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I ft, cjIjaa U A bt>G ^ tiri/'flV / i,
23d Cokgbess,

2d Session.

i f* H i,

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n

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d tt4 v* J L IN S E N A T E OF T H E U M T E D S T A T E S .

D e c e m b e r 18, 1834.

Re»d, and ordered to be printed.

Mr. T tler from the Committee on Finance, who were instructed by reso­
lutions of the Senate of the 4th of February, 5th of M ay, and 30th of
June last, to investigate the affairs and conduct of the Dank of the United
States, made the following

REPORT:

The Committee on Finance, acting; under the instructions contained in
the resolution of the Senate o f the 30/A June last, beg leave, so fa r as
the said resolution relates to the Bank o f the United States, to submit
the following report:
Immediately after the adjournment of Congress, the committee repairod
to Philadelphia, with the view of ascertaining, as preliminary to their sub­
sequent proceedings, the readiness, on the part ef the directors, to submit
the books and papers of the bank to the free and unreserved inspection and
examination of the committee. The letter, marked A, addressed bv the
committee, through its chairman, and the reply of the president of the bank,
marked B , are hereto appended; together with a resolution of the board, ap­
pointing a committee to receive the committee of the Senate, adopted at a
subsequent day, viz. the lfith September. The committee thereupon, as
the readiest, if not the only, mode of acquitting themselves of the several
duties required of them, devolved upon cach of the Members, separately,
the task of obtaining such information as their respective States, and those
most contiguous to them, would afford, relating to the several heads of in­
quiry embraced by the resolution under which they acted, and that a majo­
rity of the committee, or some of its members, should also assemble at some
principal points. So far as the investigation into the affairs of the bank is
concerned, the examination of each and every branch, separately, might
have been desirable; but this was rendered impossible, not only by the li­
mited period assigned for their labors, and the remoteness of the officers
from each other, but becausc of the highly interesting character of other du­
ties which the committee had to discharge, and which the interests of the
country seemed to require should not be overlooked. After having visited
such offices as could be most conveniently visited, a majority of the com­
mittee repaired to Philadelphia, on the 13th of September, and u n n m it tingly prosecuted their investigation into the affairs of the bank to its final
completion. They deem it proper to say, that, in the examination which ,
they have made, every facility was afforded by the officers of the institution



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<

which the qommitttfe could have desired. No hesitation or reluctance was
manifested in furnishing any book or paper which was required, and every
avenue to a full and free investigation, not only at the bank, but at the seve­
ral branches visited Dy the committee, or any member of it, was promptly
laid open. If, therefore, the committee has failed to acquit itself of its duty
in the fullest manner, the fault is ils own; a n d lh e only apology it would
have to urge in its behalf would be, that, for t f B g l l examination into every
operation of an institution so extensive in itsT ^^ings, and conducting ope­
rations so diversified and numerous, and at the same time so intimately
blended with every interest of societv, a few months may be considered as
altogether too limited a period for the consummation of the task. T he com­
mittee have, however, sought to make their examination full and complete
upon the several subjects specified in the resolution under which they acted;
and taking them up in the order in which they are placed in the resolution,
they now proceed to report upon them separately and severally.

Has the Bank violated its charter ?
The first inquiry into which they entered, was that which standing first,
in the resolution of the Senate, may be regarded as of leading imporlance,
v iz .: whether the bank had, during the period of its existence, so violated
its charter as to expose it, not only to the hazard of a forfeiture, if the ques­
tion should be raised in the courts, but to an actual forfeiture of public confi­
dence? T he committee did not deem it necessary to extend their inquiries
to a period further back than the year 1820. An elaborate report was made
in that year, by a committee appointed by the House of Representatives,
embracing all the antecedent period. That report was acted on, at the time,
by the House of Representatives, and the bank was fully acquitted of all lia­
bility, for supposed infractions of its charter, up to that time. T h e disclo­
sures then made produced a change o f directors and a subsequent change of
policy; and it is to subsequent allegations against the bank that the commit­
tee have directed their inquiries.

The E xchange Committee.
The first charge into which the committee examined, because of its being
the most gravely urged, is, that the hank violated its charter in having cre­
ated a committee called the “ Committee of Exchange,” thereby devolving
duties, which it is said the charter entrusted to the board o f directors, on a
small number. T his charge comes with the greater force in consequence of
its having been publicly made by a gentleman lately at the head o f the Trea­
sury Department. M r. T aney , in his report made to Congress on the 4th
December, 1833, containing his reasons lor removing the deposites of the
public moneys from the Bank of the United States, uses the following lan.
guage:— “ Instead of a board constituted of at least seven directors, accord­
ing to its charter, at which those of the United States have a right to be pre­
sent, many o f the most important money transactions of the bank have been,
and still are, placed under the control of a committee, denominated the E x ­
change Committee, of which no one of the public directors has been allowed
to be a member since the commencement o f the present year. This com­
mittee is not even elected by the board, and the public directors have no
choice in their appointment. They are chosen by the president o f the bank,
and the business of the institution, which ought to be decided only by a board



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of directors, is, in many eases, transacted by this committee; and no one
has a right to be present at their proceedings but the president and those he
shall please to name as members of this committee. Thus loans are made,
unknown at the time, to a majority of the board, and which might probably
be rejected at a regular meeting of the director?. T he most important ope­
rations of the bank are sometimes resolved on and executed by this com mit­
tee, and its measures are, it appears, designedly a n d by regular syslem so
arranged as to conceal, from the officers of the Government, transactions in
which the public interests are deeply involved.” T h e charge, thus made,
not only involves a violation of charter, but a violation with a purpose high­
ly fraudulent and criminal. Proceeding from a high officer of the Govern­
ment, it claimed, at the hands of the committee, a full investigation, and they
now submit to the Senate the result of their inquiries. As early as Ju ly 18th,
1817, being a few months more than a year from the time that the bill es­
tablishing the bank became a law, and within a few months o f its actual or­
ganization, the board o f directors established a department which was called
“ the Exchange Department,” umler the direction and management o f the
president, cashier, and three directors, to be appointed monthly, in rotation,
three to constitute a board. A t the same time the board adopted certain
rules and regulations for the government of the committee, which are here­
to appended (marked C .) T o this committee was intrusted all theexchange
business o f the bank and its offices; and, on the 15th o f August, o f the same
year, the exchange department was intrusted with all the business o f foreign
exchanges. In the adoption of these proceedings, there appears to have been
a unanimity of sentiment, the Government directors, and all others, voting
for their adoption. T h e committee was directed, as is before stated, to be
appointed monthly, in rotation; but this part of the rule seems, from a care­
ful examination o f the books, to have fallen very early into disuse. F or
several years after the adoption of the rule no regularity was observed in
the appointment of the committee, intervals elapsing of three and six months,
and once, at least, of an entire year, without the appointment of new mem­
bers. This, doubtless, arose from the circumstance that the business of the
bank in exchanges, both foreign and domestic, was very limited for many
years after it went into operation. T h e rule of 1S17 was, nevertheless, per­
mitted to remain undisturbed until the 13th of February, 1 S 2 I, when M r.
reported certain regulations for the purchase o f exchange, by which
it was provided “ that, in the absence of the Exchange Committee, the pre­
sident and cashier shall be authorized to purchase exchange which may be
offered for sale, if an immediate answer be desired, and report such purcha­
ses to the Exchange Committee at its next meeting thereafter.” (See the
report and resolutions appended, marked D .) T h e committee sought, by a
minute examination, toascertain when the rule, requiring the appointment of
the committee monthly, in rotation, was rescinded; but this search was fruit­
less. I f rescinded, by resolution, the minutes o f the board contain no ev i­
dence of the fact It seems, by usage and general acquiescence, to have grown
into a quarterly committee, and, from the 3d day o f Ju ly , 1827, it has been
regularly appointed quarterly. T h e president o f the bank has uniformly
named the individuals whoshould compose the committee. This he did upon the
appointment of the first Committee of Exchange, and this he does to this day.
His presence, ai the sittings of the committee, arises from the fact that he
" ’as, by the
of directors, appointed a member
with the cashier:
is
any
does
equally
every other



Lloyd

nor there

board
tiling which

not

along
appertain to

com-

[

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4

mittee of the bank, in the fact that the members composing the committee
alone attend its sittings.
B y one o f the rules under which the committee acts, it is directed, “ once
a week, at least,” to lay its proceedings before the board of directors, and
your committee, for the purpose of ascertaining whether this rule was
strictly observed, called before them the two Government directors, Mr.
Macalaster and M r. Ingraham, whose statement, after being reduced to
writing, was submitted to their perusal and recognized by them as correct.
That statement is hereto appended (marked E ) , and embraces also the state­
ment of M r. Lew is, one of the Exchange Committee, and of the first and
second assistant cashiers, M r. Andrews and M r. Copperthwait. An ex­
tract is also appended from the deposition of M r. Bevan. taken before a
committee ol the House of Representatives, on the 12th February, 1S32.
From these several statements it will appear, that the book containing the
proceedings on domestic exchange, is regularly laid before the board every
discount day, open to the inspection of every director, and exposed to his
most thorough examination; and that the book containing the business on
foreign exchange is in the custody o f the second assistant cashier, and is
equally open to the inspection o f any one or all o f the directors. From ^Ir.
L ew is’s statement it also appears that the committee on exchange occasion­
ally, and when the board is not in session, grants ordinary discounts, but
the transaction is immediately entered on the discount book, which, to use
his language, is emphatically, “ the book of the directors.” The whole
transaction therebj' comes to the knowledge o f every director, and the
board has it in its power, at all times, to require additional security or the
payment o f the note at maturity. Mr. Lew is states further, that notes are
but seldom discounted by the Exchange Committee, and, for the most part,
in cases where the delay in granting them would prove injurious to the ap­
plicants, or where the renewal of the note is asked for, which was not asked
o f the board because of some impediment in the way o f the discounter which
he could not overcome. This practice has grown up under the eyes of the
board, arid with its full knowledge, and received its approbation, no doubt,
from the necessity which gave rise to it. The losses to the bank, through
the operations of the Exchange Committee, have been remarkably small,
and would seem strongly, if not conclusively, to imply, that the appoint­
ments made by the president of the bank, of members for that committee,
deserved any thing rather than censure. T h e committee have perccived no
concealment, with or without fraudulent intent. T h e proceedings of the
Exchange Committee are submitted to the board o f directors, by virtue of
whose resolution the committee are authorized to act: and as it has been
spoken into existence by the fiat of the board, so, whenever it shall be found
to exceed the bounds of a just authority, it may be restrained; and if found
to be useless or pernicious, the committee itself may be abrogated. Much
inconvenience would arise if one, having a bill of exchange, either domestic
or foreign, was compelled to wait for the regular discount days before he
could dispose o f it. Other dealers in exchange would, most probably, en­
gross at a higher premium, the advantages which the bank has enjoyed
through the agency of the Exchange Committee. M r. Macalaster, one of the
Government directors, thinks that the Committee of Exchange is convenient
and useful, but not indispensably necessary , and M r. Ingraham does not
consider it indispensably necessary. T h e first would have it a monthly
cominit'.eee, on which all the members should serve in rotation, in place of



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a tri-monthlv, taking care to preserve one o f the old members always
upon i t
The committee do not fe e l' themselves authorized to go
into the consideration whether it would be better to have the members
well trained in the knowledge of commercial exchanges, which is ensured
b a somewhat lengthened service on the com mittee, or whether it would
_v
be better for the board to adopt Mr. M acalaster’s suggestion, of changing
two of the members every month. M r. Macnlaster had too much sagacity
not to recognise the necessity o f continuing one o f the members, with the
view that the new members might avail themselves of bis practical know­
ledge and experience, and therefore his reservation upon that point. N or
does it belong to the committee to measure the exact degree of necessity
which calls for the establishment o f a department on exchange. These arc
questions more properly for the decision o f the board o f directors, to whom,
by law, has been entrusted the government of the institution. T h ey must
take care to avoid on their own part a violation o f the charter; and the com­
mittee having presented lo the Senate the history o f the exchange com mit­
tee, as far as they were able to procure it, together with its general course
of proceedings, come now to inquire whether, in the creation o f that com­
mittee, the directors have in fact exceeded their authority, and violated the
charter of the bank.
It is already seen, that if it be violatory of the charter to have created the
exchange department o f the bank, that it is a violation almost coeval with
the bank itself; and one, too, which, it is proper to add, wholly escaped
the vigilance of the committee of the House of Representatives in the year
1819. T h e charter requires that “ not less than seven directors shall con­
stitute a board for the transaction of business;” and all would concede, that
if less than seven should undertake to adopt and prescribe rules and regula­
tions for the government o f the bank, or assume the task of creating com­
mittees, their proceedings would be void, ab initio, because plainly and
directly in opposition to the language o f the charter, which provides, in the
7th section, that the president, directors and co ., shall have power “ to
ordain, establish, and put in execution, such by-laws and ordinances, and
regulations, as they shall deem necessary and convenient for the govern­
ment of the said corporation, not being contrary to the constitution thereof,
or the laws o f the United States;” and by the Sth section commits “ the
management o f the affairs o f said corporation to twenty-five directors, not
less than seven o f whom, it is declared by the fourth fundamental article,
shill constitute a board for the transaction o f business. B ut if seven directj
ore shall have met— prescribed rules for the government o f the institution—
appointed officers— created committees for the “ convenient government” o f
the bank— in other words, adopted the necessary measures to put the bank
successfully into operation, it would seem, to an impartial inquirer after
truth, that the rules thus made— the officers thus appointed— and the com­
mittees thus created, would be entirely free from cavil or objection. T he
directors of a corporation, acting within the limits of their charter, are the
,egnlatori of the corporation, and their power lo appoint agents, whether of
their own body or others, to carry their laws or rules into effect, would
«ceni to be as perfect as any function which they have to discharge.
I he language of the bank charter is almost in substance the language em ­
ployed in the constitution o f the United States in reference to the two
Houses of Coflgress, which declares that “ a majority (o f each house) shall
necessary to constitute a quorum to do business. W ith as much propriety



C 17 ]

6

might it be urged that the Senate, or House o f Representatives, had violated
the constitution oy creating committees, or appointing agents to execute the
laws, as that the directors, “ seven of whom are necessary for the transac­
tion of business,” had violated their charter by the exercise of a similar
power. T h e Committee on Exchange was created at the same time with
the committee on the offices and other committees, has continued ever since,
and exists, as your committee believes, not only in strict conformity the
charter, but with advantage to the bank, and convenience to the public.

Branch Drafts.
T h e next alleged violation of the charter is in the substitution o f branch
drafts in place of the regular notes of the bank. T h e responsibility of the
bank, for the redemption of its paper, is prescribed in the following words,
by the 12th fundamental article: “ T h e bills or notes which may be issued
by said corporation, signed by the president, a nd countersigned by the
p rincipal cashier or treasurer thereof, promising the payment of money to
any person or persons, his, her or their order, or to bearer, although not un­
der the seal o f the corporation, shall be binding and obligatory upon the
same in like manner, and with like force and effect, as upon any private
person or persons, if issued by him, her or them, in his, her or their pri­
vate or natural capacity or capacities, and shall be assignable or negotiable
in like manner, as if they were so issued by such private person or persons:
that is to say, those which shall be payable to any person or persons, his,
her or their order, shall be assignable, by indorsement, in like manner and
with like effect as foreign bills of exchange now are, and those which are
payable to bearer shall be assignable and negotiable by delivery only— pro­
vided that all bills or notes so to be issued, by said corporation, shall be
made payable on demand, other than bills or notes for the payment of a sum
not less than one hundred dollars each, and payable to the order of some
person or persons, which bills or notes it shall be lawful for said corpora­
tion to make payable at any time not exceeding sixty days from the date
thereof.” B y the 17th article it is prohibited from issuing any note of less
amount than five dollars, and by the 14th section it is enacted “ That the
bills or notes o f said corparation, originally made payable or which shall
have become payable on demand, shall be received in all payments to the
United States, unless otherwise directed by act of Congress.” A review
o f these several provisions is necessary in order to arrive at correct conclu­
sions on this subject. It was at an early day considered by the bank to be
o f much importance that some other persons than the president and cashier
should be authorized to sign notes intended for circulation. It was, how­
ever, then believed that such authority could only be imparted through an
amendment of the charter by act o f Congress. A ccordingly, in the year
I S I S , an application was formally made to Congress for an alteration of the
charter in this particular, which application was subsequently repeated
1820, 1823, and again in 1827, through the agency of the president of the
bank. Congress did not act definitively on the subject. I t came then
be suggested that the same purpose might be answered in another mode,
through the instrumentality o f drafts drawn by the branches
the paren t
bank. (See appendix.)
T h e subject was submitted
three counsel
learned in the law, one of whom
the time Attorney Gfineral
the
United States, who concurred in
opinion that



in
to

was at
the

to

on

of
the bank would not be

[

7

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guilty of a violation of its charter, should it adopt the contemplated mea­
sure. The bank accordingly issued instructions on the 21st day of April,
in the year 1S27, lo the several branches, directing the emission of drafts
of the several denominations of five, ten, and, by order of the 7th January,
1831, of twenty dollar bills. T he amount o f these drafts actually in circu­
lation, on the last of Septem ber of the present year, amounted to the sum
of £5,lfi4,037, and have been and still are as currently received in the daily
transactions of the country, as the ordinary notes issued from the bank.
They came also to be a subject of correspondence (see appendix) between
the Secretary o f the Treasury, Mr. Hush, and the president of the bank,
which ultimated in their being received as freely in payment of the revenue
as any other notes of the bank.
It is proper to state, that a difference of opinion prevails amongst the
members of the committee, relative to the legality o f these issues for the
avowed purposes o f currency. W hile they concur in the right o f the bank
to issue a draft or drafts for any amount payable to order, or o f a branch to
do so, where such draft or drafts is issued in the ordinary course of com­
merce, and rests on a fair business basis, it is, nevertheless, objected that a
different motive and object should have led to the emission of these branch
drafts, and that a circulating medium, not contemplated by the charter,
«hould thereby have arisen. Obviously designed for this purpose and for
this alone, it is considered that it would have been equally as legitimate for
the bank to have caused bills to be issued under the signature o f any subor­
dinate officer o f the bank, drawn cither upon itself or its branches, as to have
adopted the expedient to which it has actually resorted. It is considered also,
that the restrictions imposed by the charter on the issue of any note of less
amount than five dollars, might have been rendered wholly inoperative if,
under the right to issue a draft in the ordinary course o f business, the bank
had directed drafts to be issued, for the sole purpose of circulation, of a less
denomination.
Those o f the committee who entertain a different opinion, think that these
drafts are but bills of exchange; that they are legally binding on the bank;
that if they pass through many hands, after they are issued, and before they
are presented for payment, other bills of exchange often do the same, and in
this way constitute more or less of the actual circulation o f the country; that
there is no restraint in the charter on the power of the bank to issue bills o f ex­
change; and no intention to confine such issues to a particular denomination, is
therefore to be implied or presumed; that the reasoning which supports the le­
gality of these issues would not apply to bank notes, signed by subordinate offi­
cers, and not by the president and cashier; because the power to sign such notes
Mexpressly given to the president and cashier; and the common rule of law
ls> that in instruments creating authorities and conferring powers, a power
expressly given to one agent is understood to be withheld from all others.
Nor do those members o f the committee regard the argument as conclusive,
even if it were true in fact, that by the issue o f drafts the bank could render
inoperative that provision of the charter which forbids the issuing of bank
notes of a less denomination than five dollars. It w«uld be no new case,
they think, if one provision in a long and complex instrument should be
found to be such as to render of little or even no use another provision in
the same instrum ent; and though courts o f law would be disposed so to con­
instrument
to give effect to
its
they
strue
rule
an express power, granted
neither express

limitation,
restrained,
give more


the whole
no
by which
or imply any

as
can be

all parts, yet
in terms which
in order to

know of
effect to

[ 17 ]

8

other restraints. I f this were admissible, the same reasoning would author­
ize a construction which should abolish the power altogether. T h e bank, it
is probable, seldom draws any bill of exchange, large or small, which does
not perform, and which, when drawn and purchased, is not expected to per­
form, to some extent, the office of circulating medium. In a thousand cases,
there may not be one in which the purchaser expects to receive the amount
o f the bill into his own hands, without transfer or endorsement.
These views appear to be sustained by decisions o f the United States
courts, where it has been held to counterfeit or forge one o f these drafts, is
punishable under the law.
T h e committee purposely avoid an elaborate argument on either side.
T h ey content themselves with stating the general principles on which their
several opinions are founded, and summitting them to the Senate, and the
country. Those who maintain the legality of these issues, are sustained by
high legal opinion; and, in a great degree, by the fact, that for years past,
the Government has taken these drafts, uniformly, as money, in the payment
of its dues; thus virtually acquitting the bank from all liability to forfeiture,
and giving the drafts themselves the impress of a legal currency. Nor do
they perceive that the country has, by that proceeding, on the part of the
Government, sustained any loss. These drafts are, every where, current;
are redeemed by the bank with promptitude and readiness; and answer to
commerce all the purposes of an unquestionable legal currency.
T h e Treasury order, lately issued to the collectors of the customs, and re­
ceivers of the public moneys, was communicated to the president of the bank;
whose reply to Mr. Woodbury, dated the 26th November, together with a
circular addressed to the officers, dated 10th November, is hereto appended.

The contract with the Barings.
T h e only rem aining subject which the committee deems it necessary to
notice, in connen'on with alleged violations of charter, is the arrangement
entered into with Baring, Brothers & Co., in the year 1832, through the
agency of General Cadwallader, in relation to the three per cents. It might
very well have excused itself from an investigation into this matter, after the
two reports made by a committee o f the House of Representatives, in the
year 1S33, where will be found embodied all the facts connected with it, but
for the direct allegation made against the bank, in the published address of
the President o f the United States to his cabinet, in which the following
language is used: ‘ ‘ The agent made an arrangement on terms, in part, which
“ were in
and when some incidents, con“ nected with this secret negotiation,
“
,
so much of it
“ as was palpably in violation of the charter was disavowed.” T h e charge
thus made, implicates most strongly the character o f the directors of the
bank, not only as unworthy, but dishonest agents. It is no more or less
than a charge, that if the negotiation could have been kept a profound secret,
they would have sanctioned it in all its parts; but that they were driven
from this purpose by the fact, “ that some incidents connected with this se“ cret negotiation accidentally came to the knowledge of the public and the
« Governm ent,” and that, in order to save themselves from public odium,
and the bank from the effects of this violation of its charter, they dishonored,
as far at they could do so, the agent whom they had employed, by disavow­
ing his act. I f this charge be well founded, the committee would have no



direct violation o f the charier;
accidentally came to the knowledge
o f the public and the Government then, and not before,

9

[ 17]

hesitation in saying, that the hank is not only responsible for the conduct of
the Exchange Committee, that committee having acted in the matter under
a resolution of the board, investing them with full authority, but that the
dirpctors connected with the transaction have proved themselves unworthy
of their places. T h e charter expressly forbids the bank dealing in Govern­
ment stocks. T h e act complained of by the president, was an actual nego­
tiation for the purchase of the three per cents, held in Europe, by one acting
as the agent of the bank; and if he acted in pursuance of instructions and
in compliance with them, the subsequent disavowal o f his proceeding would
have been made in Punic faith, and would expose the institution to the se­
verest censure. In looking into the facts connected with this charge, the
committee have been governed as w«U by a sense of what was due to the
high source from which it has flowed, ai from an earnest wish to do entire
justice to the Government and the bank.
The facts connected with this transaction, are as follows: On the 13th o f
March, 1S32, the president of the bank, twelve o f the directors, including
the president, being present, submitted to the board the probability o f the
redemption by Governm ent, in the course o f that year, o f a large portion o f
the three per cents, o f the United States, more than one-half of which was
held by foreigners; and suggested the expediency.of empowering a com mit­
tee to enter into such arrangement with the holders of the stock, as might,
in their opinion, “ combine the interests o f the bank with those o f the pub­
lic;” whereupon it was, on motion, resolved, “ that the subject be referred to the
Committee of Exchange, with authority to make on behalf of the bank, what,
ever arrangement with the holders of the three per cent, stock of the United
States, as would, in their opinion, best promote the convenience o f the pub­
lic, and the interests of the institution.’ ’ T h e Exchange Committee, acting
under the plenary power with which they were thus invested, adopted the
expedient of appointing an agent to visit Europe, for the purpose ot opening,
there, a negotiation with foreign stockholders. T h e instructions to that
agentare to be found contained in the two letters of M r. Biddle, dated the 15th
ot July, 1832. T h e agent entered into a contract with Baring, Brothers,
and Co., on the 22d of August, in London, and, by letter which was receiv­
ed the 1st o f October, advised the Committee of Exchange of his having en­
tered into a contract, and, on the 25th o f August, he enclosed a copy of the
contract, which, together with its envelope, reached the bank on the 11th or
12th of October, and by which it was stipulate ] by Baring, Brothers, and Co.
“ 1st To invite the holders o f the three per c e n t stock o f the Uniled States,
to retain their stock until October, I S 3 3 ; the bank engaging to pay their in­
terest, quarterly, until that time.
2d. T o buy up the said three per
cent stocks on the best terms on which they can be obtained, at prices not
exceeding ninety-one per cent., or as much higher as the running quarterly
interest, in case o( need; the costs of which stocks to be placed to the credit
o fth e B a n k o f the United State*, in a separate account, chargeable with
whatever rate o f interest, Messrs. Baring, Brothers, and C o ., may be com­
pelled to p»y; the certificates of stock so purchased, to remain with Baring,
Brothers, and C o .” On the 15th of October, the president o f the bank, hav­
ing submitted the contract to the Exchange Committee, addressed a letter to
Baring, Brothers, and C o., from which the followiag is extracted: “ As you
remark in your letter o f the 30th of August, that you wish to have the ac­
count disposed of, as the bank may deem expedient, I take the earliest op­
portunity of inviting your attention to one part o f the arrangement, with

3


[

1

7

]

10

which it will be impracticable for the bank to comply. W hen the institu­
tion was chartered at the close of the late war, the Government had a large
debt which it proposed to pay or purchase up, out of the surplus revenue; and,
in order to prevent any competition in those purchases, the charter express­
ly declares that the bank shall not be at liberty to purchase any public debt
whatever. The object of the provision would certainly not be counteracted by
the present operation, since Government has actually advertised the payment
of the stocks, which is thus in fact no longer an object o f purchase by the sink­
ing fund. T his circumstance, it probably was, which induced M r. Cadwallader to regard the purchase of public debt so situated, as not conflicting with
the provisions of the charter. W hen, however, the stock was purchased in
August and September last, it was still a subsisting debt; one-i rd of it will
so continue, until the 1st of January.next, and even were the c.ise less clear
than it seems, the institution is, both from inclination and duty, disposed to
give the most rigorous construction to its own powers. 1 am under the neces­
sity , therefore, of apprising you that the bank cannot consider as purchased on
its account, the three percents, stock reported by you in your favors of tho
30th of August, and 6th ultimo, amounting to S i , 4 7 4 ,8 2 7 3 3 .” Two of
the members o f the Exchange Committee, men o f acknowledged and unques­
tioned probity and honor, were examined on oath before a committee ot the
House of Representatives, in February, 1S33, and in reply to the following
question: “ Had the president or Exchange Committee, any intention to dis­
avow General Cadwallader’s authority to make the contract he did, until
after the appearance in the New York papers of the 11th or 12th of Octo­
ber last, of the circular of the Barings to the foreign stockholders of the
United States’ three per cent, stocks, announcing to them that they had the
authority o f the bank to purchase or negotiate a postponement of the stocks
held by them? Answer of Mr. E y re , “ 1 can say yes, positively. I recol­
lect it perfectly well. When 1 first read this letter, (General Cadwallader’s
of the 22d August,) I said it was not proper and dissavowed it.” Answer of
M r. Bevan, “ I never did see, myself, the notice referred to in the New York
papers, but well recollect the moment the letter was received, giving infor­
mation of the proceedings in relation to that negotiation. T he president of
the bank, with the approbation of the Exchange Committee, immediately
wrote, disavowing the nature of that arrangement, it having been made un­
der a misapprehension.”
These are the facts then which attend on this transaction. I f reference
be had to the letters of instructions under which the agent acted, those in­
structions look to an arrangement for the postponement of the period of re­
demption of the stocks, and not a word is said about a purchase. A corres­
pondence was carried on about the same lime by the president o f the bank
with M r. Ludlow, as the representative in this country of certain holders of
the stocks abroad; and the object of that correspondence was to obtain *
postponement o f the lime of redemption merely. That correspondence is
annexed to the report of the Committee of W ays and Means, already refer­
red to. I f the letter of M r. Biddle to the Barings of the 15th of October be
consulted, an express disclaimer of authority to negotiate for the purchase
of the stocks by M r. Cadwallader is found. I f M r. E y re and M r. Bevan
are to be believed, when testifying on oath before a committee of Congress,
then is there no reason to believe that “ incidents, connected with this se­
cret negotiation, accidentally coming to the knowledge o f the public and
the Governm ent,” induced the bank to disavow the act of its agent in oppo­



1 1

[ 17 ]

sition to its own views and previous intentions. T he only “ incident”
which the committee lias been able to ascertain, as furnishing to the public
or the Government any intimation of what had been done, was the publica­
tion which was made in the New York papers o f the 1 1th or 12th o f Octo­
ber, 1832, of the invitation addressed by the Barings lo the stockholders;
and it is worthy of remark, that the contract itself seems to require of the
Barings the very publication which they made; so that if the contract was
made with the approbation of the bank in the first instance, it authorized
the very publication which, so soon as it appeared in print, caused it to dis­
avow the contract. W hether such an irrational and contradictory course
can be well ascribed to the directors, the Senate will have no difficulty in
determining. No communication which the committee have been able to
find amongst the papers of the bank, antecedent to M r. Biddle’s letter o f the
15th of October, disapproving the contract, was received from the Secretary
of the Treasury, or any officer of Government, disapproving what had been
done. No intimation, o f the slightest displeasure, on the part o f the Go­
vernment, was given anterior to that date. How then it can be ascribed to
the bank, that it disavowed the act of its agent in consequence o f intimations
given, either to the public or the Government, unless indeed there exist
other facts, of the existence of which the committee arc entirely ignorant,
it is left to the Senate to decide.
The committee is not to be understood as approving the residue o f the
contract with the Barings, which looked to the postponement beyond the 1st
of October, 1832, of the redemption of the three percents, upon the pay­
ment of the interest by the bank. T o the reasons which have been assign­
ed by the bank for this measure, the committee do not permit themselves to
look. The circumstances in which the commerce o f the country was placed
by the heavy importations of the preceding year, the large amount falling
due to the Government on custom-house bonds, the apprehended cfTects on
commercial operations and mercantile credit by the prevalence of the chole­
ra,— these were undoubtedly strong inducements with the bank to avoid, if
possible, the large remittance o f £ 6 ,0 0 0 ,0 0 0 abroad, to pay off the foreign
holders of the three per cents.; but the Government had ordered them to be
paid on the 1st o f October, 1832, and the 1st January, 1833. T h e bank
was in possession of Government funds to an amount sufficient lo meet
the payment, and a postponement should not have been attempted without
its previous sanction. It had, upon application being made to it, already
postponed the redemption from Ju ly until October; and from those days it
had a right to expect that the certificates of its stock should be delivered up.
The committee do not believe that any injury would have arisen to the
Government by the contemplated arrangement. T h e responsibility of the
bank alone, and the acquittal o f the Government from future liability for the
certificates postponed withoutitsconscnt, would have been unquestionable; but
still the bank, without its previous consent, should not have postponed the
delivery o f the certificates for a single day beyond that prescribed by itself.
This view seems afterwards to have been taken by the president of the bank,
for, in his correspondence with the Barings, he urges and obtains an altera­
tion in the whole of the contract, and a surrender o f the certificates of the
stocks was made, as is said by the Committee of W ays and Means in its re­
port to the House of Representatives in 1833, at an earlier day than would
probably have otherwise been done, had the agency o f the Barings never been
invoked; so that in truth the Government was rather benefitted than injured

by these operations.


12

[ 17 ]

These are all the charges against the bank, tending to implicate it in a vio­
lation of its charter, into which the committee deemed it necessary to in­
quire. In truth, they are apprised of no other as at any time having been
urged, imparting any thing worthy of notice or examination, unless, indeed,
it shall be considered as having subjected itself to accusation by the termina­
tion to which the contemplated examination into its afiairs by a committee
o f the House o f Representatives, during the last session of Congress, was
brought. Upon that subject, the Senate and the country are already in full
possession of all the facts; and this committee feels that it has fully acquitted
itself of its duty by making reference to them. It might be considered as in­
decorous and unbecoming for this committee to express an opinion relating
to the powers and rights of a co-ordinate branch of the legislature, which is
fully competent to decide the question for itself. It proceeds, therefore, to
the next subject of inquiry presented by the resolution of the Senate, viz.
the safety of such public moneys as have been permitted to remain with the
batik

Safety o f the public deposiles.
T he following statement will exhibit their amount on the 1st day of
November, together with the resources and liabilities of the bank.

Liabilities on November

Notes in circulation
Deposite to the credit
Public offices
Private deposites
Unclaimed dividends
C»pital Stock

.
.
.
o f the Treasury
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.

1, 1834.
.
.
.
.
.
.
.

Total of liabilities of the bank, November 1, 1834
T o meet which, it has the following resources, viz.
Discounts
.
.
$ 3 4 ,6 6 7 ,5 2 8
Mortgages
.
.
S7,591
Domestic bills
.
.
1 1 ,0 8 6 ,3 7 3
Foreign bills
.
.
2 ,7 2 7 ,7S2
Real estate
.
.
3 ,0 2 4 ,7 8 8
Due from State banks
.
4 2 7 ,1 0 2
Specie
.
.
.
1 5 ,910,045
Total of resources

$1 5,9 6 8 ,7 3 1
4 2 9 ,4 6 5
1 ,8 3 7 ,1 6 8
6 ,7 4 1 ,7 5 2
82,791
3 5 ,0 0 0 ,0 0 0

90
07
66
24
98
00

# 6 0 ,0 5 9 ,9 0 9 85
24
29
07
11
45
89
31

$ 6 7 ,9 3 1 ,5 1 1 36
$ 7 ,8 7 1 ,6 0 1 51

B y referring to document marked 3 and 4 , it will be
seen that, by the returns of the bank in June and Ju ly
last, the total of the ascertained and estimated losses
is set down at
•
.
.
.
.
V iz. On banking houses
.
. 5 3 0 3 ,3 5 9 84
On other real estate
.
.
1 5 0 ,8 2 0 94
On suspended debt
.
.
1 ,7 4 4 ,4 2 7 13
Desperate debts and losses on real
estate already charged
.
3 ,8 0 6 j7 0 7 80




§ 6 ,0 0 5 ,3 1 5 71

$ 6 ,0 0 5 ,3 1 5 71

13

[ 17 ]

And that the surplus funds of the bank are the contingent
fund provided to cover the losses of the bank
.
The fund for extinguishing the cost of banking houses .
Unappropriated balance of profit and loss account
.

$ 9 C 1 ,9 5 5 67
9 7 6 ,0 1 9 59
3 ,1 6 6 ,6 7 0 71

Total amount o f surplus funds
.
From which deduct the estimate o f losses

.
.

.
.

1 0 ,0 4 4 ,6 4 6 17
6 ,0 0 5 ,3 1 5 71

And the excess in favor of the bank is

.

.

$ 4 ,0 3 9 ,3 3 0 46

The statement o f actual or probable losses is made half-yearly, and hence
the committee has referred to that o f Ju ly . B y the statement of the con­
dition of the bank for the 1st of November, o f the current year, it will be
seen that the further sum of $ 3 0 ,8 0 9 SO has been carried to that head,
which, deducted from the above excess, leaves still a surplus on that day
of $ 4,008,520 66.
After this exhibition o f the condition of the bank, the committee might
well take leave of this branch of the subject; but they would but indifferent­
ly acquit themselves of their duty, if they overlooked other important facts
which have a direct bearing upon this inquiry. From the fall of the year
1832, the credit o f the institution, has been put to the severest trial. B y
the report made by the Secretary o f the Treasury, on the 5th day of De­
cember, 1832, the responsibility o f the bank as a fiscal agent was called into
question, and Congress was informed that an agent had been appointed to
inquire into the security of the bank as a depository of the public funds;
and an examination into its concerns with the purpose of ascertaining the
safety of the public moneys, committed to its custody, was suggested. The
conduct o f the bank in regard to the three per cent stock was thereupon
referred to a committee of the House of Representatives; and, in the report
made by the minority of that committee, who were regarded at the time as
holding sentiments somewhat congenial with those of the E xecutive Depart­
ment, we find the following declarations. A fter having attempted to show that
the statement o f the condition of the hank was altogether deceptive, the
report proceeds to say, “ It hence appears that the bank is in a worse con­
dition by seven a nd a h a lf m illions, than it was in M arch, 1832, when it
is admitted on all hands to have been under pressure. T h e reason why a
more severe pressure is not now felt is, because the bank has so arranged its
affairs, as to evade making the payments which were required by Govern­
ment.” Again, on the same page, “ although some o f the liabilities o f the
bank are a c tu a lly omitted in this statement, (the statement furnished by the
Exchange Committee, in their report of that period,) and particularly the
dividend amounting to $ 1 ,2 2 5 ,0 0 0 , declared a few days after, yet it pre­
sents the bank in a condition no more favorable tha n in the m ost perilous
tnoKient o f its existence .” Not to multiply extracts from this report, the
concluding sentence is referred to as not only well calculated to subject the
bank to doubt and suspicion, but as an index pointing to more unambiguous
results. “ T here is not time left for the further action of C o n g re s s , with a
view to a more perfect information at the present session. W hether exist­
in g facts are sufficient to ju stify the Executive in takingany step against the
bank, authorized by the charter, is a matter for the decision of the proper
officers, acting upon their own views and responsibility. *‘ n opinion by
i
Congress can m ake it neither more or less their d u ty to act. W hatever,



C 17

14

]

therefore, the opinions of the committee might be as to the justice or policy
o f any Executive action, they deem it unauthorized and improper to express
them officially.”
I f to these be added, the efforts continually made to excite doubts and
suspicions in the public mind as to the entire solvency of the bank; the con­
certed run made against the Lexington branch in the year 1S32; the constant
agitation o f the public mind for some months anterior to the 1st of October,
1833; the actual withdrawal of the public moneys from the custody of the
institution; the uncertainty which has since involved measures which the
Executive might adopt against it; the declaration by Mr. Duane, that the
administrative department was actuated, in all its measures towards it, by a
spirit of “ vindictiveness,” and the circumstances of the times, it may be
said, with every confidence in the truth of the declaration, that tests of the
most severe and conceivable kind have been applied, to ascertain its solTency. W hether any other moneyed corporation in the world could have
stood up against trials so severe, is, in the highest degree, questionable. The
loss of confidence by the public, in the credit of a moneyed institution, is the
invariable precursor of its downfall; and panics against banks, arising often
from unseen and unknown causes, have, over and over again, produced their
overthrow. How deeply rooted, then, must be the public confidence in the
of the United States’ Bank, and in the skill with which its affairs
have been conducted, when the doubts and suspicions of the Government
itself, a partner in the concern, followed up by the most hostile aclion, has
not only not shaken the confidence of the public in its responsibility, but
■when its notes are now as eagerly sought after as at any former period of its
existence. These facts need no commentary; and the conclusion is resistless,
that the public moneys deposited in the bank are abundantly safe. They,
therefore, proceed to the next inquiry, presented by the resolution of the
Senate, v iz .:

solvency

What has been the conduct o f the bank since 1S32, in regard to the
extension and curtailment of its loans and discounts?
In order to meet this inquiry, the committee directed the statement, mark­
ed No. 3, to be prepared, from which it appears that, on the 1st of January,
1832, there was due to the bank—
B ills discounted on personal security,
.
.
§ 1 8 ,8 5 2 ,5 7 0 34
O n ban kstock,
.
.
.
.
731,157 53
Other securities,
.
.
.
.
.
18,S50 00
M aking a total o f
On domestic bills,

.
.

.
.

.
.

.
.

§ 4 9 ,6 0 2 ,5 7 7 87
16,69 1 ,1 2 9 34
5 6 6 ,9 9 3 ,7 0 7 21

On the same day the bank stood indebted to Barings, Hopes,
& Company,
.
.
.
.
.
g l , 4 4 7 ,7 48 00
From which, if there be deducted the amount debited to
Barings, Hopes, & Co., and foreign bills,
.
9 1 ,6 6 S 23
T h e bank’s indebtedness abroad is shown to be



.

.

8 1 ,3 5 6 ,0 7 9 77

15
On the 1st of December, 1832, there was due, on bills dis­
counted on personal security,
.
8 4 1 ,2 1 1 ,7 3 9 94
On bank stock,
.
.
.
6 7 3 ,GS9 42
Other securities,
.
.
.
3 ,0 3 S ,6 8 8 71

On domestic bills,

.

.

Total discounts and domestic bills,

.
.

8 4 4 ,9 2 4 ,1 1 8 07
1 6 ,6 4 7 ,5 0 7 59
8 6 1 ,5 7 1 ,6 2 5

66

Exhibiting a difference, between the 1st o f January and 1st
of December, 1332, o f
.
.
.
.
$>4,722,0S7 55
In the meantime the foreign debt was cancel­
led, viz.,
.
.
.
8 1 ,3 5 6 ,0 7 9
And the bank held funds abroad equal to
2 ,8 5 9 ,7 3 3

77
19

8 4 ,2 1 5 ,8 1 2

96

Which, subtracted from the difference above stated, exhibits a reduction
of 3506,268 59, between the operations of the bank on the 1st of January,
1832, and the 1st o f December o f the same year, manifesting a withdrawal
of its funds from one subject o f investment, and the adoption of another.
Thus, while the amount on notes discounted was reduced
8 7 ,6 4 0 ,8 3 0 40
The loans on stocks was increased
.
8 2 ,9 6 2 ,3 7 0 60
And the dealings in foreign exchange .
4 ,2 1 5 ,8 1 2 96
--------------------- 8 7 ,1 7 8 ,1 8 3 56
For
larged
of the
of the

the purpose o f ascertaining whether the bank had curtailed or en­
its operations, between the 1st January, 1833, and the 1st September
same year, the committee made a comparison between the condition
institution on those respective days, the result of which is as follows:

TotalLocal discounts. D om estic b ills. I F o re ig n b ills.
1st Jan. 1833, $13,626,370 32 IS ,069,043 25,3,106,823 33 64,S02,736 90
1st Sept. 1833, 43,366,185 15 19,287,174 44|3,241,29l 64 65,894,651 23
Thus showing an augmentation of credits o f

$ 1,091,914 33

Which increase, if a comparison be made between the intermediate
Months and the 1st day of Janu ary, will be found to be even larger. In
order to show what course was pursued at each o f the offices and the bank,
the committee caused the statements of the affairs of the hank and offices to
be made out; and, for the greater facility o f looking into the condition of
each office, the several statements therewith connected to be prepared.
From the latter period a new era was about to commence with the bank.
The Executive was assuming daily a more decided tone of hostility towards
it, of which it received direct admonition in the appointment o f a Govern­
ment agent to negotiate with the State banks, and the communications o f
the newspaper press. T h e blow at length came, in the removal of the pub­
lic deposites from the B ank of the United States tA the State banks. T h e
following statement will exhibit its responsibilities, for which a demand more
or less immediate might be made, and its means for meeting it.



1«

[ X» J

On the 1st day of October, 1833, it held
Deposites of the Treasury
Deposites of public officers
Private deposites
Circulation
.

»

*

•

8 6 ,6 9 1 ,8 3 3 15
3 ,1 7 6 ,5 5 2 43
*

9 ,8 6 8 ,4 3 5 58
S ,008,862 72
19,12 8 ,1 8 9 57

-

? 3 7 ,0 0 5 ,4 S 7 87
Its resources to meet those demands were,
Loans
$ 4 2 ,2 2 6 ,2 7 5 42
Domestic bills
17,S67,927 51
--------------------- 6 0 ,0 9 4 ,2 0 2 93
Foreign bills
.
.
.
2 ,3 7 5 ,3 9 0 23
Due from State banks
2 ,2 8 8 ,5 7 3 19
Specie
1 0 ,6 6 3 ,4 4 1 51
--------------------- 8 7 5 ,4 2 1 ,6 0 7 86
The bank might reasonably have anticipated the following results:
1. A transfer of the whole amount deposited to the credit of the Treasury.
2. The future deposites of the Government would be made elsewhere,
and a large portion of the revenue being received in the notes of the bank,
would create a demand for specie against it, which it would necessarily have
to meet.
>
3. The circulation would probably be forced in by the course the admi­
nistration of the Federal Government had taken, as individual holders of it*
notes might reasonably entertain fears, when the public authorities had ma­
nifested their distrust of the institution; and ihe effects of this feeling might
extend also to those who had made the bank the depository o f their fund».
4. The bank, no doubt, anticipated a very decided diminution of the
amount on private deposite, for this further reason, that the money of indi­
viduals is always withdrawn from a bank, when money is in demand, and
can be profitably and safely invested. The removal of the deposites was
well calculated to produce an augmented demand for money, and to induce
those who had it to withdraw it from the bank. T h e reduction of discounts
under any circumstances, always produces a diminution of deposites, either
to pay the reductions, or to loan to those who have to pay them.
5. The administrative department of the Government had manifested a
spirit of decided hostility to the bank. It had no reason to expect any in­
dulgence or clemency at its hands; and in this opinion, if entertained by
the directors, about which there can be but little question, subsequent events
very soon proved they were not mistaken. The President’s address to his
cabinet; the tone assumed by the Secretary of the Treasury, M r. Taney, in
his official communication to Congress, and the developements subsequently
made by Mr. Duane in his addresses to the public— all confirm the correctness
of this anticipation. T h e measure which the bank had cause to fear was the
accumulation by Government of large masses o f its notes, and the existence
thereby o f heavy demands against its offices. T h e consequence o f the fai­
lure of any single branch would have been disastrous to the institution. It
would have produced universal distruat against all banks, and led to state
o f things the most calamitous to the country.
The bank, therefore, began at an early day to provide against contingen­
cies. — ( See A ppendix, No. l.J On the 13th of August, 1833, it decided,
F irs t.‘T h at the discounts at the
the offices
not



a

bank and

should

be increased.

17

C 17 ]

Second. That the domestic bills purchased should have but ninety day*
to run.
Third. That the five western offices should purchase ninety days’ bilb
only on the Atlantic cities, except when taken in payment of debt, when
they mi*ht be taken at any place at four months.
This was communicated to all the offices in a circular, dated October 12,
1833.— A ppendix, No. 2
3.
To the five western offices, it was added, “ It is a subject of regret to be
obliged to impose any restraint on your business, especially on your opera­
tions in exchange, to which we attach particular value. T h e measures will,
however, I trust, be only temporary, and will not be continued when the
circumstances which render it expedient have passed.” T o the other offi­
ces it was said, only, “ these resolutions make, as you perceive, but little
change in your present arrangements of business, and whatever restriction*
they contain will, I trust, be temporary, and ceasc with the causes which
have rendered them expedient at present.”
On the 24th September, 1833, the l>oard appointed a committee of seven
members, “ to lake into consideration what measures it is necessary and
proper should be adopted on the part o f this bank, in consequence o f tho
recent intimation that the Government deposites are to be rem oved.” — Jipptndix, No. 4.
That committee, on 1st October, recommended the following measures,
which were adopted:— A ppendix, No. 5.
1. To extend the regulation of the 13th August, as to the purchase o f do­
mestic bills at the five western offices, to those o f Burlington, Utica, Buffalo,
Pittsburgh, Natchez, and New Orleans.
2. To limit the purchase of bills of exchange, to those payable in the
Atlantic cities, and New Orleans.
3. To fix the rate o f exchange on different sections o f the Union.
4. To decline the receipt of notes of distant State banks, except in pay­
ment of debts, and to collect the balance due from Stale banks.
The annexed statements, marked X ., will show the balances due to and
from the offices at Louisville, Lexington, S t. Louis, Cincinnati, Pittsburgh,
»nd Nashville, at the several dates of the 1st October, 1833, January, 1S34,
and July, 1834.
On the 8th of October, the board decided “ that a general and gradual
Ruction of the loans and discounts is at this time necessary,” and they
directed “ that the committee on the offices be authorized to direct such a
gradual reduction in the amount and in the time o f the loans at the repec*
tive offices, as may, in their judgm ent, be made without inconvenience to the
customers of the bank, or the com munity.” — Jlppendix, No. 6.
The subjoined table, marked No 4 , will show the manner in which thoae
Inductions were apportioned among the bank and its offices, and the mode
'vhich the orders of the board were carried into effect.
communicated by the president to the
and
another
the 17th October, he urged
a
measures.— Jlppendix, No. 7 a n d 8.
1 he whole amount of reduction ordered by the above proceedings, wa*
®
5)825,906 74. T h e same table, No. 4 , exhibits the fact, that on the 23d
a further reduction was ordered to the amount of 8 3 ,3 2 0 ,0 0 0 .
This was communicated to the offices in letters from the president,
stating “ that the present situation o f the bank and the new measures of ho#
3


These orders were
®y a circular;
in
Perseverance in those
a^ ary>

of

various office*,
upon them

18
tility which are understood to be in contemplation, make it expedient to
place the institution beyond the reach of all danger; for this purpose I am
directed to instruct your office to conduct its business on the following foot­
ing.—
,
9—
The offices of Cincinnati, Louisville, Lexington, St. Louis, Nashville, and
Natchez, were further directed to coniine themselves to ninety days’ bills
on Baltimore, and the cities north of it, of which they were “ allowed to
purchase any amount their means would justify;” and to bills payable at New
Orleans, which they were to take only “ in payment of pre-existing debts to
the bank and its offices;” while the office at New Orleans was directed to
abstain from drawing on the western offices, and to make its pun-hases mainly
on the northern Atlantic cities.
T h e committee has thus given a full, and somewhat elaborate detail of the
various measures resorted lo by the bank, from the 13th August, 1S33; of
their wisdom and necessity' the Senate will best be able to pronounce a cor­
rect judgment. From these measures, it will appear, that the actual cur­
tailment on existing debts, ordered by the bank, was,
On the 8th October, 1833,
.
.
.
8 5 ,8 2 5 ,9 0 6 74
On the 23d January, 1834, .
.
.
3 ,3 2 0 ,0 0 0 00

Appendix No.

copies of let/ers.”

