John Tanner
Barn. McKennie, W.
Scarborough
_ •
Barn. McKennie, Isaac
2S
Do
.
Minnis
11
*Do
.
* W. Scarborough, C.Kelgey & Co., 1. Minnia
18 i
Do
Do
, .
m
Do
.
\
IS
Do
. x
B. McEknie, If. Herberi
Do
•
Do CKelsey & ۩J
fi 1

-■"

■

-■■

S7,38S 58
w

1

617 8S

j

-

t l , Dec.
;18, Apr!
May
Nov.
June

•ft), Jan.

Fob.

1S,281 5S

-

20,000

-

5,4110

178 13
207 94

i

»», Jan.
*3,Mar.
1 5 , Sept

4,512

340 56
10,089 02
14,400

•

730
4i3
S7§
44 50
1,620 50
840 05
700

M 5 5 78

i

s,so©
3,720

, 1t

4960
3,27S
2,4i3 96

•

%m2

\

2,181 -82 1

[ Rep. No. 460. ]

235

OFFICE SAVANNAH—Continued.
When due
anJ unpaid.

Drai¥er§.

Endorsers.

'2©, Feb. 21 E. R. Billings

1

•

"«»April 10 Scott & P&tm
t
17
Do
.
24
«
:
:
May 1
Bo
81
Do
.
.
22
Jan. S 1 William McClueen .
m9Jm. 13 John SMck, jr..
'83, Nov. 1» Robert Worrell, jr. .
9
22,Uay W John McNish
'33, Jan. 22 Eleazer Early
*20, Dec. 27 W. S. Gillit & Co.
Do
.
'21, Feb. 21
'2D, May 3 G. W. C o i n s

.

'SI, April 24 James Bib© .
Solicitor's commission
on Richardson and
Ca'sdebt .
'31, May 31 John R. Coates

Due and un­ Due aid un­
paid after
paid before
Aug. 30,1822. Aug. 30,1832.

I John Tanner, W. Scar­
borough, S. Minnie.
B.McKIimc,€. Kelsey
& Co , M. Herbert .
Guerard & Polhill
Do
!
Bo
Do
Do
Do
Jas. Bilbo
J. P. WtUianison
Pouyat & Holland
Do
Scott & Palm, Geurard
& Polhill
.
I John Grebhln .
.,
J. Caraocnan, P.Mitchcll
Do
C.it.tung;
John Tanner, B.McKin- j
1 ne, W. Scarborough
Guerard & Polliill
.j

775 55
1,800
1,408
2f7§0
2,081
2,546
1,881
1,295 54

.
.

3§8
72©

2,700
„

•

3,920 4S

1,900 05
1,754
310
897 52

»

565 75
Mortgage debt

Deduct atedii
s.
Contingent interest
Gain on sales of real iMate

-

255

78,041 29
. 7,274 16
. 200

!

-

75,802
78,041
15*,:,-,..
7,4 74
146,369

44
29
73
;§
57

OFFICE AT NEW ORLEANS.

m

1819, Mar. 1 Harlow J. Torrey
Peter Kjimbell
|
Harlow J. Torrey
'
1 Peter Krimbell
i
-20, Mar. 11 Robertson & Palmer
W. Dafiison
f
Feb. 2S .
.
.
.
.
.
.
.
• . J. B. Jilly
Oct 7 W. Rosa
SOI
Ton
L. Deynand"
2S P. R. Gtmnimont
A. Durand
19 M. T. Rouvart
27 Thomas Shields
D.C. Kerr
S. Meilsen, J. Fox
IS Henry Fox
' __, _.__.. 2 W. Gibbs, S. N. Amey .
Benjaipin Mofgan
*19, May 27 Gilly & Pryar
Ward & Goodaie
Mar. m W. & N. Wyer
Do
April 4
Do
Do
1o
May 2
W. & N. Wyer
April Ward & GoodaJe
Do
May 2
Teller's deficiencies .
§
Suspense account for sundry errors .
" .
i .
•
•
•
Orerimftji
Coasts of suit, vs. Vail
.
.
.
.
Stoddard & Hewitt
.

3,540
3,808
602
502
252
252
418
1,923
317
3,000
2,855

•* .
Deduct gain on sale c f real estate*

■ " "

«

25
10

mi

5S2
722
50^
60$
9,199 m
3,934 67
3,?04 94

•
37,609 51

... 1

■'

96

#

2S
10
37,60.39

83
27
51
10

3 7 , 6 4 J §1

3,90-1
33,74*1 81

[ Rep* No. 460. ]

236

OFFICE AT NASHVILLE.
When due
and unpaid.

Drawers.

Endorsers.

Due and un­ Due and un­
paid after
paid before
Aug. 30,1822. [Aug. 30,1822.
405 29

1829, Nov. 30 Cash deficiency and counterfeits

OFFICE AT LOUISVILLE.
Walter & Powers
1813, April 28 Samuel H. Alward
>25, Mar. 30 iVattin Blake, & S. F.
1
J. C. Johnson
Fitzhugh
VI. H. Wicko$ P. W.
'20, Fob. 26 John Black & Co.
Grayson & Co,
James Cox, T. CL 8t H
'19, June 2 W.Bard
I
EL Roberta
1
David L. Ward
»25, Nov. 29 Richard Harden
Jas. C. Johnson, W. F
*23, April 30 Thomas Berry
Peterson & Co.
Norborn B. Beall
Chs.8.Todd,P.G!voorhi< 3sj
'20, Feb. 23 Geo. M. Bibb
Nov. 1 A. L. Campbell
« Balance mortgage debt
J.Crockett, W. F.Pete r-[
'19, Mar. 1 Robert Crockett
son* & Co., J. C. Johi
•
son, W.Vernon, AJJajn
less, cashier
1
Forttmatas Cosby
'22, Sept 22 J. T. Fountain
'19, Sept. 1 James L. Hickman . J.w.Hawkins,J.H.Tod d
L. Griffith, C. Griffith, IH
'20, Aug. 30 James L. Holmes
Griffith
. '
1
W.Farquar,AXXampbc 1
Oct 11 A. Hujonin
Rich* Taylor, W. A. L<*
19, July 27 H.F.Hume
J. L. Holmes, R. Griffit
Dec. 19 l-o^an ^ Griffith
(..Griffith
C. P. Luckett, C.M.Thnw5-1
'21, Feb. 7 Samuel N. Luckett
ton
J. W. Hawkins, T.A.Mar'20, May 6 J. J. Marshall
1
shall, Humphrey Ma r-1
shall, G. p. Mil|er
Same parties
June 5'
Do
Do
27
Do
J. T. Gray, Levi Tyler
>2l, July 4 Anderson Miller
Samuel MeLean
»22, Feb. 4 Hector McLean
Ja8.Kenncdy,B.Bridge8,i r.
'20, Aug. 22 J. McCulloh
Ths. Glass, Wm. Mnndsiy
>23, May 2 U . H. Miller
'19, Sept 30. A. Morehead
H. H. Hanhum, W. Vt'.
Whitaker, A. L. Camjrl
bell, II. M. Shreve
Logan & Griffith, Wcn 1
Sept 7 William Neill
Neill, jr„ Neill fcDavis
Logan & G. W. Neill, V
M
Aug. io Gortion Neill
NeUl,jr.
Logan & G. W. Neill, V
July 6
Do
Neill, jr., S. T. Bea 11,
W. L. Diny .
June 2 T. Ct. & H. H. Roberts James Cox, Win. Bard, I
T.Beall
Win, Bard, Jas. Cox, Go r-l
♦20, June 17
Da
donNeill,C.P.tucke til
[
James Hunter .
1 9 , Jan. 17 Minor Sturgis

4

^ 6 9 67
2,640
GO
O
4,847
450
1,700
1,984 30
5,590
2,085

1,500
100
1,225
927 >
2,800
3,367 84
2,077
1,970
3,000
4,000
3,000
6,774 63
1,700
77
144 95
2,400 89
1,830
3,078
5,837 81
4,700
2,000
99

Digitized1 by

Google

[ Rep. No. 460. ]

.29?

OFFICE LOUISVILLE—Continued.
•ad unpaid.

Drawers.

Endorser*

Due imd in-1 Due and unt'.|Mud after

«

»

h
" 1ywf
. 1 J. H. ToSii, J. P. Blair, J.
A. Mitchell, J. T. PenJ
'dleton,G. '. Bibb
.
H Vance, James C. John­
Feb. 23 Leii Taylor
3,8S2
son, Anderson Miier .
1,71ft
TO, Oct 16 Samuel Vance
• . Rick Steele, J. W.Denney
•
75©
li] William Van Wtnekle Samnel Vance
»
W m.8tackpole»J.H.€imneJ
»21, May S Rugglea Whiting
9,390 8§1
W. P. Peterson & Co.
1,140
Overdraft
.
m
.
.
•
•
1,660 '
Jam§i Pffor, Levi Tyler
Aug. 20i G. E. C. Floyd
2 t i5i
William iJooooq
^34, July 4l John A. Tamseon
*
i
E. L. Staring, T. A. Har­
TO, April l i John J. Marshall
'5.1S3 71
ebell, H. Marshal
180 71
Overdrafts
•
•
• ,
•
P. W. Grayson, D.L. Ward
490
TO* Feb. 22J. ,W. Beckwlii ■
•
.lames T . Fountain
100
TO, Oct. 25Foitu&atue Caaby
10,304 57
Mm. 23 William C. Gall
•
•
•
•
Geo. Waller, Britek Miller
3,140
*91,July 2? J.fcF. Jackson
iN.B.Beele, W . C Q e l t
6,769
'19, Oct 3© E. A.Maupin
Bo
Bo
*
5,483 30
TO, lone 12
243
• Mar. 99 . Do
IW.C.Galt.C. P.Lncketl
'Aug. 23 lames Piyor
iDaifldL. Ward, P. W. S.
6,669
Grayson
T. CI. & H. Roberta, Jas
'19, June 1 James Baker
*•
767 50
R Hack
July 1 S. T. BeaJl
W H.Conway, P. Bunt, R.
•
i
Breckemndge, A. Miller
8,160
Aug. # f f. M. Shrave
6*090
J .D.Brockenridge, A.Miller
• *86, June 1 Bank of Miaaouii
iS§ §S
a
•
»19, Oct 3, N.B.BeaU
j * . C. Gelt, W. Booth, R.
6,5SS 86
1 A. tyaupin
LfX Johnson, J. W.Denney
»24»Dcc 1 C. P. Luckett1,640
"
1,367 91
Jo?»n T . Gray
TO, Aug. 2 H. M. Shrove
109 62
«31 f Oct 24 Rngeles St Whiting
•
«
•
•
|C.B.King, Jac. Frederick,
1819, Aug. 25 Archibald Allen
1 A. L. Campbell
3,450
»
R. Baylor, John Washing­
TO, A«g.J2S J. Q.W.Baylor
'
•
1,300
ton, S. Bali
M. B. BeaJe, R.A. Manpin,
'l9, Oct W W . H . Booth
s
J. CJobneon, J.WDen/
399 65
ney
1
Sept 12 G.W..Graham&Co. Brenham & Marshall, J.
1,200
W . Hawkins
3,420
TO, Aug. 23 James W . HawMns
.J.J.Marahall, A. Manhell
Do
R. Taylor,
t *l\ May 24 Lee & Rhenick
' 4,i01 35
r J. W. Hawkim
TO, April IS Spnmt, Armstrong & Co.!W. S. Waller, J. J. Mari ahall, T. A. Marahall,
. 5,852 23
I H. Marshall
! J. A. Mitchell, Jno.H.Todd
2,850
TO, Apr! i § Charles Todd
6,700
TO, June 11 Brenliam & Marahall IE.L. Starling, H. Marahall
|
Daniel Weisaker, J no. H.
Sept. 26 P. G. Voorhiee
2,560
Henna
.
2S,422 43
(Mortgage debt
* l , J a n . SI David L. Ward
MJCWtC ! ereMt:
14,865 96
Richard Barbour, on aocount of old debt 116 97 I 2§fi,44i 83
2©5,44i 83
Gains o i nalei of real m tate 60,148 S5
2,335 §4
Less losses on ' ditto
250,312 79
17 913 7i
47,S2i 58
%
'
1 172,383 41

'TO, July UN Cluufiee S. Todd

L

,

i l l in l i

i
n

[ Bep. No. 460, ]

238

OFFICE AT LEXINGTON.
— - • — ■ - -

When due
and unpaid.

-

■

—

—

"

—

—

Drawers.

~

•

•

~ " — ■ — ■

- . .

Endorsers.

-

—

Due and un­ Due and wur
paid after
paid before
Aug. 3 0 , ! 8 ^ . Aug. 30,1922.

J. & T G. Prentiss
1818, April 4 B. Lanphear
J19, June 30 Jaeoti Coxe
H. Wingate
April 7 Isaac Watkins
B. F- Drifourg
T. a . & H. H. Roberts
Mf
3 S. T. Beal
H. H.Roberts : JohnT. Mason
*
r T . CI.H& Todi
;
.i. T. Pendleton
Sept 8 John
!
1! C. W. Cloud
8ebrie It Johnson
^Richard \I. Johnson_
18 Joshua Norvel
;J. Whitesides
22 James Til ford
'2§,Jan. 22 Lee, & Renniek et al. . .
22
D©
! *
22 W. A. Lee
Feb. 9 Fayette Paper Company B, Stout
• 26 F. P . Blair e t a l .
I
•
Mar. 11 T-W.Loofborrow
.
B. Stout
April 22 N . Burrows
Do
Do
May 3
Do
July 2S George M. Bibb
IS C S. Todd
" Do
'
Ho
Oct 25 Tandy & Allen
'22, Jan. "SO James Maccoun
Do
Feb. 2 R. Crockett
Do
;
•IS, Hay 5 Jacob Meyers
G. Meyers
June 19
Do
Do.
Dec 1 Thomas Bculley
•
»20,Jan. 15
|J. H. Morton
Do
»24, Feb. 3 S. H. Disforges
» 1
.
•2©, June 3 Daniel Dricsback
!•
•
!
'23, Oct. 4 James Maccoun
•
J
21, Dee. 22 .1. Fisher, S- Ayres
'18, Mar. 14 J. B. N. Smith, cashier E Saloman, cashier Sch1
bank
•p
Stock of l a n k of Vincennes
•
Compromise
J . R. Underwood
Do
Richard Scene
•
J. A. Marshall, Richai
'20, June 3 T . A. Marshall
Blunton, W. Starlingj1
rM. Marshall, E. S- Star
ling & i!o»
July IS Brenham & Marshall T- A. Marshall, Richai d
Taylor, John Samuel
Aug. 19 ' a m c s W . Hawkins Jno Marshall,J.Castlema n
Overdrafts
•23, April 4 Harrison Blan ton
.
'19, Oct 27 G. & R . C. Floyd
N . B* Beall Levi Tylei
2% Feb. IS W . C . G a l t
Norbourn B • Beall
23 George Baltzell
T. V. Loofliurrow, Wni.
Ginurd
G. Walker, W Walker St
June- I t John C. Walker
Co W.G.Bruce
John Johnson
•21, Sept 14 Hugh Offutt
%
l\ May 5 Samuel Sanders
Kentucky bank stock .
Sept 15 C . W . C I - u d
D. Halated, Haniel Ridei
W. C- Gait, N . 1 BealI
Nov. I t R. A. Maupin
i l e c 29 N B. BeaJI
Do
R A. Maupiin
*2©, Dec. S§ Elijah Stapp _
Jolm J . Johnsoii

1

1,000
3§0
4,000
700
S25
750
1,450
400
1,000
2,50©
1,500
#50
7,000
1,334 53
1,500
1,76? 50
500
6,000
3,S00
1,500 »
1,000
7,500 *
750
700
283 27
5§©
80ft
1,000
30fi 25

95a

8,117 27
7,000
1,»2S S4
721

3,033
2,196 24
2,850

.

228
700

112 5»
J»§S§

•

m
23
5,600
S44
2,775
4,750
3,000
8,000

289

[ Rep. Ne. 460. ]
OFFICE LEXINGTON-^Continued.
W h e n due
a n d unpaid.

Sept.

2 W. Starling, jr.

Jan. 15 Thomas Bodlev
19
Do
27
Do
' 1 9 , Nov. 17
Do
^ O , April 3
Do
May 20 Thomas January
Nov. 1 UjlHam Massie
f
2 l , O c t 31 John Montague
31 John G Pendegraft .
'26, Mar. 14 Richard Monks
•
^ 0 , May 10 Benjamin Stout
Mar. 25 William C . Gait
' 1 9 , July 14 *ndi*ew Walker
»20, April 29 Nathan Burrows
' 2 2 , Au<r. 20 Benjamin Stout
' 1 0 , Aug. 14 William Shackleford
'24,
'23,
'19,
'20,

June 15 Thomas Wallace
Sept. 16 David R. Stout
Dec. 18 Richard Taylor
Sept. 2 E . S Starling 8c Go.

' 2 1 , July 19 William Starling, jr.
•20, Oct. 23 B. S. Chambers
Do
' 2 1 , O c t 23
Nov. 2 William M. Nash
'19, S e p t 1 William R. McKerran
'20, July

Endorsers.

Drawers.

9 John Crozirr

Due and on- t t a e a n d un paid after
paid before
A u g . 3 0 , 1 3 2 2 . Aqg.S0, 1882.

(Jac. Castleman, E.S.Starj ling 8c Co.
'J.U.Morton
i
Do
Do
Do
C. S. Todd
Do
Jas. E. Davis

1* •

J.
1.

1 .

•

.
•

•

Edward How
N . B . Beall, Levi Tyler
Adam Rankin, sen.
B . Stout,Thos January
D . Stout
Jas. Shackleford, H Bruce
Thomas Bodley
i
Mortgage debt
[Kentucky bank stock
j J . J . Marshall,G.M.Bibb
J. J. Marshall, Wm. Star­
ling,^.
John H. Hanna, E.L.Star­
ling 8c Co.
Mortgage debt
Do
.
Do
.
H. Clclland, Josiah Moss,
Geo.Rogets,(. hs.Harvey
James T . Pendleton, Wm.
Shadburne
Richard Steele

'24, Aug, 3 Adam Steele
'20, O c t 24 William Sebrie, marsha
1
of Pcnsacola
J. 8t F. Jackson, James
'21, O c t 13 Samuel Dupny
Moore, T . W. Rankin
• Steele, Donally, & Steele
'23, May 15 Samuel Lewis
Daniel McC. Payne
•24, July 20 William T . Barry
Do
Thomas Fletcher
'26, May 2
William T . Barry
'19, A u g . 14 George Walker
Do
•
Sept. 2S James (jlarke
Wm. T.Barry, J . T . M a ­
8 Hudson Martin
son
B . Stout, D . Stout, S
'20, May 20 Edward Howe
Chiplcy
Mortgage debt
'25, Jan. 25 Samuel Sheppard
B. S. Chambers, John C.
*20,Oct
7 William Sebrie
Buckncr
Amos Edwards, S. N . At­
■'20, Jan. 5 Anthony Butter
kinson
J. R. Underwood, Thos.
f'tySept. 2 H- Clelbnd
B. Monroe, Jno. McFer^;
| ran, P. Shirley 8c Co. . i

2,500
1,809
1,809
1,809
4,500
500
5,748
2,223
2,100
765

16
16
16

32

93

.

.

290

1,000
750
200
650
221 74
150
1,603
184 71
5,376 10

L

1,900

*

2,850
304 37
299 92
1,722 60
1,347 00
400
1,125 39
1,527 10
410 83

.

1,427 50
609 04
3^00

.

769 14
450
1,300
573 62
1,600
700
4,500

'

2,350

1

1

Digitized by

Google

240

[ ttep. No. 480. 3
OFFICE LEXINGTON—Continued.

When due
and unpaid.

'SO, Jan.
'?9, A lift.
June
'26, Sept.
'19, July
>20, June
'22, Dec.
M9, June
Aug.
'20, Feb.

Drawers.

Due and un­ Due and un­
paid )>efore
paid after
Aug.30,lS22. Aug.30, 1882.

Endorsers.

Solicitor's fee, affecting
a compromise of above
debt
•
19 A. McCalla
ThomasJanuary, Sterling
Allen, Stephen Chipley
4 William Thompson
3 1. arkland
John J. J. Vivion
li'.i r. T. Crittenden
Alexander Parker
Josa. Headington, John
7 James C. Johnson
T. Gray
P. W. Grayson & Co.
1* J. Black & Co.
McDonald & Stoughton
Jam>rs Finlay
•
14 T. 0 , & H. H. Roberts W. Bard & Co., T. T.
Townley k Co.
J. Perciful, J. Cox, W m .
11
Do
Bard, G. R. Tomkins,
M. H. Roberts
7 John W. McKcnney, jr. N. E. Cooke & Co.^ Mc­
Neill, Fisk,&Rutherford

250
1,788 43
3,980
100
80 28

,
,
.
500
158 16

81 51

.
500
3,000
2,000
165,846 64

Losses on sales of real estate
Less gains on
ditto

.
•

18,013 91

18,610 36
5,450
i

*

13,160 36
31,174 27
165,846 64
197,020 91

CINCINNATI AGENCY.
■

1821.

4 '
W , April

*20,Jttly
June
'21, Aug.
'86, May
'19, Dec.

4

- . .

II

1 Deficiency by robbery
Counterfeit note
1 •
' Costs of suits consid: ored irrecoverable.
31 Sundry taxes and ex­
penditures from 1825,
charged at the times
to "unadjusted ac­
counts"
*
H. & J . Glenn.
18 Z. & A. Ernst
Jas. Chute, D. Chute,
27 T . L. Payne
O. Lovell, F. Barrett,
Justus Smith
Daniel Drake .
8 Arthur Henrie
Mortgage
4 Jacob Fowler
S. D. Whipple, Calvin
14 William Harlow
Washburn, D. Brooks

7,723 14
20
11,258 33

2,001 86

.

80
1,263 75
9,020

i

3,700

5,034 4f

1

[ Rep. No. 460. ]

24 i

CINCINNATI AGENCY—Continued.
•-■■

■

" '

'=j

When due
and unpaid.

*

"

" * " ■

■

I

■ ~"

D«weri.

May

Do
Do
A. H. Wood
Mmy 4 William Butler

V , April i! James Conn's estate
io , Alex. Gray .

Mov. 1
Do
July 2i Hugh Glenn
Aug. 22
Do
May 16 H.Ik J.Glenn
Aug. 15
22
May 2
Aug. 15
•18,-Aug. 11
18
•!©» Oct 17
May 3t
June 2i
'19, Dec. 31

Do
Jos. Gibson .
J. & J. Gibson
Do
Ichabod Halscy
Do
G. Hubbell .
Chas. Paimon
E. Pearson .
Jos. Prince, jr.

William Steele
Do
.
Do
n%
ti E. WestUke
»»»
S8 Amasa Delano
f i . J a n . 15 Samuel Sewell

*sa, Oct m
Mm. 14

'

*■ i

^

Due ani un« 1 D i e and nm*
paid after
paid before
Aug. 30,1822; Aug. 30, ISW.

•

?

'

•

•

i .

.

.

113 8

574 57
393 IS
578 12

%%m
281'
1,003 30
9,563 12

-

»

Hugh Glenn .
T. D.(Carneal
■ . 1 J- s, Gibson, Jno. Gibson
' Jas. Glenn, J. Fowler .
R. & J. Bracken ridge, J.
& J. Gibson
['
Do
1
J.S.Wallace, J.P. Wallace
Do H . & J . Glenn
•Do
L. Reese, L. Reewe&Co.
Do
W. Wiles
.
, James Conn
T. Graham, E. Pearson
Do ,*
A. Mack, J. Bates, J. H.
Piatt, P. Grandcn, J.
Armstrong .
Wm. Ljtte
i David Halloway C. Paxson, E..Pearson
C. MarshJ. Mathews, E. Stone .
Jacob Wheeler

1,500 .

-

•

Hor; Reed,Th.L. Pierce
N. Longworth.
William Lytic .
T. L. Paine, J. Chute,
D. Chute, Jos. Rufiher
1 Same parties .
1
John f. Keys .
' G. Ebert
i E. Clement, W.-Butler,
jr., S. Butler, Thomas
Graham, E. Graham !

Jan. 13
Oct
3

*O V 9CL

-

-■•-•|

'

•nd W©outer turn-*
pike
1
30 Job Stansbery
1 i Uriah Butler
17 Nicholas Sinki
,
t ! Justus Smith

%

■

~ ~~

Endorsers.

*30^NOY. 36 Donation to Columbus

40^ May
•M, NOT.
40, Oct

*™

l§§

2§§

600
•1,000
4,87C1

v

1,248 88
400
" 249 52
' 55i 48
3,30©
1,600
1,700,
1,056 22
3,831 70 .
500 •

'

,i„„

|

,1,

94,151 17 '■■
Credits.

Gains on sales of real estate
Less loss do
co

.

>
6,930*
9,949 92
876 50
430 47
. 290
492 5S 1
6©a 79

1

1

l

*,3.U I t

94,156 If
. 173,914 2S
. 77,314 m

101,507 *9

#

Balance of gain on sa tes .
. 96,599 29
Discounts on sundry judgments, &c.
purchased for the purpose of clear­
ing titlos held by Hie bank
- 10,689 S4

-

i

Balance to credit of losses, chargeable to con­ •
tingent fund
.
.
.
. 1

107,279 \J
5,771 **4
;

NOTE. —The balance in this case being on the credit side of the account, is not brought nto view
§i the tabular statement, to reduce the amount of the column under the caption, * 'losses charge­
able to contingent fund/1 but mere|j operates in reducing the amount of the next column, "total
•f estimated lomm.n

31

*

,

[ Rep. No. 460. ]

242

CHILLICOTHE AGENCY.
Drawers.

When due.
and unpaid.
1821, Nov.
Dec.
>20, June
'22, July

Due and un­ Dae and u n - j
paid before , paidafUffV.
Aug. 30,1822. Aug. 30,1352,

Endorsers*

28 George Brown
5
Do
28 Joseph Brown
30 Samuel Brown

Jas. Moore, Benj.^Duncan
Samuel Brown
Geo. Brown, Sam. Brown
Jos. Brown, John Hoffman
Wra. Gill, Jacob Eichelberger
Gcorgo Brown, Jos.Brown
Aug. 13
Do
Sam Findlay, Jas.Purdem
*X% Juno Thomas Brown
1
29
Do
Do
1
»i0, June 7 Isaac Cook
Jno. Frcbles, Dr.Kinkead
Oct. 15
Do
A. C Looke
1. S- Swearingen, Wm.
'19, June 2 John C. Clark
Gill, Jno. P. Rappelyea
Oct. 61 Samuel Corner
B. RufTncr, C. Ca2y, L.
P. Corner
:
David Ross, J.Mycrs,Jno.
tfi, Nov. 25 George Denney
Gracy, names of endor­
sers forged
Feb. 23 Joseph Gardner
Isaac Davis, James Miller
»13, July 1 Samuel Monnett
J. Hotsinpiller, D. McCoIWilliam Rutlcdge
lister
>20, KM*. 2 Thomas Scott
S. M, Cownick, D. Madeira i
'18, June 20
A. Sheppard, B. Purdem,
'19, Sept. 22 Ab. H. Wood, George S. Monnett .
Ehert
Peter*Mills, Alex. Aduir
March 1 lohn Carlisle
F.Rcnick, Hum. Fullerton
April 26 Samuel Finlcy
Drayton M. Curtis, A.
Delano, '). Kinkead .
May 27 William Lewis
John Davis, Wm. Lamb
Isaac Cook
John Waddle
« 2 , June 12 T . S. Pcirce
N. C- Findjay, E.Granger

-

t

!■

'
1,350
1,250
860
. 200
1,150
990 64

1*

'

' >'*

4501,725

\

'

'

t2«9

.
•

S7

, °
/

2,500
370
1,074
1,203 96
6,000..
522
758
83
733

2$
05
62
15

29,579 45
Oredits:
Gains on sales of real estate
Less Losses

■

3,400
3,200
813 78

. 9,544 27
17

*:, *

362 63
28,579 45
28,943 07
S;527 27
20,414 80

■ OFFICE AT PITTSUURG
1818, Oct 22 Wra. B. Foster
'19, July 1 William Wallace
Sept. 9 lohn Osborne
9 George Steward
Oct. 7 'ohn Osborne
^H), Feb. 14 Thomas Baird & Son
14
Do
Mar. 2 A. Tannehill
2 G. H. McNair
16 Thomas Baird & Son
30
Do
30 G. H. McNair

i

Dunning MeNair
W. Robinson, j r , J. & H.
Wallace
George Steward
John Osborne
George Steward
A. Tannehill
John Johnson
A Beelen, Thomas Baird
& Son
J. & H. Wallace, Brown &
B. L. Pctsrs
John Johnsoa
Do
J. & H.Wallace, C. Wal­
lace, Brown & B. L.
Peters
.
-1

*

•

M*

8,rt9 78
3,850
950
855
90
600
755

*

1,334 26

Digitized by

79 73
527
545

440 1

Google

*
'

[ Rep. No. 460. ]

248

OFFICE, PITTSBURG—Continued.
■, -

When due
and unpaid.

1

Drawers.

■

v

"

■

" '•

Due and nn- Era© and un­
1 paid before
paid after •
Aug. 30,1882 *.ug. oOf 18?2.

Endorsers.

■ "i;
' April 121 Lewis Peters
13llG.- McNair
May
Wee.
?21» Jan.

*» f Ajig.

13
Do
26 11. & J. tJhute '
1 J Whiting, agent
21 Samuel Roberts
4 J. Whiting, agent
11 [Robert Graham
25 1 Robert McCorkle
SO! J. Whiting, agent
Si IC. Lntshaw

Sep.

5 1 do
do
is I
si J. Black, & Co. ■ .
Oct. 3 C. Lutehaw
11 James 0."Butler
.
»23f May 1 JR. Patterson & Lamella
r

do
••
14 R*d Gemry

Aug.
Sep. 26 • harles Lutshaw
»20, Feb. 1? Thos. Baird & Son

••
••
9

84:

Mar.
'April
* Mar.
«
June

■22, Aug.
1814, Jan.

1922, Sep.
Oct.
1823, Mar.
May

V

- do

.

*

J. H. Wallace,"E Wallace 1
Wm. Robinson, jr*,Sel<
■ •■son & McMair
p . H. Wallace, Brown &
B. L Peters
Do
\
u. Whiting, agent
Eichard Bowen & Co. • George Morgan
Richard Bowen & Co.
[John Johnson
Thomas Baird & Son
Richard Bowen & Co. R. T. Leech, R. Patter­
son & Lamditt
do
do
dm
do
do
do
, 1
do
do
I
|Thos. Baird & Son
1
Aushatz & Rahm, H . 1
Stackbouse
C Lutshaw, R. T . Leech
Dennis S Scully
,. 1
Aushutz & Rahm, and T.
Leggett
!
Anthony Beelen
do
1

■
do
do
do
do
• do
do 13
do
' \ . do
30
do
A. Tanneiiill, A- Beelen *
4 Win. Hill & Brothers Wm. Wilklos, R. Patter­
son & Laniiin. Geo.
Sutton, C Lutshaw &
Leech, Hy. Baldwin,
Aiex'rHill
10 '
do
fohn Hill, & Co.
1 Isaac Bean
„ [saac Meason, A. Barker,
it
Do
. las R. Butler, Auskwts
& Rahut, J.. Meason,
J. Reno
/
i . Patterson & Lumdcn
12 S. & J. Thomson
u
Do
R.F.Leech
17
Samuel Smith,
. ' •1
f Wm. Masson
Do
.I
1 Geo.O. Robinson
t
.
Costs.of suit irrecoverabl 0

1

Deduct credits.
.
Gains on sales of real estate
Less losses
f

Contingent interest

x~~fc ==J

9,§49 93
100
882 10
§5$

§S5
1,560
I'IJ
1,000
25S
104 56
S00
#§8
465
4.630 4,43§
3,046
114

_
„
»
«
■
t

6 575 SS
13tW0
130

«
,
»

i08'
1,058 S7
700
760
150
356
1,8(14
ill

•
24,183 SO
48S 22

*

4,5S0

. -

•
-

I
•1
1

-1/183 60
1,113
880
490 .70
250
1,607 32
43,47§
5«,547 SS

5S,S4f S3
§8,300
700

102,021 69
$6,200
. ' 1,119 63
■

1

* . f,399 63

!

i

[ Rep. No. 460. ]

244

RECAPITULATION.
■
"

. ; ■/

"

"

&

=

=

,

=

=

Total of
Debts due aw* Debts du<-&
•iii paid befor* niipa : dafirrjdebti chaff ec
to
Aujrtiat 30, i August 30,
1822,
1822,
• and charged and charg'c 1
to
to

=

= • ■

*

-

Total
Balances on
of credits the lit Aug.
to
1831, to tke
debit of

1

j

The account of u Losses chargeable to the Contingent Fund.!!.
BanjrtJi S. Philadelphia. 177.057 02 169,890 48 346,947 50 20,844 31 326,103 19
75,057 m .
75,057 81
3,7ns 3:3 71,349 55
Dftffe, at Porttmoulh
2,100 22
2,100 22 •
2,100 22
* Do
Portland
1
Do
Burlington
12,146 38 "
2,807 48 9,338 90
12,146 38f
Do
Boston
925 65
925 65 •
925 65
llo
Providence - 6,299 §2' 7,708 JO
14,007 52
129 13
13,878 39
Do
Hartford
.;
29,939 79 32,110 34
61.050 13 •
61,0511 IS
Do
New- York -|
1,696,643 09 1,623 74 1,698,266 83 35,034 77\ 1,663,562 06
Do
Baltimore
70,794 85 124,97! 53 195.766 38 3,295 15 '. 192,471 23
Do * Washington J
38,057 20 3.740 50
41.797 70 1.400 i
40,397 7ih
Bo
Richmond - 191,082 66 35,913-66 2211,996 32 1,333 08' 225,663 24
Bo
Norfolk
21,481 88 17,159 50
38,641 38
'35
38,60€ 38
Do
Fayetteville -j
100,428 13 36,945 93 137,374 06 .
137,374 06
Do
Charleston »
78,041 29 75,802 44 153,843 73 7,474 16 146,369 57
Do
Savannah
Do ' Mobile
37,609 51
39 10
37,648 §1 3,900
33,748 61
Do
New OrleansDo
Natchez
, Do
St. LoUla
405 21
405 2S " •
. 405 2 *
Do
Nashville
-; - "
•
205,446 83 14*865 96, 220,312 79 47,929 38 172.383 41
Do
Lo«is%ille
197,020 91
11 ci
Lexington -i 165,846 64 31,174 27 197,020 91 %
Do
Cincinnati
:
94*156 17 7,351 12 101,507 29, 107.279 13]
Agency, Ciiiciimmti* 1
2«f579 45
SH2 62
28,942 07| 8,527 27
20,414 8©
po
Chillicolhe 58,547 69 ■43,479
102,026 69 7.39# 62
94,627 07
dike,
Pittsburg v Bo
Buffalo
244,581 00
Do
Utici
Deduct excesi of credits i «
at the Agency at Cin­
%
5,771 84
cinnati
•
"
*
" ! * "
*
•
•
•
3,005,527 05 687,258 29 3,692,785 32 238,809 Ifi 3,453,976 16
L

a,

L

■-■■■

m SUMMARY.
Amount of debts due aiid unpaio* before August 3 D, 1822, nod charged to
" Losses chargeable t o*the Contingent fund," 3,005,527 03
Bo
io
io
do after
do
do
do
do
687,258 29

Total of debts charged t o •• Losses chargeable to tlle Contingent Fund,"
do
do
do
do
'
Total of credits to
Amount of balance! on 1lie 1st of Aug. 1831, to thes debit of

♦ 5,771 84 ettiil balance.

do i o

- 3,692,785 32
- 1 238,809 IS
3,4^53,976 16*

in ikeir rmpeciim semiannual returns ef Uecember let, 1881, and January Bd9 1838. • v *
Notes on a 1 Bonds and
Bill of ex1 Notes on per*
r sonsl security* change, foreign pledge of 1 mortgsges.
and domestic.
stock.

.
111,396 §6
158,§§6 39
248,630 S3
Philadelphia
6,431 02
Portland
130 13 (
•
20,303 01
2,M5 71 1
Porttnioutb *
■85,135 35
Boston
1,437 73
1,100 30
Providence «
•
•
18,617 05
Hartford
•
•
•
•
•
20,651 25
New Y«irk • !
3,378 61
235,342 88
Baltimore
«
"-"303 39
Waahingion 2i§,Mr n
•
4,0ft
331 ,702 81
Richmond
•
»
•
133,551 93
Norfolk
200
4,500
SI,794 15
Psyetteville •
3J,284 79
700
15,888 S5
32,110 79
Charleston - ■
66,628 21
Savannah
1.068 27
Mobile
.
- 1 •
.
43,§30 55
66,814 69 ,
New Orieani •
•
.
5,240 80
Nstchez
m
500
342 75
St. Louts
'
•
m
5J95 96
13,325 72
Nsshville
- * m
m
•
• 75,686 47 |
15,506 54
Louisville
'
14,063
74,055 06
•
f»
Lexington 5,486 07
Cincinnati
S9.070.16
.
1,000
102,829 17 ;
32,717 43
Pittsburg
„
» • .
Buffalo
•
1
Utica *
8,650
«
Burlington
•
„
Agencj, Cincinnati - 1,498,981 15
•
•
Do Chilficothe - 1 138,346 36
"#»
* *
™ 1
2 9 6 . i t l 12 • 9f> 900* . 1
173..AB9 88 1
1 .t .426,889 '-fl i
! Hi liiiiWii i!
— asssa a ■ ■ ; : a e
;

1 •

i

•

Caab deficien­ - Ovenlrafta. Debts not other* Total of BUS*
cies!.
' wise, classed*, , penied debt.

.
-

261 54

-

17,457 78
976

•
•

-

-

•

-

.

70,113 05

•

483 71
3.971 09

••
•

•
456 52

. -

28.8S9 38

•

.
•
• -. •
395 40
.
JO©
-•
m
-

483,919 40

•

5,631 25

-"

•

•

•
* ••
.

14S

m

:

-

3,766 61

34,075 %

•

400,156 89

1,657 60 i

•

;

918,541
6,561
23,238
'42,593
3,514
18.617
30,049
272,797
210,934
409,877

71
IS
78
13
03
05
If
14
33
95

86,494
8 3 , §§4
§€,638
1,524
139,634
5,240
842
89.966
§2,850
88,118
34,951
126,546

145
#321
78
62
80
75
it
61
06
Q3
m

:
-

1,532,659 3$
138,3#6 36
4 400.315 89

s

2,65.0

33,§7S 20
•%. - -

©

3 7 . 3 7 2 . 3 4 ' ! 441,12:1 34
aa iiiiii. "a t ! ■::■■ ssssm

10
en

r

~- T

STATEMENT—Continued.

Philadelphia
Portland
Porttmouth Boston
Providence «
Hartford
New York
Baltimore
Washington Richmond
Norfolk
FayettrTille Charleston
Savannah
Mobile
New Orleans .
Natchez
St. Louis
Naahville
LouisviHe
Lexington
Cincinnati
Pittsburg
Buffalo
Utica
Burlington
Agency, Cincinnati Do Chillicothe -

491,825 73

1,410,367
6,561
30,180
52
116,777 02 , 159,370
3,514
48,532
29,915 25
117,049
87,000
432,744
159 947 34
437,491
226,557 65
510,094
100,216 52
213,195
79,643 90
121,394
34,900 75
151.712
67,727 78
110,228
43,600
25,621
24,096 92
199,609
60,065
23,812
18,571 74
842
44,266
15,000
189,742
96,891 75
317,302
229,184 04
58,448
23,496 71
242,567
116,021 34
17,295
16,995 08
2,650
-9,200
9,200
1,219,438 93 2,752,098
217,971
79,624 89
3,352,639 86 7 , 8 5 3 ^ 5 5
Deduct banking house* 1,170,739 25 1,170,749
.. > .r ! *ir' 1 '4,181,900 61 6,683,315

"
-6,941

1

■

'J

trwf

. "f

Probable lows ! Losses chargea­ Total of estimat
ble to contin­
ed losses.
thereon.
gent fund.

Grand total.

Real estate, in­
cluding bank­
ing house*.

.

'"

r

ii

44
15
24
15
03
30
12
48
98
47
82
90
21
21
71
62
54
75
68
36
10
34
94
08
28
25
15
25
90
.I.

■
'
■

455,001 46
6,020
22,870 51
86,550 65
2,866 73
15,546 66
8,743 44
279,529 34
69,374 53
299,226 85
133,035 49
66,075 64
68,051 39
35,509 66
956 52
74,03/51

323,126
7,020
84,496
12,146
925
14,245
61,050
1,652,502
5*05,499
39,148
229,253
57,953
138,032
146,369

•
•
.

33,748 61

•1,731
27,671
193,411
14,409
26,613
200

20
18
63
21
43

.
. 2,136

405 28
169,550 87
195,510 35

57
52
56
32

165,931
60,661
2,114,025
312,509
I,801,516

783,127
13,040
107,366
98,697
3,792
29,792
69,793
1,942,031
274,873
338,375
362,288
124,029
206,083
181,879
956
107,786

50
83
10
38
65
72
13
06
03
46
40
67
06
57

■

197,222
388,921
14,409
121,240
200

.

94,627 07

•
.

.19,004 27
3,49V,616 01
J

-

i

165,931
79.665
5,613,641
312.509
5,301,m

96
83
61
03
38
28
57
40
56
31
89
31
45
23
52
12
28
44
87
56
39

Contingent in­ Settlements in fast 6 months.*
terest due.
F—
Principal.
Interest.
303,064
1,081
4,728
6,254
487
4,436
11,581
199,036
50,216
237,776
83,641
30,644
20,628
14,547
183
49,410
38
5
1,051
83,935
33,415
5,680
18,525

26
14
87
02
35
05
09
25
86
17
18
22
90
63
95
63

101,859
5 520
14,126
9,800
857
2,267
98
2,470
58,123
3,767
4,946
30,884
14,495
1,768
2,100
37,116

87
61
75

12
49
71
87

16,526
2,803
1,578
1,087
1,472

10
46
88
11
96

34
33
72
19
62
51
38
85
28
15

39
83 ' 4,342 60
36,745 52
99
20
23,745 48
25,616 63
32
7,388 39

20
248,480
45 i
43,216 04
64 1,452,066 34
21
43

2,926
70
1
3,278

558,122 53
25,505 79
971,669 54*

133 06
594
1,008
1,155
318
2,828

31
66
81
63
89

24.273 16
1,96- U
62.04J 36

STATEMENT—Continued.
A

Simie of ike
July ■ 4 1831

u

Contimgemi Fund" pmmded io cover ike Losses of ike Bmmk.

The balance on. the leger, i t this date,
being the list semi-*nnual period, was
By a resolution of the board this day
adopted,- the execs* over $1,750,000
of the -balance to the" credit of the
profit and loss account, his been trans­
ferred io the credit of this fund, viz.

Jufnwy'S, 1832

There is now to be t i d e d , the interest
• received on the suspended debt at the
following Offices and Agencies, ap­
propriated by a standing resolution of
the board to this-fund, fix:
Office *t Louisville,
1,608 66
' Lexington,
913 30
Agency, it Cincinnati, 1,068 86
Chillicothe, 1,267 39
Present balance,

5,476,648 1©

The pretent balance of the contingent
fund, per contra, is -

5,611,746 5f

The estimated probable Ions now to be
provided for, (per statement above,')
is

130fc*40 26

Leaving* a surplus in the balance, of the
^contingent Fundi beyond the loases to
be provided for, of *

5,301,132" 43

310,614 14

•8?

The surplus at the last semi-snnnal pe­
riod, was
"- 172.637 52
There is nnw m surplus of - 310,i 14 14
Increase in last six months, 157,976 62

m
©

4.258 21
5,611,746 57

DR.

No. 92. '
Contingent fund to meet losses.
CB.
To 5 per ct. stock; loss on 141,500 5 per cent.
stock, sold by II. B. & Co.
Bering's, commission, &.c. on their account Hope & Co., interest, commission, and bro­
kerage on their account
. Barings, commission, Sec. on their account Foreign exchange, premium on bills remit­
ted B, B. & Co. towards paying their
balances, charged by order of the board,
6th January I-ist
Barings, commission, Sec. on their account Hope & Co., interest, commission, Sec. on
their account
Barings, interest, commission, &c. on their
account
m
Barings, commission, &c. on their account .
Foreign exchange, charged on lemitttnce
to B. B. & Co. to meet loan of 1,020,000,
at 9 j per cent.
Barings, interest, commission, &c. on their
account do ' commission, &c. on their aoeount Office Baltimore, for excess above par value
loaned on shares, pledge of stock
Thotiret & Co. for a bill of 50,000 frs. omit­
ted to be forwarded, 1818
Office Baltimore, excess loaned above par
on 3,503 shares, pledge of stock
~ Office Baltimore, excess loaned at said office
above par on pledged bank stock, 910
shares •
*
•
,
•

4,705 56
606 19
8,340 73
244 39

16,803 07
1,041 93

1821.
Julv
1823.
Jan.

By Profit Sc loss, reserved profits
Do
" Do

July
1824.
Jan.
July 5
1825.
Jan. 3

553 08

surplus profits and profits of
specie contingent interest -

Profit and loss, interest on suspended debt
at western offices, Lexington, Louisville,
Cincinnati and Chillicothe Agencies
Do
do
do
do
$17,054 56
Do
Rec'd at office Richmond, advice
423 50
on sates bank stock

1,375 42
May 30
3,426 33
July

4

99,450
Dec. 12
1,189 46
4,080 19
266,573 23
9,400
49,202 25

15,805

24
1826.
Jan. 2

July 3

Profit and loss, excess above par of sales
24,7o9 shares pledged bank stock
Profit and loss, intere>t on suspended debt
on office Lexington, Louisville, Cincin­
nati and Chillicothe agencies
Profit and Loss, contingent interest for this
amount taken from the profit and loss
statement, 30th May, 1820, by the divi­
dend committee of that period, as interest
from State banks not to be divided, this
sum was placed to credit of contingent
interest, and is now transferred to thrsac't
Profit and loss, excess above par on sales
5,028 shares pledged bank stock
Profit and loss, interest no suspended debt
received at office Lexington, Louisville,
Cincinnati and Chillicothe agencies
Do
do
do

1199.
liar. 11
June 19
Aug. 26
caDrc. i
» 1830.
Dee. 11

frroftt^and loss,.far dividends received by
Hie bank on bank ttoek pledged on 1,050
shares
.
.
.
.
.
Do
do
150 shares Dividend received on 110 shares bank stock
pledged
.
.
.
.
Do
1,350 do
do
Agency Cincinnati, arrangement with Car.
iteal & Johnson
.
.
.