Total curtailment ordered, .
.
.
9 ,1 4 5 ,9 0 6 74
These orders were, in some instances, relaxed. T o the offices at Boston
and Savannah, they were not addressed. A t the former place, the discounts
were obviously below the fair proportion to which it was entitled, and by
the statement from that branch, it will appear that a large augmentation of
its discounts actually took place.— [See Sta tem en t, No. 2 x, & No. S x .] It is,
at the same time, proper to add, that during the same period a decided di­
minution in its dealings in domestic exchange occurred.
T h e office at
Louisville represented the inconvenience to the community, of enforcing
the reduction there, and it was countermanded
A t New Y ork , on an ap­
plication from the citizens, it was suspended; and after some progress had
been made in the reduction at Baltimore, the distress there rendered it ne­
cessary to expand rather than diminish the loans.
On the 87th June, 1834, the board appointed a committee of seven mem­
bers, to take into consideration the present state o f the bank, and lo inquire
whether any further measures be necessary, in consequence of the expected
adjournment o f Congress, without taking any steps on the subject of the re­
moval of the deposites.— [S e e A pp en dix , No. 1 0 .] T his committee, on the
11th Ju ly , reported, and the board adopted the following resolutions: F irst,
T h at all orders for the reduction of loans should be revoked, and that the
committee on the offices should authorize any expansion o f the loans and
purchases of bills which they might deem necessary to relieve any pressure
on the community. Under this authority, the committee d ire c te d expan­
sions where they deemed them necessary; which, although they may have
produced the effect of increasing the operations o f particular b ran ch es, do
not seem to have added to the aggregate of b a n k credits.
On the 16th September, the board directed the committee on the offices
“ to make any alteration in the several orders to the offices, as to loans, and
as t o ,the purchase and collection of domestic bills, that the interests of the
institution and a ju st regard to the public interest may seem to require.”
The commitltee adopted a scale o f increase for the business of all the offi­
ces. T h e whole restrictions on the purchase and collection of domestic bill*



19

C 17 ]

were revoked; and the offices, with some few local exceptions, were author­
ized to increase their local loans.
These complete the circlc o f the operations of the bank in regard to the
public deposites.
It remains to see the extent of the reductions ordered, and the extent of
reductions effected.
After the deposites were actually removed a reduc­
tion was ordered, and not before.
The public deposites then amounted to
The reduction ordered in October to

.
.

.
.

g 9 ,8 68,435 5S
5 ,8 2 5 ,9 0 6 74

Being less than the deposites by

.

.

$ 4 ,0 4 2 ,5 2 8 84

.

On the 23d January, 1834, in consequence, as is alleged, not of the re­
moval of the deposites, but of other expecied acts o f hostility on the part of
the Executive, a further reduction o f S 3 ,3 2 0 ,0 0 0 was directed.
This made the whole reduction ordered
The deposites amounted to .
.

.
.

.
.

$ 9 ,1 4 5 ,9 0 6 74
9 ,S 6 5 ,4 3 5 5S

The whole reduction ordered being less by
.
9 7 19 ,5 2 8 84
than the actual amount of public deposites.
By the 1st Ju ly , 1834, the comparison o f the reduction stood as fol­
lows:—
Total reduction ordered

.

.

.

.

559,145,906 74

Total effected under the orders
.
.
.
On that day public deposites withdrawn amounted to

7 ,0 7 7 ,9 0 2 43
7 ,1 9 3 ,0 0 1 97

The amount reduced under the orders being less by
than the actual withdrawal of the deposites.
There was, however, during that period a voluntary re­
duction o f .
.
.
.
.
.
And a voluntary increase at some o f the branches o f
Making an actual reduction, beyond the orders, o f
Adding to which the total effected under orders

.
.

Shows the reduction, voluntarily and involuntarily, effected
Being less than the Government deposites on 1st Oct. 1833

S I 15,099 54

g l ,0 4 8 ,3 0 3 20
6 16,663 95
4 3 1 ,5 3 9 25
7 ,0 7 7 ,9 0 2 43
7 ,509,441 68
2 ,3 5 5 ,9 9 3 90
S 9 ,865,435 58

The total actual reductions effected
Being more by
.
.
.

.
.

Than the public deposites actually removed, viz.

.
.

$7,509,441 68
306,439 61

.

7,193,001 97

The'com m ittee then proceed to compare the reductions from 1st October to
1st Ju ly , of the discounts on the one hand, and private deposites and circu­
lation on the other.



20

[ '7 ]

The reduction was as follows:—
Total reduction since October 1st;
01 public deposites .
.
Private deposites
.
.
Circulation brought in and paid

.
.

.
.
.

Total reduction
.
.
.
W hilst the actual reduction of discounts was
Being less than the amount withdrawn

.
.

87,19 3 ,0 0 1 97
1,272,993 03
2,486,191 67

.
.

.

10,952,186 72
7,509,441 G
8
3 ,4 4 2 ,7 4 5 04

Following the same course of things to the 1st of September, the case
stands thus:—
Total reduction of public deposites
Private deposites
Circulation
.

. $ 7 ,7 1 3 ,2 2 2 98
. 1 ,1 5 4 ,6 8 0 03
. 3 ,8 6 7 ,9 0 3 06
$1 2 ,7 3 5 ,S 0 6 12

Reduction of loans ordered $ 9 ,1 4 5 ,9 0 6 74
Outstanding
.
.
2 ,0 6 8 ,0 0 4 31
Total effected under the orders
.
Voluntary reductions,
. 8 1 ,1 8 7 ,7 6 6 47
Voluntary additions
.
7 4 5 ,3 9 7 13
---------------------

7 ,077,902 43

4 4 2 ,3 6 9 34
7,520,271 77

Being less, by
.
.
.
.
.
*,2 1 5 ,5 3 4 35
than the amount actually withdrawn frOm the bank.
At the close o f these operations the relative state o f the hank on the 1st
October and 1st Ju ly was as follow s:—
’
On the 1st October ihe demands were,
For public deposites
.
.
.
$ 9 ,8 6 8 ,4 3 5 58
F o r private deposites
.
.
.
8,008,868 73
F o r circulation
.
.
.
.
19,12S,1S9 57
$ 3 7 ,0 0 5 ,4S7 87
The resources were,
Specie
.
.
Domestic bills
.
Foreign bills
.
Loans
.
.
Debts from State banks

$ 1 0 ,6 6 3 ,4 4 1
1 7 ,8 6 7 ,9 2 7
2 ,3 7 5 ,3 9 0
4 2 ,2 2 6 ,2 7 0
2 ,2 8 8 ,5 7 3

51
51
23
42
19
$ 7 5 ,4 2 1 ,6 0 2 88

In Ju ly , 1834, the demands were,
Public deposites
Private deposites
Circulation
.



.
.
.

$ 2 ,6 7 5 ,4 3 3 61
6 ,7 3 5 ,8 6 9 70
1 6 ,6 4 1 ,9 9 8 00
$2 6 ,0 5 3 ,3 0 1 31

21

L n ]

Its resources were,
Specie
.
Domestic bills
Foreign bills .
Loans
.
Due from S . banks

$ 1 2 ,8 2 3 ,9 9 7 93
16,601,051 00
3 ,8 2 7 ,1 1 3 03
3 4 ,1 2 3 ,9 2 1 72
4 0 8 ,7 2 6 34
--------------------- $ 6 8 ,0 8 5 ,1 1 0 02

So that in nine months it has paid off o f its responsibilities $10,952,1S6 56,
and by the reduction of £7,509,441 68 out o f $76,107,694 44, (the total
amount of its investments on the 1st October, 1533,) a reduction of about
ten per cent., and by using the portion of its funds hitherto due from the
Stale banks, it has increased its specie
.
.
• $2,160,556 36
and its purchase of foreign exchange
.
.
.
1S5,146 29
These are the results which an analysis o f the tables hereto appended
fully sustains. — {See also letter fr o m the president o f the 30th A u g ., a n d

tablet therewith connected.)

The committee have already slated that the Senate was most competent
to decide whether it was necessary for the bank to have resorted to mea­
sures of curtailment on its loans. T h e fact I hat its circulation amounted,
on the 1st o f October, 1833, to £ 1 9 ,1 2 8 ,1 8 9 57, and was protected by
$10,663,441 51 of specie; that its demand upon the State banks amounted to
$2,288,573 19, which was, in fact, equivalent to specie; that its debt due
on domestic exchange, amounting on that day to $ 1 7 ,8 6 7 ,9 2 7 51 was
destined to undergo reduction by payments in the two ensuing months,
according to the uniform coursc of trade, and was less by the sum o f
$ 5 ,279,320 4 5 , than it was in the month of May preceding, thereby placing
in the possession of the bank unemployed resources to that extent; but re­
sources. it is proper to state, which if things had been left undisturbed, would,
to a great extent, have found employment during the ensuing year, and were
beneficially for the trade of the country, in the months of February, M arch,
April, M ay, and June, reinvested in part in the purchase o f exchange; such
reinvestment as early as the month of March having amounted to $ 9 1 8 ,7 7 0 49.
The further fact that the resolution o f the 13th August, 1833, direct­
ing the purchase of bills, having longer time than four months to run, should
be declined, placed it is an attitude o f great strength, if not o f safety. These
facts under ordinary circumstances, would have gone very far, if not entire­
ly, to relieve it from the necessity o f curtailing its ordinary discounts.
That the circumstances by which it found itself surrounded, were well cal­
culated lo force it into measures, out of abundant caution, which it would
not otherwise have adopted, is readily conceded.
It is seen that it did not abandon its course o f proceeding until the l l t h
July, and whether there existed a necessity for a perseverance in measures
which had been resorted to far its protection, when it had been rendered
somewhat obvious that no panic could exist in regard to it of a tendency
any way alarming; but on the contrary, manifestations o f confidence in its
ability and firmness were hourly given, by the great anx'ety every where
shown to obtain its notes for all the purposes o f trade and intercourse, when
it voluntarily abandoned its curtailments at some of its offices; and when,
. notwithstanding its meisures of curtailment, and the comparative diminu­
tion of its purchases o f domestic exchanges, its notes had returned upon it
slowly and reluctantly, the Senate, with a full view of all the facts and cir­
well qualified to determine. In connexion with these views,
cumstances, is


L 17 J

22

however, it is to be remembered, that it could not be known by (he direc­
tors until the rising of Congress, what would be done or attempted by the
constituted authorities of the country, having a tendency to effect the credit
o f the institution. The committee has performed its duty in presenting
both views of the subject— as well that which operates in favor, as that
which operates against the bank; and in so doing, have acquitted themselves
impartially of their duty. W ith such as have believed that it was time, on
the 1st October, 1833, for the bink to begin to wind up its affairs, the ex­
tent of the curtailment, it would seem, cannot be objected to. 1'hose on the
contrary who have regarded the institution as entitled to all its banking pri­
vileges and advantages for the full term of the charter, may question the
necessity which was supposed to exist for any material change in its ope­
rations.
In persevering in the policy of redeeming its notes whenever presented,
and thereby contin-.iing them as a universal medium of exchange, in oppo­
sition to complaints on that head from some o f the branches, (See copies o f
correspondence.) the security o f the institution and the good of the country
were alike promoted. The accumulation of the notes o f any one branch
for the purpose of a run upon it by any agent of the Government, when
specie might be obtained at the very places of collection, in exchange for
the notes of the most distant branches, wouid have been odious in the eyes
of the public, and ascribed to no other feeling than a feeling of vindictive­
ness.
From an inspection o f the statements respecting the bank and its offices,
it will appear, that in a comparison of the amount of discounts of the
months of March and December, 1832, there was, at the latter period, an
increase over the first at the following offices, viz Portland, Portsmouth,
Fayetteville, Charleston, Savannah, Mobile, and Buffalo; that there was a
diminution in the amount of ordinary discounts at the following offices, viz.
Providence, Philadelphia, Baltimore, New Orleans, Natchez, Nashville,
Louisville, S t Louis, Le>ington, Pittsburgh, and Cincinnati; while at Bos­
ton, Hartford, New Y ork, Washington, Richmond, N orfolk, Utica, and
Burlington, little or no change occurred.
Instituting a similar comparison at the dates o f March and September,
1833, the following results appear: that there was an increase in the amount
o f discounts at the last period over the first at Portland, Portsmouth, Phila­
delphia, Baltimore, Fayetteville, M obile, Louisville, Lexington, Utica, and
Providence; that there was a diminution at Boston, Charleston, Savannah,
New Orleans, St. Louis. Pittsburgh, and Cincinnati; while at Hartford,
New York, Washington, Richmond, N orfolk, Natchez, Nashville, Buffalo,
and Burlington, no material change took place.

W h at has been the m anagem ent o f the bank?
In order to enable the committee or the Senate to form an adequate ;dea
of the general course and management of the bank for any given period, it
is necessary to look back to an antecedent period, and to aseerUiin the cha­
racter o f the measures then adopted— to follow them through their results
down to the present day, and thereby manifest the wisdom or folly of the
past by the results of the present W ith the purpose of the more thoroughly
accomplishing this tisk , the committee caused the annexed statements to be
made out, exhibiting the whole operations of the bank, from March 1818,
to October 1S34.



23

[ I?]

In consequence of the difficulties by which the bank was surrounded, and
the errors in its management during the first years of its existence, those
who had phced the greatest confidence in its value as a public institution,
began to fear its incomjxMency to fulfil any o f the great objects fur the ac­
complishment of which it had licen brought into existeuce. It was char­
tered from the belief that it would be the instrument for correcting th un­
happy circumstances attendant upon the then disordered currency of the
country, and for furnishir.g a circulating medium of uniform value. T h e
directors therri'elves. appear to have abandoned all hope upon this point,
and their fears were actively excited for the bank itself, in the universal
receivability o f the notes by the Government in the payment of its
dues. This is sufficiently manifested in the memorial presented to Congress
on that subject in the year 1820, in which the following language is held:
“ Under the 14th section of the act incorporating the bank, the bills or notes
of the bank, originally made payable or which shall have become payable
on demand, are made receivable in all payments to the United Snited unless
otherwise directed by act o f Congress. Under this regulation the power of
the bank to make its capital available, either for its own profit or the public
good, is greatly abridged. The. sphere of its circulation is limited to those
places where it is least wanted, and made to exclude those where it would
be eminently useful, while the whole currency of vast sections of the coun­
try is thereby frequently embarrassed.”
The annexed extract from the statement made by a committee o f direc­
tors, who visited Washington, to the committee o f Congress, to whom the
memorial was referred, will explain the nature o f the difficulties from which
they expected relief. They urge the importance in connexion with the
currency, of the circulation o f the United States’ Bank notes, but they de­
clare, that “ it is not in the power o f the bank, so long as they are receivable
by the Government at all points where they may be tendered, instead of
being received only where they are payable, to make them coextensively
usef il with the Union.”
Acting under these views, the bank forbad the offices with whom the ex ­
changes were adverse from issuing their notes, and although it issued itsown
notes as did the offices against which the exchanges did not run, without re­
striction, y et it will be seen with what rapidity the amount o f its notes in
circulation diminished. In the short space o f five months from 1st April, 1819,
to the 30th August, 1819. they were reduced from 8 6 ,0 4 5 ,4 2 8 , to $3 ,8 3 S ,3 8 6 .
The annexed extracts from the minutes o f the board of the 25th Septem­
ber, 1819, will serve still further to dcvelope the condition in which the
bank was placed at that period of its existence. Up to that time it had not
dealt to an extent worthy o f notice in domestic exchanges; and when M r.
Cheves came into the presidency o f the institution, he found it struggling
fonexistence amidst the numberless difficulties by which it was surrounded,
and his great concern doubtless was, to assist in the effort to rescue it from
obvious and apparent dangers. T h e committee will not fatigue the Senate
by recapitulating the many embarrassments which he had to encounter. That
they were great, will be rendered obvious by the fact that from Ju ly , 1819,
to January 1821, no dividend was declared by the bank, but that all its net
profits were carried lo the contingent fund. So it is. that at the termination of
his administration, by referring lo the statement of the condition of the bank
*t that time, viz. on the 1st of January 1 8 2 3 , it will appear that but little
was done in the way of domestic exchanges, and the notes ol the bank con


r

[

1 7

]

2

4

stituted b it a small part of the circulation of the country. T he impression
still seems to have prevailed, that the issue of the notes of the hank was
hazardous, and that all loans and purchases of exchange which caused an
issue of notes, were to be avoided. The specie in the vaults was kept
nearly equal, and often quite equal to the notes in circul.ilion. No branch
note was received at any other place than where issued, except for govern­
mental dues under peculiar circumstancesThe loans, on personal security, amounted to
.
. $22,597,034 21
Bank stock
.
.
.
.
.
.
6.149,031 00
Funded debt
.
.
.
.
.
.
5 0,033 13
Domestic exchange
.
.
.
.
.
1 ,9 4 0 ,3 3 3 94
The loan to the Government was

.

.

.

3 0 ,7 3 6 ,4 3 ? 23
11.018,553 34
S 4 1 ,7 5 5 ,0 S 4 62

The notes in circulation were
.
. 4 ,3 6 1 ,0 5 8 00
Specie
.
.
.
.
.
4,4 2 4 ,S / 4 48
Of these 3 4 1 ,7 5 5 ,0 8 4 62, the division into active and passive was as fol­
lows:
The funded debt of the Government
.
.
. 8 1 1 ,0 1 8 ,5 5 2 34
The bank stock and funded debt loan .
.
. 6 ,149,031 00
8 1 7 ,1 6 7 .5 3 3 34

Of the remaining loans on personal security
.
And on bills of exchange
.
.
.
.

.

£ 2 2 ,5 9 7 ,0 3 4 21
1 ,940,333 94

Making .
.
.
.
8 2 4 ,5 3 7 ,368
There were under protest, or otherwise suspended, of the
loans on personal security
.
.
.
.
£ 6 ,4 4 7 ,3 1 3
Bills of exchange .
.
.
.
.
.
2 5 S ,2 J6

15
21
92

£6 ,7 0 5 ,5 4 9 13
L eaving for active loans the difference between
And
.
.
.
.
.
.

.

. £ 2 4 ,5 3 7 ,3 6 8 15
C,7 05,549 13

.

$ 1 7 ,8 3 1 ,8 1 9 02

that, on the 1st January,
of,
Loans on personal security
Bills of exchange
.
So

1823, the active business of the bank consist­

ed

.
.

.

M aking an aggregate of
T h e specie
.
Notes in circulation

.




.
.

,
.

.

.

.

.

.

.
.

.
.

.

$ 1 6 ,1 4 9 ,7 2 2 00
1 ,6 5 2 ,0 9 7 08

. $ 1 7 ,8 3 1 ,8 1 9 02
.
.

$ 4 ,4 2 4 ,8 7 4 48
4 ,361,058 00

55

[”]

The whole amount of bills o f exchange, purchased in the year ending the
1st January, 1S23, was 3 7 ,3 5 3 ,1 9 0 56.
Since that day the funds of the bank, as will appear by the general state­
ments, have been becoming more and more active. The purchase of foreign
and domestic exchange has undergone a rapid augmentation, and a circula­
tion corresponding with the demands of commercial operations safely main­
tained. From Ju ly , 1S24, that portion of the funds, which was rendered
inactive, by being employed in loans on stock, began to be rapidly reduced,
which, added to the gradual sale and ultimate redemption of the funded debt,
afforded to the bank enlarged means of extending its operations in business
transactions. T h e most fruitful field of profit to the bank, as well as the
means whereby its notes would be kept actively in circulation, was discovered to be that presented in the purchase of exchanges. The purchase of do­
mestic bills has, therefore, gone on, gradually augmenting, until they attain­
ed their maximum in M ay, 1S33, amounting, in that month, to 823,147,­
247 96. It is through the instrumentality o f the exchanges that the circu­
lation of the bank has been maintained at its late augmented amount. The
operation is as follows: at any branch of the bank, New Orleans for exam­
ple, the notes are issued,
to persons who give their notes promising
to pay in a given number of days. If, at the end of the period, the identi­
cal notes are repaid, the transaction ceases and the notes are restored to the
bank.
to persons who give their bills o f exchange, payable in the
northern Atlantic cities. The notes are then paid to the planters and others,
go up the river, and after performing the function o f circulation through the
western States, are brought by the tide of business to the Atlantic cities; but
before their arrival, the bills of exchange, for which they were issued, have
matured, been paid, and the means of redemption are in the hands of the
bank.
they are given to persons who, in return, give their bills of
exchange, payable in Europe, which bills are then sent to the parent bank,
and sold in the northern Atlantic cities: thus furnishing the funds out of
which the notes o f the bank, issued for them, are redeemed.
^Fourth. They’ are given to persons who, at the end of the time stipulat­
ed for the loan, if they do not pay in the identical notes received from the
branch, pay in specie, or in the notes of other banks, which notes the bank
renders equivalent to specie.
In the development o f its resources, the bank rested on these data, loan*
payable at short periods, the providing of funds chiefly through bills of
exchange, to meet the issues of its notes where they are most in demand,
to meet the payment of the revenue, and where they will always be found
in large masses. The making the notes of other banks equivalent to specie
at the places of their emission, which necessarily imposed a restraint upon
their issues, and thereby secured a sound circulating medium to the country.
In some instauces, it is true, it has departed from this policy, by making
loans for too great a length of time, which cannot be done without depriving
it of so much of its active capital. But the committee are not prepared to
say that this has often been done. The activity and extent of its operations
sufficiently prove that the large mass o f its means is fully within its con­
trol.

first,

Second,

Third,

For the more clear development of the operations of the bank, during
the last eleven years, the committee caused to be prepared the following
tables:
1st A table showing the amount of domestic bills purchased in th j yea


4


*

[

1

7

26

]

1823 and in the year 1833 at the bank and its several offices, and of foreign
exchange purchased; and
2d. A table showing the extent of circulation o f January, 1823, and
April, 1832, of the bank and offices:

From the first, it appears, that domestic bills purchas­
ed in 1822, amounted to
.
.
•
.

8 7 ,3 5 3 ,1 9 0 56
7 1 ,761,370 86
326,199 30
9,656,066 83

Domestic bills purchased in 1833
.
.
.
Foreign exchange in 1S22
.
.
.
.
Do
do
1833
.
.
.
.
From the second, that the circulation of 1st January,
1823, was
.
.
.
.
.
.
On the 4th April, 1S33, the period of its greatest extent,

4,361,058 00
2 2 ,4 5 8 .6 2 0 00

-----r |
The rates at which ihese extensive operations in the exchanges of the
country have been purchased at the bank and offices, may be seen in the
annexed table marked F, while that marked G, will exhibit the compara­
tive value of bank notes in 1816 and in 1829.

Having shown the effect of these measures on the currency and exchanges
of the country, it remains to exhibit their effect on the bank itself; the
following statement of ihe condition of the bank on the 1st of January, 1823,
and 1st January, 1833, will effect this object, for which purpose the table
marked H is appended.
It has previously been stated, that in January, 1H23, there were suspended'
of the business loans £6 ,7 0 5 ,5 4 9 13, and that 8 1 7 ,8 3 1 ,8 1 9 02 were active—
while of the whole business loan and bills of exchange on the 1st January,
1833, amounting to 3 5 8 ,1 5 4 ,5 6 0 5 3 there were suspended
Of the loans
.
.
.
.
.
*3 ,6 7 7 ,3 7 1 81
Of the bills
.
.
.
.
.
3 6 4 ,4 5 9 20
And leaving the mass of business loans at the two periods as $17,831,­
819 03— to $54,1 1 2 ,7 3 9 52.

The annexed table, marked I, will finally show the eff*ct of these opera­
tions on the profits which have accrued to the stockholders, from the dis­
counts and the purchase of exchange.
The summary of all which is, that the bank, in the last eleven years, has
overcome all the difficulties which stood in its way; has given to its notes a
universal circulation, redeemable wheresoever presented; ha* increased the
circulation from four to twenty millions; has facilitated domestic exchanges
by diminishing its rates; and, by increasing the annual
purchased
from seven to seventy millions, has purified the general currency, and has
doubled the profits of the bank itself.
a m o u n t

These things are now matters of history; they are manifested on the face
of the general statement now exhibited to the Senate, and the committee
would have been unfaithful to the high trust which the resolution of the Se­
nate devolved upon them, i f they had failed to have presented the foregoing
analysis. Upon one point it has received the highest approbation, at the
hands o f the last and present administration— the measures which it has
adopted, as the agent employed by the treasury in paying off the public debt
Rush, in his
report of the 13th
1828, ,says:
this manner heavy payments of the debt are, in effect, made gradually, in­
stead o f the whole mass being thrown at once npon the money market, which
might
injurious shoeks. So prudently, in this and in other respects,

M r.

Treasury

produce




December,

“ 1°

27

[ I?]

does the bank aid the operation of paying off the debt, that the community
hardly has a consciousness that it is going.” M r. Ingham, in like manner,
on the 11th of Ju ly , 1S29, says: “ I take the occasion to express the great
satisfaction of the Treasury Department, at the manner in which the presi­
dent and directors of the parent bank have discharged their trusts, in all their
immediate relations to the Government. So far as their transactions have
come under my not ice, and especially in the facilities afforded in transferring
the funds ot the Government., and in the preparation for the heavy payment
of the public debt on the 1st instant, which has been effected by means of
the prudent arrangement of your board, at a time of severe depression on
I all the productive employments of the country, without causing any sensible
additions to the pressure, or even visible effect upon the ordinary operations
of the State banks.” And the President himself, in his message to Congress
of December, 1S29, says: “ It was apprehended that the withdrawal of so
large a sum from the banks in which it was deposited, at a time of unusual
pressure on the money market, might cause much injury to the interests de­
pendant on bank accommodations. B ut this evil was wholly averted by an
early anticipation of it at the Treasury, aided by the judicious arrangements
of the officers o f the Bank o f the United States.”
It is certainly true that the bank has met with almost unbounded censure
from the same high quarters, for its effort to postpone the period for the
redemption of the 3 per cents, during the year 1832, with the foreign stock­
holders. Upon that subject the committtee have said all that it seems to them
necessary to say. The motives which impelled the hank to the adoption o f
that course, have been fully made known to the public in the report made
by a committee of the directors, dated December 3, 1833, while at the same
time the grounds of accusation have been as fully displayed by those who
charge it with error.
It has been objected, also, that the expansion o f its operations in 1831,
was altogether unjustifiable. T h e committee have no additional facts to add
to those already in possession of the public. T h e accusation and the defence
have been placed in the hands of the community, and it would be nothing
short of supererogation for the committee to repeat either the one or the
other.

•'Allegations o f p a rticu la r acts o f m iscom luct.
In addition to charges affecting its general management, the bank has
been charged with particular acts of mismanagement, in some instances con­
nected with the assumption of power of an unjustifiable character. Into
these several acts, so far as the committee have possessed knowledge
their ascription, they have sought to make an examination which
prove satisfactory to the Senate and country. T h e first which engag­
ed their attention, was the conduct o f the bank in the establishment of
branches.

of
would

B ranch banks.

,

T h e repart of the committee of the House of Representatives, appointed
during the year 183S, to examine the books of the bank, urged against the
bank the establishment o f additional branches, as a ground of objection,
declared its proceedings in this respect, to be “ deserving the most serious



and

[ 1 7 ]

28

attention as a source of extended influence of the bank” T h e committee
have, therefore, felt it to be their duty to inquire into this subject. Their
object has been to ascertain under what circumstances new branches have
been established. W hether upon the intrusive and unsolicited move­
ment of the bank, for the chief, if not the sole purpose, of extending the
sphere of its influence, or for the more legitimate purpose of advancing the
pecuniary interests of its stockholders, or the fulfilment of its duty to the
Government. It is difficult to conceive how it could in any way enlarge
the sphere of its influence, by locating a branch where neither the wants of
commercial men, or of any other class, required increased banking facili­
ties. T h e want of borrowers would seem to be as fatal to the spread of its
influence as the want of money to lend.
I
Within the last sixteen years, eight original branches have been establish­
ed, viz. at Nashville, Natchez, St. Louis, Mobile, Portland, Burlington,
Utica, and Buffalo.
For that at Nashville, repeated applications had been urged from a period
as far back as Ju ly IS , 1817. Upon this subject the committee refers to the
annexed documents:
No. 1 is a petition from F elix Grundy and others, for a branch at Nash­
ville, dated Ju ly 18, 1817.
No. 2 . A letter from W illiam Carrol to the president o f the bank, urging
a branch at Nashville, October 3, 1S17.
No. 3. A renewed petition from the citizens o f Nashville, dated Decem­
ber 8, 1S17.
No. 4. T h e proceedings of a town meeting at Nashville, applying for a
branch, and appointing a committee to urge it, dated January 31, 1818.
N o. 5. A letter from the committee, consisting of F e lix Grundy and
others, dated January 31, 1S18.
N o. 6. Letter from F elix Grundy, dated February 14, IS IS .
No. 7. Reply of the president of the bank to the committee, dated Fe­
bruary 14, 1818, and covering
N o. 8. A copy of the proceedings of the board, dated February 14,1818.
N o. 9. A copy of an application by John M cN airy, Andrew J a c k s o n , and
other eminent citizens, in anticipation of the establishment of a branch at
Nashville, recommending a president and cashier for said branch. This let­
ter js not dated.
N o. 10. A letter from John B ell, dated February 24, 1818, accompany­
ing the proceedings of a town meeting in Franklin, on the establishment of
a branch at Nashville, to John W illiam s, at W ashington, and the other to
the president of the bank, dated February 24, 1818.
No. 11 A letter from F elix Grundy and others, to the president of the
bank, 10th April, 1819.
No. 12. Another from the same to the same, dated May 2 0 , 1819, and
No. 13. Another from Felix Grundy alone, dated 27t"h of M ay, 1819.
Nos. 14 and 15. Answers from M r. Cheves, dated 37th M ay and 16th of
June, 1819.
No. 16. A letter from Gov. Carroll, inclosing the copy of an act o f Ten­
nessee repealing an act, passed November 2 2 , 1817, so fa r as the United
States’ Bank was concerned, dated 1st December, 1826.
No. 17. Another letter from the same, dated 22d January, 1827.
No I S . A petition from George W . Campbell and others, citizens of
Nashville, urging the establishment of a branch; in a note appended to
 said “ that there were only six persons who refused to sign i t "
which, it is


2

9

[ 17 ]

Thus, it will be seen, that the branch at Nashville was not established,
notwithstanding the most urgent applications, until after the lapse of many
years from the first application for it, nor until the Legislature may be re­
garded as actually applying for i(, by repealing a law, imposing a tax on
banking capital, so far as the Bank of the United States was concerned, a
similar law to which was also passed by Kentucky, which might have ex­
pelled the branches, located at Lexington and Louisville from that State, but
for assurances, from other quarters, similar to those contained in the annexed
letter from W . T . Barry.
The branch at Natchez was established at the formal request of the Legis­
lature of Mississippi, transmitted to the president of the bank, dated March
.a 27, 1826 .— (See docum ent appended.)
That at St. Louis was established upon the application of the citizens of
that town, aided by a letter from M r. Kush, in reply to a letter from M r.
Benton, and transmitted by Mr. Benton to the president of the bank, dated
March 27, 1826 .— (See docum ent.)
The branch at Mobile was twice urged upon the bank, by M r. Rush, the
then Secretary of the Treasury: 1st. By letter dated 26th January, 1 8 2 6 ;
2d. By letter dated M ay 16, 1S26. In the last letter, the bank isalso urged
to establish a branch at Detroit; in lieu o f which, it established a branch at
Buffalo, under the belief that, whilst it would answer the purposes of the
Treasury as well as Detroit, it might prove more advantageous for commer­
cial purposes.— (See the letters .)
The branch at Portland was also called for, in the letters from the T rea­
sury Department, dated 16th M ay, 1S26; so that, o f the eight branches which
have been established in the last 16 years, only those at Utica and Burling­
ton were established by the bank, in the absence of either an express call
from the Legislatures of the respective States wherein they were established,
or at the urgency of the Treasury Department.
If thejbank had sought, by multiplying its offices, to exert a controlling
influence over public sentiment, it would have been furnished a fair apology,
in the numerous applications addressed to it from every quarter, to have
multiplied them almost a d in fin itu m . Those applications have been sus­
tained, in many instances, by meu of the most exalted reputation. To quote
a few instances, out of the many, may suffice to show the course of the bank
in this respect. It refused to establish a branch at Lynchburg, V irginia, al­
though applied lo by the citizens, who were sustained in their application by
the letter from M r. Jefferson, dated 8th October, 1817.
It refused to establish a branch at Fredericksburg, Virginia, although the
application was sustained by a committee composed of three o f the most
respectable citizens, who were recommended to the notice of the directors
by the letter from Judge P . P . Barbour; and although, as if in certain suc­
cess of the application, M r. Madison was induced to recommend to the
board a gentleman for the presidency, by letter dated 25th February, 1 8 18 ;
and although Jam es Barbour, Hugh Nelson, P . P . Barbour, and Jaifles
Pleasants, gentlemen of acknowledged weight and influence, urged the pre­
tensions of another person for the same office.
It declined establishing a branch at Pensacola, although Andrew Jackson ,
now President of the United States, forwarded the memorial of the citizens,
and sustained the application in a letter dated 15th August, 1821.

It refused to establish a branch at Albany, N ew York, although memor«lized so to do by a large number o f respectable citizens; and although




C]

30

the memorial was signed by Martin Van Buren, now V ice President of the
United States, and was also forwarded under cover of a letter from him,
dated 17ih Ju ly , 1826.
It refused to establish a branch at Detroit, although urged by the Secre­
tary of the Treasury so to do.
It refused to establish a branch in Indiana, although requested by the Le­
gislature; and in Florida, under similar circbmstances. T h e documents
and letters exhibiting these facts are hereto appended; and it has refused to
establish branches at the following places, although petitioned so to do by
numbers of the most respectable citizens:
In Maine, at Bangor, memorial dated January 80, 1831.
In New Hampshire, at Conoord.
In Vermont, Burlington, Middlebury and Brandon.
In Rhode Island, at Bristol.
In Connecticut, at New Haven and Middletown.
In Massachusetts, at New Bedford, November 20, 1830.
In New York, at Oswego, Albany, Schenectady, Auburn, Plattsburg,
T ro y, and Rochester; which applications were made from 1826 to 1831.
In Delaware, at Wilmington.
In New Jersey, at Patterson and at Newark, in 1831.
In Virginia, at W heeling, Abingdon, Petersburg, Danville.
In North Carolina, at Washington, in 1831, Charlotte and Milton in 1832,
Raleigh, Newbern, W ilmington, and Tarborough.
In South Carolina, at Cheraw in 1830, Columbia in the same year.
In Georgia, at Augusta, Macon, Clarksville, and Columbus in 1831.
In Klorida, at Pensacola, Tallahassee, and Leaksville, in 1831, 1832.
In Alabama, at Florence, Colossus, Athens, Courtland, Montgomery,
and Tuscumbia, in 1830, 1831, and 1832.
In Tennessee, at Clarksville, Knoxville, Jackson, and Memphis, in
1830 and 1S31.
In Kentucky, at Frankfort and Hopkinsville, in 1831.
In Ohio, at Zanesville, Dayton, Chillicothe, Circleville, Portland, Cleve­
land, Columbus, iu 1830, 1S31.
In Indiana, at Madison, Vincennes, Lafayette, T erre Haute, and Indian­
apolis, in 1829, 1831, 1832.
Thus rejecting sixty-three applications pressed upon it by the memorials
and petitions of most respectable citizens of the several places from whence
the applications proceeded.

The French Bill.
The next subject o f charge, which it devolved on the committee to in­
quire into, was the course adopted by the bank, in exacting damages on the
French b i l l. The facts, attending this transaction, are f u l l y developed in
the annexed correspondence between the president and cashier of the bank,
and the Secretaries of the Treasury Department. T h e first letter in the se­
ries, is a letter dated, Oetober 31, 1832, from M f. M cLane, representing
that the first instalment, arising under the convention with France, amount­
ing to S 3 ,9 1 6 ,6 6 6 66, together with interest thereon, at 4 per cent, from the
2d February, 1832, would be payable at Paris, on the 2d February, 1833,
expressing the wish of the department, to transfer to the United States the



31

C 17 ]

instalment, and proposing to draw a bill on the French Government, paya­
ble on the 2d February, and suggesting that a credit for the amount o f the
bill in favor of the Treasury in the Bank.of the United States on the 2d
March, might be allowed the purchaser of the bill if better terms could
thereby be had. He expresses a desire to receive the views of the presi­
dent of the bank on the whole subject, and presuming that an arrangement
for the transfer, might be made at the bank, requested a statement o f the
terms. On the 5th November, the president of the bank answers the letter
of the Secretary. He advises, as the simplest form which the transaction
could assume, a sale of a bill on Paris, drawn by the Secretary; but states
“ that it would not be easy to And an individual purchaser for the whole,
and if the bills were divided, the knowledge that there was in the market
a drawer for so large a sum, would tend to depress the rate.” He proposes
a purchase of the bill for the whole amount at a given rate o f exchange.
The next letter from Mr. M cLane. is dated on the 26th January, 1S33, in
which he informs the president of the readiness o f the department then, to
draw the bill, and presumes that the bank is still disposed to purchase, on
the terms previously offered. M r. Biddle, in his reply, dated 30th Janua­
ry, 1833, for the reasons therein set forth, proposes to take the bill, but at a
different rate of exchange, and Mr. McLane, by his letter of the 6th Feb­
ruary, accedes to the terms offered by the bank. T h e bill is, thereupon,
transmitted to the bank, accompanied with all the documents necessary to
give force and efficacy to the sale, and to the collection in Paris
The bill
was duly presented to the minister and Secretary o f State for the Depart­
ment of Finance, at Paris, and no provision having been made hy the
French Chambers for its payment, was regularly protested. Notice of the
protest was received at the bank on the 26th April, IS 3 3 , and a letter, bear­
ing date on that day, was addressed by Mr. Jaudori, the cashier, to the Se­
cretary of the Treasury, notifying him of the fact, and holding him respon­
sible for principle, interest, cost, damages, and exchange, and on the 13th
May, the original bill was transmitted to the Treasury Department. M r.
McLane’s letter of the 6th M ay, recognises the propriety of at once paying
the bill, and informs M r. Biddle, that the treasurer has been requested to
instruct the cashier to recharge the same to his account He says, in con­
clusion; “ The account of the bank for the return of the bill is under con­
sideration, and the result, which is not to be affected in either way, by this
payment, will be communicated in a few days.” On the 17th Ju ne, M r.
Biddle addressed a letter to Mr. Duane, calling his attention to the subject;
who, on the 21st June, answered and enclosed a letter from M r. Taney,
then Attorney General, in which he says: “ T h e account stated by the
bank, if supported by proper vouchers, appears to be correct, with the ex­
ception of the claim of 15 per c e n t damages on the amount of the bill.
This item, in my opinion, has no foundation in law or equity, and ought not
to be paid by the Government. T h e bank is entitled to indemnity and
nothing more. 1 will take another occasion to state to you the reasons on
which my opinion is founded.” On the 24th Ju n e, Mr. Biddle says, in a
letter to the Secretary, “ T h e transmission to the Treasury Department o f
the account in question, was, as 1 think you will readily perceive, an in­
dispensable act on the part o f the bank, not merely as the assertion o f a
clear right, but as a necessary preliminary, to enable the Government o f the
United States, were it so disposed, to recover the amount from the French
Government.” H« asks to be informed of the grounds o f the Attorney



[ 17 ]

3

2

General’s opinion, “ in order that the bank may review the grounds of its
judgment, as it would be extremely reluctant to urge any claim not mani­
festly proper.” M r. Duane replies, in his letter of the 27th Ju ne, that the
reasons of the Attorney General vr re not on file in the Treasury Depart­
ment, but that he will address M r. Taney on the subject, ami will forward
his reasons, when received. The correspondecce between M r. Duane and
M r. Taney, ultimates in the following declaration by M r. Taney, in his
letter of the 16th August, 1S33: “ I cannot imagine that it is the duty of
the counsel for the United States to argue this question for the satisfaction
of the president and directors o f the bank, whenever they may think pro.
per to call on him to do so.” And a letter from M r. Biddle to M r. Duane,
dated August 84th, 1833, in which he says: “ 1 regret to perceive that the
Attorney General declines communicating to you the reasons of his opin­
ion, as I was anxious, before adopting any final course upon the subject, the
board of directors should have had an opportunity of understanding the
views of that officer, to which they would have given the most respectful
consideration.” This terminates the correspondence upon this subject for
the year 1833.
On the 8lh July, 1834, the president o f the bank writes to the Secretary
o f the Treasury, acknowledging the receipt of a letter from the Secretary,
o f the 3d July, in which the bank was requested to place, to the credit of
the Treasury, the dividends, accruing to the Government, on the stock held
by it in the bank, and informs the Secretary that his letter of the 3d, along
with his letter of the 2d, containing the final refusal of the Treasury to
allow the claim of the bank for damages on the French Government, had
been submitted to the directors, and that the decision of the director* had
been that there should be deducted from the dividend, payable the 17th
Ju ly , the amount due the bank for damages, costs, and interest, upon the
bill of exchange, drawn by the Secretary of the Treasury on the French
Government; and, in conclusion, says, “ I am further instructed to say
that this course is adopted by the board of directors, not merely from a con­
sideration of the obvious justice and propriety o f it, but because it furnishes
the best, if not the only, mode of obtaining a judicial decision of the case by
the proper tribunals. To procure that decision the board will give every
facility in their power; and if there is any other modo of submitting the
rights of the respective parties to the judicial tribunals, more acceptable to
you, any suggestion by you, for that purpose, will not fail to receive the
prompt and respectful consideration of the board of directors.” The letter
from M r. W oodbury, o f the 14th Ju ly , in which he declines m a k in g any
proposition to the bank, and complains of the proceedings as ex traordinary,
and urges reasons in order to show that the course of the bank was wholly
unjustifiable, with the letter of the 28th of November, from the president of
the bank, and M r. W oodbury’s reply, o f the 11th day of December, 1834,
completes the correspondence upon this su b ject
Up to this day, the simple state of the case is as follows: the G o v e r n m e n t
has a bill of exchange on Paris for sale. In consequence of the magnitude
of the sum, it would, in order to meet with a purchaser, in the person of a
private individual, have had to be divided into several sums. This would

have been attended with delay, which the Government sought to avoid,
and probably with loss, by effecting a reduction in the rate of exchange.
T he offer of the bill, under these circumstances, is made to the bank, and
the bill is purchased by the bank. It is duly preaented, and protested for




3

3

C 17 ]

non-payment, and the purchaser demands the usual damages arising under
the protest. T h e Attorney General expresses the opinion that the purchaser
has no title to damages, and says he will give his reasons at another time.
He is asked the reasons for his opinion at another time by the party most
interested in knowing them, and he declines giving them.
T h e bank
urges the claim upon the Treasury, which is ultimately decided against it;
and having no recourse against the Government by suit, retains an amount,
arising out o f the dividends o f the Government, one of its stockholders,
equal to the damages; the president of the bank addresses a letter to the
Secretary of the Treasury, advising him o f this, and stating the object to
be to carry the question before the courts, and expressing his readiness to
adopt any other course o f proceeding upon the subject which would be
more agreeable to the Government, which is altogether declined by the
Government. These are the facts o f this case. I f they appertained to a
similar transaction between the Government and a private citizen, la%v and
equity would alike require the payment of the damages, and ju stice would
would aware it. Is there any tiling to differ the case, because a number o f
individuals, incorporated by the style and title o f the B ank o f the United
States have become the purchasers, in lieu of a single person?
The Government has often purchased bills o f exchange on foreign coun­
tries, and the committee is ignorant o f a single case of a protest, in which
it has ever remitted the damages. Som e of the transactions o f the Govern­
ment, in this particular, are to be found in the annexed memorial of Stephen
Girard, and a long list o f others, in which the damages have been exacted.
What if the bank had been the seller, and the Government had been the
purchaser, of the very' bill, now the subject of controversy, can it be sup­
posed that the Attorney General, with the precedents above cited before
him, would have given the opinion, with or without assigning reasons, that
the bank was not bound for the damages, “ either in law or equity?” or
•hall it be asserted that law or equity upholds a Government in exacting of
private individuals a measure of redress, which, when it becomes the debtor,
it will not extend to them? Is there any thing in the relation existing be­
tween the bank and the Government, which differs the case, in principle,
from the ordinary case between the Government and an individual? T h e
bank was the depository of the public moneys. T ru e ; but if an individual
depositor had sold the bill, would the amount o f his depo9ite, then actually
in bank have exonerated him from damages? Or, suppose that any other
large stockholder than the Government had sold the bill, would the case have
been at all varied? F o r the public deposites the bank gave, as an equivalent,
its services in the transmission, to various points, o f the moneys o f the
Government, and moreover paid down, in the form o f a bonus, $1,500,U 00,
for that and other privileges. Is it any where stipulated that it shall, where
the Government is concerned, waive, in its favor, the universal law apper­
taining to bills of exchange, and the provisions o f the municipal law?
But another ground is taken, viz. tlb t the money which the bank was to
pay was never used by the Government. I f this was so, it would not alter
the case. T h e money was always liable to the order o f the Government,
having been passed to its credit on the books o f the bank on the l l t h Febru?r>'» 1833. Congress had also passed a law directing it to be loaned out to
individuals; and in pursuance of the requisitions of that law, the Secretary
of the Treasury, on the 6th o f M arch, 1833, issued a notice that it would be
loaned out on the 20th o f that month, thus as effectually withdrawing it
5
"



v

C 17 3

3

4

from the uses or control of the bank, as if he had cheeked for the whole
amount. N or is this all. A portion of it seems actually to have been used
by the Government, for its ordinary expenses. On the ISth February there
was to the credit of the Treasury S i,735,460 40, of which §003,565 89
were the proceeds of the French bill, and as in the month of April there
were only $746,613 61, the difference between these sums* that is to say,
8156,958 28 had been drawn for out of the proceeds of the bill, and the
Treasurer, when the money was repaid, had to draw on funds elsewhere in
order to make out the amount. The right, therefore, which accrued to the
stockholders, appears to the committee to be founded in strict law, and if
the directors had waived it, they would have exerted an authority for which
they could not have found a suitable apology to the stockholders. W hat the
stockholders might themselves do on the score of liberality to the Govern­
m ent is another question, in the decision of which by the stockholders they
would undoubtedly have taken into consideration the course of the Govern­
m ent to the institution.
As to the subsequent retention of the dividends by the bank, th? doctrine
of retainer, well understood by the courts, applies as well to a corporation
as to an individual; and when that retainer is avowedly made in order to
procure a submission to the courts and juries of the country, arid would have
been waived, as is plainly intimated in -Mr. Biddle’s letter to M r. Woodbury,
if the-submission could in any other way be secured, your committee are un­
able to see why there should be either clamor or objection raised to the course
pursued by the directors. It has often beer, suggested as a coursc worthy
to be adopted in all cases when the claim of a citizen was rejected by the
Government and the citizen felt him self aggrieved, to render the Government
suable. In some of the States an appeal is granted from the decisions of
the accounting officers immediately to the courts; and although the United
States cannot be sued, yet the idea of depriving the citizen of a legal trial,
when matters were so circumstanced as to enable him lo obtain such trial,
it is believed was never thought of. Controversies in the courts, between
the Government and the citizen are things of frequent occurrence. Per­
sons employed in collecting, receiving, or disbursing public moneys, in all
the numerous agencies of the country, if they believe the Government to be
their debtor, seek indemnity by retaining moneys to an amount sufficient to
satisfy their claims—and if the Government thinks itself wronged by such
proceeding, the law prescribes the m3nher in which it shall seek redress.
If it resorts to the harsh remedy provided by the act of 1820, that very law
protects the rights of the citizen by giving him the privilege of appealing to
the judiciary— and if the Governm ent declines resorting to the somewhat
arbitrary proceeding authorized by the same act, the courts are open lo it,
and an honest and impartial-jury of the country, if it be in the right, settles
the controversy in its favor. W hat is there so very wrong in all this? or
how long has the wish on the part of the citizen to submit his rights to the
arbitram ents of the courts, become a sifbject of governmental denunciation?
T he Government of a free people can never lose their affections until it shall
have forfeited their confidence. The most ready way to bring about that
result is for the administrative departm ent to hold its decisions as unques­
tionable revelations of truth, to doubt or to appeal from which, is to call down
upon the head of the offender, the extrem ity o f its vengeance. T h e com­
mittee, on the contrary, regards the judiciary, removed as by the theory of
the constitution, it is presumed to bej beyond t'ie influence of party excite


35

ment, as peculiarly suited to settle controversies of the character of the
present. The law there will have its free course, unwarpeil by party feel­
ing and uninfluenced by any other consideration than what justice shall de­
mand.

Mr. Elmaker.

In a subsequent part o f this report it will be seen that the attention o f
the committee was called to the case o f M r. E lm a k er, who had been ap­
pointed a government director, but who was excluded from his seat upon
the ground, that at the time of his appointment he was not a stockholder in
the liank o f the United States. T he following facts exist in the case: on
the 30th June, 1834, Mr. Elm aker was, upon the nomination of the P re­
sident of the United States, and by and with the advice and consent of the
Senate, appointed a director on the part of the Government. On tbe Sth
July, the directors were informed o f his appointment by letter from M r.
Forsyth, dated the 5th o f Ju ly . On the 11th Ju ly , M r. E lm aker pre­
sented himself at the board in order to take his seat, whereupon a resolution
was submitted by one of the directors, declaring that M r. E lm aker was not
entitled to his scat, not being a stockholder at the lime o f his appointment;
which resolution was adopted— yeas 11, nays 1.
On the 15th Ju ly , after having been furnished with an official copy o f the
resolution, he presented himself again at the board and insisted on his right
to his scat, offering his commission and a letter addressed to the president
and directors, in support o f his title. Whereupon the whole matter, along
with the commission and letter, was referred to the committee on the state
of the bank, who reported on the 22d, accompanying their report with
the written opinion o f Mr. Ingersol upon the questions at issue. On that
day Mr. Elm aker was invited to attend the board, and upon his requesting
time to enable him lo read Mr. Ingersol’s opinion, the board adjourned until
six o’clock that evening, when they finally disposed of the case by adhering
to their resolution of the l l t h Ju ly , declaring that M r. E lm aker was not
entitled to take his seat at the board— yeas S, nays 2.

The annexed documents so fully unfold the whole m erits of this contro­
versy, that the committee do not esteem it necessary to do more than refer
to them. T hey consist of M r. E lm aker’s letters of the 15th July, setting
forth the grounds of his claim, the report of the committee on the state of
the bank, and Mr. Ingersol’s opinion.
Before the committee leave this portion of their inquiries, they feel it
proper to rem ark, that M essrs. Macalaster and Ingraham are the only direc­
tors on the part of the Government now in office. Mr. E lm aker’s case is
already presented. M r. Bayard, who was nominated and confirmed by the
Senate at its last cession, declined to act; and Mr. W hite was appointed in
his place, who also declined; whereupon M r. Howard was appointed, who
also declined the appointment. M r. Saul Alley, who was appointed at the
same time with M r. W hite, declined; and M r.T ibbetts, who is understood
not to have been a stockholder, was appointed, but could not serve for the
reason stated, and no others have been appointed by the President during
the recess to fill those vacancies.

Intermeddling toith Politics.

The committee pressed their inquiries in every direction in order to dis­
cover all and every interfeience on the part of the bank, if of any it had



r173

36

been guilty, with the political parties of the country. F o r a great moneyed
corporation, created to subserve the purposes o f the country, to lend itself
to party, and to enter through its moneyed power, in any way into the poli­
tical struggles of the day, would be to render it truly and deservedly
odious. It would be to bring an agent, heretofore, it is believed, unknown
in our elections, to bear upon them. Official power and official influence,
no matter from what quartered exerted, whether on the part of those who
enjoy the money and emoluments arising from the offices o f the Federal
Government, or of the bank, are every way and equally objectionable, and
should both meet wtth the severest rebuke. In either case such interfer­
ence is at war with that pure, unbiassed, and unbought suffrage upon which
our political institutions mainly rest for their perpetuation. T h e way in
which such power and influence would be most likely to display itself on
the part of the bank, would be;—
1st. In the appointment o f directors for the several branches, with refer­
ence chiefly to their political sentiments.
2d. In an injurious discrimination between persons; granting accommo­
dations to some and refusing them to others, because of the existence of
particular political preferences or opinions.
3d. In the granting of large and unusual loans on insufficient or doubtful
security to persons supposed to have political influence, and extending in­
dulgences to such, not extended to others.
4th. In efforts o f direct bribery by the donation of its money.
5th. In rendering the press its stipendiary, by bestowing gratuities on
editors, or making to them extravagant loans.
6th. In large and unusual loans and accommodations to members of Con­
gress and other public functionaries on insufficient security.
7th. In paying for publications not necessary for a true exposition of its
condition, or to defend itself against unjust and injurious charges.

1st The appointment o f Directors.
On this point the committee has no reason to believe that any other
motives have operated with the bank, than those having reference mainly
to the interests of the institution. T h e object seems to have been to place
at the board of directors men o f character and standing, acquainted with the
circumstances of the citizens composing the community in the midst of
which the office was situated, and of business habits. In some instances,
doubtlessly, the board at Philadelphia have been deceived in the fitness of
an individual for a branch director. T hat he should be expected to possess
friendly feelings to the bank, and that in any controversy in which it
should be engaged, either with an individual or the Government, the lean­
ing of the director would be in favor o f the institution whose interests he
would have given a virtual pledge to support, by taking upon himself the
office of one o f its governors— would be most reasonably to be expected. It
would be strange if this was not so, for to commit its management to the
hands o f those who were opposed to it and sought its destruction, would be
an act of madness and of folly, for which it could have neither excuse uor
apology. N o man of lofty or correct feelings would assume a guardian­
ship, when he found in his breast, upon self-examination, none other than
a feeling o f hostility to the object placed under his control, and a desire to
destroy, in place of a wish to sustain and uphold.



87

[>]
7

The only instances in which the directors, through the president o f the
bank, which have come to the knowledge o f the committee, have been
called upon to express their views on the course which it became the bank
and its officers to pursue, in reference to general politics, are to be found in
the annexed correspondence, marked L . T h e first paper in the series is
a letter from the president of the bank to M r. Swann, dated 17th M arch,
1S24. T h e board had been desirous of placing at the head o f the branch at
Washington, a gentleman who^would give more o f his time to its affairs,
than the professional engagements o f M r. Swann allowed; and in the course
of the correspondence, M r. Swann intimated that the President o f the
United States and Secretary o f the Treasury spoke in approbation o f his
appointment T his occasioned the remarks in the extract marked No. 1.
No. 2 is a letter from the president of the bank to M r. Harper, cashier of
the branch at L exington, Kentucky, making known certain charges against
that branch o f having been partial in its loans to one of the political parties
of the day, and forwarding list of persons nominated as directors by cer­
tain members o f Congress, from K entucky, dated January 9, 1829.
No. 3 is a letter from the president o f the same import, to M r. Shippen,
cashier o f the branch at Louisville.
No. 4. T h e reply of M r. Shippen, with observations on cach person
whose name was contained in the list.
Nos. 5 and 6 conclude the correspondence with M r. Shippen.
No. 7 is a letter from M r. T ilfo rd , the president o f the branch at L e x ­
ington, dated January 30th, 1629.
In the same year M r. Cambreleng was employed by the bank to select a
proper position for a branch of the bank in the western part o f New Y ork .
His instructions in regard to the selection of suitable directors, will be
found in an extract o f a letter from the president to him , dated M ay 14,
1829.
About this time arose the controversy relative to the removal o f
Mason from the presidency o f the branch in New Hampshire, all of which
is already in print. T h e committee has, therefore, contented itself with
extracts from the correspondence, marked No. 9.
The two letters to M r. Johnson of the Charleston branch, the first dated
27th September, 1830, and the last, 25th Decem ber, 1832, conclude all the
correspondence upon this point, which has fallen under the observation o f
the com mittee.

a

,

M r.

2. An injurious discrimination between applicants, in granting loans,

because of political differences.

The committee has carefully examined the discount books o f the bank
and the several branches which it visited, for the purpose o f ascertaining the
course
towards those who are known to be hostile to the bank.
The
o f that examination is, that many who are known to
hostile
to it, publicly and privately, who have co-operated in measures to destroy
it; who, in short, are its most uncompromising opponents, are among those
who, at some period or other, have received accommodations at the bank,
or some one of its branches. This remark embraces men in public and in
private life ; in the executive as well as legislative departments; in high as
well as
subordinate offices. T h e committee do not
that it is proper
to do

pursued
result

in
feel
to go into particulars and give names. In some instances,



be

so, might

38

[ 17 ]

only have the effect to injure individuals, without doing the public any ser­
vice; but justice to the object of their appointment by the Senate, requires a
declaration thus emphatic, of the general results of their inquiry.
The committee ascribes censure to no man because he may, at some time
in his life, have borrowed money of the United Stales’ B ank. It is a moneylending corporation; created for money-lending. T h e prime object of the
stockholders is lo make money by lending money, or to speak more pro­
perly, by an exchange o f credits. T h e borrower then, whose loan is made
on ample and sufficient security, and who is punctual in his dealings with
the bank, confers upon its stockholders an advantage, probably as great as
they confer upon him. The committee sees, therefore, no reason for mak­
ing injurious ascriptions to an individual who stands, or may have stood, in
the relation of borrower; nor do they sec why the bank should be censured
for loaning to all, indiscriminately, who offer unquestionable security. The
propriety of making the application, is a question to be settled by the appli­
cant, not the bank; it is for him to decide upon the degree o f delicacy
which may, or may not, be involved in the application. F o r the bank to
undertake to decide this for him, would be, justly and properly, to expose it
to his undying enmity. Its sole object should be to make profit for its
stockholders, by discounting, when it has money to loan, all good paper,
without an inquiry into the political complexion of the borrower; and so far
as the information o f the committee extends, this has been done from its
creation to the present day.
In order to guard against misapprehension, or mistake on this subject, it
is all necessary to remember, that every man is not a borrower of a bank,
whose name may be on paper which it discounts. A bill o f exchange, or a
promissory note, is given in the purchase of goods, or in other transactions;
the holder may either keep the paper till its day of payment, or he may, at
any time before such day o f payment, procure its discount at a bank. Such
discounts constitute a large portion of all true banking operations, and in
such cases, there is no ground to say, that the drawer of the note, or bill, is
a borrower at the bank, or has received any accommodation at its hands.
3.

U nusual loans on insufficient security , or u n u su a l inrlulgencies to per­
sons supposed to possess enlarged p o litica l influence.

T h e committee has discovered nothing in the proceedings o f the bank, lo
induce a belief that it has adopted any policy of this kind. E ach borrower
is held to comply with the rules of the bank; when those rules are violated,
the violation is followed by a protest, or such other proceedings as are
usually adopted in other cases. In some instances, where the borrower has
failed to renew his note at the proper time, either from ihadvcrtance, or
f r o m circumstances beyond his control, or has neglected to pay the dis­
count upon each renewal, or has changed his endorser, by substituting one
name for another, equally good, or has drawn a draft on one who declines
accepting it, and offers another already accepted by a person, or persons,
entirely responsible, the bank may have failed to have the note protested.
In such cases, to protest, would be, at the best, but a useless proceeding,
injurious to the individual, and without benefit to the bank. It seeks to
secure its debt, and if that be done satisfactorily, all is accomplished which
it could desire.



t

3

9

[

1

7

]

The committee are not aware of a loan to any one possessed o f an enlarged
political influence, of an unusual amount, or in fact, of any amount resting
on insufficient security, unless indeed, cases falling under a subsequent hpnd
of inquiry, shall be supposed to form an exception to this general remark.
4.

E ffo rts o / direct bribery, by donations o f its money.

No case o f this sort is known to the com m ittee; no such case ap|>ears (of
course where such would appear) oil the books o f the bank; and, to ascertain
whether there might be some mode, unknown to the committee, by which
the funds could be withdrawn, without the fact appearing on the books, they
addressed inquiries upon that tu bjecl to the president and cashier, which,
together with the answers, arc hereto subjoined, marked M ., by which it
appears, that every dollar drawn from the bank, is regularly entered on the
books under its appropriate head.
The committee also called before them the two government directors,
Mr. Macalaster and M r. Ingraham, and propounded to them, among other
things, the following questions :
1. Could any money go out o f the bank, without the same appearing on
the books?
Answer. W e do not think that it could.
2. If such be the fact, we can conceive of no case, in which money could
be applied to electioneering or other improper purposes, unless by allowing
discounts, and the application of the money to purposes, different from those
indicated on the face o f the transaction. Do you know, or have you any
suspicion o f such a case— or do you know o f any loss accruing from the
action o f power too much concentrated?
Answer. W c do not know of any such case, nor do we know of any loss
to the bank by the action o f power too much concentrated, yet it might
happen when too late to be checked. (T h e ease o f J . Harding was men­
tioned, which will be adverted to under another head.)
The committee then stated to those two gentlemen, that, as their object
was to do entire justice to the country and the bank, we desired to be in­
formed of all ju st grounds o f accusation against the institution, and would be
obliged to them for any suggestion which would direct our inquiries; and
that any such suggestions would be received, if they desired it, under the
seal of our personal honor. #
Answer o f M r. Ingraham. I have considered the bank question as set­
tled. Since I have been at the board, I have only attended to the current
business. I have, therefore, np information that I can suggest, except per­
haps, the case of Mr. E lm aker, as government director. (T o that case, the
committee has previously alluded.)
»

In rendering the press its stip en d ia ry, by bestowing g ra tu ito u s re­
w ards on editors, or m a kin g to them extra va g a n t loans.
The committee know of no case of a gratuity to any one. In every
instance of money paid to an editor, it appeared to be for services performed.
Whether more than a fair measure of compensation was paid, the Senate will
he most competent to decide, upon a view of statements, which will be
found under another head of inquiry.
The committee, as far as they could do so, looked into the books of the
hank and branches, for the purpose of extracting statements of accounts of

5.




C

1 7

4

3

0

all persons known to them as connected with the newspaper press. In two
instances, the accounts due from editors, have been carried to the suspended
debts. T h e first is that of Jasper Harding, made up o f various drafts,
amounting in the aggregate to $ 2 3 ,4 9 0 4 0 , which is hereto appended.
From which it appears, that he is responsible as endorser, 5 1 6 ,0 6 1 07, and
a s drawer, 8 7 ,4 2 9 33.
T h e account begins on the 18th Ju ly , 1832, and
ends on the 4th Ju ne, 1833.
T h e other is the account of J . W . W ebb and
Noah. On the 9th
August, 1831, they obtained a discount on their paper o f
220,000
On the 16th of December, of the same year,
*
15,000
On the 2d of January, 1S32, they obtained discounts on ten notes o f 17,975
On the 10th February, 1832, another discount o f
18,600

M . M.

M aking an aggregate o f discounts o f

$71,575

On the 14th o f August, 1832, they were indebted on the books of the
bank for the last note discounted, viz. £ 1 3 ,6 0 0 . T h e other notes, amount­
ing to §5 2,97 5, having been discharged. T h is note o f $ 1 8 ,6 0 0
pro­
tested on the 17th February, 1833, and has been placed on the list of sus­
pended debts. M r. W ebb addressed a letter to the president o f the bank,
on the 23d February, enclosing him a copy o f a deed o f assignment
by him, to secure other debts, and this debt o f $ 1 8 ,6 0 0 .
O f the account of Gales and Seaton, the committee have felt it to be pro­
per to present the following statement:
.
In March 1S33, their debt due the bank at Philadelphia,
and the office, at Washington amounted to
$SO>338
On the 26th Septem ber, 1834, they' owed the bank at
Philadelphia
•
$ 3 5 ,8 5 0
And on the 6th November, the office at Washington
2 0 ,8 6 9
-------------- $56,719

was

made

Show ing their actual payments, at both placcs, up to
the 6th November
$23,619
and leaving a balance still due from them o f 5 6 ,7 1 9 .
T h e annexed letters from them to the president
the
phia, dated 29th March, 1833, and the extract from the letter o f the cashier
o f the Washington office, dated 7th Novem ber, 1S34, to Joh n T y le r
h a lf of the Committee o f Finance, will furnish in detail all the facts
nected with these loans, and relieve the committee from the necessity
further comment or remark.
Loans made to editors have existed from the origin
bank;
w here such loans are neither exhorbitant in amount, or made upon insuffi­
cient security, to urge objections to them would be both weak and puerile.
I f the loan made is reasonable in amount, is placed upon
footing
other loans without the practice or show of favoritism, it would
deeper casuistry than the committee lay any claim to, in order to discover
sound or good objection to it; loans
opposite character
and will doubtlessly receive, unqualified condemnation; in
ment resting on public sentiment, the channels which conveys
to the people, should be considered
unapproachable by
powers exerted either by the bank or the Government. T h e Senate
judgm ent
are

of

bank at Philadel­

on be­
con­
of

of the

the

any
mand,

of an

as

pass its own

in relation to those which




tod

of *H
require

de­
a Govern­
intelligence
the moneyed
will
above detailed upon ■

41

[ IT ]

renew

are

of all the facta. ThoM which follow
submitted only in their r«•pective amounts.
At the bank at Philadelphia, one editor stands charged as payer - 35,-101
As discounter
2 ,5 2 5
Total responsibility,

From another there is due on three several discounts

-

From another as payer As discounter
.
.

g 7 ,9 2 6

-

-

.

-

$ 5 ,7 0 0

$1,115
2 ,7 1 2
---------- S 3 ,327
At Richmond, Virginia, on the 25th September last, one editor
was responsible as payer
.
.
.
.
5 2 ,6 0 0
As discounter
.
.
.
.
.
4 ,0 0 0
-------- -8 6 ,6 0 0
.

c

-

.

.

At Norfolk, one editor is responsible on a note discounted for the benefit
of the endorser, who executed a deed in trust to secure the drawer S I , 200,
the sum due on 26th November, 1834. T h is seems to have been a loan
negotiated upon the responsibility of the editor out o f friendship for the en­
dorser, and is entirely secure.
From another editor there was due on the same day on three notes, which
are fully secured,
S i , 620
At Baltim ore, a loan was contracted by an editor, in 1S29, for S l7 ,0 0 0 ;
that is the only case of a loan to the editoriaf corps at that place, and is now
reduced to 8 6 ,2 5 0 , subject to the reduction of $ 2 5 0 at each renewal.
At New York, loans on various drafts and notes have been made from
time to time, to one editorial concern, amounting in the aggregate to _
_
At Providence, there was no loan to any editor of a newspaper, on the 5th
day of September, 1334.
A tBostoa there was due from one editorial concern in three notes, 5 1 ,3 0 0 .
From another
.
.
.
.
.
.
1 ,0 0 0
,
a
.
.
.
.
.
.
500
At Washington, there is due from one editor
2 3 ,9 9 6 8 4 .
These w£re afl tha points visited by the com mittee, or any member of it.
Some o f these loans were granted at a period too remote from the present
times to be subject to any suspicion o f impropriety, while others have been
obtained by editors known to be hostile to the bank itself.

From third

6.

Loans to members of Congress and functionaries o f t he Government.

The same remark which was made in regard to editors is applicable
also to members of Congress and other public functionaries; loans have been
obtained by them of the bank at every period o f its existence. This remark
applies as well to those who now hold executive offices, as to those who now
are or have been members of Congress, and this Without regard to the poli­
tical predilections o f the borrowers. T h e committee have been able to trace
but the sum of $ 4 0 0 , at the bank i t Philadelphia, to the list o f suspended
debts arising from a transaction in which any one, now a member o f Con­
gress, has participated, and there is no reason to believe that the non-pay.
ment of that sum has proceeded from a want o f ability on the part o f the
discounter to pay, but rather from a desire, as is presumed, on his part, to
"lake the drawer pay the debt. One other draft o f $ 5 0 0 , drawn by one
member and endorsed by another, has recently been protested for non-ac­

ceptance, but the debt is unquestionably good, and no difficulty will ulti

[

n

42

]

matelv exist in the way of its payment. The bank has therefore encounter­
ed no loss of any amount of any moment, sc far as the committee is informed,
in consequence of loans mads to members of Congress; at some of tne
branches, some few notes of those who have been members have been pro­
tested and put in suit; as far as the committee had the means of judging, the
loans both at the bank and its branches, now existing, to members of Con­
gress, and such as have been members for the last three years, re.-t upon as
good security in genera! as other loans ur.der ordinary circumstanec>, when
no question is pending affecting the bank, or where the member obtaining
the loan, maintains steadily and firmly the opinions he has theretofore been
known to advocate, the most scrupulous can have nothing to object. If the
mere loan of a sum of money on unexceptionable security, on which, during
its continuance, the i/iterest is regularly paid,
the full knowledge
principal is also to lie exacted in dus course of time, can bo
as
lik ely so to operate, as to induce a member to forget the o b lig atio n s he is
under to himself, his country, and his Gad, yet if no change has occurred in
his conduct and opinions, which cannot be traced to pure motives; surely
one thus circumstanced ought to be regarded as inaccessable to supicion
censure; if the bank msde loans to members of Congress or other
functionaries upon security
must have been
be
i f it relaxed its rules in their behalf without justifiable motive, if it dealt out
one measure to them, and another to others, or if it made
donations of its funds— then would it be amenable lo the severest censure.
T h e committee have 110 knowledge of any
proceedings. It
go even
further than this, and express
if
had greatly
its loans
persons of the description already
pending political
involved
results
the
itself, it
would thereky
exposed itself
a
degree
suspicions.
of
was
fact in this
from
1826, (a period at
present
attitude
the administralian,)
present
which
em­
of all
made
aod t
all the offices, from which the following
in the year
1S26 the loans to members of Congress at
bank
existence, amounted to £ 2 3 7 ,4 3 7 , and in the present year,
addition
since 1S26 of several new branches, and an increase
n u m b e rs mem­
bers of Congress at one o f which large accomodations
members, to $25 3 ,2 2 7 ; that the amount
during
is
less
311 1 ,5 3 9 , deducting from the loans
1S33
stock
and drafts in
in 1833, by j569,S62,
1832: and by
£ 6 3 ,9 * 1 , than
1831,
that something
amount prevails
period.
further
e x h ib ite d
losns
the present
to *57,264
less by S 5 S .7 4 1 ,
the vear 1833—
$ 1 5 5 ,1 4 8 ,
in the ye«
1832, and by upwards of $ 1 3 ,0 0 0 in 1831, and that there has b e e n a similar
declension in
o f each of
offices with the ex­
of
which the amount
not extravagantly large; w h i l e at many
others no loan
amount exists in 1834.
proper to remark that
the amount at Philadelphia
Washington in the year 1 S 3 2 over succcedand preceding
arises from
fact, that
that year a
to 00,000
to
a tP h il* '


with

the

which

that
regarded

known to

or
public
insufficient,

to them voluntary

such
will
tne opinion, that it
multiplied
lo
mentioned,
agiiations which
in their
the existence of
bank
have
in great
to injurious
For the purpose ascertaining what
the
last particular, the
committee cauted a comparative statement
the year
which the bank could have had no suspicions of being placed in its
to
to the
time,
statement
braces the amount
loans
to members of Congress at the bank
results are extracted:
the
and all the branches then in
with the
in the
of
have been granted to
of loans
the present year
by
of
a large loan on
this office than
than in
in the year
and
Approaching an equality
in
lor the remaining
The
fact is
that the
at the parent bank, amounting in
year
is
than in
by
than
comparison with the loans
ono at
is
for any
and
ng
years
the
ock amounting £1
was granted

ception



the

It is

in
loan on
one member now dead;

4

3

[ 17 ]

delphia, and that at Washington discounts lo the amount of $50,000 on post
office acceptances See. were granted to another.
The statement referred to hss been carefully compared with the original
returns from the various offices, and found to be correct. In further prose­
cution o f this subject, the committee made out the annexed table, exhibiting
the number of members of past and present Congress who have received
accommodations from January, 1S26, to October, 1834, at the bank and all
the offices from which, it will be seen that, from the year 1829 exclusive
to tne present day, there has beer, a n-.arked uniformity in the numbers; the
highest numbers being 5 ? , m d the lowest (the year IS32) being 44. In
reference to the exhibits of the antecedent penou, varying somewhat from
that p.beve noted, regard should in justice be hitd to the circumstance of
the establishment o f new branches either about that time, or a year or two
before. T h e statements embrace al! who have been in Congres since the
first January, 1S26; notes negotiated on personal security, after the man­
ner of ordinary discounts; note.-;, payable by others and due to a member,
and discounted in anticipation o f the day of payment; and domestic bills,
drawn payable, in some instances, at sight, in others, for shorter or longer
periods, upon funds elsewhere than at the hank where purchased, and con­
stituting a sale according to the ordinary operations of the bank, alike form
the basis o f the accommodations; as before remarked members o f Congress
who have, or now do represent commercial cities, are either themselves engag­
ed in extensive mercantile operations, or are connected with others who, with
them, constitute large mercantile agencies; their accommodations are, there­
fore, usually considerable, and serve grcr.fiy to augment the amount done
at the branches.
The committee see no reason to suppose that the amount o f loins by the
bank to members o f Congress, exceeds the amounts o f loans lo any other
persons o f the country o f equal numbers, and the same degree of con­
nexion with business; and this the committee thinks will be apparent to
any one who shall compare the number of persons who have been members
of Congress since 1626, with the total amount of !oans. They perceive
not the slightest evidence, that members of Congress have expected, or
sought favors of the bhnk on account o f their public character. And the
committee think this unqualified and depisive expression of tbeir opinion,
to be due to the character of the public men o f the country, and, indeed, to
the character and honor of the country'itself.
T h e committee have not felt it to be either proper, or called for, to
report the names of those who have ob'ained accommodations at the bank
or any o f its branches. They have seen nothing in any one of the loans
to any person now a member, or who has heretofore been a member, to call
for publicity. Some loans have been altogether inconsiderable in amount,
while others have been of greater magnitude, but nothing has been ascer­
tained by the committee, to inducc the belief than either unfairness, fraud,
or bad motive attaches to any one c f them. Considerations, such as those,
would require an exposure of all concerned.
In any ether view of the
subject, the committee would regard themselves as amenable lo tiie reproach
of volunteering information, not necessary lo understand the course o f the
but exclusively affecting individuals
T h ey have been required to
the
operations;
such an exhibit
understand whether
has resorted to unworthy

bank,
examine bank; to report upon its
to make
as will enable the Senate to
it
and improper means in order to obtain a recharter. The proofs upon these




44
points the committee have earnestly sought to make full and complete.
T h ey have not been invested with authority to arraign individuals; to ex­
pose their dealings to the public, in order to gratify personal or party feel­
ing. They will say, however, for truth requires it, that accommodations
have not been confined to members o f this or that party. Men of all par­
ties have obtained them : and individual loans, equally large in amount, are
found on both sides of the political parties o f the day.
7.

In p a y in g fo r publications not ntcessary fo r a true exposition o f its
condition , or to defend ttself against u n ju st or injurious eecusations.

T h e committee believe that with the limitation prescribed under this head
o f inquiry, no one can reasonably complain. Duty to itself and the coun­
try, alike requires that it should, when necessary, famish to the public such
expositions as are proper to explain its true condition. T h e people of the
United States have a large interest in its stock, to the amount of seven
millions of dollars. Each citizen has an interest in knowing its true con­
dition, since its notes constitute a part of the circulation of the country, and
form the medium of exchange in all the operations o f society. In this view
it becomes also its duty to defend itself against unjust assaults; but the
great natural and inlierent right o f self-defence appertains as well to a cor­
porate as to a separate individual existence. I f the reverse was true, the
public might be continually made the victim of the grossest deceptions, and
the corporation might be prostrated, innocently and causelessly. No mat­
ter what the charge— however gross in its character or obnoxious in its con­
sequences, it would be compelled to submit to it in silence. T h ere is not
in the nature o f our laws— there is not in the justice of the people— there it
not in the character of our institutions any thing so oppressive, s« perverted,
or so tyrannical. The rale laid down by the committee is therefore proper;
it is recognised by the president of the bank as correct, in the subjoined
letter to the Lexington branch. T h e committee would confine the bank
within its limits. T h e moment it steps beyond them its conduct is without
excuse; it then takes the field as an open and avowed advocate in elections;
its purpose then is not to defend but fn attack; it becomes a partizan in
politics and an active agent in elections. W hether it
been guilty of
stepping beyond ihe limits of the rule above laid down, the subjoined state­
ment o f its expenditures will determine. T h e committee looked into each
voucher, and have transcribed, if not its very wwrtls, their true p u rp o rt and
bearing, thus renderingthe exposition as full and complete as if the words
o f the vsuchers had in every instance been copied. Although the commit­
tee looked into the expense account of a period anterior to the vc*r 1829,
they saw nothing to attract attention, and concluded to commence with that
year, as furnishing a full exhibit o f the expenditures of the bank, o f any in­
terest to be known.
T h e following comparative statement will exhibit the amount of expen­
diture made half-yearly,from 1st January, 1829, to 1st Ju ly , 1834, for print­
ing not connected with the daily operations o f the bank; the statement al­
ready referred to will set forth the items in detail.
1829.
F o r the first half of this year, commencing ls l Janu­
ary and ending 30th June,
.
.
.
$52 35
And for the half year, ending 31st Dec.
.
.
53 00
Total
 for 18 *9 .


.

.

.

.

.

g l 05 *5

[ 17 ]

45
1630.

F o r the first half year ending the 30th
F o r the last, ending 31st December,

June,

.
.

# 3 ,2 8 5 i7
2,591 50
$ 5 ,8 7 6 67

1831.

For the first half year ending 30th Ju ne, after deduct­
ing the president’s orders
.
.
.
F or the last half year, ending 31st December,
after similar deduction,
.
.
.
2 1 1 ,1 1 3 24 i

1832.

F o r the first half year, ending 30th Ju n e, after de­
ducting the president’s orders,
.
.
F or the second, ending 31st December,
.

$ 1 ,9 9 0 85
19,499 94

$18.490,79
1833.

F o r the first half Tear, ending 30th Ju n e, after de­
ducting president’s orders, •
.
.
F o r the second, ending 31st December,
.

S I , 405 do
1,SS3 0 3

$3,293 03

the

1834.
,

half year,

June,

F or
first
ending 30th
ducting president’s orders,
.
.
F o r the three months ending 80th Sept.

after de.
.

2 4 ,3 5 S 4 3
2,031 50
« 2 6 ,3 S 9 93

The account of expenditures is submitted to the committee on the state of
the bank, and after being examined, is certified by one of the members, whose
name is written at the foot of the account. The same book is looked into
by the dividend committee, and open to the inspection of thedirectors.
The committee cannot leave this subject without expressing their decided
opinion of the impolicy of the course pursued by the directors in having
thus increased the expenses of the institution in the printing and distribu­
ting the speeches and many of the pamphlets and documents which are
mentioned in the vouchers. The expense is believed to have been un­
necessarily incurred. It would have been more judicious and wise to
have left those publications to reach the country through the ordina­
ry channels of communication. There would have existed no backward­
ness in the public press, or on the part of individuals to spread information
before the people; while its own attitude would have lost nothing in public
estimation by the practice of more reserve.
The augmented amount of expenditure in the years 1832 and 1834, over
the preceding and intermediate years, taken in connexion with the circum­
stance, that during those two years'important elections were to take place,
subjects it to the charge, whether well or ill founded the Senate will deter­
mine, of a direct interference in elections from which it should most cau­
tiously have abstained even in appearance.



4

[ 17 3

6

Resolution, M arch

11, 1831 .

The committee disapprove as decidedly the practice which has grown
up under the resolution adopted by the board on the 11th March,- 1831,
which invested the president o f the bank with authority “ to cause to be
prepared and circulated such docurrents and papers as may communicate
to the people information in regard to the nature and operations of the
bank.” T o the defined objects of the resolution no serious cavil or objec­
tion exists, or can well be taken. T h e power to draw money from the
bank is sufficiently iim ’ted by tirs declared purpose of preparin;:; and circu­
lating such papers only as will (jive information in regard “ tc the nature
and operation:'of the bank.” B u t expenditures have grown up under it,
resting on the orders of the president, without vouchers or defined purpose.
T h e committee have all proper respect for the president of the bank.
Nothing has transpired during that intercourse which has of necessity ex­
isted between him and the committee, whilst they were prosecuting their
inquiries relative to the bank, calculated to produce any other than feeiinjs
of respect towards him. B ut the directors should carefully have avoided
every appearance o f mystery ; nor should they hive consented to place the
president in a s:tuation so full o f embarrassment,— o r b in which, to make
explanations, might be to defeat the very object held in view, while to
remain silent leaves room for th -3 most injurious conclusions. T he
mittee owe it to themselves to state, '.hat they submitted to Uie
the propriety c f disclosing the objects o f expenditure. T h e
averred that the bar.k couid not have the least difficulty in making
ample
and miutely detailed disclosure c f overy item of expenditure, so far as the
bank itself or its officers were concerned; but ;;r^ec the delicacy and
tice, in his opinion, o.~ refraining from disclosures which would most pro­
bably expose others, every way iunocent, to vituperation,
aspersion, and peradventure to personal vengeance. H e averred his wil­
to
any form of solem nity,
any w a y
to
the committee, for what the expenditure had nnl been made— that no por­
tion of it had been made lo subsidize any portion
the public press, or to
tamper with or affect the purity o f any public functionary; but
to the indelicacy and possible danger of exposing innocent persons to odium
or persecution. T h e detection c f counterfeiters, the setting on
necessary measures where suspicions were aWakened,
refutation
calumnies., &c. &c, were adverted to, as in many
by
interests
bank, and yet some o f them
the greatest secrecy. The committee would credit
of
president as
as that o f any honorable
course through life
placed his veracity
should be
mystery
the accounts
should set forth the object
expenditure— details
might
dispensed with—
be omitted, and
furnished
particular individuals. T h e failure
object
and suspicion
a
of a ll vvho have agency in conducting public affairs, is oftentimes e q u iv ale n t
to condemnation. It is urged with
force, that the
has had
endure numberless
and
in
things
has been unjustly
accused,— nay, further,
it had
its own bosom, in the persons
directors, bitter enemies, ready to assist in the work of ***

destruction. I< c t
this be conceded, and
there would seem to


com­
president
president
an

lingness

verify under

in

of

jus­
malignant
agreeable

reverted
foot the
the
of
instances required
the
of the
from their nature requiring
the statement the
soon
man, the correctness of whose
had
above suspicion; but there
no reserve or
in
of the bank. The voucher
of
or particulars
be
names might
no index
pointing
to
to define the
begets suspicion;
in the minds of people who should he jealous of the purity
some
bank
to
assaults;
that many
it
that
within
who have been
all
yet

47

[ I? J

no necessity for scerecy. It should rather bid defiance to all such, by
exerting a watchfulness over itself, and lifting the veil to all having
authority to look into ils proceedings. T he right to defend itself after a
becoming manner, v/oeld readily be conceded to it by sn en'.ightened com­
munity. The people of the United Spates should not, s-.nu it 13 hoped,
never will condemn in any case without giving to the accused an oppor­
tunity of being heard; but for that defence the paym ent, if payment be
made, should be so set forth as with sufficient certainty Vo designate the ob­
ject, and every thing of unnecessary m ystery most studiously avoided.
These are the sentiments entertained by the committee, and as they have
been ready to acquit the bank of improper charges, so are they as ready to
censure when truth ar.d justice require it. ..
The expenditures under the resolution of the 11th of M arch, 1S31, above
spoken of, are as follow, viz.
1831. F or the first half year, ending 30th June, deducting so much
of the expenditure as contains a specification of object, viz.
Sii,000, which is contained in statement for prim ing, - S5,801
For last half year, ending 31st December,
5,024
Total for the year
1838.

1833.

-

10,825

For first half year, ending 30th June, For last half ye-r, ending 31st December,
Total for the year 1S32, -

-

gS,500

For first half year, ending 30th June, For last half year, ending 31st December,

-

S 2,600
1,S55

-

84,455

ending SOth lune, ending the 30th September.

£2,475
900

Total for
1834.

1S31,

F o r first half year,
F o r three months,

the year

Total from

1833,

-

$2,150
6,350

1ft 4§’>- 1534, to SOth Sept.,

S3,375

Making an aggregate of expenditure, from the 11th M arch, 1SSI,
to 30th Septem ber, 1834, of
.
.
.
.
S27,155
Under the head, “ current and contingent,” for the first half cf the
year 1S34, to be found one item in the follow ing words:

“ Contingent expenses in regard to removal of deposites,” - £3,350
Which rests on four vouchers, for the more perfect understanding of which
has been literally copied, and is as follows, viz. “ February 24,
from the Bank of the United States one thousand two hundred
fifty dollars, for contingent expenses in regard to removal of deposites.
(Signed)
“ N. B i d d l e . ”

one
received
and

In the expense account of 1S32 there is also a charge o f S4,0 JO, paid on or­
ders
the president to protect the bank against a run on the western branches.
In
those which have been
the accounts of
the
T he
at the branches
present
the way



of
all other respects than
noticed,
bank are free from objection.
expense accounts
nothing* worthy of remark. Expenditures made in

of

t 17 3

48

printing, under the resolution of the 1 1th M arch, 1S S J, were reported to
the batik at Philadelphia, were there paid for and entered upon the books.
T h e committee examined each item o f expenditure for professional services
rendered to the bank, and saw nothing to call for remark. An institution,
whose dealings are so extensive, must often be found either as plaintiffs or
defendants in the courts,— questions o f great interest to it have arisen at
every stage of its existence, and iu expenses have been considerable; but its
fees to counsel seem to have been measured by reference to the service
rendered, and it cannot be accused o f unnecessary cxtravagancc in this
respect.
B u t one other subject remains, which the committee thinks it nccessary
to bring to the notice of the Senate. T h e President o f the Uuited States
called upon the government directors, M r. Macalaster and M r. Ingraham,
for information relative to certain proceedings o f the bank. On the 24th
October last M r. Ingraham made known to the board his intention of call­
ing on the cashier for such bonks and papers as he might find it necessary
to examine, in order to meet the requisition o f the President. He stated
that it was not his intention to suhmit to the beard any formal motion, but
merely to give notice of the requisition which would be made on the
cashier. T h e correspondence which grew out of the notice will be found
in the annexed document, marked N. from which it will appear that the
two government directors addressed a letter to the cashier on the 25th
October, requiring a view of the books, for the purpose o f making extracts
from them for the President o f the United States. T h .it the cashier, by
letter of the same date, declined to produce the books “ for that purpose,”
without previously submitting their letter to the board, which was accord­
ingly done, and the board adopted a resolution approving the course of the
cashier.
notice given by the government directors to the board and after*
wards to the cashier, placed the requisition upon the footing o f a requisi­
tion made by the President of the United Stales, upon the officers of the
bank, for books, papers, and extracts; and whether by the charter he is in­
vested with authority to make such demand, the Senate is best competent fo
decide. T h e subject is, therefoi’e, submitted to its consideration without
further com ment T h e subjoined sia^m ents o f the profit and loss account
o f the bank, for various periods, has
prepared upon the requisition of
the committee, and is now submitted to the Senate.
T he committee have now fulfilled, as far as they were able, the highly re­
sponsible duty imposed upon them by the Senate. In the investigation
which they have made, their only object has been to arrive at truth and
to award ju stice. Their opinions upon the subject o f the bank, are, by the
whole country, known to be various; by some o f the members of the com­
m ittee, the opinion has been uniformity maintained and continues wholly un­
changed, that the creation of the bank was violatory o f the constitution.
T h e}' would, therefore, desire to see the charter exp ire; others o f the com­
mittee entertain different opinions, in the maintenance o f w hich; they have
been equally inflexible; but that question has nothing to do with the inqui­
ries which the committee h»s been called upon to make, jior has the party
politics of the hour been permitted to influence them ; agitations produced
by political cau3es are temporary; truth, on the contrary, is eternal. Its
behests alone have been obeyed by the committee, and in order to enable
the Senate to correct any error o f fact, or opinion, into which the committee

may have fallen, they submit to it a full compilation of documents and proofs

The

been

4

9

[

1 7

]

DOCUM ENTS ACCOM PANYING T H E REPORT.
No 1 . — P r e l i m i n a r y

P r o c e e d in g s .

Resolution of the Board of Directors appointing a Committee to receive
the Committee of the Senate.
B a r k U. S t a t e s , September 16, 1S34.

At a meeting of the board of directors this day, it was, on motion,
Resolved, That a committee be appointed to receive the committee ap­
pointed by the Senate of the United Slates, and to offer all such facilities
and aid in prosecuting their inquiries, as a necessary regard for the rights
of the bank and individuals will allow.
Five having been agreed to as the number of which the said committee
should consist, the president appointed
Messrs. S e r g e a n t ,
Coxe,
ErEE,
Extract from the Minutes.

L e w i s and
W h it e .

No. 2.— C o m m itte e

S. JA U D IN , Cashier.
o f E xchange.

Rules and Regulations for conducting exchange business in the Bank
of the United States, adopted July 18, 1S17.
First. There shall be established in the Bank of the United States a de­

partment, to be denominated the “ Exchange Department,” under the
direction and management of the president and cashier, and a committee
of three directors, to be appointed monthly in rotation, three of whom
shall be a quorum.
Second. All the exchange business of the bank, and of its offices, shall
pass through the exchange department; and, once a week, at least, a state­
ment of the affairs of the department shall be laid before the board of direc­
tors. This statement shall embrace the operations both of the parent bank
and its offices, and shall present such a view of them as will exhibit the
course of trade between all the cities of ,'the United States where offices are
or may be established.
Third. Bills of exchange shall be purchased at the rales lo be fixed from
time to time, by the members of the exchange department, according to
the course of trade.
Fourth. No bill shall be purchased if objected to by a single member of
the department.



[ 17 ]

.

60

Fifth.

Bills o f exchange purchased by the exchange department, shall
have at least two responsible names as drawers or endorsers, one of which
shall be a resident o f Philadelphia; they shall be made payable at some
place where an office or connexion o f the B an k o f the United States is
established, and shall not have more than ninety days lo run over and above
the usual time of conveyance by mail.
B ills drawn or endorsed by a member of the department, shall
not be passed upon until he shall have retired.
A suitable compensation shall be required in the exchange de­
partment for the security and facility afforded in the transmission of funds
from place to place, and the rate shall be settled, from time to time, by the
members o f the exchange department, according to the course of trade.
B ills of exchange, or other drafts or notes, payable out of Phila­
delphia, and offered for collection, shall be chargeable with a rate per cent,
not less than may be required for drafts on Philadelphia, at the places where
such bills are made payable; and, when advised of payment, the proceeds
shall be paid to the depositor free o f any other charge.
T he drawers and endorsers of bills purchased by the Bank of the
United States, and returned under protest for non-payment, shall be held
and considered liable to pay on demand the amount of such returned bills,
with interest from the date of purchase till paid, postages, costs of protest,
and damages. And no party to a bill under protest for non-acceptance shall
have credit at bank, unless the amount o f said bill be deposited in bank, as
a security for the acceptance of payment thereof.
T he Bank of the United States and its offices will collect bills of
exchange, notes, or drafts forwarded to them by banks, or individuals, from
any part o f the United States, provided that the amount o f such collections
shall be held payable at the bank or office where the collections are made.
B ills o f exchange drawn in Europe, or other foreign countries,
upon any of the commercial cities in the United States, and made payable
in Philadelphia, will be received by the Bank of the United Stales, for­
warded for acceptance, and returned to the bank for collection, free of
charge, except the costs of protest in cas« of non-acceptance, or non-pay­
ment, and, when collected, th e proceeds o f such bills shall be held subject
to order at sight.

Sixth.
Seventh.
Eighth.
Ninth.

Tenth.

Eleventh.

Mr. Lloyd's Resolution, February 13, 1821.
February

1 3 ,1 8 2 1 .— T h e following report of4the committee on the state
o f the bank was read and adopted, v iz .:
T h e committee on the state of the bank, to whom was referred the con­
sideration o f the mode of purchasing exchange, beg leave to report, for the
consideration o f the board, the following regulations, which, in their opi*
nion, will be expedient.
In the absence of the Exchange Committee, the president and cashier shall
be authorized to purchase exchange which may be offered for sale, if an im­
mediate answer be desired, and report such purchases to the exchange com­
mittee at its next meeting thereafter.
There shall be a book or journal kept, in which all purchases o f exchange
by the bank shall be entered in the order in which they are made, and *t



51

[ 17 ]

the time they are made; and also, a book or journal, in which shall be en­
tered the checks or drafts of the bank on the offices, in the order, and at the
time they are issued. These journals shall exhibit the names of the parties,
with the dates, amounts, rates of purchase or sale, and such other particulars
as may be necessary to exhibit the extent, order, and nature of the transac­
tions, and they shall be laid before the Exchange Committee at all its
meetings.
Statem ent o f M r. M acalaster a n d M r. In g ra h a m , Sept. 30, 1834.
They stated that the books of the Exchange Committee, exhibiting the
transactions of the committee so far as the purchase of domestic exchange is
concerned, are laid upon the table of directors at their regular meetings, and
are open to the inspection of all.
Upon being asked whether an instance had ever arisen, since they have
been at the board as Government directors, that an inquiry had been made
into the securities on any loan negotiated by the Exchange Committee, and
information refused?
They said that no such inquiry had been made. They presume, that upon
such inquiry being made, the information would not be denied. They fur­
ther stated, that the books relating to transactions in foreign exchange are
not laid upon the table of the directors, but are under the impression that if
required by special requisition, those books would be produced in compliance
with it

Mr. Macalister thinks that the Committee of Exchange is convenient and
useful, although not indispensably necessary. He would, however, have it
differently organized; appointed monthly in rotation, retaining upon it always
one of the old members.
Mr. Ingraham does not think the Exchange Committee indispensably ne­
cessary.
Mr. Lewis, a member of the Exchange Committee, states, that the books
containing transactions in domestic bills are regularly laid upon the table
on every discount day, open to the inspection of every director. Every trans­
action in domestic exchange is therein entered, exhibiting the names of the
drawer, endorser, and payer; and if any director asked for information rela­
tive to any bill purchased, it would readily be given. There is no conceal­
ment, and no disposition to conceal any thing. When a note is discounted
by that committee, it is not entered in the exchange book, but in the book
of discounts, which is emphatically the book of the directors; and if the
committee shall have granted a discount which a majority of the board shall
esteem to be improper, the board can arrest it at maturity by requiring its
payment, or require other security as the condition of renewal. The com­
mittee avoid, as far as practicable, consistently with the public good, the dis­
counting of notes, and it is not often done. He has no recollection of any
loss being sustained upon any note discounted'by the committee since he has
been a member of i t Where a note has been originally discounted by the
board, and the committee has granted a renewal of it, under an arrangement
that ten or twenty per cent shall be paid on each renewal, losses may have
•risen; but the fault is not with the committee, whose object has been lo
make the best arrangement they were able.




52

[ 17 ]

He has been a director o f two other banks in Philadelphia, when a sub­
committee granted similar accommodations, without complaint or censure.
The books on foreign exchange are not laid on the table of the directors,
but are liable to the inspection of any director at any time he may please;
they are in the possession of the regular clerks.

M r. Cowperthwait, the second assistant cashier, states, that he has the cus­
tody of the books containing transactions on foreign exchange, and the re­
turns w eekly o f domestic bills bought by the branches; that those books and
returns are at all times open to the inspection o f any director as may look
into them. No concealment is sought for or wished; M r. Macalaster has
frequently looked into them.
M r. Andrews, first assistant cashier, states, that he has the custody of
the books on domestic exchange. T h e y are not only laid on the table of the
directors, but are open at all times to the inspection of any one or all of the
directors. T h e directors often look into them ; there is no concealment of
any thing they contain.

Extract from Mr. Bevan's testimony, taken by the Committee of the
House o f Representatives, on the 14/A February, 1832.
“ The duties o f the Exchange Committee are to purchase bills both foreign
and domestic, and, in the absence o f the board, they are authorized to dis­
count domestic bills on any part o f the United States. T hey report on the
books all their doings daily. T h e aggregate of foreign bills are entered in
the general account of the bank, which is always open to the inspection of
every director; so that the board can see, at any time, what the Exchange
Committee are doing, by an examination of the debit and credit on the books.
In relation to
the details of the operations of the committee do
not appear; but the aggregate of each day’s purchase or sale only is entered.
T h e reason o f this is, that to expose these details might produce competition,
which would be injurious to the interests of the bank, and, it is believed,
would not be beneficial to the community. T h e domestic bills a r e entered
daily in detail; the drawer, endorser, and payer, the amount, when and where
due, are all entered with the discount, and all particulars.”

foreign bills,

No. 3— B r a n c h D r a f t s .

Circular to the Offices, 10th November,
B a n e U n ite d S t a t e s ,

1834.

November

10, 1834.

S i r : I have received from the Treasury Department, the copy o f a letter

addressed to the officers of the revenue, prohibiting the receipt, after the
1st of January next, of the branch drafts of this bank.
This will make no alteration, whatever, in your practice, with regard to
issuing or paying these drafts, which you will continue as heretofore.
V ery respectfully, yours,

N . B I D D L E , P resident

A ddressed to the P

r e s id e n t

Of each Office of the Bank of the V. Statu.




53
To the

[ I? 3

honorable the Senate and ffotise of Reprttrntaiire) of the United States in
C ongress assembled.