37,013 50
4,050
3,072 50
51,642

Do
do
do
Do
do
do
Profit and loss, interest included in arrang­
ed debt, and forming part of bills diacounted at Agency Cincinnati
$135,582 72
Interest received and included
in real estate
96,049 84
Error in account
30

231,632 84
7,608
5,607,488 36

Profit and lo*s, 46 paid on debt of James
and John Gibson
Profit and loss, excess above par value 1,010
shares pledged bank stock sold Profit and loss, interest received and in.
eluded in real estate and bills discounted*
Agency Cincinnati
.
.
.
Profit and loss, interest on suspended debt
at Lexington, Louiaville, Cincinnati and
Chillieothe Agency
.
.
.
Do
do
do
Profit and loss, Agency Chillieothe, inte­
rest received and included in real estate
and bills discounted at said agency
Profit and loss, Agency Cincinnati, interest
received and included in real estate and
bills discounted at said agency Profit and loss, for excess above par value
sales 2,950 shares pledged bank stock Profit and loss, balance of contingent inte­
rest received on L. Taylor's'debt

O

47,219 14
U . 9 3 2 16

Profit and loss, interest on suspended debt
at Lexington, "Louisville, Cincinnati and
Cbillicoihe Agencies
Profit and less interest received snd incluileil in real estate and bills discounted
at Agency Cincinnati -

736
22,190 41

i—|

12,083 81

*3
■■as

14,477 60
25,810 76

?
U
©

14,47113

^

28,048 69
61,950
52,382 24

X7t665 75
6,779 44

*t

35Q '

(4

P

• CO

O
C*

N.
»-•

o>

-»

^

H>

2 5 J- §

«o «<*

o o

[Rep, No. 460. ]
8 2
<o

<o

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* [Rep. No. 460. ]
No. 33.

SALES of Forfeited Stock of the Bank of the United States.
By whom sold.

Shared Kate

Nett proceed*

1824
SuncM Hale & Davidson
1,000 121
Brokerage ± $302 50 and
div.2£off
July 3 Office Hartford
7 Hale St Davidson
Brokerage J

-

25
800 118
700 H8j

121,000
2,802 50
*

118,197 SO
2,969 5 0

94,400
82,950
177.350
443 37

-J

176,906 6 t
AugJ21 R. Lenox:
Jane 16

50 1201
150 I20i

6,018 75
18-, 037 50
23,496 11
24.026 25

Brokerage J,
♦ Div. 2i,

60 14
500 |
560 14

June 17
4 days' interest
June 21
21
5 days' interest

300 120*
150
50

36.075
20
18,037
6,012
4

04
50
50
IS

1

60,149 22
Brokerage i , 150 37
Div. 2J,
1,250
1,400*37

V:

58.748 85
June 23

300 117J
200
if

Brokerage }

35,325
23,550
5&, 875
147 18
58.727 82

June 29
8 days' interest
June 29
8 daj»# interest
Brokerage
2* Div.

100 12H
"*50 121$

-1

12,112 50
13 46
6,075
6 75
18,207 71

44 58
3 75\

419 58
17,788 13
June 29

50 1214

9 days' interest
July 3

100 121

" *i

6,075
7,59
12,100

>

18,182 59
Brokerage J,
Dividend 2 ^

4 4 52
375

419 52
17,763 07

Digitized by

No. 33—Continued.
MJ

to

'
"IJ! " •
'
. By whom told*

' July 3
Brokerage | ,
Dividend 2 | ,

Auy21

1
Shires Hate
2Stt 121

•Z

•

100

•

5 days' interest

-•

mi

"
Brokerage *,
Postages
Power of att'y

" * t§ 1
:::■

:

n J* i

Sett pmcccda
30,25§

'■

"73- 48
5
5

..•

^ 9 9 06

-

150 I 1 7 i

,Ju1y IS
2 days' interest

^

: ■"*

74 06
625
■■

• 1

:

' 29,550 m
17,625
1 96
11,762 50
3 26

*

29,392 72

-

S3 48

-

29,309'24
231,384 l i

H e e l 5 R. M. Whitney;
N. Y.
imm. rate,
#«#»
15
19
5
47 21
150 119*
17,887
17
If
5
42 32
150 i t i §
17,925
If
5
56 54
200 119$
23,950
IT
18
16*
5 . 19 97
75 m§
8,981
18
16
5
6 67
25 120
- 3,000
14
6 , 41 73
150 119*
17,887
30
No interest
100 119|
11,935
17 i
17
5
14 11 !
50 119|
5,975
30
14
5
11 63 !
50 119*
5,975
ii
31
5 216 72 i 50© 119*
59.625
22
6 219 08 1 500 119*
59,750
16
33
14
5
115 94
500 119*
59,625
30
5
49 68
10© 1191
11,925
11
1
25
i
49 m
100 Il9f
11,975
16
li
25
i
49 79
100 119*
11,950
li
25
6 ^ 74 m 150 l » |
17,925
No interes* 4,750 1184 i 562,875
51*1
200
l 23,800
In (Boston
do ' 1
*
do
- , "400 in 9 .- 47,700
|H9*
i». if.
do
400 1191
47,850
1 li
i
795 00 1,000 119* 119,250
li
1
5
» 58
200 119*
23,900
1 4
5
564*31 1,000 1194 119,500
30 1
150 119*
I S
5.
87.13
V.925
35 1

1

50
25
50

m

m

Interest, |3,601 99
Aid interes'
Div. on 11,000 shsres
■ ' 27,500
'
R. M. Whitney's ex­
penses to N.Y.
65 f
Cum. * per ct. on
<
3,272,691
i . | ' tjlei

■■-

*
•

1

>

■

■

lists- J
H i * . 1jBaring, Brothers &€o. Lop-

1

•

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1

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1,309,081 25
2,601 99

"

1,311,683 24

"

.

'"
1

3a, 837 69
■■■

■■■

1,380,815 M

don9.l(XI04Amb £339,23(11 .

1 '
L 8.6, the iMtff^roceedS cat[lO.OOO
J - culated at 9§ per cent. -

'
I
1 --

1 *"*■

11,164,354 13

[ Rep. No. 480. ]

254

No. 33—Continued.
Shires U»te

To whom acid.
1825
Apr.f§ T. & J. G.Biddle

' '

-

* ■

•

Brokerage §,

500 120
266 120*

-

28 T.Wilton, caahier,3© f. & J . G . l i d d i c
Brokerage J,

'-

m. 3 B . U . 8 . to W.Cottcrill
—ay i t T. & J.G. Riddle
Brokerage i

-

60,000
31,986 50

-

28 B . U . S . to B.M.Carter
- 1,031 120|
D i B. Wood bridge
25 120|
Oct. 6 ilo W. Cotterill
> 108 118"
lio Leath«n>T.T.& Co..
6 118
Do W. Leatbam
3 118
100 117|
8 UQ P.A.Thornton
40 117|
22 Ilo J. Cow per, Norfolk 37 117*
18 ilo L,Warrin|rion9U.S.K.
19 T. J. G- Biddle
82 1171
Ifwkerage f
, --

**§i{#Jil§#

-•

3 Nfc»p*-

-

;

.

- 'f

14,453 M

13,806
11,775
4,705
4,347 50

•

9,635
24 09
• 9,610 f l

400 116J
600 116

46,500
69,600

- -. -

116,100
290 25

Ward, Eing St Co. . 1,250 116
U r e k . | , 3 6 2 50, tnt.100.

145,000
462 50

600 U 3 |

t

%

25 B . U . S . to J.A. Brown
1827
May 15 T. & J. G. Biddie
% Brokerage J
Oct. 20 T.&J. G. Biddle
Brokerage J
MO¥. 6 T. It J. G. Biddle
Brokerage f
Oct 13 Bank United Stales
Do
do

144,537 "50

68,175
150

68,025.,/

- 1,000 116

-

-

100 115

116,000
290

-

115,710
11,500

•

•

-

•

1,000 124
10 123J i.

-

-

im

48

*t
^4*.

f

■

l«*i

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.

•

-

■

-T.

j,

10 122}

a

f

*

_ ^ ~ _

-

16 Prime, Ward, K. & Co.
Brokerage ±

*■

115,809 73

Nor, 1 Prime,
%

12 T.& J. G. Biddle
Brokerage §

■ ssyfst

124,106 62!
3,009 37j

"
J
C-

.
Brokerage i . —

t^.f.;

. 14,489 75
36 22,

J

-«-*%* -

91,986 »
229 96

•
- .
•

-

^<m.

■■.*jr?J * - I -

.*.
w

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327111?
121 119J

• v"" •;'
Nettfyapef^o

i

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«.
581120
5 0 0 1 3 § i » 60,000
- . .*' ' ■' 150

-

25 Prime, Ward, Eing & Co. -

« 1

626,943 65

!
1,222 50
| *
3 05
1,219 4t

•124,000
310

123,690 *

1,235
3 09

- * "| ' ' 1
•
- - !

1,231 91
124.921-91

23,501 10
| ■ 5,669 91
29,171-A

i

[ Rep. No. 460. 1

3*5

No. 33—Continued.
. .

Shares Rate

«

**

■■•»

Nett proceeds

*

356,950
i

i

126,000
18,000
10,824
162J000

i I ii

120
120
123
120

• i i i

1,050
150
88
- 1,350

i

2,950 121

i i i i

1828
Bee. 19 Baring, Brothers Sc Co.
1829
do
Jan. 30 ! Do*
%
Junel8 Do
do
Aug.25 Bank United States
Dec. 5 Baring, Brothers £c Co.

.

■*■ •

By whom sold.

.

i i i i

-

.

Shares, 39,523 Average rate per sh. 117.548.

4,645,859 16

No. 34.
REPORTS OF THE DIVIDEND COMMITTEE* JULY, 1829,

The committee appointed on the 3d instant, to enquire whether any, and,
if any, what dividend should be declared of the profits of the Bank dur­
ing the last six moitfhs, report:
That, from the statement herewith exhibited, marked A, it appears
that the amount of profits arising from discounts, exchange, interest, and
other sources, during the last six months, is*one million six hundred and
seventy-six thousand seven hundred and fifty dollars and six cents,
(81,676,750 06) including therein the sum of eleven thousand six hun­
dred and thirty four dollars forty-seven cents, (811,634 47) received on
account of interest on the suspended debt at the offices of Lexington and
Louisville, and the Cincinnati and* Chilicothe agencies. Deducting from
the gross receipts this sum, and all the expenses and charges of the bank
for the same period,,amounting in the whole to three hundred thousand
flix hundred and sixty dollars nineteen cents, (§300.660 10) the nett pro­
mts will amount to one million three hundred and seventy-six thousand
eighty-nine dollars eighty-seven cents, (81,376,089 87.) To this amount
njust be added, the sum of one million six hundredPniiietecn thousand eight
hundred and twenty dollars fifty-two cents, (81,619,820 52) being the
balance remaining to the credit of profit and loss, on the 5th of January
last, the sum of seVcn hundred fourteen dollars ninetyrfour cents, (8714 94)
being for sundry loan office expenses, repaid by the Government of the
United States, and the mint value of broken dollars; and* also the (jiviVl^nd now to be declared on the capital stock of the bank, transferred to
die President, Directors, and Company, which, at the rate proposed by
the committee, would amount to five tlionsand one hundred and ten dol­
lars, (£5,110.)
These sums form an aggregate of net profits of three million one thou­
sand seven hundred and thirty-five dollars thirty-three cents, (83,001,
TSf S3) as will be more particularly seen by the following statement:

Digitized by

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2f S

■ [ l i p . No. 480. ]
^Profit ami Loss.

P B . ~ T o sundry charges since January,
Current expenses, Sundry losses*
.
.
.
Setni-annual appropriation,
Contingent fund, .
Dividend No. 2 1 , at 31 per cent.
Bilance,

-.

£17,795 27
7,£B9 SS

60,000 oo
-

11,634 47
1,235,000 00 *
l f 776 f 7S5 S3
g3.30t.395 52

Cm.—By balance i t January,
- gi»619,820 52
¥
Loan expenses, &c.
•
714 94
Discount, exchange, and interest, 1,676,750 CIS
Dividend now to lie declared on 1.460 shares,
at 3 i per cent.
5,110 00
S3.302.395 51
The committee further report, that the statement marled B, herewith
submitted, exhibits the latest returns of the suspended debt, anil real estate at the bank, and its offices and agencies, with an estimate of the
losses; also an estimate of the contingent interest on the better class of
debts; arid tlie progress of arrangements and settlements of tlie suspended
debt and real estate since the last semi-annual periods Tlie statement
marked C, presents a comparative view of the condition of these several
subjects, at the last and present semi-annual and annual periods.
Tlie statement marked D, exhibits the situation, cost, and present
wake, of all the hanking houses, and the state of the fund provided by the
semi-annual appropriation for extinguishing any loss on them.
The statement marked fe), slows tlie state and progress of the contin­
gent fund tli" meet lite losses of the l a n k .
From these statements, it will appear, that the estimated probable loss
on tlie sus])cmled debt and real estate, (exclusive of hanking houses,) is
five millions six hundred thirty-three, thousand twenty-two dollars ten
cents, being eleven thousand two hundred and ceighty-nine dollars ten ♦
cents ( g i i , 2 8 9 10) less than the estimate on the same class of debts made
in January last, whilst, cm the other hand, tlie contingent fund has litem*
augmented since that period, by interest received at tlie western offices ami
agencies, on the suspended debt, and by the excess above par on twelve*
hundred'shares of tlie forfeited lank stock since sold, one hundred seventy-nine thousand four hundred forty-eight dollars twelve rents, (gl79,448
M ) making the total amount of that fund,'four million six hundred and
ninety-eight thousand eight hundred seventy-one dollars eight cents (4,698,
871 08.) Tlie difference, between this sum, and the ^ est incite of hiss, is
nine hundred thirty-four thousand ouc hundred fifty-one dollars four cents,
(2934.151 04) being one hundred ninety thousand seven hundred ilirrtysevcu dollars twenty-two cents (&1909787 22) less than the difference ex­
hibited by the returns of January last, and is abundantly provided tor by
ihe various! ~ "" "is of tlie l a n k , particularly detailed in the accompany­
ing staterae;
_ he committee, nevertheless, arc desirous of hastening

. [ tcp. No. 4so. ]

§

. Sf f

the arrival ©f the time wlien, this deficiency w i l l be nominally v as well as
really, repaired, and they therefore recommeqfil that an addition be now
made to the contingent fund of two Jiundred seventy-six thousand seven
hundred and thirty-five dollars thirty-three cents, (8876,735 SS) being
ilie excess of the balance of profit and hiss abut© one million five hundred
thousand dollars* (81*500,000) which will render that fund stronger by
the sum,of four hundred fifty-six thousand one hundred eighty-three dol­
lars forty-five cents, than it w i s at flic last semi-annual rejutit.
The general result of the operations of the Bank during t i c semi-annual
period just terminated, is f
That Hie gross profits have amounted to - ' - glȤ82;575 00
The expenses to
-'
- ' §217,795 27
Losses, and extra charges, to
11,830 €5
—
£2i,§15 7 1
Laaving. •
- 81,455,549 «8
Front which is I© l § renerveit
Tli© semi-annual appropriation of
}§§§»©§§ 00
Interest carried to contingent fund, 'of
11.634 47'
• ■
.
71,684 AT
Leaving a balance.of - 81,381,944 8 1
Which, s i the rate of dividend the committee propose to .
, ' •
declare, namely, three and a half per tent. 1,225,000 00
Would leave the sum of

g l 56,914 81

Being t i c surplus profits of the last six months, to lie carried to the
credit of the profit and loss account, making the balance of that account,
after deducting the appropriation to the contingent fund, which the com­
mittee have proposed, one million five hundred thousand dollars, (Sf f 500,
©00.)
The committee therefore recommend the adoption of the following reso
lutinns:
Resolved. That there he now declared a dividend of three and a half per
cent, on flip capital stork of the Bank.
Resolved,, That the sum of two hundred seventy-six thousand seven Iron#
fired and thirty-live dollars thirty three cents, (8876,785 SS) he carried
fram the profit and loss account* to the contingent fund/to meet losses.
1
*
J N O : P O I T K R , Chairman
CmmiUuJ'
J&ANK

OF T.IIK O P r r i n

July 611, 1129.

IS
i

STATES, 1

J

f 58 *

[ I t p - Mo. 460.^ ]

' -• *

BAIUK O T . T H E U H I T E D STATES,

January 4!Af ISSO.
Mr. Hoffman on behalf of the Committee appointed on the Slst ultimo, to
report upon tli© Dividend, submitted tic following report, which was
read, and together with the resolutions therein embraced, wis, 01 mo. tion, ad©ptad.

T i e committee appointed on tie Slst ultimo, to inquire whether any,
a i l , if any, what dividend should b§ declared of the profits of tl© Bank
during the last six months, report:
That, from the statement herewith exhibited, marked A, it appears that
tie amount of profits arising from discounts, exchange, interest, aid other
•mrces, during tie last six months, is cine million six hundred aid ninety*
three thousand four hundred and eighty-nine dollars eighty-three cents,
i l , i i S , 4 8 i 85} including therein the sum of sixteen thousand seven bunIred anil forty dollars forty-six cents, (816,740 46) received on account
if interest on the suspended debt, at the offices of Lexington and Louis­
ville, and the agencies at Chilicothe and Cincinnati, deducting from tie
Stress receipts this Him, and all the expenses aid charges of the institution
or the sane period, amounting in the whole to three hundred and one
thousand five hundred and fifteen dollars nineteen cents, (8301,515 19)
the nett profits will amount to one million three hundred and ninetyone .thousand nine hundred and seventy-four dollars sixty-four* cents,
fSl,391,974 64.) To this amount "mist be added the sum of one million
ve hundred thousand dollars, (81,500.000) tie balance remaining to the
credit of profit and Joss on the 6th of July last, -and the sum of four Imn*
Ired and sixty-seven-dollars fifty-one cents, for sundry loan offic© ex­
penses, repaid by the United States, which sums form an aggregate, of
nett p&fits amounting to two millions eight hundred anil ninety-two thousand foi? hundred and forty-two dollars fifteen cents, which will b© more
particularly exhibited by tie following statement:

J

Profit ami £ott,
BR.

T o sundry charges since July,
.
.
.
m
Current expenses,
.
.
.
.
•' Sundry losses,
•
' f l Semi-annual appropriation,
." Contingent fund, - .
. " Bitidend proposed by committee, 8§ per cent
« Balance, .
.
.
.
.
.

.. '
-

83,117 I I
is0,l60 89
1,496 i f «
60,00090
16.P40 4 *
1,885,000 fl©
] 9 66r,448 I f
' SS.19S.957 M

% balance in July last,
.
.
.
.
** Loan Office expenses'refun<|ed9 .
.
.
«« Discount, exchange, aid iuterest, rucei?ed9

-

Sif 500,009 00
467&51
1969S,489 SS
S& 198.957 34
l

The Committee farther report, that the statement marked B , herewith
admitted, exhibits the litest returns of the suspended debt m i real estate^

[ Rep. No. 460. ]

25$

at t i c Bank, and its ©flees t n i agencies, with i t estimate of the losses
•#lso, an estimate of the contingent interest on the letter tflass of debts,'
ami the progress of arrangements ami, settlements of the sus|iended debt
and real estate, since the last semi-annual period. The statement, marked
C, presents a comparative view of the condition ofthese several subjects at
the last and present semi-annual and annual periods. The statement, marked
- D , exhibits the situation, cost, and present value of t i l the I n k i n g houses^
mid l i e stale o f the fund provided by the semi-annual appropriation for
extinguishing any loss on them. The statement, marked E, shows the
state and progress of the contingent fund to meet the losses of the Bank.
From these statements it will appear, that t i e estimated probable loss
on the sus|iended debt and real estate, is five millions six hundred and six­
teen thousand two hundred and four dollars fifty-two cents. (S5.8iS.ti4 52)
*
being sixteen thousand eight hundred' and seventeen dollars sixty-cents
less than the estimate of July last.
The contingent fund now amounts'to four millions nine hundred and
ninety-one thousand two hundred and fifteen dollars fifty-three cents, l l i i
■difference between which, and the estimate of loss, is six Imnclred t n i
twenty-four thousand nine hundred and eighty-eight dollars ninety-riine
cents, (8624,988 99) being three hundred .and nine thousand one hundred
and fifty-two dollars five cents, (8309.152 §5) less than the difference
exhibited i i the returns of the'last semi-annual period, and is abundantly
provided for by the various resources of the Bank, particularly detailed
in the' statements above alluded to.
Anxious, however, that the fund set apart to meet the losses of the Bank,
- should be more speedily brought to equal the estimate of them, the Cum*
mittee propose that an addition be now made to the contingent fund, of the
surplus'profits of the last six months, amounting, as already stated, to
one hundred and sixty-seten thousand four hundred and forty-two dollars
ifteen cents, (8167,442 I I ) which will leave the balance of the profit anil
loss account, as at the last semi-annual period, one million five hundred
%
thousand dollars, (81,500,000.)
'
The general result of the operations of the l a n k during the semi-annual t
period just terminated, is, that the gross profits have
amounted
to,
li,§93,957 54
The expenses,
to
r
8220,160 S9
Lueses and extra charges, to 4,6is 84
' -f24 f 774 7$
Leaving,
81,469,182 61
f r o m which is to be reserved,
.
.
.
The semi-annual appropriation of,
- S 6 i . i 0 i 00
And the interest carried to contingent fund, 16,740 46

-

76,740 46

L e a v i n g * balance of, • g 1, 89 J,44£ 15,
Which, at t i e rate of dividend- the Committee propose to
declare, namely, three and a half per cent,
' ' -1,225,000 i i
Would leave the sum of,
being the surplus profits of the last six mohths.

8167,442 fS

ftQ

'

#

L Rep- No. 460. 3

The Committee, therefore, recommend the adoption of the following
resolutions;
Resolved, That there be now declared a dividend of three and a half
per cent, on the capita) stock of the Bank*
Resolved, That the sum of one hundred sixty-seven thousand four htin«
dred forty-two dollars fifteen cents, (8 167.442 15) be carried from th?
' profit and loss account to the contingent fund to meet losses.
GEORGE HOFFMAN, Chairman,
January 4th9 1830,

Tiie Committee appointed on the 2d instant, to inquire whether any, and*
.. if any, what dividend should be declared of the profits of the Bank
during the last six months, report:
• That, from the statement herewith exhibited, marked At it will appear,
(hat the amount of profits arising frqm discounts, exchange, interest, and
other sources, during the last six months, is one million seven hundred
and forty-two thousand nine hundred and twenty dollars and fifteen cents
(81,741!,920 15) including therein the sum of thirty-four thousand four
hundred and eighty-one dollars and ninety-one cents (934,481 91) received
on account of interest on the suspended debt at the offices of Louisville and
Lexington, and the agencies at Cincinnati and Chilicothe. Deducting
from the gross receipts this sum, and all the expenses and charges of the
institution lor the same period, amounting in the whole to three hundred
and twenty-nine thqusand and seventy-nine dollars (8329,079) the nett
profits will amount to one million four hundred and twelve thousand eight
hundred and forty-one dollars and fifteen cents (81,412,841 15.) To this
must be added the sum of one million five hundred • thousand dollars
(S},300.000) the balance remaining to the credit of profit and loss on the
4th of January last, and the sum of five hundred and ten dollars and
eighty-one cents (8510 81) for sundry loan office expenses repaid by the
United States* which sums form an aggregate of nett profits, amounting to
two million nine hundred and thirteen thousand three hundred find fiftyone dollars and ninety si* rents (82.913,351 96) which will be more par­
ticularly exhibited by the following statement:
Profit and Loss.
DK.

Sundry charges siucc January last,
-k
Current expenses,
*
Sundry losses, .
. .
,
Semi-annual appropriations,
.
.
Contingent fund,
Dividend proposed by the committee at 5* per cent.,
Wnlancc,
. ♦
•
*
*'
•

?

S3,198
2£1.566
6.832
60.000
34.481
M35,000
1,689.551

.
.
*
m

■■ ■

06
78
85
00
9l
Og
96
■

SS.S4S.450 96

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B y balance of January last, •
Lnan office expenses refunded, Discount* exchange, Interest, &c. .

.

.

.

1f5009000 00
51*0 81
],74£.9£0 IS
SS,i4S.4SCI 96

'

T i c committee further report, that t i c statement, marked 1 , herewith
mibmittcd, exhibits flic latest returns of the susperfded debt, and real cstile,
with an estimate of the probable loss; also an estimate of the contingent •
interest on flic letter class of debts. The statement, marled C* presents
a comparative view of these several subjects at the last anil present annual
and semi-annual periods. The statement marked D, exhibits the situa­
tion, cost, a i d present value of aU the Banking housea, ami t i c state iff
the fund provided by the semi-annual appropriation for extinguishing any
loss on them. The statement marked E , shows the state and progress of a
t i e contingent fund to meet the losses of f i e Bank. Front these staffment8 it mill appear, that the estimated probable loss on the suspended
debt, and real estate, is five millions, four hundred and thirteen thousand
one hundred anil fifty dollars a i d six'ty-eight ceils (85,413,150, §8) beinijg
two hundred a i d three thousand and fifty-three dollars a i d eighty-four
cents less than the estimate of January fast*
The contingent fund now amounts to five million one hundred and ninety three thousand one- hundred and thirty-nine dollars and fifty-nine cents
(85,19S,1S9 59) having been increased by the appropriation of January
last, and the interest on the suspended debt, two hundred and one thou­
sand nine hundred and twenty-four dollars and six cents (8201.924 §6) and
l e t t i n g a deficiency of two hundred and twenty thousand and eleven dol­
lars and nine cents (8220,011 Of) which is four .hundred and four thousand
nine hundred and seventy-KPven dollars a i d ninety cents (8404,977 9(0
less than the difference exhibited by the last semi-annual retains.
Notwithstanding, however* the rapid reduction which lias thus been •
effected i i the difference between the estimate of the losses of the Rfttifc,
and the fund provided to meet them, ami although the funds already appro­
priated for that purpose are, in the opinion of the committee, adequate
thereto* yet-they are still desirous that the must ample provision should be'
.made against any contingencies which might occur, tle.y therefor© propose!
to add to the i€ Contingent Fund to meet the losses of the B a n k / ' the sur|ilt§s profits of the last six months, amounting, as already shoWif, to on©
hundred and eighty-nine thousand three hundred and fifty-one dollars and
imiety-sixccntM (8l89«S5t 96.)
m Thc.gencral result of the operations of the $ank, during t i e semi-ai»*
nual period just terminated. Is,
That the gross profits have amounted to
81,743,430 f l
The expenses to
8i24,56S 7S
* I
tosses and extra charges to
- * ■ 10,030 31
%
—
fS4 f f97 i t
Leaving
. • ■ » . Sl,Ii8,SS8-8f
F n m which is to be restrted die semi-an*
- ■
mud appropriatum of
•
8i§ft§§ i t

SPi

#

I Rep. No. 480. J

Anil the interest carried to tie Contingent
Fund,
- .
Lea? iig a balance of

"

.

*
34,481 91
— —
.

.

m

94,481 91
1,414,35196

Which* at the rule of dividend t i c committed propose to
deckle, namely, thro* and a hall per'cent,
1,225,000 00
Would leave the sum of

-

-

-

S1S9.S51 96

Being tlic surplus profits of the last six mouths.
The committee therefore recommend the adoption of the following reaolutiotis:
»
Hesolved, That there lie now declared a dividend of tire© aid a half per
cent* on the capital stock of the Bank.
Resolvedf That the sum of one hundred and eighty-nine thousand three
hundred aid fifty-one dollars and ninety-six cents{8189,351 §6) be carried
from tlic Profit and Loss account to the " Contingent Fund to meet losses.**
•
UOSWELL L. COLT,
Chairman of Cmmmiitii. .
BANK U N I T E D STATBS, July 5, 18S0.

The Committee appointed on the 31st ultimo, to inquire whether any, and,
if any, what dividend should be declared of the profits of the Bank,
during the last six months, report:
That, from the statement herewith exhibited, marked A, it will apjiear
(hat the amount of profits arising from discounts, exchange, interest and
other sources, during the last six months, is osie million seven hundred and
seventeen thousaud five hundred antl fifty-fife dollars seventy-five cents,
21,717,555 75) including therein the sum of seventy-seven thousand one
iundred and fifty-seven dollars forty cents, (S577f 157- 40) received on ac­
count -of interest on the suspended debt, at the cilices of Louisville ami
Lexington, aid the agencies of Cincinnati ami Chilicothe; deducting from
the gross receipts, and all the exposes antl charges of the institution for
tlic same period, amounting, in tlic whole, to three hundred and seventytwo thousand seven hundred and seventy-six dollars and seven cents,
(S372tf76 Of) the nett profits will amount to one million three hundred
ffii forty-four thousand seven hundred and seventy-nine dollars and sixtyeight cents (Si§344,77*9 §8.) To this must be added the sum of one mil­
lion five hundred thousaml dollars, the balance remaining to tlic credit of
profit and loss, on the 5th of July last, and the sum of lour hundred and
twenty-nine dollars and ninety-four cents, (§429 94) for sundry loan office
fliptuse's, repaid by the Uiited States, which sums form an aggregate of
tictt profits, amounting to two millions eight jiundred and forty-five thou­
sand two hundred aid nine dollars aid sixty-two cents, (S£,S45.t§9 62"
which will be more particularly exhibited | y the following statement:

[ Rep. No. 460. ]
Frqflt ami Lou.
D B » — T O sundry charges since January,

Current expenses,
Sundry losses,
'-Contingent fail, "
Semi-annual appropriation* •
• Dividend proposed, 3 | per cent
Balance,
.
.

m

Mt

'
-.
-

-

-

•-

.

.

St.709 74
£Si,S4S 17
562 76
77,157 4§
60,000 00
19225,000 00
1,620,209 i f
KS5.ilt7.985 60

CB.—By balance of July laat,
.
.
.
By Loan office expnses refunded,
My discounts, exchange, aid Interest, -

. •
-

81 9 500,000 00
429 94
1,717,555 75
iSA 17.985 69

T i e Committee further report t i l t tic statement marked 1 , herewith
•submitted, exhibits the litest returns of the suspended debt and real estate,
with an estimate of the probable loss; also an estimate of the contingent
interest on the better class of debts. The statement, marked C, presents
• comparative view of these several subjects at the last and present an­
nual and semi-animal periods. T i e statement marked D 9 exhibits the
situation, cost *nd present value of all tie balking holies, aid tie state
of the fund pro?ided by the semi-annual appropriation €or extinguishing
a n y loss on then. The statement, marled E, slows the state and pro­
gress of the contingent fund, to meet tlie losses of the l i n k .
From these statements it will appear that the estimated probable loss,
on the suspended debt and real estate, is five million four hundred and
forty-six thousand seven hundred aid seventy-one dollars and ninety-four
cents, (15,446,771 94) being thirty-three thousand six hundred aid
twenty dollars and twenty-six cents, (S8S,§2§ 26) more thai the estimate
of July last
.The contingent fund now amounts to i r e million four hundred and fifty
two thousand and forty dollars and ninety-five cents, (25,452,040 95)
which is five thousand two hundred aid sixty-nine dollars aid one cent
(85.269 '01) mure than the estimate of loss.
The general result of the operations of the Institution, during the semti mal period, just terminated, is
fliat the gross profits lave amounted
to
Si 1717,985 69
That the expenses to
S2S2.S46 17
That the losses and charges to S»27£ 50
—
—
235,618 67
.Leaving*
- gl,482 f S67 §1
From which is to be reserved the seiiii-anrtiial appro- *
prittion of
60,000 ©0
And the interest carried to the contingent
fund,
"- ,
.
77,157 40
187,157 40

Leaving a balance of

-

Sl,$l5,fft9 • •

96* '

[ Bep N*. 4§f.- 3

W i l d , if the rate of dividend, the Committee propose
It declare, namely, three aid a half per cent*
Would leave the s i n of -

-

1,225,000 i t
8120.209 i *

On© hundred aid twenty thousand twq hundred and nine dollars ami
sixty two cents, being the surplus profits of the last six months.
The Committee therefore recqmmend the adoption of the following re­
solution":
Resolved* H a t there be now declared a dividend of three and a half
per cent on the capital stock of the Bank.
On behalf of the Committee,
ALEXANDER HENRY, Ckmnuuu
BANK OF TUB UNITED STATES, Jan. 5,

1831.

The committee appointed on the 1st instant to Inquire whether any, mi If
any, what dividend should be declared of the proits of the Bank during
the last six monthst report:
That, from the statement herewith exhibited* marked A» it will appear
that the amount of profits arising from discounts, exchange, interest, and
other sources, during the last six months, is one million nine hundred and
thirty-seven thouqpnd four hundred and sixty-one dullars forty-seven crntet
(Si.§37,461 47) including therein the sum of twenty-four thousand six
hundred awl seven dollars ifteei cents, ($24,i§7 15) received on account of
interest tin the suspended debt at the offices of Louisville and Lexington,
and the agencies of Chilicothe and Cincinnati, Deducting from the gross
receipts this sum, and all the expenses and charges of ihe institution for
the same period, anil also the several special appropriations which the com*
mittee are about to recommend, amounting, in the whole, to ire hundred
and eighty-eight thousand seven hundred and forty-three dollars. ($588,743=)
the riett profits will amount to one million three hundred antl forty-eight
thousand seven, hundred and eighteen dollars forty-seven cents ($1,348,718 47-) To this must be aided tie sum of one million six hundred and
twenty thousand two hundred and nine dollars sixty-two cents, ($1,620,§9 62) the balance remaining to the credit of profit and loss on the 3d
aniary last the sum of five thousand six hundred anil eighty-two
dollars, for dividends on forfeited Bank stuck, and tho sum of tire©
hundred-and eighty-nine dollars ninety-one cents, ($38,9 91) for Loan Of­
fice expenses repaid by-the United States, which sums form an aggregate
of nett proits amounting to two millions nine hundred and severtty*five
thousand dollars, ($2,975,000) which "will be more particularly exhibited
by the following statement:

3

Profit mmi Loss.
TII losses at Bank of the United States,
* leqilfitioi dividends^
t * u Current expenses, ' -.
« LoMtp at 08ke% •

-

•..
.•-

7,481 §5
8.204 14
855.459 If
8,538 88

f 'Bep Nil. 4m. J
«« Contingent Fund,
*4 Semi-annual-appropriatioiuif
u
Balance of the bonus,
*■ Capital stock deficiency,
•
41
Contingent Fund,
11
Dividend proposed SI percent.
Balance,
%

C«.
By balance of January last,
11
Sundry forfeited dividends, •' Loan Office expenses refunded,
fl
Discount, exchange, aid interest,

9tr
*I4»1§§7
80.000
l§i f 83©
S,7S0
130f84§

IS
00
00
37
IS

1,3*5,000 00
1> 750,000 i §
!S f 5iS.74S 0§

19 620,209
5,682
' " 381
1,937,461

it
00
91
47

IS, 563.74S 00
The committee further report, that the statement marked 1 , herewith
submitted, exhibits the latest returns of the suspended debt and real es­
tate, with an estimate of tic probable loss, also an estimate of the coitingent interest on the letter class of debts. Hie statement, marked C, pre­
sents a comparative view of these several subjects at the last and present
semi-annual.periods. The statement, market! D, exhibits the situation,
cost,'and present value of all the Banking houses, anil the statement, mark­
ed E, sliows the state and progress of |lie contingent fund to meet the losses
of .the lank.
From these several statements it will appearf that the estimated proba­
ble loss on the suspended debt, and real estate, is five million three hundrrd and four thousand ami ten dollars fifty-eight cents, (85,304,010 58)
being one hundred and forty-two thousand seven hundred and sixty-one
dollars forty cents less than the estimate of January last.
The contingent fund now amounts to five millions, four hundred and
seventy six thousand six hundred and forty-iight dollars ten cents,
(8S,4?§,648 10) exceeding the estimate of probable loss one hundred ami
seventy-two thousand six hundred anil thirty-seven dollars fifty-two cents,
(8172,637 52.)
The committee have, notwithstanding the large increase in the profits
of the Bank, during the past six mouths, deemed it most prudent to ab­
stain at the present time from recommending any increase in the rate of
dividend to be now declared, bit have preferred to appropriate the surplus
profits, by extinguishing the remaining portion of the bonus, and the pre­
mium paid o« the four million loan of 1821, amounting to one hundred
thousand eight hundred aid eighty dollars, (1100,880) by supplying a de­
ficiency in the capital of the Bank, of three thousand set en hundred aid
thirty dollars thirty seven cents, (83,730 S7) arising frqm errors in the
returns of the commissioners appointed to receive subscriptions, and by ap­
plying to the contingent fund the balance above one million seven hundred
and fifty thousand dollars, (8t f 750,000) which will add to that fund one
handled l t d thirty thousand eight hundred aid forty dollars set city six
cart*

ii

•

He-pneml result of He ©pimtlons of tho institution iping tbe-eeni*
annual period just terminated, la
That the gross profits liave amounted to
. -. gl,945, SS$ 98
The expenses
to
- $255,459 57
Tie losses aid extra dirges,
* 13,225 65
£6§,§§S M
■

Leaving,
. From which is to be itserved, tie semiannual appropriation of .
and tie interest carried to the contingent
fund9
.
.
.
.

-

■

1

Il,§74,§4S IS

60,000 ©0
«4,6i7 15

84, S§7 15

Leaving a balance of
.
.
.
81,590^241 §1
wbich, tt tie rate of dividend the committee propose to
declare, namely, tire© aid a half per cent,
• 1,225,000 00
would leave tie sill of ■ •
8365,241 i l
being the surplus profits of tic last six months.
The committee, therefore, recommend tlie adoption of the following re­
solutions:
Badveip That there be new declared a dividend of three and a half ptr
cent, on tlie capital stock of the Bank.
Be&olved, That there be appropriated tie sam of three thousand seven
hundred and thirty dollars thirty-seven cents, (§S§7$^ S7) to supply the
deficiency in tlie capital stockf 'thatthe sum of one hundred thousand eight
hundred and eighty dollars be implied to the extinguishment of the portion
t of the bonus and premium 01 tlie four million loam remaining unpaid; ami
"that the sum of one hundred and thirty thousand eight hundred and forty
dollars twenty-six cents, (1130,840 £6) (being the balance oflurplas pro­
fits above tlie sum of one million seven hundred and fifty thousand dollars)
be carried to the credit of the contingent fund.
BOBERT G1LMOB, Ckiirmm.
. BAWL m THB UHIPBD STAVES, July 4, 18S-1.

GENERAL

STJtTEMEJYT

of the Bank of the United Slates and its

offices of Discount and Deposit*, at the dales herein mentioned.

Bills discounted on Bills discount. Bills discounted Domestic bills of Foreign bills
of exchange.
exchange.
personal security. cd on bank on other stocks.
stock.
1832.
March 1
Feb. 20
«i

28
23
27
29
27
.25
21
18
.
20
21
i •

17
6
2
- 6
8
9
► 13
16
20
16
21
22
Jan. 21
Feb. 20

Bunk U. States
Office, Portland
1
Portsmouth Boston
Providence Hartford
New York Baltimore Washington
Richmond Norfolk
Fayetteville
Charleston •
Savannah
Mobile
New Orleans
Natchez
St. Louis •
Nashville Louisville •
Lexington Cincinnati Pittsburg Buffalo
Uiica
Burlington •
Agency* Cincinnati Cbillicothe

5,755,393
192,490
103,354
'738,802
633,607
420,296
4,911,513
2,030,738
1,237,328
1,103,024
722,887
625,471
2,890 000
852,985
1,313,131
6,729,491
1,182,893
599,012
2,240,425
2,736,232
1,041,546
3,366.164
1,316,717
474,241
534,479
449,009
1,493,839
156,183

1,758,533 03
94 180,060
88
800
54
•
22,650
16,546 S5
50
03
12,700
7,100
54
77 '
70 176,302 44
•
!
32,205
16,300
55
40.750
04
•
50,907 15
89
•
95 [ 11.900
.
43,933
38 100,100
58,853
5,000
94
68
•
.
13,000
25
•
63
•
. . 77,980
85
.
14
•
•
4,350 40
97
92
.
1,200
2,000
76
90
•
133,490 77
04
•
m
70
•
m
76
35
- •
77
-

[ 45,850,367 27

620,766 14

2,145,895,20

2,185,472 43
47,734 89
124,369 12
1,687,887 37
382,507 94
55,079 59
1,069,434 07
334,791 62
"173,732 33
799,830 13
231.754 42
172,841 49
1',003,643 24
504,141 64
1,047,489 39
2,699,548 61
1,162,816 85
' 72,971 11
2,597,298 30
. 1,275,298 32
796,935 34
687,844 07
571,609 86
501,469
168,902 08
209342 58

20,354,748 79.

Heal estate.

91,23823

78,744 54

-

•
•
•
•
.
•
•
m

6,941 52

•

29,915 25

.
. -

182,481
64.854
48,415
21,515

«.
•
.
•
.
•
.
•
.
.
•
•
*'
•
•
-*
91,238 23

88
85
80
73

•
•

12,065

.

m

69,420 83
227,934 04
m

94,988 13

•
»
•

1,213,271 38
80,810 69
2,131,359 64 j

Due hank U. S.
and offices.
19,218,432
187,203
318,256
595,517
65,738
115,026
2,394,556
240,078
147,184
191,930
290,546
854,095
149,089
966,101
42,551
708,460

48
01
95
73
54
94
46
65
60
26
32
93
52
19
69
94

447,890
211,545
293,834
697,230
650,873
358,937
23,125
6,522
22,158
91,922

06
50
24
76
02
10
05
30
73
22

39,288,810 19

f

GENERAL STATEMENT—Continued.
Due from
State Banks.
1832.
Mar. 1
Feb. 20

Bank United States •
Office, Portland
Portsmouth **
22
Boston
23
Providence 27
Hartford
29
New York •
27
Baltimore •
25
Washington
21
Richmond 18
Norfolk
20
F»yeiteville
21
Charleston Savannah
•«
Mobile
17
•6
Now Orleans
Na'ch**z
2
St., Louis 6
8
Nashville
Louisville 9
13
Lexington Cincinnati 16
Pittsburg r
20
16
Buffalo
21 1
Ulica
22
Burlington Jan. 21 Agency, Cincinnati Feb. 20
Chilhcoihe

582,172
59,426
1,065
96,170
10,032
29,350
974,929
128,279
84,541
89,541
21,837
13,880
78,262
216,955
238.813
847,740
147,645

74
26
66
90
92
13
33
94
16
58
26
71
87
34
76
29

•

4
4,62144
387-51
32,860 64
5,656 14
16,213 85
33,002 71
37,777 37

-

5.643 42
3,752,822 73

Losses charge­ Deficiencies.
able to contin­
gent fund.
328,126
7,020
84,496
12,146
925

.

61,050
1,662,502
205,479
39,148
229,253
57,953
138,032
146,369

50
83
10
38
65
13
06
03
46
40
67
06
57

.

33,748 61

.
•

405 28
165,271 34
192,232 88

.
-

17,237 78
976

•

34,075 65

-

69,376 83

•
•
•
.

456 52

.
•
•

155

•
.

.

395 40

.
.
-

300

94,471 07

19,004 27

•

.
•
•
-

Banking
houses.
413,081 19

.

116,777 02

.
.

87,000
110,657
34,613
35,923
35,109
13,385
67,727
43,600
24,096
48,000
18,571

Expenses.

Treasurer
U.S.

34
10
57
65
02
78
92
74

.

15,000
26,970 92

.

23,519 84
21,183 21
16,995 08
11,479 54

•
-

3,477,737 29 122,973 18 1,163,691 92

•
•
•
- _y
m

17,050
934
139
4,577
1 1,122

*|

.

8,712
«
' 2,529
88,782 63 11.012
9,796
.
1,740
691
.
2,956
•
3,$26
2,341
•
I
11,796
1,982
,
1
•
1,020
1,098
.
1,565
•
1,689
•
170,000
2,752
2,194 36
2,205
1,179
•
1,327
•
704
9,659
.
2,605
'"

•

52
60
83
10
88
35
01
45
16
67
48
66
69
40
57
08
39
15
95
41
79
53
88
72
23
77
75

Notes of Bank
Notes of
U. S. and officer State Banks.
951,669 85
2,397.526 03
14,578
122,250
19,925
177,555
J
74,711
671,560
1
15,823 20
289,050
15,209
98,200
369,992 01
1,542,665
72,573 75
960.335
22,626 70
282,800
60,512 14
411,505
, 13,985
424,80033,408
183,465
89,828
335,635
140,775
. 788,325
38,346 06
224,335
4,077,905
262,932
11,321 96
788.090
1,061.315
65,270 44
942,720
11,015
540,930
349.375
133,712
358,880
228,893
250,695
124,018
569,155
56,079 38
| 330,000
9,695 91
1 221,940

*

[106,720 02 18,401,011 03 2,836,900 40

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GENERAL STATEMENT—ConUnued.
At Bank United States.
Dae by the United States,
Itotgigef,
*

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5,367 32
- 89,573 78

At Office, Norfolk,

Jfcff Agent

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id

RECAPITULATION.
i

Bills disc on persM •ec y f 4J.8S0.S67 27
bank stock. ' §20,766 14
©ilier stocks, 3,145.895 20
Domestic bills of exchsBge,
Foreiga,
.
.
.
Jfcie from Bunk United States sad offices,
State beaks, -

4«,€17,028 61
2(1,354,748 79
S9.28S.810 19
3,752,122 73

United States,
, •
Ileal estste,
*
Dcftciraeirs,
Baakiag houses,
Expenses,
•
Caah, viz. •
Mute* of the Baak V- S. aad office* 18,401,011 03
2,836.90© 4H
StBjs l i n k s , ^.799,753 63
Specief
•
•*' •
Mortgages,
Msvy Ageat,

*

-

68,971,777 40
91,238 23
33,041,612
5,267
2,13f f 3S9
122,973
1,163,691
* 106,720

9*2
32
64
18
92
02

Capital slock,
Notes issued, D ecount, exchange and taterest,
Foreiga c%chmnfe accouat, '•
Baring, Brother* It Co., Hope Si Co.
Hotfinpier St Co., Divideada uaclaimed, Proii a d loss,
Con»ing«nf fuad,
Lest loasea chargeable (b coats/t fund,
Due to Bank U. 8. sad offices,
State Banks, -

3
35,000,000
42,US 452 13
855,958 If
371,610 m
1,876,802 S i
16§,4M 73
1,750,20 m
5,613.346 20
3,477,737 29
2,135,608 M
28 461,352 88
2,600.270 50
31,061,623 38
551,292 OS
«57,§1S 11

133,802,043 64

6,781.114 53
260.976 ^9

Bepoiilcs of public officeis,
ladtviduals,

28,037,665 06
89,573 78
40,144 17

Fund for eartiaguSsliiBS^coat of baak­
iag houses,
Redcmptica of public debt, Dcpwites on account of the Treasurer
United Statea,
Less overdiafta aod specM flepoaitea,

6.'520.137 56
1,719,489 32
8,816,759 81

^

5

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SJ
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17,056,386 69
133,802,043 §4

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A weekly simitmemi qf ike Bmnk &f ike United State*—Continued.
Bepoiitcs.
Discounts.

Date,

t)omestic bills.

Totali.

Specie,

Kelt circulatioi.

I

•
22
2,175.637 54
7,572,574 41
2,274,212 93
29 1 7,668,053 63
2,364,983 48
7,647,636 16
5
1831, Jmn.
7,660,617 86 1 2,374,667 90
12
7,630,051 34 ' 2,339,096 47
19
2,336,482 17
7,609,970 27
26
2,287,229 63
2 1 7,472,603 14
F6b.
2,241,588 '42
7.379,143 00
9
2,19»,836 32
6,909,121 17
li
2,162,516 98
6,806,970 06
23
2,119,044 27
6,724,310 78
1
Mircli
2 5 2 7 , M O 93
6,682,322 10
g
2,083,224 30
6,511,213 63
• 15
1,972,059 34
6,326,9,14 Oi
22
1,976,429 26
6.225,782 01
2f

1831, B e e

9,748,231
9,942,266
10,012,619
10,035,285
9,969,147
9,946,452
9,759,832
9,620,731
9,106,957
8,969,487
8.843,355
8.809,463
8,594,437
8,299,043
8,202,211

95
56
64
76
81
44
77
42
49
04
05
03
93
35 |
27

2,114,724 84

Private.

Public.
34
08
75
71
19
85
m
03
79
95
60
86
41
38
§6

1,244.556
1.299,984
1,715,470
1,579,130
1,612,987
1,589,773
1,693,587
1,717,693
1,739,458
1,561,007
1,710,377
, 1,782,306
1,949,031
2,019,160
2,01f " ~

1,107.382 67
1,109,727 99
1,041,807 41
1,005,820 49
1,005,502 38
955,273 67
953,989'89

482,168 61
510,612 87
546,702 01
583,636*08
620,666 39
646,792 m
665,731 54

416,488
415,148
416,961
429,575
412,535
383,916
361,271

866,673 59

709,187 '19

362,740 10

2,814,237
2,726,707
2,815,960
2,772,630
2,760,447
2,767,766
2,749,846
2,620,641
2,846,720
2,476,954
2,469,935
2,467,828
2,490,142
2,575,075

43
23
87
66
30
03
64
73
02
13
85
52
82
13

1,250,9411
1,316,523
1,875,220
1,684,058
1,808,416
1,788,868
1,757,575
1,598,638
1,659,472
1,655,040
1,67¥»049
1,684,995
1,507,979
1,512,839
1,570,594

2,835,488
'2,891,913
2,952.143
2,924,898
2,913,528
2,796.553
2,765,388
2,459,493
'2,423,288
2,686,263
2,801,883
2,672,273
2,524,798
2,503,543
2.576.0J8

45
59
00
75
74
90
45
36 .03
92
51
91
75
55
"

A weeMg simiemeni of ike Office at Boston.
I M l i July

7
14
21
28
August 4
11
18

21

251,224
305,024
354,064
398,871
430,356
468,357
.486,546

04
96
22
00
71
50
30

7&,363
Off ,919
925,817
948-, 569
1,017,864
1,080,895
1,105,084

41
53
02
19
79
31
53

548,381 08 1 1,219f213 49

996,587
1,162,944
1,279,881
1,347,440
1,448,221
1,519,252
1,591,630

45
49
24
19
50
81
83'

1,807*602 57 1

55
50
92
85
00
29
46

.

284,790
302.700
339,275
344,780
335,935
%
324,88iJ
216,635

295,705

[ Rep. No.' 460. ]
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[ .Rep. No. 460.

'

97*

No. (S7.
Statement of public deposiies Jor each mmnik from Marckf 1818, ##
March, 1832, inclusive.
1818, Mtrch
April
MayJane
July
August
October
November
December
1819, January
February
March
April
May
June
July
August
September
October
November
^December
1S2§» JaViuary
February
March
April
May
June
July
August
September
October
November
. .
December
1821, January
February
March
April
May
June
July
August
September
October
November
December
1822, January
February
March
April
May
June
July
t
August
September
October
. Movember
December
-1823, Jan-.ary
February
v

7,369,911 47
8,623,787 07
■ 7,313,731 34
8,184,470 55
7^67,775 14
8,560,187 72
9,136,527 57
5,259,251 10
6,069,875 15
2,856,393 55
\
3,075,159 93
!
3,458,488 53
i
3,273,855 45
!
2*883,329 79
! ■ 2,882,399 33
i
3,670,281 21
3,139,361 17
3,047,135,50
' 2,862,96* 14
2,230,750 95
2,155,497 52
3,560,712 55'
2,592,082 37 •
3,332,826 46
1
3,560,643 12
3,326,580 16
- !
3,040,874 34
2,925,802 28
2,707,664 63
- • 2,823,004 12
3,119,962 47
2,355,519*99
2,234,550 57
2,928,821 86
1,800,618 41
2,018,432 48
1,736,507 27
4,040,694 10
2,651,354 54
2,944,203 78
1,790.202 93
2,296,356 13
2,097,652 27
1,741,639 20
1,996,374 61
2,617,555 64
2,007,969 32
2,983.135 85
3,568,620 29
3,104,161) 20
3,587,075 96
3,388,247 65
3,294,328 28
3,559,792 96
3,885,671 46
4,247,474 65
5,577,388 41
4,275,331 07
4,005,919 68
;

1823, March
April
• May
June
July
August
September
October
November
Bccember
1824 January'
February
March
:
April
. Miy
"
June
July •
August
September
October
November
December
1825, January _
February'
March
*

:
- ;
- 1
J
!
- !
!
- !

-

April

May
June
July
August
September
October
November
December
1826, JanuaryFebruary
March
April
May
June
*July
August
September
October
November
December
1827, January
February
March
April
May
June
July ■ .
August
,
September
October '
November
December
1828, January

-

-

-

5,331,693 96
5,831,865 28
5.782.83J »
7,006,408 40
7,733,239 85
7,681,454 71
8,415,333 51
8,615,268 38
8 512,881 84
9,300,789-50
10,181,865 37
9,000,149 72
8,100,674 66
8,225,353 84
6,749,960 32
7,316,534 61
8,158,748 36
7,214.173 1©
7,777,953 48
8,107.276 61
7,950.328 17
8,189,905 58
6,702,444 19
/
4,173,529 45
4,920,271 3 J
5,966,953 i f
6,297,935 90 .
7,156,541 30
7,992,714 03
8,489,133 24
9,363,697 88
7,489,040 09
3,544,780 85
4,623,358 91
5,281,524 85
5,648,108 78
6,922,441 W
8,029,428 37
7,907,347 28
8,762,219 45
6,820,331 77
6,216,624 28 »
6,830,867 m
7,072.645 73
6,393,035 59
8,035,629 85
7,732,173 15
7,463,944 07
. 8,922,495 05
8,853,312 40
9,085,465 10
9,641,541 92
7,395,871 47
5,259,013 49
6,093,764 58
6,894,210 77
6,666,355 29
7,470,590 89
7,428,438, 97

S(8fr

[ Rep. No. 460. ]
STATEMENT No. 47—Continued.

H28, February
March
April
May
June ,
Julf
August
September
October
November
December
1829, January
February
March

April

-

May
June
July
August
September October
November Beceinber tl3<lf January
February

6,789,234 76
7,656,600 24
9,617,173 75
9,101,520 45
10,25I f S32 S3
9,090,137 58
5,849,247 34
6,810,460 78
7,316,113 36
7,614,316 47
9,862,004 40
10,696,966 84
■ 8,655,102 34
7,531,939 76
8,629,733 37
9,194,126 51
10,876,815 22
11,657,419 23
4,999,276 67
5,584271 57
6,327,619 08
§,547,493 45
• 7,313,843 05
6,795,405 93
7,619,774 96

i 1830, March
i
April
M»y
*
June
July
,
August
September
October •
November
December
1831, January
February
March
April
May
June
July
Aupist
September
October
November
December
1832,January
February
Mtreh

1
--

-

8,580,292 "4S
8,905,501 87
9,486,084 91
10,331,331 17
10,437,070 69
6 024,883 62
5,631,228 08
9,432.258 57
5,741,409 02
5,813,610 30
9,131,964 13
7,238,270 88
8,959,983 \l
9,001,169 55
' 7,531,532 35
7,833,637 S5
7,§55,803 97
7,252,249 42
8,415,792 14
9,513,434 99
* 6,843,356 33
8,857,700 20
12,589,363 62
8,947,204 §7
* 9,0tf,73*00

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2,587,689 24
3.352,470 49
5,818,294 57
4,239,319 67
5 9 7 3 7 66
,6,6
4 8 2 9 4 43
,4,4
5 3 9 2 6 24
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1,562,112 35
4,246,116 67
2,940,912 10
2,651,344 35
5,281,899 83
5,536,96« 93
4,572,380 34
4,012,702 4
9
2,895,211 05
7 7 2 5 6 45
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1,568,867 50
5534W
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1,050,683 28
* 3,706,197 20
1,554,904 63
4 0 2 3 6 44
,9,7
3 2 7 0 4 10
,9,8
3,728,959 81
164,365"04
3,030,279 0 '
6
1,594,705 5f i
1.317.263 12
3 6 5 2 4 65 !
.6.6
3,809,054 44
3,087,228 33
3,384,220 88
1,262,832 70
4 7 9 0 9 61 I
,2,5
3,055,455 43
7 4 2 4 9 91
,2,5
3,112,141 78
6,390,114 95
3,932,219 93
6,355,853 8
9
8 4 9 0 5 81
,6,6
7 5 0 5 8 83
,9.7
7,950,171 4©
5 9 4 8 7 71
,9,2
6 9 4 0 4 57
,7,4
3,477,161 27
4,324,407 23
5,653,878 65
5,831,191 36
6,391,984 05
7 4 7 4 9 64
,4,4
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88f

[ Rep.' No. 410. ]

•

No. 89;
,

'

ItasoLirrioir ov MARCH IS, 1832.
BANK 07 T B B U N I T E D

STATUS,

March i s , ISSt.
T l i President submitted to the Board his views in relation to the proba­
bility ;:of the redemption by the Government, i i tie course of the present
year, of a large portion of the three p r cents of the United States; more
than one half of which stock he stated to be held by foreigners, the magni­
tude of whose claims upon this Bank might possibly expose tie communis
ty^fo great inconvenience, unless some measures should be adopted for de­
ferring a part of the payments that may be required, and suggested the
expediency of empowering a Committee of this Board to enter, for that
purpose, into such arrangements with 'the holders of that stock, as might
combine the interests of the Bank with those of the public.
Whereupon it wis, on motion,
Bt9otvedf That the subject of the communication just mide by the Pre­
sident, be referred to the Committee of Eiehange, with authority to mate,
mm behalf of this l a n k , whatever arrangements with the holders of the three
per cent stock of the United States, may, in their opinion, best promote tin
convenience of the public and the interests of this institution.
Extract from the minutes.
W. MclLYAlNE, Cashier.
%

x

'

No. 40.

N . BlDDLE TO L. M ' L A N E .
, -

BANK OF T H E U N I T E D

STATES,

MarA 19, 18Sf.
S I R : 1 have received from the acting Secretary of the Treasury, a letter
©f the 24th instant, apprising me, that it is proposed to give notice on the
1st of next month, of the intention of the Government to discharge one half
of the three per cent stock on the 1st of July next, by paying one half of
each certificate i t the proper loan office, and life has the goodness to aid,
that if any objection occurs iji me either as to the amoftnt or as to the mode
of payment, he would thank me to suggest it.
I have the honor to state in reply, that so far as* the Bank is concerned,
no objection occurs to me; it being sufficient that the Government has the
necessary amount of funds in the Bank to make the contemplated payment
in regard, however, to the community generally, and more especially to
the debtors of the Go?eminent, there is a view of the subject, which the
Inquiry renders it proper for me to present to your consideration. It is
this: owing to a variety of causes, but mainly to the great amount of dit­
ties payable* for the last few months, there lias been a pressure upon tie
mercantile classes, who have been obliged to make very great efforts to
comply with their engagements to the tiovernment. That pressure still
continues, and as it may be prolonged by the same cause—the amount of
duties still .payable during the next three months; this state of things seems
to rfecommend all the forbearance and indulgence to the debtors which can
be safely conceded. The inconvenience then nf the proposed measure, is,
thit the repayment of six or seven millions of i o l k w , 'nor© than one half of

[ Rep. No. 4§§.

-

18S

which is held in Europe, may create a demai
Is remittance of tlcsi
funds, which would operate injuriously on the
mity, and by abridg*
ing the facilities which tic debtors of the Got
it are in th© habit if receiving from the Bank, may endanger tbe p
I payment of tl© reve«
■ic; i s the Bank would necessarily le obligea 10 commence early its
f reparations for tic reimbursement of so large a i amount of public debt.
My impression therefore is, that, with a view to the safe aid punctual
payment of the public revenue, tie Government would be benefited by
pstpotiing tie proposed payment of tie public debt to another quarter,
by m-licli% time the country will sustain less inconvenience from the de­
mands, on foreign account
In regard to the node of payment I should think, it would be nor©
agreeable to the stockholders, to receive reimbursement of the whole
amount of his certiicate at one time,, thai to have it divided.
These suggestions are very respectfully submitted to your better jiflgmentby
•
Your obedieit servant,
N. 1IJUDLE, Prmimi.
Honorable Lmwis M ' L A N E ,
Secretary of the Treasury, Washington, H. C.
P. S. As an illustration of the effect of the measure I hive suggested, 1
iiay mention, that in the month of February last, the Collector of New x
York, with a laudable anxiety to protect the public revenue, applied to tie .
Bank to authorize an extension of loans in that city, in order to assist tl©
debtors to the Government This was promptly done: this I should desira
to do again, as the payments to the Gov eminent luring the ifcxt quarter
will probably be very large.
No. 41.
FUOXIES.

How many votes have you, or any of the Directors, given, by virtue of
proxies?
.The annexed statement of the proxies on He in the Bank, will show
their,amount and distribution.
In regard to voting at elections it may be still, in general, that the great­
est difficulty is to induce the stockholders to vote at all. The stockholders
resident at a distance have been in the habit of* delegating their powers,
cither to some residents In Philadelphia, or tc* some committee i i their own
State, who, in turn, at the approach of an election, substitute some resi­
dent at Philadelphia, in case it is inconvenient vo attend in person.
JJut the stockholders resident in Philadelphia, sd long as they are satisfied
with the administration of the Bank, will nut put tliemselfes to the inconve­
nience of coming to the Bank for the'purpose of voting. The consequence
i% that the responsibility of voting at elections devolves, in a great de­
gree, on the representatives of the distant stockholders.
The responsibility, as far as I am concerned, is an anxious one; and,
*> far froii desiring it, 1 haye endeavored to divide it, as much as possiWe, by procuring: the appointments of delegates from the Pennsylvania
stockholders to assist i9 the election. As an illustration of this, 1 now exfcftit the original minutes pf 1 meeting of stockholders, called by myself.

[ Rep. No. 460. ]

iS4

on He IStl December, 1828, for the purpose of in?Itipg them t© n i n e SOONI
gentlemen to represent the stockholders ©f Pennsylvania, t n i take a s h i r e
in the elections; and It was in consequence of this invitation that JoscpliHemphill, Robert Ralston, and Horace Binney, received tlie^ proxies of the
Pennsylvania stockholders, s© as* to cntiie them I© a v©ice i i the selection
ef Directors.
•
,
A
The minutes of tic proceedings ire i s follows:
At a meeting of certain stockholders of the Bank of tie United Stalest
assembled at the Banking House, on Thursday afternoon, tie 18th De­
cember, 1828, in pursuance of an invitation by the President,
Alexander Henry was called to tie Chair, and E . S. Burl appointed
Secretary,
( Whereupon, upon a recommendation by the President to that effect, •
committee was appointed, (on motion of General Cadwaladfer) consisting
•f Joseph Hemphill, Robert Ralston,'and Horace Binney, for the purpose?
of receiving proxies from such .fennsylvania stockholders as nay be dipposed t© execute them, in order that their interest may be duly represented
In the Batik.
t *
On motion of Mr. Binney, it was Resdmif That tie proxies le drawn
ifttfavor of the sail three gentlemen, or any two of them.
i
(Signed)
E . S.-BURD, Sicretarjf.
■it Is Impossible for me not to have felt deeply sensible of the coiidenfee
witch induced these voluntary'delegations of proxies to me; but, at the
time time, 1 very naturally distrusted my own judgment, and, therefore,
sought the aid of others, to assist in the important duty o£ selecting the
list of Directors of the Bank.
List of Proxies m Jile in the Bank.
Residence of Stockholders.

By whom represented. * »

No. ©r
Votes.

ssa
Thomas Cadwalader,
504
Nicholas Biddle,
* 194
Enoch Parsons,
' Nicholas Biddle,
'- ' iit
H. Binney, Jos. Hemphill, Robert Rals­
( 928
ton, and NicholasaBiddle,
Wm, Patterson, Robert Oliver, Alexan­
Maryland,
,
der Brown, J. Wilson. R. Giimor,
#
58S
G. Hoffman, aid T. Ellicott,
Stephen Girard, G. Collwun,. T. P.
ttouth Carolina,
C o p , S. E . Weir, aid Nicholas
7Sf
Biddle,
-.
• . 144
- !
Virginia jtff. Carolina, i-Nicholas Biddle,
i
9$
Miscellaneous,
Thomas P. Cope,
Nicholas Biddle,
' -•
177
Do.

Massachusetts,
Do.
Connecticut,
New'York,
Pennsylvania,

'

-

4 f 53S

,[ Bep. No. #SO. ]
'

m§

1—42.

DIRECTORS ©F TDK BANK .OF T H E UWITED STJITES, FROH T H E YEAR
1 8 1 6 TO 183£, INCLUSIVB*

Directors of Urn Batik of the United States ileeiei Jf0vtmbir9 1816.
Government
William Jones,
6tephen Girard,
Pierce Butler,
J»hn Jacob Astor,
1
James A. Buchanan,
Stockholders*
Robert Ralston,
Chandler Price,
Thomas M. Willing,
John Sergeant,
James Lloyd, of Boston,
Mlilitf Chatincey,
Dennis A. Smith, Bait*

John Bohlen,
' '
Ciesar A. Rodney, Del.
Thomas Lei per,
Cadwalader Evans, Jun.
Brockholst Livingston, of M F»
Samuel Wctherill,
William Boyd,

Manuel Eyre,
John Savage,
Thomas M c E i e i ,
Guy Bryan,
John Goddard,
John Donnelly of Baltimore.

*
Directors electedJanuary, 1817.
Ghrocrnmcnt.
Richard Cutts, Washington.
William Junes,
James Lloyd, Boston,
Stephen Giraril,
• S. Wclherill,
Pierce Butler,
T. McEuen,
George Williams,
T. M. Willing,
Walter Bowne, o/* JVfetc; Fork.
C. Evans, Junr.
Stockholders.
John Connelly,
R. Ralston,
J. Goddard,
J. Donnell, Baltimore9.
C. Price,
J. C Fisher,
D. A. Smith, of Baltimore
John Boltoity Savannah,
John Bohlen,
Isaac Laurence, JVSrw Fork,
T . Lei|)er,
M. Eyre.
John Savage,
Guy Bryan,
January, 1818.
Directors elected
k
J. Bohlen,
Government
T . Leiper,
t
Cad. Evans, J i n ,
William Jones,
John Savage,
Pierce Butler,
James C. Fisher,
Walter Bowne, New York,*
George Williams,
Henry Clay, Kentucky,
Kath. Prime, New York,
J. Connelly.
Joshua Lippincotty
'
S. Wetberill,
Stockholders.
T. McEuen,
J. Goddard.
R. Ralston,
C. Price,
J. Bolton, Savannah,'
T . M. Wiling,
Join Sergeant,
John Coulter,
J. Domiell, of Baltimrat
"John Lisle
D. A. Smith, , d a

[ Hep. No. 460. *]

886

Directors elected January, "1819.
Government,
John Connelly,
John Steele,
Nicholas Biddle, •
Walter Bowne,
John McKim, Jun.
Stockholders,
W. Jones,
J. C. Fisher,'
Join Sergeant,
Cliarle§ Chauncey9
Jos.' Dugan,

James Schott,
J. Bui ton. Savannah,.
Joshjua Lippincott^
John Coulter,.
John Lisle,
Gustavus Colhouir,
Daniel LammoU*
Henry Toland,
Langdon Clietes, of S. Car*
John Potter, • *do.. .
t
John Oliver, Baltimore,
George Williams, do,
George Hoffman,
do.
Archibald Grade, New York*

Directors elected Jammar§f 1820.
GovernyienU
Langdon Cheves, of Penn.
•Nicholas Biddle,
do.
Manuel Eyre,
do.
J. McKim, Jun. Baltimore,
Charles E. Dudley, N. York.
Stocklioldcrs.
Pierce Butler,
Richard Bundle,
'John Sergeant,
Josh. Lippincott,
Gustavas Colhoun,
James Schott,

Th. M. Wllllpg,
Horace Binn .
Thomas Astley,
S. Wetherill,
Hartman Kuhn,
Silas E . Weir,
J. Potter, of South Carolina,
J. Oliver, Maryland,
J. Donnelly
do.
Geo. Hoffman, do.
A. Gracie, New York,
Curtis Bolton, ' do.
N. Silsbee, Massachusetts,
James Lloyd,
do.

Directors elected January, 1821.
Government.
Langdon Cheves, Pennsylvania,
N. Biddle,
do.
J. Connelly,
do.
James Wilson, Baltimore,
'Charles E . Dudley, New York.
Stockholders,
Pierce Butler,
T. M. Willing,
O. Colhoun,
James Schott,
S. WetheHU,
.

S. E. Weir,
' * J . ' C . Fisher,
Thomas P. Cope,
Samuel Cars well,
Henry Pratt,,
William Stevenson,
J. Coulter,
Robert Pientming,
J. Potter, South Carolina,
Geo. Hoffman, Maryland,
G. B. Gilmor, Jun. do.
Robert Lenox, Mew York,,
A. Gracie,
io.
N. Silsbee, Massacimitti,
David Sears,
dot

. [ Rep. No. 460. j

887

i

MMrmt§r$ elected January» 168£«
Government.
I* Cheves, of Pennsylvania,
J. Connelly,
do.
P. Butler,
do*
C. E : Dudley, New York,
James Wilson, Baltimore.
• Stockholders*
T. If. Willing,
S. WetheriU,
S. E . Weir,
J. C. Fisher,
T . P. Cope,
H. Pratt,
J.-Coulter,

R. Flemming,
Josh. Lippincott,.
John Bohlcn,
Daniel Wf Coxe,
R. M. Whitney,
Charles Brugieref
Simon Magm-ood, S. Carolina,
William Patterson, Maryland,
R. Gilmer, Jr.
do.
Cornelius Ray, New York,
B. W. Rogers,
lo.
D. Sears,. Massachusetts,
B. W. Crowninskield,do*

IHrectors elected Januaryf 1828.
GaroernmetiU
Nicholas Biddle, ©f Psnn.
J. Connelly,
do.
£ . J. DuponL Delaware,
Henry EckfiJn, New York,
1. McKim. Jr. Maryland.
Stockholders.
Jas. C. Fisher,
T. P. Cope,
H. Pratt,
J. Coulter,
R. Flemming,
J. Lippincott,
J. Bolilcn.

D. W. Coxe,
R. M. Whitney,
Thomas Catlwalader,
Richard Willing,
Alexander Henry,
Jos. Hemphill,
r ■
S. Magwood, of S. Carolina,
W. Patterson, Mary laid,
R. Gilinor,Jr.
do.
Thomas Knox, New York,
Walter Rowne,
do.
James Lloyd, Massachusetts,,
Jona, Mason,
dc\

Directors ikeied January', 1824.
Government*
N. Biddle, of Pennsylvania^
Manuel Eyre,
do. »
E. J. Dupotit, Delaware,
H." Eckford, New York,,
1. McKim, Jr. Maryland.
Stockholders.
J. Bdhlen,
D. W* Coxc,
J. Lippincott,
R. M. Whitney,
Thomas Cadwiilader,
1 . Willing,
Alexander Henry,

*•

Joseph Hemphill,
S. Wetherill,
Lewis Clapier,'
Paul Beck, J r .
J, A. Brown,
C. Evans, J r .
J. Potter, of" South Carolina,
W. Patterson, Maryland,
R. L. Colt,
do.
T. Knox, New York,
Daniel C. Verplanck, do.
James Lloyd, Massachusetts,
B. W. Crowiinslield, do.'

[ Rep. N ©. 460. ]

086

Directors elected-January, 1815.
Ckroernment*
Jf. Bidtllff of Pennsylvania,
1J. Eyre,
do.
E. J- Dupont, Delaware,
H. Eckford9 Blew York,
W Patterson* Maryland,
Stockholders*
T. Cadwalader,
ft. Willing,
Joseph Hemphill,
S. Wetlierill,
L. Clapier,
1\ JSeck, Jr.
J. A. Brown,

C. Evans, Jr.
T . P. Cope,
John Sergeant*
■ S. B. Weir,
J. Collioun,
J f C. Fisher.
J. Potter, of South Carolina,*
R. Gilmor, Maryland,
1 . L. Colt,
fin.
K,* Lenox, New York,
D. € . Verplanck, d©.:
James Lloyd, Massachusetts,
B. W. Crowninshjcld, do.

Directors elected January* i 826,
Government.
N• Biddle, of Pennsylvania,
M. Eyre, of
* do.
J. W. Patterson, Maryland,
Victor Dupont, Delaware,
Campbell P. White, N. York.
Stockholders*
S. Wetlierill,
L. Clapier,
P. Beck, jun.
J. A. Brown,
C. Evans, jun.
T. P. Cope,

8. E. Weir,
J. C. Fisher,
H.'Binney.
I ) . W . Ciwjj|

■

J. Bohleti,
H. Pratt,
William Mcilvaine,
J. Poller, of South Carolina,
R. Gilmor, of Maryland,
George Hoffman, of do.
D. C. Verplanck. New York,
Walter Bowne,
• do,
B, W, Crowninshield, Mass,
P . Sears,
'
dcL

Directors ekskd January* 1827.
Government.
N. Biddle, of Pennsylvania,
C. P. White, of New York,
J. McRim, jun. Maryland,
Beiijamiu Hatcher, Virginia,
.E.'J. Dupont, Delaware,
Stockholders.
T. P . Cojic,
S. E. Weir,
J. C. Fisher,
H. l i m e y ,
D. W. Cone,
J. Bohlen,

M. Pratt,
T. Cadwalader,
I . Willing,
Henry "Poland,
Ambrose White,
Matthew L. Bcvan,
John Hemphill,
J. II. Pringle, of S. Carolina,
R. Gilmor, of Maryland,
Alexander Brown, of do.
W. Bowne, of Mew York, *
Philip 11 one,
do.
N. Silsbee, of Massachusetts, •
Daniel Webster, % do.

#

[ : ]lJpiNa»48p»y
Smmmeiif..
N. Biddle, of Penmyltaiila,
Join 1 . Twf«rf do,
C.P. White, MewYurk,
E. J. Dupont9.IM«ran^B. Hatcher, Virginia.
flfoekfofdirt.
H. Bluney, • ,
I . Bohlen,'
H. Pratt,
T. Cadwalfcder,
JL Willing,.
H, Totted,

M*

A. Whit©,
M. L. Bevan,
Johi Hemphill,
M. Eyre,
P. Beck, j i i .
L. Clapier,Samuel 1 . MoMa,
, '
J. Potter, of Soath Carolina,
Gtorge Hofltaub Maryland,:
B. L. Colt, •
do.
W. Bowne, New Yuri,
W. B. Aster, . do.
N. Sllsbee, Massachaactts,1
D. Webster,
do.

JMfiecfors dbctel Jmwiry,18#.
OavemmenU
If • Biddle, ©f Pennqrtoanh,
B. Batcher, Virginia,
J. B.'TreYorjJgennaylyani%
C. A. Davis, New York
Stoekhdiim*
H. Biddle,
T. Cad.walader*
R. Wiliieg,
A. White,
M. L.-Be van,
J. Hemphill,

M. Eyre,
P. Beck, jin.
I* CJapItr,
#
T. P. Cop% t
A. Henry,
J. C. Filler,
J. Sergeant,
J. Potter, of South Carolina,
G. Hoflfyan, Maryland,
B. L. Colt,
do. ■ • R. Lenox, New York,
W. B. A8torf do.
N. Silsbee, Mtssaclisetti,
D. Webster,
do.

MrmiatM dickd Januaryf 18S0.
OoroernmtnU
N. Biddle,
. Pa.
■ B. W. Richards, do.
B. Bailey, N. Y. Resigned,
I . S. Donnell, Mdi
W. J. Duane, Pa. Resigned.
1. Campbell, K. T.
D. M. Dwell, N. fl.
Stoekfmliem
K. Bidilc,
Manuel Eyr%
P. Beck, jr.,
L. Clapier,
T. P. Cope,
a7

A* Henry,
J. C Fisher, ■
J. Sergeant
' J! Bohlen,
H. Pratt,
John R. Neff,
Edward Colemanr
Win. Piatt,
J. Potter* ofS. C.
G. Hoffman, Md.
B. L. Colt, do.
C. P. White, Jf. Y.
Isaac Carow, do.
T. H. Perkins,
Minn.
B. W. Crowmnibieldj In.

1
290

'[ lfi|. Jf©. 4«0r ]
Directo* dieted JmrnarfitlMU
H. Pratt,
J. K. Nefl;
Edward Coleman,
W. Piatt,
T. Cadwaladar,
1 . Willing,
11. L. Bevan,
. . L. Chc¥c% S. C. F \
\
J. Putter, do.'
B. Gilpor,
Md.
J. Mcltlii, jr. do.
C. P. Whit*N.Y*
I. Carew,
do.
T. H. Perkins,
Mini.
B. W. Crowninahiddi da.

ChvemmenL
N. Biddle,
Pa.
G. M. Dallas, do.
J. Campbell, N.Y.
J. S. Bunnell, Mi. •
D. M. Durell, N. fl.
J. Lippincott, Pa.
SlsckfoUera.
H. Biddl*
T. P. Cope9
A. Henry,,.
J. C. Fisher,
J. Sergeant,
J. Boljjpi,

Mred§f$ ekctei Januaryf 1882.
Government*
K. Biddle,
Pi.
Joshua Lippincott, do.
Join T. Sullivan, do.
James Campbell, N. ¥•
Hngh McEldeny, Mi.
Stoekhddero.
N. filddle, Pa.
John Bohlen,
H. Pratt,
J. I t Ncff,
Edward C©lenpai% *
Wa, Piatt,

T. Cadwalader9
I t Willing,
• < M. L. Bevan, ^.
Horace Biintyp
M. Eyre,
•• ■
A. White,
John S. Henry,
Join Potter, of S. C.
Hubert Gilmor, of Md.
John McKim, jr. do.
I. Carow,
of N. Y.
•
John Bathbone, jr. do.
T. Hi Perkins,
Mm».
B. W. Crowninshield, do.
mt

No. 48.
SroOXHOKDMUl 11 CoMUSOTICVT*

Bid Mr. Ellsworth, or any one else of the State of Connecticut, is usmsor of taxes of that State, write to reqnest you to gite him a list of stock­
holders belonging that State, for the purpose of taxing them according to
a Ipw thereof? If yea, plctaeistate your answer.
In December, 1829* Henry L. Ellsworth, of Hartford, in Connecticut,
addressed aletter to'me, rapestitigto he furnished with a list'of til© stock­
holders of the Bank residing In Connecticut, for the purpose of taring tha
•tock. The request was declined, for reasois wliich will appear im At
correspondence hereto annexed.

[ Rep. No. 460. n

891

*P%ii letter hit no iate, either of place or time, but is portmarked tlaitfard, Dec. •.]

S I E : T i c State of Connecticut have, by statute, directed tlic assessors,
■who make out the list for taxation in the several towns, to assess the in­
dividual stockholders in the l a n k of tie United States, residing iti such
towns, at the just value of their stock. Some doubts have hitherto arisen,
whether a State t a ^ 01 the stock, was constitutional; but the. convenient
decisions in 4 WlieatH, MeCuJJoclt vs. State of Maryland, 9 Wheaton, a i l ,
▼cry lately, 'id Peters, leave no doubt but that tlic States have the right to
tax t i c proprietory interest of individuals* Judge Kent, In his Commen­
taries, lays down the same doctrine. .The assessors in this town (and 1
am chosen one, much against my wishes) have,concluded to put the stock
iato the list 1 would here remark, that the ^Cashiers of the several Batiks'
in this Stile ire compelled to furnish a list of stockholders in tie Banks,
upon application of the assessors, so far as they want the same for tlcir
respective towns. The law may not, in letter, reach tlic Caiiier of your
Branch; aid indeed I do not know that he lias the requisite imformatioiu
The assessors have called upon him, butheJias declined (and perhaps vefy
properly) giving any information. The tsscssora have power to three-fold
those who neglect to put in their stock; still, this is an unpleasant task,
and one which 1 w ^ i to avoid. * The object of this letter, written at the
request of the assessors, is to request voir Bank to furnish the assessors
with a list of the stockholders of said Bank, on the 1st day of October,
1829, residing in this town. Messrs. Bulkcly, Parsons, Burr, Goodwin*
Cooke, Huntington, Bran, and many others, arc known to possess stock;
and, permit me to remark, if the tax is constitutional, and property of tins
stockholders taken, and a suit commenced, the defendants would be en­
titled to an affidavit, at the Bank, of the amount of stock owned l y the
individuals who seek redress; and, may 1 further remark, while a belief
is so generally entertained that the tax is lawful, a refusal to furnish the
ictessary information, to lay the tax justly, will,, 1 fear, add to the nume­
rous complaints against an institution which has been of such essential
service to the operations of the General Government. 1 must presume '
upon your candor to believe that, In making this request, 1 am actuated
iy an imperious sense of duty, as assessor under oath; anil, whatever
■ay ie the result of this inquiry, 1 beg you to rely upon my best exertions
to promote the interest of the Branch in this city.
i am, yours, most sincerely and respectfully,
H E N E Y L. ELLSWORTH,
NfcmtiMf B IDOLS, Esq., President Bank of the United States.
BANK OF T H E U K I V E B S T A T E S ,

December 14, 18ft.
SIR: 1 have hail the pleasure uf and receiving, submitting to the Board,
thelctter in which you inform me tiiat the State of Connecticut las directed
tie assessors to tax the owners of stock irf this Bank, and, for thai purpose,
you request to he furnished with a list of the Stockholders of the Bank, on
tiM.lst of October, 1829, residing in your town.
The Board are always desirous to avoid giving unnecessary trouble in .
«* execution of the' laws of tl© StMis, «ud your letter was accordingly

8It.

'

[ Aep. No. 480. ]

submitted to the counsel of the Bank, Mr. Sergeant, to kno* how in* it
would bo advisable to comply with your request His ©pinion 1 In sub*
%
stance, tills—
The general rile mid pnctlce of the Bank is, to finish evidence whin
called upon by a judicial tribunal, and not otherwise This is tie ©»|y
safe rule, from which it would be inconvenient ami hazardous to depart. On
the present occasion, the measure reqiestefi would be a voluntary interfer­
ence by the Bank, to assist in enforcing the penal enactments of a Statu
law, and detecting delinquents—a position which tie Baik should abstain
from assuming towards its stockholders.
The Board concur ip these views, and •instruct metodecline acceding to
your request for a list of stockholders.
It is, 1 am sure, superfluous to add, that this decision is the result ot ge­
neral considerations, and that it would be more gratifying to us to accede^
if it were deemed proper, to any request from one who has been so long*
and so advantageously known to the Board.
Very respectfully, yoir%
N. BIDDLE, FrmUml
JSixsWORTH, Esq. Hartfordf €#«§»

No. 44. ,
mination of WiUiam Fry*
Question by Mr. biuuie, the President of the Bank. Aw you a printer,
and have you done tie printing for the Bank?
Answer. 1 am a printer. 1 lave been in the habit of doing the prill­
ing for the Bank, more or less, iince its establishment.
Quetion by Mr. Biddle. Do yon recollect my applying to yoi to prill
the Reports to Congress of Mr. McDuffie and Smith? If yea, state whit
occurred.
#
Answer. 1 do. On fhe reports being shown to mo, by Mr. Biddle, I
told him 1 had sold my book printiig office. 1 was still glad, however, to
get employment for it;-for it increased the ability of the purchasers to pay
me. 1 am not sire wlietlier 1 'gate Mr. Biddle in estimate of the cost
• at tiiat interview. I sent oie of the purchasers of my printiig office to
Mr. Biddle. They went on with the job, 1 forget at what price; but one
of the part es has since complained to me of not being compensated for his
trouble, to the extent he thought it deserved. The printers were William
Garden aid John Thompson.
Question by Mr. Biddle. Did any thing oceir between is which in­
duced yon to suppose 1 had eter known these persons before?
Answer. From all that passed at that interview 1 had not the slightest
reason to suppose Mr. Biddle knew any thing of these parties.
Question by Mr. Biddle. From any tiling that passed at that interview
hall you anr reason to suppose f knew of -the existence of a newspaper
called the Mechanics* Free Press ?
Answer. 1 am perfectly convinced, without a distinct recollection of
the manner in which I have arrived at'the conclusion, that at that time Mr.
Biddle knew nothing of such a, piper, i will aid, that 1 believe it wan

[ l i f . No.'4S§. ]

298

iubsequently, and while they were doing tic work, 1 informed Mr. Biddle
if tie exiiteicc of such a paper, and that Garden and Thompson were tie
inters of, i t They wtm merely printers of it, and lad no concern hy or
Buence mew M. I hate always ndcrstocid that they w§re the mere em*
pltnyed 'printers.
' Question by Mr. Clayton. Had these priiters before that tUtt evqpr
-published aay thing against the Bank?
,
■
, ,
Answer* 1 do not know accurately, bit 1 beliefe, from ,a conversation
1 have' since had with one of tli© Editors, that tley lad been §§nibbing
against tl© Bank.
•' Question by Mr. Clayton. Have tley published any thing sine© that
line in its favor?

K

Jlmifir. J emit!©! sity.

[ Rep. No. 460. ]

294

SALES of United States' Sank Shares—with dividend to the bvj/er.
ItM*.'
1,000 (Shares at 1191 P. Ik D- with 6 p.
Bee 10 To Buckner *
• i
Do.
5
1 200I • «
119* Opn. of B.
i
Bom
5
Nathan
'. '200 1
119*
• i•
*
Warren
i 200 1
Do.
5
* • 119*
.«.« 1 1
Warren *
.100
Bo.
5
**'' 119*
•.• 15
Warren & son
150
With
5
119|
••
i f
«• 16 1 I . Wells
1
100
Do.
6
1 119*
• i
i •
• Buckner
*
500
Do.
6
; 119*
i i
• i
Nathan
Do.
.6
100
' 119*
• i
11
Huntington I
150
Do.
6
119* '
• i
50
tt if : J.Waid,fcCoJ
119* 1 Cash
11
• i
S p.
119* . With
Bo.
1 150
J. 6 . Wanmn
••
t•
1191
k Son ' 1
200
Be.
5
i f
Lmurencej&Co.
25
Do.
5
*• 18
119*
• i
it
Do.
25
Do.
5
120
i •
DC
Allen
50
Bo.
S
119}
i •
•« 20
119*
J.%farf,&C©. 1,000
Do.
S

ct. ink
do.
do.

do.
io.
do.
io.
io.
do.
'do.

|

Jan. 20.
SSdajrsj.
-60 days.
41 day*.
Jan. 10.
Openmgw
Jam. 1©.
*■

lit
10.
Dec IS.
Opcaifif.

c t Int.
'do.
do.
do.
do.
do.

Bo.
Do.

1

Do.

1
Do.
i Jan. 34 to
f Feb. 5 .
Jan. 30.

200

i •

119J

50
.50
50
50
150
5C»

• i

*' S3

Huntingdon
W. Lawten, &
Co.
Bebee
R. Weill
Camraan
Bengoyne
Buckner

•• 24

6 . Graham'

100

Do.
5
do. 1 ' Jin. 25 to
119*
Do.
5
io. i
119*
feb.JL
Do.
S
do. \
119*
119* Cash.
Openings
119* With 6 per ek Interest
119* : And 5 per ct. int. at our
option, g i t l i f 10 days
Jan. 3 to
police
Feb. 1.
I
119* CMIL

11
t •
11

•c

*•

f i

i •
• i
11
• i
< i

•f •

Do.

5

do»

5,250,
By Dani k Fenno,
Boston.
«« 24
i«
11
i t

20© Shires af l i l t
C u b In Boatom
♦ Jan. 6.
400
•
1 •Do.
*' 119*
• i
400
119* 1
! Do.
• i
To a Company
4,750
M8| 1 f lid and delivered it buy*
er*s option on or before
the lat Match next, with
Intercut i t S per ctfrom
Shires, ll.OOC^
lat January.
1

•
•
•

E. E.
Haw

Y O B S , December 24,

PIUME, WAitD, SANDS, K1MG It CO.

1824.
MlXOBUTBVM,

For the opening
950 Shares.
41 to 60 daya from 10th Dec.
500 Do.
January 7
500* Do.
Do.
10
450 Do.
Do.
20
1,200 Do.
At sellers' option from January 3, to February 1
500 giviqg 10 days notice.
buy era's option _ do.
24,
do.
5
1,000 ,
Do.
Do.
■ do.
25f
do.
6
150
Do.
1,0111
Do.
In Boston from 3d to 6th January
- .
To a Com piny at buyers' option, payable and deliverable on or be«
fore the 1st March next, with interest at 5 per ct. from 1st J i n . . 4,750
11 1 000 Shares.

j== B. Dividend to IIM bluer.

*

•
%

[«ltp.'No.iMO.;2

m

'^V

BANK-OF. T H E - U N I T E D STATES.

MAY

1 1 § 1892,

-REPORT OF T H E MINORITY.
4Er. BicDvtm,- from tie Select Commtttqe appointed to examine fhe boofat
-and'proceeding? of the Bank of t i e United States, submitted t i e follow*
ing as the views of the minority of tie said committee:
The minority of tie Committee appointed to examine tie books and pno. .efeedings of tie Bank of the United States, dissenting from t i e repert of
t i c majority, beg leave to present, the ground* of their distent for the- coi*
•idoration -of the House.
T i e majority of the committee have submitted, without expressing m y '
leclded opinion 01 them,-six casei which they allege to have become a i t
jects of imputation against the bank touching, the tiolation of its charter!
The first of these eases relates to usurious loans, and occurred as far baftk
as 1822, during the presidency of Mr. Chewes. The Branch Bank atLotP
jbgton hid received a large amount of tie notes of tie Bank of Kentucky,
II portion of them as Government depositee These notes were considen*»'
My depreciated. The branch laving declined issuing any of its own notes,
in obedience to orders of the mother blnk, in Individual applied for a ken
©f these depreciated bank notes, alleging that he waited them to jmy a debt,
and that they would answer lis purpose as well as any other bills. The
loan was granted. The Bank of Kentucky was, at the time, regularly pajv
ing^ to the branch interest nn these notes, and finally redeemed all that m»
mained, a few months after the loan in question, it thus appears that thasa
bills were as go#d as cash to the lank, and the borrower alleged that they
were of equal value to him. It is difficult to conceive any solid ground far
considering this a case of usury. It would be as reasonable to say that ii
would have been usury for the Bank of Kentucky, itself, to make a loan of
ta own depreciated notes. The utmost fairness w u exhibited by the branqb
mnk in this transaction; the loan was made with reluctance after repeated
^plications, and yet tie directors of the mother bank, many jears af*a»»
prds,,and since Mr. Biddle las been at tie,head of the inatitutioov refundr
to the borrower of the Kentucky notes the full antorint of the different©
ween their nominal and their real value at the time of the loin, with
tresL This has been also done in another similar case; so that, in tin
% two cases which l a t e been brought to the view of the directors.at
* *tdelphia, for the purpose of hating the amount of the depreciation vt% d , the application has been granted with i promptness m i liberality
h% creditahle.to the institution.
Si
*

i

*f

[ Hep. No. 46CK ]

i minority of the committee will barely remark, upon these transafe4 that, being free from all imputation of intentional usury, and never
mg been sanctioned by the directors of the mother bank, but, on the
e^jtrary, corrected, they cannot furnish the slightest ground for alleging
Chat the charter has been wiolated.
The second'ground of imputation, noticed by the majority of the commit*
t & , is, " t h e issuing of branch orders is circulation. ,f
On this point, the minority deem it sufficient to remark, that a braneh
fffier is nothing mere nor less than a draft or bill of exchange drawn b y •
feranch upon ' the mother bank; and that the charter expressly authorizes,
i n one of the primary operations of the bank, the buying and selling of b i l l *
of exchange. I f the bank has a right to issue these drafts at i l l , it cannot,
SQrely| be made a ground of just complaint against it that they are. used af(Srculation. That is exclusively the affair o f the community. The bank
cannot be justly made responsible for the use which the public may choom
- to make or these drafts. _It is the high credit of the bank that gives the
diaracter of circulation to this paper; and It is the voluntary act of the com­
munity to receive it as such.
I n fact, there is no part of the bank circulation which has been so beneiifal to the public. " I t has, in practice, furnished the southern and western
States with the means of effecting their exchange with the north without
any expense whatever.
■ I t may be well doubted, however, whether an extensive and permanent
96ue of these drafts might not prove very inconvenient to the bank itself
In a certain state of the domestic exchanges, and it would be, therefore, »
Judicious measure to supersede the necessity in which these drafls originir
ted, by authorizing other Officers than the president and cashier of the Moth­
er bank to sign notes for circulation. •
The third ground of imputation, as relates to the violation of the charter,
Wf '• the selling i f coin, particularly American coin. 11
• The minority would respectfully suggest that the majority have entirety
overlooked the nature and essential purposes of* the bank. It may be well
l e l n e d to be " a n institution established for the purpose of dealing in m©mjJ9
Now, money is a current coin; yet, a committee of Congress v « y
* gravely bring it forward as a charge, touching the violation of its charter,
•too, that it has been guilty of dealing in current coins, and, particularly*
American coins, the very end for which i t was created.
As relates to dealing in current coin, the right to do so is involved if
" l i e right of lending money and of receiving'it back. The authority todes
• in bulllion is expressly granted in the charter, because bullion is not curref
tfnin, and, of course, the right to deal in it is not necessarily involved in I I
'fight of carrying on banking operations.
The fourth ground of imputation is " t h e sale of stock, obtained fH»
GovernmmL under special acts of Congress." ^
','
' "This charge is, i f possible,'more 'extraordinary than the last m I f they'd*
i f Congress, which expressly authorized "the bank to subscribe for GoUfiment stock, had any meaning at .all, they certainly meant to a u t h o r i t y
bank to acquire the right of property in the stock for which it was authAu
nd to subscribe. The right to sell this stock' at pleasure, is of the r e f f -senee of the*right of property, and is as cf early conveyed to the corporfw*
by the act authorizing a subscription, as the right to receive the Intent
The rigki "to sell, therefore, isindispitable. *
-. ' v

[ Rep, No. 4*0. ]

Stt

But the majority of committee 'seem to suppose that the policy which
forbids the bank to speculate in stocks, with its immense resources, by
tvhich the price might be "raised and depressed at pleasure," equally for­
bade the bank to sell the stock for which it had subscribed by the express
Authority of the Government Now, it is apparent that the evil of dealing
in stocks, by such an institution/can only exist in cases of buffing antf sell­
ing stocks at the pleasure of the bank. To raise and depress prices, the
bank must have the right both to buy and to sell alternately, as may suit
its purposes of speculation. But it has never pretended to claim, much,less to
Exercise, the right of buying Government stocks, except under the express
Authority of Congress, and by an express stipulation with the Treasury De*
partment. And after it has obtained a large amount of Government stocks %
in this mode, it is difficult to conceive how it could raise the price of these
; Hocks by coming into the market as a seller, or how it could promote the
purposes of a stock-jobbing speculation, by depressing the price, the only r
effect which could result from offering them for sale. When these stocks '
were sold in 1825, there was an extraordinary pressure upon the money
market of the whole commercial world. They constituted the very re*
Source which the bank most required in such an emergency; and it is now
matter of history, that it was partly, by the wise, judicious, and timely use
of this resource, that the Bank of the United States averted from this coun­
try the calamity' of a general failure of the banks, and a widely extended
#cene of commercial bankruptcy.
The majority of the committee seem to regard it as a matter ojf complaint,
tfcat the Government permitted the bank to subscribe for these stocks in pre­
ference to individuals. If this is, indeed, a just cause of complaint, it should'
be made against the Government, and not against the bank. When Con*
gress expressly authorizes the Secretary'of the Treasury to obtain a loan
from the bank, and the Secretary stipulates the terms for that loan, it is im*
possible to conceive how any blanie can be imputed to the bank, if it faith­
fully performs its engagements.
The fifth ground of imputation presented in the report of the majority*
fa) "making donations for roads, canals, and other objects."
In two instances, the directors subscribed small sums to certain internal
improvements in the vicinity of the real estate of the bank. This they did
ih the exercise of their proprietary right, and with a view to the improve­
ment of the value of their property. For this exercise of power, they are
responsible to the stockholders alone; and the question is, whether they
have or have not made a proper application of the funds of the corporation, *
with a view to the promotion of its interests? To what extent the value of
the real estate of the bank has been increased, by the internal improvements
in question; has not been ascertained; but it may be well supposed that it
exceeds the sum appropriated by the directors to aid in the construction of
these improvements.
1
Thfc o^her "donations" to which the report refers, consist of small sums
attributed to fire insurance companies for the safety of the bank property,
and against which it is not pretended that any objection can be fairly raised*
" The last ground of imputation, as touching the violation of thechaiter,
&, "buildinghouses to rent or sell, and erecting other structures in aid of
that object 'r
The hank is expressly authorized to purchase real estate which has been
mortgaged to secure debts previously contracted, and, also, such as may b&

Digitized by

Google

* 5§0

.