The memorial of the President and Directors of the Bank of the United
Stales, respectfully showeth:
That, inasmuch as the “ 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 supply,
in any reasonable degree, the required circulation from the bank, and
its numerous offices of discount and deposile; and that, in the frequent trans­
mission of large sums to distant offices, fully prepared for circulation, the
corporation 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, must greatly increase with the
growth and expansion of the establishment; that the arts employed in counter­
feiting bank notes have attained an alarming degree of perfection, the effects
of which can only be counteracted by the frequent cancelling and renewing
of the bank issues, with new devices and checks, which it will be utterly
impossible to effect under the existing provision; that, in order to remedy
these evils, your memorialists respectfully beg leave to suggest the expedi­
ency of authorizing the corporation to dispense with the signatures of the
president and cashier of the Bank of the United States to the notes intended
to be issued from the offices of discount and deposite, in order that the same
may be transmitted, without risk, to the several offices, there to receive the
signatures of their respective presidents and cashiers, and to be impressed
with new and distinctive devices and checks, by which the circulation may
be supplied, varied, and renewed, from time to time, with increased facility,
security, and utility, to the corporation and the public.
Your memorialists, therefore, in behalf of “ the President, Directors, and
Company of the Bank of the United States,” respectfully solicit the assent
of Congress to the alterations and amendments herein suggested, in such
form as your wisdom may dictate.
By order and in behalf of the President and Directors of the Bank of the
United States.
W M . JO N ES, President.
B
U
S
, Ja n u a ry 9 , I S I S .
ask

w it k d

ta tes

Extract from the memorial o f ihe President and Directors of the Bank o f the United
States, 24th November, 1 S 2 0 .
“ Third.— Under the chartcr, it has been doubted whether the bank has
power to authorize the issuing of notes not signed by the president, and
countersigned by the cashicr. The labor and the time necessary to sign
notes for the bank and all its branches, are much greater than cither of those
officers can bestow upon that object; and hence, the bank has been unable to
put in circulation a sufficient amount of notes of the smaller denominations,
which the public most want, and which are best calculated to serve the in­
terest of the bank. If authority were given to the board, from time to time,



[ 17 3

54

to appoint one or more persons to sign notes o f the smaller denominations,
at the parent bank, under the superintendence and direction o f the board,
and its principal officers, there would be no public risk, and it would afford
all the aid which your petitioners desire on the point.”

Extract jrom the minutes of the Board of Directors, 22 d February, 1S27.
T h e president reported, verbally, to the board, that, in pursuance of the
authority given him by a resolution o f the 1st December, 1S26, 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
o f ways and means, to obtain a favorable report upon the application for­
m erly made to Congress, by this bank, for permission to have its notes sign­
ed by other persons than its president and cashier; but that it was now fully
ascertained that no bill for effecting that desirable object would be brought
forward at the present session. W hereupon, it was, on motion,

Resolved, That the subject of the report just made by the president, be
referred to the committee on the offices.

M arch 2 2 , 1S27.
to ask your professional opinion on the fol­

B a n k U n ite d S t a t e s ,

I am requested
The several officers of this bank, especially those at a distance, are in the
habit of drawing checks on the bank, for the accommodation of the commu­
nity in its exchange operations. These checks, from the nature of the bu­
siness they are designed to facilitate, as well as from the labor of multiplying
them, and the hazard of their being counterfeited, have generally been for
large sums. It is proposed, with a view to the more general accommoda­
tion 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. W ith a view to the prevention of counter­
feits, and the security of the bank, as well as the public, it is further pro­
posed, 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, a ls o , that
they should be signed, not by the cashiers alone, as the checks are at pre­
sent, but by both the presidents and cashiers of the respective offices.
This statement, with the accompanying form of the proposed 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 pow­
er of the bank, and whether there occur to you any objections, either of law
or expediency, to prevent the adoption of it.
1 have the honor to be,
N. B ID D LE, President.
D a n i e l W e b s t e r and II. B i s n e t , Eiqs.
G e n tle m e n :
low ing subject.




55

[ 17 1

23,1827.
I have con*idered the questions submitted in Mr. Biddle’s letter of the
22d in st, and am of the following opinion:
As there is no substantial difference between the checks or drafts hereto­
fore drawn, at the different offices, upon the Bank of the United States, and
those which it is proposed hereafter to draw, the difference being in appear­
ance more even than in form, there can be no legal objection to them which
does not apply to every thing of this nature that has been done by the pre­
sent Bank of the United States, by the former bank, and by almost all the
banks in the country; checks or drafts, of a similar description, between
banks and their branches, and between independent banks, have been coeval
with these institutions in the United States.
If the former practice has been lawful, so must the proposed practice be;
for whether the drafts be for large sums or small, whether they are signed
by one officer or more, and whether they have the external appearance of a
bank note or otherwise, must be a matter 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 its
long continuance. It is a practice, moreover, within the powers of every
banking corporation, for in this way only can the intercourse of a bank and
its offices, and the exchange operations between banking institutions be ade­
quately prosecuted, and, consequently, unless restrained by charter, every
bank is competent to empower its officers to draw such drafts or checks upon
its funds, wherever situated, and to bind the corporation to the holder for
their due honor. It is an ordinary banking operation, to which their gene­
ral faculties are perfectly competent. A restraint upon the exercise of this
power is, I believe, without example in the charter of any bank; certainly,
I am unable to discover such in the charter of the Bank of the United States.
Whether it is within the power of the corporation to issue “ bills or notes
promising the payment of money to any person or persons, his or their or­
der, or to bearer,” unless signed by the president and countersigned 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, a particular effect, has no reference, I conceive, to 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 this 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 argument of prac­
tice is, at least, equally cogent to show, on the other hand, that the clause
ha* never been supposed to prohibit checks and drafts signed by officers of
the branches, and drawn upon the principal bank. I am unable to discover
any legal objection to the plan proposed, and, since it will facilitate the ex­
changes of the country, and secure the public and the bank from frauds, it
seems to me as expedient as it is lawful.
HOR. B IN N EY .
I concur entirely in this opinion.
D A N ’L. W EBSTER .
I can see no possible legal objection to the practice above stated, and con­
cur entirely in the opinion.
W M . W IR T.



P h ila d e lp h ia ,

March

[

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]

56

E xtra ct fro m the m inu tes o f A p r il 6 ,

1827.

T h e committee on the offices, to whom was referred, on the 23d of Febru­
ary last, the report o f the president o f the bank, stating the unsuccessful re­
sult o f th e' application to Congress for an alteration of the charter, which
would authorize the signature of notes by other persons than the preiident
and cashier, report:
T hat it is found, by long experience, to be impracticable for any one per­
son, whose general duties require constant attention, to sign the neces­
sary number of notes for the nineteen different establishments of this
bank, and that great inconvenience is thus sustained by the community,
as well as the institution, in various parts o f the Union, but more es­
pecially in the southern and western sections, there is a constant and in­
creasing demand, at the offices, for the smaller denomination of notes,
which it is impossible to supply. T h e committee are under the impression
that this inconvenience to the community might, in some degree, be reme­
died, and additional facilities afforded to the customers of the bank, if the dis­
tant offices were instructed to draw checks on the cashier o f the bank for
smaller sums than they have hitherto been in the habit o f furnishing. In
order to save the labor of preparing such checks at the offices, as well as for
the greater security o f the bank 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 have been accordingly devised, and are
now submitted to the board, with the recommendation of the com m ittee that
the experiment be tried, and, if found useful to the community, be perma­
nently adopted. F o r this purpose, they offer the following resolution:
Resolved, T hat blank drafts on the cashier o f the hank, for five and ten
dollars each, in the form of which a specimen accompanies this report, be
prepared and forwarded to such o f the western and southern offices as, in the
opinion o f the officers of this bank, may first employ them usefully, with in­
structions to furnish them to the customers o f the bank, or other persons
who may wish to procure them.

Extract from the minutes o f the B oard o f Directors o f the B ank o f the United Slalet,
December

1, 1826.
Mr. Cope offered the following resolution which was, on motion, adopted:
Resolved, That the president of the bank be authorized to use h is best en­
deavors to obtain the passage of an act of Congress, permitting the notes of
this bank to be signed by any two of its assistant cashiers, in lieu of the pre­
sident and cashier.
B a n k o» t h e U h i t e d S t a t e s ,

J a n u a ry

10, 1823.

S i r : I had the honor, on the 7th in s t, o f receiving your letter o f the 4th,
stating that instructions have been requested from your department, by some
of the receiving officers of the United States, relative to the receipt of drafts
or checks issued by the offices o f the B ank o f the United States upon the
bank at Philadelphia, and payable at the respective offices, and requesting
that the character o f these drafts may be so far explained as to enable the
department to judge whether they may be legally received in p a ym en t to
the United
 States.


57

[ 17 J

I am instructed by the board o f directors, to give you the most precise
and detailed information on that subject, and accordingly hasten to execute
that duty.
You are aware, that an expression in the charter of the bank has been
construed as implying, that the notes issued should be signed by the president
and cashier. Had the question now been an original one, there would, per­
haps, have been little difficulty in deciding that, as the corporation might
contract obligations in various modes, the phraseology of the charter did not
exclude the issue o f notes signed by other officers than the president and
cashier. In the first Bank of the United States, the comparatively small
issues of notes placed the supply more within the power o f these officers;
and the new bank, adopting the construction which prevailed under the old,
commenced a similar practice. It was, however, easily perceived, that this
interpretation would greatly impair the usefulness of the bank; but, having
been adopted, it was deemed inexpedient to depart from it, without a pre­
vious application to Congress; and accordingly, the board of directors have
more than once presented the subject to the consideration o f that body. A t
the last session, a request to authorize the signature of notes by other officers
than the president and cashier, was submitted lo the Committee o f W ays
and Means o f the House of Representatives, but was not so fortunate as to
obtain the approbation o f a majority o f the committee. Having thus fulfilled
its duty to the Government, to the community, and to itself, by a full expo­
sition, to the proper authority, o f the inconveniences by which all were
affected, and perceiving no prospect o f avoiding them but by its own resour­
ces, the institution found itself in a position, where it became necessary ei­
ther to renounce the great purposes of its creation, or to seek among its
other acknowledged powers the means of accomplishing them.
It was one o f the favorite objects in establishing the bank, and one o f the
best uses expected from it, to supply a circulating medium, which, by its
equal value and general diffusion, should generally supersede the depreciated
and multifarious currencies, which had prostrated the credit of the country.
This medium the bank was willing and anxious to supply; but the object
was defeated by the absolute and physical impassibility o f preparing the
notes agreeably to the p rtf’ailing interpretation of the chartcr. I t is a fact,
which, when it is stated, is proved, that it is not in the power o f any human
being, whose time is occupied as that o f the president and cashier o f the
Bank of the United States must necessarily be, in the daily duties of admi­
nistration, which they can neither suspend nor delegate, to superadd the
mechanical labor of signing notes for the bank and its nineteen branches.
The state to which the institution was reduced for want o f note!1, will be
"
apparent from a report o f a committee, made during the past year.
After stating that the construction of the charter, requiring the signature
of the president and cashier, “ renders it entirely impracticable for these
officers to furnish the necessary supply for the bank and ils nineteen offices,”
the report proceeds:
“ Of this no stronger evidence is necessary than the fact, that since the
foundation of the bank, the whole number o f notes o f JS5 issued amounts to
#1,576,000. T his inconvenience has recently become more sensible than
heretofore. Soon after the commencement o f the bank, a considerable num­
ber of notes were prepared; but as, during several s u c c e s s iv e years, the cir­
culation diminished to one-half of its former amount, there remained a large
stock on hand; and since the adoption o f the present system , (of i>siing

8


[

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58

only its own notes, and not those of State bank*,) 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
circulation more than double that o f 1822, this stock has been necessarily
exhausted, so that the demand having outgrown the power of supplying it,
the stock of notes has diminished to a most inconvenient extent. This will
be evident from the fact, that several of the offices are almost entirely desti­
tute of the smaller denomination o f notes, and that no one is possessed of
an adequate supply.” Thus, according to the latest returns, the office at
Portsmouth had on hand only 2 notes o f S 5 ; Providence only 8 ; Fayette­
ville 1 0 2 ; Mobile 9; Lexington 4 4 ; Pittsburgh 165; Louisville is without
a single five dollar note; and the parent bank has only ISO. It appears fur­
ther, that the whole amount of this denomination now on hand, at the bank
and all the offices, is about # 1 0 0 ,0 0 0 , and of # 10, about #500,000.
T o remedy this evil, the officers of the bank might have adopted the use
of a fac sim ile; 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,
since 110 imitation, however perfect, can equal the natural freedom and fresh­
ness of an original signature; and that the detection and punishment of for­
gery might possibly not be as easy or effectual. T h e 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 new measure, it
was thought most prudent to proceed with great caution, and to obtain the
sanction of the highest professional authorities. T h e subject has, according­
ly, been submitted to Mr. Binney, M r. W ebster, and Mr. W irt, who, as
the annexed correspondence will show, concurred in opinion, that they
“ were unable to discover any legal objection to the plan proposed; and since
it will facilitate the exchange of the country, and secure the public and the
bank from frauds, it seems as expedient as it is lawful.” T h e plan is simply
this: the offices are in the constant habit of drawing checks on each other
and the parent bank; and it was, therefore, thought, that when an office was
unable to supply notes signed by the president aiul cashier of the bank, they
might furnish to those who wished them, small d lifts instead of small notesIn order, moreover, to secure uniformity in the general appearance of all
paper issued by the institution, 1he blank drafts are made to resemble, a*
near as possible, ordinary bank notes, and the entire control o f the issues of
them is preserved, by having them all prepared and registered at the bank
itself, and forwarded for distribution, wanting only the signatures of the
presidents and cashiers o f the offices. In the mean time, the signing of the
smaller denominations o f notes by the president and cashier o f the bank,
continues as fast as their other avocations perm it; a n d t h e i s s u e of branch
checks is limited to notes of the denomination of five and ten dollars, and
chiefly confined to those offices in the southern and western States, where
the demand for the smaller kind o f currencies was greatest, and the benefit*
of them more extensively fe lt T h e enclosed specimens, which, when y >
<u
have no further 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



5

[ 17 ]

9

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 o f the design in issuing them was
to facilitate the collection o f the public revenue, they are placed on the same
footing of negotiability as the notes signed by the president and cashier of
the bank; and that, if received on account o f the Government, they effec­
tually 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, & c.,
N. B ID D L E ,
Hon. R i c h a r d R u sh ,

President.

Secretary of the Treasury, Washington.

January

T r e a s u r y D e p a rtm e n t,
21, 1828.
S i b : 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 account o f the United States, will be
paid in the same manner as notes signed by the president and cashier o f the
bank, I have felt no hesitation in directing that such drafts be taken in
payments to the United States. T h e specimens which accompanied your
letter, are herewith enclosed.
I have the honor, & c.,
R IC H A R D R U SH .
N ic h o la s B i d d l e , E s q .,

President of the Bank U. S., Phila.

Instruction to Branches, as to the issue o f Branch Drafts.
(Extract from the Minutes, April 6, 1327.)
At a meeting o f the board of directors o f the Bank o f the United States*
held April 6 , 1327, the following resolution was, on motion, adopted, viz.:
, 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 lo such of the western and southern offices, as, in
the opinion of the officers of this bank, may first employ them usefully,
with instructions to furnish them to the customers of the bank, or other per­
sons, who may wish lo procure them.

Res»lved

( c ir c u l a r .)
B a n k o f t h e U n ite d S t a t e s ,

A p ril t 1,

1827.

S i r : T h e board o f directors, aware, from long experience, how impracti­

cable it is for the president and cashier of this bank, whose general duties
require almost constant attention, to sign the necessary number of notes for
iU nineteen different establishments, and how much inconvenience is thus



[

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sustained by the community, as well as by the institution, more especially
in the southern and western parts o f the Union,' where an incessant and
growing demand, for the smaller denomination o f notes, cannot be adequately
met, have, in their earnest desire to find a remedy for the existing deficiency
o f accommodation to the public, and to customers o f the bank, resolved to
make the experiment o f instructing the distant offices to furnish checks upon
the cashier of this bank in greater number, and for smaller sums, than have
been habitually drawn for; and, in order to save the labor, tim e, and diffi­
culty, o f 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 and care, at the parent bank, and thence distributed to such of the
southern and western offices as seem to stand most in need o f them, or to
be able first to employ them usefully.
Enclosed I send you a specimen o f the $ 5 and <10 blank drafts adopted.
After being numbered, registered, and appropriated here to certain offices,
a supply of them will be forwarded as soon as possible, with instructions 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 o f some one officer of the
branch, by whom they must be endorsed lengthwise, and about the middle
o f the draft, payable to bearer, before they be signed by the president and
cashier; when completed, they are to be furnished to the customers of the
bank, or other persons, who may wish to procure them.
The entries respecting them, both here and at the branches, are intended,
for convenience sake, to be analagous to those o f branch notes. Their re­
ceipt, under the denomination o f branch drafts, is to be similarly acknow.
ledged by the cashiers, and, in duplicate, through the respective presidents.
T h ey are, besides, to he reported on the weekly state o f the office as branch
draft paper received, used, and on hand; and, whenever they may be
between the offices, must be so noticed at the foot o f the statement,
like other packages.
Each office cashier will be required to advise the parent bank, regularly,
o f their dates, and of the clerk by whom filled up. H e will also oe 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 president
and himself, together with the signatures, endorsement, figures, and mode of
writing the months, of every other office whose hand is to appear upon the
drafts. Such notice being given, the officer may be varied from time to
tim e, provided the filling in o f each hundred, in the series o f numbers, be
completed by a single person. Should the cashier find it convenient or ex­
pedient to sign twice himself, his name and the date may be written in the
body, and “ pay to bearer,” on the back o f the draft, by another officer.
Yours,

in

transitu

VV. M cIL V A IN E , Cashier.

B

ank

or

the

U n it e d S t a t e s , J u n e 14, 1827.

S i b : Apprehensive that you may possibly be awaiting positive instructions
from me to issue the branch drafts lately transmitted to you by M r. Andrews,
and which were intended to be used at your office as soon as they could be

prepared in the manner prescribed in my circular of the 21st April last, I
think proper to rem ove, as soon as possible, any misconception, on your pwt>



[ 17 ]

€1

that may have arisen from a different interpretation o f the term s o f that
letter.
I am, & c.,

W M . M cILV A IN E, 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:
Resolved, That all those officers of the bank, which now issue five and ten
dollar branch drafts, in pursuance o f the resolution o f this board of the 6th
day of April, 1827, be authorized to issue similar drafts o f the denomination
of 820, under the instructions of. the officers o f this bank.

Extract of a Circular, dated
B a n k or t h e U n ite d S t a t e s ,

F ebruary S,

1831.

The offices now using 95 and $ 1 0 branch drafts will be supplied, as soon
as practicable, with 8 2 0 branch drafts of like form, and of superior execudon.




W . M cIL V A IN E, Cashier.

C irculation o f B ranch D rafts.
1834.
October 1 llank United States
Sept. 22 Office, Portland i<
Portsmouth 35
(«
Providcnce New York •
30
Baltimore 29
Washington .
27
Richmond 23
Norfolk - 20
Fayetteville 22
23
Charleston ««
Savannah Mobile - 13
8
New Orleans 4
Natchei - •
Bt. Louis 15
Nashville
•
17
Louisville •
18
Lexington 22
Cincinnati •
18
Pittsburgh 25«
■
23
Utica • •
Burlington 24
Iaaucd . . .
Cancelled
• In transitu
- - Circulating


Portland.

Providence.

Noilblk.

Fayetteville.

50
30,000
180
1,185
60
25
60

240
115
90
860
54.430
555
630
150
80

1.08P
yo
5
2,170
580
6,010
2,040
120
230
237,010
270

1,560
40
1,910
875
8,270
1 ,200
25,100
845
67,100

70
75
490
1CJ

100
55
2,650
325
125
20
100
110
145
415
61 ,205
126,135
64,930
11,540
53,:’.90
2,230
S t.160

290
145
3,755
1,795
3,620
915
245
405
115
135
405
261,430
499,425
337,995
18,135
219,H60
53,600
166,360

2,340
1,085
34,250
2,335
7,745
4,460
695
720
140
245
415
161,330
854,800
693.470
12,610
680,860
143.265
537,595

15
55
90
35
410
32,905
69,890
36,985
535
36.450
1 ,580
34,870

Charleston.
1,070
20
3,880
1,240
1,860
3,490
110
75
1,325
351135
1,230
865
9,715
775
3,970
4,320
555
360
210
460
705
71,370
424,605
353,235
18,890
334,a45
79,655
354,690

Savannah.
810
20
1 ,810
625
14,745
3,210
120
260
1,165
800,820
1,075
940
33,950
1,295
7,320
9,075
380
480
55
170
575
878,900
1,185,980
307,080
9.875
397,305
44,265
253,940

Mobile.
1,650
10
3,380
995
3,000
5,220
28,310
590
5,805
28,015
8,085
8,850
14,850
4,610
860
2,075
175
200
430
117,110
803,470
686,360
15,250
671,110
172,445
498.665

C irculation o f B ran ch D ra fts — Continued.
New Orleans.

1834.
October 1 B»nk United State*
Portland
Sept. 22 Office,Portsmouth
««
Boston
35
««
Trovidcnce
New York
50
Baltimore
39
Washington
27
Kichmond
23
Norfolk
20
Fayetteville
22
Charleston
23
ft
Savannah
Mobile
12
New Orleans
8
Natchez
4
St. Louis
15
Nashville
17
Louisville
13
Lexington
32
Cincinnati
18
Pittsburgh
25
a
Buffalo
Utica 23
Burlington
24
On hand - Issued . . .
Cancelled. . .
I i transitu •
Circulating -




•
•
*
•
*
*
•
•
.
•
•
•
•
•
•
•
•
•
•
•
•
-

Natchez,

1,520
75
35
3,140
785
1,400
4,050
,20,070
170
520

500
20
820
70
810
2,880
14,670
295
360

6,660
756,340
10,690
6,865
28,460
4,375
3,290
3,720
355
255
630
855,405
1,500,580
645,175
83,390
561,785
139,585
422 , iuo

650
2,615
877,535
13,435
5,650
15,760
685
1,935
1 ,795
60
75
,
290
940,910
1,216,625
275,715
6,775
268,940
71,270
197,670

St. Louis.

Nashville.

Louisville.

Lexington.

450
180
450
1,590
6,310
80
35

970
10
670
195
1,870
2,920
7,420
300
240

1,930
175
4,240
8,250
60
260
80

1,830
15
1,630
180
2,330
3,990
20
285
160

355
2,255
35,500
1,125
10,280
3,760
4,075
8)0
80
10
325
68,430
307,070
238,640
14,195
224,445
24,845
199,600

755
1,980
10,660
160,660
605
9,615
1,635
975
70
90
145
201,785
1,112,545
910,760
33 ,490
877,270
45,895
831 .375

360
1,005
14,000
1 ,015
129,230
8,735
4,800
7,580
585
130
200
184,195
608,865
424,670
53,525
371,145
60,125
311,020

385
840
19,795
• 1 ,685
1,245
748,000
4,215
3,400
150
95
300
790,550
1,434,345
642,795
31,420
611,375
52,090
559,285

750

1,860

Circulation of Branch Drafts —Continued.
1834.
October 1 Bank United State*
Sept. 22 Office, Portland
ii
Portsmouth
25
Boston
u
rrovitlence
30
New York
29
Baltimore
27
Washington
S3
Richmond
30
Norfolk
23
Fayetteville
33
Charleston
, •<
Savannah
12
Mobile
8
New Orleans
4
Natchez
15
St. Louis
17
Nashville
18
Louisville
22
Lexington
18
Cincinnati
25
Pittsburgh
««
Buffalo
33
Utica
24
Burlington
On hand • •
Issued . . .
Cancelled
In transitu
*
Circulating .




Cincinnati.
•
•
•
.
•
.
•
•
■
.
•
•
*
.
•
•
•
.
-

Pittsburgh.

2,150
15
3,790
570
8,750
3,590
20
315
420

3,000
5
910
545
2,830
3,240
21,440
230
165

300
1,160
16,830
765
'7,960
• 8,225
75,475
3,285
365
300
680
133,965
698,475
564,510
53,850
510,660
121,670
388.9S0

460
395
4,635
475
1,200
4,355
995
375,215
230
135
490
420,950
603,482
182,532
28,795
153,737
48,605
105,133

Buffalo.

Utica.
150

Burlington.

420
165
2,040
930
10
115
60

270
50
900
1,145
11,720
970
75
35

fa—-*80
30
1,800
525
1,260
340
40
15

160
265
11,600
1,060
2.230
730
265
150,565
235
1,450
172,450
301,470
129,020
13,440
115,580
27.070
88,510

120
240
7,355
860
3,950
480
380
855
82,170
1,800
113,375
402,205
288,830
3,760
285,070
78.990
206,080

75
105
5,270
540
1,900
350
95
190
120
86,465
99,200
102,245
93,045
7,650
85.395
27,400
1 57,903

" - ' — ----— JSTotals.

»-*
-J
I—J

19,540
30,360
465
29,470
64,465
72,140
48,600
123,780
4,340
• 237,010
77,895
35,135
800,820 os
43,-100
770,365
877,535
242,665
196,180
240,325
811,255
100,750
403,735
154,100
85,005
96,130
5,565,465
12,341,213
6,775,747
417,125
6,358,623
1,194,585
5,164,037

Recapitulation o f the monthly statement o f the Bank United States and Offices, November 1, 1834.
Bill* discounted on personal se­
curity
30*012,831 36
bank stock
1,028,+16 78
other securities 3,626,580 10
Domestic bills of exchange Foreign
ditto
. . .
Ifeal estate .
.
.
.
.
Due from Bank United States and offices State banks
. . .
the United States . . .
Baring, Brothers U Co., Hope & Co., and
Hottingucr 8i Co. . . . .
TVficiccies .
Banking houses
. . . .
Expenses
.
.
.
.
.
Casb, viz. notes of the Hank of United States
and offices State banks specie
. . . .
Mortgages .
.
.
.
.
Navy agent Norfolk . . . .




-

34,667,828 24
11,086,373 07

45,754,201 31
y9,155 52
1,808,845 01

28 142 881 37
2,036,10.5 99

30,178,985 56
5,267 32
2,628.646 79
105,978 58
1 ,215,943 44
181,911 89

17,851,595 16
1,341,094 38
-

19 192 689 54
15,910,045 31
47,447 12
40,144 17

i

117,169,240 96

Capital stock . . .
- 35,000,000 00
Notes issued . . .
38,785,382 06
Discount, exchange, and interest
1,164,980 S4
dividends unclaimed .
.
82,791 93
Profit and loss . . .
3,167,708 64
Foreign exchange account 604,763 31
Contingent fund
.
. 5,901,955 87
Less losses chargeable to
contingent fund - 3,837,517 60
Due to Hank U. States and offices 23,629,670 22 2,064,438 27
State banks - 2,950,095 48
26,579,765 70
Redemption of public debt •
235,005 50
Fund lor extinguishing cost of
banking houses - •
976,019 SO
Deposites on account of the Trea­
surer of the United Stal< s 617,519 74
Less overdrafts and spccial
deposites . . .
188,054 67
429,465 07
Deposites on account of public
officers
. . .
1,337,168 06
Deposites on account of indivi­
duals . . . .
6,741,752 24
8,508,385 37
*117,169,240 96
I I
—

66

C 17 ]

Letter from Mr. Biddle to Mr. fVoodbury.
I

B a n k o f t h e U n ite d S t a t e s ,

November

2 S , 1834.

S ir :
have had the honor o f receiv in g y o u r le tte r o f the 5th instant, in.
closing a circu lar to the receivers o f the public rev enu e, p rohibiting the re­
ceipt, after the 1st o f Janu ary n ex t, o f the branch drafts o f this bank.

A s the receipt o f these drafts by the treasury was an arrangement ex­
clusively its own, in which the bank felt no interest, the refusal to receive
them hereafter is an object of equal indifference; nor would it have been in
any manner noticed, but that as you have transmitted to me a copy of the cir­
cular, the silence of the bank might be misconstrued into an acquiescence in
the contents of that paper. VVithout meaning, therefore, in the remotest de­
gree to question the expediency of the measure, it is deemed proper to sug­
gest to you, that, owing doubtless to the more important duties which have
diverted your attention from a particular examination o f the statements in
the circular, you have not perceived that they want that accuracy in regard
to minute details of fact so exceedingly desirable in public documents. It
is my present purpose to point out to you the particular parts which seem
to require correction.
F ir s t T h e circular recapitulates the practice o f the Treasury “ till the
21st of January, 1S2S, when,” it proceeds, “ permission by this department,
under certain assurances fr o m the B a n k oj Ihe Uniled Stales , was given,
that drafts or checks o f that bank and its branches should be received for
the public dues.”
T his phraseology appears to convey the impression that the bank had
sought to obtain the receipt o f these drafts by certain assurances to the Trea­
sury. It is difficult to imagine any thing more groundless. The bank
never consulted the Treasury on the subject, nor did it e v e r m ak e assu­
rances o f any kind whatsoever to the Treasury. T h e bank on its own
responsibility issued these drafts. T h e Secretary o f the Treasury subse­
quently asked for information about them . It was given, not merely with­
out an assurance, but without even an expression of a wish o f any kind. On
the contrary, the letter giving the explanation concluded with these words:
“ W hether, under these circumstances, it is expedient to receive them, is
a question for the exclusive consideration o f the department.”
B y consulting the files of your department, you will perceive that in the
course of the letter to the Secretary of the Treasury, dated the 11th of Au­
gust, 1827, on another subject, I took occasion to say:
“ This and other examples of similar character seem strongly to recom­
mend the adoption of the measure contemplated, o f restricting the receipt
o f bank notes to the districts in which they are issued. I t fo rtu n a te ly hap­

p ens also that the bank has at length obtained t h e
which have
never u n til now been possessed, o f increasing the sm aller circulation of
the southern a n d western States by drafts fro m the offices, which tciH
fu r n is h an am ple supply o f sound currency in those sections o f the
U nion.”
m

e a n s ,

Some months afterwards I received from the Secretary the following
letter:
T r e a s u r y D e p a r t m e n t , Ja n u a ry 4 , 1828.
Instructions have been requested of this department by some of the receividg officers of the United States, relative to the “ checks or drafts issued
S ir :




6

[ 17 ]

7

by the officers o f the Bank o f the United States upon the bank at Philadelphia,
and payable at the respective offices.”

These, it is presumed, are the drafts
referred to\in the close o f your letter o f the W thof August last, as intended
to supply a sound currency for the remote parts o f the Union. I am,
however, not in possession of ofher information on the subject, and without
meaning tO'imply any doubt upon the question, I have to request that you
will so far explain the character of these drafts as to enable the department
to judge how far they may be legally received in payments to the United
States.
I have the honor to remain,
V ery respectfully,
Your obedient servant,
R IC H A R D R U SH .
N icholas B

id d l e ,

E s q .,

President o f the B ank of the United States, P hiladelphia.
To this, an answer was given on the 10th o f January, 1828, explaining
the nature of the branch drafts, and concluding as follows:
“ Having thus explained the history and the nature o f these branch drafts,
I have only to add, that as a material part o f the design in issuing them was
to facilitate the collection o f the public reventte, they arc placed on the same
footing of negotiability as the notes signed by the president and cashier of
the bank; and i f received on account o f the Government, they effectually
bind the bank, and will be paid in the same manner as notes o f similar de­
nominations signed by the president and cashier now arc, or hereafter may
be paid.
“ W hether, under these circumstances, it is expedient to receive them, is

e question for the exclusive consideration o f the department.”
To this M r. Rush replied as follows:
T re a s u ry D e p a rtm e n t,

January 2 1 , 182S.

S i r : I have had the honor to receive your letter o f the 10th instant, with

its inclosures. As you state that the amount o f any o f the drafts to which
it refers, which may be received on account o f the United States, will be
paid in the same manner as notes signed by the president and cashier of the
bank,

I have fell no hesitation in directing that such drafts he taken in
payment to the United States.
The specimens which accompanied your letter, are herewith enclosed.
I have the honor to remain,
V ery respectfully,
Your obedient servant,
N ic h o la s B i d d l e ,

Esq.,

RICHARD RUSH.

President o f the B an k o f the United Slates, P hiladelphia.
Now, in all this, it is difficult to find any “ certain assurances.” The Sec­
retary was merely told what the branch drafts w ere; that they were equally
binding on the bank as the other notes, and he was left to decide for him ­
self whether 10 receive them or n o t From these details it is evident that
the bank, while it apprized the Secretary o f it* intentions, did not ask his
sanction, nor approval, nor assistance. T h e next statement, that “ Congress
have refused, though earnestly and repeatedly requested, to permit the issuing
even of the notes o f the bank of the smaller denominations so signed,” is



'

[

1 7

68

]

liable to still more objection. The Congress never on any occasion refused
the permission; on the contrary, bills granting that permission have three
times passed the Senate oj the United States. Select committees of the
House of Representatives, have on two occasions reportedfavorably to the
object: nor has there ever been any negative action of Congress on the
subject.
,
The history of the case is simply this:
On the 13th of January, IS IS , the bank presented to Congress a request
that the presidents and cashiers o f the branches should sign the notes
issued at those branches. It was referred in the House of Representatives to
a select committee, who, on the 2Sth of Ju ly , 1818, reported a bill for the pur­
pose, providing “ that it shall be lawful for the said corporation to authorize
the presidents of the said offices, respectively, to sign, and the respective
cashiers thereof to countersign, all such bills or notes as aforesaid.”

There was no action on this bill, but a copy of the same memorial was pre­
sented in the Senate, and referred to the Committee on Finance, consisting
of Mr. Campbell, Mr. Eppes, Mr. King, and Mr. Talbot. On the 9th ol April,
Mr. Campbell reported the following bill, which declared that bills or notes
issued by order of the bank, “ and signed by an assistant president and as­
sistant cashier, who shall have been appointed by the directors of said cor­
poration for the special service of signing such bills and notes, shall be
binding and obligatory on the same, in like manner and with like forceand
effect as if the same were signed by the president and countersigned by the
principal cashier or treasurer thereof.”
This bill passed the Senate, but was postponed in the House
The next application was on December 13th, 1820. In the Senate it was
“ referred to the Committee of Finance, consisting of Mr. Sanford, Mr. Ma­
con, Mr. Dana, M r. Eaton, and Mr. Holmes, of Maine,” by whom, on the
20th of December, 1820, a bill was introduced, providing, “ That it shall
be lawful for the directors of t^e Bank of the United States to appoint an
agent or register,” and that all bills and notes signed hy the agent, and
countersigned by the register, shall be as bioding as those signed by the
president and cashier of the bank.

bill passed the Senate

T h is
on the 20th February, 1S21. It was not act­
ed on in the House of Representatives. T he same memorial was presented
to the Senate, on the 27th of
1821, and referred to the Commit­
tee on Finance, consisting
Holmes, of
Eaton, Mr. Ma­
con, M r.
Buren, and Mr. Low rie. On the *uili o f January, 1822,
M r. Holmes, from the said committee, reported a bill similar to that reported
on the 20th of December, 1820.
14/A
1822. In the House, it was referred to a select committee, but
no
o f the House took place. Another memorial to the same purpose
was presented to the House on the 28th of Janu ary , 1823. “ Ordered, that
the
petition be referred to M r. Hemphill,
Cambrcleng, Mr. Mer­
cer, Mr M allary, and M r. M cK im .” On the 27th of February, 1SJ3, the
committee made a report in which they state the requests of the Bank, of
which
third was to authorize the board to appoint one or more persons to
sign notes o f the smaller denominations at the parent bank. O f this, the
committee
“ As to
they think it reasonable, and that it ought to be grant­
ed.
manual labor o f signing notes must too much e x haust
the two principal officers ol the bank, and in a greater or less degree, dis-

Van

o f March,

December,
of Mr.

Maine. Mr.

This bill passed the Senate, on the

action
said

the

say:
the third,
The constant




Mr.

69

[

17 ]

•
qualify them from a due application o f iheir minds to the extensive, critical
and important concerns of the bank.”
Nothing further was
during that session.
the month of Decem­
1S2G, it was, “ on motion of M r. M cL ane, ordered, that the petition
of the president, directors, and company o f the Hank o f
United States,
heretofore presented
the 2Sth o f January, 1823, be referred to the Com­
mittee
M eans.’*
No report was made by that committee.
It will be apparent, from this detail, that Congress never did refuse the
permission, that all the action o f Congress, so far as there was any, was not
a refusal, but an assent to the change. The real situation o f the question,
was stated by M r. Adams in his report, as follows: “ It does not appear
that this request was ever denied by Congress after deliberation. In one
instance at least, there was a report of a select committee of the House of
Representatives, in favor of the appointment of signers to the notes, but the
spirit which in the halls of Iigislative power so often defeats by procrastina­
tion that which it cannot reasonably reject, had always succeeded in arrest­
ing the action of Congress upou this proposal. T h e solicited power was
never denied; but it was never granted, and the omission to grant it had the
effect of denial. T h e want of circulating currency equivalent to specie, con­
tinued with increasing pressure upon the people, and especially at the loca­
tions of the southern and western branches of the bank. An expedient was
at last resoried to, which, without transcending the limits o f the charter,” &c.
Now, certainly, as far as Congress is concerned, the argument is in oppo­
sition to the circular. The circular infers from the refusal o f Congress, that
the branch drafts were unauthorized; what inference, then, is warranted by
its acquicscencc in the practice of these drafts for more than seven years, un­
der the special.sanction of the Treasury, and without the slightest indication
of discontent on the part of that body? W hat is to be gathered from its si­
lence, when one of its own committees submitted the question to its judg­
ment? I f the inaction of Congress, upon the application for leave, be con­
clusive against the application, its inaction, and not merely its inaction, its
countenance of the practice, should be deemed conclusive in its favor. Rut
whatever conclusions may be drawn on either side, the simple matter of fact
is, that Congress never did refuse to permit the issue of small notes signed
by other officers than the president and cashier.
3d. There is still less foundation for the fear expressed o f ‘ ‘those who ut­
ter or sell them, being likely to escape punishment, in consequence of ques­
tions which arise in prosecuting them under the said ch arter.”
If you have leisure to examine the subject, yon will readily perceive that
this is by much too gloomy an anticipation, and that there is no likelihood,
whatever, that they will escape punishment. On the contrary, there are
people at this moment imprisoned for passing them ; nor is there more diffi­
culty in punishing those who counterfeit, and those who pass as true, these
drafts, than those who counterfeit, and pass as true notes o f the Bank o f the
United States, or of any other bank.
The 18th section of the charter makes it felony to counterfeit, “ an y 'b ill
or note in imitation of, or purporting to be, a bill or note issued by order o f
the president, directors, and company of the said bank,” or “a ny order or
check on (he said bank or corporation, or a n y cashier thereof. ” It is also
felony to utter any such counterfeit bill, note, check, or order. These drafts,
therefore, are clearly within the last provision, being orders by the presi­

clone

ber,

of Ways and

on




In

the

[ 17 ]
dents and cashiers o f the branches on the parent bank, and accordingly,
there have been repeated verdicts given against counterfeiters on this ground,
as well as against those who have pased them; nor has there ever been the
least question o f their liability to punishment
.
4th. N or is the statement more fortunate, that these drafts are not instru­
ments, “ according to the subsequent decision of the Supreme Court, coming
within the description o f a note or b ill.”
‘ T h e Supreme Court did not decide that, or any thing like th a t TheSupreme Court have never given any decision affecting in the least, the power
o f the bank to issue these drafts. W hat the Supreme Court did decide, was
simply th is. I have already said that the charter renders penal the counter­
feiting.
1st. A n y b ill or note in imitation of, or purporting to be a bill or note is.
sued by order o f the president, directors, and company of the said bank,”
or,
.,
,
.
2nd. “A n y order or check on the said bank or corporation, or any
cashier thereof,” and also “ the uttering o f any such bill, note, check or or­
d er,” or the “ passing as true, any counterfeit bill, note, check or order;”
but in the subsequent part of the same section, by one of those inadvertencies
which often mar the precautions o f the most acute framer of the laws. When
provision is made for those who sell, utter, or deliver these counterfeits, not
as true, but knowing them to be false, and selling them as such to others
W<io also know them to be false, the words are, “ that if any person shall
sell, utter, or deliver any forged or counterfeit note, or bill in imitation
o f, or purporting to be, a bill or note issued by order of the president and di­
rectors of the said bank,” omiting the words which were in the previous
part of the section, “ any check or order upon the said bank or corporation,
or any cashier thereof,” so that although to sell, utter, or deliver as true, a
bill, note, check, or order, is equally penal; y et the penalty o f selling, ut­
tering, and delivering to persons who know that the paper is not genuine,
is accidently confined to bills and notes, not to checks or orders. T h e purpose
obviously was, to punish two classes of fraudulent traders, those who dealt with
counterfeit money among themselves, and those who circulatc it among the
innocent members of the community. But owing to the accident mentioned,
the punishment of p assin g counterfeits as true, is extended to bills, notes,
checks, or orders, while the punishment o f dealing in them , is confined to
bills, and notes issued by order, & c., & c.
In this state o f the law, a person who had sold counterfeit money to
comrade in crime, who betrayed him, was indicted for selling, uttering, and
delivering “ a bill or note in imitation of, or purporting to be, a bill or note
issued by order of the president,'directors, and company o f the said bank.”
On a division o f opinion in the circuit court, the case was earned to the
Supreme Court, and there it was decided, T hat the counterfeit paper was
not in imitation of such a bill or note issued by order of the president, di­
rectors and company: it was an imitation o f a n order or check drawn on
the parent bank, and that it did not p u r p o r t to be such a bill or note, as it
was not so on its face. So that, not p u rp o rtin g to be a bill or note, and
not being in imitation o f a bill or note, but o f another description of paper,
the strict construction o f the penal statute prevailed, and the criminal es­
caped. Now this is all the court decided. It did not touch the question of
the right of the bank to issue them, nor its liability to pay them ; nor whe­
ther these were in reality bills or notes. And it is entirely a m is a p p re h e n ­



a

[

1 7

]

sion of the decision, to suppose that it pronounced the branch draft as not
‘•coming within the description of a note or bill.” Of this there can be no
stronger evidence than the admission of the Attorney General, M r. Taney
himself. The official report of the case states:
“ Mr. Taney, the Attorney General, submitted the case to the court after
stating the sections of the bank charter which refer ' v‘ ‘ bills’ ‘ notes,’
and ‘ bills of exchange,’ thus showing that the ‘ notes of the bank, and
‘ bills of exchange,’ are not the same; while, upon other words used in the
18/A section, the offence charged against the defendant, m ight have been
the fo u n d a tio n o f a n indictm ent, the court would decide whether in this
case, as a ‘ bill’ or ‘ note , ’ the d ra ft set forth in the indictment, was pro­
perly described.— U nited States vs. Brew ster, 7 P eter’s Reports, p. 164.
Nor is this all. In the case of the United States vs. Turner, in 1833, the
Supreme Court decided that a counterfeit purporting to be an imitation of a
note issued by the bank, although the bank had never issued a note of that
form, and was not bound to pay it, was punishable. On that occasion, Mr.
Attorney General Taney maintained that “ if the paper purports to be a
bill or note of the bank, it is enough, although it may not be signed by the
proper officers of the bank,” and the court ruled that it is wholly irhmaterial
whether the bill attempted to be passed, be signed in the name of real or
fictitious persons, or whether it would, if genuine, be binding on the bank
or not.
This decision completes the circle of defence round the paper of th« bank,
and secures it effectually as far as laws and courts can accomplish that ob­
ject. Fifth. The circular further assigns, as an additional reason for that
measure:
“ And the counterfeits of the said drafts having become very numerous
and difficult of detection.” It will doubtless be satisfactory to learn how
erroneous is this information, as these drafts have probably been less coun­
terfeited than any other circulating paper in the United States. The first
emissions were made in the year 1827, and being composed in part of the
same materials, the same vignette, dies, figures, &c., as the notes, the plates
were counterfeited. The whole emission was immediately suppressed, and
new plates prepared, the fives and tens being printed in May, 1829, the
twenties, in February, 1S30. Now, it is very remarkable that, as far as our
knowledge extends, not one of these bra'hch drafts has ever been counter­
feited. There is not now in existence a counterfeit branch draft of any de­
nomination which has been for five years issued by the bank. So far, more­
over, from being difficult of detection, these notes are more easily detected,
because in the vicinities where they are issued, the signatures of the presi­
dents and cashiers of the branches are probably more familiar than those of
tham orc distant officers of the parent bank.
Sixth. The ne^t allegation is that of “ doubts having arisen as to the
legal liability of the bank to redeem the said drafts in specie, under the pe­
nalty provided in the charier, for the non payment of its ‘ bills, notes, and
obligations.’ ”
Without intending to express the least incredulity as to the existence of
these doubts, thus formally asserted in the circular, it may be permitted to
wonder by what proccss of scepticism, any one could arrive at doubt on the
subject. '
Here is an authority from the bank to its branches to draw these drafts,
and the branches draw accordingly. To say that they do not bind the bank,




[

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72

is to reverse all ideas of legal responsibility. Call them by any name that
is desired; say that they are not “ notes,” are they not “ bills ?” A paper
drawn upon one person by another, requesting the payment of money to a
third person, seems to satisfy every definition of a “ b ill.”
“ A bill of ex­
change,” so run the very first words o f Chitty, “ is defined to be an open
letter of request from, and order by one person on another, to pay a sum of
money therein mentioned to a third person.” But if they are not “ notes”
nor “ bills,” are they not “ obligations?” A re th jy not embraced in this
word, one of the most comprehensive in our language? B y what stronger
tie can an individual or a corporation be bound, than by authorizing some
person to draw bills or drafts, which are thus previously authorized, and
accepted in advance? If, then, they are obligations, if they oblige the hank
to pay the principal, which has not yet been doubted, it seems impossible to
doubt, that they carry, as a necessary incident, the damages o f twelve per
cen t., for any default in payment of that principal.
Seventh. T h e circular concludes v/ilh a general declaration, that “ the
great extent to which the said drafts of small denominations have been put
in circulation as currency, seeming to be directly repugnant to the spirit of
the act incorporating the bank, and of the subsequent proceedings of Con­
gress.”
W hether the circulation of these drafts is repugnant to the charter, is pre­
cisely the question at issue, and the assertion on eilhcr side, adds but little
to the argument. T h e seeming repugnancy is at least o f rcccnt origin in
the Treasury, and has certainly not been particularly obvious to the most
distinguished jurists in the country. It was not manifest to M r. Dlnney,
who says:
“ I am unable to discover any legal objection to the plan proposed, and
since it will facilitate the exchanges of the country, and .'ecurc the public
and the bank from frauds, it seems to be as expedient as it is lawful.” Nor
to M r. Webster, who says,
“ I concur entirely in this opinion.”
N or to M r. W irt, the Attorney General o f the United States, who says:
“ I can see no possible objection to the practicc above stated, and concur
entirely in the opinion.”
M r. H ush,
Secrelaiy of

Nor yet to
the late Attorney General, and then
the Treasury, who says:
•
“ I have felt no hesitation in directing that such drafts be taken in pay­
ments to the United States.”
,
N or to M r. A dam s, who says in his report of 1832, that the practice of

issuing branch drafts “ is justifiable under the chartcr lie has no doubt ”
N or lo the circuit courts o f the United Slates, who have not hesitated to
condemn, lo long terms of imprisonment, persons guilty of counterfeiting
them.
Nor finally, to the C o tn m ittee o f In v e stig a tio n o f 1832, whose report,
that o f llie m ajority, after detailing the history of these branch drafts, pro­
poses no legislative action, but says only:
“ W hctlier it can be justified under the charter of the bank, the committee
will leave lo the better judgment o f Congress.”
Having 'bus stated, without reserve, the views suggested bv the circu lar,
I have fulfilled the purpose of this letter. You will readily u n d erstaad that
it is not at all against the measure itself, but only the reasons assigned for ir’
that any objection is made; and you will have the goodness to excuse the



7

[ 17 ]

3

length to which these remarks have insensibly run, since you are aware that
a few lines may assert what may require many pages to refute.
I have the honor to be,
Very respectfully, yours,
N . BIDD LE, President.
Hon. L e v i VVoodburv,

Secretary of the Treasury, Washington, D. C.
No.

5 .— R E M O V A L O F P U B L IC D E P O S IT E S .

No. 1.

On the 13th o f August, 1833, the following resolutions were adopted by
the board:
1. Resolved, T h at for the present, and until the further order of the
board, the amount of bills discounted shall not be increased at the bank and
the several offices.
2. Resolved, T hat the bills o f exchange purchased at the bank, and all
the offices, except the five western offices, shall not have more than ninety
days to run.
3. Resolved, T h at the five western offices be instructed to purchase no
bills
exchange, except those payable in the A tlantic cities, not having
more than ninety days to run, or those which may be received in payment
existing debts to the bank and the offices, anti those not having more
than four months to run.
t

of

of

No. 2.
These resolutions were transmitted with the following letters from
president of the bank to the several offices.

the

CIRCCLAR.

A u g . 13, 1833.
You will receive, through the cashier’s department, a copy of resolu­
tions this day adopted by the board: they make, as you will perceive, but
little change in your present arrangements of business, and whatever of re­
striction they contain, will, I trust, be temporary, and cease with the causes
which have rendered it expedient at present
Very respectfully, yours,
N . BID D LE, President.
The above circular addressed to all the officcs with the exception of the
five western branches.
B a n k op t h e U n i t e d S t a t e s ,

S ir :

No.

S.

A u g . 14, 1833.
S i r : You will receive through the cashier’s department a copy of certain
reaolations yesterd ay adopted by the board.
B a n k op t h e U n i t e d S t a t e s ,

10



C 17 J

7

4

I t is a'subjcct of regret to be obliged (o impose any restraint on your busi­
ness, especially on your operations in exchange, to which we attach a par­
ticular value. T h e measures will, I trust, however, be only temporary, and
will not be continued, when the circumstances which, at present, render it
it expedient have passed.
V ery respectfully, yours,
B ID D L E ,

N.

President.

A ddressed to the president o f the five w estern branches.

N o. 4.