• [ lep-Ho. 460.-]
'

l i l l uftder judgments and execution? in its own-favor. In tl^-'ewglj} o f
'--'jBia'righti the debtors of the bank are .as much interested aa.tteJbgffilwylC
'"For it must te apparent, that, if the bank were not permit!^,lb; .b^.iatinese'
files, the property of its debtors would be frequently -sa49w$ed-at • sum
. ;< gretiy below its value. It l i s been only lor the purpose of saving itself
' prom Joss, and the property of its debtors from being thus saerifited, thxt
'the bank las ever purchased any real estate, eicept whit his been necem*
t y for its banking louses. There is no description of property which *
''fanking. institution is so unwilling to own as real estate. Such in instito~' 'iion is entirely unsuited to the management of suel property-«a»iBUch80taji
a farmer would be to .manage the discounts of a bank.
, , ^
Owing to the extensile failures of the persons indebted to t i e bank Htk
the western country, prior to. 1619, the directors were unavoidably compel''led to take a very large quantity of real estate, as the oily means,of avoiip
* -lug still greater losses tltn they have actually sustained. They have d p |K>sed of this estate as rapidly as they could, consistently with tie interests
of the institution. On a portion of it, they lave erected improvements to
prepare it for sale, and by means of which1 they will save the stockholders
from a great portion of the loss which would have otherwise occurred^ and
will recover i large amount of the debts which were some years ago set
'down as desperate. If, for this course of conduct, tie directors are tender­
ed obnoxious to censure, then will they be condemned for the very faith*
illness of their stewardship. It is too obvious to require, or to justify the
l i e of argument, that the right of the bank to improve its real estate, is Insm*
furtlly connected with tie right to purchase, to hold, or to own it- On thip
subject) the House is referred to the exposition of the president, marked A*
The neit subject to which the report of the majority adverts, Is the loan to
James. Watson Webb and Co. It is proper to remark, In the first place,
that the only sums ever loaned to this copartnership, were the sums of
twenty #aitd of fifteen thousand dollars, the former in August, and the lat. ter in December, 1831. It is also proper to remark, tlat the first sum was
reduced to 118,000, at the maturity of the notefjiven for it; and tlat the latter
, sum wis.entirely paid of, in March last, by Mr. Webb| and, as he express­
ly states on oath, without being requested by the bank to do so. The wlola
amount of tie accommodations ever- obtained from the bank,, by Mesrnn
Webb and Noafi, was 035,000, and the whole amount now due hy them,
is 218,000.
' _.r"
m
The grounds and securities upon which these accommodations were gjraatr
ed, will now be stated. Mr. Webb produced to the directors a^full statement of the affairs of the copartnership, setting fortl the value of their
.property, and tie annual income derived from their paper. From this siat^
ment, which was authenticated l y the oath of their book-keepers, itappeu^
cd that the nltt annual income of the paper, from advertisements and sob•crijitjons, was §§5,ISO, after deducting ten per cent, for bad debts, and! do*
fraying all the expenses of'their establishment-' Upon the whole, It ap­
peared that this was one of the roost profitable, as _ it is certainly the largest
commercial newspaper in the Union, with an Immense advertising patronr
,.tge, and a large and rtpidly increasing subscription list
. ^
With these exhibits, Mr. Webb produced the letter of Mr. WalterB©wm%
payor of the city of New York, and formerly a director of ^the Bank of
the United States, a man of wealth and high character, enclosing the appEqption for tie loan, and silting that < f le did so witl pleasure, and saw up

[i^,N^4ii*l

.

sit

reason against this bein| treated is ufair bmrnrnmi ifanmciwm/9
Scvtrpl
of the directors, as w e l t s the# president of tie bank, were examined, on
Hath, in relation to this transaction, and' as the clearest mode of exhibiting
its true character to the House, extracts from these examinations will bo
.given.
The following is the testimony of Mr. Biddle relative to these loans.
'Question.—-flDldyoi consider the loans made to James Watson Webb
& "Co. fair business transactions, such as yon could not refufc without sufcj
jecting the bank to the imputation of indulging political partiality? Statefelly the-views and considerations on which jon voted in "favor of those
loans.
'
'
.
■
•Answer.—fl 1 certainly considered them as fair business transactions, m
1 should not ha¥e consented to them. At the request of the committee, 1
will explain the reasons of that opinion.
If, in mating loans, every transaction was perfectly safe, and every bor­
rower perfectly good, bapklng would be an easy office; but as men generally
borrow to employ the funds in some profitable pursuit, subject, of coum%
to vicissitudes, all that can be eipected in making loans is a fair and reasofable caution as to the situation and prospects of the borrower. Tried by
these, the only tests, 1 think the loans in question are unexceptionable. The
first was done by a board of directors, consisting, besides the ^reading offi­
cer, of six gentlemen, Mr. Lippincott, Mr. Fisher, MrvBohlen, Mr. Nei&
Mr. Piatt, and Mr. Willing, merchants and men of business, with no par*
tialities towards the applicants, with whom none of them had the leaat ac­
quaintance. The grounds of their judgment may be thus stated. In mak­
ing ordinary loans, the board judge by the general standing of parties with*
out any examination of their affairs. But in this case the parties began by
sin exposition of their whole situation. This was forwarded by Waited
Bowne, esq. the major of the city of New York, where the applicants re­
sided', who, In addition to his being personally known, and respected by all
the members, had been one of the oldest directors of the Bank of the United
States, arid, for many years, sat at the board around which the directors w e n
then assembled. In his letter, he says, " 1 cheerfully forward [the papers,]and 1 see no reason against this application being treated as a fair business
t^ansaction?, He does not expressly say it ought to be granted, because ho
transmits, at the same time, some of the materials on which the directors
weje to form their own judgment, to which others were added by Mfc
Webb. But when an old director of tic bank forwards m cheerfully11 an •
application to his ancient colleagues, which he says should be treated as " a
fair business transaction," it implies certainly no responsibility; but it may
be well regarded as a declaration, that, were he still a member of the board,
he would sanction* i t Under these auspicies, the board proceeded to consider
it
One of the parties had been appointed by the President and Senate of flit
United States to a confidential and lucrati¥e post under the Go¥erriment|
the other had already invested $33fiOO in the paper, and his father-in-law,
Mr. Stewart, wliose letter accompanied the application, was known to be .a
wealthy man. Both were considered men of talente and peculiar aptitude
for the business in which'they were engaged. Then, what was that business?
It was the conducting of the largest newspaper in the country, requlrio'g!
.of course, considerable means, and giving employment to a great mass of ac­
tive jnewstfy. It*.situation wis represented to be this:

302

[ Rejf. No. 460. ]

Mr. Webb declared that there were then 3,300 daily subscribers, at
$10 - $33,000
S,300 others, at an average of $4 50
. . .
10,350
275 yearly advertisers, at $30 . . .
8,250
3J0 days' advertising, at 055 per day
*
. • 17,050
Making .
.
.
.
.
.
.
Deducting from this, 10 per cent on the daily subscriptions and
advertisements, (of which about one-sixth is paid in advance,)
say
- 5,830
And 20 per cent on the other subscribers, say *
- 2,070

68,650

7,900
There remains a gross income of
The annual expenses were stated at

•

♦
• -

-

60,750
35,000

Leaving a nett annual income of
.
.
.
.
25,750
This statement is confirmed by the affidavits of the book-keepers and
pressmen of the establishment.
The total value of the paper was thus stated: James Watson Webb had
invested in it $53,000, for* which $40,000 had been offered, provided the
Other half could be had for 025,000. This he declined, but it was men*
tioned to prove that the whole might have been sold for
- 265,000
Then it was an improving establishment
It had owed a debt to the banks of 15,000, which it had paid off in
April and May, 1831, out of the collections of the last six
months, which had amounted to
'- 2Q,QQD
It had, in 1829, owed a total debt of 29,000 which it had since
paid off. And, at the present moment, its outstanding claims were
" more than its debts by
*
10,000
For its responsibilities and means stood thus—
Outstanding debts in the country more than 25,000, of which
could be collected on presentation of bills,
Due in New York more than four months' subscription, which, with
the unpaid arrears of the last six months, may be safely estimated
at
And the property owned by the applicants amounted to Making;
While the whole amount of debt was

-

:

r

*"

10,000
20,000
8,000
38,000
28,000

Leaving an excess of
10,000
That they had been deemed worthy of credit in New York, appeared froni
two facts:
,
1. That the banks of New York had lent them 15,000, which they had
repaid.
*
2. That the respectable mercantile houses of J. L. & J. Joseph & Co., a
firm well known to the directors, had lent them 820,000, which had been
repaid out of the profits of the establishment, as those, gentlemen themselves
certify in a document accompanying the papers.
Finally, they had no accommodation, direct or indirect, out of any bank.

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[.Hep. No. 4§§. ]

SOft

' The mm then stood this: Here are two persons of skill i i their profession,
nigged in in establishment of which the capital is
65fOfl6
The. gross income,
- , * ' • '
" "
•
•
60,750/
The expenditures
§5,000
And the nett Income
25,750 :
In conducting such a business, where the receipt! ire semi-annual, thf
jHynienti daily and weekly, they naturally require, Hie other men In bosir
sett, some credit They accordingly apply to borrow 20,000 dollars. They
wish to borrow it, not to pay previous debts, not to spend It oh object! uur
coonecfed with their business, but for the purpose of employing It all in a wayfo increase the profits of the concern itself, by procuring a new press, ang '
enlarging their means of obtaining early commercial information, tad tJpf
<make*the paper more valuable.
11
Now, the statements may be presumed to present the most favorable
aspect of the case, from the sanguine temper in which men art pr&ne to es^ •
timtte their own professions ano^prospects; and yet, unless they were wholly
fallacious, the board saw enoagh to warrant the loan. It was further justir
fed by t i e event: for, when the note fell duef 2,000 dollars were paii
nff it a time when the demand for money induced man^ other debtors Jo
Utk for a renewal of their iotes.
"So* much for the loan of 20,000 dollars.' 1
The other loan rested on the" same principles as the first, with this addtHon: The parties stated that, owing to the part which they had. taken in
cregurd to tm bsnk, they had been deprived of their usual accommodations
in their business. Whatever pight be the reason, the fact of an abridge
; nett of these facilities furnished a reason for extending the loan, in addir
ion to the belief of its safety, which was, that, by so doing, any hazard fp
the original loan might be prevented; and the best evidence of its security is,
(hat the parties kmve since repaid the loam.
In regard to the other loans, which appear in their names, tkey wen
lmn tpithout any knowledge of their being discounted at the bmnh
hey were done at the request of a person of undoubted solidity, which h p
• teen proved in the mos^ decisive way, by the actual payment of the notes.
That they were Intended to aid Mr. Noah, the drawer of the notes, in purchas­
ing a share in a newspaper, was stated at the time. But that formed no ob­
jection to them. He borrowed money, as thousands borrow money every
day, to employ it In his active business. If Mr. Noah himself had applied jtp
the bank for a loan to buy a share in a newspaper, and the security w p
Misfactory, the puff ose of the loan would have made no difference. Nin#tenths, of the loans made of the bank, probably are made to persons to buy
•wnething, or to pay for something already bought Men borrow money
to buy a share in a ship—a shire in a cargo—a share in a bank—a share ip
i canal—why not a share in a'newspaper? The,bank had no difficulty about
' tte loan, because it was thought secure; nor about the object, because that
was not the concern of the bank. It does not inquire, and does not eare,
, *here |ts money goes. Its only anxiety is, that it should come safely
back: and whether, in the interval, it is' employed by a merchant or a farmt
h or a lawyer, or an editor, Is a matter of which it takes no cognizance.*
41
in respect to loans generaly'to editors of newspapers, the bank pro­
ceeds on^tne principle of knowing no class of citizens, and proscribing nono^
f **vfb with this rule, its situation, in regard to such loans, is a little petidiar. F«mi the nature of t)ieir occupations, editors engaged in the <}p-

f

304', '

[rRcp. No* 460. ]

cp«§i«ji of palters <|f .-national concern, have generally -esprqaaad
*!&&**
In regard to*tt|0 bank, and their dealings with the bank render
itMm^^Mu
eneape censure.^ When an editor, friendly to tbe bankf/appliee fery* i l %
i f I t is granted. It Is ascribed to favoritism; if it is refusedt- the paitjMMNh "
ally thinksit ingratitude. When an,editor, opposed to the bgijl* a j b p t ^ ^
i loan, if it is granted, it is deemed an attempt to- influence h'im, w*Hie*if f t
is refisedi it is called-a penecutioi .on account of M i free opinio?*.*' ! % • •
bank has endeavored, in these nmtters, rather not to deserve reproach ifraar
to escape i t In reply to that part of the question which r$btssio poUtioaw
1 belifeve that, if, in granting the loapa la -question, theniij.wp i p f t p ^ M j i r
blended with the mere business considerations, any pollipal feglyigt.-jfeoiieQ
probably this, that, charged as the bank habitually is, with bof&Hjty;M»>tht^
present administration, it was due to the interest of the stp^Lholdera tpeqfter
rect so unfounded an impression, when a fair, opportunity, occurred o f giving
tccommodttion to thus© who were considered as the most itrcippiis .amfc efficient supporters of that administration. The directors of the bank under*..
stand too little of the subject to attempt to tdjust the balance of aeoominfl^'
dalion to particular parties, l o r have 1, myself, ever hai^tFtp-ppiiiiJip,
iuiicient to notice it, until the inquiry of the eommittee : hM.*ugiji||6adjfctii
But, undoubtedly, as the committee cannot faU to, percel?©, by4fevr4Hb<
. greatest amount of loans to editors,* is J o the friends of the present #4miaiatratkn, and a large portion of that to the decided.ojp»«itp#f H i
l»nk.,,
■ •■
«• •
AH-the directors who were examined, testified thai they-granted •{heatloans under the full belief^that they were safe loans* and Mr. €©p% a^entkh
man of intelligence and high character, gave the following. explanation -of''
- the ¥iews and motives by which he, was governed i n voting for the joooiub:
:
loan of # 15,000. ;
, ■
• .
# *
«* Documents/ 1 said he, " were exhibited to the committee) containing n
statement of- the means of the parties to the note, by .which, they appeipitti
to be worth about 830,000* with a prosperous buaioeas,.ind a laige svbKrip*
i o n list The loan was wade, as all other loana are made,, without,any re*
ard to the politics or business of the parties, butsulely bectist it-was t i p .
uslness of the bank to lend on adequate aecority. ,,
,
.
" I was-well aware, at the time, that they were* patfisan prin£eref end X
knew that if, we made the loan, it might be ascribed to- improper.jsolivo^ and that i f we rejected it, it might be said.we persecuted the individuals <<m
account of their politics."
■t
,
. . . . . .
Such are the grounds upon which the directors granted these loans tori"
lames Watson Webb & Co.
•..■••'
*
. .
I t will be readily perceived that the directors of the bank .were plaeed-in. ■
■
very- peculiar circumstances by this application*- They fami-been accused, m ■
various quarters, of hating' brought.the power of tbe institution to bear up*
on the politics of the country, and particularly with«having taken aidde ■
against the present administration. . Mating invariably pursued- a>edoiW'iD'
their transactions which recognized no distinction of political parties, it was •
«
1
v e r y natural that, while laboring under the imputation just statedf I b i y
ihoyld' have been scrupulous-to a¥oid giving any color of -foundation for it*
As the evidence and recommendation produced, satisfied all the directum
of the safety o f the loan, they could not but feel that, if they refused 16
grant it, they would give countenance to an imputation which they w e n
laudably anxious to avoid.

f

[ Bep. Mm 4<P. 3

;

' 30* .

It is proper to add» that James Watson W e l l & Co., in their piper, the
Courier and Enquirer, l t d declared themselves in favor of renewing the
iliirter of- the bank ^aome montha before the application for their first losn}
and that t i e j stated to the directors, on making the applicatiop, that the City
B a i l of New York had cut them off from their accustomed facilities^ •■ they
believed, in consequence of their espousing the cause of tie Bank of the
United States.
It is also proper to add, in this place, that the loan of #lf,Sf 5, which wis
made in March, 1831, was not a loan to Webb & Noah, or to either of them.
The money was borrowed by Silas E. Burrows, a man of large fortune, up­
on his own responsibility, without the knowledge of either Webb or Noah.
They loth testify that they had never been apprised that Mr. Burrows l t d ■
obtained this loan from the bank, until a very short time previous to the
visit of this committee to Philadelphia. They tiad, until that time, been
under the impression- that the money was obtained from the father of Mr. *
Silas E . Burrow% in Connecticut The following extract, from the testimo­
ny of Mr. Biddle, will exhibit a clear view of this transaction:
" These notes were discounted by the exchange committee under the re­
solutions just referred to. They were d,one at l i e request of Mr. Silas E.
Burrows, of ■ New York, Mr. Burrowslhai, sometime before/brought mefe
particular letter of introduction from an old friend, Mr. Monroe, .the ExPresident. Mr, Burroira had been very liberal to Mr. Monroe in his pecu­
niary misfortunes, and he had recently received from the Preaidtnt of the
United States particular thanks and commendations for his generous- con­
duct towards a Russian ship of war. i understood him to be t very rich
merchant, of kind 'and benevolent disposition, and constantly engaged in do­
ing aets of liberality. In one of his visits to Philadelphia, he amid he was*
desirous of befriending Mr. Noah, and assisting him in the purchase of a . •
share in a newspaper/and he asked if the bank would discount the notes of
these parties, adding that, although, as a merchant, he did not wish to ap­
pear as a borrower, or put his name on a p p e r not mercantile, yet he-would
at any time do so whenever it .might be necessary to secure the bank. ,,
* « T h e committee being authoriied to discount any paper, the security of
which they might approve, agreed to do them. As Mr. Burrows was go­
ing out of town, 1 gave him the money out of my own funds, and the notes
were afterwards put in my possession. They remained with .me for a long
time, as 1 had no occasion to use the funds, nor was it till the close of the
year that my attention was called to them by the circumstances that, as i
new board of directors, and a new committee of exchange, would soon be '
appnitttei, the name committee which made the loan should consummate i t
i hud seen, also, in the public prints, many reproaches against the bank for
leading money to printers, and editors, and i was unwilling that any loan
made by the bank ahould seem to be a private loan from one of its officers.
Having no use for the money, it would have been perfectly convenient to
let the loatt remain as it was, but 1 thought it right that every thing done by ''
the bank should always be distinctly known and avowed, and 1 therefore
p r o the notes to the chairman of. the committee, Mr. Thomas P. Cope,
who tattered them on the books. On the f d day of March, Mr. Burrows
called at the bank, and paid the notes. 1 ought to add that the loan was made
at the request ef Mr. Burrows, and that neither 1 nor any of the committie had erer neon Mr. Noah or Webb, or had any communication with them,
St.
•
#

§§§

,

[ Rep. No, 460. ]

'direct or Indirect, about the loan. It was made on the credit of Mr, Bur­
rows, who mfterwards paid i t " •
'
It appeain that Messrs. Webb & Noih avowed themselves1 in favor of at
renewal of the charter of the Bank of the United States on the 8th of Ajgjjjj
1881. ftjs difficult, therefore, to conceive what possible Influence Iglfc
hive been produced upon their course by a loan io Mr. Burr&m, of if trot
»they had no knowledge. It Is equally difficult to perceive how ,thPe loans of
AufU8t* and December, 1881, could have had any possible agency in pro. ducmg the change which it is alleged took place in the eouine of these edi­
tors upwards of four months before. •
Under all the circumstances of this case, the minority of the committee
declare, without any reierve, 'that there is nothing in these transactions cal­
culated to induce them to^doubt the honor and integrity of the directors,
and -"this, they feel authorised to sty, ii the opinion of a majority of the
■ committee, from the ©pinion already publicly expressed of one of its mem­
bers.* They also deem it to be due to the occasion, and to their own mmm
of justice, thai they should add, that .they i o not believe there exists in the
United States a bank direction oomposed of more upright, Independent, and
honest men,, than that which granted the loans in question.
Most, if not all of them, are men of independent fortunes, having no con­
nection with politics, and being entirely independent of banks. T h e y ire
generally men who are engaged in a safe and successful business, with for­
tunes, which they have made, not'by adventurous speculations, but ly
iteady industry, and moderate but certain profits. This is, indeed, the gen­
eral character of the merchants and capitalists of Philadelphia—a eircum*
stance which renders the location of the bank in that city peculiarly fortu­
nate for the*8teckholders and for the country;
'The next subject brought to the view of the HousC|by the report of the
majority, which it is now deemed necessary to notice, is that of tne transte, lions of the bank with Thomas Biddle & Co.
Mr.' Thomas Biddle, the principal member of the i r m ; is a distant rela­
tion of the president of the bank, and it was owing to this circumitiinfe©,
probably, that his accounts underwent a most prying, not to say inquisitorial,
examination.
*
.
/
The Irst thing that struck the attention of a part of. the committee, as
'worthy of scrutiny, was the fact that this house hid obtained from "the bank,
in August, 1881, loans to tie amount of upwards of a million of dollars,
on a pledge of stocks,—a" sum which bad been gradually reduced, however,
to about six hundred thousand dollars.
On examination, it was found that this loan had been made at the special
instance and urgent solicitation of the .directors of the bank; and that the
bank, and not Thomas Biddle & Co., was the party accommodated. T i c
Government having then recently paid off several millions of its steel,
which the bank had owned, the consequence was, .that a large portion of the
money capital of the institution was rendered unproductive, and itbeeeristfa
matter of great importance to have it invested. In this state of things^ die
directors adopted i| resolution, authorizing the loan of a large sum at less Hum
•the legal interest upon the security of any good stocks. It is to be here
remarked, that this was that portion of the capital of the bank which hid
never been invested, and which it was not deemed expedient to invert^ in
♦ Col. ft M. Johnson.

I Rep. No; 480. J

(

J§f

t i e active business of discounts. 'The lorn to TfaoniafBlddle It Co., on the
pledge of stocln, wss analogous to 1 loan to the Government The stoeia
coqla, on any emergency, ■ I© sold m# converted Into cash; so that this inHjPupent had, ip sonic sort, the twofold attribute of money in the|vaults of
tilt bank, to meet any pressing demands against it, and money,, at the same
time, drawing interest
-,
All the directors, who.were examined on the subject, stated tint they con­
sidered this transaction more for the benefit and leeoimiodation of the bank
than of Thomas Biddle & Co,; and the president of the Bank of Pennsylvania
stated, c * oath, that the bank over which he presided would live been very
m
glad to have-made large loans to Thomas Biddle It Co., it the same time, and
upon the same terms; the board of dlreetow of that bunk hiving authorized
such lotus at 41 percent.
There wss on© occurrence daring the examination of the transactions of
Thomas Biddle & Co., with,the bank, which merits particular notice. '
An informer and witness, by the name of Whitney, who had formerly
been a director of the bank, wis produced, who declared, upon oath, that,
in May, 1824, two of the cashiers of the bank, had informed Mm that Thomas
BWilo& Co, had been in the habit of inuring money out of the bank, on a de»
poslteof itock in the teller's drmwer, without pajfingintereat, and that thepresident of the J»nk had discounted two notes, oneforThomas Biddle & Co., and
and oneforCharles Biddle, without the authority of fhe directors. This wit*
ness stated, that he went with these officers of the bank, and examined the
Idler's drawer and- the discount book, aid found the facts which had boom
stated to him verified by the enuaiiation. He also slated, to give additional
certainty to his averments, that he made a memorandum it the time, with
the dates of the transactions, which memoriniumhe produced to the commit­
tee. Having thus unalterablyfixedthe date of the transaction, as if by. some
fatality, he went 01 to sty that he immediately proceeded into the room of
Mr. Biddle, the president, andremonstratedwith him against these irregu­
lar proceeding!, and that Mr. Biddle promised him that they should not
©owr again.
* .
Mr. Biddle wis present during the elimination of this witness. On that
day, being tin oath, he said,-thatTie was utterly astonished at the testimony
of the witness, .and' could only oppose to it his solemn declaration that
there was not one word of truth in it from the beginlng to the end. He
added, that, from the relation in which the witness stood to him,fa©would
have sunk into the earth sooner than he wonld-have dared to come to him>
with such a remonstrance is he pretended to have made. The officers ofi
the bsmi', from whom the witness alleged that he derived this Information^
wire examined, and all of them positively contradicted him. They testis
fied, sid demonstrated from the books, that Thomas Biddle & Co. had never
obtained money, in any Instance, without paying interest, and that the tweo
solas- winch Whitney assertep to have teen discounted by the president!
done, had been discounted regularly by the directors.. ^
)ril
In-the interval between the adjournment of the committee, that dsy, mnli
ita meeting .the next,'a member of the board of directors mgpeited to Mtkj
Biddle, that he was, about the time of his alleged transaction, in tie city sofa
Washington. On examining the joimsJs of the board and the letter-boefc}a
it wasfoundby entries and fetters, that, for several days previoui to the lbs
kgtd iiterviiw between the p r eMint m i Whitney, tad for several cbfK

.

flOt

[ Hep. No. 440. ]

aftenmrd% t i t pneaidont mm absent on a visit la thts<city on the bnsiaeai of
the bank, and General Cadwalladkr wis acting aa praaidoot In hisrpkcel
-. Thua was this artfully devise! story, which wu intended to blast the toputation of ahighminded and honorable man, tbrwigh oneoCithose exUfc" ■
miliary interpositions. by which Providence aomethaea confounds thet
contrivances of the wicked, mads to recoil upon the headrof itaruwentoi*
who niuat for over ataod forth in a Misted monument of the speedy and -re­
tributive juatiee of Heaven.
The minority of the committee will avail themselves* of thie occision fn
•ay, that they had the most conclusive evidence, that,• in all the tranaaetien*
of the bank with Thomas BiddU & Co» .and Charles Biddle, the president
hsi been, not onlyfreefrom the alightest imputation of partiality or favoritiam, but that his conduct has been infuriably gov cried by a nice and srupulous
sanae of delicacy tad propriety. And this, they feel authorized to say, Is
the opinion of a majority of the committee. Thefollowingresolution wan
ttnanimeoaly adopted by the committee:
Resohedf That the charges brought againat the president, of lending JBO^
nsy to. Thomas Biddle &.Co. with6ut interest, and of discounting notes for
Hut hotue, and for Charles Biddle, without the sanctioii of the director!, are
Without Foundation; pad that theite ioei not exist any ground for charging
tie president with hiving Aown,.or manifested aiy oispositioii to aho#9
* any purtiality to these individuals, in their transactions with the'hank*
The report of the majority^ adverting to the withdrawal of upeoMi from
the southern md western. branches, and the substitution of paper in its
•stead, suggests, a doubt whether this operation may not be highly injurious
to the noithern and western States. So far from concurring in thia d#tib%
the minority are of thn opinion that there are no .portions of the Union
■ so much benefited by the general operations of the bank m the southwestern
and western States, and that the change produced by .the bank in the eyataan
and in the rates of domestic exchange, has been .particularly beneficial to
the whole of the imthern and western States. Connected with the ex' change ©perationil of the bank, the transmission of .specie from New Orleanm.
to the northern Atlantic cities, is nothing more than t natural operation of
trade,# carrying the specie imported at New Orleans to its appropriate mar­
kets. , Thia operation is curried on by the bank instead of being left to in­
dividuals, to the undoubted advantage of the community.
With a view to connect itself more completely with- the commercial op­
eration? of the country, the bank has also deemed it expedient to deal freely
in foreign exchange. It is obvious that thia branch of its buniness is ae im­
portant to the foreign commerce of the country, as dealing in domestie eat- ■
change is to our internal commerce.
Hiving heretofore had large funis in Europe, and hating still extensive
credits there, it has been, and stll if, the polky of the bank to afibrd to the •
mercantile community every facility for currying nn foreign coamefne. At
the eouth, where the staples of exportation aw produced^*! ii comtaaiy
in the market as a purchaser of bills on Europof to the -great benefit of'the •
planter; and, at the north,, where foreign merehnjidiii© ia iaaported, it is aft
constantly in the mafitet aa a seller, to the like benefit of tin importing met*
chant In thia way, the price .of foreign bills is kept uniform and steady,
and those injurious fluctuations tie prev©niedf mhieb would* other wiae ope*
rate aa heavy taxes upon the business classes of thn eomaosaity foi tint fauns-.
It only of private dealers ia exebansje.

I Rep. No. €S0. |

'

§f»S

T i c majority of the committee hive selected for qommentapjr** perticftlar
branch of the-foreign #xettiinge business of t i e Ink—that which lacewtected with the trade m India and Soatk America. This subject has been al­
ready ezplainod in another form, mid it will be sufficient to remark hem
that it has almost entirely arrested the direct exportation of specie from this
country to China9 and tint it Mfes, to this branch of our trade, the whole of
the interestupon the entire amount of every commercial tdFenture, for'at
least aix. months out of twelve. On the subject of the 'general facilities
which the bunk has afforded to the country in the operstieiii of foreign
commerce, the minority of the eommittee will refer the Howie to the per­
spicuous exposition, furnished by the President, of-the general operations of
the institution, marked A. '
It will bo seen from this document that, during the recentpressure upon
the commercial community produced • by the excessive imprtations of t i g
hot t«p© years, the bank furnished, since1 September last, "from its own acf cumulations and credits in Europe, the means of Remittances, ip itsuown bills,'
to the •mount of #5»2i5,f 4S, and parted wife its surplus ipecie to the amount
of five millions, making an aggregate contribution -to our commerce of •
§10,295,146."
The extent I© which these and the ether ©pet»tl©n§ of the bank must have
'relieved the country, ire too obvious to require comment Without this torn- _
porary relief—and it wis only tempotwry • relief that the community required
—the greatest cemmereltl distress would htve probably ensued. - The crisis is
now nearly psaed. The pressure on the money msrkct has, in a great measure?,'
ceased; commerce has had time to correct its own excesses; importations
hav© been diminished, the unfavorable state of the foreign exchanges no'longer
exists; specie his ceased to low from thfe country,.snd has begun t©*low int©
i t Since March last, the specie in the bank has increased more than a mil* "
lino 4f dollars, and every thing is rapidly ussuining a sound and -healthy
condition.
The majority, in the concluding psrt of their report, intimate the opinion .
that the bank, by it* imprudent snd excessive issues, has had a considerable
agency in producing the overtrading and excessive importations of the list
year.
Whatever show of plausibility there may be in this opinion, facta demon­
strate flat if is entirely erroneoui. . It will be seen from the statements
herewith exhibited, that the domestic discounts of the bank hid not in- creased perceptibly from March, 1889, to March, 1831; bit that they
maintained* in almost uniform level during the whole of the intervening
period. ' The excessive importations, however, commenced in March and
Aprilf 1831, and mist have had their origin in causes some months ante­
rior. It if 'apparent, therefore, that these excessite importations were mot
produced by the excessive issues of the bank, and mist have originated to­
other causes collected' with the state of Europe. The more correct view
of the subject, is to-consider the excessive importations as producing a stale
©f t h i n p which rendered it necessary for the btnk to extend its discounts,
with a view to relieve the community from -the tempemry pressure to which
it was thus eoqpoied.
.It so happened, that,, at-the very time the country - stood most in need of
bank-accommodations, tke bank had increased means and inducements In
extend* those- ^ccoamodatioiis. The Government hiving ptid ol£ within
the lust eighteen monthS| tea millions of its stock, whieh-was held byII©

310

[ Bep.tNo. 4S§. ]

. •

bint, {he directors found that if they did not increase their discounts con­
siderably, same milliohs of their capital mist be idle and unproductive^
It thus happened that the wants mi the community, the means of the bank,
fid, it may be idded, the obligation of the directors to the stockholders
and to the community, til co-operated to cull for that extension of bank
accommodations, which, so far from having produced over-trading and ex­
cessive importations, has been the means of correcting and mitigating the
temporary evils and embarrassments which these Irregularities of trade
would otherwise have unavoidably produced.
The minority of the committee deem it to be their indispensable duty
to notice that part of the.report of the majority which institutes a compa­
rison between the resources of the bank, and the condition of tfie country
in 1819, and at the present time. • They cannot but regard-gie companion thus presented by the report, as unfair and partial, jpid calculated to pro­
duce impressions on the public mind as absolutely erroneous a* they.would
be positiFeiy pernicious.
If it had been the design of tbe majority to produce a scene of general
embarrassment aid distress in the commercial community, in tie »bseac#
of any natural causes for stjch a state of things, they could not have adopt­
ed a more effectual means of accomplishing such an object thai they have
done in this part of their report
Fortunately, howeFer, for the country, the commercial community of the
United "States has too much intelligence to be thrown into-a panic by the
loose, disjointed, and garbled statements, the crude speculations! and the
random conjectures, in which a part of the committee hsFe thought it expe­
dient to indulge. If a general alarm has not ensued, producing a ran upon
the banks, a curtailment of discounts, and a general scene of failure and dis­
tress, particularly among the Government debtors iibour. principal import­
ing cities, it is because the community understand the subject better than a
portion of the committee, and have placed a proper estimate on their state­
ments and speculations.
There are no two periods of our commercial history m utterly dissimilar
as those which have been selected for the comparison instituted by a* part of
the* committee. In 1819, the bank was .engaged in the painful but necessa­
ry office of correcting a redundant and depreciated currency, produced by
political causes, and hating scarcely any connection with the state of trade.
At this moment, whatever may be said to the contrary, our currency is in
as sound a state as that of any country in the world; and this is conclusively %
profed by the state of our foreign'exchanges, and the relative value of bank
paper and coin in our own markets. The foreign exchange is in infallible
barometer to indicate the soundness- or unsoundness" of our currency. A
reference io the state of the exchange between, this country and Great Bri­
tain, at this time, will furnish a conclusi¥e reply to the chare© brought
against the bank, of hiving encouraged oveMeading by .cocoeasive issues, and
a depreciated currency. In fact, specie is now ^flowing into the country by
the natural course of trade, a phenomenon which is utterly Inconsistent until
the alleged depreciation of our currency.
^
♦'
After making a partial and imperfect statement of the relative rasouiees
and responsibilities of the bank in 1619, and at the present time, the report
expresses the opinion that, ("at no period in 1819, when the baak p m very
near -suspndinf, payment, mm it less t i l e to extend voUef^ m m i k i n g ,
community, as [thin] it the pre§§nt,m©lnellt.,,

■ ,

.

[ Rep. No. 480. ] '

.' 811

Now, the w r y complaint urged by a part of the committee -tqainst the
bank is, that it has'been too liberal in its discounts, or,-in other woajg, that
it has gmnted too much relief to a Buffering community already; and yet it i§
here set clown is * subject of lamentation that the bank is not able to extend
this relief still farther! The country has just been laboring under a const- _
derabte, bit temporary pressure upon the money marked during which "til
bank,-with us much liberality as judgment, has put forth all its resources to
sustain and relieve the commercial community. The crisis of this pressure
has already passed by, and the necessities of the merchants for bank icwm.
modations are gradually diminishing; and it is precisely at this point that a
.paa£of the committee, having complained that the bank went too far in iti
accommodations when they were necessary, complain, also, that it cannot
go itill further now that the emergency is passing away.
The actual resources of the bank will now be stated, with a Yiew to show
Its perfect ability to meet all its engagements. The specie in its waults onthe first of the present month, was #7,5§§ f 347, being upwards of a million
more than it was in March last
There m»as due then, from the State bank§, 15726,196. .The domestic
bills of eiehaoge held by the bank on the 1st of. May, amounted to
823,0551,912, ten millions of which will be paid in the cour§e of a month,
and none of which have a lonpr period to run than ninety days, • These
sums inited, make 431,669,515—a fund, the greater part of which may be
considered as available, for any probable emergency of the bank, as a© much
specie in its vaults. These domestic bills of exchange are founded upon
the actual operations of our internal trade, and are in fact, drawn in antici*
pation of the southern and southwestern crops, which regularly arrif e in the
northern and eastern cities ii time to pay' them. They are uniformly and
promptly paid at their maturity, without any* eipectation of a renewed ac­
commodation from the bank, as in the case of discounted notes. In addi­
tion to the sum already stated, the bank has good notes discounted on per­
sonal, and ether security, amounting to 147,875,078, and real estate anil
foreign bills, amounting to j§3,012,S2S.
The whole of the available resources of the bank will be thus seen to
amount to #82,057,483, at least one half of which could, on any emergency,
be-converted into cash, in the course of a few months.' On the other hand, '
t i e whole amount of the responsibilities of the bank,, including the cir­
culation, foreign debt, and public and private deposites, amount to only
.843,685,609.
So that, instead of being reduced to the frightful predicament of having
©nly " a n aggregite of #9,640,000 to meet an aggregate responsibility of
849,643,000," which the author of the report might well set down with
two notes of admiration, the batik has undoubted' resources amounting to
882,057,434, to meet a responsibility of #43,685,§03•
in the actual state of the country, it is visionary in the extreme to ima- •
gine the bank is in the slightest dinger of being reduced to the necessity of
'«suspending payment." The whole amount of its circulation is now erly
822,000,01X1, and this is 'it© only portion-of its responsibility which can be
properly taken into the estimate in the. view now under consideration •
The deposites, except in periods • when all commercial confidence is lost, so •
for from being properly regitded as a debt tor which the bank should mske
provision, as for iti circulation, ire universally considered, by aJ| banks, as
« fond tfpen the-frith of which they may safely issue their paper to an eqpal .

Sit

C l^P* N©. f i i i . J

amount -^^betwer may be the amount of the iepositef, at any given time,
it If a fcfr calculation, founded on actual experience, (hat i t will be equally
4g «rcat at m y future time.
M this were not the case, the Government deposltes, about which ao uracil
his'been saii, would be of no value to the bank; but, on .the contraryf a
J l r y great Ineimbranee.
Upon the'whole, then, the lank is not only fully able to meet all Its en­
gagements, but is in a state of the highest, prosperity. A n d it if but barm
justice here to remark, that its general operations'have been-conducted with
singular judgment and ability, la those ¥ery particulars which a psrt of the
committee have iclected as topics of disapprobation and censure. .
iii:
The minority of t i e committee w i l l , barely advert to some of the .other
topics introduced into the report
. I t is alleged 'that the bank has given i n undue extension to its branches,
and, by some process of reasoning, difficult to comprehend, it seems to be
inferred that the alleged excess of the circulating medium, is owing, in part,
to that cause. I t is sufficient to remark, on this point, that the greatest
improvement which has been made in the administration of the bank, and
that which gives it its true federal character, his been effected by the esta­
blishment of branches; wherever the commerce of the country required themj
and by the lystem of exchange operations • which these branches hive ena­
bled the bank to carjy into elect.
•
.
•
The whole business^of dealing in domestic bills of exchange, so essential
to the internal commerce of the country, has been almost entirely brought
about within the last eight years. I n June, 1819, the bank did not own- a
single dollar of.domestic bills; and in December, 1824, i t owned only
to the amount of #2,318,980; whereas it now owns to the amount of
£83,058,972.
T h e opinion of M r . Cheves, in 1819, ia adverted to in the import^ to
prove the impolicy of increasing the number of branches; and the fact is
stated, that a large proportion of the losses sustained by the bank have been
owing to the mismanagement of the branches.
The opinion of M r . Cheves was founded on the peculiar state of things
which existed at the time. He felt the difficulty of controlling these bunches,
of which, as he stated, the |C. directors were frequently governed by individu­
al and-local interests and feelings;" and he came into the administration i t a
time when immense losses had been suffered by their msl-administration.
But it is very important to remark—what the report does not bring to v i e w that almost all the disproportionate losses incurred by the branches were
previous to 1 SIS; and that, since the extension of the branches, of which the ■
report complains, they have not sustained greater losses, in proportion, than
the mother bank; while nine-tenths of the commercial facilities afforded to
the country, and nine-tenths of the proits secured for the-stockholder, have
resulted from the operation of these branches.
"The report makes reference to the obligation of the bank to transfer the
funds of the Government to any point where they may be wanted, for dis-'
borsemeot, and seems to 'have made the extraordinary discovery that this
operation is no burden i t all, but an actual benefit to the bank! Fur the
satisfaction of those who n%ht be sceptical, the words of the report w i l l be
given:
•
■
'
tt
The largest portion of the revenue, ptrticttlariy from imports^ up is uni­
versally k M w n r is eoUeeled in the Atlantic cities north of the Potomac

f Rep. No. 460. ]

SIS

Thwc tides being the great marts of supply to nearly the whole of the Unit­
ed States, and places to which remittances centre from almost every part of
the country, creates a demand for funds upon them from nearly every quar­
ter, constantly and generally at a premium. Therefore, so far as the bank
Is caller! upon to transfer funds from those 'cities to other places, it becomes
a matter of profit> mmd mi qf expense to it; mndtke greater the dmianck
ike gremter the premium; mmd ike imrger ike amount ikm required to be
- transferred by the Gowermmemi9 and ike greater the distance, the greater
9
v the profit and advmntagi to ike bank/
If these views of the report bo correct, the bank is certainly ad In¥aluabl©
institution. It has not only annihilated time and space, but it has done
iioniething wore. It has produced such a state of the exchanges, that it is
much easier for a man in Wew York to pay i thousand dollars in. S t Louii
than to pay it in Wall street; and ia which, consequently, the New^York
debtor actually males a profit by being required to pay his debt a thousand
miles off instead of paying it at his own door! If this be a correct ¥iew of
the subject, it is undoubtedly one of the greatest of the modern discoveries
in finance and commerce. •
But the minority are still incredulous. They cannot understand how it
is possible for the bank to make a prolt by transferring funds-, "when it is expreasly stipulated that they shall transfer tjicm for nothing. Nor can they
conceive how the loss which the bank sustains by the operation of transfer*
ring funds for the Government, can be less than the difference between the
" nothing" which it receives from the Government, and the prolt which it
would derive from the same operation if performed for Individuals.
If the GoFernment collected its revenue In specie at New York, snd had
occasion to expend it it S t Louis, it would certainly cost it something to
transport the 'specie from one place to the other. If, In the absence of a
Federal bank, it collected its revenues in the bills of State banks, as it would
he obliged to do, the operation of-transferring these fundi to distant places
would involve a still greater eipense. But, under the eiisting system, the
bank if responsible for the safe custody of the 'Government funds, and for
placing them wherever they may be required, without any expense what*
ever to the Government.
If, then, the bank has not f< aided the fiscal operations of the Government, ,> as the report seems to intimate, i uniform currency, and s revenue,
safely kept, and universally transferred at the risk of the bank, and without
expense to the Government, affords no aid to its financial operations.
The report, adverting to a letter from the president of the bank^ of the
29th March last, In which he informs the Secretary ol the Treasury that
the collector of New York had requested the lf bank to authorize an ex­
tension of loans in that cMy in order to assist the debtors of the Government/ 1
and that this had been promptly done, gives a view of the discounts of the
office at that place, calculated to make the impression that no extension of
loans hid taken place. This is an error: it proceeds from confounding
notes discounted with bills of exchange purchased by the bank. It will bo
seen by the weekly statement of the New York board, that the amount, of
notes discounted on the 1st of September, 1831, was #4,103,134, and thtt f
on the 21st of'March, 1832, a few days before the date of the president's
"letter, the amount was §4,834,1117, exhibiting an increase of #781,181,111
a little more thai § « roonlbs.
If the amount of domestic bills falling'due afc* distance, dicing the same
4§

314'

C lcP-

Nci 4iCL

-

1

period, wet© larger than the amount purchtied by the bank, this feel has
nothing to do with the extent of the accommodation afforded by the bank
to the merchants of New York: the tree measure of that accommodation
i i the amount of domestic notes discounted, a i d not the amount of these
notes united to that of t i e domestic bills purchased.
That die bank his relieved the commercial community of New Y©rk f
during the recent pressure, is a fact well understood and practically felt by
'the merchants there; and i t will be difficult to reason them out of t i e c©n¥ictions of their own experience by artificial statements a i d conjectural in­
ferences. Upon a review of the whole ground occupied in the examina­
tion they have made, t i e minority i r e of t i e opinion that t i e affairs ©f the
bank have been administered by t i e president ind directors with very m a t
ability, Mid with perfect fidelity to all their obligations to the stockholders,
to t i e Government, a i d to t i e country. They regard the b i i k a s an institu­
tion indispensable to the preservation of i sound currency, and to the finan­
cial operations of t i e Government, and should' consider 'the refusal of Con­
gress to renew the charter as a great national calamity.
They w i l l add, in conclusion, that they are equally decided in the opin­
ion that Congress is called upon by the most weigity and urgent considera­
tions to decide this important question during t i e present session. The un­
certainty which prevails on this subject, is calculated to exert a very perninicous influence over the industry, enterprise, tnd trade of -the country.
I f the charter of the bank is not to be renewed; i f the tremendous operation
©f withdrawing from the community fifty millions of bank accommodations,
and twenty-two millions of its circulating medium, must late place, it if
full time that i t should be distinctly known, that t i e shock of this operation
may be mitigated by timely arrangements on t i e part of t i e bank; and that
the community may have time to provide the necessary substitutes. Con»iderin| the immense extent of the operations of this institution, the time
which its charter has yet to run w i l l be scarcely sufficient for the winding
i n g u p its affairs.
To the report of the majority, is appended a great number of question^
proposed to-the president of the bank by a member of the committee, on
the general subject* ofjbanking and currency. As the questions alone throw
irerjr little light on these matters, t i e answers are herewith submitted for
the information of the House.

GEO. McDUFFlE,
J. Q. ADAMSf
JOHN G. WATMOUGH.

[ Rep. No. 460. ]

315

DOCUMENTS
ACCOMPANY!** T B I

• "

1 E P 0 1 T Of T H E MINORlf T OP T H E SELECT COMMITTEE,
ReJaHoe ## tie affaire qfiM Mmnk qftte

United Simim.

A.
BAKU OF THB UNITSD STATUS,

Sprit 16, l i S i .
Honorable A. S. CLAYTON,

Chmirmmn of #Jk Committee of Intmiigmiionm
At the request of the committee, 1 proceed to commit to writing the sub­
stance of the statement which-1 had the honor of presenting to them at our
first Internet?, ©n the £3d ultimo. I then stated the pleasure which the
board of directors feel i t receiving the committee. That, while the sub­
ject wis under delibcrttion in Congress, they thought jt might hive been
deemed intrusive to express to that body their desire for the investigation,
b i t the visit of the committee was not the less welcome on that account, and
t i e board were anxious that the committee should thoroughly investigate
the af&irs of the bank; for which purpose, they had deputed three of their
body, Mr. Binney, Mr. Cadwalader, and Mr. Eyre, to meet the com­
mittee, and give them every assistance and every facility in their power.
With the same view, i had thought i t might Ip useful to the committee, ind
not unacceptable to them, if 1 were to present a short view of the medianism of the institution, its general operations, and its present situation.
The establishment consists of the* Btnk at Philadelphia, and twenty-five
.branches. The general administration is confided to twenty-fife directors}
twenty chosen by the stockholders, and ive by the Go¥ernment of the
United States. The principal officers ire, the president and the cashier,
occupied with the general superintendence of the institution, and three'as*
Distant cashiers, etch with respective ipherei of duty. The branches are
mantged by boards of directors, varying according to the charter, front 7 to
13 in number, chosen, annually, by the general board: they appoint all the
officers of the branches eicept the cashier, who is appointed by the general
board.
From each of these branches is received, weekly, a statement of all their
affaire, from which is digested the weekly state of the branches, and afterwards the monthly statements.
• The branches also make a return, every 60 days, of the debtora to the bant.
The bank transmits every week, to the Secretary of the Treasury, a state­
ment of its affairs, and every month, a monthly statement of all the affaini
of the institution, which is published by Congress.
The various documents will of course be submitted to the commiltee.
The capital of the bank consists of thirty-five millions of dollars, of which
atven btlonp to the United States, and t i e rent to individuals ©r corpontioiM.

3 HI

[ l e p . No. 46§. ]

.

It wis originally composed of seven millions of coin, and twenty -eight mil­
lions of stock of the Government This the Government i t s redeemed,
the last payment of the seven millions of Sire per cents, given for the seven­
ty thousand §hsre§ subscribed by the Government, having been made In
July last
The capital is now distributed among the branches as follows: To some of
the brunches, recently established, no definite capital has yet been assigned;
the board preferring to wait the progressive development of their business
before fixing, finally, their capital, snd t in the mean time, regulating the
amount of their loans by particular instructions. But the general distribu­
tion of capital, and the amount of the Investments, will be seen in the fol­
lowing sketch.
OfflCJM.

Portland,
Portsmouth, Boston,
Providence, •
Hartford, ' New York, Philadelphia,
Baltimore,
Washington
Richmond, •
Norfolk, .
FayetteYile,
Charleston, Savannah,
Mobile,
Mew Orleans,
Natchez,
St. Lotus,
Nashville,
Louisville,
Lexington, Cincinnati, PfttBfbllfg', Buffalo,
Utica, ■
Burlington, •

I

Discounts.

•189,802
113,292
I
896,877
§37,44©
422,794
4,869,189
6,682,322
1,962,355
1,082,124
807,138
655,170
525,076
2,931,036
767,464
1,400,188
6,763,758
1,336,609
§77,104
2,170,240
2,567,900
1,150,121
3,320,306
1,167,217
597,310
504,822
448,539

Totals.

Domestic bills.

43,943 03
14
§7 1
98,850 03
34 ' 1,671,065 47
14
381,218 72
97
50,936 54
44
1,060,744 01
10
2,127,140 93
83
340,184 42
54 ■ 171,898 13
29
780,341 49'
91
254,392 15
68
171,061 82
40 i
963,554 12
28 j
543,502 84
14
1,098,667-20
80
2,975,056 09
50
1,236,066 07
80
77,078 36
16
2,677,902 51
96
1,333,430 59
03
636,595 77
94
716,454 82
68
598,070 64
98
351,786 77
18
184,543 18
12
213,364 55

1

Capital*.

233,745 17
212,143
300,OKI
2,567,142 81
1,500 ,§00
1.018,658 86
• 800,000
473,731 51
300,000
1
5,929,933 45
2,500,000
8,809,463 03
16,450,000
2,303,540 25 .
1,500,011
1,261,022 67
500,000
l,iS87,477 78
1,000,000
' 909,563 06
if 00,000
606,138 50
500,000
3,894,590 52
1,500,000
1,310,967 12
1,000,000
2,498,855 34
9,738,814 89
1,0)0,00©
2,572,675 57
754,583 16
4,848,142 67 1
1,000,000
3,901,331 55
1,250,000
1,786,716 SO
1,000.000
4,036,761 76
1,700,000
1,765,288 32
700,000
•949,097 7S\
689,865 36
§61,904 07

144,646,604 72J 20,754,850 25 [ if,411,454 97 1 SS.OOp # »

It will be perceived, from this statement, thai, In the great bbundance of
* cspittl employed In banking in the northern and middle Stites, the funds of
the bank have naturally sought a temporary employment in those sections'
of the Union where there is less banking capital, and where the productions
of the great staples of the country seem to require most assistance in bring­
ing them into the commercial market This observation applies especially
to New Orleans, the centre and the depository of all the trade of the Misgissipppi and its tributaries. The course of the western business is to send
the produce to New Orleans, and to draw bills on the proceeds, which bills
ate purchased at tbeneferal branches, and remitted to the branch at New
Orleans, When the notes issued by the several branches Ind their m*ay in
the course of trade to the Atlantic branches, t i t western brtichci pay the

I Bep.No. 4S§. ]

3If

Atlantic branches by drills on their funds accumulated ai the braneh In
New Orleans, which there pay the Atlantic brioches by bills growing out of
the purchases made in New Orleans on account of the northern merchant* or
manufacturers, thus completing the circle of the operation. This explains
the large amount of business done at that branch.
The committee will also perceive that, while the locai discounts of the
b a i t amount to forty•four«million9f the*do'mostIc bills of exchange amount
to nearly twenty-one millions of dollars. This is the most striking feature
in the condition of the bank.
It has been deemed by the bank that, next to the preservation of the cur*
rency, the most important service it could render, would be to facilitate the *
internal exchanges of the produce and labor of the citizens of every part of
the Union. No merely physical improvement in the means of communica­
tion between them can so effectually approximate them; no facilities of tra­
velling and transportation can so completely abridge the wide spaces which
separate the parts of this extensive country, as the removal of those great bar­
riers which the" want of easy commercial exchanges interpose to their pros-,
perity. The great object, theiefore, to which the bank lias, for many years,
directed its anxious attention, has been to identify itself thoroughly with thn
real business of the country, and more especially to meltdown, into one uni­
form and healthy mass, all the depreciated currencies with which some parts
of the country were afflicted; and hating thus established the exchanges
throughout the whole on their true basis, the interchange of equal values at
each place, to bring down these exchanges to the lowest cost to them all.
By such an effort, the bank has thought that it assumed its true and federal
character, as the great channel of intercommunication for the business of the
Union; and that, leaving to local institutions as much a they desired or could
&
accomplish of the local business in every section of the Onion, its more ap­
propriate sphere was the general communication between them all.
Of the nature and extent of these operations, the committee can form the
best estimate by inspecting the weekly reports from the branches during the
last 'week, which are now lying on the table, and which will exhibit the
commercial map of the interior trade of the United States at the present
moment It will be seen that, during the. last week, there has been pur­
chased by the bank and its branches, the amount of f 1,061,335 SS of do­
mestic bills, at the following places:
At Portland, Portsmouth,
Boston,
Providence, Hartford,
New York, Baltimore, Washington,
Richmond, Norfolk,
Fayetteville,
Charleston, Savannah, -

- 86,078 63 At
%€37 81^
- §2,281 22 \
- 21,539 23
4,671 51
- 50,0 l i 60
- 27,174 26
• 21,145 16
. 2B,682 15
- 19,009 16
- 13,911 30
- 66,401 36
- 66,303 50

Mobile,
- 103,082 61
New Orleans,
- 145,555 80
Natche2,
42,183 43
St. Louis, 9,603 63
Nashville, 30,790 33
Louisville, •
60,152 36
Leiington, - 25,1S5 25
Cincinnati, 42,907 71
Pittsburgh, 35,685 69
Buffalo,
32,105 64
Utica,
18,791 44
Builinpjton, 12,550 69 •
Bank United Stiites, 102.970 30
-

■

81,081,335 88
5P=

811

[ Hep. No. 460. ]

i t may nut be uninteresting to illustrate this movement of l i e internal
exchanges, by showing the points from which this #20,776,916 of bills cone,
and where they are tending. This will be seen in the annexed table, mark­
ed A: among the objects of interest presented in it, it will b© seen that the
amount of bills from the waters of the Mississippi amount to $10,212,905,
and that the amount payable within in average, probably, of sixty iajn, at
New York,- is 114,096,410; and at- Baltimore, Philadelphia, Providence,
and Boston, #4,387,059, making an aggregate of #8,483*469. The extent
of these operations during the last year, amounted to $48,5iS,l85 32, as
will be seen in the following table.
Bills purchased
At Bank U. States,
Portland, Portsmouth,
Boston, Providence,
Hartford, New York,
Baltimore,
Washington,
Richmond,

Norfolk, -

' Fayettevllle,
Charleston,

15,267,675 48 At Savannah, •
167,915 3tf '
Mobile,
118,871 §5
New Orleans,
- 3,444,815 88
Natchez, - 1,218,332 §2
S i Louis, 111,888 83
Nashville, - 4,497,183 80
Louisville, - 1,048,228 07
Lexington, 864,532- 2S
Cincinnati,
. 1^939,108 83
Pittsburg, •
845,957 12
Buffalo,
-■ 801,541 63
Utica,
- 2,210,393 56
Burlington,

§
•
-

2,1 £8,574
1,771,048
§,470,184
1,379,698
274,3§0
3,022,647
2,220,824
1,684,563
1,291,721
1,371,686
819,343
87S,5iO
296,071

87
07
38
S3
04
19
46
83
48
§4
ft
05
§4

048,563,185 32

' Of the security with which these operations, based ai thej are on the real
transactions of the country, are conducted, an estimate: may be formed by
this circumstance, that, of this amount of §48,562,185 33, the whole stint
which as yet has been tinder protest, has been §43,521 06, i n i the whole
amount of loss which will probably be incurred on these amounts to
-£17,038.*
For the distribution of the proceeds of these bills, the bank gives its drafts,
which are given at the lowest rates. These extensive 'operations have ena.
Med the bank to reduce the rate of its eichangesso low that, throughout the
Union, they are In many places without any charge, In others scarcely form­
ing a perceptible charge on the operations of trade, and almost always, If not
quite without exception, within the limit of the transportation of the precious
metals. We may Indeed repeat with confidence what Is smld by a most com­
petent judge, Mr. Gallatin, that "there Is not, it Is believed, aVmgle coun­
try where the community Is, In that respect, served with less risk or'expeoJle.,,
In addition to the business of domestic exchange, the smonnt of local loans
ha§ increased, owing to the greater demand for the use of money during th%
past year, and the conversion Into s more active form of business of the
atocks repaid -by Government to the bank. The first grew naturally out of
the state of trade. For eighteen months, the want of employment for capi­
tal, and the derangement of Industry arising from political and other causes,
rendered money very abundant In France and England, the two countries
whose situation 10 much influences our own, and produced a corresponding

i

[ Rep. No. 460. }

%

319

ease andplehty In t i t United Stiles, while, at the same time, the. disturbed
state of Europe, and the cholera which interposed new obstacles to the trade
with certain parts of it,-naturally directed the manufactures of England i n i
France to this country, which is by* fir the best and safest marketTor their
productions. These circimittnces occasioned, during the past twelve months,
an unusual importation of foreign merchandise. While the treatment of
this temporary commercial disease was in progress, t i e sufferers very na­
turally looked for the cause of It every where except in themseiies, and the
tank was reproached with havini contributed to occasion these importations.
Without going Into detail, one single fact is quite decisive on'that subject*
It will be seen from the following official statement marked B, that the large
importations of last year began with the month of April, and of course they
must hate been founded, so far m the bank wis concerned, on the stmt© of
things in this country a month or two previous, say the month of March last
Now, it will be seen from the state of the bank before the committee, that,
for nearly two years before the month of March last, (1881) the local dis­
counts of the bank had undergone no perpeptible increase—those for July,
1889, being #S4tlSS;0CI©, and those for March, 1881, being 034,220,000, an
increase within that period of only 24,0011 dollars. The bank, moreiver,
deems it an especial duty to abstain from all agency in regulating or inluoncing importations: the extent of the encouragement to be given to the intro*
iuction of foreign merchandise is the province of Congress, and it would be
equally a violation of their duty, and a most dangerous exertion of power, if
the directors of the'bank, acting upon their own views of general policy,
should assume to judge when the importations were sufficient, at what point
they should be checked, and this apply their power to stimulate, to discour­
age, or to prevent them. In the conflict of Interest which has so long agi­
tated the country, it is the imperious duty of the bank to remain perfectly
passive, and not,by any misdirection of its means, to usurp the powen of the
legislature, leaving individual enterprise to seek its own employment It Is
tie duty of the bank to take the state of the country as the country has chosen
to mak© it; to deal with the existing condition of things, but not to assume
upon itself the charge of regulating the domestic industry, and the foreign
trade of the Union,
Without having contributed to produce them, the bank found, about nine
months ago, large importations, requiring for their diffusion through the coun­
try, increased facilities connected with Banking: baring the means of giving
them, being in fact created for the purpose of giving them—It gave them—
it had the means of giving, because, In the early part of the year, it had been
strengthened for business, pirposely, by the addition of two millions of its
foods in Europe tmnrferrei home, the repayment of about ten millions of
the funded debt paid back by the Government since October, 1880, making
all increase of active means amounting to twelve millions. When, in the
progress of a few months, the continuanoeof these importations, and the re- •
venue which had accrued in them, produced an effect on the actual state of
^the market, the btnk applied itself Immediately to correct any disadvantajges
from it to the community. The actual position of thinp was simply this:
There were large importations .requiring means of remittance to Europe to
pay for them; there were large amounts of .revenue to Government, amount­
ing, in New York alone, from March, 1831, to March, 1832, to nearly
aeveeteen millions of dollars, and requiring great forbearance towards the
debtors. In the mean time, the southern produce, which furnishes tht#great-

SIS ■

£ Hep. No. 460. ]

t r ptrt of the means to p i j for these importiiticiiis, wai,-owing to agree! va­
riety of cause*, the stele -of the crops, and of the weather, unusually lite in
appearing. This, therefore, was the condition of the country: an unusual
importation, an unusual amount of debts payable to Government, and aft
unusual delay in receiving the ordinary means of meeting those demand*.
Undoubtedly, if the bank had cboien to adopt such a course, it would hate
been easy, by an immediate diminution of its loins, to place itself out of the
reach of all inconvenience, but it would, at the same time, have I n i l e t e d w y
deep wounds on the community, and seriously endangered the revenue of*
the Go?eminent. These eiertions of mere power have* no attraction and it
was deemed a far wiser policy to deal with the utmost gentleness to the com*
mercial community to avoid all shocks, to abstain from countenancing ill
exaggerations and alarms, bit to stand quietly by, and assist, if necessary,
the operations of nature, and the laws of trade, which can. always cornel
their own transient excesses. Accordingly, the whole policy of the hank
for the last six months has been exclusifely protective and' conservative,
calculated to mitigate suffering, and .yet avert danger. The point whew
these importations occurred, and where the revenue wa§ payable, was New
York. The whole force of the institution was, therefore, directed to
strengthen that place, and the distant branches were directed to avoid in­
commoding it, and the Atlantic branches neir to it, by drafts upon them, bit
to pay their balances to them with as little delay as the convenience of their
respective localities would permit This is the whole policy of the bank in­
to* last iix months. It will be seen, therefore, that, without.a diminution,
there is an actual increase of business in New York, mod a Isrge inercat of
the domestic bills of the branches; the increase in New York being for lb©
purpose of protecting the interests there, and the increase of the bills being
the remittances from the west and south to sustain New York and the north*
era Atlantic branches. In the mean time, the bank, out of its ©urn accumu­
lations, and its-own credits in Europe, supplied, since the 1st of Septemtw
last, the means of remittances in its own bills to the amount of 85,395,74S 52§
and parted with Its surplus specie to the" amount of 5,000,000, making an
aggregate contribution to the commerce of £10,295,746 52.
This has given lime for the operations of the laws of trade: the country is
recovering from the temporary inconvenience; the overstocked marked by
depressing prices,' has checked further importations; the southern crop, ao
long delayed, is coming forward; the exportation of specie has cemed; tlm
importations of specie, postponed by the troubles of Mexico, is resunmi,
and, in a short time, the whole operation will rectify itself. All this has
been accomplished with more of anxiety than real distress, the dread of evil
being the best preventive of it There have been very few* if any, failures
among merchants of any standing; the revenue has been punctually paid* and
the incident will soon be-only remembered as one of those vibration* in trade
to which all activa commercial nation* are liable. There can, however, i=
too doubt that any other course on the part of the bank would have led tm
very greal calamity to the country. In assuming this part, on the preacul
occasion, the bank deemed itself -only acting, as it wss designed to aft by the*
Congress which created it, and placipg itselt in its true national atlitudte.t©
the Government and the country. If, on the eve of great danger, it had
yielded to the alarma which gurrounded it; if it had given wny to the fears of
©there; if it had at all §|iared itself when the community might hate fawn re­
lieved; if it had nut quietly, but gently and Irmly, put forth til its streagtii

I Mtfr m . «#. ]

.

sit

to alleviate and preserve* Utere mighfrluwe been mueiiealahi%r» with which,
it It true,* it*ou!d not be reproached, but it would hav« lost the opportunity
Q&avortiog that calamity by a course more befitting its character, which suecess has fully justified.
The circulation of the bank amounts to about 21. millions. This, in pro­
portion to the capital of the bank, is a .small circulation compared with that
of other similar institutions. ^Thus, the Bank pf England, with a capital
of 14 millions sterling, has an average-circulation of more than twenty mil­
lions; and the Bank of France, with a capital of 90 millions of francs, has
a circulation, even fdnring the great depression of its business in the last
year, cf 230 millions of francs. .The difference, too, in the nature of the cir­
culation between these institutions and the Bank of the Pnited States, ii
strikingly in favor of tie litter. The notes of the Bank of France and
England ire generally large in amount; they circulate within a very narrow
sphere-round the banks themselves; they can be collected with great rapidi­
ty, and'be made to hear in masses directly on the banks, while the-Botes of
the Bank of the United States occupy a far more extensive field, tiftulating
from Quebec to Vera Cruz; they are small in amount, and not easily collect­
ed for large demands ok the bank- The question which has always been,
and still is one of the greatest difficulties in the administration of the hank,
ii this of its circulation. It was long believed, that, while the bank is obliged
to recei?e erery where, on account of Government, all its notes where*
e%*er issued, it would-be'impracticable to maintain a circulation of any con­
siderable tmount, from the*necessity of providing, at so many points, to re­
deem its issues. It was afterwards considered worthy of trial, whether f ho
difficulty might not be surmounted by a large participation in domestic ex­
changes; which, besides its other advantages, might enable the bank to be
always provided with a fund, which, being in fact created out of these issues,
would accompany and sustain them. Thus, for instance, when the branch
at New Orleans issues its notes, it |oes it to various persons, and for differ­
ent otyects. When they arc gi%'en to pereona who engage within a short'
period to reiurn in New Orleans, either these notes or their equivalents, if
the identical notes are returned, the operation tease?*; if the equivalentsy
being cither coin, or. the notes of State banks convertible into coin, these
furnish the. means of paying its own notes. If these notes, however, are is­
sued in payments for bills on the north, these bills are sent to the northern
branches, and, being there paid, iwait the arrival of the period when the
notes, having performed the functions of a circulating medium, are brought
in the course of trade to the Atlantic offices, where they are met by the pro­
ceeds of the bills for which they were given; or, finally, if these notes are
issued in New Orleans* in thi purchase of exchange, based on the exporta­
tion of pfoduce to Europe, the bills of exchange drawn by the bank upon
the European houses to which the bills from New Orleans are remitted,
provide the fund to meet the notes of the branch at New Orleans, originally
issued in the purchase of them. It is thus, and perhaps thus only, that any
W*ge circulation can be sustained when it is based on commercial operations,
which satisfy the wants which they themselves create, and furnish the mean*
of paying the notes issued in the course of them. Thus, on the 1st March,
1832, the actual circulation of the bank is #21,044,415: the amount of domestic bills mooing to maturity within an tverage of perhaps siity or
ninety days, ia $90,354,748.
*
The receipt 6f'these notes is obligatory on account of the Government.
41
.

328

£ It**. No. 460. ]

The receipt of tnem fromiftdividuaU is voluntery, but it i* so much the in­
terest of the bank to receive tbfcni ireely, that it is always dohe, whenever
it can be done with safety. Thus, the total amount of reveque received
last year in New York, was 013,797,500; while the receipt of foreign
branch paper was $ 13,219,635. So that, with the exception of 0577,865,
the whole revenue was paid in this paper.
During the same period the whole revenue at Philadelphia was $'3,359,790 43; the whole receipt of branch paper, 05,398,800. Making an ex­
cess of 02,039,009 57, beyond the amount necessarily receivable.
The sum of specie in the bank, as will be seen in ttie annual statement,
marked C, is much beyond the average amount possessed by the bank at
this season of the year, ever since its establishment, except the two last
years of surplus accumulation of i t And as the tide of the exchanges is
beginning to turn, and specie to flow into the country, there is no reason to
fear any deficiency of it As, mqreover, the demand for it is chiefly for the
European trade, the credits of the bank in Europe are equivalent to at least
two millions more. The exportation of specie during the last year was
more than five millions; but none, or scarcely any, l)as gone to China, to
which alone, some years ago, 5, 6, and even 7 millions of dollars were ex­
ported from the United States.
To this change in the character of that trade, the bank has, perhaps, mainly
contributed. The demands for specie on account of that trade were often
inconvenient, by requiring abrupt movements on the part of the banks to
protect themselves. It was thought practicable to substitute for the ship*
ments of coin, the bills of the bank on London, which, being sent beyond
the Cape of Good Hope, would produce there the specie wanted, at a cheap­
er rate than it could be placed {here by a direct shipment from the United
States, with all its attendant charges. The bank, accordingly, furnished its
bills, to be paid for only when used, and to be returned if the state of the
market would not justify the mercantile operations for which they were in­
tended. This example has since been adopted by capitalists, who famish
similar bills to a considerable extent, so that the use of specie in the China
trade is almost superseded. The China trade is, at present, comparatively
inactive, but the amount of bills now abroad east of the Cape of Good Hope,
and in various parts of South America, amounts to about 0811,000.
In reference to the general operations of the bank in foreign exchanges,
it has been considered that the connection of the bank with the business of
the country would be incomplete, if it did not contribute its aid in facilitat­
ing the foreign intercourse of its citizens. When, in the southern States,
the crops are shipped to the northern States, their transmission is rendered
easy on the part of the bank, by purchasing the bills drawn on the north to
accompany them. If the same parties, instead of shipping their produce
to the north, ship it to Europe, there is no reason why the bank should not
afford them the same facility by the purchase of their bills on Europe.
While in the south, the presence of a large and 'constant purchaser thus
gives greater steadiness and uniformity to the d&mand for bills, on which
the profit of the southern merchant and planter depends, the appearance
in the north of the same purchaser, as a large seller, gives equal advantage
to those who have remittances to make to Europe.
There is, however, a strong reason of general policy why the bank should
engage largely in the foreign exchanges. The state of the currency of this
country depends mainly on its relations with Europe^ and whenever corn-

Digitized by

[ Sep. B>. 419. ]

S2S

mercial or -cjthir circumstances create an.'adverse citiiigl 1 , n c h areth©
gifat facilities of intercourse with Prince and England^that an immciitte
shipment o*f coin takes place, which necessarily occasion! abrupt transitions"
in the business of the banks, and which, in turn, affect the community. It
•eems, therefore, to belong essentially to the conservative power of the bank
oyer the currency, to have the ability of interposing pn these occasions, of
breaking the shock of my sudden' demand, and of giving time to the State
institutions to adopt protective measures for their owuflecurity. This power
if to be acquired only l y a Itrge participation in the foreign exchanges, so
as to enible it, on any emergency, out of its own accumulations in Europe,
Qr out of its established credits there, to supply the most urgent wants of
commerce This it has often done to great advantage, and eminently on
the late occasion, when these demands might have pressed with injurious, if
not fatal consequences on the community. The total mnount of foreign
exchanges drawn by the bank from the frit of January, 1881, to the Irstof
March, 1833, amounted to i l l , 166,748 10. Of these, the amounjwaid for
the Mediterranean squadron, and for diplomatic expenses on account of Go­
vernment, was 1513,082,42.
The amount and situation of the real estate, an well the banking houses,
as that received for debt, will be seen in the statements prepared for the com­
mittee. The latter is estimated at' #1,916,449 51, having cost £2,000,909
The importance of this interest, held chicly in Cincinnati, will justify a
short explanation of the history and management of i t
la the beginning of the y€ar 1813, t i e bank found itself with a large
mass, of debt at Cincinnati, amounting to $2,518,350 39, on which the loss
estimated by the cashier of the bank, wfio visited Cincinnati for the pur­
pose of examining the condition' of its affairs, was 0851,000.
An effort was then made to reach a Inal settlement of these debts, and a sys­
tem fwas adopted for that purpose,<he details elf which will appear from the
letter? to t i e agento, copies and extracts of which are annexed. The gen­
eral plan of it was, that when a debt was well secured by mortgage, and
the interest paid regularly, the debtor should not be disturbed: That when
the mortgage was insufficient to secure the debt, it should be foreclosed:
That where there were judgments, and the interest was not paid regularly,
lie property should be sold; and, finally, where the debt still Remained on
personal security, and the debtor would not voluntarily confess judgment,,
suit should be brought. Bit, i i regard to the rpceipt of real estate in pay­
ment of debts, the plan was generally discouraged, from an extreme unwil­
lingness fti acquire that species of property, Thus, in the letter to the
agent, on fie 3d of May, 1823, he was informed that "the board do not
wish to announce, nor do they intend to adopt, any general determination to
accept real estate inpayment. w So, in the letter to tie cashier, dated August
8, 1823, ^ you are mtamre thai ihegenerml ptmn of mdmimisierimg the
affaire of that agency^ isjo occqji real estate only when nothing eke9 or
nothing beiier mm be obtainedfrmm desperate debtors J9
Whatever was thus acquired reluctantly, was always for sale, and al­
ways sold, whenever it could be done without too great a sacrifice. Thus,
in the instructions to Messrs. Cadwtlader & Cope, under date of the 23d of
September, 1815, it ii said: €l For ©bvlous reasons, the board are desirous of
disposing of this property, and converting the funis into a more productive
shape; whtityer this t a t bedone without sacrifice."
•

324

*

£ Rep. No. 460;;]]

And, again, it the letter to Herman Cope, mq.f tie new agent, iiwi f eb*
ruary 4, 1829, he is, informed that .*,«fchwebank, you are aware, is wiling 4©
pell whenever it can do so withoyt sacrifice;" and he is directed* to give
special attention to the inquiry, whether the time lias arrived when we can
advantageously dispose of the real estate mure rapidly than we are now doing;
and if so, what would be the best mode of accomplishing it." The general
theory of the bank, trfen, lias been, never to take real estate whep it could
be avoided, and never upkeep it when it could be sold without sacrifice.
In doing this, however, the'bank had to consider, not .merely its own in­
terest by not forcing the sales, but also ihe benefit of • the city of Cincinnati,
which might be oppressed and permanently injured if the bank were to
throw into the market large masses of real estate. In order to understand
perfectly the rights and duties of the bank in regard to its real estate, the
board consulted Mr. Webster and Mr. Binney, whose opinions, with the
proceedings of the board founded op them, will be seen in ihe annexed pa­
pers.
In consequence of these opinions, theboard have sinredeemeel themselves as
standing precisely on the-same footing as any individual proprietor, and have
accordingly directed their exertions to improve their property for the purpose
of idling it. Believing ihe possession of real estate to be entirely contrary Io
ihe interests of ihe institution, and anxious to dispose of it as rapkliy,fts possi­
ble, all the improvements of opening streets and alleys, or contributing to the
waking of roads, have had but one object—to prepare their property for saleWhen some of the debtors have had no means of paying, except in labor and
materials, these wercjiccepted and employed In the repairs or erection of build­
ings. When the canal came into the ground owned by the bank, a basin was
excavated, and six warehouses buily with a view to attract purchasers for the
adjoining property, as well cs the warehouse^. A number of stores were in
like manner erected in other parts of the town, as auxiliary |o the improve­
ment of the adjacent ground.4 The exteoj| of these operations will be seen
in the annexed statement marked A. But no original building, no building
in itself, and for itself, an object of income,.has, 1 beliite, ever been erected.
The board was much urged, as well by the agent himself, as by many citi­
zens of Cincinnati, to erect a hotel, a building greatly needed, it was sail,
for the public accommodation, and promising to be ¥ery profitable. But
they found a distinction betweei this case and the other buildings of which
they had permitted the erection; they refused to authorize such I building,
but offered the ground on wblch.it was desired to erect it, at an abatement
of twenty per cent on the price, in case the applicant would build the hotel
himself.
*
The result of this system * has thus far been beneicial alike to the bank
and to the community. To the bank, because it has been enabled to dispose,
graduallyt'of its property, so a&probably to escapeany ultimate loss; and to the
community, because the sales and improvements of the bank have kept pac©
with those of individual citizens, so as not to injure them by competition.
In further illustration of the unwillingness if the bank to increase the
amount of its real estate, or to acquire any whenever there could be the least
doubt of its propriety, two cases may be cited.
1st. The bank had received from one of its debtors, a house io Pittsburg,
which the board of that branch requested might be converted into 1 banking
house; but, in order to adapt It for such a purpose, it was necessary to pur­
chase a piece of ground in the rear of the building, about 83 feet front by 18
feet deep.
•

I l e p . No. 4S§. ] •

325

The baoli, however, refused to make this purchase, but preferred going
to the expense of purchasing a new lot, and selling the house to a disadvan­
tage. - The extracts from the correspondence and the minutes of 182§* and
1887, hereto annexed, will explain this.
2d. The second case occurred in 43hio, in 1832, within a few days past.
The agent at Chillicolhe in the sale of some property, engaged to tale some
real estate in part payment. The board refused to receive il. The extracts
. from the minutes, hereto annexed, will explain this. *•
The hanking houses, of which a list is prepared for the
committee, cost
.
.
.
.
t?l, 170,739 25
The sum already applied to the extinguishment of this ex­
pense, is
551,892 05
Leaving their actual cost at
#§19,447 20
Which will be gradually covered by the annual appropriation for that pur­
pose, out of the profits of the bank of Sl2O,0§O. The suspended debts of the bank, and the provisions to repair the losses
wbich may grow out of them, ire as follows:
•
The total amount of debts suspended of over-drafts, and
deficiencies of every description since the foundation of
the banl% i s .
.
.
.
.
.
.
.
S7,S9S,§31 30
Of these, the amount considered desperate, and, therefore,
totally lost, i

s

-

-

-

.

.

.

.

.

S , 4 9 i , i l i 01

Leaving a balance of % §4,500,315 29
Of this balance, after repeated examinations, it is estimated
,t
that the actual Joss will be -« - 1,801,516 42
The bank, by suspending its dividends for a considerable
#
time, and by the reservation of various resources, has ac­
cumulated- a contingent fund to #ieet the lopes, which
~
now amounts' to .
.
.
.
5,111,74857
So that the actual losrfes are already extinguished, and the fund, to meet
the estimated loss,.is 8310,614 14 beyond a rigorous estimate of those louses.
Maving thus presented'to the committee, a general outline ©f the struc­
ture and situation of the Sank; 1 have only to ponclude, is 1 began, with
lie assurance that the board mill cheerfully give every facility in their
power to the proposed examination of its affairs.
1 have the honor to be,
Very respectfully, yours,

♦
■*•

*

.

\.

'

N. BJPDLE,
«

Prutdent.

32S

• [ Rep. No. 460. ]
B.

STATEMENT
of tht value of imporiM from ike Iff Jnig9 1830, ##
S0II September, 1831; a ho ike ammintof bonds payable Jor tAe tame
period^ #r io ike 29ik Pebrmmry, 1832, in New York. - .
fl«,49§,7§5
10,877,7ft
■ 12,000,968
15,437, S14

Value ©f imports for 3d quarter of 1830,
*
4
e c u
II
•■ 1
"
" 1891
2
«
« « «*
g

<i

1

if

II

Total Import value,

1830,
Bonds paid In July,
August,
"
September, u
October,
"
Nov ember, § l
December, f l
January, 1831,
February, ««
<f
March,
if
April,
May,
"
€<
Jupe,
fl
July,
*\
August,
" "
September," "
*
October,
"
November, l f
December, <f
January, 1832,
February, "

i

•

* -

" -

•
- «

-

18,558,499
§€9,365,572

818,285
1,011,703
888,091
84tf,8SO
849,282
911,534

72
OS
18
48
14
52

854,251 37
8Sf,8l4 iS
1,079,986 08
1,231,331 46
1,498,577 79
1,028,571 49
1,379,249 43
1,230,042 Oi
1,555,606 10
1,484,028 IS
1,269,006 ti
1,883,593 3S
1,172,196 75
1,808,410 §2
§23, S86,78§ 48

STATEMENT

c.

accompanying the letter of the President of the Bank to the Hon. A. S. Clayton, of the 16th April.
■'

SPECIE iar

January, •
February,
March,
April,
May,
June,
♦
July,
August, September,
October, November,
December,

1819.

.
•

2,666,696
3,184,088
3,053,632
2,354,739
2,283,882
2,630,371
2,954,266
3.047,215
3,232,487
3,254,479
| 3,147,976
3,116,248

53 3,392,755
57 3,489,329
90 3,633,529
53 4,209.722
47 4,918,873
27 * , 254,414
86 5,821,495
40 5,882,619
77 6,163,65>
91 6,604,213
90 6.051,499
87 7,155,177

.3,515,949
3,390,646
3,392,003
2,489,719
2,357,137
3.780,738
3,455,388
2,815,308
3,176,938
3,389,626

76
79
23
04
48
15
04
96
92
28

1821.
43
56
53
89
85
61
21
82
86
72
25
65

7,643,140
7,274,022
7,669,480
7,385,477
7,366,825
5,893,884
5,876.53*
5,898,518
5,863,490
5,645.888
5.352,148
5,261,889

87 4,761,299
69 4,181,144
45 4,206,777
52 3.805,865
03 3,536,158
94 3,334.452
78 3,350,443
08 3,395.987
59 3,346,434
60 3,463,368
41 ; 3,681,331
55 ! 3,730,431

1323.

1822.

1820.

1818.

58
49
30
79
62
05
54
S9
22
31
01
10

4,424,874
4,487,068
4,656,791
4,491,231
4,825,957
4,517,571
4,910,434
4,918.001
5,274,793
5,355,922
5,424,362
5,509,234

\

1824.
48
46
09
86
61
56
22
55
14
32
48
16

5,813,694
6,273,666
5,932,734
6.309,691
5,974,651
5,512,407
5,588,000
5,824,157
5,387,593
6,252,823
5,664,392
6,378,402

01
30
94
58
20
12
24
66
05
89
77
09

fl,'i

,

r %

1825.
6,746,953
6,616,049
5,782,148
5,520,760
3.734,218
3,790,448
4,048,178
4.124.367
4,300,851
4,544.-230
3,458,207
3,672,281

21
98
54
90
03
36
67
85
13
74
15
59

STATEMENT C—Continued.
SPECIE IN
January, February,
March,
April,
May,
.
June,
July,
August, September,
October, November,
December,

1827.

1826.
3,960,158
3,719,387
4,168,477
4,563.985
4,794,690
5,497,252
6,194,275
5,960,761
6,138,458
5,851,893
5,582,945
5,663,441

10
01
85
69
75
88
79
47
39
36
43
96

6,457,161
6,637,118
6,920,725
6,892,607
6,947,435
6,142,141
| 6,381,225
6,413,193
6,005,331
5,649,H3
5,861,535
5,575,477

1S2S.
40
32
99
89
43
16
41
35
40
73
71
63

6,170,045 14
5,933,171 29
5,587,269 02
6,110,934 41
6.318,051 51
6,577,68174
6,621,734 94
6,593,007 35
6.262,185 97
tf 2*1,949 5 £ ,
6,017,663 2 * *
6,047,579 33

6,098,138
6,027,840
5 687,550
5,786,985
5,631,118
5,817,901
6,641.958
6,753,975
6,653,665
7,417,799
7,175,273
7,251,782

Ci
1830,

1829.
19
75
79
51
54
85
68
82
28
22
90
78

f

7,608,076
7,315,280
8,038,246
9,043.748
9,137,903
9,746,884
10,252,325
11,280,095
11 040,477
11,386,163
11.436,175
11,089,980

1831.
10,808,047 07
90
11,169.428 24
32
40
12,012,332 T&
97
12,485,609 61
7*
12,529,331 13
56
12,070,253 97
12,175,476 85
63
45 , 11,545,116^1
10,893,216 89
54
9,323,818 26
40
50
8,137,596 95
7,502,2M> 84
89

O

1832.
7,038,823
6,884,825
6,799,753
7,029,310
7,890,347

12
28
63
61
59

CD

[ Rep. No. 460. J

323

D.
,T. j g r c a a e a — — y

B lis diacoun'ecl
on pei tonal se»
curity.

1839.
January •
February March
Afipt
May
June
July
Aiifist September
October •
Novcrobrr
Ueceintiur

l a n k flock.

Funded debt.

393,061
105,315
58,555
160,430
315,919
7u7,578
1,046,300
84,216
74.8J9
59,936
134,87s
1151,128

23
73
73
73
97
49

51.528,333
31,638,453
32,49«,44»
3:1.326,340
33,627,133
33,621,481
34,196,767
09 32,515,4111
97. 32,415,847
79 32,432,453
^1 J? ,541,125
88 32,4y8,Jt;l

97
62
89
C«7
86
33
56
55
51
4H
66
m

17 31,972.641
SI 32,031,593
83 32,044,275
20 52,138.270
93 52,518,322
20 32,904,238
35 32,877,030
51 32,770,822
51 52.726,428
51 32,810,924
63 i 31,451,871
63 33,400,262

99
70
8*
69
8*
30
75
67"
56
31
36
8S

Total.

•
29,854,668
50,247,4(11
I 31,277,820
! 31,981,997
| 32,097,706
31,380,605
31,793,746
31,094,082
31,079,205
31,092,233
31,210,464
31,126,407

36
86
16
34
76
38
90
81 '
39
06
92
30

1,575,§04
1/285,735
1.18*2,073
1,175,912
1,213,437
1 333,297
1,559,720
1,356,111
1,261,812
1,280,2.53
1,165,7110
1,120,96*

30,614.508
30,971,805
30,895,922
30,925,129
30,896,965
30,129,351
31,304,553
31,806,840
31,761,077
31,800,743
52,663,034
32,614,894

31
51
12
It
68
OS
41
40
20
25
§1
25

1,002,294
1,017,577
1,004.061
993,084
994,951
1,0(15,819
918,508
879,659
881,453
889,113
719,195
717,b27

51
68
93
58
28
02
99
76
85
55
12

315,839
42.212
141,291
220,057
626,405
1,069,028
653,968
84,342
S3,893
121,067
67,641
67,541

31,827,121
32,942,581
33.502,614
35,185,756
37,473,279
38,927,511
40,559.944
41,585,298
43,25*2,404
45,370,135
46,942,682
47,484,548

72
91
39
89
54
83
96
70
64
77
06
26

665,005
§24,561
711,034
774,220
701,731
793,931
i66,0t»
779,458
786,295
719,946
§79,681
669,425

61
95
01
37
37
75
86
07
84
99
99
59

85,276
17,400
6,800
7,800
42,315
21 990
32.390
■ 19,700
14,300
19,300
96,118 ©1
18,950

33,575,403
33,584,543
34,320,448
36,067.777
38,217,325
59,743,253
41,448,423
42,384,456
44.053,000
46,099,382
47,718.483
48,173,933

48,&f3,570 34
48,205,4*7 06
45,850,367 27

731,157 53
788,312 §2
620,766 14

18,850
5,000
2,145,895 20

49,602,577 87
48,998,759 99
43,617,028 61

44,874,893 91

530,657 20

1,969,527 09

47,375,078 2©

38
03
13
46
66
65
15
63
72
90

1830.
januiry February •
Mmrr.ii
April
May
JtittH ,.

July * August
Srptepfecr
October November
llcccmber
1831.
January •
February •
March
April
M »y
June
July
August
September
Ootiiber

•

November
Uecembcr

44
SIS
40
36
§1
63
76
77
4S
711
06
M

1852.
January •
February March
April
May

sssasssssssssssssasz.

L Rep. No. 460. ]

329

D—Continued.
Domestic bills

Total of dis­
counts and
bills.

Funded debt.

Meal estate.

lar»k,g> houses
and permanent
expenses.

1829.
January
February •
March.
April
May
June
July
Auguft
September October
Norember ■
December

7,689,268'
8,967,853
9,268,137
9;56l,152
9,267,454
9,088,626
8,821,365
8,342,147
7,486,305
7,327,599
7,476,321
7,718,029

16,099 ,099
15,727 ,251
15,224 ,773
15,157 ,924
15,007 ,472
■14,970 ,767
14,932 ,639
12,676 ,133
12,249 ,287
11,710 ,710
11,717 ,070
11,635 ,290

18'
941
01
72
13
13
881
18
27
79
90
90

2,345,539
2,347,805
2,345,035
2,348,134
2,238,887
2,350,077
2,606,495
2,587,092
^,553,051
2,563,833
2,584,014
2,727,046

[40,663,805 38 11,610 ,290
142,032,494 54 11,385 ,790
i42.351.170 90 11,182 ,120
42,645,153 43 11,122 ,530
43,206,694 12 10,892 ,530
4043,515,329 76 10,892 ,530
31^3,238,168. 06] 10,674 ,724
42,028,760 351 10,674 ,724
'40,958,897 91 10,674 ,724
!4U,527,523 92 10,674 724
60141,406,160 96 8,674 ,681
36 42,402,304 24| 8,674 ,681

90
90
90
90
90
90!
05'
05'
05
05]
06
06

2,886,397
1,444 801 66
2,874,367
1,385 094 If
2,842,01
1,386 588 7f
2,981,890
1,391 ,507 09
2,842,287
1,378 ,502 69
2,829,848
1,381 ,877 83
2,802,004
1,384 ,171 17
2,804,974
1,328 ,832 48
2,833,013 9911,332 ,727 34
2,805,947
1,335 ,174 03
2,766,796
1,337 ,838 31
2,768,940
1,337 ,95© §8

19 39,217,602
1440,606,305
|41,766,586
42,887,492
04»2,894,587
0142,710,107
3443,018,132
6140,856,558
3109,902,152
3239,760,052
2740,017,444
03 40,216,530

30|
Oi
02|
09
33
88
54
21
11
56
06
18

1,557,356 59
1,498,291 45
1,498,337 93
1,498,998 35
1,499,247 35
1,485,618 71
1,502,024 32
1,442,402 15
1,443,420 90
1,443,833 81
1,444,110 41
1,444,401 89

1830.
January
February
March
April

8,691,163
• 10,000,890
10,306,895
10,506,882
May
■ . 10,688,371
June
10,611,091
July
10,361,137
August
9,257,937
September
8,232,469
October •
7,716,599
Bf©member
7,954,289
Becemlns?
9,002,041

%

1831.
January
February March
April
May
June
July
August
September
October 9
Movember
December

10,456,653
12,284,708
12,943,953
14,725,923
15,364,741
15,400,485
15,113,621
14,409,479
13,796.|7I9
14,001,991
13,775,978
14,853,530

9044,032 ,057 23 8,674,681
24P45.869 ,252
47,164 ,101
60,793 ,700
53,582 ,067
55,143 ,739
56,562 ,044
72 56,793 ,936
[57,849 ,720
(60,101 ,373
65 61,494 460
6863,026 .452

10
49'
56
75
421
95'
49!
31
88!
71
931

7,674,681
7,674,681
7,674,681
5,674,681
5,674,681
3,674,681
3,497,681
3,497,681
3,497,681
2,200
2,200

16,691,139 34 66,»3,7©7 21
18,971,647 7867 ,970,407 761
" "
120,354,748 79KS ,971,777 40

2,2§0
2,900

2,629 125 21 1,344,761 §2
2,623 ,690 77]
1,281,332 71
2,616 ,313 10]
1,283,384-71
2,604 ,865 51 1,283,590 42
2,557 ,293 39!1,294,902 09
2,531 ,400 25 1,295;978 11
2,493 455 69 1,298,098 §4
2,491 ,892 99 1,160^,455 54
2,492 ,987 78 1,161,455 54
2,415 ,598 7711,147,895 m
2,224 ,796 911 1,148,849 89
2,217 ,581 36 1 , 1 M ,103 31

1832.
t

January
Febwaqf
Match

Afril
May •

428,070
fro,- 72

123,052,973 52

48

2,136,535 56 1,159,687 »
2,221,975 71 1,071,964 7§
2,131,359 54)1,163,691 9 t

f

1,759,752 62 1,169,115 12

§

[ Icp. No. 4S0. ]

33§

D—Continued
Barings, Hope
St Co. and
foreign bills,

Specie.