The following resolution was offered by Mr. Chauncey, and adopted on
of September:
That a committee of seven be appointed to take into consider­
ation, what measures it is necessary and proper should be adopted on the
part of this bank, in consequence of the recent intimations that the depo­
sites of the Government are to be removed.”

the 24th
“ Resolved,

No. 5.
M r. E y r e , in behalf o f the committee appointed on the 24th ultimo, pre­
sented the following report in part; which, on motion, was taken into con­
sideration, and the several resolutions separately read and adopted.
committee appointed on the 24lh ultimo, to take into considera­
tion what measures it is necessary and proper should be adopted
the
part of the bank, in consequence o f the recent intimations that the depo­
sites of the Government
to be removed, beg leave, as a report
part,
to recommend the adoption o f the following resolutions:
1. Resolved, That the resolution o f the 13th August last, relative to the
purchase o f bills of exchange at the five western offices, be extended to the
offices at Burlington,U tica, Buffalo, Pittsburgh, Natchez, and New Orleans.
2. Resolved, That all the other offices be instructed in like manner, not
to purchase bills of exchange, except on the Atlantic cities, and
Or­
leans and
having
than ninety days to run.
.
3. Resolved, That the rates of collection and purchase
bills
change, at the bank and the several offices, be increased, so
as follows:
One and a half per cent, from the Atlantic offices to the western office*.
cc fit
offices
Mobile

The

on
in

are

Mobile, not

be

more

New
of
of ex­
that they shall

Half per
from the western
to the Atlantic offices.
One per cent, from the Atlantic offices to the New Orleans and
offices.
One per cent from the New Orleans and Mobile offices to the Atlantic
offices.
One per cent, from one western office to another western office.
and Mobile

One per cent, from the western offices to the New Orleans
offices.
One and a half per cent, from the New Orleans and Mobile office* to the
western offices.
One per cent, from an office north of W ashington to an office south of
W ashington.
One per cen t from an office south of W ashington to an office north of
W ashington.



I

nn

75

Quarter per cent, from the offices north o f Washington to each other.
Half per cent, from the offices south o f Washington to each other.
Subject to such modifications at the respective offices, as the Committee of
Exchange of this bank may deem expedient.
4. Resolved, That no notes of State banks be received on deposite, e x ­
cept of such as are established in the same place with the office receiving
them, but they may be received ut the discretion of the office in payment of
a pre-existing debt. Provided, that the notes o f such State banks as by ar­
rangement keep a balance at their credit, for the redemption of their notes
may be received as heretofore.
5. Rtsolved, That all the balances due by distant State banks be collect­
ed either in specie, or in drafts on the Atlantic cities, and that such balances
be not permitted to accumulate.
6. Resolved, T hat the committee on the offices be authorized to make
such modifications in the details of the preceding resolutions, as the peculiar
business o f each office may render expedient.
This was communicated.
No. 6.
O rders subsequent to rem oval o f deposites.

On the Sth o f October, 1833, M r. Chauncey, from the committee ap­
pointed on the 24th ultimo, presented the following report in part:
“ T h e committee appointed on the 24th ultimo, having had the general bu­
siness and situation of the institution under its consideration, are of opinion,
that a general and gradual reduction of its loans and discounts is at this time
necessary, and therefore recommend the adoption o f the following re­
solution:
“ Resolved, That the committee on the offices be authorized to direct such
a gradual reduction in the amount and time o f the loans at the respective
offices, as may, in their judgm ent, be made without inconvenience to the
customers o f the bank or the com m unity.”

N o. 7 .— CIRCULAR.
B a h k U n ite d S t a t e s ,

October

12, 1S33.

_ S i r : T h e course o f measures pursued by the executive officers at W ash­
ington, has rendered itexpedient, in the opinion of the board, to make a gene­
ral reduction o f the loans at the bank and the several offices. T his reduc­
tion is designed to be as small in amount as the wants of the institution may
require, and to be made in such a manner as may least affect the interest and
convenience of the community. In distributing this reduction over the
whole establishment, the portion assigned to your office is the excess above
four hundred and fifty thousand dollars, (8 4 5 0 ,0 0 0 ) and I am accordingly
instructed by the board to request, that you will immediately begin a dim i­
nution of your line o f bills discounted, so as to bring them within that lim it
by the first of January next.

This amount has been assigned to your office under a belief that it could
without any pressure on the community, and we must rely on the

be made




[

1 7

]

7

6

good judgment and discretion of your board to distribute it among the bor­
rowers, in such a manner, that while the essential object of a diminution of
loans is accomplished, the interests of your immediate neighborhood may­
be as little affected as possible.
Very respectfully, yours,
,
N . BID D LE, President.
Jo s h u a W i n g a t e , Esq., Pres’t. Off. Dis.
Deposite, Portland.
Alexander Ladd, Esq., President Office Discount and Deposile, Portsmouth—amount inserted after “ excess above,”
8230,000
Philip Allen, Esq., President Office Discount and Deposite,
Providence— amount inserted after “ excess above,”
.
550,000
Enoch Parsons, Esq., President Office Discount and Deposite,
Hartford—amount inserted after “excess above,” .
.
400,000
William Patterson, Esq., President Office Discount and Depo­
site, Baltimore—amount inserted after “ excess above,”
. 1,600,000
Samuel H. Smith, Esq., President Office Discount and Depo­
site, Washington—amount inserted after “excess above,” .
850,000
Richard Anderson, Esq., President Office Discount and Depo­
site, Richmond—amount inserted after “ excess above,” .
850,000
William H. Thompson, Esq., President Office Discount and
Deposite. Norfolk—amount inserted after “excess above,” .
600,000
John Huske, Esq., President Office Discount ami Deposite,
Fayetteville—amount inserted after “ excess above,”
.
600,000
Joseph Johnson, Esq, President Office Discount and Deposite,
Charleston—amount inserted after “ excess above,” .
. 1,750,000
Philip McLoskey, Esq., President Office Discount and Depo­
site, Mobile—amount inserted after “excess above,”
. 1,000,000
\\ illiam W . Montgomery, Esq., President Office Discount and
Deposite, New Orleans—amount inserted after “excess above,” 4,000,000
Levin R. Marshall, Esq., President Office Discount and Depo­
site, Natchez—amount inserted after “ excess above,”
. 1,000,000
John O’Fallon, Esq, President Office Discount and Deposite,
St. Louis—amount inserted after “ excess above,” .
450,000
Jno. I. Jacob, Esq., President Office Discount and Deposite,
Louisville—amount inserted after “ excess above,” .
. 1 , 800,000
John Tillford, Esq., President Office Discount and Deposite,
Lexington—amount inserted after “ excess above,”
.
850,000
Jam es Reynolds, E sq., President Office Discount and Deposite,
Cincinnati — amount inserted after “ excess above,”
. 2,000,000
A . Brarkenridge, Esq., President Office Discount and Depo­
site, Pittsburgh—amount inserted after “ cxcess above,” .
800,000
W illiam 13. Rochester, Esq., President Office Discount and De­
posite, Buffalo —amount inserted after “ excess above,”
400,000
Hem an Allen, Esq., President Office Discount and Deposite,
Burlington— amount inserted after “ excess above,”
.
300,000
Thomas H. Fletcher, E sq., President Office Discount and Depo­
site, Nashville— amount inserted after “excess above,”
. 1 , 000,000
and also after the last word “ possible” the words “ with a
view” to facilitating the proposed reduction of debt, you
are authorized “ to extend the term of the bills received in
paym ent of debts to six month*date.”
JohnC . Devereux, E sq., President Office Discount and Depo­
site, Utica—amount inserted after the “ exce ss ab o v e,”
.
4 0 0 ,0 0 0



7

/

[ I? ]

7

No. S.
CIRCUL AB.
B a n k U n ite d S t a t e s ,

October

17, 1832.

S i r : Since my letter to you o f the 12lh instant, the fuither movements

of the executive officers at Washington, make it expedient for the protec­
tion o f the community, that the bank and all the offices should co-operate
in diminishing the amount o f their business, and in preventing the evil con­
sequences to the country from any sudden act o f hostility upon the institu­
tion. It is desirable, therefore, that your office should persevere steadily in
the course o f measures already prescribed, and for that purpose you will
please,

1st To reduce the amount of your local loans to the sum named in my
letter of the 12th instant.

*2d. T o conform strictly to the instruction, not to purchase bills of ex­
change, except in payment of previous debts to the bank.
3d. T o abstain as much as possible from drawing on the northern Atlantic
offices, which are now receiving freely your notes, and thus absorbing your
circulation.
4th. T o avoid, as far as may be, any increase o f that circulation.
5th. T o invest whatever may be thus retrenched o f your income, beyond
what may be necessary for the protection o f the office, in short bills on the
northern Atlantic cities.
.
B v pursuing this course for a short time, you cannot fail to place the of­
fice in a position o f entire security.

Very respectfully yours,
N. BID D LE, President.

Addressed to the Presidents of the following offices: Natchez, S t. Louis,
Nashville, Louisville, Lexington, Cincinnatti, Pittsburgh.
T o the Presidents o f tile offices, New Orleans, U tica, Burlington, and
Buffalo, with the following alteration in rule 2d marked thu s*; “ 2d, T o con­
form strictly to the instruction in regard to bills of exchange.”

No.

9.

B a s k or t h e U n ite d S t a t e s ,

J a n u a ry

2 2 . 1 S 34.

D e a r S i r : T h e present situation o f the bank, and the new measures of
hostility which are understood to be in contemplation, make it expedient to
place the institution beyond the reach of all danger. F or this purpose, I am
( directed to instruct your office to conduct its business on the following foot­
ing:
To reduce your local discounts, so that on t h e -------------- , they shall not
exceed the sum o f -------------- .
T o purchase no bills of exchange, except
_
First. Those payable in Baltim ore, and the Atlantic cities north o f it
not having more than ninety days to run to maturity, which you will pur­
chase at your present rale of exchange, say half per cent, discount.
Second. Those payable in New Orleans, having not more than ninety
days to run to maturity, which you will purchase at the rate o f exchange,
not less than two per c e n t discount
Both classes o f bills must be real business paper, not accommodation paper.


.

[ I’ ]

7

8

Of the first, the bills on Baltimore and the Atlantic offices north of it, joa
can purchase any amount which your means will justify. Of the latter, you
will purchase none, except in payment of pre-existing debts to the bank or
its offices; in which, however, are not included bills sent from the bank
and the offices, or from any other quarter for collection merely, but not be­
longing to the bank.
Recommending the execution of these instructions to your special atten­
tion,
1 remain, very respectfully yours,
N. B ID D LE, President.
Addressed to the Presidents of the following offices, with the amount*
and dates of each inserted as follows:
Office Cincinnati, letter dated 22d, and blanks filled with 1st March, and
$ 1 ,8 0 0 ,0 0 0
600,000
do
do
Lexington, do
do
1,500,000
do
do
do
Louisville, do
do
400,000
do
do 1st April,
S t Louis,
800,000
do
do
do
Nashville, do
900.000
do
do
do
Natchez,
da
B a n k U n ite d S t a t e s ,

J a n u a ry

3 0 , 1834.

I
When the first measures of hostility by the Executive were announced,
it became necessary to provide against them by a system of precaution, of
which the principal p v t materially consisted of reductions of our business
throughout the whole establishment. In the distribution of that reduction,
the part assigned to your office was to bring its discount line from
$ 2 ,0 3 5 ,1 0 6 63, at which it stood on the 24th of September last, to the sum
of $ 1 ,7 5 0 ,0 0 0 on the 1st of January, 1834. Yet, up to the 21st instant,
that line stands at $ 2 ,0 2 1 ,3 2 6 94, having made no perceptible progress to­
wards the proposed reduction, while the domestic bills have increased from
the sum of $ 1 3 9 ,9 5 5 02, on the 1st of October, to $ 1 ,2 0 9 ,8 3 3 0 7 , an in­
crease of more than $ 1 ,0 6 9 ,0 0 0 , and the circulation of the office during the
same period, has increased from $ 9 7 1 ,5 2 0 to $ 1 ,4 0 5 ,7 5 0 , being an increase
of more than $ 430,000.
On this state of your office, it is my duty to remark, that, as it is indis­
pensable for the security and prosperity of the bink that its general busi­
ness should be diminished, all parts of the establishment have been called
upon to contribute, and, that the only one of the offices which has not di­
minished to the extent required, is your office, where the local loans remain
almost at the same point as when the reduction wasdirected. W ith a view
to meet the coming crisis in the banking concerns of the country, and espe­
cially to provide against new measures of hostility understood to be in con­
templation by the executive officers at W ashington, a general reduction has
been ordered' at the several offices, and I have now to ask your particular
efforts to accomplish it.

D eak S ir :
am instructed to in v ite y o u r particular atten tion to the pre­
sent state o f the business o f you r office.




7

[ I* ]

9

T h e original design was, that your line o f bills discounted should be
brought down to 8 1 ,7 5 0 ,0 0 0 , on the 1st o f January, and in case a furiher
diminution was necessary, to fix that amount of local discounts at the sum
of £ 1 ,5 0 0 ,0 0 0 . T h is is the ultimate point lo which it was designed to bring
these discounts by the 1st o f April, but as no impression has y et been made
upon that line, I have now to request that you will gradually and steadily
reduce your local discounts to the sum o f £ 1 ,5 0 0 ,0 0 0 , as soon as it can be
done without injury to the community or the office. I t was hoped that, by
the 1st o f A pril, they would have reached that point of depression, but now,
without fixing a precise period, we leave it to the good judgment of your
board to bring the local loans within that lim it as soon as possible.
In regard to your line o f domestic bills, no.change is deemed necessary
in the rates hitherto fixed, except that if you have occasion to purchase bills
on the western offices, the rate should not be less than a discount o f two
and a half per ce n t
Your amount o f bills o f exchange purchased, is on the places where ex­
change is most desirable, and at short dales, which makes them very accepta­
ble to the bank. T here is one point, however, to which particular atten­
tion is at present necessary. Your purchases naturally throw into circula­
tion large masse* o f your notes, which soon find their way to the north,
and being immediately paid, create a charge upon the bank and the north­
ern offices; while in the present disturbed state o f private credit, many o f
the houses upon which bills from the south are drawn, find it extrem ely
difficult to meet their engagements without indulgence, and an extension
of lime from the bank itself, so that the notes must be paid by the bank, and
the bills to meet them are not paid by individuals. T his might be incon­
venient, especially at the present moment, when an effort will probably be
made, as it has been for some time contemplated by the executive officers, to
refuse the receipt o f the branch drafts of the bank, so as to throw back upon
it several millions of its circulation. It would be well, therefore, to be parti­
cularly cautious as to the northern houses on which you take bills, and for
the present, not to purchase freely until th in p become more settled.
One o f the first effects of this temporary abstinence, will be, by restrain­
ing your circulation, to relieve you from your debts to the Slate banks,
growing out o f the free issue of your notes, and thus make your specie and
your bank balances form an aggregate which may strengthen you against
all demands.
It is as disagreeable to us as it can be to yourselves to impose any restric­
tions on the business o f the office. 13ut you are perfectly aware o f the ef­
fort which has been making for some lime to prostrate the bank, to which
this new measure to which I have alluded will soon be added, unless Ihe
projectors become alarmed at it. On the defeat o f these attempts to destroy
the bank, depends, in our deliberate judgm ent, not merely the pecuniary
interests., but the whole free institutions o f o i r country; and our determina­
tion is, by even a temporary sacrifice o f profit, to place the bank entirely
beyond the reach o f those who meditate its destruction. In that object we
are sure o f the hearty co-operation o f yourself and the gentlemen associated
with you, and on their assistance we confidently rely .
V ery respectfully, yours,
N.
Jo sx fH J o rrsok , E s q .,

BIDD LE, Prtrident.

Prtt. Off. DU. and Dtp., Charleston, S. C.




80

C 17 J

B

ank

.
.

U m t e d Sta tes,

F ebruary 1st,

1634.

S i r : The state of the bank and the country, and the new measures of
hostility understood to be in contemplation by the executive officers, make
it expedient to place the institution abbve the reach of all contingencies; to
this object every part of the establishment mutt co-operate; and I am ac­
cordingly directed to instruct you to put the business o f your office on the
following footing:
1st. T o keep your line of local discounts at a sum not exceeding $ ------- .
2d. T o purchase bills of exchange only on those places where the bank
has an office, and these in limited amounts; our object being not to increase
at present the business and the circulation of the bank.
V ery respectfully, yours,
N. B I D D L E , President.
A ddressed to the

President Office Discount and Deposite, Buffalo, blank filled,
Do
Do
Do
Utica,
Do
Do
Do
Do
Burlington, Do

B

ank

$330,000
250,000
850,000

U n it e d S t a t e s ,

J a n u a r y 2 1 th , 1834.

S i r : The situation of the bank and the country, and the new measures
of hostilitv which arc understood to be in contemplation, make it proper to
place th / hank entirely beyond the reach of any contingency.
To this purpose, every part of the establishment must contribute; and I
am instructed to request that you will place the business of your office on the
following footing:
To reduce your line of local discounts, so that, by the 1st of March next,
they may not exceed S i, 4 0 0 ,0 0 0 .
To modify the rates of exchange contained in the resolution of this board,
of the 1st of October last, so that these rates on the western offices may not
be less tban 2j per cent.; on New Orleans, not less than 2 per cent., and to
any other office south of Washington, not less than 1 per cent.
Very respectfully, yours,
N. B ID D LE, President.
W . P a t t e h s o n , Esq.

President Office Discount and Deposite, Baltimore.

Same to the following offices, with the changes indicated below : to office
Norfolk, “ to reduce” to $ 5 5 0 ,0 0 0 , by the lOih of April, and the rates on
the west and New Orleans, omitting what concerns southern offices.
To office, Richmond, same as Norfolk, ** to reduce” to $ 8 0 0 ,0 0 0 by 10th
of April.
’
T o office Fayetteville, same, reducing to $ 4 5 0 ,0 0 0 by 10th April.




81
B

L 17 ]

ank

U n it e d S t a t e s ,

January 24, 1S34.

S i r : T h e state o f the bank, and the cou n try , and the new measures o f
hostility against it, w hich are understood to be in contem plation, m ake it
proper to put the bank into a position en tirely out o f the reach o f alt con tin ­
gencies; for this purpose, I am directed to request that you will place the
business o f your office on the follow ing foo tin g:

T o reduce, gradually, your line of local discounts, so that by the 1st of
April, it may not exceed S3 ,5 0 0 ,0 0 0 .
To abstain from purchasing bills of exchange, payable ai places on the
Mississippi, and its branches, including all the western offices.
To make your purchases of exchange mainly of bills payable in the north­
ern Atlantic cities; even with regard to these, however, it is proper to make
a suggestion: within the last two or three weeks, many of your bills have
been drawn on persons, who, when the bills came to maturity, have been
obliged, in consequence of the severe pressure of the times, to obtain indul­
gence from the bank, in the form of new discounts, to an extent not desira­
ble; while your notes issued in payment for them, come in and must be met
when presented; under the present circumstances of the bank, the form of
remittance most acceptable, would be the purchase o f bills on France and
England, at the rates which will be indicated from the cashier’s department,
and the transmission o f specie.
The state of things here is very gloomy, and unless Congress takes some
decided step to prevent the progress of the troubles, they may soon outgrow
our control. Thus circumstanced, our first duty is to the institution, to pre­
serve it from all danger; and we are therefore anxious, for a short time at
least, to keep our business within manageable lim its, and to make some sa­
crifice of profit to entire security. It is a moment of great interest, and ex­
posed to sudden changes, in public affiiirs, which may induce the bank to
conform its policy to them. O f these dangers, should any occur, you will
have early advice. In the meantime, we rely, as we always have done, on
the good judgment of the directors and officers, to make this restriction of
your business as little inconvenient as possible to the community.
W ith great respect, yours,

N’. BID D LE, President.
W. W. M ontgom ery , Esq.
President Office Discount and Deposit«, .Veto Orleans.
B

ank

U n it e d S t a t e s ,

January 2 4 ,

1834.

S m : T h e state o f the bank and the country, and the new measures of
hostility to the institution which, it is understood are in contemplation, make
it expedient lo place the bank beyond the reach of all contingencies, I am,
therefore, directed to instruct you to place the business o f your office on the
following footing: gradually to reduce your line o f local discounts so that,
by the. 1st o f March, it may not exceed X
.)
You will also modify the rates of exchange prescribed in the resolutions
of the board on the 1st of October, so as to make them not less than two
the western
not
two per

and « half per cent, on all
11




offices;

less than

cent

rn]
on

New Orleans;
Washington.

83

and not less than one per cent', on any other office south of
V ery respectfully, yours,
N. B I D D L E , President.

President’s Office, Portland, blank filled
“
«
Providence “ “

.
-

.

.
•

8400,000
450,000

-

“
“ P ° rtsmouih, ) gentence n,arked thus, [ -------1 omitted
“
“
Hartford,
i
L
J
and the following substituted:
“ You will keep your local discounts within their present limits, and be
very moderate in your purchase of domestic bills, confining them always to
real business bills.”
B

ank

U n ite d S t a t e s ,

Ja n u a ry

21, 1834.

S i r : T h e present situation of the bank and the country, and the measures
o f hostility to the institution which are understood to be in contemplation,
render it expedient to provide for its entire safety against all contingencies.
I am, therefore, instructed to request that you will place the business of
your office on the following footing: o f your discount line, as it stands at
present, the sum of between seven and eight hundred thousand dollars are
the proceeds o f payments made in short paper, on account o f this bank,
leaving the proper discounts of the office at about four million five or six
hundred thousand dollars. T his line you will reduce gradually, so as to
bring it on the 1st o f April, to an amount not exceeding four millions of
dollars.
In the rates o f exchange prescribed in the resolutions o f the board on the
1st of October last, you will also please to make the following modifications:
T o fix the rate o f exchange between your office and the offices of Pitts­
burgh, Lexington, Louisville, Cincinnati, St. Louis, N ashville, and Nat­
chez, at two and a half per c e n t.; that between your office and Mobile
and New Orleans, at two per cent; and to any other office south of Wash­
ington, at one per cent. In connexion with these subjects, the state of your
bank balances, is an object of great solicitude. F or a long period these
banks have enjoyed the u<*e o f a large part of the funds o f this institution,
which it would seem proper to recall at a moment when the bank is obliged
to collect its resources; you will therefore endeavor to oblain early pay*
ment o f these balances, and keep them hereafter within narrow limits.
Recommending the execution o f these measures, which are deemed of
essential importance, lo the particular attention of your board,
I remain, very respectfully, yours,
N.
President.
I s a a c L a w r e n c e , E s q .,

BID D LE,
President's office discount and deposite, Neil York.

•
B

ank

U n ite d S t a t e s ,

J a n u a ry i l , 1S34.
In a recent examination of the situation of the bank and the offices,
it was determined that in the present state of the country, and in considera
S ib :



83

C ]
I?

tion of the new measures o f hostility contemplated by the executive officers
of the United States at Washington, it was proper to place the institution
beyond the reach o f contingencies; accordingly reductions of the amount
of loans at many o f the offices were directed, and a large diminution o f
our business in Philadelphia.
The moderate limits o f your present local discounts, made it unnecessary
to do more than to request that you would not let them go beyond their
present amount.
In regard to the rates of exchange mentioned in the resolutions of this
board o f the 1st o f October, and already transmitted to you, the only modi,
fications which I was instructed to communicate for your office were, that
the rate between your office and the western offices should not be less than
two and a half per c e n t, that between your office and New Orleans, not
less than two per cen t., and that between your office and any other office
south of W ashington, (except New Orleans,) not less than one per cent.
V ery respectfully yours,
N . B ID D L E ,

Wm. A p p l e t o w . Esq.,
President Office Discount and Deposite, Boston.

President.

No. 10.
The following reports and resolutions were adopted by the board o f di­
rectors o f the Bank o f the United States, at the respective dates specified be­
low:
B a s k U n ite d S t a t e s ,

June 2 7 ,

1834.

On motion o f M r. Chauncy, it was
That a committee, consisting of seven m embersof the board,be
appointed to take into consideration the present state o f the bank, and to
inquire whether any further measures be necessary, in consequence of the ap­
proaching adjournment of Congress without having taken any steps to re­
store'the violated rights of the bank.
On motion it was
That the said committee be appointed by the president
Whereupon the president appointed the following

Resolved,

Resolved,

Committee of Seven:

Messrs. Chauncey, Coxe, Sergeant, Neff, Henry, Goddard, Lewis.
No. 11.

J u ly 11, 1834.
T h e committee appointed on the 27th ultimo, to take into consideration
the present state o f the bank, and to inquire whether any further measures
be necessary, in consequence of the approaching adjournment of Congress
without having taken any steps to restore the violated rights of the bank,
Report: That if the adjournment of Congress aflected the interests of the
bank alone, the course o f the institution would be sufficiently obvious; but
Congress has adjourned not merely without redressing the injuries o f the
bank, but without providing any relief to the country; and there is much



I

[ 17

3

84

reason to apprehend that before it reassembles, serious inconvenience and
disasters may be suffered by the community. T o avert these, and to sustain
the great interests of the country, with whose prosperity its own is so close­
ly identified, is an object of deep solicitude to the bank, which is at all
times inclined to interpose, whenever its resources can be safely used, for
the protection of the community. T h e nature and extent of that interpo­
sition will be the proper subject of consideration hereafter, when the circum­
stances requiring it may be presented; but, in the meantime, the committee
are of opinion that the country should be at once relieved from the appre­
hension o f a continuance of the reduction of the loans of the bank, and that
authority should be given to afford any immediate relief which the wants of
the community may require. They therefore recommend the adoption of
the following resolutions:
Resolved, That the instructions hitherto given for a reduction of the
amount of bills discounted at the bank and the several offices, are hereby
revoked; and that the line of bills discounted at the several offices shall, un­
til the further order o f this board, remain at its present amount.
Resolved, That if, in the judgment o f the committee on the offices, any
particular office should require an increase of its line o f bills discounted, or
domestic bills, or both, in order to relieve an existing pressure upon the
community in which such office is situated, the committee is hereby au­
thorized to direct such increase.
N o. 12.

Septem ber

16, 1834.

Mr. Sergeant offered the following reoslution, which was, on motion,
taken into consideration and adopted:
Resolved, T hat the committee on the offices be instructed to consider
whether it is expedient to make any alteration in the several orders to the
offices as to loans, and as to the purchase and collection of domestic bills of
exchange; andtoadopt such measures anil give such instructions, in relatition
thereto, as the interests of the institution and a ju st regard to the public couvenience may seem to them to require.
•
,
'

N o . 13.
B o s to n ,

J u ly

18, 1834.

S i r : The Bank of the United States is desirous o f giving every relief within
its power to such parts of the conntry as labor under any pressure in their
pecuniary arrangements, and we therefore ask the concurrence o f the board
o f directors o f your office in the measures for that purpose, which respect
the community near you.
As far as the existing difficulty is understood, it seems to require for its
removal not so much an increase of the amount o f loans, as an extension of
the time for which they are made. A ccordingly, your board will, if they
deem itexped ient, extend the time of discounting notes to such as have not
more than four months to run to maturity. It would be, in many respects,
desirable to fix the same limit of four months to the domestic bills of ex­
change purchased at the office; but, as there are peculiarities in the modes
o f doing business in Boston, which might render a strict adherence to that
term inconvenient, the board can, at their discretion, enlarge the time he*



[

85

17

]

that period, bearing in mind the anxiety of the bank lo keep its funds,
much as practicable, within its control. Should it, moreover, be
deemed proper by your board to increase the amount of the loans, the gra­
dual extension ot your line of notes and bills to an additional sum of five
hundred thousand dollars beyond their present amount would be acceptable,
and the necessary funds for that purpose will be furnished.
V ery respectfully, yours,
N. BIDDLE,
President B an k United States.
W . S
, Esq., President pro tern.
yond
as

m

t u r g is

Office Discount and Deposite, Boston.

No. 14.

B a n s U k ited S t a te s ,

July

18, 1834.

D ear S ir : I am instructed to communicate to you the following modifi­
cations of the existing regulations, in reference to the business of your office:
1. You are authorized lo purchase bills of exchange on Charleston, Savan­
nah, Mobile, and New Orleans, without limitation as to amount, provided
that they do not exceed four months’ sight, and that they are believed to bo
founded on real transactions. W hen the time exceeds ninety days, the rate
of exchange is to be increased 4 per cent.
2. You are authorized gently and gradually to extend your line of bills
discounted, to an amount not exceeding five hundred thousand dollars.
These measures are adopted with a view lo relieve the distress which
continues to prevail in y ou rcity ; and we trust they will be effectual. In a ll
your discounts, it ii recommended that you adhere, as strictly as possible,
to good business paper, which you can count upon being paid at maturity,
without application for a renewal.
I am, very respectfully,
Your obedient servant,

M A N U EL EY RE,

Isaa* L a w r k k c e ,

Pres’t. pro tern.

Esq., PretU. Off. B. U. S.,

'

New York.

No.

15.

•

Bavk U n ite d S t a t e s ,

D ear S ir :

June 2 0 , 1834.

T h e letter to me, o f the cashier of the office, under date of
the 2d instant, enclosing a copy of the resolutions adopted at the meeting of
the committees from the banks, on the 26th ultimo, was this day submitted
to the board.

The first, sccond, and third resolutions, so far as they regard the course of
business at the office, are entirely satisfactory. The fourth resolution pro­
posed, not having been concurred in by the committees from all the banks,
does not, of cour?e, come officially to the board, and requires no action, or
no opinion, in respect to it.
_ T he general subject, however, o f the stale o f the moneyed concerns of the
city, has, for some time, been under serious advisement; and the board have



[ '7 ]

8

6

thought it proper to convey to you their views of the policy which they
think should be pursued by the office. It i9 their wish, then, that, daring
the existing commercial embarrassment at New Orleans, the office should
exercise every reasonable degree of forbearance and liberality towards the
debtors of the bank, consistent with its safety, and with the security of the
debts themselves. In doing this, they rely on the good judgment of the
directors of the office, so to distribute their loans, as to afford all the relief
which may be required, without increasing the aggregate amount of respon­
sibilities at the office, unless peculiar circumstances should render it necessary
in special cases. They have instructed me to convey to you the expression
of this opinion, in order that the direction of the office may be enabled to
act promptly and efficaciously in any emergency which might require their •
interposition, before an opportunity could be afforded of consulting with the
parent board.
W ith great respect, your*,
N . BIDDLE, Prisident.
W . W. M ontcom ebt , Esq.,

Pres’t. Off D. D., New Orleans.
No.

16.
U n it id S t a t e s ,

Jlugust 1, 1 8 3 4 .
Several private letters having been received from Pittsburgh,
of a similar import with your* of the 2 8 t h January last, and the bank being
now in a condition which permits it to extend that aid, which it is always
desirous of affording to the community, I am instructed to authorize the
purchase of good bills of exchange, founded upon real business transactions,
to the extent of £ 1 0 0 ,0 0 0 , or $ 1 5 0 ,0 0 0 , if deemed necessary by your board.
The restrictions which were imposed by the instruction* of the 22d of Jan­
uary last, upon the purchase of bills, payable i t the western offices, are re­
moved to this extent, not because the bank is desirous of increasing its funds
at those points, but because it is believed that the most effectual relief will
be afforded in this way. If the object could as well be accomplished by an
increase of your local loans, keeping strictly in view their business charac­
ter, it would be more agreeable to us. If an extension of the time to four
months would increase your offerings of bills on the Atlantic cities and New
Orleans, so as to reduce the amount on the western offices, you are authorized
to purchase such bills, h will be proper atill to confine your purchases to
bills payable at places where we have an office established.
I am, very respectfully, yours,
M A N U EL E Y R E ,
Prtaidenl pro lem.
A. B h a c k en sid g e , Esq ,
B

ank

D ea h S ih :

Preset. Off. Bk. U. S., Pittsburgh.




BRANCH DRAFTS.




BRAN CH D RA FTS
1832.

January 1
February 1
March
1
April
1
May
1
June
1
July
1
August 1
September 1
October 1
November 1
December 1

Bills discounted On bank stock.
on personal se­
curity.

Other securities.

Total.

Domestic bills. _ T olal of di*counts
and domestic
bills.

Funded
debt.
2,200 00
2,200 00

848,832,570 34
48,205,447 06
45.850.367 27
45,700,816 51
44,874,893 91
44,197,174 45
43,397,271 41
43,866,732 79
43.122.368 84
43,297,302 09
42,079,966 19
41,211,739 94

731,157 53
788,312 92
620,766 14
597,729 16
530,657 30
507,508 29
518,193 56
547,250 41
494,929 70
502,266 03
845,705 27
673,689 42

18,850 00
54.000 00
2,145,895 20
2,151,047 28
1,969,527 09
2,007,357 66
1,920,960 68
2,175,206 38
2,972,144 99
2,894,601 34
2,801,263 49
3 ,OSS,688 71

49,602,577
48,998,759
48,617,028
48,449.592
47,375,078
46,712,040
45,836,425
46,589,189
46,589,412
46,694,169
45,726,934
44,924,118

87
98
61
95
20
40
65
58
93
46
35
07

16,691,129
18,971,647
20,354,748
21,481,100
23,052,972
22,850,769
22,579,655
21,419,799
18,983,475
16,999.141
16,304,498
16,647,507

34
78
79
59
52
35
55
23
46
04
48
59

66,293,707
67,970,407
68,971,777
69,930,693
70,428,070
69,562,800
67,416,081
68,008,9h8
65,572,888
63,693,310
62,031,433
61,571,625

21
76
40
54
72
75
20
81
39
50
43
66

40,085,517 28
39,309,180 63
38,343,000 59
37,831 477 05
37,384,334 79
37,010,093 22
37,032,667 01
38,084,035 40
38,623,432 16
37,900,265 29
36,202,332 82
34,491,491 18

687,345 02
602,884 10
828,617 91
848,232 91
856,081 91
863,915 03
827,296 95
788,464 39
710,794 89
792,887 89
869,194 14
869,086 06

2,854,008 02
2,022,621 42
9,754,813 29
2,894.496 33
3,132,236 07
2,753,085 83
3,833,245 03
4,364,606 35
4,031,958 10
3,533,122 24
3,991,286 9H
3,419,990 25

43.626,870
41,934,686
41,926,431
41,574.206
41.372,652
40,627,094
41,693,209
43.237,106
43,366,185
42,226,275
41,062,813
37,780,567

32
15
79
29
77
08
04
14
15
42
94
49

18,069,043
19,986.789
21,514,786
24,749,723
23,147,247
22,427,703
21.676 688
20,923,243
19,287,174
17,867,927
16.147,790
15.672,537

25
82
99
50
96
84
51
00
44
51
44
18

61,695,913
61,921,*75
63,441,218
64,323,929
64,519,900
63.054,796
63,369,897
64,160,349
62,715,506
60,094,202
57,210,604
54,453,104

57
97
78
79
73
92
55
14
35
93
38
67 •

1833.

January 1
February 1
March
1
April
1
May
1
June
1
July
1
August 1
September 1
October 1
November 1
December 1



I__I

oo

00

.

1834

January
February
March
April
— May
*o June
July
August
September

1
1
1
1
1
1
1
1
1




33,703,469 55
32,564,814 04
32,333,862 54
31,166,758 43
80,654,978 37
30,415,265 18
29,932,977 22
30,182,503 09
30,289,331 72

912,182 97
1,035,290 97
1,063,871 97
1,161,856 97
1,023,815 53
1,021,387 53
1,031,385 53
1,150,478 23
1,117,766 53

3,993,416 94
3,944,147 81
3,983,397 35
3,801,526 56
3,533,437 29
3,303,318 50
3,459,618 97
3,411,135 67
3,456,228 30

38,609,069 46
37,544,252 82
37,381,131 86
36,130,141 96
35,212,231 19
34,739,871 21
34,423,921 72
34,744,116 99
34,863,326 55

16,302,392 24
17,298,720 82
18,786,698 00
18,676,675 66
18,544,253 99
17,462,041 67
16,601,051 00
13,932,049 90
12,196,172 10

54,911,461
54,842,973
56,167,839
54,806,817
53,756,485
52,201,912
51,024,972
48,670,166
47,059,498

70
64
86
62
18
88
72
89
65

No. 3 — B ranch

1832.

January
February
March
April
May
June
July
August
September 1
October 1
November 1
December 1

Real estate.
$2,136 ,525
2,221 ,975
2 , 1 3 1 ,359
1,937 ,616
1,759 ,752
1,958 ,320
1.829 ,889
1.829 ,112
1,832 ,753
1,831 ,949
1,822 ,721
1,826 ,820

D r a fts — Continued.

Banking houses Barings, Hope, &c.
anil permanent and foreign hills.
expenses.
56
71
64
05
66
08
55
47
86
25
51
35

1,159,637
1,071,964
1,163,691
1,169,099
1,169,115
1,169,169
1.174.176
1.174.176
1,174,243
1,174,375
1.174.380
1.174.380

22
76
92
87
12
10
70
70
52
52
02
02

91,668
114,315
91,238
117,4*
83.988
83.988
630,144
3,113,571
2,673,030
2,982,197
2,968,408
2,859,733

Specie.

Total of invest­
ments.

Balances with
State bank*.

23
07
83
10
23
23
22
93
20
65
36
19

7,038,823 12
6,884,825 28
6,799,753 63
7,029,310 61
7,890,347 59
7,639,101 09
7,519,083 79
7,346,292 66
7,729,152 26
8,078,851 07
8,026,055 45
7,860,073 65

76,722,561 44
78,265,688 58
79,157,821 42
80,186,214 17
81,331,274 3*
80,413,588 85
79,569,375 46
80,472,142 57
78,981,068 23
77,760,683 99
76,022,798 77
75,292,632 87

2,043,744 55
174,032 65
1,152,552 23
1,507,056 22
726,196 41
1,177,573 61
2,552,74)0 79
602,795 19
2,072,036 71
2,820,114 56
805,045 40
1,789,047 08

3,106,033 33
3,017,702 38
3,942,803 74
3,942,019 531
3,729,101 71
2,350,265 04
1,911,044 58
2,147,781 62
3,241,291 64
2,375,390 33
2,097,756 72
2,318,428 20

8,951,870 60
9,046,051 40
9,111,847 32
9,001,661 93
9,215,109 04
9,543,701 51
10,098,816 06
10,023,677 38
10,807,649 20
10,663,441 57
10,342,160 46
9,818,529 85

76,790,836 02
76,986,979 31
79,531,778 08
80,281,529 37
80,463,606 16
77,957,148 45
17,506,286 38
79,321,953 87
79.138.052 00
76,107,694 44
72.615.052 81
69,531,395 57

1,596,252 08
65,458 68
66,908 08
201,756 82
61,633 69
987,074 02
485,594 80
368,969 98
1,066,175 54
2,288,573 19
2,417,243 73
8,204,925 16

1833.

January
February
March
April
May
June
July
Augu.it
September 1
October 1
November 1
December 1




1,855,169 75
1,860,687 79
1,854,836 47
1.832,846 35
1,818,411 35
1,827,097 90
1,809,289 70
1,802,907 24
1,786.366 32
1,786,406 28
1,777,207 28
1,755,484 28

1.181.071 77
1.181.071 77
1.181.071 77
1.181.071 77
1,181,081 33
1,181,287 08
1.187.238 49
1.187.238 49
1.187.238 49
1.187.238 49
1,187,323 97
1,185,849 17

O

1

1834.

January 1
February X
March X
April
I
May
I
June
I
July
X
August X
September X

m
m

m

.
m
m
m
m

*

I



_
_
.

•

1,741,407 86
1,718,862 34
1,705,864 40
1,704,322 24
1,687,770 5J
1,883,456 64
1,741,878 12
1,755,910 00
1,824,733 78

1,189,125 94
1,221,306 17
1,221,306 17
1,221,306 17
1,221,306 17
1,221,306 17
1,222,443 44
1,215,943 44
1,215,943 44

1,801,669 48
1,644,415 75
1,995,560 26
2,255,090 76
1,650,520 86
1,995,291 80
3,827,413 03
4,338,372 07
3,859,820 93

10,031,237 72
10,523,385 69
10,385,439 15
10,180,008 76
11,183,774 54
12,298,333 20
12,823,997 93
13,626,049 63
13,863,897 99

69,674,902 70
69,949,943 62
71,475,999 84
70,167,545 56
69,499,857 28
69,400,300 69
70,640,705 24
09,612,442 03 C
67,823,891 78

1,536,745 68
1,386,951 65
129,251 85
586,835 54
1,388,683 09
1,622,076 91
408,726 34
530,972 26
400,837 73

IS

I— 1

N o. 3 — B ranch
1832.

D r a fts — Continued.

Public deposites. Private deposites. Gross circulation. Barings, Hopes,
&c.

January
February
March
April
May
June
July
August
September t
October 1
November 1
December I

tIS ,589,363 62
8,947,204 07
9,097,724 00
9,515,277 40
10,785,886 41
10,438,237 04
11,410,906 35
11,555,707 94
12,471,910 03
10,581,628 08
11,705,328 00
13,278,069 28

8,107,155 65
8,974,178 47
8,816,759 81
9.276.792 30
9,005,096 57
8,603,479 53
8,115,367 40
8,010,170 72
7,666,143 15
7.702.793 73
7,622,898 84
7,593,471 62

12,752,543 85
9,520,709 54
10,115.025 26
8,466,830 15
8,324,432 59
6,418,346 24
6,511,503 32
7,790,4*5 77
9,282,183 18
9,868,435 58
8,232,311 18
5,162,260 63

7,518,677 26
8,234,188 96
9,280,411 17
10,265,605 63
10,594,622 73
10,437,410 75
9,868,7*8 57
10,152,143 54
9,457,035 40
8,008,862 78
7,285,041 88
6,827,173 10

24,630,747 60
24,969,920 00
23,717,440 00
25,015,328 07
26,113,158 57
25,824,270 02
15,111,080 00
23,969,980 43
33,426,046 45
24,326,030 45
22,332,143 36
21,083,215 40

1,447,748 68
2,245,888 79
1,876,802 39
1,805,059 89
1,878,122 29
1,097,302 *7

Totals.

Net circulation.

46,775,015 55
45,037,191 33.
43,558,726 20
45,612,447 66
47,782,263 84
45,423,288 86
44,637,353 75
43,532,859 09
43,564,099 63
42,610.452 26
41,660,370 20
40,954,756 84

21,355,724 oo
21,081,675 01)
21,044,415 00
21,360,465 00
21,377,650 00
21,298,118 00
20,520,068 00
20,282,473 00
19,776,538 00
19,487,813 00
18,274,433 00
17,858,968 so

90
90
83
00
62
80
09
07
19
79
63
63

17.318*217 00
17,666,444 00
18,384,050 00
18,033,205 00
18,384,675 00
18,991,200 00
19,366,535 00
18,890,505 00
18.413,287 00
19,128,189 00
18,518,000 (X)
18,630,918 00

1831 .

January
February
March
April
May
June
July
August
September
October
November
December

t
1
1
t




21,203,566
28,071,314
32,199,255
22,757,050
24,157,540
22,867,590
24,667,733
23,690,145
24,263.357
23,398,864
*3,408,4*0
91,770,492

•%

41,474,787
39,826,212
41,594,691
42,191,243
42,076,595
40,710,421
41,633,562
41,985,195
43,068,751
41,468,618
39,925,773
33,739,926

ca
K3

1834.

January
February
March
April

£L

July
August
September




4,230,509 63
3,066,561 72
2,604,233 62
2,932,866 74
3,257,345 64
2,731,988 51
2,675,433 61
2,609,257 05
2,155,212 60

6,734,866 06
6,715,312 60
7,543,129 92
7,166,028 21
7,022,820 10
6,867 892 15
6,735,869 70
6,804,633 95
6,854,182 70

22,352,847 90
22,465,032 90
20,992,124 00
22,496,074 29
21,982,042 90
20,610,822 06
21,581,007 90
20,925,144 00
19,270,817 90

St, 318,218 59
32,246,907 22
30,939,487 54
32,594,969 24
32,256,208 64
30,210,702 72
30,992,311 21
30,339,034 00
28,280,213 20

19,208,379 00
19,260,472 00
18,523,189 00
17,521,264 00
16,604,147 00
16,612,527 00
16,641,998 00
16,469,342 00
15,298,577 00

co
u>

Bank United States
Portland Portsmouth Boston
Providence Hartford New York Baltimore •
Washington - ’
Richmond •
Norfolk
Fayetteville •
Charleston •
Savannah *
Mobile
•
New Orleans Natchcz
•
St. Louis Nashville Louisville Lexington •
Cincinnati •
Pittsburgh Buffalo
Utica . . .
Burlington •
Agency, Chillicothe
Deduct increase

•
•
•
•
•
.
•
•
.
•
•
•
-




.

•

$1,386,697 37
57,302 16
25,498 61
_
52,485 69
22,579 66
797,517 64
211,196 30
105,143 55
116,433 77
128,921 62
92,117 12
285,106 63
_
144,260 56
441,158 08
462,081 11
20,866 65
431,847 57
382,743 31
82,028 84
339,291 15
73,424 86
51,209 57
136,796 80
79,198 12
•5.825,906 74

50,000
•
100,000
_
500.000
200.000
_
50,000
50,000
150,000
250,000
.
.
500,000
100,000
50,000
200,000
300,000
250,000
200,000
100,000
70,000
150,000
50,000
#3.320,000

1,386,697 37
107,302 16
25,498 61
_
152,485 69
23,579 66
1,297,517 64
411,196 30
105,143 55
166,433 77
178,921 62
242,117 12
535,106 63
_
144,260 56
941,158 08
562,081 11
70,866 65
631,847 57
682,743 31
332,028 84
439,291 15
173,424 86
121,209 57
286,796 80
129,198 12
.
#9,145.906 74

713,343 96
116,452 31
24,423 84
* 602,593 92
152,773 94
181,555 56
702,483 24
21,742 65
118,199 06
170,677 20
192,491 38
322,489 22
381,572 82
94,535 28
287,734 66
1,088,037 37
486,230 52
95,545 12
747,992 74
555,223 46
452,349 15
543,937 44
191,294 05
123,908 21
237,050 94
126,762 15
• 14,070 03
8,128,806 27
• 616,663 93
$7 ,513 ,142 33

Plus.

9,150 15
.
288 25
158,975 90
13,055 51
4,243 43
13,569 76
80,372 10
_
94,5.15 28
143,474 10
146,879 29
..
24,678 47
116,145 17
120,320 31
104,646 29
17,869 19
•
m
•
*1,048,303 30

Minus.

[

Reductions order­ Additional reduc­ Total of reduc­ Actual reductions
tions ordered tions ordered.
from October
ed October 8.
to July.
January 23.
.

u ']

No. 4.— S T A T E M E N T OF T H E B A N K , N ovem ber 4, 1834.

673,353 41
1,074 77
595,034 40
389,453 65
153,533 81
75,850 59
127,519 85
197,301 36
49,745 86
2,435 97
#3,265,803

67

From this statement it appears that the whole reduction ordered was Of which there remained unexecuted, July 1st - '
-

-

-

There were, however, voluntary reductions, not order^l by the board, of
Making a total reduction o f - '
From which if we deduct an increase, at two offices, of .
•
It will show an actual reduction, in the discounts of the bank from October, 1833, to July, 1834, of
During the same period the public deposites were reduced from October 1, 1833
.
to July 1, 1834
The private deposites, from October 1, 1833 to July 1, 1834
.
The circulation, from October 1, 1833 to July 1, 1834
.




« 9,145,906 74
2,265,303 67
6,880,603 07
1,048,203 20
7,928,806 27
616,663 95
7,312,142 32

t) 9,863,435
2,675,433
8,008,862
6,735,433

50
61
78
61

19,128,189 57
16,641,997 90

7,193,001 89
1,272,993 08
8,465,994 97
2,486,191 67
10,952,186 64
7,312,142 32
J3,640,044 32

O

Ot

96

[ 17 ]

No. 5.
REPO RT

OF

T H E C O M M IT T E E

ON T H E

B am of t h e U n ite d S ta te s ,

O F F IC E S .

April 8 ,

1834.

A t a meeting o f the board of directors held this day, M r. E y r e , from the
committee on the offices, presented the following report, which was read.
W hereupon, on motion of Mr. Sergeant, it was unanimously
Resolved, That the said report be approved and published.
E xtract from the minutes.
S . JA U D O N , Cashier.

Report of the Committee on the Offices.
T h e committee on the offices deem the close o f the first quarter of the
year a proper occasion to present a review o f the measures adopted by them
in conformity to the instructions of the board, on the 24th of September,
and 21st o f January last.
During the summer of 1833 it became manifest that the Executive of the
United States meditated some signal act of hostility to the bank; and, accord*
ingly, the board took early measures to provide against it. F o r this purpose,
they began by preventing the increase o f the business o f the bank; by dimi­
nishing the time of the loans, so as to make the funds of the bank more avail­
able, and, finally, in protecting the western officcs against a repetition of the
effort made during the last year to cause a run upon them.
A ccordingly, on the 13th of August, 1833, the board adopted the follow­
ing resolutions:
“ 1. Resolved, T hat for the present, and until the further order of the
board, the amount o f * bills discounted’ shall not be increased at the bank
and the several offices. '
“ 2. Resolved, T h at the bills o f exchange purchased at the bank, and all
the offices, except the five western offices, shall not have mere than ninety
days to run.
“ 3.
T hat the five western offices be instructed to purchase no
bills o f exchange, except those payable in the A tlantic cities, not having
more than ninety days to run; or those which may be received in payment
o f existing debts to the bank and the offices, and then not having more than
four months to run.”

Resolved,

T h is was the only measure then deemed necessary, the board being
anxious to make the bank safe without incommoding the country. So strong
was this conviction, and so reluctant was the board to diminish its business
until it became necessary, that when, on the 16th o f August, the govern­
ment directors offered a resolution « for the gradual reduction o f the busi­
ness of the institution throughout all section* o f the country,” the board de­
clined even the consideration o f it.