Total of infest- Balances with
roents.
Stale banks.

Public dep©sites.

1829.
482,420 58 6,098,138
69J,463 31 6.027,840
9J2.71S 761 5,687,550
1,078,182 12 5,786,985
1,076,953 38 5,631,118
669.316-43 5,817,901
1,447,196 76 6,641,968
July
1,658,468 36 6,753,975
August
Septcimber ■ 1,558,528 27 6,653,665
1,406,462 26] 7,417,799
October
1,161,000 5; 7,175,273
November
Beccmbcr « 1,227,436 87| 7,251,782

January
February
March
April
May
June

65,800,156
66,902,958
67,455,496
68,757,717
68,448,266
68,003,789
70448,447
65,974,629
:6i,360.l0i
:
64,302 690
64,098,914
64,502,488

c
'c 1,723 ,297 8- 10,696 ,966 S i
ill 492 ,J59 68 8,655 ,102 34

1,199 458 65, 6,795 f4os m
\d 305 ,178 18 7,619 ,774 96
80 ;875 21 8,58(1 ,292 43
60 ,331 25] 8,905 ,501 87
9,486 ,084 91
450
1,014 085 87 10,331 331 17
1,335 ,058 23 10,457 , 7 i 69
O0
flf2,585,534 41 6,024 ,883 62
1,734 .548 08] 5,631 ,228 OS
|c 1,159 ,342 36 9,432 ,258 57
' 2,003 ,655 2«« 5,741 ,409 m
400 ,942 67 5,813 ,610 M

275 ,313
60 932
480 ,890
1,765 ,723
1,960 ,398
,257 .121
664 ,935
917 ,986
843 ,551
970 ,365

161
70|
43
76|
27
05'
57
37i
26'
44

7,531 ,939
8,629 ,733
9,194 ,826
10,876 815
1 l,p57,419
4,999 ,276
5,585 271
6,327 619
6,547 493
7,31' ,545

76
37
51
22
23
67
5T
08
45
05

1830.

January
F bruairy
M <rch
April
May
June
July
August •'
September
October
He v- mber
December

1,530,553
1,792,045
2,688,127
2,789,498
2,88(1,953
J ,477., 413
13.756,813
3,664,474
3,583,373
3,394,265
2,778,653
2,260,456

7,608 076
7,315,2«0
8,038,240
9,043,748
9,187,908
9,746,884
10,252,325
11,280,096
11,386,163
11,436,175
11,089,080

65,743,925
66,785,073
68 488,885
69,884,329
70,388,877
71,842 885
72,118,206
71,781,862
170,423,214
70,126,818'
168,400,305
68,534,312

'2,387,351
1,657',343
1,161,076
180,339

10,808,047
11,169,428
12,012,232
12,485,609
12,5^9,381
12.070,253
12,175,476
11 545,116
10,893,216
9,323 ,fel8
8,137,596
7,502,250

69,876,002
70,275,728
71,911,789
75,022,787
75,816,167
76,922,460
176,348,196
75,610,347
75,978 035
76,621,951
|73,090 f 878
75,985,562

11,040,477

1831.
January
February
M «reh
April
H*j
J«PC

174,841
206,407

July
August

144,439
121,214

September Ociobrr

a? .974
135,583
82,974

November
Becember

82,974

734 ,900 51
863 ,569 69
1,270 ,390 79]

'

316 ,092
274 001
40 ,975
60 ,5;8
r
131 ,746
551 ,215
|rf 1,105 ,521
956 ,179
1,003 ,311

9,131,964 13
7,238,270 S8
8,958,913 11
80' 9.001,169 55
17 7,531,532 35
74 7,833,637 55
04 7,655,803 97
51 7,252,249 43
24 8,415,792 14
63 9 ,§13n,434 99
97 6,843,356 33
161 8,85/;700 »

1832.

Januiry
February
Miixh
Jl'iril

■ay

91 ,§68 2.r 7,038,823 12 76,722,561 34 1,993,744 55 12,58^,363 §3
8,947,204 §7
9,097,724

174,032 65]
114,315 071 6,884,825 88 78,265,688 58|
1
§1,238 83 6,799,453 63 79,157,821 42: 1,152,552 23,
83,988 25 7,890,347 59] 81,331,274 32
D i e ftom State bank lit May, 1726,196 4 t .

10,7§5,886 41

334

[ Rep. No. 460. ]
D—Continued.
Private
dept'sitcrs.

Circulation.

Barings, &c.

Nett circula­
tion. .

• »

1829.
January
February
March
April
M«y
June
July
August
September Ociober
November December -

6 364,952,06
7,266,794 38
7,483,862 63
7,541,78.1 48
7.49J,198 99
6,9tsl,598 91
7,122,188 3?
7.475,098 23
7,000,803 31
6,771,115 90
6,487,668 2^
6,260,618 63

•

1830.
January
Pebr *arjr
M .rcii
April
May
Jim*;
July
August
Sep'ember
O .t:ibcr
November
December

13,391,110 54 '11,901,656
—
13,510,962 34 12,323,942
•
14,257,717 90 ,12,920,853
15,164,857 90 14,067,998
15,032,107 9(J !l3,630,543
•
!
15,517,782 15 I3,7H0,K47
15,813,543 15 13,69t,783
16,394,471 90 13,894,277 15,057 781 90 13 168,557
! 15.202,797 90 12,514,943
15,844,983 1* •12,85:J,082
9
14,948,124 96 12,742-,722
"

6,591,005
-% 7,361,417
7,696,849
7,704,2*6
7,536,637
8,140,279
7,928,55(1
8,227,333
- 7,857,056
7,694,485
- 7,57:1,502
- 7,898,911

41
84
55
87
26
89
84
09
26
28
70
34

•

-

-

-

30,453,029
29,432,859
29/273,520
31,136,374
31,720,133
33,376,196
34,593,141
28,878.846
27f64>t85f§
28,301,532
'28,880,145
28,522,586

34
06
&
73
4§
2S
75
811
7B
«
Sf
64

•
«.

15 364,135 45 12,924.145
15,179,229 45 13,470 599
15,1104,691 95 14,065.234
16,1)83,894 45 14,176.927
16,093,866*90 H,514,627
16 771,146 20 15,079.986
16,996,431 90 15.346,407
18,223,574 90 15,599,086
17,610,656 90 15,269,352
17,762,976 90 15.34S.657
18,004,679 52 15.7o6.247
17,649,226 90 15,846,902

_

•.
-

! 28,550,546 79
30,160,422 25
32,081,83J 93
32,693,0-53 If
33,166,638 W
.35,242,756 4§
36,362.053*43
32,475.791 §1
31,096,941 2#
3*J89,720 7$
3!,319 591 24
31,361,748 54

1831.
Jawi"
Ftfhr.. _,

March
Ap-I
May
June
July
.
August
'Sep'ember
October ,
Hovember
December

•
-

7,165,437
8,767,751
8,475,346
9,313/238
9,488,368
9,057,161
9,103,86*
9,115,936
8,652,789
8,349,380
8,071,217
8,145,098

13 18,527,886
14 18,799,755
03 •8,501,460
68 2') ,619,335
46 12,192,532
88 32,010,590
li 13.565,305
47, n.399,447
211 21,464,295
46 22,977,445
11 23,616 380
12 22,994,355

90 16,251,167
90 16,513,412
90,16,933,122
18.238.493
90 18,6021,917
iJ,951,232
7 1 0 , 0 3 61
19,195,817
52 19,377,910
168,378 72
40 18,827,610
3PI-.948 46
19.708,285 ' i,0Mr,m 05
20,724,820603,402 51
j 19,914,740
1,195,942 06

34,825,2SS
34,8.15.777
35,936.790
38,931,745
39,212,433
39.617,429
40,324,972
38.925,901
38,687.825
41,925.441
39.134.375
41,193,095

IS
91
04
23
71
04
08
11
21
50
95
3f

* 1832.
January
p binary
March
April

8,107,155 65 24,630,747 60 21,250,545
8,974,178 47 24,1569 920
21,081,675
8,816,759 81 23,717,440
21,044,415
9,005,096 57j 22,016,498

1,447,748 68 46,775.015 SS
2,245,888 79 45,037,191 33
1,376,802 59 43,558,r26'20
1,878,122 29 43,685,603 W

• jj

332

[ Hep. No. 460. ]
E.
Weekley Statement of the Branch at New York.

• •

Domestic bills
exchanged.

Active debt
1831.

August

3,
10,
17,
24,
30,
Septembei> .7, .
14,
*
90,
27,
4,
October
If,
19,
96;
November 9,
9,
18, 23,
3©,

December
•

January

February

7,
14,
21,
98, •
4,
11,
18,
95,
9,

-

-

!'

!
•
;
.
♦.

-

-

*

-

1
:

8,
15,

April

May.

-

1
1

-99,
99, .
7,
.
14,
91,
18,
4,
11,
IS,

-

-

1

-

-.

tf,

March

-

-

- •

%

-

-

■

■
■
,
-.

3,482,089
3,899,123
3,695,757
3,937,504
4,020,891
4,103,134
4,440,798
4,656,801
4,606,183
4,717,215
4,651,328
4,518^87
4,558,684
4,530,885
4,556,105
4,533,349
4,403,366
4,429,660
4,438,345
4,523,69.7
4,552,525
4,632,676
4,733,860
4,748,804
4,185,531
4,777,695
4,847,227
4,759,597
4,730,200.
4,757,377
4,881,464
4,872,665
4,869,189
4,834,917
4,808,733
4,781,679
4,689,539
4,68i,32i
4,700,198
4,690,505

84
\S
03
51
78
87
S§
58
08
05
88
76
80
17
21
57
32
78
16
78
16
74
79
§4
22
35
31
28
19
96
65
86
44
15
45
§§
13
65
§7
55

|
I
\
1

!
1

I
!

'
I
!
!
j
|
!
|

!

1,194,302
1,239,880
1,283,243
1,359,205
1,401,650
1,430,133
1,462,531
1,598,021
1,532,056
1,557,407
1,531,869
1,527,048
1,502,504
1,509,829
1,474,124
1,444,382
1,384,253
1,347,287
1,349,826
1,352,707
1,361,863
1,353,045
1,331,709
1,316,565
1,812,234
1,958,761
1,224,386
1,201,730
1,133,601
1,088,145
1,069,434
1,075,758
1,060,744
1,041,993
917,531
987,624
953,830
948,989
913,967
891,179

76
5$
66
83
05
72
i#
79
m
Si
If
3S
01
82
09
76
01
C)
M
Si
11
8§
§8
81
70
74
73
5t
If
01
8S
§7
St
Oi
79
7S
70
44
50
4§
§M

[ Bep.No. 460. ] •
F.
Questions

u

93$ .
,

..

on ike ii\flmmce of ike Mmnk qf the Untied States upon
#r<flwifef,f put % Mr. Cambreleng to ike President*

1. Since 1816, ha?© we not experienced reactions In 1818-19, 1825-ti,
182S-30; and has not the demand for money been Increasing since October
last?
it is difficult to understand precisely what is meant by reactions. In the
active commercial business of this country, there are constant vibrations,
but the only real danger which 1 have ever seen since 1819, was in the fall
of 18S5. The troubles of 1818-19, had little connexion with trade. They
grew out of the transition from a depreciated to a sound currency, which
necessarily occasioned a great reduction of .the circulating medium. The
estimate of Mr. Crawford was, that the bank notes in 181S amounted to 62
millions; in 1815, during the suspension of'spetie payments, to 110 mil»<
lions; Mr. Gallatin estimates their amount in 18IS at 70 millions, and m'
1820 at* 45 millions. These luctuations were, in themselves, sufficient
causes of the embarrassments of 1819. The demand for money in October
list, has not been increasing to this time, (April,4832,) but is nearly past
2. Are not such reactions in trade usually attended with stagnation of in­
dustry, bankruptcies among traders and manufacturers, and distress among
laborers thrown out of employ?
3. In every such reaction, does not a large amount of property pass from
t i c active and enterprising to the wealthier classes?
This again depends on what is meant by reaction*. 1 have never seen
any such disasters arising out of the temporary vibrations of the active busi­
ness of this country.
4. Are not countries where a large' paper circulation is substituted for t
metallic currency, most liable to these distressing luctuations? •
i . Does lot this arise, in a great degree, from the tendency of price*
where such a currency exists, to rise higher and fall lower, than in coun­
tries where the price of labor, and the value of property, are more uniform
through an -unchanging and sound currency?
This is generally true, but by no means universally. . A metallic curren­
cy may be%eiposed to as violent luctuations as i paper currency, the expan­
sive power of credit often supplying the diminution of coin. Moreover,
the paper currency of Scotland is perhaps less fluctuating than the metallic
currency of France.
i . Independent of the various incidental causes which*may agitate trade
at anytime, and in all countries, are not some of the luctuations in value
of property of aU kinds, exclusively attributable J© changes in the revenue
laws; and do not the most violent arise from sudJtn alterations in the cur­
rency, or from too abrupt an expansion or contraction of bank loans and cir­
culation?
1 should think that changes in the revenue laws, sudden alterations of the
currency, and " too abrupt an expansion or contraction of bank loans and
circulation," would occasion luctuations in the value of property.
7. If a bank or a Government adds ten millions suddenly to an existing
paper currency, and as suddenly loans it to trade, will it not injuriously af­
fect both your trade and your currency?

[ l e p . No. 460. ]

834

Not necessarily nor naturally. It depends wholly on the existing slate
of the trade and the currency.
8. Is there any substantial difference between issoing ten millions of a
new paper currency,' not representing capital,'and arbitrarily adding that
amount to the ¥alue of your metallic currency, by increasing Its value by
law, except in degree,, as to the suffering of the community?
A very substantial difference. To depreciate the coin is a fraud on the
pnrtof'the Government: an increase of paper, -convertible into coin, may
be very advantageous, if the trade and business of the country require it, andfIf
Hey do not require it, the evil will soon correct itself, because it will be
converted into coin,
9. Was not the distress of 18l8-rl9 caused, orjts severity much increas­
ed, by the proceedings of the Bank of the United States, between Januarj r
1S17, and October, 1818, in too rapidly loaning more than forty millions of
dollars, and increasing our general circulation upwards of ten millions fn *
bank notes?
1 do not think the distress was either caused or increased by the loans and
circulation of the bank. When a bank, with a'capital of thirty-Eve millions,
established for the purpose of supplying a circulation, has issued at the end
of twenty-one months, only 1 8 S, 713,951, not ten millions, as the question '
suggests, the surprise is not that it was so great, but that it was so small.
10. Was not the distress much increased by a sudden contraction of its
loans b et%veen July, 1818, and May, 1819?
; •
The contraction was not sudden but gradual: the whole reduction between
the two periods, a space of ten months, In the whole eslablishment, was only
' «8,954,7§4.
11., Was not the distress of 1825-26,, much increased by the change in
•ur revenue laws in 1824, by the increased loans of the Bank of the United
States, by an addition to its circulation, Jbetween 1st January, 1824, and the
1st of July, 1825, of five millions of dollars, and by too rapidly increasing
Its investments In funded debt, from June, 1824, to June, 1625, from ten
to twenty millions of dollars?.
It is doubtless very difficult to connect events with their remote causes.
But it is not, eitremely easy to ascribe the existence of the greatest com­
mercial and financial calamity both in England and the United States, to the
circumstance of the bank's having increased its business eighteen months
before that period. There is the less reason to ascribe these great events to
this cau>*e, inasmuch as the loans of the bank for nineteen months previous
to^that pressure, so far from being increased, were actually diminished, .as
will appear from the Yollowing statement:
■r»

—

—

=

=

=

=

-

,

-

'■-

—

■

.

\

Loan!.
1st January, 1824,
31st July, 1825, -

_ _

: Bills of Exchange.

- 31,108,253 96
- j 29,489,174 34

_ _ _ _ 81,619,079
1

62

x

1

ToUls.

2,823,830 19 33,432,084 15
3,622,882 69 . 33,112,057 03

$ 1,299,052 50 3
5

320,027 12

Here is an actual diminution of loans in the Atlantic citiesof 1,619,079 62,
n d an actual increase in the remittances of bills from the south and west t©
sustain them, of 1,300,000; and, finally, an aggregate reduction.of the loans

[ lep. No. 460. ]

385

of the whole establishment of $ 3,000,000. As ill this reduction took place
three months before the pressure, it seems scarcely reasonable to ascribe the
pressure to an alleged increase.
,
IS. Suppose the speculations and reactions of 1825-26, to hawe originat­
ed in England, should we not have been less affected by it, had not the cir­
culation and funded debt of the bank both leen suddenly doubled?
it is difficult to discoFer the least conneiion between the two events.
This reaction, as it is called, took place here in October, 1825. In Mayf
1824, eighteen months before, the bank took the five million loan, and, it
x
January and March, IS25, another loan of five millions; but its general buiinesi was actually diminished, and its circulation, so far from being sudden­
ly" doubled, underwent the most gradual and gentle increase imaginable, •
The whole increase of the circulation of the bank from the 1st of July, .
1824, to the 1st of July, 1S25, was only 3,277,885 50.
13. Was not the distress! among our manufacturers in 1828-29, partly at-.
tributable to our tariff of 1828, and to the bank's increasing its circulation
four millions, and its total investments five millions from June, 1828, to
" June, 1330?
I do not know what might have been the effect of the tariff, but certainly
no part of the distress can be ascribed to the bank, for it3 total investments,
that is, its total loans, were actually reduced.
They stood in June, 1828, at
.
.
.
#55,866,87201
• And in June, 1830, at
54,407,800 66
A reduction of
.
The only increase of investment
The bank had in June, 1828,
And,in June, 1830, -

.
.
was in the specie..
' . -

81,459,071 35
§6,577,68174
9,746,884 5S

Increase,
.
.
,
.
g 3,169,202 82
So that this increase of investments, which misled, to their ruin, the ma­
nufacturers, was, in fact, an increase of $3,169,20^82 in the specie, and a*
diminti!ion of its loans to the amount of $ 1,459,071 35.
14. To what other cause than the operations of the Bank of the. United
Stales can you attribute the demand for money which began in October last^
and has continued to the present time?
15. Was it not the natural consequence of the bank's rapidly increasing
its bank note circulation from January 1st, 1829, to January 1st, 1831, ten
millions, and its total discounts, in thirteen months, to 1st January last, from
forty-one to sixty-six millions of dollars?
I see no connexion whatever between the operations of the bank and the
demand for money, except that the bank has supplied the demand. The
state of things in Europe sufficiently accounts for an increased importation
of merchandise, and a demand for money to circulate them; and the sim­
ple fact that the increase of the business of the bank has arisen siotie the im­
portation, seems decisive as to the fact that the increase has not occasioned
them, but has averted any mischief from them. Then, too, this is much
exaggerated. Thus, it is here staled that the increase of circulation from
January, 1829, to January, 1831, was ten millions: Now, the fact is, that1*
the actual increase was only #3,981,286.
Then, again, the increase of loans for thirteen months, to 1st January last*
it stated at twenty-fi?e millions.

SS€

"

[ Bep. No. 4S§. ]

Now, the fact is that the Government stock of the
bank was reduced from January 1st, 1829, to
January 1st, 163S, 016,096,899
That the bank whicb,In May, I830,had in Europe, [03,700,000 ? - g 4 - M
9
Drew for that, and overran Its balances there, . ■ 2,245,0001
^ w
So that It had an actual increase of mean of 5§f2,041,899
1
Yet with these additional means, its loans (exclusive of bills of exchange)
were Increased from December, 1829
- 032,498,501 08
January, 1882,
49,6§f,577 S i
017,104,076 7S
The domestic bills purchased during the same time being mainly the trans­
fers of funds to sustain the Atlantic cities, and to carry the southern crop to
market
Now, If there was a demand for money, and the bank had the means of
supplying it, why should It not? The object of Its creation was precisely
that; and as no Inconvenience has happened, or will probably happen In con­
sequence of It, aqjd as great distress would have been occasioned if It had mot
taken place, It seems a singular objection to a bank, that, finding a demand
for money, and having the means of supplying It, It did supply I t
16.* Was It not probable that an increase of loans and bank notes corres­
ponding with that made In 1817-18, might, In 1832, be followed by conse­
quences similar to those realized In 1819?
There is no analogy between the two cases, and no resemblance In the
situation either of the bank or of the counry, at these respectlwe periods.
Thobank', In 1817/ was urged by the Government Into Immediate operation,
and its loans and circulation, whatever their amount, had less reference to
the wants of business than the wants of the Go?ernment. The Increase
©f 1831, was an Increase growing out of the actual business of the country,
which will necessarily subside whtn the business is done.
17- Was not a rapid addition of twenty-fife millions to the discounts of
the bank, and a sudden transfer of loans from Government to trade, calcu- lated Inevitably to produce overtrading?*
As there was no such rapid addition, and no such sudden transfer, they
could not have produced overtrading.
18. Bid not the sudden addition often millions to our bank note circula­
tion,' affect our circulation unfavorably, and force our specie abroad?
There has (been no such increase of ten millions. The whole increase ©f
183-1, was not near five millions.
19. Bid not the Bank of the United States lose, between the first ©f July
. and first of January last, five millions of its, specie?
The amount of specie was reduced about that amount in the ordinary
course of Its business.
•
20. Had the directors of the Bank of the United States became alarmed
• as In July, 1818, and resolved to curtail their loans extensively; or had any
political or commercial event occurred to produce a sudden contraction of
the expanded circulation and loans of the bank, should we not have seen
the same demand for specie, and the same commercial distress, which the bank
brought upon itself and the country In 1819? .
As the directors did not become alarmed, what would have,happened in
case they had become alarmed, mist be entirely conjectural; but the cir-

X Bep. No. 460. 1

33*

fpmstticcs«-of t i e bint and of tie country,
so entirely different it
these respective periods,1 that there appears to be no analogy between them.
21. Did not the president and directors of the Bank of the United States,
on the 7th of October last, direct a circular to the cashiers of all the offices*
instructing them to curtail their business, and to favor the offices in New
York and Philadelphia as much as possible, and will you insert a copy of
that circular in your answer?
The circular wis as follows:
. (Circular.)
BANK UJHTUD STATES, Ociober 7, 1831.
SIB: The unusually heavy reimbursement of six millions of funded debt,
which was, en the 1st instant, advertised by Government to take place on the
1st and Sd days of January next, but which, according to a subsequent notice
from the Treasury Department, under yesterday Vdste, may, it appearsf be
demanded of the bai\Jt by the public creditors at any period of the present
quarter, is calculated to press Yery inconveniently upon the parent bank,
and upon the office at New York; the more so, from our uncertainty as to
the time when -the necessary provision must be made, from the prevailing
active 'demand for money. Be pleased, therefore, so to shape your business
immediately, as that, without denying reasonable accommodation to your
own customers, or lacriicing the interest of your office, you may throw, as
early is possible, a large amount of available means into our hinds, in Phllat delphla 'and New York; and, at the same time, abstain, as far as practicable,
from drawing upon either of these points* Checks and short drafts on the
local banks, and on indifiduals, will prove particularly acceptable for several
months to come, and whenever direct claims of that kind, on either of those
.two places, are not to be procured, you might materially aid us by taking
drafts upon large cities nearest to theih.
W E M'JLYAINE, Cashier.

S i . Were not similar instructions given in October, November, Decern"
ber, January, and February, and did not the demand for money, which the cif
colar states to have been "active" on the 7th of October last, continue to
Increase?
Ttfe Secretary of the Treasury, on the 1st of October, 1881, announced
that, o'n the 1st of January, about six millions of the public debt was to be
reimbursed. On the 5th of October, 1881, the Secretary gave notice that
all these six millions should be immediately reimbursed on demand. This
was done when the Government had not three millions and a half in the
bank to pay these stocks. For instance, it directed that three millions
fchould be paid in Philadelphia, when the Government had only 138,000 in
the Bank at Philadelphia. Such a measure required great caution on the
part of the bank, and, accordingly, the branches were instructed to avoid as" •
much as possible, pressing on New York and Philadelphia with their drafts,
but to pay a portion of their debts to the northern Atlantic offices, where these
reimbursements on account of the Government were to be made.
The demand for money, which was « active" in October, has very much
*
subsided, mainly, in consequence of the measure? then adopted.
83. Was not the pressure on Louisville and Cincinnati m severe, that,
on the 8d of March, orders were given not to insist on the proposed reduc
43

338

[ lep. No. 460. ]

lion, hut to .proceed to accomplish the object they,had in Tiew In i s gentle
a manner as possible, under circumstances so distressing?
The pressure on Louisville and Cincinnati, was,owing cot to a n j reduc­
tions of loans, for none had taken place at Cincinnati, and. but a trifling
amount at Louisville, but wholly to the rise of the river Ohio, over which
. the bank has no control. I n answer to the instructions to these branches to
pay moderately and gently a portion of their debts, the cashier of the branch
• t Cincinnati, wrote: '• We could have accomplished, 1 think, all that was
expected, but our city is thrown into a state of unparalleled distress by this
awful visitation. Nothing like it has ever been experienced here in the
memory of man. About two thousand houses were inundated in that space,
tod in the centre of the town; the warehouses of a large number of our
heavy customers were of-the number. The private distress, and the shock
to the business of the place, cannot be described."
And the cashier at Louisville, wrote:
c<
AH the lower part of our city is inundated, and every approach, except
by water, impeded, The river is now higher than ever known, and s t i l l
rising rapidly, and it is fearful to contemplate the disastrous consequences to
the whole country binding on the Ohio and Mississippi: business here is
prostrated for a time,'' &c. &c.
These were the "distressing circumstances,f under which they were di­
rected to give every relief in their power.
24. Did not the president of the bank (Mr. Cheves) inform the Secretary
of the Treasury, in April, 181S, that the bank could not pay the Louisiana
debt of three millions, without negotiating a loan' in Europe? Was not tw© l
millions actually borrowed in Europe, and did not the president ask other
indulgences?
The bawk negotiated such a loan, under the impression communicated to
the Secretary, that it was necessary, but Mr. Cheves, 1 believe, asked no in-,
dulgence of any kind. He stated certain things which he deemed rights
that the bank could fairly claim; but even these the Treasury could not, or
did not, grant; so that the bank was left to its own resources, which effectual­
l y relieved it from its temporary embarrassment
25. Has not the bank asked Government to postpone the redemption of
the three per-cents, from July to October, and has it not assumed the pay'^
ment of one quarter's interest, being substantially equivalent to a loan of six
or seven millions, for three months, made by Government to the Bank<of the
United States?
The bank has not asked the Government to postpone the paymeot^f the
three per cents. On the contrary, when the bank was asked by the Govern*
meat whether it saw any objection to the payment in July, it answered,im­
mediately, that it saw none as far as it concerned the Jiank—but the Govern­
ment, on account of its own interests exclusively» wished to make the post­
ponement, and the bank removed the only difficulty to the measure at its
own expense.
26. Had your lowest circulation been gradually increased—had not nearly
•twenty millions been aided to your baak note circulation sihee 1824—and %
had not your facilities to trade been extended in four years preceding t i e
first of January last, from 33'to §€ millions of dollars—do you think the
bank woujd have found any difficulty in transporting sufficient funds abroad
to redeem that portion of the three per cents, which is held in Europe, and
which might not have been reinvested h#re?
These fueatMtas contain t strict of errors:

[ lep. No. 460. ]

.

33S

1st. The circulation his Increased since 1824, not twenty millions, but only
$14jl82 l# l5l—an increase which has been% gradual, notwithstanding thft
addition during that period of nine branches where that additional circu­
lation had takefh place.
24. The loans of the bank, exclusive of bills of exchange for transfers, havt
increased, not 33 millions, but 19 millions; and
3d. The- bank would have found not the least difficulty In making the
•transfers alluded to; and never supposed it would have any.
27. When an institution with investments amounting to seventy-ive mil­
lions, commanding the foreign and domestic exchanges of the country, and
fnonopolizing the government deposites, cannot, at the moment we are ex­
porting our annual crop of cotton amounting to twenty millions, transfer a
few millions of its funds abroad without embarrassing its operations, and seri­
ously distressing traders; is there not reason to believe that its business has
been too much and too rapidly extended?
If, as i presume, this is intended to apply to the bank, It Is without foun­
dation.
The bank can readily transport any portion of its funds abroad, and has
actually, during the last seven months, made such transfers to thte amount of
5,008,154 dollars.
28. Can any bank, conining itself to the legitimate business of a banker,
which never forces its loans upon trade, or its notes into circulation by ex­
traordinary means, ever be compelled to curtail its loans, or to' ask indul­
gence from Its creditors?
'
t
Every bank, whatever be the amount of its circulation and loans, must
often have occasion to diminish its business, because a prudent banker mayt
tinder certain circumstances of trade, make Ioansf and issue notes, which,
"when these circumstances change, he should reduce.
29. Do you not consider the resolutions of the board of directors, in 1830
and 31, to makeiong loans at reduced rates of interest, on pledges of stock,
as a species of forced loan; and the expedient of issuing branch drafts from
the branches as an experiment to force the circulation'of your bank notes?
I cannot perceive the least analogy between a forced loan and a voluntary
loan. In 1880 and 31, the Government of the United States paid 'off cer­
tain stocks owned by the bank. A portion,of these were reinvested in loans
secured by stocks issued by the Government of Pennsyltania. The one
was not more forced than the'other.
The expedient of issuing branch notes was intended merely to supply the
physical impossibility of signing other notes. It did not necessarily increase
the amount of issues beyond what they would have been if the notes, in­
stead of being signed at the branches, had been signed by other officers at
the parent bank.
%
30. Did not the bank, by adding to our paper circulation near fourteen mil­
lions from the 1st of January, 1828, to the 1st oftfanuary, 1S3&, adopt the most
effectual measure to raise our foreign exchange, depreciate our currency,
enlarge importations, force the exportation of our specie, and* diminish its
ability to meet its engagements both at home and abroad?*
The actual increase of circulation was not M- nearly fourteen,, millions,
but only 111,394,868.
It is a little remarkable that, if any period in the whole history of this coun­
try were selected, during which the state of things was directly the reverse
of that described in this question, it would be precisely the lour years her©
mentioned. For,
.
' *

340

f Sep- No. 410. ]

1st T i c foreign exchanges have been uniform, and sometimes favorable
Id this country. Within twelve months past, the exchanges between this
country and England were actually-ip favor of this country.
2d. Our currency was never less depreciated; there never having been a
moment in which the silver currency of the United States was the slightest
friction of i per centage above the paper currency.
3d. The Importations have been adapted to the fair demandi of the coun­
try: if a heavy fall importation occurred, it was balanced by a lighter spring
importation. Thus, during the winter of 1831-2, the importations were
very great: the importations of 1832-8 will be proportionally small.
4th. The exportation! of specie during that period have not been equal to
the importations; and
5th. The bank, so far from- wanting ability to meet its engagement!
abroad, has never had ao large an amount of funds in Europe. In the year
x
1831, it had $3,700!000 in the hands of its correspondents in Europe.
Questions submitted to the Prmdemi of the Mank of ike Umiiii
by Mr. Cambrekng3 with his mmwen thereto.

Simi^

1. What, in your opinion*, were the causes which enabled-the bants to
resyme specie payments in Febirary, 1817?
On the whole subject of specie payments in the United States, my
©pinions are these: I believe that the suspension of specie payments was
©ecasioned mainly by the circumstance, that the 69vernnient of the United
States renounced, for a time, its constitutional power over the currency, in1permitting the dissolution of the first Bank of the United States. 1 believe
that the resumption of specie payments was occasioned exclusively by the
establishment of the present Bant of the United States; and 1 believe that
the suspension of specie payments will again Inevitablyf and shortly, fol­
low, whenever the Government shall cease to exercise that control through
an establishment like that of the present Bank of the United States.
In regard to the first opinion, 1 have not time to state the details; bit,
on such a subject, I know of no higher authority than the late Secret
tary of the Treasury, Mr. Gallatin, who, for twelve years, superintended
the finances of the country. That gentleman, in his work on the *c Cur­
rency and Balking System of the United States/ 1 page 46, gives it as ."his
deliberate opinion, that the suspension might have been prevented at the
time when it took placer had the former Bank of the United States been
still in existence."
In regard to the second opinion, it will be, sufficient to cite the testimony
of the best witness, the Secretary of the Treasury, Mr. Dallas, who declares,
that he had tried in vain all other modes of accomplishing tie resumption
of specie payments, md that the establishment of the bank was at length
hii only resource.
"
' .
l a his report to Congress, in December, 1815, nearly a year after the
peace, he says: " It is a fact,"however, iocontestlbly proved, that these iti•litutions cannot, at this time, be successfully employed to furnish an mii-%
form national currencyf The failure of one attempt to associate'them with
that view, has already been stated. Another attempt by their agency, in
circulating Treasury notes to .overcome the irregularities of eichange, h m
only bfen partially stttufssfil, anf t plan recently proposed, with the desigm

[ Rep. No. 4§0

n

,

341

to contract tie issue of bank i n t o , to fix the piblic confidence in the ad­
ministration of tie affairs -of the banks, and to give etch bank i legitimate
share in the circulation, is not likely to receive the sanction of the banks.
The truth is, that the charter restrictions of some of the banks, the mutual
relation and dependence of the banks of the same Stale, and of the banks
of different States, and the duties which the directors of each -bank con*
ceive they owe to their immediate constituents upon points of security or
tmolument, interpose an insnrmountable»obstaele to any voluntary arrange­
ment, upon national considerations alone, for the establishment of a national
medium through the agency of the State banks."
<f
The establishment of a national, bank is regarded as the best, and per­
haps the only adequate resource to relieve the country and the Go¥emmeiit
from the present embarrassmentw
Accordingly, the Bank of the United States was established. One of its
first measures was9 to call a conFention of delegates from the State banks of
New York, Philadelphia, Baltimore, and ¥ir|inia, for the purpose of con­
certing measures for the resumption of specie payments.
The bank then proposed to the convention, that if the banks represented
in It would resume specie payments, the Bank of the United States would
gi¥e them eYery indulgence; would at once assume their debts to the Go­
vernment, and give them time to pay the amount to the Bank of the United
States; would discount to a considerable extent to relieve them; and if
any embarrassment happened to any of. them in consequence of the re­
sumption, would come immediately to its assistance.
The following articles from the arrangement of February 1, 1817, show
the extent to which this assistance was to be given:
"That the incoprorated banks of New York, Philadelphia, Baltimore,
and Richmond, engage on the 20th instant to commence, and thenceforth to
continue specie payments for all demands upon them. 1 '
11
That the whole of the public balances in the receiving banks of Mew
York, Philadelphia, Baltimore, and Ylrginia, be transferred to the Bank of
the United States on the l i t h of this month, and retained by the said bank
until the irst day of July next, when the same shall be paid off, together
with the interest thereon,"
11
That the payment of the balances which may accumulate against the
aforesaid -banks, subsequently to the transfer of the balance Irst mentioned,
shall not be demanded by the Bank of the United States until the said
bank and its branches shall have discounted for IndltiduaJs, (other than thorn
having duties to pay,) subsequently to the lith instant, the following sums,
viz11
For those in New York, two millions.
m
From those in Philadelphia, two millions,
41
For those in Baltimore, one million and-a half.
Cl
for those in Virginia, five hundred thousand dollars."
11
That the Bank of the United States, and the other incorporate! banks
©f New York, Philadelphia, Baltimore, and Virginia, will interchange
pledges of good faith and friendly offices, and, upon any emergency which
may menace the credit of any of the aforesaid banks, or the branches of the
Bank of the United States, will cheerfully contribute their resources to
any reasonable extent, in support thereof. The Bank of the United States,
confiding in the justice and discretion of the State banks respectively, to
circumscribe their alairs within the just limits indicated by their respectif*
capitals, as soon as the interest and con?eniciicc of the community will admit,"

342

[ T p. No. 460. J
i

In referring to this arrangement, Mr. Gallatin, In the work just cited,
page 48, says: 4I To that compact, which was tarried into complete effect,
and to the importation of more than seven millions of dollar* in specie froin
abroad by the Bank of the United States, the community is indebted for
the universal restoration of specie payments, and for their having been sustiined during the period of great difficulty, and of unexampled exportation!
of specie to China, which immediately ensued." , And, again, page rfi—
, As respects the past, " it is a matter of fact that specie payments were
-restored, and bate been maintained, through the Instrumentality of that
iisfitution.' 1
In respect to the third opinion, 1 have oo clearer conviction than this,
that the suspension of specie payments will recur whenever the Govern­
ment of the United States shall cease to maintain some institution like thai
of the present Bank of the United States.
t
2. Are not specie payments, and a specie currency, naturally restored in%
every country upon the return of peace and confidence, after trade has re­
covered from the shock of the first reaction, where gold and siver are the
only tender, and where banks are required to redeem in specie?
By no means. When peace comes to a country, exhausted of foreign
goods, it brings very large importations, which rather prevent than occasion
specie payments; and the circumstance u that gold and silver are the only
lawful tenderi and that the banks are required to redeem in specie," is not
at all conclusive. Gold and silver were the only .lawful tender, and.banks
were required to-redeem in specie,, during the whole suspension ol specie
payments, just as much as they are now. There had been peace for more
than two years, and abundant confidence in 1817, yet specie payments were %s
not naturally restored. The means, on the contrary, were wholly artificial
On these occasions, the-suspension, whether justifiable or not, is, in fact, i
'triumph over the laws.
3. Suppose that specie was, in January, 1815, fifteen per cent, higher
than New York bark notes, and that it fell ivhen we received the intelli-getice of peace to two per cent, premium; what, in your opinion, .produced
the fall in the price of specie?
4. Supposing specie to have risen in October, 1815, to 16 per cent, and
In January, ISIS, to twenty per cent in New York; to what cause would
you attribute that rise?
The cause is very -obvious. The news of peace occasioned the expecta­
tion of an immediate resumption of specie payments by the banks, andy of
course, their paper rose in value. Before the year expired, that expectation
was disappointed, and the paper relapsed, of course, Into Its former dis­
credit. Mr. Gallatin so states it expressly,
' «*We will quote," says he, page 27, "only one other Instance of a
similar nature. The notes of the Baltimore banks were at twenty per cent,
discount in January, 1815. The treaty of peace was ratified and published
in the month of February, and as the suspension of specie payments had
lot lasted six months, and was caused by the war, a general expectation
immediately prevailed. that those payments would be forthwith resumed;
accordingly, bank notes rose every where in value, and in March the dis­
count on those of Baltimore was only five per cent As that expectation
was disappointed, the notes again sunk in value; and, in July, those of Bal­
timore were again at a discount of 20 per c e n t "
5. Would not the heavy importations necessarily lowing into the cot) a *

[ Rep, No. 460. ]

348

fry, to supply a marlcet exhausted by a three years* war, have i leniency
to raise tie price of specie? .
'•
i should think so.
6 Suppose that the Secretary of the Treasury had directed tie revenues
of the country to be receded in Treasury notes, or in the notes of such
banks as would exchange their paper for Treasury notes; what effect, in
your opinion, would it have upon the currency?
7. Supposing the notes of the Baltimore banks to be 20 per cent below
the value of the specie-paying banks of Boston, would not such a Treasury
i order substitute the depreciated paper of Baltimore for .a sound currency,
and necessarily raise- the premium on specie, and was- not that order the
principal cause of the rise of specie in 1815 and 1816?
8. Suppose that the Government negotiated a loan after the war, receiv­
able in Baltimore bank notes, w&s not this another cause which produced
the rise In specie, and would not such a negotiation also affect the currency
unfavorably?
The loan itself was so small, that neither .it nor the Treasury order could
have much influence on the price of specie, which was determined by causei
far more general and Important
•
9. What'was there to prevent the State banks from resuming specie pay­
m e n t s ^ November, 1818, when specie in New York was at 1 | per cent
premium, being one per cent, lower than it was in February, 1817, wfaea
specie payments were actually resumed?
10. Had they disposed'of their Government slocks, could not the banks"
have resumed specie payments at any time after November, 181 i , and with
facility?
§
%
If it was so easy, and nothing prevented them, why did they not do it?
If tlifjy could ha¥e clone it, yet did not, it must have been because they
would not. The bank was established for the very purpose of making them
do it, and helping them to do it, and it did both.
Mr. Gallatin's view of it, is this:—
4<
The banks did not respond to that appeal made by public opinion; nor
is there any evidence of'any preparations, or amy disposition om their
pari, to pay their notes in specie until after ike act io incorporate the
mem Bank of the United States had passed.*9
11. Did not#Congrcss adopt a resolution on the 30th of April, 1818, re­
quiring specie payments for Government dues, and was not the bank the
agent of the Treasury in executing it?
12. Was not that resolution (enforced by a Government with a revenue
at that time amounting to thirty or forty millions,) the immediate cause of
an earlier resumption of specie payments?
The bank was not the agent of the Treasury in executing it, nor was it
the immediate cause of an earlier resumption of specie payments. On the
contrary, It was wholly Ineffectual In the hands of the Treasury until the
bank Yoiuntarily enabled the Treasury to carry it into elocution.
T h e resolution in,question, passed on the 30th of April, 1816, did not
require "specie payments for Government dues;" it only directed that the
Secretary of the Treasury, "should adopt such means as he may deem
necessary9 io cause9 as soon as may Ac," the revenue to be collected and
paid in the legal currency, or Treasury notes, or notes of the Bank of the
United States, or In notes of banks which are payable and paid on dqpahd
in the said legal currency;. and that, after tie 20ih of- February, 1817, n©

^44

.'

£J Hep. No, 460. ]

,

revenue u ought ## Ac collected or rmeiwed3 otherwise than in the legal
currency of the United States, or Treasury notes, or notes of the Bank of
the United States, or In notes of hanks which are payable and paid on de»
mand In the said legal currency of the United State§. ,,
This resolution merely repeats what was the law before It passed, that i§,
that the only legal tender was coin, or the notes of banks paying coin, and it
only declares that the Secretary of the Treasury shall endeavor to enforce It.
It was, In itself, in excellent resolution, and was no doubt useful as indi­
cating the concurrence of the Government with the bank in the effort to
restore specie payments, but* it would lave been wholly inefficient without
..the aid of the bank. My reason for saying so, Is the acknowledgment of
" the two Secretaries of the Treasury to whom the'execution of it was In suecejsion committed, neither of whom could make it available, and both of
whom relied upon the bank to enforce it The evidence of this is as easy
as it is perfect.
What Mr. Dallas thought of it, and did with it, may be seen la his Trea­
sury report, on-the 3d of December, 1816:
" There was no magic In a mere Treasury instruction to the collector! of
the revenue, which could, by its own virtue, charm gold and silver again into
circulation. The people, individually, did not possess a metallic medium,
and could not be expected to procure It throughout the country, as wdi as
in the cities, by any exertions unaided by the banks, and the banks, too
timid, or too interested, declined every overture to a co-operation for rein­
stating the lawful currency. In this state of things, the Treasury, nay, the
Legislature remained passive. The power of coercing the banks was limit­
ed to the rejection of their notes in payment of duties and taxes, and to the
exclusion of their agency In the custody and distribution of the revenue;
but the exercise of that power would not generate a coin currency, al­
though It .would certainly act oppressively upon the people, and put i t
hazard every sum of money.which was due the Government Until, there­
fore, a substitute w,as provided for the paper of tie banks, it would have
been a measure of useless and impolitic severity towards the community,
to insist (hat all contributions to the expenses of the,Government, should
be paid in a medium, which, it is repeated, the community did not possess,
and could not procure."
,
f<
The establishment of the Bank of the United States will open the sources
of an uniform currency, independent of the State banks; and, as the peo­
ple will then be supplied with a medium wfajch can be used for every
public and private purpose, the peremptory .requisition of the resolution of
Congress for the collection of the revenue in the lawful money ©f the
United States, after the 20th of February, 1817, becomes, at once, just, poli­
tic, and practical*9'
Mr. Crawford was equally desponding, as the following course of his cor­
respondence with the bank will show. On the 29th of November, 18115,
he writes thus:
"Jla the principal banks in the middle Siolesf in the month of August
last, explicitly stated to this department their-determination not to resume
specie payments before ike first of July, IS 17, there is no reason to ex­
pect their co-operation before that period, unless a change has, in the mean- time, been effected in their situation, or unless inducements more powerful
thari tkme presented in the Treasury pmpmiiwn qf the twenty-second
July last, emm mm be presented la them J9

T i e determination, therefore,, whieh tte^r M f e fllrIiii , ¥ot' & Ivbupe
ecie pay ments before tie firat day of July, 1817, Is ati'explfcifdedamton
•t they no/ only tot'// 910/ Aear any part 'Sflke iaettftm-m§w.§reJ M t>w
Mtore the dtMordered^ aiaie qf ike currency 9 bmi that ikey will not forego
any of ike mdwantages^ io be isferttierf from that event ' If tic view hew
resented be substantially correct, although changes In the aituationa of the
ank*s may have taken .place, favorable to lie early resumption of specie
payments, yet Mere doe* not appear to be any well-founded reason to ,«as
fleet mmy change in ike deiemiitmiwn which Ihey have formed'on 'thai
ouhject. When the friendly character of the propositi©! mide by the Trea­
sury to the bank§, on the twenty-second July last, and the extraordinary
manner in which ii mm received is well considered^ it does not appear
probable that my inducement cin be offered by the Government sufficiently
•troog to divert them from the policy of making the highest poaaible pront
upon the public debt which they hold. In directly addressing their love of
acquisition, we cm offer them nothing equivalent to the gain which they
expect from an adherence to their previous determination. To appeal'to
their feara ■ by rqfmsing io receive their bills in p&ytmmts to ike Govern­
ment, \f ikmi appeal should be imffectmal9 would be to visit the sinrof
the banks upon the great mass of unoffending citizens, unless the Govern­
ment waa prepared to furnish a sufficient legal ■currency to meet the Indiagensable demands of the community. It is important, therefore, at this linte,
'*m ascertain the extent to which the operations of the 'bank will be' sole to
M§ppiy a motional currency by Ike twentieth February next, unaided by
the Stale bank$.n
l
On the 17th December, 1816, he again writes:
•
'
u
1 shall have the honor to communicate, in a few days, a proposition
which is intended to be submitted to the Stale banks by the Treasury, as a
last effort to engage them to resume specie payments 01 the twentieth of
February n e x t "
■
%
Then followed the circular to ■ the State banks, of the twentieth of Deeember, urging them to resume specie payments on the twentieth of
'February.
These exhortations proved wholly ineffectual.
In his letter to the president of the bank, dated lanuary 6, 1817, he
•peaks of the "extreme hesitation of the bunkuln answering the Treasury
proposition of the twentieth u l t " He says that, « should m majority qf iim
Mmte bmnki refuse io conform to ike Treasury proposition* the money
remaining in their'vaults to the credit of the United States, will be trans­
ferred to the Bank of the United States, and to its branches, in the mtoner
ilready communicated to you." He adds, "whilst the public money waa
received by, and deposited with, the State banks, its own Interest migfrt
stimulate it to make exertion, not only to sustain its credit, but to accommo­
date the GoFcrnment in its fiacal operations. Stript of that inducement^
it is difficult to foresee ike course which those institutions will adopi9
especially if ihe Treasury proposition is mecied by them." And, apins
« I f fmwewerf the State bmnki reject ike Treasury proposition, I think
ihere will be much reason io iombi iheir intention Io resume specie payments on ihe first of Juiyf or on any other day. Of the correctness of
this opinion, the board of director! are more competent to determine than
1 am, and will of course adopt such precautionary meinireJi as Ihe jsrste*
MMiy qf jweft an event may require. ,f
x
- 44 '
'
'
•
'.
.