97

C 17 ]

It was not until the 24th o f Septem ber, that as the indications o f an ap­
proaching act of aggression were multiplied, the hoard appointed a com­
mittee of seven members, “ to take into consideration what measures it is
necessary and proper should be adopted on the part o f the bank, in conse­
quence of the recent intimations that the deposites o f the Government are
to be m oved.”
The com mittee, still unwilling to diminish its accommodations to the
community, did not advise any csrtailm ent o f the loans, but merely followed
out the plan adopted on the 13th of August, o f keeping the funds o f the
bank in a state of activity, and moving them forward gradually to the A t­
lantic citics, where the bank was most vulnerable by the Treasury. T h e y ,
therefore, on the 1st of October, proposed resolutions, which were adopted,
to the follow ing effect:
T o extend their third resolution, of the 13th o f August, from
offices to the offices o f Burlington, Utica, Buffalo, Pittsburgh,
and New Orleans.
T hat
the other offices should likewise purchase
New Orleans, and M obile, not having more

1st.
western
chez,
2d.
all
Atlantic cities,
days to run.

the five
Nat­
bills only on the
than ninety

3d. T o increase the rates of buying bills o f exchange.
4th. T o restrict the receipt o f the State bank notes to those in the same
places with the offices;— and
5th. T o collect the debts due by distant State banks.
Up then to the 1st o f October. 1833, no order had been given to curtail
the loans. B u t all who are fam iliar with our com merce know, that during
the summer, in the interval between the old and the new crop, com m ercial
operations, and the loans founded on them, subside. T his may be seen in
the following statement o f the reduction o f the business o f the bank between
the 1st o f Ju ly and 1st o f October, for many successive years. T h e reduc­
tion amounted—
1S23 to 3 1 ,2 4 0 ,4 3 6 14
1824 to 2 ,1 1 9 ,2 9 1 31
1 3 1 ,4 3 6 75
1S25 to
1826 to 3 ,0 1 2 ,2 5 S 41
1827 to 2 ,2 1 5 ,S IS 61
1S28 to 1 ,4 7 3 ,9 2 6 9S
1829 to 3 ,2 5 8 ,0 8 0 10
1S30 to 2 ,7 1 0 ,6 4 4 14
1831 H ere there was an increase under the peculiar
circumstances o f the country during that year.
1832 to 4 ,7 2 2 ,7 7 0 70
1833 to 3 ,2 7 5 ,6 9 4 62
So that, without any orders to that purpose, but in the natural course of
business, the loans had diminished, from the 1st o f Ju ly to the 1st of October,
1833, (83,275,694 6 2 ; a result occasioned by the voluntary payment, at
maturity of bills o f exchange amounting to
.
.
$ 3 ,8 0 8 ,7 6 1 0 0
And an increase o f the local loans o f
.
.
5 3 3 ,0 6 6 38

Leaving the aggregate reduction
.
.
$ 3, 2 7 5 , 6 9 4 62
It was, probably, in consequence of ignorance of the business of the
country that the Secretary assigned, as a reason for removing the deposites,
 13


[ 17 3

98

the “ curtailments,” and the “ oppressive system of policy” o f the banlc,
because the returns of the bank showed a reduction, from August to Octo­
ber, of $ 4 ,0 6 6 ,1 4 6 21.
.
He ou<rht to have seen, from the statements furnished to him , that there
were no curtailments at all. He ought further to have known, that this
“ oppressive system” consisted of a voluntary reduction, by the ™_tiir.ty ot
bills o f exchange drawn at New Orleans, to the amount o f
$2,03 /,099 59
Of bills draw at other places
•
1,018.215
M aking
And of a voluntary diminution of local loans o f

•
•

3 ,055,315 49
1 ,0 1 0 ,830 72
4 ,0 6 6 ,1 4 6 21

This very

a

reduction in the local loans, moreover, consisted merely of
voluntary payment by a mercantile house, under an arrangement for paying
three per cents, in Europe, by which bills on London were substitute
for the sum of $ 1 ,0 4 6 ,6 7 3 6 0 , advanced to them ; so that there was not one
dollar of involuntary reduction o f the loans at the very moment when
Secretary gave, as a reason for removing the deposites, the oppressive cur­
tailments of the bank.
_
v. .
About the 1st of October the removal o f the deposites took place.
out a moment’s previous notice, the bonds actually in the bank were wit drawn from it; and it has since appeared that while the Treasury was
sending daily and w eekly lists, professing to contain all the orders
secret drafts suppressed from the lists, to the amount o f $2 , 300, 000,
distributed for the purpose o f being suddenly used, while the
ignorant of their existence. I t was then, for the first tim e, that the
yielded to the necessity of diminishing its accommodations to

the

the

on the

bank,
were
was

ban
bank
the com­

munity.
On the

8th of October, the com mittee appointed on the 24th o f Septem­
ber reported the following resolution, which was adopted:
“ T hat the Committee on the Offices be authorized to direct such a gradual
reduction in the amount and the tim e o f the loans at the respective offices,
as may in their judgment be'm ade without inconvenience to the customers
o f the bank or the com m unity.”
T h e committee endeavored to execute this authority in such a manner,
would accomplish the object of securing the bank without injuring the com­
m u nity; and they accordingly directed a reduction of the loans in confor­
to the situation of each office, while
the same tim e, the purchase
domestic bills was left as unrestricted as the state o f the bank [p e rm it
order to facilitate the reduction o f the local loans, and also provide the
means o f transmitting the proceeds o f these reductions to
exposed
the establishm ent
T h e progress o f these reductions w ill be seen in th e ann exed c o m p arativ e
statem en t, m arked A , o f the condition o f the bank on the 1st o f October,
and the 1st o f A pril, respectively.
table
- 85,287,385 31

as

m ity
of

at

ot
ted, in

the

From this
it appears that the total amount of reduc­
tion was
But from this should be deducted the operations in the old
suspended debt at the agencies at Cincinnati, and Chilicothe,
which being settlements in or for real estate, are not con­
*
Digitized for nected with this movement; they amount to
FRASER


parts

2 3 9 ,S58 1

99

C 17 J

So that Ihe actual reduction o f loans from the 1st of October
to the 1st of April, has been only
.
.
.
§ 5 ,0 4 7 ,5 3 7
During the same period the reduction of deposites was - 7 ,7 7 S ,4 0 3
This will be more perspicuously seen in the following statement:
1833.

October 1,
November 1,
December 1,
IS 3 4 .
January 1,
February 1,
M arch 1,
April 1,

12
41

Private
Deposites.

Loans.

Public
Deposites.

60 ,0 9 4 ,2 0 2 93
5 7 ,2 1 0 ,6 0 4 38
5 4 ,4 5 3 ,1 0 4 67

9 ,8 6 8 ,4 3 5 5S
8 ,2 3 2 .3 1 1 IS
5 ,1 6 2 ,2 6 0 63

8 ,0 0 S ,8 6 2 78
7 ,2S 5,041 88
6 ,8 2 7 ,1 7 3 10

5 4 ,9 1 1 ,4 6 1
5 4 ,8 4 2 ,9 7 3
5 6 ,1 6 7 ,8 2 9
5 4 ,S 0 6 ,8 1 7

4 ,2 3 0 ,5 0 9
3 ,0 6 6 ,5 6 1
2 ,6 0 4 ,2 3 3
2 ,9 3 2 ,8 6 6

6 ,7 3 4 ,8 6 6
6 ,7 1 5 ,3 1 2
7 ,3 4 3 ,1 2 9
7 ,1 6 6 ,0 2 8

70
64
86
62

Reduction of public deposites, private deposites, -

63
72
62
74

- $6,935 ,5 6 8
S 4 2 ,S 3 4

06
60
92
21

S4
57

7 ,7 7 8 ,4 0 3 41

Reduction of loans, .
.
.
5 ,0 5 7 ,5 2 7 12
During the same period, the accommodation given to the State banks will
be exhibited in the following statement of the balances due from them, and
the amount of their notes on hand at these several periods:
February 1,
$ 3 ,2 1 1 ,3 8 5
October 1,
$ 4, 71 9 ,9 7 2
March 1,
2 ,0 3 5 ,9 8 5
November 1,
4 ,4 8 9 ,2 1 7
April 1,
2 ,1 9 5 ,4 8 9
December 1,
4 ,0 S 3 ,2 5 8
January 1,
3 ,5 1 9 ,3 8 5
Leaving the monthly average,
8 3 ,4 6 4 ,9 5 6
In the same period the bank has purchased of domestic bills
of exchange
S 2 ,7 S S ,7 0 t
And of foreign bills,
.
.
.
.
.
l,8 S i?,6 2 0
In the same lime it has paid its branch notes, which it was
not obliged to pay except where issued: at Baltimore,
Philadelphia, New Ycrk, and Boston, to the amount ot 1 2 ,6 9 1 ,1 3 0
Having thus succeeded in bringing the funds ot the bank into a state of
control, ready to be applied in whatever quarter th ey be m ost needed, the
committee in the month of March directed the soulhcrn oftice* to abstain
from increasing the amount of their purchases of domestic bills of exchange
beyond their incomes.
Such is the history, and the present state of the reduction, directed by
the committee.
The examination of it will present the following result:
1st. T h at the bank never directed any curtailment of its
loans, until the actual removal of the deposites.
2d. T hat the only actual reduction of loans took place from
the 1st o f October to the 1st o f D ecem ber, when the
loans were diminished



$ 5 ,6 4 1 ,0 9 8 26

C 17 ]

100

W hile at the same time the public and private deposites
were reduced
85,887,864 63
3d. That from the 1st of December, 1S3S, to the 1st of April,
1S34, the loans have not been reduced, but on the con­
trary, have actually been increasing, and are greater on the
1st of April, 1834, than on the 1st of October, 1833, by
353,712 95
While during that same period the public deposites have de­
creased no less than
.
.
•
.
• 2,239,393 89
4th. That the total reduction of loans, from 1st of October
to 1st of April, was
.
.
.
.
.
5,047,527 22
W hile the public deposites had been reduced £6,935,56S 84
842,834 57
Private deposites .
7,778,403 41
M aking an aggregate of
being a reduction of loans less, by nearly three millions,
than the reduction of deposites.
• 5th. That so far from restricting the trade of the country, it
has actually purchased, from the 1st of Oct. to the 1st of
April, of domestic and foreign bills of exchange .
. 34,671,324
6th. That the State banks were permitted to be indebted to
the bank an average monthly amount of .
.
. 3,464,956
These statements may not be inappropriately closed, by a few remarks.
Up to the 1st of October, 1833, the Bank of the United States was re­
sponsible for the general condition of the currency of the country. After
years of effort and sacrifice, it had brought the currency and the exchanges
of the Union into a condition probably better, in many respects, than existed
elsewhere. W ith this responsibility was mingled the duty of averting every
calamity, and mitigating every shock that might, by deranging the currency,
injure the community. It was for this purpose that the bank interposed in
the disastrous crisis of 1S25,—for this that it extended its loans in 1831 until >
the country could recover from its excessive importations— for this that it
defrayed, out of its own funds, the cost of postponing the payment of the
three per cents, in 1832,—for this that, in the same year it assumed the pay­
ment of the debt to foreigners, lest their demands might add lo the troubles
of a pestilence which was disordering the commerce of the country. It was
for this, in short, that at all times and under all circumstances, the currency
and the exchanges were objects of its constant solicitude.
On the 1st ot October, 1S33, the violation of the charter of the bank put
an end to all that responsibility. On that day, the Bank of the United
States, as a component part of the financial system established by Congress,
in which the public revenue was to sustain the public
ceased to
exist. It became the property of its stockholders— and whether that pro­
perty should continue to be lent, or should be recalled from the borrowers
in greater or less proportions, was a matter for them, and for them alone, to
decide. If, therefore, in the effort to sustain its credit, the directors of the
bank had reduced its loans more rapidly than consisted with public conve­
nience, the reproach should be on the aggressors who had made this act of
self-defence necessary.
It has indeed been asserted, that the bank has made oppressive curtail­
ments; and the motives ascribed for them are unkindness to the Executive,
and a desire to extort from public suffering a continuance of its charter. No­
thing can be more groundless than the allegation, except the causes assigned



c u rre n c y ,

101

C 17 3

for it So far from making any unnecessary curtailments, it has been seen
that the bank has made the least possible reduction, consistent with its own
security. True it is, that since the bank refused to permit the political in­
terference of the Executive officers, it has been the object of embittered
hostility; and equally true that this very removal of the deposites was de­
clared, by the Secretary of the Treasury who refused to make it, to be a
“ vindictive” act against the institution. But these are feelings which the
directors of the bank cannot possibly reciprocate. Nor would they deem
so meanly of the spirit and intelligence of their countrymen, as lo believe
that they would be driven to support what their judgments disapproved by
any iaconvenicnces which the bank could occasion. So far from having
the remotest wish to cause such sufferings, the bank, if it has erred, has
erred on the gentler side of looking less to its own interests than to those of
the country. For that extreme forbearance, however, it finds an adequate
justification in the extraordinary position in which the country is now
placed.
The violation of the laws commilted by the Executive, is of itself calcu­
lated, by destroying confidence, and breaking down the established currency,
to afflict and convulse the country. In such a crisis the bank, unwilling to
aggravate these evils, has forborne to press its claims, but constantly endea­
vored to mitigate the severity of the injuries inflicted on the community.
It will still continue to do so, whenever it can be done with safety. But
that safety is its first duty, and must be its chief care.




State o f the Office Bank United States, Boston, October 1, 1833.




$576,409 19
73,637 30
-

650,046 49
3,302,176 96
m

.
•
.
•
.
—
•
•
•
_
-

12,715 24
11,594 32
3,502 95
10J ,981 18
16,525 11
508 54
21.208 32
1,978 27
24,859 36
27,086 26
8,455 32
41,659 16
312,000 00
17,286 26

•
.
973,890 00
318,570 00
.
-

•
•
635,320 00
337,720 00
124,5j9 00

3,952,223 45
23,844 94

273,074 03
329,286 26
116,777 02
29,026 60
4,947 70

Capital stock .
1,500,000 00
Branch notes .
•
973,890 00
Bank United States 1,035,048 45
Office at Portsmouth •
49,304 51
New York 446,012 41
Washington 13,559 43
_
Norfolk
14,335 23
Fayetteville 17,957 87
Charleston - 250,097 46
.
Savannah
47,729 87
•
Mobile
56,331 88
New Orleans .
118 532 23
.
St. Louis
205,998 92
.
Utica •
3,023 52
Burlington 1,536 65
2,259,468 43
City banks •
58,773 17
Distant banks
•
81,150 51
139,923 68
.
Redemption fund
4,416 19
Treasurer U. States, viz: cash
961,348 09
Sundry public officers
204,739 43
1,166,087 52
Unclaimed dividends 1,841 00
Discounts
_
12,710 79
m
Exchange account 68,922 35
Interest account
768 81
m
Profit and loss
101 75
Damages
•
464 19
82,967 88

102

Bills discounted, viz:
On personal security _
United States Bank Stock
Other securities
5
Domestic bills of exchange
Susp’d debt on personal security
Bank United States—
Office at Portland
Providence
Hartford
"Baltimore * Richmond
' Nashville
.
Louisville
•
Lexington
•
Cincinnati
Pittsburgh
Buffalo
.
Natchez
.
City banks
. . .
Distant banks . . .
Real estate, banking house
Losses chargeable to contingent
fund
. . .
Expenses
. . .
Cash, viz: notes received
.
circulating
.
on hand
.
Bank United States and branches
City banks
. . .

Gold and silver, American
Mexican Spanish Change -

“j 1
/
J

419,477 96
1,537,056 96 Individual deposites
$6,366,236 96

-

-

I . -

137,642 26
.

16,266,236 96

Slate o f the Office Bank United Stales, Boston, January 1, 1834.




950,033 54
1,182,549 27
.8,471
1,826
30,995
131,379
90,066
43,023
6,410
69,027
10,700
41,974
5,523

86

17
86
67
49
52
92
66
53
04
64

Capital stock Branch notes %
Bank United States Office at Providcnce
Washington
Norfolk
2,132,582 81
Fayetteville
Charleston
14,250
Savannah
St. Louis
Natchez
City banks . . .
Distant banks Redemption fund
Treasurer U. States, viz. cash
8 un<lry public officers Unclaimed dividends •
Discounts
•
Exchange account •
I Interest do
-

•
*
•
•
*
*
*

1,500,000
948,830
919,626 10
19,781 09
28,067 64
1,429 98
29,803 28
167,843 76
S3,609 96
211,881 66
1,402,042 47
194,000 30
61,099 74 255,100 04
4,008 62
10,187 18
181,105 83 191,293 01
1,081 50
4,997 61
5,741 89
225 19

103

Billa discounted, viz.
On personal security - 920,035
United States' Bank Stack
? 29,998
Other securities
5
.
Domestic bills of exchange
.
Susp’d debt on personal security
Bank United States—
.
Office at Portland
.
PortsmBntb
Hartford
New York
m
Baltimore
m
Richmond
m
Mobile
m
New Orleags •
.
Nashville
•
Louisville
Lexington
-




36,462
2,513
2,750
1,299
6,806
57,352

Damages
Individual deposites

12
57
00
23
97
09

.
-

.
-

240 51

11,205 20
156,464 50

546,585 34

110,000

32,822 17
•

142,822 17
116,777 02
38,621 54

1 °4

Bunk United States—
Office at Cincinnati
.
Pittsburgh
Buffalo
Utica
Burlington
Nate lie*
City banks
Distant banks Real estate banking house
Losses chargeable to contingent
fund
•
Cash, viz. notes received
- 948,830
circulating
. 279,220
on hand
.
Bank United States and branches
:
City banks
. . .
(iold and silver, American
Mexican . '
Spanish .
(
Change - J
-

[17 1

Statement, Src.—Continued.

•

669,610 00
163,490 00
150,099 00
495,188 55
1,478,387

55

• »4,470,026 43

$4,470,026 43

State o f the Office B ank United States , February 27, 1834.
Dills discounted, viz.
Capital stock On personal security - 97 8,792 5
Branch notes . . .
Bank United States United States* bank stock
}
Aft Qio on
Other securities
$
Office at Portsmouth
1,019,710 35
Washington
Domestic bills of exchange
738,722 14
Fayetteville
**
■
1,758,432 49
Charleston
.
33,033 64
Susp’d debt on personal security
Savannah
Bank United States—
St. Louis
6,173 59
Office at Portland
- •
City banks . . .
Providence
•
8,006 13
Hartford
63,359 02
Distant banks New York
•
133,007 02
.>
Baltimore
4,006 71
Redemption fund
Richmond
.
53,062 51
Treasurer U. States, viz: cash
Norfolk
1,8 8 6 18
Sundry public officers Mobile
8,342 86
New Orleans 161,589 85
Unclaimed dividends Nashville
Discounts
2,820 00
Louisville
66,980 82
Kxchangc account
Lexington
Interest
do * 3,743 64
Cincinnati
Damages
42.770 61
Pittsburgh
10,481 GO
Buffalo
.
Individual deposites 14,323 49
•
Utica
6,663 45
Burlington
8,458 96
Natchez
66,470 66
________ ____ 686,147 10
City bank
.
96,000 00
Distant banks 3,636 10
99,639 10
•
_
Real estate banking house
116,777 2
”
Losses chargeable to contingent
_
38,521 54
— fund
- . ^rK*pensc«
4,691 43



.

1,500,000
.
885,390
108,745 11
3,961 08
6,357 8J
25,769 45
231,650 68
27,840 76
___221,018 90 625,343 81
__________
177,912 31
61,450 13
242,362 44
4,003 62
571 89
• 142,197 49
142 769 38
.
3,276
•
11,158 58
15,420" 69
.
691 08
.
___ ___533 99
_____
27,810 25
.
•
449,331 15

S ta te m e n t, &c.— Continued.
Cuh, viz: notes received
circulating
on hand
•
Rank U. States and branches City banks
. . .
Gold anil Silver, American \
Mexican
I
Spanish
f
Change
J

885,290 •
207,690
"

.

677,600
49,870
80,356
•

334,833 33
1,142,649 33
$3,830,191 65

•

S3,880,191 f>5

Stale o f the Office Bank United States, Boston, May 1, 1S34.
Bills discounted, viz:
On personal security United States’ Bank stock
Other securities
Domestic bills of exchange
Bank United States—
Office at Hartford .
New York
Baltimore
Richmond
 Norfolk .



-

s

1,284,959 75
61 518 30
u i

IJ i U

-

-

-

-

.
•
-

•
•
•

-

sj

Capital ntock
Branch ivitcs
Bunk United Staten Office at Portland
1.346,478 05
Portsmouth
921,16*2 13
Providence
2,267,640 18
Washing ton
Fayetteville
48,231 91
Charleston
17,474 06
Savannah
18,628 33
Mohilo
58,481 95
New Orleans
146 58
(j
St. Louis
•

1

-

•
•
.

427,495 19
2 M SI 24
27,8 i9 44
19.480 00
4,305 18
4,855 18
428,508 91
63 ,356 66
60,631 66
331,070 66
208,809 57

,500,000 00
878/230 00




.
-

_
.

_

•

-

55,822 73
3,693 64
13,804 23
10,373 00
11,616 53
4,045 76
69,439 54
311,748 26
287,000
2,542 78 ;
289,542 78
116,777 02
38,521 54
4,691 43
-

873,230 00
187,183 00
_

-

691,050 00
270,030 00
128,454 00

Nashville

Utica
City banks •
- *
Distant banks
•
Redemption fund .
Treasurer U. States, viz. cash
Sundry public ofticcra
Unclaimed dividends
■
Discounts •
.
.
Exchange account Interest do
•
•
Profit and loss
.
.
Damages
.
.
.
Individual deposites •
.

i ,seo 00
5,251 83
108,068 36
81.304 39
560 78
138,227 63
29,278 18
30,9(il f’,6
1,261 44
10 00
77J 86

1,612,073 55
189,372 75
44,417 13
138,788 43
2,170 00

62,287 34
167,915 15

107

Louisville
.
Lexington
Cincinnati
Pittsburgh
Buffalo Burlington
Natchez *
City banks Distant banks Beal estate banking house
Losses chargeable to contingent
fund
.
Expenses
*
Cash, viz: notes received
circulating
on hand
•
Bank United State* and branchci
City banks .
Gold and silver, American
Mexican •
Spanish Change -

$432,962 79
1,522,496 79
*4,595,254 39

S4.595,254 39

I—l
'J

State o f the Office Bank United States, Boston, July 1, 1S34.



•
-

542,534 54
55,556 25
35,241 95
2,113 78
1,749 66
12,140 47
617,112 38
42,052 24
84,783 30
521,463 34
201,783 60
1,993 94
85,075 11
25,037 24

1,500,000 00
843,360 00

2,118,525 45

-

110 112 35
5,742 62

-

143,469 18
1,918 00

560 78
142,908 40
2,658 64
11,650 99
114 77
16 77
124,854 26

14,441 17

SO I

Capital stock Bills discounted, vis.
On personal security - 1,176,442 20
Branch notes Bank United States United States’ Bank stock
J
76,288 30
Office at Portland
Other securities;
J
Portsmouth 1,252,730 50
_
Providence Domestic bills of exchange 1,667,561 64
2,920,292 14
Washington _
45,570 01
.
Norfolk
*
8 iisp\T debt on personal security
Charleston •
Bank United Stales—•
.
Savannah
Office at Hartford
31,871 46
Mobile
•
New York
•
36,520 71
New Orleans Baltimore
.
20,378 99
•
St, Louis
•
Richmond
41,310 14
Nashville
Fayetteville .
208 05
Louisville
•
53,694 92
.
#
City banks *
Lexington
.
3,782 22
Distant banks Cincinnati
14,903 03
Pittsburgh
.
27 40
_
Redemption fund
•
•
Buffalo •
•
19,305 37
_
Treasurer United States, cash
18 18
Utica •
•
—
Sundry public officers
•
20,349 78
Burlington
•
Natchez
72,850 31
315,220 56 Unclaimed dividends Discounts
87,000 00
City Banks
.
.
.
Exchange account 2,021 44
Distant banks . . .
t
ln
•
•
89 021 44 1 nl ltlrvjr rI anV rUU
.
.
.
116 J 7 7 02 Damages
Real estate, banking house Losies chargeable to contingent
.
38,521 54 Individual deposites fund .
.
.
.
843,360 00
Cash, t u . notes received
342,710 00
circulating 500,650 00
214,000 00
Bank United States and branches
95,335 00
City banks
.
.
•
 .

<Md aad silrer, American
Mexican
Spanish
Change

I

J

-

527,035 32
1,337,020 32
$4,862,423 03

$1,862,423 03

109




~1

/

[

110

17 1

Suspension o f curtail at Louisville and
Off ic e

B ank

.Veir
Um

Yorlc.

ted

States,

Louisville, February 4, 1S34.

D e a r S i r : Your letter of the 22d ultimo, communicating the instructions
of the parent board, as respects the business of this office, I have received.
It is a subject greatly to be regretted, that the continued hostility of the
administration against the bank should, at this time, make such instructions
necessary; and, I regret the more, as the requisitions required cannot
possibly' be complied with.
When the curtailment was required about the 1st of November last,
on our discounted notes, our situation was very different This office
then held three classes of discounted paper.
1 1st. Notes payable at maturity.
2d. Notes on which ten per cent was required to be paid at cach
renewal; and,
Sd. Notes renewable, on which no calls heretofore have been made.
The first class of those notes 'was all paid in the months of November
and December last, and afforded the means of reducing our local discounts
to the sum required by the parent board; say, §1,800,000.
The second class of notes on which ten per cent, is paid at each renewal,
amounts at this time to about S i, 100,bOO. This class of debts, although
considered ultimately very good, is generally due by a description of
debtors that cannot well bear any greater curtailment; and an attempt to
force payments beyond this rate would, I fear, greatly increase our list of
suspended debts.
The third class of notes amounts to about the sum of $600,000, renewable
at different periods, from sixty days to six months. This description of
notes was generally taken for old compromised debts, real estate sold, &c.,
and is well secured to the bank, either by mortgage or personal security;
but although considered very good, y*fet it would be difficult to force heavy
curtailments on this class of our deb:ors.
It appears that near £300,000 of the second class of notes fall due within
this month, subject on renewal to a call of ten per cent.
1 have been particular in making this statement, that you may at once be
convinced how impossible it would be to reduce our discounted note* by
the first day of March next, to the sum required, say S 1,500,000.
On the receipt of your letter, a special meeting of the board of director*
was called, and the instructions from the parent board submitted to them,
who referred it to a committee, and a report will probably be made in the
course of to-day; a copy of which will be immediately forwarded by the
cashier.
With much respect,
Your obedient servant,
.
JO H N J. JACOBS, President
N icholas B id d l e , Esq.,

President Bank U. Stales, Philadelphia.




Ill

[

1 7

]

# B a s k o f t h e U n ite d S t a t e s , F ebruary 19, 1834.
Your favor of the 4th instant, and the letter to Mr. Jaudon,
from the cashier, of the 6th instant, together with a report of a committee of
the directors of the office, made on the 5th instant, were duly received, and
have bten attentively considered. From the statements made in the com­
munications of the classification and character of the debts, it appears that
the debtors could not he prepared to meet the amount of reduction proposed
in my letter of the 22d ultimo, without considerable inconvenience; and
this the bank is anxious to avoid. You will therefore confine yourself, at
present, to'th e reductions already in progress, of ten per cent, on each
renewal every four months, and of fifteen per ccnt. per annum on the third
class of debt, as suggested in the report of the committee. W henever a
greater reduction can, in the opinion of the bo?rd, be made without injury
or inconvenience to the <!ebtor, the bank relics on its being made; the object
being to diminish the amount of that stationary debt as fast as it can be
done, consi'tcnt with the interest and accommodation of the debtor.
In regard to the wish expressed, to purchase bills of exchange on other
places than New Orleans and the northern Atlantic cities, the board does
not wish to resume such purchases. You will therefore have the goodness
to declinc such purchases, unless in cases where it may be deemed necessary
to secure a pre-existing debt which might otherwise be lost.
bhould, however, any extraordinary case arise, irt which, for the safety
of the bank, or of the debtor of the bank, the president and cashier should
deem it expedient to make an exception to the general practice of purchasing
only on New Orleans and the northern Atlantic cities, such occasional pur­
chases can be made from time to lime.
In such eases, the rate of exchange should be ah alf per cent, above the
present rate.
The rate of exchange with New Orleans seems, on re-examination, to be
not too high; and it is not, therefore, considered desirable to alter the rate
mentioned in my letter of the 22d ultimo.
In thus readily acquiescing in the views of yourself and your respected
colleagues, as to the extent of the reduction proposed, they will perceive
the confidence reposed in their good judgment, and our reliance that if, in
their opinion, more can be accomplished in the collection of the debt, it
will be done.
Very respectfully, yours,
N. B ID D LE, President.
J- J- J acob, Esq.,
•

De a r S i r :

President Office Discount and JDeposife,
Louisville. Ky.

B a n k o f t h e U n i t e d S t a t e s , March 18, 1334.
S ib : In consequence of an application from the Union Committee of
New York, the board have consented to adopt the measures proposed by
the committee, which so far as they relate to your office, you will proceed
to carry into execution.
1st. “ That no diminution, up to the 1st of M ay next, be made in the
present amount of loans and discounts in the city and State of New York,
and if practicable, that an increase be made in the line of domestic bills of
e*change discounted at the office in that city.”




I

i

1

>7 3

1

2

In carrying into effect this arrangement, you will, of course, keep ydur
line of discounts at their present amount. W hether it be immediately prac­
ticable to extend the purchases of domestic bills, must depend on the state
of your funds, and your situation with respect to other banks. In case such
an extension should be deemed practicable, the means must be supplied by
the funds belonging to this bank, and now running to maturity at the office
under the head of “ bills receivable” in your weekly statement, amounting
to more than $500,000, which, as they accrue, may be employed in the
purchase of bills. These purchases it is desirable to confine to short bills
on Philadelphia, Boston, and the neighboring places, whence the amounts
can be easily returned, and not to extend them lo the southern and western
offices, as the bank is at this moment withdrawing its fiwds from those
quarters, and concentrating them on the more exposed points, the bank and
the northern Atlantic offices. The extent of those purchases will, for the
present, be regulated by your receipts from the “ bills receivable,” and such
parts of your present line of local discounts, as it may be thought expedi­
ent by the board to change into the domestic bill line.
The second agreement, is,
That in the accounts between the office and the city banks, the “ office
will not call for payment of such balances as may accrue up to the 1st of
May next, it being understood, that, in case it should so happen, that the
Bank of the United States becomes indebted to the city banks, a similai
forbearance on their part'is to be observed.”
This requires no explanation.
These two engagements are entirely subject to the contingency of being
changed by any “ further hostile action of the Executive, or any unforseen
event.” The board is not disposed to anticipate any obstacle from these
sources, and should such arise, you will be immediately apprised of it.
The only difficulty which may occur, of a local kind, relates to the course
which the city banks may pursue in respect to the office. As the whole of
this arrangement is intended for their accommodation, and that of the com­
munity, we will not presume that the feeling which dictated it, will not be
fully reciprocated by them. Yet a recent occurrence in Philadelphia, makes
it not necessary to say, that there is one course of proceeding towards the
office, which must at once annul the whole of this arrangement. In the
daily exchanges between the office and the city banks, it is of course under­
stood that the whole of the claims of each party on the other are exchanged.
This seems essential to the operations of each, and to the proper under­
standing among them all. Should it, therefore, appear, on proper examina­
tion, that the notes of the Bank of the United States are hoarded by the
city banks, so as to form claims on it, not communicated at the proper
period of mutual exchanges, this will render the operations of the bank so
uncertain, and inspire so natural a distrust in regard to all our relations w ith
the city banks, that you will consider that fact as warranting an im m ediate
cessation of the two stipulations, in respect to the diminution of loans, and
forbearance to the city banks.
Recommending the execution of these measures to the habitual good
judgment and discretion of your board.
I remain, very respectfully, yours,
,
N. BID D LE, President.
I saac L a w r e n c e , Esq.,

President Office Discount and Deposite, N. Y.




113

[ 17 ]

B ank o r t h e U n it e d S t a t e s , March 19, 1834.
S ir : In consequence of an application from the Union Committee, of the

city of New York, I have the pleasure of communicating to you (he instructipns of the board, that your line of local discounts need undergo no
further reduction from its amount, when this reaches you, before the 1st of
May next
Very respectfully, yours,
N. BID D LE, President.
J ohn C. D ev e r e c x , Esq.,
President Office Discount and Deposite, Utica, N. Y.
And the same to
W m. B. R och ester , Esq.,

President Office Discount and Deposite, Buffalo, N. Y.




%

Dr.
.
.
.
•
.
■
.
.
.
.
> .
.
.
.
.
•
.
•
•
•
•
.
•
.
.

.
83,599
3,500
3,695
14,532
2,848
#
1 0 ,10 0

13,534
.
2,583
82,994
28,706
27,481
#
658
6,348
#
48
•
199,630

00
00
37
57
00
00
82
49
46
31
75
35
97
58
67

Cr.

00




.
.
.
.
.
.
.
.
.
.
.
„
.
.
.
.
.
.
.
•
.
.
.
.
.

*»

Bank United States,
Portland, .
Portsm outh,
Boston, .
Providence,
Hartford, .
New York,
Baltimore,
W ashington,
Richm ond,
Norfolk, •
Fayetteville,
Charleston,
Savannah,
M obile, .
New Orleans,
Natchez, .
St. Louis,
N ashville,
Louisville,
L exington,
Pittsburgh,
Buffalo, .
Utica, .
Burlington, .

October 1, 1833.

.
35,010
.
.
113,455
.
.
. .
604
.
.
•
.
.
•
.
2,616
27,413
•
.
25,098
600
379,184

Dr.

Junuury, 1834

72
69
57
10

66
49
38
00
61

$1,097
2,500
40,133
11,865
31,252
1,352
22,100
25,075
16,440
9,360
163,323
80,016
67,748
2,423
1,695
.
9,363
.
10,081
•
495,828

86
00
10

23
41
17
00
63
00
35
14
36
52
42
68
29
17
33

Cr.

*421,557
118
25,511
#
a
,
•
•
746
«
■
.
a
.
•
.
.
.
I .
1,834
.
18,859
758
469,385

13
35
77

94

Dr.

July, 1834.

$677,399
118
.
9,729
.
1,027
.
81,996 22
31,343
.
23,796 79
49,615 60
11,818 61
19,631 52
47,770 0 0
47,738 98
42,095 0 0
57,647 81
700,574 50
154,7^1 58
61,191 91
26,516 26
35,097
.
52,209
•

05
4,178
43
7,0*8
5,046
00
2,319
67 1,263,727

Cr.

L’]
I

Statement showing the balances due to and fro m the office at Cincinnati, at the dates mentioned.

49
35
30
83

OB

76
58

53
02
92
00

25

809,925 39

S tatem en t show ing the balances due to a n d fro m the office a t L exin gton , a t the dates mentioned.
Dr.




. $517,517 81
.
.
.
540
.
.
.
1,265
.
. •
. 36,653 06
,
.
.
5,345 93
.
1,001 71
.
.
.
.
1,665
.
3,597
.
1,274 S9
.
7,612 65
.
.
.
. 11,061 88
' 56,975 76
. 29,120 93
.
.
.
.
775
674,406 67

Cr.

•
<1,973
a
•
5,038
.
•
355
.
.
•
•
634
.
115,o ai
.
.
,
25,899

57
42

49
29
79

148,927 26

llr.

January, 1834.

$284,325
535
845
•
1,645
' 3,070
37,337
14,850
43,639
66,659
6,500
11,000
37,000
29,436
5,010
185,851
35,475
,
22,438
115,303
46,184
#

78
00
00
00
00
87
73
00
46
00
00
00
00
07
46
28
19
58
05

947,106 47

Cr.

Dr.

July, 1834.

Cr.

$216,229 62
•3,743 64
c
.
,
9
#
#
#
121,034 55
22,491 63
147,269 82

*3,782 23
11,858
1,966
755
650
#
3,202
12,818
126,844
137,938
.
8,645
190,445
94,103

01
64
89
68

25,303 88

100 00

00
98
77
96
82
88
58

26,936 92

805,460 83

65,560 84

9,431 82

115

Bank United States, .
Portland, .
.
Portsmouth,
.
Boston, .
..
Providence,
.
Hartford, .
.
N ew York,
.
Baltimore,
.
W ashington,
.
Richmond,
.
Norfolk, .
.
Fayetteville,
.
Charleston,
.
Savannah,
.
M obile, .
.
N ew Orleans,
.
Natchez, •
.
St. Louis,
.
N ashville,
•
Louisville,
.
Cincinnati,
.
Pittsburgh,
.
Buffalo, .
.
Utica, .
.
Burlington,
.

October 1,1833.

Statement thoioing the balances due to and from the office at St. Louis, at the dates mentioned.
Dr.




.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

.

Cr. Dr.

Cr.

Dr. -

July, 1834.

,
$229,938
14,602
21,968
324,434
86,496
575
35,641
7,375

3,317 83

3,578 83
40
99
87
20
39
26
03
00

—

•
.
,
•
•
•
.
,

832 50
3,008 68

•

330 00

,

7,147 47
44,416 72

100,434 10

•

118,748 57

279 09
2,146 12

#192,324
14,633
21,957
229,882
44,951
9,131

.

24
99
10
80
59
55

_

182 48

7,435 00

.

632 50

3,125 43
31,030
36,603
47,967
43,91.3

•

00
01
47
26
7,973 13

26,332 46

120,442 09

#
.

Cr.

$909,369 98

*751,463 42

$734,504 97

•
►
#108,617 39
.
14,602 99
.
11,647 73
. 379,845 69
. 90,795 10
. 24,795 40
.
.
14,491 03
.
70 00
.
.
.
3,2SS 68
m
.
35,330 00
#
.
58,315 93
.
.
49,235 03
.
94,369 33
. 114,321 29
.
23,488 73
.
90,296 20
.
470 91
#
.
1,878 62
.
98 50
.
988,407 45 1,008,440 07
•

January, 1834.

56,121 83
100,651 12

.
.
893,802 31 1,130,830 37

•
.
189 00
571 80

710,088 70

54,117 51
23,138 94
73 81

998,806 18

116

Bank United States
Portland
Portsm outh
Boston .
Providence
Hartford .
New York
Baltimore-.
W ashington
Richmond
Norfolk .
Fayetteville
Charleston
Savannah
Mobile .
N ew Orleans
Natchez .
Nashville .
Louisville
Lexington
CincinnatiPittsburgh
Buffalo .
Utica
.
Burlington

October 1, 1833.

Statement thoteing the balances due to and from the office at Louisville, at the dates mentioned.




Dr.
.

.
.
.
.
.
.

*
-

.

.
.
.
.
.
.

.
.
.
.
.
.
.
.

October 1, 1833.

.
-

.
,
#3 32

23,571
1,134
,
.
3,751
5,087
1,347

59
42
66
17
12

1,473 14

m

77,887 25

.
.

155,903 56
38,780 69
.
21,251 11

Cr.

1,357,608
.
20,804
.
10,804
3,762
.
.
23,110
•
,

Dr.

44

.

#
$4 82
.

03
76
36
72

.
196,069 65

.
,
63,493 96

28,207 12
35,981 03

520 00
•
330,711 03 1,745,842 07

Jumury, 1834.

12,113
14,669
,
79
3,751
5,557

44
43
80
66
17

1,447 12

^

1,543 45
•

156,258 51
120,906 04

43,018 61

Cr.

1,469,793 15
a
s
49,502 55
12,551 44
92,605 29
a
.
30,908 28
#
•
•
•
.
115,932 56

•
.
,

July, 1834.

.
•
•
#917 58
•
•
33,439 71
272 66
1,535 1G
246
741
902
3,574
47,150
6,149

Cr.

$633,664 21

15,405 76
3,835 71

66
25
12
08
24
34

7,831 62

124,781 52

8,502
53,619
43,094
,
•
359,350 05 2,001,231

Dr.

117

#
Bank United States
Portland .
Portsmouth
Boston • ,
Providence
Hartford N ew York
Baltimore Washington
Richmond .
Norfolk .
Fayetteville
Charleston
Savannah M obile .
N ew Orleans
Natchez .
St. Louis .
Nashville .
Lexington
Cincinnati .
Pittsburgh
Buffalo .
Utica
.
Burlington

81
96
22

78

a
•
35,097 76
.
4,013 02
#
•
141,871 40

6,342 62

146,435 16
33,107 50
838,790 96

Statement showing the balances due to and from the office at Pittsburgh, at the dates mentioned.

C
------- —
------ • ______
_

Dr.

Bank United States
Office Portland
Portsmouth
Boston
Providence
Hartford
New York.
Baltimore
Washington
Richmond
Norfolk
Fayetteville
Charleston
Savannah
Mobile
N ew Orleans
Natchez
St. Louis
Nashville .
Louisville
Lexington
Cincinnati
Buffalo
Utica
*
Burlington



.
.

.
•
.
.
.

.

.

.
.
.
.
.

October 1, 1833.

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

.

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
•

Cr.

$344,308 56
195 00

,
•
•
•
$104,577 15
9,329 01
19,142 32

27,583
1,535
5,278
92,431

a
•

26
42
34
90

147 53

•
,

160 00

•
5,469 69

.

41,909
81,172
12,906
25,014
33,121
6,124

•
.

15,141 33
14
34
93
71
45
76

•
338,787 50

a

.
•
10,461
.

Dr.

January, 1834.

.
6,541 43
364 58

m

8,815 00
500,057 86

15
91
94
47
00
00
00
29
10
82
33
05
71
63

1,701 56
4,145 00
•
439,473 30

Cr.

£216,993 07
$2,4 10 00

.
.
4,952 60
25,9S5 87

.

115,152
23,350
23,924
3,562
4,195
1,400
2,050
4,192
35,030
6,475
100,672
34,100
41,983
28,481

July, 1854.

Dr.

$216,174 45

$2 ,1 5 0 00

•

52

Cr.

.

m
9
#
.
.
#
.
,

24 40
200 42
2,869 69
8,261
12,639
7,873
5,451
5,452
3,835
890
670
507
6,168
124
21,197
21,636
29,112
9,431

40
55
82
82
47
00
00
00
29
94
61
69
85
48
82

9,723 63

#

1,095 00
257,933 60

2,413 98
6 ,12S 06
710 00
•
142,501 80

347 49
224,849 05

S tatem en t show ing the balances due to a n d fro m the office a t Nashville, a t the dates m entioned.
Dr. October 1, 1833.

Bank United States
Office Portland .
Portsmouth
.Boston .
Providence
H artford
N ew York
Baltimore
W ashington
Richmond
Norfolk .
Fayetteville
Charleston
Savannah *
M obile .
New Orleans
Natchez .
St. Louie
Louisville
Lexington
Cincinnati
Pittsburgh
Buffalo .
Utica
.
Burlington



.
.
.
.
.
.
.
,
.
.
.
.
.
.
.
.
.

.
.
.
.
.

.
.
.

.
.
.
.
.
,
.
.
•
.
.
.
.*
.
.
.
.

.
.
.
.
.

.
.
.

Cr.

Dr.
*

.

$ 75,006 31

.
398
,
50
.

1,03,586
35,481
4 ,465
14,811

•

.

$ 4,7 07 77
•

.

10 00
95
72
11
18

2,844 20
•

2,364 60

.

149,841 05
2,190 83

,
,
13,914 05

•

•
•

.
•
3,123
•
8,874
•
350
•

64
92
88

.

42,290 03
45,363 40
11,336 25

•

743 91

8,740 00
129 33
1,325 00

.

409,148 96

113,101 57

•

•

33,919
13,492
17,949
7,401
2,416
7,493
1,565
16,054
2,151

.

17
63
26
20
02
20
08
60
62

00

•

•

.
.

44,606 20
45,392 11
24,085 91

•
•
18,071 69
•

•
•
•
.
338
.
9
•
•
#
•

85,493 79

6,61S 58

.
.
.

Cr.

• 128,253 92

•

81,00S 54

1834;

-----------

•

63
00

January,
- -

•

131,840 82

.

30,734 70

•
•

358,904 63

Dr. -

July, 1834.

Cr.

986,262 87

.
.
6,823
.
•
.

94

81,560
2,865
15,135
11,226
17,951
27,325
22,604
48,642
525,197
26,118
14,771
5,089

55
26
83
84
02
62
60
84
83
35
74
48

.
a
a

*1 2 8 50
1,638 54
19,511 99

8,645 82
6,496 96
21,636 85

100 00

.

891,676 77

675 00
58,733 66

C 17 ]

120

Extract of a letter from M. Robinson, Cashier Office Bank United States at Ncu>
York, to S. Jaudotl Cashier, Bank United States, dated September 23, 1833.

“ I should like to know as soon as possible your wishes in respect to the
receipt of branch notes, and more especially branch drafts.”

Extract of letterfrom Cashier Bank United States, to Cashier Office .Veic York.
September 30, 1833.—“ It is not our wish at present to make any

change in our practice of receiving branch notes and drafts, either at the
bank or offices. The drafts are payable here, and form a large part of the
■whole circulation. We have heretofore been disposed to give them a cha­
racter even above that of branch notes, and do not think it politic now to'refuse
them universal receivability. If we do not find the pressure too great, we
shall not decline receiving branch notes until after the meeting of Congress;
and not then, if they interfere, as we think they certainly will, in our be­
half.”
October 1.— “ Our board is very decided in the opinion, that we must
continue, at the bank and all the offices, to receive all our, branch paper
that is offered, as usual. If a change should hereafter seem necessary, it
will be made; but for the present it would be an unwise step.”

Extracts of a letter from Cashier Office .Veto York, to Cashier Bank United States.
October 1.— “ I have your favor of yesterday, and am pleased with your

arrangement with respect to branch notes. I think with you that it would be
impolitic to vary our practice at present Our State banks have always
taken branch notes from' their dealers, with the understanding that they
were to get branch notes to pay their bonds. Do you not mean to stop the is­
suing of five dollar notes and checks? Our branches in this State issue such
large amounts that I should fear they might be collected to their great incon­
venience.”
October 2.— “ I have your favors of yesterday with extract from your
minutes which was read to our board this morning. W hile the board was
in session the Mechanics’ bahk sent to us the branch notes it had received
in payment of bonds yesterday, which brought up the subject of branch
notes generally; resulting in my being directed not to pay out branch
notes at all, to receive them cautiously from our dealers, and not to take
them from banks in any case. Soon after the board broke up the cash­
ier of the Manhattan bank, and the president of the Mechanics’ bank
and bank of America, called to ask if our determination was to refuse
to receive branch notes from them : if so, they thought it would be of great
injury to the public at large, oblige them to send to our branches for specie;
and the probability was that, as it was an act of hostility on our part,
the Government would call on us for its cash balance, indeed intimating in
pretty strong terms that it would do so; they mentioned that several of our
branches were very barely supplied with specie, and that they should, if
they suit, take only specie. They also intimated that our arrangements must
be to take them permanently, not for a specified lime. They wish an an­
swer by return of mail, if possible, or by Saturday morning at furthest.”



121

C 17 ]

Extract of Utterfrom Cashier Bank United Slates, to Cashier office at New York.
October 3.— “ From the tenor of my last letters you will hare inferred

that the bank has determined to make no change in the course of its busi­
ness that can prudently be avoided, and particularly that branch notes should
be received as heretofore. Had it been otherwise, special instructions would
have been sent to you; and until other instructions are sent, we wish you
to receive all the issues of the bank and offices by whomsoever offered. To
this course the bank will no doubt adhere, until its own convenience dictates
the propriety of a different policy.”

Letter from Cashier Bank United States, to Cashier office Boston.
October 3.— “ As the fornjal application respecting branch notes, made by

the State banks at Baltimore and New York that have been employed by
the “ Government” indicate a systematic attempt to open hostilities in every
possible mode, and as a similar application will no doubt be made to you,
I send you below, for your government, an extract from my letter to Mr.
Robinson.”— ( See above this date.)

Letter from Cashier Bank United Slates, lo Cashier office at Baltimore.
Octobcr 3.— “ I received this morning your letter of yesterday, relative to

the formal application made to you by the Union Bank of Maryland, for the
conversion into “ available cash funds” of the notes of the distant offices of
this bank, which it may receive on account of the United States.
As a reply thereto I send you annexed a copy of my answer to-day to a
similar letter to Mr. Robinson. If we had not already determined upon our
policy, I should be disposed to yield to the argument which this organized plan
of the State banks silently, but most evidently conceeds, viz. their inability to
do for the Treasury without our aid, what we have for years been doing as a
matter of course. This admission is worth to us all4that we are in any danger
of losing until Congress restores to us our contract rights. Your letter of
30th ultimo was received, and the queries which it contains, you will have
found fully answered by the resolutions and circular of the 1st inst

Extract oj tellerfrom Cashier office at JVetr' York, to Cashier Bank United Stales.
October 3.— “ I have your favor of yesterday. The circulation of the

Buffalo and Utica branches is not so much as you make it by the amount
we have received this w^ek, amounting to, including five dollar notes, about
#40,000 each. I have for some time back directed our tellers to receive in
deposite from our dealers all the notes of the Utica, Buffalo, and Burlington
offices offered. M r. Devereux of the Utica branch h»s been with me this
morning, and though he has no idea the office will want it, he thinks it pru­
dent to send it #50,000, which I shall do to-day. I wrote to all the northern
&nd eastern offices last evening, informing them “ that from a conversation I
had with the presidents of our three deposite banks, it was not improbable they
mightfor FRASER for specie, urging them to proceed with very great caube called on
Digitized
16
•


tion.” If our branches are not obliged to redeem their drafts on you in
specie, I cannot conceive there is any danger, at any quarter; and if by any
possibility such an amount of our notes should be collected at any point more
than could be at the moment redeemed in specie, the act on the part of our
deposite banks would be deemed one of such wanton hostility that it would
not iujureus. The president and myself gave the parties mentioned in my
letter of yesterday, no hope that you would direct us to deviate from the
path we were pursuing ”
iM terfrom Cashier B ank United Stales, to C ashier office at .Veie York.

October 4.—Your favor of yesterday is received. I regret that your

board should have viewed the question of receiving branch notes in a differ­
ent light from that which strikes us here. If they had an opportunity
'o fb o k in g over the whole ground, as we ha^e, I think they would unite
■ us in the opinion that for the present we ought not to hesitate about re­
with
ceiving all branch paper. Our northern and eastern offices are pretty well
prepared; still I am glad you gave them the warning which your letter
states. We may find it necessary to send back to Boston a part, or perhaps
the whole, of the specie in our special deposite, which was received hy you
from that place some months since. The president of the office is here, and
will see you to morrow, when he will inform you of the sum which he re­
quires.
I look for nothing from the “ Government” but acts of the most violent
and wanton hostility, and if they can dishonor us at any of the small offices,
they will do it-

Extract of a letter to Cashier Bank United States, from Assistant Cashier office at

JVVib York.
October 5.— “ Robert W hite, cashier of the Manhattan Company, ten­
dered about 850,000 in branch notes this morning, which M r. Laurence re­
fused to take, and told M r. W hite that on Monday morning he would say
whether they would lie received or not. Mr. Laurence acted under in­
structions of the board.”

Letter from Cashier Bank United States to Cashier office at JVeio York.
October 5.—“ It may be useful for you to have on paper, what was stated

to you in conversation to-day, by M r. Biddle and myself.
A special committee, consisting, with the president, of eight directors, wm
appointed on the 24th ultimo, to consider what measures it would be proper
to adopt in consequence of the threatened removal of the Government deposites.
«
The propriety of continuing to receive branch notes on deposite, was one of
the first questions that presented itself, and after great deliberation the com*
mittee concluded that no change ought to be made in our practice in this re­
spect. Accordingly, in their report to the board, on the 1st instant, they did
not mention this as a matter requiring any change, although all their reason­
ings went upon the ground that our branch paper
at all oar
offices, as it is at the bank. Had it been deemed advisable to discontinue
he receipt of branch notes, instructions to that effect would have been



w

a s

r e c e i v e d

f r e e l y

123

C 17 ]

given to you on the 1st instant; and until such instructions are given, we wish
you to receive all the issues of the bank anu offices that may be offered to
you, from whatsoever quarter the tender may be made.
It is evident that the reason why several of my previous letters have not
been understood as pointing out this course is, that your practice has been
different from that of the bank, and that when using the phrase ‘ as hereto­
fore,’ we alluded to a course different from that which your office pursued.”

Letterfrom Cashier office at A'rte ForA to the Cashier Bank United States.
October 7.— I have your favor of the 5th instant. I this morning ad­

dressed a note to the several deposite banks, of which the following is a
copy.
“ I am directed to say that the notes of the Bank of the United States and
its branches, received by you on Government account, will be taken in de­
posite at this office. You will please, therefore, to send them in your daily
exchanges.”
The answer to this was the receipt from the Mechanics’ Bank of about
287,000,and the Manhattan Bank of £59,000, just about the amount the banks
gain on us in the exchanges, the balance due from them being 8340,000.
We saved in our discounts on Saturday, S40,000. Since I parted with you
several important matters have occurred to me, which I should have men­
tioned; one is, our taking branch notes will very much facilitate the col­
lections of our State bank balances in your city. It will therefore be very
necessary that you should not exchange your notes for State bank notes, or
accommodate brokers with them; this caution should be given to all the of­
fices, and more particularly to Richmond and Boston. Drafts on us should
also be generally prohibited.
The Hartford office wishes me to send it 840,000 in specie, which I shall
do to day. If 1 can prepare it in time, I will send you a list of the several
offices and the amounts of each, received from the banks to-day.
I am told the direction of the bank to receive branch notes generally, is
very highly approved of by our merchants— many have been in to say so.

Extract of letter from Cathier Bank United Stales to the Cashier of office at Bal­
timore.
%
October 8 .— “ Your letters ol the 7th instant, are received. W e have

heard no reason assigned for the course pursued by the Treasury in drawing
upon your office for 8100,000, and upon this bank for a like sum, both in
favor of the Union Bank of Maryland, except a rumor that an application
had been made by the Union Bank to the Treasury for relief, upon the
ground that the office was pressing upon the State banks. Like most of the
rumors afloat, we suppose that this has no sort of foundation. Our select
committee charged with these matters, have had a meeting since these drafts
upon the cash balances, and have determined, notwithstanding this step,
they will not advise any change in regard to the general receipt of branch
notes.
One of the grounds upon which the committee determined that no refosal to receive branch notes ought to be made was, that the issues of the
offices ought to be paid at the points where the offices had provided the
means, and that their provision having been made at the Atlantic cities prin­




L 17

]

1

2

4

cipally, it was not right to throw their notes back upon them. Thus at
your own office there were running to m aturity, when our exchange table
was last made out, $1,100,000 in bills, remitted to you for collection by
other offices. This is nearly equal to the whole amount of branch notes
received by you this year; and, if our calculations are correct, the amount
of your collections for other offices will fully equal the amount of branch
notes that you will be called upon to receive; and thus your own business
will be left to itself. We take the same view of this subject in relation to
this place, New York, and Boston.”

Extracts from letters from Cashier office at ,Y*tr York to Cashier Bank United
Slates.
Octobers.— “ I have your favor of yesterday with its enclosure. I en­

close a list of the notes yesterday received from the deposite banka; this
day we received about $10,000 from the deposite banks, and g l 5,000 from
all the others, and at our counter yesterday $55,000, making in all $80,000.”
October 9.— “ I have your favor of yesterday.” “ The banks owe us
$370,3S0, we having only received about 820,000 in branch notes from the
banks. Our receipt of branch paper at our counter yesterday was $40,000.
Most of the city banks have sent small amounts of branch notes in their ex­
changes, and it is probable all will in a few days. 1 enclose a list of branch
notes received for the week including M onday, and shall send you a similar
one every week.”
,
October 10.—“ The banks have reduced their balance by this day’s
exchange $130,000 dollars, the difference being principally occasioned by
bank and branch paper, amounting to $120,000, about g60,000 of which
was received from the M erchants’ Bank, and by it from the Mechanics and
Farm ers’ Bank Albany. Our check on the Phoenix Bank will probably
increase the bank balances to-morrow to $500,000.”
October 11.— “ The large amount of branch notes received yesterday
the particulars of which you have herein, came principally from Albany,
the messenger of Ihe banks of that place having arrived from a collcction
expedition to the westward a few days since. W e receive to-day from the
Merchants’ Bank g l 5,000 of branch paper, principally
from the
Mechanics’ Bank of your city; and I take it for granted, as the exchange is
always largely against your city, that all branch notes and drafts will be hoarded
for remittance here. I am fearful your general instructions to the branches
will not be particular enough to protect us now that we receive the bank
and branch notes generally. You do not prohibit their exchanging their
notes for the notes of the State banks where they are situated; now it would
be an easy matter for a State bank, through its friends, lo collect a large
amount of branch notes in exchange for its own, and send them forthwith
to N ew York; in fact great caution in the issues of our notes, at all points,
ought strictly to be enjoined. W e gain on the banks, as I supposed, more
than 8250,000 to-day; they owe us 8500,200.”
Oct. 12.— “ W e only received $18,000 in all, from the State banks to-day,
and at our counter about as much more yesterday.”
Oct. 14.— “ I have your favor of the 12th instant I begin to fear that
our notes are in some way or other kept back, as, although the Bank of Am­
erica received for bonds on Friday, $113,000, and on Saturday, # 1 2 8 , 0 0 0 ,
we got from them in both days, less than 810,000, and all we received from




r e c e iv e d

1

2

5

i

17 3

all the banka this morning, was $21,000. 1 called on the cashier of the
Bank of America, and asked him if he had sent us all the branch notes he
received, and he informed me he had. I cannot think it possible that we
hare received all in the city; but how they are kept back, I cannot imagine,
except the deposite bank brokers buy them up for them .”
Oct. 17.—“ I have nothing particular to communicate to-day, further than
that the banks are in our debt $650,000; the amount of branch notes received
from them this morning, $20,000.”
Oct. 18.— “ W e received from the banks to-day $32,000 in branch paper,
and at our counter yesterday, $18 ,000 .” “ I must confess, I am very much
astonished at the small amount we receive in branch and bank paper; we
are assured, however, by the dcposilc banks, that they send us all they re­
ceive.”
Oct. 19.— “ The banks owe us $610,000; our receipt of bank and branch
paper from the banks, $40 ,000 .”
Oct. 2 2 .—“ The banks are in our debt $590,000. I enclose list of notes
received at our office this week; the amount received from the banks to-day
is *40 ,000 .”
Oct. 24 .— “ W e have received from the banks to-day $45,000, branch
notes; and atour counter, $10,000. The banks owe us $725,000.”
Oct. 25.— “ W e receive from the banks to-day $30,000, in branch paper,
and at our counter yesterday, only about $ 5 ,0 0 0 .”
Oct. 26 .— “ W e have received from the banks to-day $50 ,(KM), in bank
and branch paper, and at our eounter, $8,0 00; $23,000 of the amount was
from the Phoenix Bank, in your notes of $1,000 each.”




Statement o f the affairs o f the Bunk and its Offices, January

Notes discounted.

J»nuary 1, 1832.

Bank United St»tes
Office, Portland




November
December

November

31
26
«<
32
ii
26
28
26
24
20
24
19
20
•«
16
12
24

ft

12

7

19
IS
19
22
27
21
91
30

9,001,315 80
180.128 59
99,853 66
848,936 50
622,596 28
487,517 26
4,662,725 86
2,302,424 79
1,307,458 89
1,103,575 27
730,047 10
677,744 17
3,194,018 45
862,210 02
1,503,678 49
6,467,730 05
884,323 36
564,045 45
2.602,213 17
2,516,085 20
930,415 77
3,262,863 13
1,300,465 90
742,402 57
609,272 20
451,364 61
1,526,414 75
160,753 58
$49,602,577 87

Due in Europe.

2,333,879 19
49,735 92
97,921 65
1,755,390 08
404,373 53
40,859 67
1,353,045 08
277,816 53
150,349 43
665,455 42
225,247 26
146,423 17
375,237 95
194,168 22
153,107 93
1,958,934 35
850,447 07
86,995 95
1,677,927 18
1,183,416 78
1,194,088 06
419,824 81
509,232 66
279,137 37
143,443 24
164,670 81

1,356,080 45

>16,691,129 34

$1,356,080 45

Balances due from
State banks includ­
ing their notes.
1,508,253 50
84,934 81
26,968 50
202,972 64
20,158 91
36,359 11
1,026,124 44
190,038 25
84,708 61
195,000 59
43,272 04
19,276 63
321.720 45
440,910 88
118.720 85
1,057,902 00
75,957 87
39,375 44
16,769 32
153,314 08
202,669 94
109,433 64
103,624 66
30,353 63
7,703 26
$6,116,524 05

126

Portsmouth
Boston
Providence
Hartford
New York
Baltimore
Washington
Richmond
Norfolk
Fayetteville
Charleston
Savannah
Mobile
New Orleans
Natchei
St. Louit
Nashville
Louisville
Lexington
Cincinnati
Pittsburgh
Buffalo
Utica Burlngton
Agency Cincinnati
Chillicothe

December

Domestic bills.

1, 1832.

Statement— Continued.
Balance due to
State banks.

January 1, 1832.
Bank United States
Office, Portland
Portsmouth
Boston
Providence
Hartford
New York
Baltimore
Washington
Richmond
Norfolk
Fayetteville
Charleston
Savannah
Mobile
New Orleans
Natchez
St. Louis
Nashville
Louisville 1
Lexington
Cincinnati
Pittsbui gh
Buffalo
Utica
Burlington
Agency Cincinnati
Chillicothe

•
•
.
•
.
.
.
.
.
.
.
m
.
.
.
.
.
.•
m
.
m
m

.
•
.

m

m

•
.
•

December

•
•

. .
. .
. .
. .
. .
. .
. .
m
. .
. .
. .
. .
. .
. • .
m
m
m
m

. .
•
. .

m

November
December
.
.

8
19

m
m
m

.

31
26
••
22
•«
26
28
26
24
20
24
19
20
«•
16
12
24
12
7

November

15
19
22
27
21
II
30

Cold.

202,938 90
19,550 60
1,645 56
124,651 69
8,788 65
5,753 50
268,358 96
126,836 76
41,487 67
_
18,103 08
140,050 12
133,349 45
28,709 96
3,465 57
532,390 67
14,833 56
6,607 40
44,846 68
27,478 30
170 00
21,351 48
147,947 29
26,224 58
4,547 24
1,015 53

84,780 00
24 25

8195,103 19

8112,204 33

439 73
191 25
1,709 73
.
7,681 34
801 84
15 25
120 11
7,446 04
5,031 00
1
3,333 79
630 00
_
.
m

Silver.

Tota of spe­
cie.

2,726,860 83
70,427 97
50,111 76
328,377 58
102,627 74
28,094 00
664,686 64
228,000 00
54,180 81
/ 97,212 02
111,968 13
17,224 02
271,468 80
376,642 24
145,990 38
509,544 22
57,810 58
136,777 40
160,420 32
212,400 25
91,513 28
107,694 38
31,179 84
105.232 46
67,750 66
72,422 48

2,811,640 83
70,452 22
50,111 76
328,377 58
102,627 74
28,094 00
664,686 64
228,000 00
54,610 54
197,212 02
112,159 38
18,943 75
271,468 80
376,642 24
153,67 1 72
♦510,346 06
57,825 83
136,897 il
167,866 36
217,431 25
91,513 28
111,028 17
31,809 84
105,232 46
67,750 66
72,422 43

*6

936,618 79

Public deposites
including re­
demption of
public debt.
3,381,347 09
136,931 95
26,351 55
1,060,609 16
6S.997 68
41,361 13
3,732,469 85
146,170 52
441,681 77
72,412 98
131,906 09
47,295 24
287,728 71
54,972 10
499,565 82
983,212 79
109,123 40
380,963 89
143,937 92
206.910 72
19,385 35
428,573 19
83.479 52
258,598 74
28 2 1
29,984 21

$7,038,823 12 812,788,046 59

• No account of bullion rendered by any office with the exception of New Orleans, where the amount included in the column of specie it $2,584 02.




Statement o f the affairs o f the B ank and its Offices, A pril

1, 1832.

Notes discounted.

Domestic bills.

Due in Europe.

Balances due from
State banks, includ­
ing their notes.

6,975,350 70
214,680 37
127,140 32
959,245 98
658,457 55
443,916 93
4,838.782 57
2,212,923 37
1,302,704 87
1,189,280 48
813,155 23
678,280 40
3,989,762 32
766,420 12
1,297,769 79
6,846,691 01
1,434,872 41
695,341 25
3,181,709 48
2,590,121 32
1,263,023 64
3,288,200 87
1,269,680 00
650,059 19
439,358 29
422,557 71
1,645,175 14
155,932 64
•48,449,593 95

2,045,671 52
61,658 66
115,439 84
1,451,611 49
381,531 27
50,445 95
997,531 73
289,674 23
192,528 08
702,651 39
296,114 74
199,041 80
972,567 12
695,891 27
1,351,735 66
3.404,702 64
1,329,777 84
71,783 93
2,759.754 93
1,326,749 16
587,903 23
764,301 46
620,759 46
364,520 36
204,504 52
342,248 31
•21,481,100 59

■ 1,687,565 79
_
_
.
.
.
•
.
•
.
•
_

1,340,023 50
72,030 39
41,357 00
156,709 fil
20,381 06
27,983 39
995,355 88
137,574 71
89,841 as
167,600 78
33,266 58
71,930 2.)
176,757 23
558,596 o:!
213,401 '21
1,317,938 69
102,282 60
67,506 50
2^,387 26
387 31
174,689 34
262,180 16
135,782 94
61,218 91
43,926 15
5,938 42
$6,300,643 70

April 1, 1832.

Bank United States
Office, Portland
Portsmouth
Boston
Providence
Hartford
New York
Baltimore
. Washington
Richmond
Norfolk
Fayetteville
Charleston
Savannah
Mobile .
New Orleans
Natchez
St. Louis
Nashville
Louisville
Lexington
Cincinnati
Pittsburgh
Buffalo .
Utica .
Burlington
Agency, Cincinnati
Chillicothe

. .
. .
. .
. .
. .
.
.
. .
. .
. .
.
.
. .
. .
.
.
.
.
.
.
. .
.
.
.
.
.
.
.
.
. .
. .
. .
.
.
.
.
.
.
. .
.
.




.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

.

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

April
March

.

3
26
(4
29
««
26
28
26
24
27
24
26
20
•<
16

)2
8

13
14
IS
19
22
26
22
27
28
21
20

m
m
m

.
_
•
m
_
*
•1,687,565 79

S t a t e m e n t — Continued.
Balances due to
State banks.

April 1, 1833.

Bank United States
Office, Portland
Portsmouth
Boston
•Providence

-

Hartford New York Baltimore Washington Richmond Norfolk
Fayetteville •
Charleston Savannah Mobile
New Orleans Natchez
St. Louis *
Nashville Louisville *
Lexington
Cincinnati •
«
Pittsburgh Buffalo
»
Utica
«
Burlington •
Agency, Cincinnati Chillicothe «




•
.
•
•
•

a

•

•

m
m

m
m

m

-

April 3
March 36
«
«
39
H
36
38
36
34
37
34
36
30
«<
16
13
8
13
14
15
19
23
26
33
37
28
21
20

584,761 13
ly,712 96
6,280 49
74,008 93
16,593 97
2,100 26
155,648 05
146,173 28
.
44,416 31
66,826 97
111,480 76
193,354 30
14,327 46
88,504 16
351,129 58
2,340 81
7,458 19
17,924 11
12,798 33
22,631 97
190,719 41
63,300 70
5,426 48
4,216 86
.

*2,202,135 47

Gold.
9,832 50
46 68
•
.

471 01
634 67
3,948 61
-

-

2,684 45
207 94
20 25
498 39
7,821 32
5,120 53
4,088 23
675 00,
.
.
-

*36,049 58

Bu llion at N ew Orleans, $ 6 0 ,5 1 4 .

Silver.

Total of specie.

Public deposites, includi/ig redemption
of public debt.

2,485,285 38
85,503 63
49,378 96
318,075 50
59,464 45
26,733 00
606,995 35
255,000 00
55,538 60
201,795 71
111,323 84
33,303 87
255,273 62
318,914 96
110,866 32
880,756 68
53,083 99
152,402 53
147,477 95
184,030 18
81,279 67
116,189 83
70,976 93
97,359 39
124,987 47
111,264 32

2,495,117 88
85,550 31
49,378 96
318,075 50
59,464 45
36,732 00
606,995 25
255,000 00
56,009 61
201,795 71
111,958 51
37,252 48
355,273 62
318,914 96
113,550 77
+880,964 62
53,104 24
152,900 92
155,299 27
189,150 71
81,279 67
120,278 06
71,651 93
97,359 39
124,987 47
111,264 32

1,284,600 10
110,430 37
27,981 15
805,729 14
77,333 41
43,597 84
4,013,310 77
242,184 13
866,698 22
96,572 21
119,564 30
16,500 41
180,743 65
59,066 05
375,635 98
509,895 43
92,286 32
279,442 96
119,148 13
141,797 88
11,622 95
326,824 48
73,791 89
33,169 90
839 56
32,164 44

$6,993,261 03

#7,029,310 61

$9,940,931 67

Statement o f the affairs o f the Bank and its Offices, July

July 1, 1832.
Bank United States
Office, Portland

Notes discounted.
June

Portsmouth
Boston
Providence
Hartford
New York
Baltimore
Washington
Richmond
Norfolk
Fayetteville
Charleston .
Savannah
■
Mobile

21
ii

23
27
25
23
19
23
18
19
a
15
11
7
11
13
14
18
14
25
31
26

New Orleans

Natchez
St. Louis
•Nashville
Louisville
•
Lexington
Cincinnati
.
Pittsburgh
Buffalo
Utica
.
Burlington
Cincinnati
Chillicothe

Agency,




30
25
it

20

21

May

31

5,788,280 87
311,262 25
179,520 14
889,514 30
686,510 86
428,067 05
4,609,072 77
1,962,493 52
1,282.989 12
1,067,762 31
871,858 92
652,711 01
3,007,974 24
633,486 16
1,127,959 29
6,366,096 04
1,641,696 31
721,848 41
2,058,168 76
2,482,752 55
1,346,385 85
3,076,125 59
1,193,069 92
733,498 66
559,114 31
433,072 42
1,582,204 88
152,929 14
$45,836,425 65

Domestic bills.

1, 1832.
Foreign bills.

2,039,264 86
98,681 25
73,390 73
1,040,498 15
414.719 79
72,711 42
609.719 00
353,598 93
185,578 78
400,398 26
255,222 38
183,023 62
577.439 03
1,096,428 58
1,170,022 01
6,729,679 88
1,307,606 76
137,519 79
1,853,470 58
1,383,521 34
430,007 44
722,247 94
■609,415 12
383,292 48
204,756 69
247.440 74

630,144 22

822,579,655 55

*630,144 22

Hulunces due from
State banks, includ­
ing their notes.
1,240,560 48
41,656 07
29,704 00
161,054 92
28,8' 4 56
25,829 05
1,66V 96 13
220,78! 81
101,592 26
229,056 94
24,884 52
66,367 72
321,376 59
32*,603 42
104,991 01
1,413,560 13
192,517 57
2 25
74,301 84
15,355 40
160,833 90
191,140 77
177,039 25
91,059 99
31,077 91
3,668 06
*6,939,743 5 s

CO

O

S t a t e m e ift — Continue
Balances due to
Stale banks.

July 1, 1832.

Bank United States
Office, Portland
Portsmouth
Boston
Providence
Hartford
New York
Baltimore
Washington
Richmond
Norfolk
Fayetteville
Charleston
Savannah
Mobile
New Orleans
Natchez
St. Louis
Nashville
Louisville
Lexington
Cincinnati
Pittsburgh
Buffalo
Utica Burlington
Airency, Cincinnati
Chillicothe



June

30
35
k
21

as

May

27
25
23
19
23
18
19
M
15
11
7
U
13
14
18
14
25
21
26
20
21
31

Gold.

740,539 06
12,909 93
2,885 96
72,738 07
11,129 37
4,698-13
527,255 98
144,651 90
57,049 63
40,320 04
98,271 04
46,752 57
5,110 79
84,823 00
194,812 20
2 50
- 9,868 81
20,1'24 37
53,801 80
18,204 10
57,790 47
16,893 15
62 49
719 49

91,755 00
48 61

>3,321,406 85

*119,336 82

461 42
1,154 53
1,800 80
798 96
29? 66
5 00
3,992 98
7,901 38
5,700 70
4,719 78
690 00

Silver.

Total of specie.

Public dcpositt s, incluning redemption
of public debt.

3,874,082 82
56,417 90
48,698 32
344,099 36
80,753 18
26,732 00
581,922 95
386,000 00
50,307 81
209.761 59
127,610 66
30,343 68
232,246 36
299,074 60
109,099 69
614,525 37
53,996 89
184 865 13
205,344 03
211,121 51
99,119 25
141,960 93
71,820 14
120,991 8J
107,640 37
131,213 60

2,965,837 82
56,476 51
48,698 32
344,099 36
80,753 18
26.733 00
581,922 95
386,000 00
50,769 23
209,761 59
128,765 19
32,144 48
232 246 36
299,074 60
109,898 65
614,823 03
54,001 89
188,855 11
213,245 41
216,822 21
99,119 25
146,680 71
72,510 14
ICO,991 83
107,640 37
131,213 60

2,274,807 54
100,977 55
34,461 83
1,04.5,157 90
31,289 35
33,186 76
6,722,188 03
143,210 58
407,642 96
89,334 11
160,120 57
21,409 03
164,271 34
44,616 50
60,527 60
151,016 37
57,369 78
97,675 92
53,208 60
55,857 81
12,768 69
233,396 35
84,717 58
18,003 46
1.827 52
28,252 10

S7,399,756 97

*7,519,083 79

#12,115,415 92

Statement of the affairs of the Bank and its Offices, October 1, 1834.
Notes discounted.

October 1, 1833.
Bank United States
Office, Portland
Portsmouth
Boston
Providence
Hartford
New York
Baltimore
Washington
Richmond
Norfolk
Fayetteville
Charleston
Savannah
Mobile
New Orleans
Natchei
St. Louis
Nashville
Louisville
Lexington
Cincinnati
Pittsburgh
Buffalo
Utica
Burlington
Agency, Cincinnati
Chillicothe

.
.
.

.
.

-

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.
.
.

-

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-

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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
■
.
.
.
.
.

. .
. .
. .
. .
.
.
. .
.
.
.
.
. .
.
.
.
.
. .
. .
. .
. .
. .
.
.
.
. .
. .
.
.
.

.

.

1
Octobcr
September 34
M
28
ft
24
26
24
32
25
33
34
18
n
14
16
6
17
13
30
34
30
<<
*(
35
19
31

30

Domestic bills.

Foreign bills.

5,429,138 61
303.400 93
178,316 26
1,504,733 04
595,345 42
461.040 23
5,986,438 59
2,045,733 63
1,245,109 26
1,177,968 02
798,744 40
711,535 84
3,183,886 35
605,349 96
1,316,767 25
5,728,175 17
1,590,338 27
630,726 93
3,110,266 41
3.394,933 22
1,228,784 53
2,955,180 44
1,178,173 42
629,664 16
511,447 63
373,815 08
1,671,880 38
149,686 04
$46,694,169 46

1,581,802 82
108,928 05
76,912 37
* 936,743 75
452,741 69
60.283 01
888,384 11
259,585 69
186,491 66
260,121 47
230,255 01
164,264 48
294,343 44
278,798 50
530,881 93
4,121,350 02
2,158,821 58
117,925 59
503,234 90
1,531,188 03
650,112 10
534,363 46
519,544 24
313,116 00
1&3.586 84
276,359 91
>10,999,141 04

2,982,197 65

*2,982,197 65

Balances due from
State banks, includeluding their notes.
1,351,317 07
59,408 05
40,866 50
' 291,845 35
34,264 75
22,499 95
2,432,354 49
188,835 59
84,764 28
202,454 95
32,279 52
41,856 00
142,234 66
282,173 86
49,356 48
1,132,664 14
15,567 87
205,673,73
11,155 00
190,746 25
269,800 77
134,336 96
106,1S3 47
63,816 78
4,117 54
#7,590,444 01

Statem ent

Balance, due to
State banks.

October 1, 1832.
Bank United States
Office, Portland Portsmouth •
Boston
Providence •
Hartford •
New York Baltimore •
Washington Richmond Norfolk Fayetteville Charleston Savannah *
Mobile
•
New Orleans
Natchez St. Louis •
Nashville •
Louisville •
Lexington Cincinnati Pittsburgh BuffsUo
.
. Utica
Burlington •
Agency, Cincinnati.
Chillicothe

* October 1
- September 24
<<
28
*
««
•
24
*
26
24
•
23
25
*
33
•
24
18
ii
*
14
•
16
*
6
17
•
12
*
20
*
24
20
•
i«
•«
25
19
•
21
.
.
20




562,504 82
22,745 41
1,846 44
43,748 32
17,691 13
4,875 84
287,578 43
124,195 44
61,666 05
157,127 31
58,532 79
33,185 03
109,707 11
9,110 99
20,754 21
7,121 94
106,233 98
12,656 14
19,802 84
65,714.07
39,084 90
159,144 20
53,043 88
3,075 52
16,696 60

— C ontinued.

Gold.
6,031 14
23 32
.
3,374 45
1,325 33
3,628 48
50,000 00
807 80
539 47
5 00
6,268 73
7,943 82
5,942 13
6,957 80
720 00
-

-

-

-

.
_

-

Silver.
2,215,060 18
37,675 44
51,302 37
438,913 35
194,116 96
26,968 00
562,250 76
316,000 00
46,079 30
216,815 81
123,720 78
26,150 66
317,016 74
311,433 64
161,400 31
1,482 448 13
56,632 71
148,010 08
193,743 66
230,131 47
183,520 65
167,908 67
49,117 05
149.986 26
124,289 51
154,592 11

$93,566 47
*7,985,284 60
$1,997,843 39
• Bullion at New Orleans *15,243 88,

Total of specie. Public deposites, in­
cluding redemption
of public debt.
2,221,091 32
37,697 76
51,302 37
438,913 35
194,116 96
26,968 00
562,250 76
316,000 00
49,453 75
216,815 81
125,046 11
29,779 14
317,016 74
361,433 64
162,208 11
* 1,482,987 60
56,637 71
154,278 81
201,687 48
236,073 60
183,520 65
174,866 47
49,837 05
149,986 26
124,289 51
154,592 11
*8,078,8il 07

3,802,266 41
58,104 53
91,836 95
1,658,172 56
212,333 80
73,428 09
5,307,967 91
397,658 23
703,416 81
103,234 23
169,026 52
45,812 40
77,974 28
29,204 56
66,501 90
305,916 31
77.499 09
145,511 43
84,087 47
43,616 17
16,137 73
278,759 66
16,209 87
30,989 26
9,855 86
55,065 96
$13,860,587 99

Statement of the affairs o f the B ank and its Offices, January 1, 1833.
Notes discounted.

January 1, 1833.




Foreign bills.

Balances due from
State banks, includ­
their notes.

ing

December 31
24
<i
2II
7
24
2J
24
22
18
22
24
18
<1
14
10

6

10
12

13
17

20

26
19
II
November 30

5,155,347 89
1,381,598 38
379.229 03
132,173 55
182,968 07
114,500 49
1,684,317 68
1,179,258 59
564,781 06
468,548 42
474,870 32
52,169 65
5,076,156 13
1,094,531 29
1,854,200 07
176,203 09
1,316,516 40
146,810 87
1,154,395 13
204,661 32
816,212 00
300,290 30
744,024 06
322,172 15
3,060,799 11
764,6^0 28
756,532 41
364,303 72
1,378,002 15
520,446 28
4,721,308 52 - 1,984,504 80
1,462,958 86
2,484,443 05
566,361 24
74,620 48
1,767,179 17
1,787,466 00
2,169,823 29
1,969 411 48
916.230 40
845,426 54
2,834,921 92
512,332 89
1,151,992 75
530,486 42
723,186 10
219.640 63
522,302 18
167,535 71
4U7.300 96
240,885 88
1,640,855 17
144,097 65
870 32 $18,069,043 25

3,106,833 33
.
.
.
.
_
.
•
.
-

_
_
.

3,106,833 33

1,609,497 30
49,937 91
70,389 50
206,123 03
32,294 12
34,172 14
1,217,443 00
166,166 45
86,206 12
183,970 11
20,431 71
37,098 00
213,658 66
108,034 74
89,593 21
896,813 47
156,320 46
46,590 34
18,169 65
182,178 54
232,955 00
156,047 54
101,821 31
58,369 04
5,617 26
*5,979,798 61

134

Bank United States
Office, Portland
Portsmouth
Boston
Providence
Hartford
New York
Baltimore
Washington
Richmond
Norfolk
Fayetteville
Charleston
Savannah
Mobile
New Orleans
Natchez
SC Louis
Nashville
Louiaville
Lexington
Cincinnati
Pittsburgh
BnfMo
Utica
Burlington
Agency, Cincinnati
Chillicothe

Domestic bills.

S ta te m e n t—

Balances due to
State banks.

/anuaiy 1,1833.

-

Bank United States
Office, Portland
Portsmouth -

Boston

Providence
Hartford
New York
Baltimore

December 31

•

24
«<
27
•«
24
25

-

22

•

-

*

.
.

Washington -

Lciington •
Cincinnati Pittsburgh •
Buffalo
-

*

18

-

•

.
-

Louis Nashville Louisville -

-

Utica
Burlington Agency, Cincinnati Chillicothe
.............

.
.
•
.........




_

22

24
18

<<

14
10
6

10
12
13

17
ii
€1
26
19
ii
November 30
20

$2,091,891 49

Silver.

Gold.

1,865,299 61
54,427 30
46,979 25
500,260 89
102,558 80
25,550 00
991,386 88
527,000 00
129,182 94
217,563 49
110.310 00
100,305 52
233,869 21
377,370 11
162,537 59
1,330,186 33
75,090 40
234,279 59
199,608 77
329,059 38
132,740 84
186,803 01
100,209 52
152,779 40
140,717 11
168,216 02

262,810 73
48 82

•
_
_
- _
__
_
3,148 61
.
295 95
3,222 44
_
50,000 00
376 49
4,711 00
5 00
9,527 70
6,379 46
6,082 82

110,000 00
946 62

.
.
.
-

f 457,555 64

$8,494,291 96

♦ Bullion at New Orleans, ( 8 , 3 7 1 .

Total

of specie. Public deposites, in­
cluding redemption
of public debt.

2,128,110 34
54,476 12
46,979 25
500,260 89
102,558 80
25,550 00
991,386 88
527,000 00
132,331 55
217,563 49
110,605 95
103,527 96
233,869 21
427,370 11
162,914 08
• 1,334,897 33
75 ,095 40
243,807 29
205,988 23
335,142 20
242,740 84
187,749 63
100,209 52
152,779 40
140,717 11
168,216 02

5,435.653 82
80,716 16
103,825 76
901,442 47
66,643 50
36,740 21
3,309,539 69
154,556 35
736,230 56
74 615 57
165,395 29
48,431 22
177,467 70
34.390 96
113,827 15
473,180 03
102,997 07
393,358 07
61,183 20
45 8.52 43
18,402 35
252.463 35
9,470 34
31,286 24
13,213 22
29,256 94

135

Richmond Norfolk
*
Fayetteville *
Charleston Savannah
*
Mobile
*
New Orleans
Natchez
St.

24

492,778 59
12,161 17
3,244 34
127,768 73
9,002 14
653 26
176,609 94
93,342 51
83,871 04
.
43,975 36
469,231 99
157,191 29
24,009 83
1,475 10
10,624 69
4,247 72
17,631 35
21,793 28
89,539 50
2,146 65
74,198 77
137,119 95
27,639 12
34 45
11,600 72

Continued.

$8,951,847 60 ------ $12,969,139 ■
r— ------ 65
-----I— J

Statement o f the affairs q f the Bank and its Offices, A pril 1, 1833.
April X, 1833.
Bank United States Office at Portland
Portsmouth Boston
■
Providence Hartford
New York •
Baltimore Washington .
Richmond Norfolk Fayetteville .
Charleston Savannah .
Mobile
New Orleans Natchez *
St. Louis Nashville Louisville Lexington Cincinnati Pittsburgh Buffalo
*
Utica
Burlington •
Agency Cincinnati Chillicothe 


Notes discounted.
April
March

1
25
ft

28
it

25
27
25
23
19
23
25
19
it

February

March

January
March

8
11

28
11
13
14
18
21
26
20
19

20

5,379,218 83
374,435 15
155,077 04
1,006,029 97
565,354 35
465,66.1 15
5,042,851 82
1,686,504 47
1,317,648 24
1,174,080 39
812,264 99
827,079 23
2,509,570 63
609,749 19
968,495 30
4,970,559 74
1,549,376 24
530,066 96
1,509,776 20
2,103,221 87
902,075 51
2,716,922 50
1,134,386 31
668,047 78
462,002 12
353,423 71
1,640,855 17
140,469 43
941,574,306 29

Domestic bills.

Foreign bills.

Balances due from
State banks includ­
ing their notes.

1,630,615 27
121,271 13
111,480 09
1,840,261 87
433,156 09
58,185 94
1,002,127 28
211,567 53
133,577 72
250,926 68
401,603 77
367,783 21
1,174,289 05
927,848 36
1,494,278 18
4,791,521 81
1,825,165 91
90,751 58
2,247,423 33
1,463,814 27
575,791 26
548,431 24
388,593 26
205,470 46
172,033 13
281,755 08

3,942,019 53

1,453,563 10
64,184 52
55,415 12
112,293 76
35,789 30
15,783 48
1,231,725 37
96,798 95
54,488 18
147,133 28
27,777 26
65,896 72
39,017 62
118,682 20
177.578 36
421,741 29
138.579 28
63,442 60
30,099 41
197,563 08
241 725 88
132,868 79
77,131 53
51,890 17
3,808 05

*22,749,733 50

•3,942,019 53

*5,054,977 30

Statem en t

.
.
.
.

.
.
.
.

- April
- March

.
.

.
.
.
i
.
*
*
.
■
»
»
.
*
•
.
,
,

365,745 65
23,093 36
416 84
121,181 69
15,804 69
7,656 31
415,622 18
111,911 26
186,669 57
41,826 09
6,079 40
669,702 29
54,509 85
20,683 31
478,266 74
8,376 01
7,582 07
118,229 29
115,285 89
12,839 82
82,646 24
140,966 81
19,417 63
3,969 38
7,315 42
•
$ 3 ,029,797 79
/
■ —
----

-

Sj.

l t ! _____ 4 V ■

Total of specie. Public deposites ilk
eluding redempt’n
of public debt.
2,433,207 43
103,809 63
46,888 15
603,157 88
22,814 15
38,342 15
2,287,452 3«
125,785 86
541,147 33
95,309 09
132,806 72
38,298 40
111,961 29
52,902 64
159,324 34
412,663 96
211,735 30
775,093 39
72,030 72
28,684 60
33,861 33
270,227 90
57,683 55
35,106 22
7,834 62
32,162 59

$448,106 35 $8,553,555 58 #9,001,661 93
*U 071

$8,730,291 59

3,125 42
1,770 00
1,380 00
.
50,000 00
148 62
806 02
.
11,138 33
5,879 00
6,311 13
110,000 00
1,421 28
2,000 00
.
..

I

Silver.

1,534,575 69 1,788,607 91
60,921 92
60,827 60
49,891 73
49,891 73
574,012 45
574,012 45
108,232 10
108,232 10
24,731 00
24,731 00
1,133,441 67 1,133,441 67
632,000 00
632,000 00
119,613 14
116,487 72
218,071 69
218,071 69
98,201 66
99,971 66
100,523 67
99,143 67
295,696 43
295,696 43
383,011 91
333,011 91
192,649 17
192,500 55
1,333,113 26 •1,333,919 28
72,332 29
72,332 29
281,432 48
270,294 15
199,229 03
193,350 03
316,402 79
310,091 66
111,539 70
221,539 70
166,455 33
167,876 61
113,001 71
113,001 74
160,844 58
162,844 58
153,034 98
153,034 98
198,672 00
198,672 00

254,032 23
94 32

1
25
«.
38
II
25
27
25
.
23
19
.
23
.
25
19
ii
■
a
11
- February 28
- March
11
13
14
.
18
21
«
•
<<
.
26
20
. January 19
. March
20

-------= --- —------ ------------ ----=-------- -»'r.



Gold.

Balances due to
State banka.

April 1, 1833.
Hank United States Officc it Portland
Portvnoutli
Barton
.
Providence .
Hartford
New Yark Baltimore .
Washington Richmond .
NoriWh
Fayetteville Charleston Savannah Mobile
^
New Orleans .
Natchez
*
9*. Louis Nashville .
Louisville Lejtington •
Cincinnati .
Pittsburgh .
Buflalu
Utioa
■
»
Burlington .
Ag’y. Cincinnati - l
“ Chillicothe .

— Continued:

W

Statement o f the affairs o f the Bank and its
Notes discounted.

July 1, 1833.
Bank United States . . . .
July
. . . .
Office, Portland
June
Portsmouth . . . .
Boston .
.
.
.
.
Providence
. . . .
Hartford
.
•■ .
.
New York . . . . .
Baltimore
. . . .
Washington .
.
.
.
Richmond
. . . .
N orfolk.....................................................
Fayetteville
. . .
.
Charleston
. . .
.
Savannah
. . . .
Mobile .
.
.
.
.
New Orleans .
. .
.
Natchez
.
.
.
St. Louis
. . . .
Nashville
. . .
.
Louisville
.
.
.
.
Lexington
. . . .
Cincinnati
. . . .
Pittsburgh
. . . .
Buffalo .
.
.
.
.
Utica .
.
.
.
.
Burlington
.
. .
.
Agency, Cincinnati . . . .
May
Chillicothe . . . .



Offices, July

1
24
II

. 27
It

24
26
24
22
25
22
24
18
•<
14
10
6
17

22
20

17

" 20
it
ii

35
26
31
a

Domestic bills.

6,327,215
510,591
202,623
793,861
654,570
433,395
4,623.122
1,802,460
1,247,925
1,248,786
826,842
798,636
2,078,061
322,539
914,477
4,993,176
1,638,800
479,996
1,414,070
2,124,386
1,036,784
2,562,837
1,116,249
766,253
661,250
463,407

1,654,629
177,070
158,320
3,442,938
548,982
80,222
798,233
193,712
147,381
248,292
282,551
255,092
424,290
780,410
1,199,380
5,431,553
1,679,798
75,222
919,916
946,961
301,476
457,372
464,718
397,568
201,815
408,578
.
-

1, 1833.

53
21
95
31
89
59
33
51
16
07
42
39
27
23
61
82
81
16
64
31
08
03
49
57
98

41

1,517,043 08
134,843 19
#41,693,209 04

16
36
31
08
28
17
30
38
99
45
92
39
01
53
02
46
98
07
37
47
04
68
46
00
21
42

*21,676,688.-j, 51a .
.---= s ■
----..

Foreign bills.
1,911,044 58

-

-

»1,911,044 58

Balances due from
Slate banks, includ­
ing their notes.
1,431,948 30
36,838 63
35,491 00
190 978 ir
21,975 68
39,506 95
1,039,007 1'J
129,347 13
72,538 65
161,543 26
97 ,859 57
65,968 44
132,599 43
80,994 83
106,418 64
492,814 34
291,245 03
75
73,809 99
18,219 47
1 66
197,340 41
215,467 23
217,879 48
95,492 75
20,910 86
29,301 11
6,683 01

(5,292,181 95

S ta te m e n t

Balances due to
State banka.

July 1,1833.
•
•
*
*
•
*
•
«
•
•
•
•
•
•
•
*
.
«
-




• July 1
- June 24
««
37
t«
. 24
*
26
•
24
•
22
•
25
22
24
•
18
•
II
14
•
10
6
•
17
22
*
20
17
•
20
i<
•i
.
25
•
26
• May 31
«
-

Gold.

Silver.

Total of spccie.

— ■
i»
Pubi c deposites, in­
cluding redemption
of public debt.

264,620 93
16,349 17
1,120 51
69,906 86
4,088 05
620 08
199,824 54
124,982 55
58,710 27
545 87
24,174 10
37,861 63
386,489 87
163,804 80
256,800 63
188.590 22
8,318 84
5,930 67
5,437 12
33 ,338 09
2,224 83
293,947 73
79,572 70
35,085 13
9,071 27
11,313 29

318,535 53
22 33
•
*
.
.
.
2,950 93
.
1,154 62
3,101 80
.
50,000 00
89 18
55 81
.
12,185 50
6,016 57
6,019 46
110,000 00
1,669 25
700 00
.
.
.

2,562,226 74
57,633 48
50,874 65
494,564 41
65,081 77
9 42,917 00
1,506,430 51
607,000 00
95,126 75
221,169 52
97,796 78
96,019 52
333,189 38
499,648 00
189,900 45
943,037 26
73,706 90
296,418 01
205,692 17
347,622 00
94,690 92
317,648 16
121,173 27
147,089 67
67,868 99
57,788 78

3,874,762 37
57,655 80
50,874 65
494,564 41
65,081 77
42,917 00
1,506,430 51
607,000 00
98,07 7 68
221,169 52
98,951 40
99,121 32
333,11)9 38
549,648 00
189,989 63
♦943.093 07
73,706 90
308,603 51
211,708 74
353,641 46
204,690 92
319,317 41
121,873 27
147,089 67
67,868 99
57,788 78

1,283,076 75
128,424 99
51,974 16
807,908 28
49,022 32
47,219 31
1,694,303 86
290,855 93
487,005 20
125,264 21
136,544 46
40,010 92
70,969 45
85,532 28
103,770 42
228,563 01
127,966 45
334,220 64
94,497 53
32,050 15
45,028 17
293,873 26
76,974 92
28,107 89
21,784 55
17,147 23

*2,282,729 74

*506,500 97

*9,592,315 09 1 *10,098 816 06

$6,702,096 34

* Bullion at New Orleans, # 4 4 9 .

I

139

Bank United States
Office, Portland
Portsmouth
Boston Providcncc
Hartford
New York
Baltimore
Washington
Hictimftnd
Norfolk
Fayetteville
Charleston
Savannah
Mobile
New Orleans
Natchez
St. Louis
Nashville
Louisville
Lexington
Cincinnati
Pittsburgh
Buffalo
Utica .
Burlington
Agcncy, Cincinnati
Chillicothe

— Continued.

|_J

Statement o f the affairs of the Bank and its Offices, October I , 1S33.
Notes discounted.

October 1, 1833.
Bank United State* .
Office, Portland
m
Portsmouth •
•
ltoston
Providence .
•
Hartford
New York •
.
Baltimore
Washington Richmond .
Norfolk
.
Fjyetteville .
Charleston .
Savannfh
Mobile
.
New Orleans .
Natchei
.
St. Louis
.
N**hville
Louisville .
Lexington .
Cincinnati .
Pittsburgh •
Buffalo
•
Utica .
.
Burlington .
kgency, Cincinnati .
Chillicothe 


.

.
.
.
.

.
•
•
•
•

-

.
•
•

.

-

-

.
.
.
.

-

. .
. .
. .
.
. .
. .
. .
. .
. .
. ' .
. .
. .
. .
-

. September 30
23
1
4
26
H
23
23
23
21
24
21
23
ir
M
13
9
5
16
11
19
23
19
M
M
24
35
31
July
30

.
.
.
.

6,405,962 52
534,441 51
366,516 33
691,940 91
603,366 63
461,228 90
5,411,874 73
3,016,389 94
1,180,317 10
1,280,124 58
854,725 18
804,041 20
2,093,605 63
339,945 07
1,138,838 96
4,587,826 30
1,535,514 11
475,027 46
1,498,153 33
2,348,755 78
1,023,149 49
3,460,333 21
1,069,778 45
650,655 78
539,765 85
387,333 56
1,443,078 95
134,596 19
*43,326,275 42

Domestic bills.

2,005,064 97
283,017 14
163,003 74
3,436,956 39
657,329 75
84,519 27
885,678 93
334,101 44
218,877 67
236,520 91
319,616 18
297,424 89
144,783 40
112,746 37
214,569 48
3,193,059 93
2,299,602 67
' • 89,272 12
186,353 71
930,812 96
353,716 14
324,467 89
363,624 89
300,045 90
218,639 16
325,121 63
_
- .
f 17,867,927 51

due

Foreign bills

Balances
from
State banks, includ­
ing their notes.

2,375,390 23
_
m
.

.

_
_

m
m
m

.
•
•
.
.
.
*
*2,375,390 23 |

.

1,477,149 36
27,777 13
27,706 98
404,218 93
47,691 91
22,477 91
976,473 62
191,991 35
137,528 67
216,200 85
50,086 71
58,348 32
114,193 03
106,723 66
95,680 10
575,635 16
525,818 05
31 30
37,517 65
24,371 51
1 66
240,729 18
246,951 00
826,588 30
118,461 79
67,811 06
29,301 11
3,784 98
(6,051,141 18

S t a t x m b n t — C ontinued.
Balances due to
State banks.

October 1, 1833.
Bank United States
Office, Portland
Portsmouth
Boston
Providcacc
Hertford
New York
Baltimore
Washington
Richmond
Norfolk
Fayetteville
Charleston
Savjuunah
Mobile
New Orleans
Natchez
St. Louis
Nashville
Lewisville
Lexington
Cincinnati
Pittsburgh
Buffalo
Utica Burlington
Agency, Cincinnati
Chillicothe




Sept. 30
33
It

36
u
33

3S
33

31
34
31
33
17
<
4
13
9

' 16
11
5

19
33
19

34
35
31
July 30

Gold.

Silver.

Total of specie.

Public deposites, in­
cluding redemption
of public debt.

3,531,943 63
57,484 68
49,790 95
330,183 01
78,519 88
45,397 00
3,039,059 33
582,000 00
66,310 19
227,795 42
88,823 45
89,703 45
365,357 08
483,707 15
199,300 31
1,271,674 26
119,594 19
265,812 57
293,856 70
164,773 13
80,144 64
375,653 96
135,144 65
92,193 01
76,856 84
48,586 39

2,841,638 43
57,718 05
49,790 95
330,183 01
78,519 88
45,297 00
2,039,059 33
582,000 00
69,226 85
227,795 42
90,639 45
91,513 22
365,357 08
532,707 15
199,519 19
♦
1,271,815 39
119,594 19
278,877 87
299,923 27
170,874 13
190,144 64
377,766 23
135,844 65
92,193 01
76,856 84
48,586 39

1,861,516 44
80.C04 98
57,575 16
1,141,673 52
36,278 86
34,192 93
3,868,437 68
357,532 35
497,009 90
91,610 04
163,598 12
54,196 93
92,513 05
80,296 06
143,119 01
436.317 90
149,873 36
268.318 03
46,165 06
83,682 23
58,988 69
282,467 09
100,776 97
36,335 13
9,829 17
28,283 81

>331,168 38 I
>514,976 84
$10,148,464 67
‘ Bullion at New Orleans, $449.