S

E

if

;#4S

: [,Jtep.No.,4fK>.'<]

,, , On He.ptlirfif January,-he, writes; fl I t is. proper' to state that t i e city
Umik end .the Mecnanifli, Bank of New York,- hive resulted to rasipne
, specji payi»€tfit§,cin the 20th day of, February next, if .the otjker bank*
qf that place re/me to Cfme imio the memsmre, It may be doubtful w i t t i e r
those two banks may not be induced to rescind their resolution^ and inter
into measures with the Bink of the United States, under the authority giwea
to the directors in this-letter."
* On the 24th of January, 1817, he says: "Yet, it is manifest, that without
,. .the State banks can be brought imio mm afrmmgewteni % which their jMpsf
< utfH be received in payment of taxes, that there will be no mmdiwm igpon
the 20th qf February next, in which thme dmm cmn bepmid."
These declarations of the Secretary prove that he had been wholly uaaMe
to induce tie State banks to resume specie payments on the 80th-of Febru­
ary, and the Bank of the United States, and the Bank of the United States
•lone,' by calling a convention of the State banks, aid proposing terms; of
Indulgence and of support, was enabled to accomplish that object % the
manner already described in the answer to question 1st. But thje resolution,
a. proper resolution, in itself, was so ineffectual, that, from April 30,1616, to
January 24, .1817, the two Secretaries had made no progress whatever
towaria executing i t
finally, the report of the Committee of Congress to investigate tfaeafiairs
of the Bank in January, 1819, expressly declares:
11
The officers then {on -the 7th January, 1817,) at the head of the i f c •ury, had repeatedly urged the commencement of operations! with the
laudable view, as it appears, of hastening the resumption, by the Slate baoks,
of their notes in specie* Efforts on ike pmri of the Tmmmry to induce
the local banks to thai memsure appemr to kmwe beem abwtiwe, until #A«
Bank qf ike United Simim mmde certain prqpmiiwm9 which indmeed
regulations betmeem ii and ike Stole imtiiutwm9 which JiMmMytwrntiid
in m compact." And Mr. LOWNDES, In. his speech upon that report^ in
February, 18IS, states: " T h a t the State banks had refused every jwiposal
for the reiumption_of specie payments. He would not say they v m un­
willing, but they were afraid to adopt them. The temmmirmmmi mmd en*
mmrogemeni of the Government mere mnmwmilimg. Ii mm then that the
Woiiomol Bank, certainly not in, the spirit qf marrow jealousy 9 entered
mio that compact with the Simte banks, tjpe. fyc."
13. Suppose that the eiperience of England corresponded with our own
miter the war, and that the price of gold sunk below the mint price four m l
a half .pence per ounce; to what cause would you attribute that fall?
14. DM not the Bank of England notes, which had been, in 1814, twentyfive per cent, below the ¥aluo of gold, rise in 1815 to within two and a U f
.percent of their par value?
' 15..Did not the Bank of England give notice, on the first of January,
1817, that it would pay off a million sterling, and did it not actually «mi' mence paying in specie?
. 16. Did not the Bank of England, in October, 1817, give a further nutlet
that it would pay in specie all its notes dated prior to 1817?
17. Did it not continue to pay in specie, although the restriction act had
been continued.by Parliament till the fifth of January, 1819; apd did not
the bank pay, from the Irst of January, 1817, to the first of January, 1819,
^,75%jjpc» sterling in specie?
18. Was not this second attempt of the JJank of England to resume
ipecie payments, defeated by Parliament in prohibiting them from paving
A i r M t » in spade?

[ Rep. No. 460, ]

347

19. In resuming specie payments the third time, did not the bank com'»ence one year before the period required by Mr. Peel's bill?
The experience of England, so far from corresponding with our own,
was directly the reverse of our own. Its situation bore no analogy what­
ever to ours. From the rupture of the treaty of Amiens till the battle of
Waterloo, England had for eleven years kept large armies on the continent,
and subsidized the great powers of the continent. She was the universal
paymaster, and Had to pay mainly in specie. The peace stopped that de­
mand for specie, while it revived its commerce with Europe and the United
States, making all the world its debtors, and pouring bullion into her ports
from Europe and America, That the price of bullion should, under these
circumstances, fall, was natural, and the fall was rendered inevitable by a
great reduction in the issues of the Bank of England itself. These things
are perfectly understood. "The*tendency," says Tooke, in his work on
High and Low Prices, "the tendency to an improvement of the exchanges,
and to a decline in the price of gold, was looked upon to follow, as a mat*
ter of course, the cessation of government expenditure abroad, and the
great preponderance of our commercial exports, now that the ports of the
' continent were opened to us."—page 94. And, again—Sir Henry Parnell
on Paper Money,page 113:—"In the years preceding 1816, the directors,
in expectation that cash payments would be restored in 1817, according to
; the provision of the existing law, had reduced the amount of their notes in
' circulation from £28,039,690 as it stood in April, 1815, to £24,441,430, on
the 6th of January, 1816. In consequence of this great reduction of paper
1
having raised the foreign exchanges, and brought the price of bullion down
' nearly to the mint price, a more favorable state of things could not exist
fpr accomplishing the restoration of cash payments," &c. &c. But the same
peace which made England a universal creditor, made the United States a
jtilf greater debtor to England; and, although at the first moment of peace,
the belief of the early resumption of specie payments in this country de­
pressed the price of specie in exchange for notes, yet, in a few months,
when that hope was disappointed, the paper fell back into its former depre­
ciation. The condition of England was, therefore, the very reverse of our
own; and the ability or the anxiety of the Bank of England to resume
specie payments furnished no precedent for a similar course for our own
.State banks, until they were encouraged or compelled to it by the Bank of
'the United States. So much as to the general aspect of the question. As
to the details stated in these inquiries, as far as I have had time to examine
them, I believe they are inaccurate. Thus the price of gold did not fall
four and a half pence below the mint price after the war. It did not fall to
that price until July, 1822—a period of seven years after the war, and even,
then, awing to a circumstance purely accidental, which was this: The bank,
in 1822, had so much bullion at the mint that other holders of bullion could
n o t get it coined for so long a period, that the loss of time while it would
remain at the mint, induced them to sell it for cash at four and a half pence
b e l o w the mjnt price, being not quite half per cent, discount. This may
all be seen in Mushet on the'Currency, page 139, and the tables annexed
to it.
Then, too, it would be supposed, from the strain of the inquiries, that the
bank had made a general resumption of specie payments. But this is not
t h e fact; the resumption was only partial, of a particular kind of notes. But
t h e general resumption did not take place, Lbelieye,ttiU 1822—six or seven

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['Rep.'-No. 480. ]

jeari after the peace, whereas that of the United .States was m the 2Qfth of
February, IS 17, two years after the news of peace had arrived here.'/, The
fact Is, that much of the early embarrassments of the Bank of the tfri^ed
States arose from its being urged by the Government to resume specif Jjajrmenta before the country was fully prepared for them. In EngjUn^feith
all their advantages, the resumption was partial and gradual; in the'llMted
States It was complete and sudden. But the effort wis made iit.qbimfctiee
to the wishes of the Government, and all its consequences fell 6a t i e link
•Idle.

■

^

^

'

*20. What, in your opinion, caused the rise in Treasury notea, wfcfd^Mi
December, 1814, sold in Boston at' twenty -five to twenty-seven, per seat
discount,and, on the 10th of September, 1816, it two per c e i i , aadik.fio*
ytrnment stocks" from fifty-five to one hundred dollars?
The reason »wsp, that, in December, 1814, the Boston banks paid Spijfef
•lid the Treasury notes were not payable in specie, and, of ceuwe, wMiaiiot
better than the notes of banks which did not pay specie- They wens not
near so good, for such was the discredit Into which the Governinepi: .had
fallen, that even in the middle States, the notes of the Government were i t •
peat discount, even in exchange for the notes of banks not paying epede.
, h September, 1816, the Bank of the United States was going into.open*
tlon, ancf the expectation was, generally, that it would soon do what it actdalhf
soon did—occasion a general resumption of specie payments. So wito
regard to Government stocks. In December, 1814, the financial dtU|tioo
ui the Government was considered entirely desperate; so much so, tfait% ii
the middle States, the Government six per cents, were much below twenty
per cent, discount, even for the notes of banks nut paying specie. Ill'Sep*
tenaber, 1816, on the contrary, peace had restored confidence in the attbtlity
of r the Government, aid there was t general belief of the early res«i|iip^ii
of specie payments.
•
.
21. 'It is said that the Bank of the United States was the cause oftins*itesumption of specie payments, and that the State banks could not h t m ie»
•Mimed them without the aid of that institution: are these your opinionf?
Decidedly.
£2 Were not the Treaiury balances tranaferred from the State baulk* to
the United States1 Bank in' February, 1811; and did not the banks in New
York, Philadelphia, and Baltimore, reduce their balances by July 9 "tflll,
about five millions of dollars?
23. Would you consider the transfer of these balances calculated to aid
the State banks, and that they were better able to resume and to 8UsttriA ipe­
cie payments after than before the public deposites were transferred to the
United States' Bank aid its branches?
Undoubtedly it would aid them to resume specie payments, and for tfcit
obvious reason: They were indebted to the United States, and if they had
returned ipecie payments, would have been liable to. a demand in specfe"frnm
the Treasury, which they could not have met. By the transfer, the btnk
mpimed their debti to the Government, and .gave them time to pay thehanif
§m! promised to aMst theni if they became embarrassed in conaeqfeeftee of
TOiuming specie payments. It was en these very conditions, and thfese on%y that they commenced ipecie payments.
i4. At what time was the branch bank established in New York?
On the «Sd of January, 1817.
t& Did not the hunch bank owe balances to the city banks in New York,

{

( B ^ N o . 460.]

349

and pay twenty or thirty thousand dollars for interest on these loans from
4
May to December, 1817?
'
The interest was paid from the 29th of April to the 1st of October. It w
difficult, at this distant day, to understand precisely the circumstances by
which the balances of the banks of any one city happened to turn for a few
months against the bank, but, in the efforts to restore specie payments, such
a casualty was not unnatural. If the Government funds were transferred
from the State banks to the Bank of the United States, which gave time to
the State banks, and if the Bank of the United States then paid out on ac­
count of the Government its own notes for the Treasury depositee of State
bank paper, not really, though nominally convertible into specie, the proba­
bility is, that the city banks of New York relieved from their old debt to the
Government, would, by the large issues of the Bank of the United States,
become its creditor. In addition to this, it appears from a letter of the pre­
sident of the bank, published by Congress in 1819, that this balance must
have arisen mainly from the collections made by the branch at New York
for the city banks, of notes on distant places; that is, that the branch trans­
mitted to the south and west bills of exchange owned by the city banks,
issuing for them its own paper, while it received for them only the paper
of distant State banks of doubtful solidity; and the president of the bank,
after stating that $ 300,000 in specie were ready to be sent to New York to
pay these balances, adds: " The State banks ought not to forget, however,
that this balance did not originate in their claims upon the Bank of the Unit­
ed States."
26. Will you explain how a borrowing bank call aid a lending bank in
sustaining specie payments?
The case is very simple. Owing to indulgences given by the branch bank '
in New York to the city banks near them, it fell into debt for a few months.
But up to the period when this balance accrued, the banks of New York
were in debt to the branch at New York; immediately after the balances
were liquidated, they resumed their position as debtors, and I believe ever
jince that, with very few, if any occasional exceptions, they have continu­
ed so to the present day. Even at the moment when these accidental and
temporary balances were due, the Bank of the United States was a creditor
of the State banks in the aggregate of many millions of dollars, and so far
from being a borrowing bank, was, in fact, the creditor and supporter of the
State banks.
»
27. Was not the capital of the branch at New York, on the 29th of May,
1819,0245,287 91?
No. At that time no specific capital was assigned to the offices, and the
capital on which it was doing business, consisted, mainly, of its debt to the
bank and other offices.
On the 26th of May, 1829, the nearest weekly statement to the 28th of
May, its means were as follows:
. Its debt to the Bank of the United States, "which was, in fact,
its capital,
>
01,135,000
Specie on hand, .
.
.
.
.
.
209,000
Debts from State banks, and notes o£ State banks on hand, •
363,000
Its circulation was,
1,096,000
Public and private deposites,
. .
- 1,148,000
3,951,000
ItedifMMtt, 81,614,192 90.
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28. Could i bank with such limited means, aid the banks of New York,
ppsoiflliig some ifteen millions of capital, In sustaining specie payments at
i crisii like that of 1819, when the parent bank wis in a perilous condition?
The capital of the banks in New York was, only 111,150,00% and not
15,000*000. The answer to the preceding question will show its meana of
sustaining itself and sustaining others, aid alao prove that the State ban'lts in
New York were actually in.debt to the branch.
29. Did not the Bank of the United'States, ©n the 28th of November!
1816, resolve to remit to the holders of United States' Bank stock residing
in Europe, their dividends free of expense, and wis that arrangement calcu­
lated to aid the United States' Bank, or the other banks, in resuming or sua*
taining specie payments?
, 1 should think it was. The dividends of foreign stoekhoWers must b©
remitted to them in some way. 'If the bank did it, this could not aid to
the amount to be remitted, or increase its pressure on the country. On the
other hand, if the measure created a demand in Europe for the stock, the
purchase of it on foreign account wis equivalent to a remittance in specie^
■nd so fir operated to relieve the bank from a demand for specie to remit
30. Did not the United States' Bank commence operations by discount­
ing the notes of its, stockholders ©npledfei stock, which soon amounted to
tleven millions, by receiving three-fourtls of its second instalment in tin
name manner; by increasing its discount! in the first Ifteen months* to in
amount exceeding forty millions of dollars; and by throwing into circula­
tion, in about the same tupe, some ten million's of paper money?
As far a* I'have had time to extmine these details, I think thfcy are erro*
neou*
.
,
1st The'bank did not commence operations by discounting the notes of
its stockholders. The Irst instalment was payable on the Erst of July,
18ti. From the statements contained in the report of the committee ©f
Congress, \t appeared that it was paid in coin,
- $ l,428,6§4~ 55
stock, - §,S71,3§5 45
8,400/XX). 00
: The second instalment, January 1, 1817, subscription by
United State*
•
.
.
79000,OO0 i t ,

Cash,
.
.
.
.
•
Coin or notes of specie, ptfiig bank stock*

•
•

•

S,5M,551 i t
6,863*592 S3
# §,7§§,©8§ M

Now, the whole amount of bills discounted," except
500,000 loaned to Government on tic 24th f ebwtry, 1817,.
amounted
to
- 2,930,067 Si
And of that amount, the whole amount discounted on
bank stock up to SOth of January, 1817, wa§
- '
102,642 40
An amount which, so far from increasing, wis actually di­
minished; for, on the SOth of April, they were 129,000 D
O
The whole, therefore, of the §»7§7,08§ St, which could
have been paid by dincounts on stock, was '
182,642 40
Not certainly three-fourths, but father leas tfian twf per cent

[(!^B^;^490^3;

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■

Sit'

.Narr94»-did;the.ba^ within fiftaep months from* its establisiitiiBot, Inc n u p fa hian to. more than #> millions of dpUars, and issue " ten militant •
tf.ffijifr money »w
. ' ■ ' . . " . . '
J p i i e 1st of March, 1318, its issie# were o i l y 8,331,448 20,, pot tea.'*
nSt^iia.
Its investments, on lh©' 1st ©f Mprcfa, 1818, amounted I i ,
41,181,750 .§§. But then, of these investments! #11,244,114 19 weA the 4|
loans ©a stock, being the mere caiiirersioii into that form,, of the 10,144,03141 .
#J} fiopynupt stock, wfilch the Government redeemed; -making an increase, >
i f ( #iily^SP||i<|. 18, in the eichange from stock to stock.Ioana.
. ,
Jim NMjfjflio the opinion that the bank too early expanded its loan&»and
issues, l i t r e i i ©n© decisive answer, that the bank, from the first hour of its ,
creation, waj urged and goaded .by the Government into i n enlargement of ^
its bigness, i i i manner which, however i t may be regretted or reproached, •
it wts certainly difficult to resist; and the fault, if fault there were, belonged
njher to the Government than the 'bank. There can be no testimony ©m
that iubject more conclusive thap the ipetch of Mr. Lowndes, one of t h f .
committeeof investigation, delivered in February, 1819.
, ..
^-"Even after the 20tfe February, 1817, the bank might have pursued the ctroHem$paU«jf of withholding its accommodations from the Government and \
He people, until the "reduction of other piper had mide its isanes neceistry.
and safe. I t might have'preferred i l l interest to its. duty. The State bank*,
maMe to comply with the requisition?, of Congress, which demanded froip them there*umption of spppe p e y ^ n t s , must ha?© lost their credit with the
community. The Government, indeed,, might have be«n embarraaied,; the ; ,
public dehors distrtsped, and the State institutions h*verbejen brought ««to
the alternative of ayowed bankruptcy;" but these competitors.forpublic favor ,
m i employment, would have been, removed, and the National 6ank would,
haveqntered into the full enjoyment of the monopoly, which the ruin of ©very ■ j
after institution would have prepared. This might hive been its interest ,
ftit there were other intereats to be consulted—those of the Governments
a%l< the people* The-bank had l o t b©e» established, for the -puipo*e-of giv« t
to i U stockholders the harvest which §u§h a policy might provide. Iiwaa. *•
the instrument by whone me w© hoped to secme the resqmption of specie:.
ptymenta, constricted not ■ for its ©wa take, bat for ours. The act of
the lepdatuce, aid the procftcdinm of the" Treasury Department, would•
shew.hd'w incompatible with the objects of the institution would haye beta
th*t postponement of its opentiops, or that gradual commencement of them,
^•Hah was recommended now when the difficulties of the time were .for- ■ »
gsttea. The fourteenth ■Congress was awar© that a narrow view of its ax«
dbsive .interests, might taftaee the Nation*! flank to adopt the polity which •
tl|tcommittee had;describ*d. The acta.wliih they paped protjdisd tha^ ,
• s w m a s t h e amount of the fimtsuhsoription (08,49^000) should he-re* . ■
«preii, the bank should thenceforth eommjsnqe.inid oontinue its operational *
T i e twenty-second section >veseryed to §©aprtiia the power, if it afaipldiPifc •
fMato>ap*s*ftion .bafore t i e first Monday in A p r i l , (at which time-it* thirls
instalment was notdua). to declare its shifter w#i4 This waa the roe*suf9L
e l the, l e g i i t t a i t to seeure, the early ©pej»t|iip ©f the bank, • T h « # # f • H i '
Tesaauiy Departmentw«ra i n entire c^nsooaui*e with iUprsnoipl**.^?' i .♦♦ ..
<^ The first object which the Government expected .to. lie attained b y the<i
NMiooal Bunk, wua tint of throwing into, g*nesal eireuktion, by the iptlt ©f
February, an amount of notes aufioieftt I t . enaWa tilt f i h l i ^ 4abt<M| *tfr>

comply with their es^pgmeatSt,f

- « I t wwtfiiposiible todojiistiee to the conduct of t i e National flank, at
least for t i e first year of Its operations, without attending to the hew.oMfgationa in which this compact lovolFed them. Proposed by the Exeetttfvo
Government, and sanctioned by it—required by the interests of the peepta,
and necessary to the credit of the local institutions—there could ho no other
objection to' the net, than that it accorded better with the public interest than
with that of the stockholders. Under this compel, -the bank became bound
to-discount six millions (exclusive of revenue -bunds) -before t i n M t k of
April, and to sustain, with its unbroken credit, and'its whole capital, evary
bank which joined in the arrangement. The effect of this arrangement waa
not only to force the bunk into earlier operation than • selish policy might
I t ? e recommended, but to oblige it to renounce the resource which the
State banks might have nfforded for the supply of specie. South of N o *
England, there was no specie in eire^Jlati©n.,,
SI. Was not inch an administration of the-bank calculated to proiic<i>
agitation and dinorder in the c i r r e i c y , to disturb the business of eUhct
b i l k s , and to convulse trade? "l
St. I f you think an institution this administered was an efficient agent
in restoring or sustaining upecie payments9 w i l l yon explain in w h i t matt*
aer it contributed its aid?
1 have already expressed my opinion that the bank not only contributed
to restore specie payments, but actually caused the restoration.
Of the first administration of the bank, I hid f i t personal k t o f r l e J g ^ t t i
haw little information beyond what has long been published. But as thejr
who admioiitered the aHairs of the bank hive paused away, a i d are i n 'leapar i i a situation to vindicate themselves, it is t i e more fit that histories!
justice should be done to them. The situation of the first administration of
the -bank wis extremely difficult and delicate. They had to achieve the most
critical of i l l financial operations—the passage- from a vitiated to1 m n o n i
eurifency. Mistakes they may have committed; but 1 think their misfor­
tunes proceeded mainly from two circumstances: first, the .impatience of tha
•Goveniment aid the country, which urged the bank to so early an increase of
Its business; and, secondly, the rapid pyments of the public debt Thin
last 'it, of itself, a g r t i t misfortune. No country has ever yet been fortu­
nate enough to pay I s debts, and none, therefore, has felt t i e great incenveniencte of suddenly* throwing lack on the community the accumulation of
capital com posing a national debt Thus, on the 99th of July, 181 f , Ihe
Government had in the bank-of depositee 9497469641 96 f coniisting, in n
great degree9 of the notes ^of distant banka profesaing to pay specie, the
whole o f which was assumed by the bank. With this fund, the Govern*
ment paid the bank itself 13 millions pf the stock belonging to its capital,
mi paid out the remainder so as to reduce the depoiite to l 9 4TC y M6 74.
Sueb an operation was in itaalf calculated to disturb t i l the relations of t r a i n ;
• i d the uoere vibrations of the Government deputies received, as much of i t
Wis in distant and unavailable paper, aid paid t s t l e y wore in tha mtab o f
tha bank, eould not fail seriously to derange its operations. - •
.
' But whatever may have been its embarrassments, «f r even its enrore, i i nun*
mat, 1 thiak 9 be denied that i t substantially accomplished all-the great pos*-»
poses of its creation.
Sfc Did aot the btnk import, batwaen the-9tth July, t i l l , and tha H k
Navaaster, 1818^ 07,311.749 S i , ia-apeeto?

[ Rep.No. 4«0. ]

SM

The hank did import that amount of specie, thefirstarrival being on the
$Oth of July, 1817, the last on the 5th of December, not November, 1818.
34. Had not the banks resumed specie payments near six months before
the arrival of any of these importations?
The banks agreed to resume specie payments on the 20th February, 1817.
They did this m consequence of the aid of the Bank of the United States,
which in order to sustain them as well as itself, ordered this importation,
which it was known would arrive, as it actually did arrive, in time for thai
purpose. For all the objects of sustaining specie payments, it was as ef­
fectual as if it had been actually in the vaults of the hank in February, 1817.
35. Did not the difficulties of the bank commence in July, 1818, and
were they not at their crisis in March and April, 1819, four months after
the bank had completed its specie importations?
. I do not know what its difficulties were' in July, 1818, nor what is to be
Considered the crisis of them.
36. What is your opinion of the policy of using extraordinary means to
Import seven millions of specie, while effectual measures are, at the same
time, taken to drive it out of the country faster, by increasing the loans of
the bank, and its notes in circulation, upwards of fifty millions of dollars?
My opinion is, that to force in specie, and at the same time to force it out,
would be extremely bad policy. But if it be intended to convey the im­
pression that the hank followed such a policy, nothing can be more er­
roneous. It is here said that the bank, at the same time it was importing
#peeie, increased its loans and its notes in circulation upwards of fifty mil*
lions of dollars. Now, the fact is, that the highest amount of loans, publie
debt, and circulation, on the 6th of July, 1818, amounted to 059,935,127
On the 90th of July, 1817, the same objects were
50,936,399
._
_
The largest increase, therefore, from 30th July, 1817, to
6th July, 1818, was
8,998,809
If the first and last periods of importation are com.
■ pared, it would stand thus:
•
5th December, 1818, loans, public funds, and circulation, 54,488,984
On the 30th July, 1817, they were
50,936,399
Actual increase of loans on 5th December, 1818,
$ 3,552,669
But, on the 31st July, 1817, the Bank of the United States held claims on
mndry banks to the amountof
- £12,953,439
And, on the 1st December, these objects were •
3,782,609
In this time, the 8tate banks had paid
•
9,170,839
-This increaate of means by the conversion of claims on the State bank*
f n t o active funds, are nearly three times the amount of the actual increase
o f loans and circulation of the Bank of the United States.
87.' Had not the parent bank less specie in its vaults after it had finished
i t s importations than before it commented importing specie?
No—not merely the parent bank, but the whole institution had more spe­
c i e after than before the importation.
38. Did not the bank, at the commencement of its difficulties in July, 1818,
a n d again on the 9th of April, 1819, adopt resolutions to collect the balances
d u e from the local banks, and did these measures aid the State banks ift mjh
Causing specie payments?
45
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Supposing ibis .to have .been the cum, 1 should think it wonNL - If j p n i a
payments were to be -sustained by limiting the iisies of til the btnk% m i
the Bunk of the United States was diminishing its two business, the. naif
effectual way of inducing the States banks to follow its -example*- would bo
by calling for what was due from them, instead of mfferiag them to dis­
count on the balances due to i t
39. Wts lot the Bank of the United States compelled to. curtal its loaost
ten millions, its circulation five millions, to incur a foreign debt of a milium
end a half, besides a loan, of two millions at three years'credit, to apply to ,
Government for ijelief 1 various forms, and to acknowledge to the Secretary
%
of the Treasury its utter inability to _pay the Louisiana debt of three mil­
lions^ without a loan in Europe?
No time is mentioned, but if this question refers to tnat stated in the pre­
ceding interrogatory, the answer is best.given by reference to the actual #
itate of the bank in July, 1818, and April, 1819.
The 6th of July, 1618, the loans of the bank amounted to
41,458,984
On the 1st April, 1819, they were
, 34,080,025
-The 6th July, 1818, the circulation was 9 f §45 t Sl§
The 1st April, 1819,
.
.
.
.
.
§,§45f4«»The »d July, 1818, the bank owed in England
1,884,513
The 8th April, 1819, it only owed
.
.
.
992,865
.From this it appears that its loans were curtailed .only 7,378,959, and not
10 millions; its circulation 2,999,788, and' not 5 millions; and its debt in
Europe was reduced 992,865 29. At a subsequent,period, the bank did ne»
gutiatealoank England for 2,040,000, to piy inEnrope f ,in October, 1819,
thutpart of the. Louisiana debt reimbursable there; but the only real relief
it'asked was what it claimed as a right—the payment of its own nolea oily
where they were payable. Even this was denied, and the bank then w
lie?ed itself out of its own renowrees.
4QL Was not the bank indebted to Stephen Girard #130,000, which ii
could not pay; and did it not owe, on the 12th of April, 1819, to the Phik. ^.
t delphia banks, #I§§ t 4l8 66, with but $71,522 47 in its vaults?
The bank was perfectly able'to pay .its debt to Mr. Girard. Mr. Rhevee
writing on the 20th of M|rch, says— u Mr. Girard alone has a balance of
near gl30,00§, the others also about l^jOOO," but .be does not say a word
about not being able to ,pay* i t On the contrary, -upon the ?ery day when
this sum of $176,000 w«s due, if all these banks had come for payment^ $fm
bank was able to pay them all, for, on that ¥ery day, it had,
la the vaults, ■ - $167,764 Si
At the mint,
215,768 48
403|Sg3 87
Then, ©n the 19th of April, it ©n©df
196,418 16
It had in the vaults*
•
$71,522 47
At the mint,
187,978 09
Within a few miles,- which ar­
rived the-next day,
$50^000 00
589,500 56
State, bank notes,
98,67$ 68
■ •
•
— — — $683,176.94.
..
:,
A snmrf #888^176-24 to p t y f t S i f 4 i a 66, if all thebankehadiefaoeea
to do, what all the banks never did do, call at the nana© moment ibr alt thrir.balances.

[ -Hep.fro.460. ]

988

Three days afterwards, the'debt to-the city banks was ** ' f 169,104 • 51
A i d there was In t i e vaults, '.
#301,549 7©'
A t ' t i e mint, '
285,187 18
t
— — —
making 888,73s 8&
41. Has not the president of t i e bunk, In his expositions in 1822, stated
flat the bank wis saved by the fortunate arrival of 9250,000 in specie from
Ohio tnd Kentucky?
He does not state this, nor any thing resembling i t He states only thai
this §250,000 "arrived aeasonably'on the next J a y , or a day or two after."
It'arrived tf seasonably," but it was expected, for it had been-ordered soil©time before; but not a word it said about fairing the batik by it*
■ 42. Is it your opinion .that _a_bi»ok thus managed from January, 1817, t o
April, 181% could have essentially contributed to aid the State banks ia te•u'ining and sustaining specie payments? ■
1 have already give nay opinion that the Bank of the United State* not
• i l y ■contributed to the resumption of specie payments, but caused it.

Questions oh tke subject qf Btanck Bmnk n&im mnd drqfls-.- 1 . Since you b e n e to issue branch drafts, it'appears that your circalatibn has increased many millions: do" yen tiitifc it would 'have increased
ad rapidly i f you had continued to issue none but notes" ligned by the presi­
dent of the bank?
"
'
f
I f branch drafts had net been "Issued, no notes at alltooukV have been t
issued, from the mere physical imposiibilitf of preparing them. But *
branch drafts do not increase* the circulation more than branch notes would.
2. Does not issuing branch drafts and notes, redeemable at your interior
•tiees, enable you to sustain in circulation a larger amount than could b©
installed i f your notesmfere issued and redeemable principally at the officen
i n the Atlantic? '■
The circumstance that both are payable where they are issued, and not
merely at t i e Atlantic branches, by giving them more value, increases the
demand for them. They are riow.used both for local currency, and for re­
mittance. I f they were stript of their character of currency by not being
redeemable where -they were issued, they would lose part of their value;
b i t then t i e western and southern States would be deprived of the great
tivantage o f having' them for circulation.
S. What was the amount of notes isaied from the offices at Baltimore,Philadelphia, New York, and Beaton,- which were in circulation on the 1st
«f January last, and what the amount for all the other offices?
For the offices mentioned,;
- •
4,600,599'
, The? other offices,
.
.
- 16,647,931
Total* - '
' - #91,848,490
%. When cmfr-trading occurs, from whiteFer eause, does* it not dratr'
l i t o the large revenue ports on the Atlantic, a large amount of these interior
bank note« and drafts, which press severely upon t i e offices" at : Baltiinore,
Philadelphia, New York, and Boston?.
No. f t may produce'the directly contnfy'effect. I f the f ©^f^»dhti[
eonsbta In large ptftthases of western fcnd southern prtifae*' the*AdantiS

. iff

I lap* No, 4M* ]

n o t ^ j p n A i y ^ I f t l t o the south and west I •■§ not mm f m t anf
f M t i^oonynrnf^/i bat been suffered from this eauae.
i . You bate 'sfaed to the committee tbat t i e parent bank wdeeinei
08*896,800, and tbettbe branch bank at New York redeem©! 013,818^635
of branch mites aid drafts during the last year,—ii it your opinim thai
Ii© branch at New York would have been ill© to redeem thirteen BUIIMMIS
of the notes of ether branches, i i one year, i f any circumstance na&ofrCWfed to excite alarm?
# •
T h i i is t question difficult to answer. The redemption took place i f jbe
ordinary course, without any IieonFenience, as it has taken place often.be*
fore
B i t it if quite impossible to say w h i t would hate been the elect ©f
any <f circumstance to eicite alarm." I f it be meant alarm en the p r t of
the bank, all that can be aaid is, tbat that may be done aafely i f i t be; 4 M M
coolly, which cannot be done at all i f the agent is alarmed.. I f b g r q p r o
be meant the alarm of the community, alarm is often the bent aecurity
•gainst danger.
■ i . I f the officei at Philadelphia, New York, and Benton, found i t dlffieult to pay their notes in specie, aid receive these branch notes for revenue
in 1819, when the whole circulation of the lank was about rim millions*
would it not lave been, inder similar alarm, more difficult in January las^
with a circulation amounting to near twenty-ii© millions?
i t would not have been more difficult but mure easy, became the w^
<eources of the bank were much greater in proportion than the locremie of
the circulation. The circulation, moreover, was not tweoty-lw% butt
twentv*one millions.
f. When too large an amount of then© branch notes press upon the office*
hare and in New York, is not the bank compelled to curtail its ifceiliti**
to southern and weitern traders?
The question still remains, what is " im l a r p an among!}" A iirgp
amount, a very large amount, does t o t compel curtailmenta to-western aaH
eouthern- traders, for this obtious reason; These k i i c h notes are brought
©r sent to thene very western i n d southern tradera either to hoy go©d% or
to pay for JHMMIS previously bought, .so that these branch notes thcmselv**
are better than discounts to western and southern traders, and supersede
the neccsiity for them. The arrival of the branch notes is the aignal of r*»
lief to the western and nouthern tandem.
8. S© long us the baik continues to enlace its circulation 'thwmgb its ia»
terior offices, and the branch at New York is bound to receive tb^^pbite of
thene branch notes if presented in p y m e n t of revenue bonds, mint t j h m not
be periodically a pleasure oo that branch which must react ©n all t l j * offiea*
i n towns or cities trading with New York?
».
Not necensarily nor naturally. Every b m c h i i bound to redeem its ow»,
paper, and* the branches whose notes are received at New York remit bill*
©f exchange to e o ^ r t h e n : for Inatance, the brunch at New York ha* *»>
celved, during the year 18S1, f t 3 ^ 1 i f i S 5 of branch notes and drafts^ yet
tike -branch* of New York was, at the done of the operation, In debt 01,688,*
• 1 i 05 to thoae>branches, became they had providM* by remittance^ I f mflaS
'their notes.
.
<
»
' I n point of fact,1 do pet think t b i i there ha* sodwd ^mj unci periodical
ptnnture.
8. Doe* not a n d a plan of general circulation inevitafcfar i f f * to disturb
A * mgnhr oooiae of trader l y occaeio nelly oblipng th* bank e v it* b p a i j h ^

['BepNo. 46i* J

•

'3*7

{b Curtail Its discounts it some points and* enlarge them at pthers; aid by
transferring funds between branches, not according to the wants of trade,
bit the necessities of the bank and its branches?
On the contrary, this .plan of circulation is governed entirely by the coin©
of trade, i l d regulates itself. A single example will make it intelligible.
The crop of Tennessee is purchased by merchants who ship it to New Or­
leans, giving their bills founded on it to the branch at Nashville, which fur-'
oiihes them with notes. These notes are in time brought to New York for
purchasing supplies for Tenneisee. They are paid in* New York, and the
llashville oank becomes the debtor of the branch at New York. The Nashvilfe branch repays them by drafts given to the branch it New York on the
•branch st New Orleans, where its bills hare been sent, ind the branch in
New York brings home the amount by selling its drafts an the branch at
New Orleans; or the New Orleans branch remits. Such in operation, so fir
from "disturbing the regular course of trade/3' is its best auxiliary.
This very plan of circulation, moreover, is the basis of the whole interior #
1 can refer the committee to no better authority
t trade of.the united States.
* than one of their number, who, at the request of the bank, visited the inte­
rior of New York in order to examine the relative advantages of particular
iituations for a branch of this bank. His report is before the pommittee,
and they will perceive that the comparison between these places turns mality on their respective facilities to issue notes which, when they reached the
city of New York, could be provided for by bills of exchange drawn on the
transportation of produce from the interior of New York, that plan of circu­
lation being universal in the western part of the State. Thus, of ^ Utica, I t
•ays:
« The banks in the west, generally, circulate more than their capital. Th«
Bank of Utica, and all the banks in the west, do a large and profitable busi­
ness by discointing drafts on New York al sixty days, and longer terms, at
the rate of seven per cent, per annum, for the use of those who purchase pro­
duce for the New York market, or wheat and other materials for manufac­
turing for the same market The cashier of the Bank of Utica told me that .
fie remitted from 100 to #150,000 of these drafts monthly to the Mechanics11
Bank in New York, and that a balance was generally due them from that
bank except in mid-winter. On the other hand, the Bank of Utica supplier
i e r merchants and otheis with drafts on New York, at a premium varying •
from a half to one per cent. Their notes are also remitted to New York,
where they are now at a discount of one per cent (the present rate of the
Rochester, -and of all the good banks in tie west) They are occasionally
returned to Utica, and are redeemed in specie, or by checks on New York.**
Then, of Rochester:
" T h e most profitable business of the Bank of Eochester is said to be din*
counting drafts on New York for millers and others, as mentioned in the
cms© of the Bank of Utica, and drawing on New York for their dry good'
merchants at 3-4 to i per cent premium, generally the latter. Of tnese
drafts of the millers, &c. they remit about i 00,000 monthly to New York
'Their own drafts on New York amount to about 600 or 700,000 dollars an*
nually. The agent of the New York and Albany binks presents the notes
of the Rochester Bank for* redemption, abnutonce a fortnight, and sometime!
has a balance against the bank of 1Q, SO, or 30,000 dollars, which is ©ecu(tonally p i d in part with specie, bit geaemllj by drafts on New York or
▲lfaaey."
▲ad, Imlly, of Bufialot

S58

[ Bep. No. 440. 1

" But Utica and Rochester have been aided by other causes which mus
have given a powerful impulse to their industry and population. In addi
tion to the usual discounts of a bank, and their influence upon trade, we have
seen the Banks of Utica^and Rochester each remitting $100,000 monthly, in
drafts on New York, and supplying their millers, manufacturers, and traders,
with a corresponding1 amount monthly for the purchase of produce and raw
Materials, the produce or manufactures being afterwards transmitted to re­
imburse the commission merchant in New York.
"Rochester has hitherto monopolized the flour trade; Htf , lf Q Wfcj^y*
established at Buffalo, it would soon do a large and safe business with tbe
millers of its neighborhood. As these drafts are generally drawn on the
most substantial commission houses of New York, they form the best clast
of paper discounted by our western banks.
" Buffalo is certainly superior to Utica for the purpose of circulation. Its
merchants must become the purchasers of the produce of the west for the
New York market, its manufacturers must have the wheat, &c. Means for
these purposes would be afforded by a bank, and its notes would be put in
circulation throughout the whole of the western country and Canada. Be­
sides, there are thousands of travellers and emigrants annually at Buffalo,
who would circulate the notes of a bank very extensively, particularly if it
was a national institution. A bank at Buffalo would always receive much
specie from Canada, and might dispose of a large amount annually in drafts
on New York, at a premium, as remittances for supplies, tolls/' &c.
It is difficult to describe more accurately the plan of circulation of.the Bank
of the United States, of which this branch at Buffalo was to form a part
10. Will you explain what substantial difference there is between the pre­
sent plan of circulation and redemption of the branch banknotes, and an ob­
ligation on the part of a bank in Philadelphia to redeem the notes of all the
country banks in the State of Pennsylvania?
11. What would be the condition of such a bank in Philadelphia, should
the country banks issue an extraordinary amount of bank notes?
The substantial difference is the same as there is between a man's paying
his own debts, and paying the debts of every body else* The Philadelphia
bank would assume to redeem the issues of country banks over whose issues
it has no control. The Bank of the United States redeems the issues of its
own branches, which it regulates and constantly superintends.
12. Was not the branch bank at New York compelled to receive about
seven millions of the notes of the other branches in the last five months pf
the last year; and was not its specie, in the same months, reduced from $2,226,429 81 to 8664,636 64?
It did receive them. The principal reduction of its specie was not com­
pulsory but voluntary, being by the sale of bullion.
13. What is your opinion of the expediency of making all the notes issued
by the Bank of the United States payable at one place?
I should think it an injudicious measure.
14. Would it not tend to diminish the aggregate circulatioa of the bank>
•ind prevent any extraordinary or sudden increase of circulation, and would
not the bank have greater power in regulating the amount of its general cir­
culation?
In all pldces, except the place of payment, it would take from these notes
a great part of their value. Now they possess the double character of local
currency and of bills of exchange: the change would tend to make them
mere bills of exchange. By reducing their value, their amount might be
Digitized by

Google

»diminished; but'the proposed alteration would gHo to tie book no control
over them which it baa not -now.

Questions on imwestments in public debt in 1824 mnd 1825, and iM ability:
of ike bmnk to make lomm to Government.
1. 1 perceive that, between June, 1814, and June, 1825, the bank incfeaif
ed its In¥€itments In funded debt from about ten millions to twenty millions;
do you think that the bank can aid Government with long and large loans
with safety?
With perfect safety. .
* *. If the bank had not employed Its funds In Government loans (without
the power to sell the stocks) would It not have been better prepared to meet
the crisis you have referred to, growing out of the speculations of 1825?
The bank has never employed its finds in Government loans which it bad
not the power to sell, and, so far from being better prepared for the crisis
without the loan, it was the loan which assisted the bank to ©Fercome the
crisis more readily.
3 . Would the bank have been compelled to resort to the expedient, as
you have stated, of procuring a temporary loan frotai i private source, In
1825?
1 am not aware of having stated that the bank was compelled to resort to
a temporary loan in 1825. The circumstance mentioned, is not, I*think, of
that description.
4' Had the same investments been made during the war, would not the
bank have been compelled either to sell its stock, or suspend specie pay­
ments?
1" cannot perceive why. A war would not have occasioned ai much diffi*
culty as the state of trade growing out of peace; and If the alternative'of
selling stocks, or suspending specie payments, were presented, the stock*
would, of course, be sold.
5. Is there_ not a • material difference between originally investing the
capital of a bank In funded debt and subsequently attempting to mike loins
to Government?
1 am not struck by any material difference.
§. After a bank is In operation, its capital invested, and Its notes In circula­
tion, how can It make loans to Government without curtailing Its discounts,
increasing Its capital by new subscription, of* by augmenting its paper
money?
V e r y readily. Though its capital'may be invested, the Investment can
be changed from other stocks to Government stocks. Though it may have
notes in circulation, it may safely have more In circulation1. The bank, in
1S24 took loans from the Government to the amount of ten millions. Yet
it did not, therefore, either curtail Its discounts, or Increase Its capital; and
t h e whole augmentation of its Issues, growing out of the loins, was little?
more t h a i three millions. Thua:
Discounts. •

J u n e 3 , 1824,
June 2, 1825,

Circulation.

g3§,§lO,305 47
-j
3- — —
I

13,287,357

Funded debt

#6,185,162
9,472,519

fl§,S73,407 78
20,858,600 0§
'

09,985,19* **

SS§
.

[ l i p . No- 410/ ]

7. How-can a b u k continue to hold inch loaas, and make dividend^
without increasing Its paper, depreciating tie currency, forcing apacie
,abroad, and suspending its payments in gold and ail?er?
Easily. It may make dividends out of the interest on its loans, is well
•s on its discounts; and, as the bank did actually hold the loins, did make
dividends, did not increase its paper more thin three millions, and neither
depreciated the currency, nor forced its specie thread, nor suspended pay­
ments in gold aiid silver, the existence of the- fact itaelf is some evidence of
its possibility.
8. When a bank takes a loin from Government for the purpose of
selling it to fund holders, is il any better than a mere speculator on Go­
vernment?
Names in such matters are of no consequence. If the Government wants
■ money, and a bank lends it at a rate mutually acceptable, the Government
may as properly be called the speculator on the bank, as the bank on the
Govern menL
9. So long as Government holds an interest in the bank, does it not effee. tually secure a monopoly of every Government loan which Congressrautho*
rizes it to contract for?
1 do not perceive this. If the Government can make more advantageous
terms with .the bank than with individuals, why should it not?
10. Would not competition among banks and fund-holders secure loans to
Government at the lowest rate of interest?
Competition is doubtless useful, but 1 am not aware that there is any thing
to eiclude It in loans to the Government
11. In case of war, will you explain hour the Bink of the United States
can efficiently aid Government with loans, without inevitably suspending
ipecie payments, and substituting a paper for a metallic currency?
It can be explained easily and simply. When a war takes place, and mo­
ney is wanted lo prosecute it, before individual capital is disengaged from
the pursuits of peace, and before the war system of taxation becomes pro­
ductive, as the war itself diminishes the active demand for discounts, the
bank has disposable means with which it at once supplies the Government
This, when the war begins. As individual capital is withdrawn from peace­
ful occupations, tit seeks investment in the funds, and the bank then sells the
Government loan to the citizens, thus replacing its active capital, and
preparing for the next loan. Or, if the citizens themselves wish to'take
the next loan, the bank may make advances to 'them on the several in­
stalments of the loan, so as to enable them to take the whole loan, and this
in succession during the war, or until the taxes defray its expenses. Tha
benefit to tie Government, then, is that the bank has an accumulated capital,
which it places at the disposal of the Government for its immediate wants,
§nd is the channel by which the loans are diffused over the country. Now, as
almost all banks that ever existed have made loans to Government, t i t
operation' does not appar in itself a very difficult or ruinous one. The
whole matter is explained by Mr. Gallatin very clearly:
*c We have not adverted (says he) to the aid which may be expected from
that institution in time of war, and which should, we think, be confined to
two objects.
»c First The etperience of the last war has sufficiently proved, that am
efficient revenue must be provided before, or immediately after that erent
takes place. Resort must be had, for that purpose, to a system of internal

L Rep. No. 480. j

3ttl

taxation, not engraft m
taxes previously existing, but which must be it
once created. The el
liligence and skill cannot render such new taxes
reductive before twelve ui- eighteen months. The estimated amount must
e anticipated; and advances to that extent, including at least the estimated'
proceeds of one year of all the additional taxes laid during the war, may
juatly he expected from the Bank of the United States.
" Secondly. It will also be expected, that it will powerfully assist in rais­
ing the necessary loans, not by taking up, ©n its own account, any sum be­
yond what may be entirely convenient and consistent with the safety and
{irimary object of the institution, but by affording facilities to the money,
enders. Those who, in the Irst instance, subscribe to a public loan, do
not intend to keep the whole, but expect to distribute it gradually with a
reasonable profit. The greatest inducement, in order to obtain loans on
moderate terms, consists in the probability that, if that distribution proceed!
flower than had been anticipated, the subscribers will not be compelled, in
order to pay their instalments, to sell the stock, and, by glutting the market,
to sell it at a loss: and the assistance expected from the bank is to advance,
on a deposite of the scrip, after the two first instalments have been paid,
such portions of each succeeding payment as may enable"the subscribers to
hold stock a reasonable length of time- As this operation may be renewed
annually, on etch successive lotn, whilst the war continues, the aid afforded
In that manner is far more useful than large/lirect advances to Government,
which always cripple the resources, and may endanger the safety j>f a bank. 1 '

C

M^ominmiimqf
ike President of the Mamk qfthe United Strnim on the
increase of the paper eireuimiion of the Mmmk, its mgemey in diminish^
img or enlarging the eiremlmiwm qf local banks, and the means qfper^
rnanently regulating our general circulation, so m-io prewmiiiM im^
jmriom effects mpom lhe%trade and currency of the country.
1. 1 notice that, from 1823, to the first of January, 1832, the bank had
increased its bank note circulation from about four and a half to twenty-four
and a half millions of dollars} that thirteen or fourteen millions of this increase,
©ccurred between the 1st of January, 1828, and the 1st of January, ^1832,
and that you have the right, by your charter, to extend your circulation to
thirty-five millions—is it not your opinion that while such a circulation
continues, and the State banka exercise a similar power, onr^papcr currency
must fluctuate in value, that sudden demands must be occasionally made ont
crar banks for specie; and that our traders must become speculators and
bankrupts, by abrupt changes in the value of proprety?
1st. As to the facts—The increase of twenty millions of notes. .
The circulation of the bank on the 1st of January, 1823, was 4,361,058
On the 1st of January, 1832, ,21,250,546
An increase in nine years of. g 16,889,488
and not twenty millions.
£d. The increase from January 1st, 1828, to January 1st, 1832, is stated
at 13 or 14 millions. The fact is, that this increane was only 11,394,848,
and not 13 or 14 million*. Our paper currency has not, that 1 am aware,
fluctuated in value.
46
•.

a#8'

.

£ Bef* ^

46§

*3

del. Thit occasional demands should' be made for specie is incident to til
banks and all trade, but as the demands have been always paid, there does
not seem to be any' special cause of complaint.
r
Finally»until the nature of taan Is* changed, men will become speculators
and banirupti—under any system—and 1 do not perceive that our own is
ipecially calculated to create them.
2. Does not an Increase of gold and silver throughout the world, tend in
some measure to augment prices in every country?
* Yes; but in a very slow, and very gradual, and almost imperceptible man­
ner.
3. Does not an increase of bank note circulation, or of any other paper
substitute, for a metallic currency, tend to raise prices in the country where
it is issued, above the level of the prices of the world?
Sometimes, bit not necessarily, and perhaps not generally. Its natural
tendency to do so, is often counteracted'by this circumstance, that the facili­
ties of bank credits, enable men to have quicker returns, to enlarge their
operations, and therefore to work cheaper. Moreover," there is an es­
sential difference between paper which is a substitute for a metallic curren­
cy, and paper which is the companion of it, and convertible Into it.
'4. Suppose the* entire wealth of this country to be three thousand mil­
lions, and that, by Increasing our paper currency, we should nominally aug­
ment the value of property ten per cent, or three hundred millions ol dol­
lars, would not the speculations resulting from such a change, Inevitably,
and very considerably Increase commercial operations, notes of hand, bills
of exchange, and bank notes and checks t>f every kind and description?
Probably.
* 5. When we increase our general circulation by an Increased issue of United
States' Bank notes^ arc not our focal circulations simultaneously augmented?
Mo. The circulation of the Bank of the Cfnlted States supersedes, in many
tiles the local ^circulation, as it was designed to do, and no inference can
be drawn from the increase of the former to tie increase of the litter.
6. If they are not thus Increased, andt if, as some suppose, our general cir­
culation diminishes the aggregate amount of our local circulation, how do
you account for the following facts, which appear from the returns made to
the4 State Governments, viz.—That the banla of Massachusetts, between
1823 aftfd iSSl. hid increased their capital from 11,650,000 to 21,43§,6§0f
tnd their circulation from 3,145,01(1 to 7,739,317:—That the capital of the
State banks in New Y6rk, Massachusetts, Bhode Island, and Pennsylvania,
i t s increased'since 1817 ttiore than thirty millions'of dollars:—That the in­
crease of the circulation of'the banks in tnese States, not including the Phila­
delphia banks, was, in the last year, about eight millions:—That the country
banks in*the State of New York, had, between 'the 1st-January, 1830, and
the l i t January, 4832, increased their circulation from 3,074,345, to 8,«J22r
SW
1 have not time'to look Into these details, and, supposing 'them iccnrste,
*^y inference would this, that the control exercised by the Bank of the United
States oyer the Slate banks, while it is sufficient'to keep them within a
strict" responsibility for their Issues, does not encroach ©n their freedom of
action, or interefere with their profits.
7. If, is is supposed, the tendency of the United States' Bank is to dimin­
ish Slate bank paper, hbntr does ftthappen that, in* almost all the States the
local circulations have been doubted, and, in some, tripled i l ImtJunt since
the Mink w<as chartered?

E Rep. N<* m* \

W,

I have not had time to examine the statement, but should think It very
erroneous. With regard to several of the States, it certainly if not true.
It is not true in regard to Kentucky—it is not trie with regard to Tennessee'
—it m not true in regard to Missouri—-nor lo Morlh Carolina—nor to
FIrginia. It is .not true, either, of the aggregate. circulation. T h e ' State
bank circulation on the Istjof January, 1816, was sixty-eight millions.
That of the 1st of January, 1830, forty-eight millions. Wherever it.is
true, it may be ascribed to local causes, and to the addition, since the period
of the charter, of four millions to the population of the United States. The
general inference would be, how little the bank tends to encroach on
the legitimate business of the State banks, being the enemy of none, but
the common friend of all of them.
8. If the Bank of the United States, with its capital of thirty-five millions,
and its general circulation of twenty-two millions, jives an impulse to a na­
tional capital of three thousand millions, does it not inevitably give an im­
pulse to banking, aa well as all other operations, and must not these capital*
and circulations increase with all others?
It in not easy to perceive how the Bank of the United States increases the
capitals of other banks.
9. When a national bank, like that of the United Slates, expands its loans^
circulation, and investments throughout the Union, and a spirit of specula­
tion is excited every where, are not sales and purchases so multiplied, that
Qoe capital is frequently represented by ten notes of hand at the same time,
and does not this speculative increase of credits produce an increase of banks?
"There is no doubt that speculation tends to increase sales and purchase*,
and of course to multiply the evidences of such transactions.
10. Does not a national bank, with a general circulation, excite overtrad­
ing among local banks as well as among merchants?
Not necessarily. I t depends altogether on the operations of the ; bank««its natural tendency would be to control them, and thus far prevent, rather
than excite excessive issues.
11. In what manner can a national bank diminish the circulation of coun­
try banks with which they have no transactions, except by reducing its owir
circulation?
Very easily and very naturally. The very increase of the circulation of
a national bank, may be the most efficient cause of the reduction of a State
bank, and, in this way, a branch bank is near a local bank—the branch note*
ire more valuable than tho local notes—the local notes are exchanged for
branch notes at the branch bank, which thus becomes the creditor of the
local bank, and makes it pay its debts, and thus reduce its circulation. 'Now,
almost all State banks stand in this relation to the bank and its branches.
If. Are not bank checks,-notes of hand, and bills of exchange, capable of
being multiplied to an Indefinite extent, and are they not of themselves a
substitute for specie and bank note circulation?
1 should not think that checks or notes of band and bills of exchange^ art
capble,more than any thing else, of indelnite multiplication, and are nojfc
well suited to become substitutes of coin and bank notes, because they
would represent only individual responsibilities, not those recognized cor­
porations established by law, or of the coinage ixed and certiied by the .
Government.
13, If no banks were authorized by the General or the State Governmcnt%
would not trade apoji- confine itself to such a regulation, by'multiplied e*»

§§4

I Hep. No. 4m. ]

pcdlents to dispense with the use of them, as In some of the most commercial countries of Europe, where bankruptcies ire rare?
- If the-Government should suppress banks, undoubtly the people must
do without them. In regard to " some of the most commercial countries of
Europe," where ^certain expedients are said to dispense with the use of
banks—I do not know any one commercial country of Europe where banks
have not existed.
14. If banks were restricted to dealing in, and lending capital only, or
the representative of an existing capital, and were not permitted to Manu­
facture and lend the representative of nothing but legislative power, how
Could hanks ever Injure the trade or currency?
I fear 1 do not comprehend all this. Our banks have, or think they have,
a substantial capital, and I doubt whether it is true that they are merely en­
gaged in "manufacturing the representative of nothing but legislative
power."
15. If banks were restricted to their legitimate and primary object of bor­
rowing and lending the capitals actually existing in the "community, might
they not go on aunually regulating their facilities and their profits in a rate
corresponding with the annual savings of labor and accumulations of capital,
atod without detriment to trade or currency?
1 should think that the legitimate and primary object of banks Is to lend,
not to borrow.
• 16. If the Bank of the United States and its branches were compelled to
allow an Interest on all deposites, public and private, would it not draw Into
actual use millions of capital now dormant, and compel every State bank in
the Union to adopt the same plan of banking?
1 think it would do neither.
17. Would not such a measure effectually check any over-issues, by com­
pelling the banks to loan the large amount of capital upon which they were
obliged to pay interest, before they could be tempted to manufacture a bank
note capital for the uses of trade?
The question seems to answer itself, for, so far from checking over issues,
it would be the best contrivance to render them almost inevitable. The
case stands thus—At present it is feared that banki lend too much on whit
is here termed bank note capital—so, to remedy that, the plan is to force
the banks to allow interest on the deposites, because then they will bo
f<
compelled to loan the large amount of capital upon which they were oblig­
ed to pay Interest, before they would be tempted to manufacture a bank note
capital."i That is to say, before they come to the profitable part of their
business, they must lend a iarge mmoumtf in order to cover the interest
they have to pay. Such a plan 1 should think a constant stimulus to lend
too much; when a bank pays no interest on deposites, the temptation to ex:eesslve Issues can scarcely be as strong as when It is goaded into lending,
in order not to lose by the interest it must pay on deposites.
18. Would it be practicable for banks to sustain any extraordinary amount
In circulation when their notes would return upon them as fast as they were
Issued, because the holders would lose their interest upon them while they
retained them? •
It would depend entirely on the circumstance whether the holder of the
notes could make more by the use of them, than by returning them.
IS. Is that not a fallacious plan of banking, the objeet of which seems to
be to save interest' by substituting btnjt notes for a metallic currency, while

[ l c f f No. 4S§. J

$§§,

m portion of t i e community m n i t l l j lose th© interest on fire times that
amount) composed of bunk deposites and dormant capitals?
2(k I f we were to change our banking system, and call into active use
•II the savings of labor, the proits of trade, and the annual accumulations of
income, by compelling all our banks to allow an interest of four per cent,
ma i l l deposites, is i t not probable that a capital would be drawn from these
sources for the uses of trade five times greater thai any amount of paper
money which all the bunks in the Union could possibly sustain in circula*
' tion?
I see n# fallacy in the present plan, and no advantage in the proposed
change ©fit. Undoubtedly the substitution of paper for coin saves interest
©n the coin which it replaces, quite equal, I should think, to the capital
which would be rendered active by the suppression of the paper. I n addi­
tion'to their present circulation, the banks might *c possibly sustain'1 mi
amount which would make the whole one hundred and fifty millions. Five
times one hundred and fifty millions make seven hundred and fifty mil­
lions: and it is said that the offer of four per cent, interest, would rouse into
commercial activity these seven hundred and fifty millions. I somewhat
doubt this. Interest in the United Ststes varies from five to six, seven and
_ eight, and even ten per" cent
I f this dormant capital has resisted these
rates, 1 fear it would not be awakened by four per cent. 1 doubt the more,
because, in many cities of the United States, there already exist banks or
Mtving funds, or some institution of charity or trade which have, for years,
mrsoed this very plan of giving interest on deposites—and yet the 75© mil*
ions have not shown themselves.
- But there is an objection to the change of system which seems to me
final and fatal. A t present, a bank discount! on its own capital; i f deposites
• r e added they arc welcome; but they are not paid for; and the bank does
business in proportion to its capital, which, being unchanged, the .business
partakes of this uniformity. But if, as is now proposed, the bank should
have no capital of its own, but do business on capital which i t has borrow­
ed from othew, and on which i t pays interest, two things seem i n e v i t a b l e first, that the bank mist do a much greater amount of business in order to
make an equal profit, and that it w i l l be perpetually goaded into excessive
business in order to pay for the use of its borrowed capital. A n d , secondly,
that the business of such a bank must be in a far greater State of uncertainty
and fluctuation than that of other banks; because, "whenever there is a demand
for money, whenever a greater interest can be made out of doors than by
leaving the money in the bank, these 'deposites w i l l of course be withdrawn,
and the bank, just at the moment when i t might be useful in sustaining
trade, would find its whole borrowed capital melting away from under i t
21. Were we to adopt that system, would not trade safely regulate itself,
«od keep peace with the annual accumulations of capital; and would not ca­
pital increase more rapidly than it no%v does under a banking system, which
substitutes a paper representative of power, and excludes, from the active
uses of trade, a much larger amount of the real wealth of the country?
Trade contrives nnw to regulate itself well without the proposed improve­
ment, which 1 should not think calculated to hasten the increase of capital.
29. Were all the banks of the Union compelled at once to become bor­
rowers of, and to cease manufacturing capital, could not the change be ef­
fected without any derangement of trade or currency?
.. . | f n Gallatin eattmated Unit, in Jaauaty, WWf there w w i three hundred

f

8I«

.

'

No. 460* J

and thirty banks, having
of 145,1 §2,2§8 dollars. If these 'banks
were " a t once," Instead
5, to become borrowers, such a transition
tvoutd be a highly intereauug muvement, but 1 incline to think that«' trade
and currency" would be a little deranged before the process subsided.
S3. When bankers lend their own money, or the money of otherii, upon
which they pay interest, have you ever noticed that extraordinary, but ima­
ginary, deficiency of capital, which we hear of periodically in every coun­
try where banks are permitted to lend without restriction, or any self-rega*
fating principle, a currency manufactured by themselves?
! have never noticed any periodical deiciency of capital which was at
once u extraordinary but imaginary," arid, as far as 1 am acquainted with
the banks of thin country, they are not permitted to lend without restriction
or any self-regulating principle. What 1 have noticed ii thin-—that the
bankers of England iC lend their own money, or the money of others, on
which they pay interest," and that, for ten years past, the failures among
these English bankers have been more numerous in the proportion of six or
seven, and probably ten to one, than the failures of American banks.
24. May not a bank note currency be safely tolerated, where the mass of
your capital for the active uses of trade is drawn from other and legitimate
source*, and w|ere your paper circulations must necessarily bear but a small
proportion to the amount of your deposites, as in Scotland?
25. In Scotland, the bank deposites, in 1826, amounted to about twentyfour millions sterling; say, in our money, one hundred and thirty mil­
lions of dollars; more than half of which amount was composed of de­
posites in sums under one thousand dollars; and drawn from the laboring
classes; its circulation, which had been gradually enlarging for more than
one hundred and thirty years, was about three and one-third millions aler*
ling; equid, in our money, to about sixteen millions of dollars. Suppose
the bank deposites of Scotland now to be one hundred aid fifty millions, and
its circulation eighteen millions; can the trade of Scotland ever suffer from
re-actions while it is-sustained by so large an aggregate of real and active
banking capital, or its currency ever be agitated while the amount of notes
in circulation scarcely exceeds one-tenth of the amount of bank deposites?
26. If the trade of Scotland depended, as ours does, not upon the accumu*
htions of a capital which never diminishes, but on a capital manufactured
by five hundred banks, and which diminishes with every re-action, and may
almost vanish with a panic, would not Scotland suffer as we do, and as they
have frequently done in England, from every convulsion in the money
market?
27. Suppose our trade was sustained by deposites equal (in a ratio to the*©
of Scotland) to seven hundred and fifty millions, and facilitated by a pro*
per currency of ninety millions; is it your opinion that our country could
ever suffer, in peace or in war, from a scarcity of money or a want of con­
fidence?
28. If we were to oblige our banks to pay "an interest of four per cent,
•on all deposites, would not our laborers, mechanics, traders, formers; nay,
all our productive classes, become lenders of capital to give activity to trade,
and enlarge the employment of labor, and would not the ability of the
Bank of the United States to facilitate trade, be tripled in a very few years?
29. Is 'iot the Scotch plan of banking more profitable to the banks and
the community, than any adopted in any cither country?
SO. if this plan should mot be aiopftd by Congrens and 4m State b6£is*

[ Rep. No. 460. ]

36-7

htures, would not redundant circulations be effectually checked by limiting
dividends to six per cent, and compelling the banks to divide their profits? ■
The inquiries, from twenty-four to thirty inclusive, relate to Scotch bank­
ing. Scotch banking is doubtless an excellent system for Scotch people,
but these peculiarities are difficult to transplant among a people of totally
different manners, habits, and modes of existence; and as their English,
Irish, French, and Dutch neighbors, who are the more immediate witnesses
of its merits, have never adopted the system, 1 should hesitate to recom• mend it for this country. It suits Scotland, because it has grown up with
the trade of Scotland. For the same reason our system does probably bet­
ter for us than any scheme which could be imported. Our whole trade and
business has been connected with the system, and the general prosperity
which has accompanied it, proves that if it has not caused, it hai not marred,
the advances of the country. 1 doubt whether it would be judicious, as is
here suggested, to destroy all banks, or to take away their capitals, or to
make them pay interest on their deposites, or, in short, to do any thing with
them. The whole machinery works well. It moves harmoniously with
all our systems of government. The Governments of the States, with the
addition of the National Government, form our political system. The State
banks, with the addition of the National Bank, is the analagois arrangement
of the banking system.
The idea at the present day of doing the business of this country without
banks, would be equal lo the project of renouncing canals, and railroads,
and steamboats, and all the other improvements belonging to trade.
That banks do occasional mischief there can be no doubt; but until some
¥aluable improvement is found which supplies unmixed good, this is no ob­
jection to them. And constituted as they now are, the banks of the United
States may be considered safe instruments of commerce.
During the last ten years, for every American bank which has failed,
there have probably been at least six or eight English banks which failed.
In 1825-6, no less than seventy-six to one hundred English banks failed at
once.
On the whole, it seems wiser to retain the established institutions of the
country, instead of resorting to doubtful and hazardous experiments. What
i s wanted, 1 think, in our banking system, is this: First, to widen the basis
of the metallic circulation, by abolishing the use of small notes, so as to al­
low com to take the place of them, as it inevitably would. And, second, to
annex to the non-payment of specie by the banks, so heavy a penalty, sty
an interest of twelve per cent, as in the Bank of the United States, or twen­
ty-four per cent, as in some of the New England banks, or a forfeiture of
the charter as in some of the Jersey banks, as would deprive the banks of all
temptation to incur the risk of insolvency.
These simple measures would, in my judgment, be far preferable to any
other plans suggested in these inquiries—better than the plan of destroying
all the banks in the country—better than the plan of making them pay
four per cent, interest—better than the plan of limiting the dividends
to six per cent, and better than the plan of compelling them to divide their
profits, Instead of husbanding some portion of them to provide against contingencies.

[ Rep. No. 4(60. ]

369

BANK OF T H E UNITED STATES.

MAT

14, 1832.

REPORT OF MR. ADAMS.
Mr. A DANK, or the Committee appointed on the 15th of March, 1638, to
examine and report on the books and proceedings of the Bank of the Uni­
ted States, submitted the following

REPORT:
r

The rabfcriber, one of the membera of the Committee appointedboQ the 15th
of Mareh last to proceed to Philadelphia to inspect the books, mid to eftamine
the proceedings of the president-* and directors of the Bank of the United
States, and report thereon, and particularly to report whether the charter of
the bank has been violated or not, dissenting from the import agreed upon by
the majority of the committee, deems it his duty to submit to the Heine the
considerations upon which his own conduct i i the proceedings ©f the com­
mittee has been governed, and the conclusions to which they have brought his
mini in relation to this subject
It will be recollected by the Hens© that the appointment of the committee
was made upon a repolutlon olfrred by the subscriber, as in amendment to a
resolution previously offered by the chairman of the committee. T i n
amended resolution adopted by the House was predicated 01 the prinqjple,
avowed by the proposer ©f the amendment, that the original resolution pre­
sented object! of inquiry not authorised by the charter of the bank, nor
within the legitimate powers of the House; particularly that it looked to in*
vtatlgations which must necessarily Implicate not only the president and
director* of the bunk and their proceedings, but the rights, the interests,
the fortunes, and the ' reputation' of individuals not responsible for
those proceedings, and whom neither the committee nor the House had the
power to try, or even to accuse before any other tribunal. In the examina­
tion of the books and proceedings of the bank, the pecuniary transactions of
multitudes of individuals with It mist necensarlly be dbclosci to the com­
mittee, and thfe proceeding! of the president and directoss'of lb© bank in re­
lation thereto, formed just and proper subjects of inquiry; not, home?or, in
the opinion of the subscriber, to any extent which would authorise tbem
to criminate any individual other thin the president, directors, and officers^
of the bank or Its branches, nor them, otherwise thai as forming part ©f their
official proceedings. The subscriber believed that the authority of tie ,com'mittee, and of the House itself, did not extend, under cidloroC examining in*
to the bookn and proceed logs ©f the lank, to schitinise, for animadversion
47'

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f Rep, No. 460- ]

or censure, the religious or political opinions even of the president and di­
rectors of the bank—nor their domestic or family concerns—nor their pri­
vate lives or characters—nor their moral, or political, or pecuniary standing
in society: still less could he believe the committee invested with a power
to embrace in their sphere of investigation, researches so invidious and in­
quisitorial over multitudes of individuals having no connection with the
bank other than that of dealing with them in their appropriate business of
discounts, deposites, and exchangeIn these views he felt himself the more confirmed, because he perceived
no other course of inquiry that could be pursued, without invading the
sanctuary of private life, and committing outrage upon the most precious of
social rights. The transactions of the bank with their customers, are, in the
ordinary course of their business, highly confidential; an examination into
them by strangers, so far as it implicates the individuals with whom the bank
has dealings, bears all the exceptionable and odious properties of general
warrants and domiciliary visits. The principle of this protection to indi­
vidual rights, is. recognized in the charter of the bank itself, and in its by.
laws. By the fifteenth fundamental article of the charter, a limited power
is given to the officer at the head o£ the Treasury Department to inspect
the general accounts and books of the bank, with an express exception of the
account of any individual, and in the by-laws of the bank, there is a provi­
sion that no stockholder shall be permitted to inspect any account of any
person with the bank other than his own. The same restriction is nQt, in­
deed, applied to the authority given in the 23d section of the charter to die
committees of either House of Congress, appointed to inspect the books,
and examine the proceedings of the corporation; but that section neither
gave, nor could give powers of judicial authority to be exercised over any
individual for purposes of crimination or of trial. The committee are to in­
spect the books and examine the proceedings of the corporation, and to
report thereon. But they are not authorized to examine or report upon the
accounts or proceedings of individuals. The examinations by committees
authorized by the charter, are, from the context of the sections, evidently
gtfan as preliminary means, for bringing the corporation, in the event df
malpractice, on their part, real or suspected, before a judicial tribunal lor
trial. Whenever a committee so appointed reports that the charter has been
violated, the final action of Congress in the case is limited to the discretion­
ary power of directing that a scire facias should be sued out from the Cir­
cuit Court of the United States for the district of Pennsylvania, requiring
the corporation to show cause why their charter should not be declared forfeited. But so justly, and so wisely tender, was the Congress which consti­
tuted the corporation, to reserve to the president and directors of the bonk
the enjoyment of their civil rights, that the same section which gives to Con­
gress this control over them, expressly provides that, for the trial of the fads
at issue between them and the United States, upon the.return of the scire
facias, they shall be entitled to the benefit of a jury.
The corporation there­
fore cannot ultimately suffer by deprivation of their rights upon the unfa­
vorable report of any committee of Congress, nor even by the order of Con­
gress itself, that a scire facias should be sued out The protective shield
of the constitution, trial by jury, is extended over them;, the sacred trust
of theirfranchisesis expressly placed under the guardianship of that power
conservative of all individual rights—the verdict of their peer*
In the present case, the resolution originally offered by the chairman of

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this committee, was avowedly presented for another purpose—not with a
view that the final action of the House upon the result of the examination
should be the direction that a scire facias should be sued Out to give the cor­
poration the benefit provided for them by the law itself, of a fair trial by
jury; but that, by ransacking all the books and proceedings of the corporation
from its first organization to the present day, some latent fraud, looseness,
or irregularity, might be detected in the proceedings of the president and
directors, present or past, of the company, which might be elaborated and
wrought up into an argument against the renewal of the charter of the insti­
tution. This was the avowed purpose of a member claiming the right of
being considered as a perfectly fair, cool, and impartial investigator of those
proceeding?, and, at the same time, that, if the result of them should be to
exonerate from all blame the responsible officers of the company, the inqui­
sitor should still he at liberty to vote and speak against the renewal of the
charter upon the ground of constitutionaTscruples.
t
It was only by virtue of the 23d flection of the act of incorporation of
the bank, that the House possessed the power of appointing a committee,
with authority to examine the books and proceedings of the corporation;
and that section distinctly indicated the ptep&Qa for \yhich this power was
reserved: it was to furnish the means in th^ event of the commission of
gross abuses on the part of the president and directors, to put them upon
trial. The right of trying them is not reserved to the House itself, nor
can it, by the House, be conferred upon any committee. It belongs exclu­
sively to the judicial courts. It is a familiar argument to many expounders
of the constitution of the United States, that no power granted to Congress
can be exercised for any other purpose than that for which it was granted.
The importance of this principle may be seen in the consideration that it is
the only foundation of the argument against the constitutionality of a pro­
tective tariff. It is contended that a grant of power to levy taxes, duties,
and imposts, to pay the debts, and provide for the common defence and
eneral welfare, cannot justly be construed into a power to levy the same
uties, taxes, imposts, and excises, for the protection of manufactures. If
there be any soundness in this principle, apply it to this reservation of pow­
er in either House of Congress to appoint investigating and examining eonv
mittees on the books and proceedings of the bank. The power is reserved
for the purpose of enabling either House of Congress to put the president
and directors upon their trial for delinquency—upon trial by the judges of
tfce land—upon trial by a jury of the vicinage. It is not reserved for the
purpose of enabling a committee of the House to ruin the president and di­
rectors in fortune or reputation, by a partial, prejudiced, electioneering reCft; condemning them, as victims of political rancour, without law or just, without judge or jury; nor is it reserved even to enable the House to
determine the expediency of renewing the charter of the bank. The pow­
er is not reserved for that purpose; nor, if there be any soundness in this
argument against the constitutionality of the protective tariff, can it be ex*
ercised for that purpose. In this view of the subject, the House would not
even have possessed the lawful power of appointing the committee. The
committee was appointed, not for the purpose of putting the president and
directors of the bank upon trial; nor was it intended by the mover of the
resolution that they should have the benefit of a trial by jury.
1
* It is not the intention of the subscriber to press this course of reasoning,
to which, in its application to the tariff, he does not yield his assent. To

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those who hold the doctrine that the purpose for Which a power is granted,
forms an indispensable condition for the lawfulness of its exercise, he leaves
the argument to bear with its proper weight. But if, under a power to ap­
point investigating committees to ascertain by the verdict of a jury whe­
ther the charter has been violated or not, a constructive power is given to
sport with the feelings, and fortunes, and reputation of honest and honorable
men* because they happen to hold the offices of president and directors of
the Bank of the United States; there is surely no authority given in the
E charter to pry into the accounts and pecuniary transactions, and to
tinize the fortunes and characters of thousands of individual citizens of
ttye Union, merely because they have an account in bank, which, in the ex­
amination of the books and proceedings of the corporation, must incidentally
be disclosed. The subscriber is under a deep and indelible impression that
no such power is given to Congress by the charter of the bank, nor does he
believe that such a power can be exercised without aflagrantviolation of
the principles upon which the freedom of this people has been founded.
It was under this impression that he moved the amendment, which receiv­
ed the sanction of the House, to the resolution originally offered for the ap­
pointment of an investigating committee. That amendment was carried by
a considerable majority of votes in the House. The course of investigation
pursued by the majority of the committee has, however, been- not confor­
mable to the principles of the resolution adopted by the House, but to those
of the original resolution, which the House did not accept; a consequence
which was naturally to be expected, from the circumstance that a majority
of the committee was appointed from the minority of the House: that is,
from those who voted against the amendment adopted by the House.
The question of the principles upon which the examination was to be con­
ducted, occurred immediately after the arrival of the committee at Philadel­
phia, and it was determined, conformably to the views of a majority of the
committee, representing, so far as the views of the House had been mani­
fested, a minority of the House.
...•■• There was accordingly no restriction to the latitude of investigation as h
had been proposed in the original motion of the chairman of the committee.
No ©ejection was made on the part of the president and directors of the bank,
excepting that the president did remind the committee of the confidential
nature of the transactions between the bank and its customers, with the as­
surance of his reliance that it would be considered and res pee ted. All their
books, and all the accounts of individuals with the )>ank, called for by any
member of the committee, were exhibited to them. Had there been a mem­
ber of the committee thirsting for the. ruin of a personal enemy, or a politi­
cal adversary, and who, by this inquisition into the accounts of all who had
dealt with the bank, could have been put in possession of facts, the disclo­
sure of which might have destroyed his peace, his fortune, or his fame, the
opportunity afforded him by this course of proceeding would have been too
inviting to have been resisted. That there was sucH a member upon the
committee, the subscriber docs not affirm. The eagerness with which pri­
vate accounts were sought for; and, in an especial manner, those of editors of
newspapers, members of Congress, officers of Government, and all indeed
possessing political influence themselves, or likely to suffer in public estima­
tion by exposure of their private and pecuniary concerns, flowed, it is to be
presumed, altogether from patriotic principles, and a stern abhorrence of cor­
ruption. The natural and irresistible tendency of all investigations conduct-

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cd on such principles, must be to substitute paqpton in tic prince'of justice*,
and political rancor in the place of impartiality. In all time* of party ex­
citement, the members of the legislative Assembly are plsrccd in attitudes
of keen and ardent opposition to each other. We have constant experience
of the personal animosities Into which all debates on questions of deep pub-'
lie interest are continually running. An indi¥idual member of this House,
who presents himself in the attitude of an accuser, not only culls for the in*
vestment in himself of dfu eJInordinary power; but, if lie prosecute himself,
tie accusation claim* the exercise of powers which, in no general system fur
the administration of equal justice, can ever be united. The spirit of the
prosecutor is not the spirit of the judge.* Whoever voluntarily assumes th»
former capacity, disqualifies himself for the junimpeachable performance of
the latter.
During the present session of Congress, twt> instances have occurred of
inquiries instituted into the conduct of £x^cutive officers of this Govern­
ment—one hearing upou the Second Auditor of the Treasury, and the other
upon the Commissioner of ihe General LandOmee. In each of those cases,
the member instituting the inquiry movedjts reference lo a committee of
which he was not himself a .member. There \vas no law, nor even any role
of the House, which imperatively required this; but the members them­
selves felt the delicacy of their-situations, and, of their own accord, divested
themselves of that invidious combination of character which unites the pro­
secutor and the judge. *Thf prosecution^ the bank has been the only ex­
ception to this course pf proceeding. The chairman of, the committee commenced his career as a prosecutor, by exhibiting an indictment, so called by •
himself, of twenty-two charges against ihe bank. The bank is a corpora­
tion consisting of a president, directors, and company of stockholders. The
bill of indictment, therefore, being ostensibly against ike bank% seemed to
lie divested of person'al animosity, and this, perhaps, may have induced ihe
chairman to lose the consciousness of incongruity in the exercise at once of
prosecuting, and of judicial powers. These observations are deenled indis­
pensably necessary to elucidate the spirit in which the examination was con­
ducted—-partaking throughout of this unusual union of the prosecuting, and
of the judicial character. Among the charges exhibited by the indictment*
not ostensibly against any individual, but against the bankt was one of sub*
iidizimg the fires* by special farors and accommodations to editors of news­
papers; another for special favora and accommodations to members of Con­
gress. In all this the chairman of the committee appears to have enter­
tained the opinion that, because the charges were in form against thebankf
they were not at all to be considered as affecting the integrity of ihe persona
upon whom they might chance to fall. He frequently disclaimed all Inten­
tion of putting upon trial the character of the president of the bank, and he
appears to have been quite unaware upon whomi his denunciations fright
eventually be found to descend. The subscriber believed that then was a
'treat want of precision in the deloitions by the chairman of the committee
in his original motion of the crimes which he denounced. Take, for ex­
ample, the charge of subsidizing the press. If a violation of law be an es­
sential ingredient in the composition of crime, there was no law which pro-'
hibited the bank from subsidizing the press; nor was there any law which
• prohibited the president and directors of the bank from affording facilities
iiad accommodations to editors of newspaper*. On the other hind, there is,
perhaps, no elass of citizens in ■ the community who, by the nature of their

374

[ Rett, £p* 460. ]

profession, may more frequently need the aid of bank facilities, or to vta™
they may be more signally useful, and, in proportion to the extentivenepi ©I
a printing establishment, will, of course, be the amount of the acfcomm<fc||tions which they may require. Why then should the bank be laid under ao
interdict for subsidizing the press? Why should the president and directors
of the bank be chargeable with gross and palpable corruption, because large
accommodations and facilities, in the regular course of banking operations,
have been afforded to editors of newspapers? There appears to the subscriber
to be included in the principle of this charge a very dangerous assault upon
the freedom of the press—a principle proscriptive in .its nature, and the
application of which, if once assumed by the authority of the Legislature,
could he successful only in reducing the press tp servile subserviency to
whatever party might command a momentary majority in the two Houses
of Congress. The editors of newspapers are not responsible to Congress
for the political principles which they may advocate or oppose. Nor can
the Legislature take cognizance either of their consistency or of their political
purity. They are responsible for their opinions to their subscribers, and to
the public opinion of their country. To hold them to this responsibility,
their rivals, and competitors, and political adversaries, are sufficently watch­
ful and sufficiently armed. The opinions and interests of majorities in Con­
gress will never lack for presses to sustain themselves. But if, in addition
to that common interest of the majority, and of their favorite presses in the
competition for public favor, they are to assume a censorial power to punish
or to stigmatize the editors who support the opinions or interests of the mi.
nority, in what does this differ from an imprimatur in the hands of the
governing power?—an engine for the suppression of all freedom ofythe press,
as wall as for the oppression of every editor whom it may suit the* purposes
of the predominant party to discredit or destroy.
Entertaining these opiaions, and believing that the principle on which
they were founded had been sanctioned by th,e House itself in the resolution,
as adoptqfl, for the appointment of the committee, the subscriber did ear­
nestly, though ineffectually, resist and oppose the call by the committee for
the accounts with the bank of editors of newspapers. To all person* of
that highly respectable and important profession, their accounts in hsalk
were, as well as to pther members of the community, their private and do­
mestic concerns, which no power to examine the books and proceeding*of
the bank could authorize a committee of this House to expose to public gate.
To single out the editors of newspapers for this invidious exposure was> in
the opinion oCthe subscriber, to disfranchize them of their rights as citizens
and as men, and was to assail them in their reputation, their interest, and
their credit—not for the purpose of bringing ttyem to trial by jury, where
they might defend themselves, their fortunes, and their characters, in pre­
sence of their peers, but to hold them up as accomplices in corruption with
the bank;—to accomplish two objects by one operation—to defame the
bank by colorable charges of corruption, which it would never hare an op­
portunity to repel by a fair trial, according to the laws of the land; aadf to
defame any editor of a newspaper having an account in bank, whose politics
might be obnoxious to a majority of the committee, instigated by the rival­
ry and hatred of antagonist editors of other newspapers in the aane city tir
neighborhood.
^»
The majority of the committee did, the subscriber doubts not, with {Mfe
intentions, otherwise decide, and the accounts of editors of newspapers

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37i

frith the bank -were called for. In reviewing this decision, and the pro­
ceedings of the committee subsequent upon it, he deems it his duty to de­
clare that none of his objections to it have, in his judgment, been removed.
He views it §s a precedent of portentous evil; as an nnjustiSable encroach­
ment of arbitrary authority upon the. freedom of the press; is an odious per­
secution of individual citizen* to prostrate the Influence of personal or poli­
tical adversaries by the hand of power.
Of this class of accounts thus produced, those of one newspaper establish­
ment only underwent the investigation of the committee:—those of. James
Watson Webb and Mordecai M. Noah, editors of the New York Courier
and Enquirer, one of the most distinguished and extensively circulated
journals of the {Jnionv Mr. Webb was examined upon oath by the com­
mittee at bis own request. Mr. Noah .transmitted to the committee his
own affidavit, made before a magistrate of the city of New York. Mr. Silas
E . Burrows, a private citizen, not an editor of a newspaper, but connected
with the responsibilities of Messrs. Webb and Noah in I lie bank, was sub­
poenaed to appear before the committee, but, as the subscriber believes, with
a just estimate of his own rights, did not give his attendance. No proposal
was made in the committee to issue a compulsory process against him. As
editors of a public journal, and, in that character, as guardians and protectors
of the freedom of the press, the subscriber is of opinion that neither Mr.
Webb nor Mr. Noah ought so have appeared in person or by affidavit before
the committee. If, in their transactions with the bank, they had committed
any violation of law, they could not be examined as witnesses to criminate
themselves; if they had committed no violation of law, the inquistorial
powers of the committee did not extend to them. Their transactions with
the bank, unforbidden by the law of the land, were no more within tho
lawful scrutiny of the committee, than the dwelling-house, the fireside, or
the bed chamber of any one of them. These", even in the darkness of heathen
antiquity, were the altars of the household gods. To touch them with the
hand of power is profanation. Assailed, however, in reputation, as they
already were, and had been, on account of these transactions, by their poli­
tical enemies and the enemies of the bank, from false and exaggerated ru­
mors concerning them which had crepiinto public notice, it was certainly
not unnatural, and perhaps not improper in them, to state, in full candor and
alneerlty, what their transactions with the bank had been. .
From these it appeared that, in August, 1881, James Watson Webb ob­
tained at the Bank of the United States a loan of twenty thousand dollars
upon his own note, endorsed by Mordecai M. Noah. The application for
this loan, made in person by Mr. Webb t was sustained by a letter from Mr.
Noah, and sundry statements relating to the pecuniary condition and credit
of the New York Courier and Enquirer. The letter-front Mr. Noah was
enclosed to the president of the bank by Walter Bo woe, mayor of the city
of New York, who had been one of the earliest directors of the bank, with
a recommendation of the application itself to be considered as a business
iramsmciion. It was so considered by the board of directors who acceded
to the loan desired. But the editors of the Courier and Enquirer had long
been, as they still art, ardent and actiFe political prtisans, and their news­
paper haa been, and continues deeply immersed in that portion of political
afiairs immediately connected with elections. The peculiar character sus­
tained by tie paper and its editors, at the time when this application for t
loan mm made* was that of devoted friends to the present administration,

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[8^.480.]

and particularly^*© the eminent citizen at its head. This character fhey and
their paper stifimfein. They have, of course, numerous adversaries of the
opposing part^\andjgtmeroua rivals in^their own. Sometime before this
application for a lp^T&om the Bank of the United States, there had been be­
tween them and i*cmie of their competitors for party and public favor,;*
newspaper war with regard to the conduct of their journal, and the opin­
ions of its editors with reference to the Bank of the United States. In ajll
this, the interests of rival printing offices, and rival banks, may, without
broach of charity, be presumed to have been very willing auxiliaries to edi­
torial virtue and the unsullied purity of the public press. The poiitic^jfrf
the paper had been, or were thought to have been, successively hostile sad
friendly to the Bank of the United States. In this stale of things, it is stated
by Messrs. Webb and Noah that two or three of the banks in the city of
New York denied them the accommodation of loans which they had previ­
ously yielded, and refused to discount for them paper of unquestionable cre. cliL * They affirm that these city banks, in punishment of Lheir friendliness
for the Bank of the United States, withdrew from them facilities previously
extended to them, and required the repayment of a large accommodation
loan for which they were indebted. To discredit these imputations, re­
affirmed by Messrs. Webb and Noah in their testimony upon oath before
the committee, a majority of the committee deemed themselves authorized
to send a commission, and request the presidents of two of the city banks in
New York to make affidavits before a magistrate, giving notice thereof to
Messrs. Webb and Noah, and to transmit those affidavits to the chairman of
the committee at Washington. The depositions of Isaac Wright, president
of the City Bank, and of Albert Gallatin, president of the National Hank,
at New York, were accordingly taken and transmitted to the chairman of
the committee. They did not, in the slightest degree, impair the testimo­
ny t>f either Mr. Webb or Mr. Noah. On the contrary, they confirmed,
so far as they could confirm, that part of their evidence which it had been
the purpose, in requiring the affidavits from the two New York banks, to
invalidate. They proved that, at both of those banks,'in July, 1831, notes
offered for discount by James Watson Webb, with an endorser of unques­
tionable credit, were rejected. The rawon* of those rejections, both the
presidents of the banks, with great propriety, declined to give. They state
that at one of the banks no note is discounted, if objected to by any one mem­
ber of the board of directors. At the other bank, any note is rejected to
which two of the directors concur in objecting, and that no director is re­
quired to assign any reason for his objection to any discount. In these an­
swers of the two presidents, the subscriber cannot forbear to remark a de­
monstration of the impropriety of the call by the committee upon those gen­
tlemen for their testimony in this case. The object of the call was to im­
peach the truth of testimony given by the* two witnesses, Webb and Noah,
upon oath before the committee—witnesses whose veracity stood as fair be­
fore the committee as that of any other citizen of the community, and who,
in the opinion of the subscriber, could consider the call itself on the presi­
dents of the New York banks to contradict them, in no other light than that
of a gratuitous and wanton insult upon themselves. Of the fact that notes
offered by Webb had been rejected at the New York banks, no doubt was
.orcould be entertained. The reasons of the rejection were avowedly in­
ferences of Mr. Webb and Mr. Noah, which might even have been incor­
rectly drawn by them without impeachment of their veracifer. The corn-

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mitten eo«M not, In t i t opinion of the sdboaribar» poMMs-fte right of ealU
ing upon tie parcuMents 01 tie Now York bonkf for the raaanne of their re­
fusing discounts to Jamei Watson Webb, or t© any other man. The call
itsolf was a violation of individual right, and tie refusal to answer it, though
in terms entirely respectful and dtspassionatef carries with itself a eensure
upon usurped authority, not undeserved.
To this call upon tie presidents of tie New York bilks, the mliicrihir
hid another objection. The chairman of the committee hid, by an net ©f.
Congress, authority to administer oaths to wItoessea, and the committee had
received frem the Hois© authority to send for persons and papers. But the
subscriber did not ©©wader the committee as possessing the power of dele*
jpting to other men authority to take depositions from persons whom the
committee were authorised to call before themselves, and to hetr in person..
No member even of the.committee, ©tier than the chairman, wai «thorij&cd to administer an oath. T© administer oaths to witnesses was in tie compoteney of the chairmin specially authorized by statute. T# nend for
persons and papers existing, was in the competency of the committee, au­
thorised by the Houie. But to direct to be taken, and to receive as testi­
mony, depositions © persons wh©m the committee might ha?© summoned to
f
appear and testify before themselves, was, as tie subscriber beloved, to
transcend ticir Itwful authority, and to net a precedent which would lead to
most pernicious abuses. This encroachment of power could not be justi­
fied by the request of the chairman of the committee to the deponents, that
James Watson Webb and Mofdocai M» Noah, tie penons whose testimony
it was supposed these depositions would discredit, should have notice of the
time m i place when and where they shoujd be taken. To give notice of a
deposition t© be takento*impeach the testimony of another, is the inly of
a party to a cause, and not of the deponent bimseil The witnens whose*
testimony is to be discredited cannot be bound to receive t notification from
the witness called to discredit him. The volunteering of • ecmmiltee to
send forth mandates in seerch of contradictory evidence, to fasten impute*
tioos of perjury upon witnesses of vemefty, before tiemunimpeieied, has,
in the view of the subscriber, an aspect too unjust and odious in itself to
be legitimated by any notice given to the witnesses thus outraged in their
feelingp and their rights. The whole procedure was, in the opinion of the
mbiiaiber, unlawful and unjust. He recorded against it his vote noon tie
journal ©f the committee; and he deems it his duty to repeat his jvotesta*
tton against it in this report
But whiteter may have beei the true state of the relations between.
-Messes. Webb s i i Noah, and Ihe local bunks of New York, it was with
these statementssni allegations that Mr. Webb, in August, 18SI, applied to
tbfe president and board of directors of the Bank of tie United States for
an accommodation loan ©f twenty thousand dollars. The president snd di­
rectors comiderei it, as it hid been viewed in the recommendation of the
mayor "of New 'York, m • burim** tramaction. Yet, it did not escape
their attention, that a political coloring might, tod probably would, be given
to it by the. inveterate enemies of the bank. - They were a wars that, if the
loan was punted, it would be liable to tie charge of a favor dispensed to
purchase the aid and nupport of the newspaper in behalf of tie bink| and*
if it should be denied, it would be charged is proof of hostility to the ad*
ministration ©I the General Government snd its chief. jSure that they could,
in no efent efeap