$10,663,441 51

$10,060,891 44

337,964 94
14,400 39
3,167 67
131,108 37
31,854 65
1,665 14
168,683 63
64,823 87
48,827 53
9,611 68
39,197 29
51,298 65
56,587 06
85,498 47
49,527 39
3,348 74
13,983 87
13,337 70
57,859 85
1,763 91
37,421 58
136,460 04
60,610 88
3,491 18
14,677 01

319,694 80
333 37

2,916 66
1*817 00
1,809 77
50*000 00
318 98
141 13
13,065 30
6>066 57
6,101 00

110,000 00

2,112 26
700 00

%

Statement of the affairs of the Bank and its Offices, January 1, 1834.
Notes discounted.

January 1, 1834.




January
1
December 33
<«
26
it
23
24
23
21
24
21
23
17
24
13
9
5
9
11
19
16
19
26
19
24
IS
November 30

6,538,659 25
456,761 32
835,447 36
1,004,554 15
526,529 85
346,685 13
5,876,583 56
1,740,189 80
1,059,494 66
1,183,987 87
796,740 53
667,100 81
2,018,510 56
280,146 21
1,015,514 33
4,182,601 10
1,309,738 40
434,179 63
1,053,835 05
1,935,419 30
788,244 30
2,262,553 72
922,125 80
563,293 75
305,826 6o
305,765 61
1,263,211 41
135,969 37
*38.609,069 46

1,440,574 00
276,675 30
159,586 56
1,311,480 07
467,136 52
48,692 96
693,372 31
213,855 51
117,370 61
408.532 74
235,209 59
363,515 27
1,017,723 60
321.532 55
432,355 26
2,360,523 88
2,529,279 74
90,166 86
935,988 26
1,165,629 91
495,802 71
589,808 03
137,729 60
189,305 39
108,416 81
192,118 20
*16.302,392 24

Foreign bills.
1,801,669 48

*,

1 801,669 48

Balances due from
State bunks, includ­
ing their notes.

1,049,354 79
15,420 82
24,801 00
224,510 60
31,052 56
32,700 81
1,255,011 80
162,847 16
179,404 49
274,179 87
37,914 34
30,851 50
207,677 57
89,828 07
78,645 89
484,168 56
270,479 44
149 38
40,764 73
37,891 04
110,171 38
58,644 46
152,585 43
92,105 10
49,463 69
29,301 11
21,581 98

142

Dank United States Office, Portland
Portsmouth Boston
Providence Hartford
New York Baltimore Washington Richmond Norfolk
.
Fayetteville Charleston Savannah .
Mobile
New Orleans .
Natchez
St. Louis
Nashville Louisville Lexington .
Cincinnati .
Pittsburgh .
Buffalo
.
Utica
.
Burlington .
Agency, Cincinnati .
CbilVicottre .

Domestic bills.

S t a t e m e n t — Continued.
Balances due to
State banks.

January 1, 1834.

Bank United States Office, Portland
Portsmouth Boston
•
Providence
Hartford
New York
Baltimore
•
Washington Richmond
•
Norfolk
Fayetteville •
Charleston
Savannah
•
Mobile
•
New Orleans Natchez
St.
Nashville
Louisville
Lexington
Cincinnati
Pittsburgh
Buffalo
.
Utica Burlington
Agency, Cincinnati Chillicothe -

Louis

•
-

K.------------------- YVT-.'


January 1
m

Dec.

u

26<
«

•

33
34
33
31
24
21
33
17
24
13
9

«
.
m
m
m

m

m
m

_

5

m
m
m

9
11
19

m

16

m

.
-

23

Nov.

19
26
19
24
18
30

it

Gold.

.

Silver.

Total of specic.

.

.

Public deposites, in­
cluding redemption
of public debt.

2,851 81
_
4,297 55
4,054 17
100,000 00
227 04
389 31
14,014 34
6,015 57
6,405 53
110,000 00
2,594 02
700 00
•
.
-

1,558,057 09
61,819 03
50,219 57
501,184 62
65,642 07
82,861 42
1,848,522 85
401,000 00
145,720 21
228,753 91
168,300 94
76,401 68
229,055 95
545,083 49
329,102 25
1,279,679 61
219,152 96
255,536 34
222,402 91
175,373 06
103,514 80
327,561 26
191,022 47
168,841 79
156,258 81
65,826 21

1,881,686 89
61,982 28
50,219 57
501,184 62
65,642 07
82,861 42
1,848,522 85
401,000 00
148,572 02
228,753 91
172,598 49
80,455 85
229,055 95
645,083 49
329,329 29
1,280,068 92
219,152 96
269,550 68
228,418 48
181,778
213,514 80
329,155 28
191,722 47
168,841 79
156,258 84
65,826 21

792,395 87
55,925 14
43,249 46
235,981 38
31,435 06
77,473 47
756,512 22
140,274 61
170,402 47
88,894 02
107,629 61
63,148 15
175,570 17
59,367 06
48,924 44
673,492 73
144,860 97
213,283 97
47,213 71
33,798 34
66,838 93
253,658 52
45,719 88
19,491 87
19,001 72
54,948 02

$575,342 39

$9,455,895 33

#10,031,237 72

$4,419,491 79

365,418 42
19,700 43
456 69
128,809 87
17,411 37
161,473 69
104,742 01
39,840 86
_
24,315 41
47,533 11
350,731 51
32,659 37
5,960 96
67,855 01
2,279 69
29,453 56
23,040 25
81,980 89
18,679 03
45,358 51
9,570 78
36,382 56
1,519 32
6,951 06

323,629 80
163 25
-

J#l,522,124 36

_
_
.
_

• Bullion at New Orleans, $449.

Statement o f the affairs 0 Ik* Bank and its Offices, April
/

.
.
.
,
.
.
.
.
.
.

. .
. .
. .
.
. .
. .
.
.
.
.
. .
. .

.

.

.

.

.

.

.

.

.
.

-

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

si

.

.

-

.

.

•

•




.

.

.
,
>

4

.

.

.

!

.

•

.

.
.
«

.

.

31
24
««
27
it
24
26
24
22
18
33
24
18
14
10
February 27
10
March
12
13
17
20
27
20
25
19
February 31
November 30
March

.

.

.

1834.

Notes discounted.

April 1, 1834.
Bank United States .
Office, Portland
.
fartMMUth .
Boston
.
. gynrid—rn
.
Hartford
.
Xork
.
JWti»ore
.
Washington .
.
Norfolk
■yftteTirie
CbarUston
M M t
.
'm M i
Hew Orleans
Natche*
■ liMfc
■whuille
MUMvilto
MMftOlk
tim um ub
nM k irgh
.
Buffalo
.
Utica
.
q u r^ to jk
Agency, Cincinnati
.
ChUllcothe

1,

.
.
.

Domestic bills.

Foreign bills.

6,006,662 90
427,986 52
232,418 17
1,235,323 78
447,169 54
291,209 14
5,091,482 56
1,618,943 18
1,055,767 30
1,190.019 39
698,881 74
558,043 52
2,015,489 70
326,548 44
868,016 06
3,701,567 66
1,274,220 50
413.617 88
840,021 89
1,847.012 35
647,617 63
2,015,125 17
908,260 63
526,050 70
284,308 88
261,559 63
1,197,699 62
149,117 43
*36,130,14*1 96

1,127,225 20
315,404 52
130,891 36
960,691 50
550,793 31
31.666 86
940,064 26
203,051 32
31.194 37
490,313 47
204,338 59
173,619 60
1,295,169 21
224.558 67
1,667,654 46
5,184,935 81
1,674,479 78
82,972 22
1,229,531 62
884,636 81
196.036 54
469,759 49
81,410 03
273,960 92
107,760 41
145,325 33
J18.676.675 66

2,255,090 76

„

-

.

82,255,090 76

Balances due from
State banks, includ­
ing their notes.
872,920 20
31,909 58
50,115 47
90,529 86
22,748 86
33,618 04
554,797 21
218,536 44
91,562 37
320,796 52
61,805 77
77,760 88
349,131 41
119,420 28
47,941 13
609,232 84
172,327 94
28,340 26
14,105 56
8,160 00
166,150 83
24,654 95
78,914 88
68,530 55
54,223 42
39,703 94
8.436 93
*4,215,376 lj

!

April 1, 1834.

•

-------------Silver.
■

JL,




•

•
.

•
•

31
34 ■
M
27
u
24
26
24
22
18
22
24
IB
«<
14
10
February 27
March
10
12
13
17
20
27
20
25
19
February 21
November 30

•ublic deposites, in.
chiding redemption
of public debt.

576,942 56
8,625 09
1,392 95
278,803 54
18,147 89
18,775 02
513,082 78
59,088 79
32,040 18
•
18,034 60
13,508 14
112,793 82
37,743 93
15,556 53
45,799 85
22,228 13
40,589 68
19,160 79
81,325 44
9,858 15
37,226 11
28,215 34
19,707 54
2,007 83
9,231 54

336,865 07
.
.
■
'
.
.
_ .
_
3,013 36
_
5,066 95
6,057 77
.
100,000 00
130 41
779 00
.
15,753 11
5,961 20
6,395 99
110,000 00
2,862 37
700 00
.
.

2,459,810 29
61,204 03
47,569 93
429,158 80
116,534 64
81,926 42
1,635,714 18
303,000 00
202,128 60
232,448 12
177,526 25
148,543 45
229,485 59
444,957 52
322,440 62
692,215 02
267,779 37
275,298 19
225,603 65
187,228 90
116,756 84
367,509 05
129,076 62
180,606 78
170,316 10
81,584 57

2,796,675 36
61,204 03
47,569 93
429,158 80
116,534 64
81,926 42
1,635,714 18
303,000 00
205,141 96
232,448 12
182,593 20
154,601 22
229,485 59
544,957 5?.
322,571 03
• 692,994 02
267,779 37
291,051 30
231,564 85
193,624 89
226,756 84
370,371 42
129,776 62
180,606 78
170,316 10
81,584 57

745,390 88
75,224 61
55,022 53
189,039 35
32,154 32
87,991 13
311,839 90
65,287 76
171,900 66
153,587 11
7,994 62
74,973 33
139,116 26
32,806 94
33,464 82
103,938 08
10,430 43
268,813 94
60,485 37
3,716 94
101,779 67
251,258 40
56,671 07
9,825 33
19,605 59
79,064 10

*2,019,886 27

*593,585 23

»9,586,423 53

*10,180,008 76

*3,142,383 14

* Bullion at New Orleans, $449.

[ 17]

Rank United States
Office, Portland Portsmouth
Boston
>
Providence .
Hartford New Vork Baltimore Washington
Richmond .
Norfolk Fayetteville
Charleston Savannah Mobile
New Urlearis
Natchez •
St. Louis Nashville Louisville Lexington Cincinnati •
Pittsburgh Buffalo .
Utica
Burlington Agency, Cincinnati
Chillicothe

Total of specie.

145

__I
- j March
•'
"I
.
*
-

S t a t iv f w t — Continued.
"
■m
>
i
Balances due to
Gold.
State banks.

Statement o f the affairs o f the Bank and its Offices, July

July 1, 1834.

Charleston
Savannah

Mobile
New Orleans
Natchez
St. Louis
Nashville
Louisville
Lexington
Cincinnati
Pittsburgh

Buffalo
Utica
Burlington
Agency, Cincinnati
Chillicothe




Domestic bills.

3,692,618 36 , 1,072,040 91
407,989 20 I
343,826 69
242,092 48
80,331 37
1.294.531 83
1,587,621 16
450,592 68
536,310 74
279,673 34
66,419 44
4,709,391 48
902,917 56
1,994.647 29
184,281 51
1,062,118 04
31,070 97
1,109,447 38
772,877 40
662,233 80
149,487 95
481,551 98
146,932 92
1,714,032 81
1,124,144 82
245,409 79
205,946 85
851,094 30
1,267,709 84
3,493,788 83
3,937,6!3 29
1,049,283 59
2,253,947 02
379,482 34
86,610 51
750,159 49
754,689 49
1.793.532 32
316,942 33
570,800 34
119,186 71
1,916,395 77
173,318 79
878,484 40
21,099 87
526,747 57
199,442 26 '
302,714 91
113,881 50
260,570 41
152,399 10
1,151,867 57
148,666 22

#,

3 4 4 2 3 ,0 2 1 78

#,

16 6 0 1 ,05 1 00

Foreign bills.
3,827,413 03

#,

3 8 2 7 ,4 1 2 03

Balances due from
State banks, includ­
ing their notes.
1,073,303 83
29,964 91
14,631 47
153,776 41
14,539 27
30,190 10
1,240,529 24
172,831 66
69,213 16
29,468 62
32,364 34
62,371 87
391,115 81
14,549 67
77,130 67
358,445 11
79,754 02
351 00
18,769 26
13,324 36
23,745 00
17,118 56
25,670 00
43,493 77
72,530 86
24,254 03
38,703 94
5,739 24

#,

4 130,080 98

146

Bank United States
Office Portland
Portsmouth
Boston
Providence
Hartford
New York
Baltimore
Washington
Richmond
Norfolk
Fayetteville

Notes discounted.

1, 1834.

- *.......

S ta te m e n t

.....




- June
*
•
•
-

•
•
.
•
- May

30
33
<«
26
««
33
24
23
81
- 2*
21
23

1Z.
II

13
9
5
9
11
19
23
19
26
19
24
25
21
31

323.825 91
6,966 55
1 ,339 73

81,937
13,426
5,696
240,646
99,117
48,797
1,306
9,066
77,380
225,774
7.1,024
100,181
633,536
35,954
45,777
13,814
18,146
23,022
54,6.39
12,006

27
39
29
29
99
61
66
83
38
96
10
33
77
71
12
22
45
17
59

14’
5,416 78
1,477 63
4,518 03

$2,156,797 94

’

Silver.

414,405 08
' 242 73
4,916 25
2,223 95
100,000 00
322 80
38,559 97
17,43 5 35
5,906 70
7,091 54
110,000 00
3.2B2 64
700 00
1,000 00
-

4,165,867 79
62,895 57
59,731 76
529,060 89
133,357 95

#706,076 91

512,117,831 02

82,969
1,844,030
380,000
234,829
235,570

65
45
00
38
48

230,235
493,752
292,503
6-15,941
263,636
334,783
215,009

55
69
77
40
20

215,836 68
142,778 97
48
40

219,237 73
197,181 70
425,466 32
210,182 46
230,123 62
179,728 61
93,218 52

* Bullion at New Orleans, *449.

Total of specie.

Public deposites, in­
cluding- redemption
of public debt,

4,580,272 87

90
27
70
96
46
62
61
52

876,920 78
56,614 66
48,167 15
140,197 1.1
30,909 98
81,736 72
250,505 67
78,109 32
179,763 69
95,339 91
2,529 29
49,268 05
139,281 04
26,100 46
27,226 20
38,602 61
13,655 36
270,541 90
45,364 16
2,958 57
38,141 70
234,452 54
73,609 41
8,995 59
15,376 76
61,850 88

912,823,997 93

$2,864,519 53

62,895
59,731
529,060
133,357
82,969
1,844,030
380,000
235,072
235,570
220,752
145,002
230.325
593,752
292,826
•684,501
263,636
352,218

220,915
226,329
307,181
428,728
210,882
231,123
179,728
93,218

57
76
89
95
65
45
00
11
48
93
92
48
40
35
56
77
75

1 47

Bank United States •
Oflicc, Portland •
Portsmouth *
Boston
Providence Hartford New York Baltimore Washington Kichmond Norfolk
Fayetteville Charleston Savannah Mobile
New Orleans
Natchez St. I4ou is Nashville •
Louisville Lexington Cincinnati Pittsburgh Buffalo
Utica
Burl ngton Agency, Cincinnati Chillicothe

# ---------------

Gold.

Balances due to
State banks.

July 1, 1834.

— Continued.

/

Statement o f the affairs of the Bank and its Offices, Septembet 1, 1834.
Notes discounted.

September 1, 1834.

.

.

.
.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.
.

.

-

.
.
.
.
.
.
.
.
.
.
.
.
.
.

.

-

-

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

ti

.

.

.

.

.

.




.

.
.

.
.

.

30
25
«•
31
,<
25
26
25
23
19
21
18
19
13
11
7
11
13
14
18
14
11
19
20
21
31
ii

.

.

.

August
•

.

.

.

May

3,808,164 16
412,997 4.3
240,985 49
1,423,268 01
457,824 27
304,415 91
5,100,779 12
1,925,842 30
1,052,299 79
1,129,337 26
669,152 09
470,117 70
1,656,319 06
183,743 41
895,492 10
3,319,478 10
1,156,616 40
375,488 70
710,393 85
1,784,505 99
639,550 61
1,930,592 39
877,397 81
552,143 05
313,090 58
262,818 35
1,061,746 40
148,666 22
$34,863,326 55

1,256,208 43
361,089 40
108,061 55
1,753,334 58
721,546 01
70,997 55
1,138,033 07
241,625 67
26,438 28
642,888 36
94,992 08
116,079 70
290,624 65
143,638 92
582,044 92
1,595,151 36
2,116,338 86
68,959 22
36,383 60
139,264 67
112,003 67
94,522 82
16,210 22
240,231 30
51,619 00
177,781 01
.

• '
113,196,172 10

Foreign Bills.

.

3,859,820 92
_
.
.

_

-

_

•
-

1
_

_

_
.

_
_

•3,859,820 92

Balances due from
State banks, includ­
ing their notes.
896,008 20
3f>,576 12
16,155 58
362,272 00
35 687 18
28,382 08
697,614 21
138,597 92
68,738 38
16,148 61
21,927 48
49,366 05
539,552 59
4,919 68
89,438 84
67,832 14
52,243 19
12,009 41
11,937 30
21,138 99
11,665 94
14,919 15
67,253 95
76,426 73
26,355 43
38,703 94
5,739 24
*3,427,610 32
.

148

Bank United 8tate* .
Office, Portland
.
Portsmouth
.
Boston .
.
Providence
.
Hartford
.
New York
.
Baltimore
.
Washington .
Richmond
.
Norfolk .
.
Fayetteville
.
Charleston
.
Savannah
.
Mobile
New Orleans Natchez
St. I.onia
Naslivillo
Louisville
Lexington
Cincinnati
Pittsburgh
Buffalo
Utica
Burlington
Agency, Cincinnati
ChiKcotlie

Domestic Bills.

i— i

S ta te m e n t.

'

1

September 1, 1834.

Bank United States
Office, Portland
Portsmouth
Boston

•
*
•
- .
•
.
.
•




* August 30
•
it
-

25

•
.
•
.
.

•

.
*
.
.
.
.

31•
•

35
26
25
23
19
23
18
19
ii
15
11
7
11
13
14
18
14
21
«<
19
20
21
May 31

737,526 79
7,241 70
1,339 73

249.780 97
10,333 22
999 58
542,787 18
133,044 33
89,573 45
127,206 99
15,709 62
87,160 80
152,663 43
34,584 65
2,701 47
151,339 17
22,286 33
41 ,362 40
15,7-17 38
7,123 45
17,355 10
21,552 79
. 11,315 96
1,480 98
5,236 83
11,568 36

$2,499,022 66

Gotd.

Silver.

Tojal of specie.

Public deposites, in­
cluding icilcmption
of public debt.

488,216 51
_
_
23,554 65
.
_
73,431 83
7,000 00
376 75
4,916 25
2,663 15
_
100,000 00
67 06
38,578 75
.
24,772 08
5,689 73
7,400 21
110,000 00
1,441 01
885 39
18,000 00
_

4,018,088 74
68,656 58
66,636 11
394,997 20
107,901 00
• 83,230 00
2,172,704 51
394,000 00
317,383 24
241,618 93
232,213 20
241,647 34
481,397 30

4,506,305 25
68,656 58
66,636 11
418.551 85
107,901 00
83,230 00
2,246,136 34
401,030 00
317,759 99
241,618 93
237,129 45
244,310 49
481,397 30
590,090 26
292,677 44
•828,172 31
261,104 36
413,871 02
232,490 47
250,548 78
301,877 40
514,519 47
206,314 15
269,093 10
175,328 63
104,177 31

293,775 64
53,041 97
87,409 20
136,350 78
29,254 08
81,060 90
206,818 67
77,176 70
176,861 95
102,511 24
3,194 37
102,322 01
145,936 36
28,216 43
28,288 19
30,789 98
12,837 68
251,664 61
42,480 73
2,958 57
41,888 88
235,543 38
81,679 95
10,335 03
22,272 02
59,624 70

$906,993 37

’$12,956,904 62 | $13,863,897 99

$2,344,294 02

•Bullion |24,596 23.

490,090
292,610
789,593
264,104

26
38
56
36

389,098 94
226,800 74
243,148 57
191,877 40
513,078 46
205,428 76
251,093 10
175,328 63
104,177 31

149

Providence
Hartford
New York
Baltimore
Washington
Richmond
Norfolk
Fayettville
Charleston
Savannah
Mobile
New Orleans
Natchez
St. Louis
Nashville
Louisville
Lexington
Cincinnati
Pittsburgh
Buffalo
Utica
Burlington
Agency, Cincinnatti
Chilicothe

-

Balances due to
State Banks.

— Continued

Office a t C incinnati.
Domestic Foreign Due from State Due to State
bills.
bills. banks,includ­ banks.
ing notes.

Notes dis­
counted.
3,262,863
3,288,200
3,076,125
2,955,180
2,834,921
2,716,922
2,562,837
2,460,333
2,262,533
2,015,125
1 ,916,395
1,930,592

13
87
59
44
92
50
08
21
72
17
77
39

419,824
764,301
722,247
534,363
542,332
548,431
457,372
324,467

84
46
94
46
89
24
68
89

589,808 03
469,759 49

173,318 79
94,622 82

-

-

153,314 03 21 ,351 48 3,333 79 107,674 38
174,689 34 22,631 97 4,088 23 116,189 83
160,833 90 18,204 10 4,719 78 141,960 93
190,746 25 39,084 90 6,957 80 167,908 67
182,178 54 74,198 77 946 62 186,803 01
197,563 08 82,646 24 1,421 28 166.455 33
1H7,340 41 293,917 73 1,669 25 317,648 16
240,729 18 37,421 58 2,112 26 375,653 96
110,171 38 45,358 51 2,594 02 327,561 26
166,150 83 37,226 11 2,862 37 367,509 05
17,118 56 54,639 59 3,263 64 425,466 32
11,665 94 21.552 79 1,441 01 513,078 46

Agency at Cincinnati.
December
March
June
September
December
January
May
September
November
February
June
August

21, 1831
21,1832
21, “
21, ••
19, •«
19, 1833
31, “
21, “
30, <«
21, 1834
21, *<
21, ••

.
.
•
.
•
.
-




.
•
•
•
.
.
.
•

.
.
.
.
.
.
.
.
.
*

Total of
specie.

Silver.

from
Notes discounted. Due banks.State
1,526,414 75
1,645,175 14
1,582,204 88
1,671,580 38
1,640,855 17
1,640,855 17
1,517 ,043 88
29,301 11
29,301 11
1,442,078 95
29,301 11
1,263,211 41
1,197,699 62
39,703 94
38,703 94
1,157,867 57
1,061,746 40
38,703 94

I l l ,028
120,278
146,680
174,866
187.749

167,876
319,317
377,766
329,155
370,371
429 728
514,519

17
06
71
47
63
61
41
22
28
42
96
47

Public deposites,
including re­
demption of
public debt.
428,573 19
326,824 48
233,396 35
278,759 66
252,463 35
270,227 90
293,873 26
282,467 0«
253,658 52
251,238 40
2.34,452 41
235,543 38

Jlgency at Chi/linot/ie.
.
1 November 30, 1831
March
20, 18.52
May
31, *•
September 20,
November 30, •<
March
20, 1833
May
31, ••
July
20, •<
| November 30, “
II II
Do
May
31, 1834

•
•
.-

.
.
.
.
.

from
Notes discounted. Due Hanks. S^ite
160,753 58
7,703 26
155,932 64
5,938 42
152,929 14
3,668 06
149,686 04
4,117 54
144,097 65
5,617 26
140,469 43
3,808 05
134,843 19
6,683 01
134,596 19
3,784 98
135,969 37
21,584 98
8,436 92
149,117 43
148,666 22
5,739 24

150

December 15, 1831
March 22, 1832
June
14, “
September 20, “
December 20, “
March 21, 1833
20, “
June
September 19, “
December 19, “
March 20, 1834
June
19, •*
August 14,

Gold.

Office a t New Orleans.
Notes dis­
counted
Dec. >2, 1831
March 12, 1832
June 11, <«
Sept. 16, ««
Dec. 10, •«
March 11. 1833
June 10. l«
Sept. 9,
Dec. 9.
March 10, 1834
June 9, ««
August 11, «<
it

1*

Domestic
bills.

6,467,730 05
6,846,691 01
6,366,096 04
5,728,175 17
4,721,308 52
4,970,559 74
4,993,176 61
4,587,826 20
4,182,601 10
3,701,567 66
3,499,788 83
3,319,478 10

1,958,934 33
3,404,702 64
6,729,679 88
4,121,350 02
1,984,504 80
4,791,521 81
5,431,553 46
3,192,059 92
2,360.5:>3 88
5,184,935 81
3,937,613 29
1,595,115 36

Foreign Due from State ^Due to State
bills. banks, includ­ banka.
ing notes.
1,057.902 00
1,317,9.38 69
1,413,560 13
1,132,664 14
896,813 47
421,741 29
492,814 34
575,635 16
484,168 56
609,232 84
358,445 11
67,832 14

• No account of bullion rendered by any office exccpt New Orleans.
December 12, 1831,
March 12, 1832,
June
11, “
September 16, “
December 10, “
March 11, 1833,
/une
10, "
September 9, “
December 9, “
March 10, 1834,
June
9, “
August 11, “



Gold.

Silver.

532,390 67 801 84 509,544 22
357,129 58 207 94
880,756 68
194,812 20 297 66 614,525 37
7,121 94 539 47 1,182,448 13
10,624 69 4,711 00 1,330,186 3.1
479,266 74 806 02 1,3.33,113 26
188,590 22
55 81 943,037 26
49,527 39 141 13 1 ,271,674 26
67,855 01 389 31 1,279,679 61
45,799 85 779 00 692,215 02
633,536 77 38,559 87 615,911 60
157,339 17 38,578 75 789,593 56

Total spccie.

Public deposites,
including redemp­
tion of public
debt.

*570,346 06
880,964 62
614,82.3 03
1,482,987 60
1,334,897 33
1,333,919 28
943,093 07
1,271,815 39
1,280,068 92
692,994 02
681,501 56
828,172 31

983,212 79
509,895 43
151,016 37
305,916 31
473,180 03
412,663 96
228,563 01
436,317 90
67.3,492 73
103,938 08
38,602 61
30,789 98

The amounts at New Orleans, included in the column of specie, is as follows:
•
- |2,584 02
•
• 60,514 00
•
•
- 15,243 88
- 8,271 00
. 8,271 00
.
449 00
•
•
449 00
•
449 00
•
•
449 00
449 00
- 24,596 23

cn

1 1
LJ

Ofice at Pittsburgh.

Dec. 19, 1831
March 26, 1832
June 25, <4
Sept. 20, II
Dec. 20, II
March 21, 1833
June 20, II
Sept. 19, II
Dec. 26, II
March 27, 1834
June 26, II
Auguit 21 II

1,300,465 90
1,269,680 00
1,193,069 92
1,178,173 42
1,157,992 7J
1,134,386 31
1,116,249 03
1,069,778 45"
922,123 80
908,260 63
878,484 40
877,397 81




509,232 66
620,759 46
609,415 12
519,544 64
530,486 42
388,593 26
464,718 46
363,624 89
137,729 60
81,410 03
21,099 87
16,210 22

-

-

-

-

202,669 94
262,180 16
191,140 77
269,800 77
232,955 00
241,725 89
215,467 23
246,957 00
58,614 46
24,654 95
25,670 00
14,919 15

Gold.

147,947 34 630 00
190,719 41
675 00
57,790 47
690 00
159,144 20 720 00
137,119 95
140,966 81
79,572 70 700 00
136,460 04 ' 700 00
9,570 78 700 00
28,215 34 700 00
12,006 14 700 00
11,315 96
885 39

Silver.

31,179 84
70,976 93
71,820 14
49,117 05
100,209 52
113,001 74
121,173 27
135,144 65
191,022 47
129,076 62
210,182 46
205,428 76

Total specie.

31,809 84 |
71,651 93
72,510 14
49,837 05
100,209 52
113,001 74
121,873 27
135,814 65
191,722 47
129,776 62
210,882 46
206,314 15

Public depo­
sites including
redemption of
public debt
83,479 52
73,791 89
84,717 58
16,209 87
9,470 34
57,683 55
76,974 92
100,776 97
45,719 88
56,67 1 07
72,609 41
81,679 95

MI

Notes dia. Domestic bills. Foreign Due from State Due to State
counted.
banks.
banks includ­
bills.
ing notes.

OJfice a t Burlin% lon.
Notes dis­
counted.

431,364 61 164,670 81
422,557 00 242,248 31
433,072 42 247,440 74
373,815 08 276,359 91
407,300 96 240,885 88
352,421 71 281,755 08
462,407 98 408,578 42
387,332 56 325,121 63
305,765 '61 192,118 20
261,559 63 145,325 33
260,570 41 152,399 10
262,818 35 177,784 01




Foreign Due from Sutc Due to State
bills. banks, includ­ banks.
ing notes.

.
.
.
.

_
.

_
_

-

30,353 63
43,9^6 15
31,077 91
63,816 78
58,369 04
51,890 17
20,910 11
67,811 06
49,463 69
54,223 42
24,254 03
26,355 43

1,015 53
4,216 86
719 49
16,696 60
11,600 72
7,315 42
11,313 29
14,677 01
6,951 06
9.231 54
4,518 03
11,568 36

Qold.

8 ilver.

72,422 48
111,264 32
131,213 60
154,592 11
168,216 02
198,672 00
57,788 78
48,586 39
65,826 21
81,584 57
93,218 52
104,177 31

Total specie. Public deposites,
including redemp­
tion of public
debt.
•
72,422 48
111,264 32
131.213 60
154,592 11
168,216 02
198,672 00
57,788 78
48,586 39
65,826 21
81,584 57
93,218 S3
104,177 31

29,984 21
32,164 44
28,252 10
55,065 96
29,256 94
22,162 59
17,147 23
28,283 81
54,948 02
79,064 10
61,250 88
59,624 70

153

Dec. 31, 183J
March 28, 1832
June 20, do
Sept. 19, do
Dcc. 19, do
March 20, 1833
June 26, do
Sept. 23, do
Dcc. 18, do
March 19, m 4
June 25, do
Aug. 20, do

Domestic
bills.

Office at Utica.

Dec. •27, 1831
27, 1832
June 26, do
Sept. 25, do
Dec. 26, do
Mnrch 26, 1833
June 25, do
Sept 24, do
Dec. 24, do
March 25, 1834
June 24, do
Aug. 19, do
March

Domestic
bills.

609,272 20
539,358 29
559,114 31
511,447 63
522,302 18
462,002 12
661,250 57
539,765 85
305,826 63
284,308 88
302,570 41
313,090 58

143,443 24
204,504 52
204,756 69
163,586 84
176,535 71
172,033 13
201,815 21
218,639 16
108,416 81
107,760 41
113,381 50
51,619 00




Foreign Due from State Due to State
bills, banks, includ­ banks.
ing notes.
103,624 66
61,218 91
91,059 99
106,153 47
101,821 31
77,131 S3
95,492 75
118,461 79
92,105 10
68.530 55
72.530 86
76,426 72

4,547 24
5,426 48
52 49
3,075 52
34 45
3,969 38
9,071 27
2,491 18
1,519 32
2,007 83
1,477 63
5,236 83

Gold.

Silver.

67,750 66
124,987 47
107,640 37
124,289 51
140,717 II
153,034 98
67,868 99
76,856 84
156,258 84
170,316 10
179,728 61
175,328 63

Total spccie. Pub'.’c deposites,
including redemp.
tion of public
debt.
67,750 66
124,987 47
107,640 37
124,289 51
140,517 11
153,034 98
67,868 99
76,856 84
156,258 84
170,316 10
179,728 61
175,328 63

28 21
839 86
1,827 52
9,855 86
13,213 22
7,834 62
21,784 55
9,829 17
19,001 72
19,605 59
15,376 76
22,272 02

154

Notes dis­
counted .

Office a t B u ffalo.

22, 1831
22, 1832
21, “
20, ••
20, •*
21, 1833
20, «
19, "
19, “
20, 183*
19, “
21, ■
>

742,402 57
650,059 19
733,498 66
629,664 16
723,186 10
668,047 78
766,253 49
650,655 78
563,293 75
526,050 70
526,747 57
552,143 05

279,137 37
364,520 36
383,292 48
312,116 00
219,640 62
205,470 46
397,568 00
30,045 90
189,305 39
273,960 92
199,442 26
240,231 30




Foreign Due from Due to State
bills. State banks, banks.
including
notes.
109,433
135,782
177,059
134,236
156,047
132,868
217,879
236,588
152,585
78,914
43,493
67,253

64
94
25
96
54
79
48
30
43
88
77
95

26,224
63,300
16,893
53,043
27,639
19,417
35,085
60,610
36,382
19,707
5,416
1,480

58
70
15
88
12
63
13
88
56
54
78
98

Gold.

Silver.

105,232 46
97,359 39
120,991 S3
149,986 26
152,779 40
2,000 00 160,844 58
147,089 67
92,193 01
168,811 79
180,606 78
1,000 00 230,123 62
18,000 00 251,093 10

Total specie. Public deposites,
including rcdenp •
tion of public debt.
105,232
97,359
120,991
149,986
152,779
162,844
147,089
92,193
168,841
180,606
231,123
269,093

46
39
83
26
40
58
67
01
79
78
62
10

258,598 74
33,169 90
18,003 46
30,989 26
31,286 24
35.106 22
28.107 89
36.335 12
19,491 87
9,825 33
8,995 59
10.335 03

991

Dec.
March
June
Sept.
Dec.
March
June
Sept.
Dec.
March
June
Aug.

Domestic
bills.

r « ]

Notes dis­
counted.

Office at Lexington .

•
Dec.
March
June
Sept.
Dec.
March
June
Sept.

June
Aug.

Domestic bills. Foreign Due from Due to State
bills. State hanks, banks.
including
notes.

930,415 77 1,194,088 06
1,263,022 64 587,903 23
1,346.385 85 430,007 44
1,228,781 53 650,112 10
916,230 40
845,426 54
902,075 51
575.791 26
1.036,784 31
301,476 04
1,023,149 49 331,716 14
495,802 71
788.244 30
196,036 54
647,617 68
570,800 34
119,186 71
639,550 61
112,003 67




•
•
_
„
m
m

•

387 31
•
m
.
.
.

1 66
1 66
8,160 00
25,74.5 00
21,138 19
.

170 00
.
2.146 65
12 839 82
2,224 83
1.762 91
18.679 03
9,838 15
23,022 17
17,355 10

Gold.

•

110,000 00
110,000 00
110,000 00
110,000 00
110,000 00
110,000 00
110,000 00
110,000 00

Silver.

91,513 28
81,279 67
99,119 25
183,520 65
132,740 84
111,539 70
94,690 92
80,144 64
103,514 80
116,756 84
197,181 70
191,877 40

Total specie. l'ublic deposites,
including redemp­
tion of public debt.
91,513 28
81,279 67
99,119 25
183,520 65
242,740 84
221,539 70
204,690 92
190,144 64
213,514 80
226,756 84
307,181 70
301,877 40

19,385 36
11,622 95
12,768 69
16.137 73
18,402 35
33,861 33
45.028 17
5*1,988 69
66,838 93
101,779 67
38,141 70
41,988 88

156

Dec.
March

19, 1831
19, 1832
15, M
24, •«
4
i r. 1
18, 1833
17, M
<
23, •
16, II
17, 1834
II
23, I*
18,

Notes dincounted.

Office a t St. Louis.
Notes dis­ Domestic bills. Foreign Due from State Due to State
banks includ­ bank*.
bills.
counted.
ing notes.
Dec. 12, 1831
March IS, 1833
June 11, Cl
Sept. 17, •(
Dec. 10, «<
March 11, 1833
June 17,
Sept. 16,
Dec. 9, «(
March 10, 1834
June 9,
Aug. 11,
<1

<1

it

564,045 45
695,341 23
721,848 41
630,726 92
566,361 24
530,066 0*
479,996 81
475,027 46
434,179 63
413,617 88
379,482 34
375,488 7.0




86,995 95
71,783 93 . 137,519 79
117,925 59
74,620 48
90,751 58
75,222 07
89,272 12
90,166 86
82,972 22
86,010 51
68,959 22
-

-

2 25
-

-

-

-

-

-

-

-

75
21 30
149 38
■
351 60
-

6,607
7,458
9,868
12,656
17,631
7,582
5,930
13,982
29,453
40,539
45,777
41,362

40
19
fil
14
35
07
67
87
56
68
12
40

Gold.

120 11
498 39
3,992 98
6,268 73
9,527 70
11,138 33
12,185 50
13,061 30
14,014 34
15,753 11
17,435 35
24,772 08

Silver.

136,777 40
152,402 53
184,865 13
148,010 08
234,279 59
270,294 15
296,418 01
265,812 57
255,536 .14
275,298 19
334,783 40
389,098 94

Total spccic. Public deposites
including re­
demption of
public debt.
136,879 51
152,900 92
188,855 11
154,278 81
243,807 29
281,432 48
308,603 51
278,877 87
269,550 68
291,051 30
352,218 75
413,871 02

380,963
279,442
97,675
445,511
393,358
775,093
334,226
268,318
213,283
268,318
270,541
251,664

89
96
92
43
07
.19
64
03
97
03
90
61

Office at Louisville.

December 8, 1831
March
15, 1832
If
June
U, <1
September 90, if
December 13,
March 14. 1833
June
September 19, 14
December 19.
March 13, 1834
June
19, It
August 14, II

Domestic
bill*.

2,516,083 20
2,590,121 32
2,482,752 55
2,394,933 22
2,169,823 29
2,103,221 87
2,124,386 64
2,348,755 78
1,935,419 30
1,847,012 35
1,793,532 32
1,784,505 99

1,183,416 78
1,326,749 16
1,383,521 34
1,531,188 02
1,969,411 48
1,463,814 27
946,961 47
930,812 96
1,165,629 91
884,636 81
316,942 33
139,264 67




Foreign Due from State Due to State
bills. banks, includ banks.
mg notes.
16,769
24,387
15,355
11,155
18,169
30,099
18,219
24,371
37,891
14,105
13,324
11,937

Gold.

Silver.

Total specie. Public deposites,
including re­
demption of
public debt.

32 27,478 30 5,031 00 212,400 25 217,431 25
26 12,798 33 5,120 53 184,030 18 189,150 71
40 53,804 80 5,700 70 211,121 51 216,822 21
07 65,714 07 5,942 13 230,13 1 47 236,073 60
65 89,539 50 6,082 82 329,059 38 335,142 20
41 115,285 89 6,311 13 310,091 66 316,402 79
47 33,338 09 619 46 347,622 00 353,641 46
51 57,859 85 6,101 00 164,773 13 170,874 13
04 81,980 89 6,405 53 175,373 06 181,778 59
56 81,325 44 6,395 99 187,228 90 193,624 89
56 18,146 45 7,091 54 219,237 73 226,329 27
30 7,123 45 7,400 21 243,148 57 250,548 78

206,910 72
141,797 88
55,857 81
43,616 17
45,852 43
28,684 60
32,050 15
83,682 22
33,798 34
3,716 94
2,958 57
2,958 57

168

Notes dis»
counted.

Office at Nashville.

«•
(1

««

2,602,213 17
2,181,709 48
2,058,168 76
2,110,266 41
1,767,179 17
1,509,776 20
1,414,070 16
1,498,152 23
1,053,355 05
840,021 89
750,159 49
710,393 85




1,677,927
2,759,754
1,853,470
503,234
1,787,466
2,247,423
919,919
186,353
935,998
1,229,531
754,689
36,383

18
93
M
90
00
38
37
71
26
62
49
60

39,375 44
67,506 50
74,301 84
105,673 73
46,590 34
63,442 60
73,809 99
37,517 65
40,764 73
28,340 26
18,769 26
12,009 41

44,846 68
17,924 11
20,124 37
19,802 24
21,793 28
118,829 29
5,437 12
13,337 70
23,040 25
19,160 79
13,814 22
15,747 38

Gold.

7,446
7,821
7,901
7,943
6,379
5,879
6,016
6,066
6,015
5,961
5,906
5,689

04
33
38
82
46
00
46
57
57
20
70
73

Total of
specie

Silver

160,480
147,4-17
205,344
193,743
199,608
193,350
205,692
293,856
222,402
225,603
215,009
826,800

32
95
03
66
77
03
17
70
91
65
20
74

167,866
155,299
213,245
201,687
205,988
199,229
811,708
299,923
231,564
220,915
232,490

CO

•«

Foreign Due from State Due to State
bills. banks, includ- banks.
their notes.

la

December 7, 1831
March 14. 1832
13.
June
September 12,
December 12,
March 13, 1833
22,
June
September 11, i*•
December 11, t
March 12, 1834
June
H . it
August 13, H

Domcttic
bills.

*0

Notes dis­
counted.

36
27
41
48
23
03
74
27
48
85
90
47

Public deposites.
including re4emption of
public debt.
143,957
119,148
53,208
84,087
61,183
7,230
94,497
46,165
47,213
60,485
45,364
42,480

92
13
60
47
20
72
53
06
71
37
16
73

r —l

\

Office at Natchez.
—

No' es dis­ Domestic bills. Foreign Due from State Due to State
counted.
bills. banks, includ- banks.
notes.
24, 1831
8, 1832
7, “
6, “
6, “
28, 1833
6, 5, “
5, "
27, 1834
5, *•
7, “

884,323 36
1,434,872 41
1,641,696 31
1,590,238 27
1,462,938 86
1,549,376 24
1,638,800 82
1,535,514 11
1,309,738 40
1,274,220 50
1,049,283 59
1,156,616 40




850,447 07
1,329,777 84
1,307,606 76
2,158,821 58
2,484,443 05
1,825,165 91
1,679,798 98
2,299,602 67
2,329,279 74
1,674,479 78
2,253,947 02
2,116,338 86

_
_
_
_
_
_
x_
_
-

75,957 87 14,833 56
102,282 60
2,340 81
192,517 57
2 50
15,567 87 106,233 98
156,320 46
4,247 72
138,579 28
8,376 01
291,245 03
8,318 84
525,818 05
3,348 74
270,479 44
2,279 69
172,357 94 29,223 12
79,754 02 35,934 72
52,243 19 22,286 33

15 25
20 25
5 00
5 00
5 00
-

_
_
_
“

—

-

Silver.
57,810 58
53,083 99
53,996 89
56,63*2 71
75,090 40
72,332 29
73,706 90
119,594 19
219,152 96
267,779 37
263,636 77
264,104 36

: —

Total specie. Public deposites, i t
including re­
demption of
public debt.
57,825 83
53,104 24
54,001 89
56,637 71
75,095 40
72,332 29
73,706 90
119,394 19
219,132 96
267,779 37
263,636 77
264,104 36

109,123 40
92,286 32
57,369 78
77,499 09
102,997 07
211,735 30
127,966 43
149,873 36
144,860 97
10,430 43
13,655 36
12,837 68

<
—
g

160

Nor.
March
June
Nov.
Dec.
Keb.
June
Sept.
Dcc.
Feb.
June
August

Gold.

Office a t M obileNote* dis­
counted.
Dee.
March
June
Sept.
Dec.
March
June
Sept.
Dec
March
June
Aug.
« =

16, 1831
16, 1832
15, tl
U. If
14, ft
8, 1833
14, M
13, ff
13, U
14, 1834
1.1, ff
15, If

1,503,678 49
1,297,769 79
1,127,959 29
1,316,767 25
1,378,002 15
968,495 30
914,477 23
1,138,828 96
1,015,514 33
868,016 06
851,094 30
895,492 10




Domeitic bill*. Foreign Due from Due to State
bills. State banks banks.
including
notes.
153,107 93
1,351,735 66
1,170,022 01
530,881 93
520,546 28
1,494,278 18
1,199,380 02
214,569 48
432,355 26
1,667,684 46
1,267,709 84
582,044 92

3,465 57
118,720 85
213,401 21 88,504 16
104,994 01 84,823 00
49,356 48 20,754 21
1,475 10
89,593 21
177,578 36 20,683 31
106,418 64 256,800 63
95,680 10 85,498 47
5,960 96
78,645 89
47,941 13 15,556 59
77,130 67 100,181 33
2,701 47
89,438 84

Gold.

Silver.

7,681 34
2,684 45
798 96
807 80
376 49
148 62
89 18
318 98
227 04
130 41
322 80
67 06

145,990 38
110,866 32
1-09,099 69
161,400 31
162,537 39
192,500 55
189,900 45
199,200 21
329,102 25
322,440 62
292,503 55
292,610 38

Total specie. Public deposites,
including redemp­
tion ofpublic
debt.
153,671
113,550
109,898
162,208
162,914
192,649
189,989
199,519
329,329
322,571
292,826
292,677

72
77
65
11
08
17
63
19
29
03
35
44

499,565 82
375,635 98
60,527 60
66,501 90
113,827 15
159,324 34
103,770 42
143,119 01
48,924 44
33,464 82
27,226 20
28,288 19

Office a t Savannah.
Note* dis-,
coanted.

20, 1831
20, 1832
19, 11

December
March
June
September 18,
December 18,
March
J>oe
18,
September
December 24,
March
June
August
19,

“
'*

19,1833
"
17, “
*'
18,1834
17, “
“

862,210
766,420
633,486
605,349
756 532
609^749
322,539
339,945
280,146
326,548
245,409
183,743




02
12
16
96
41
19
27
07
21
4t
79
41

Foreign Due from State Due to State
banks.
banks, includ­
bills.
ing notes.

Domestic
bills.

194,168
695,891
1,096,428
278,798
384 303
927,848
780,410
112,746
321,532
224,558
205,946
143,638

22
27
58
50
72
36
53
37
55
67
85
92

440,910
558,592
326,605
282,173
108,034
118,682
80,994
106,72J
89,828
119,420
14,549
4,919

88
03
42
86
74
20
83
66
07
28
67
68

28,709
14,327
5.110
9.110
24,009
54.509
163,804
56,587
32.659
37,743
73,024
34,584

96
46
79
99
83
85
80
06
37
93
10
65

Gold.

50.000
50.000
50.000
50.000
50.000
100,000
100,000
100,000
100,000

Total specie.

Silver.

376,642
318,914
299,074
311,433
377,370
333,011
499,648
482,707
545,053
444,957
493,752
490,090

24
96
60
64
11
91
00
15
49
52
40
26

376,642 24
318,914 96
299,074 60
361 433 64
427,370 11
383,011 91
549,648 00
532,707 15
645,083 49
54-1.957 52
593,752 40
590,090 26

Public deposites,
including re­
demption of
public debt.
54,972
59,066
44,636
29,204
34,390
52,902
85,532
80,296
59,367
32,806
26,100
28,216

10
05
50
56
96
64
28
06
06
94
46
43

Office a t Charleston.
Notes dis­
counted.

December 20,1831
20,1832
March
19, •«
June
September 18, “
December 18, “
19,1833
March
18, “
June
September 17, “
December 17, “
18, 1834
March
Jone
17, “
19, “
August

3,194,018 45
2,989,762 32
3,007,974 24
3,182,886 35
3,060.799 1
1
2,509,570 63
2,078,061 39
2,093,605 63
2,018,510 56
2,015,489 70
1,712,032 81
1,656,219 06




Domestic
bills.

Foreign Due from State Due to State
bills.
banks, includ­
banks.
ing notes.

375,237 95
972,567 12
577,439 03
294,343 44
764,630 28
1,174,289 05
424,290 01
141,782 40
1,017,723 60
1,295,169 21
1,121,144 82
250,624 65

-

.
.
.
-

_
.
.
_
_______

'

321,720 45 133,349 45
176,757 23 193,354 30
324,376 59
46,752 57
142,234 66 109,707 11
213,658 66 157,191 29
39,017 62 666,702 29
132,599 42 386,489 87
114,193 03
51,298 65
207,677 57 250,731 51
349,131 41 112,793 82
391,115 81 255,774 96
1 559,552 59 152,663 43

Gold.

.
_
_
.
.
-

.
.
.

Silver.

271i468 80
255,273 62
232,246 36
317,016 74
233,869 21
295,696 43
333,189 38
365,357 08
229,055 95
229,485 59
. 230,23.5 48
1 481,397 30

Total specie.

Public deposites,
including- re­
demption of
public debt.

271,468 80
255,273 62
232,246 36
317,016 74
233,869 21
295,696 43
333,189 38
365,357 08
229,055 95
229,485 59
230,235 48
481,397 30

287,728 71
180,743 65
164,271 34
77.974 28
177,467 70
111,961 29
70,969 45
92,513 05
175,570 17
139,116 26
139,281 04
145,936 36

Office at Fayetteville.
Notes dis­
counted.

Dec.
March
June
Sept.
Dec.
March
June
Sept.
Dee.
March
June
August

19, 1831
26, 1832
18, “
24, “
24, “
25, 1833
24, “
S3, «
23, “
24, 1834
23, *
«
18, “

677,744 17
678,280 40
652,711 01
711,535 84
744,024 06
827,079 23
798,636 42
804,041 20
667,100 81
558,043 52
481,551 98
470,117 70




Domestic
hills.

146,423 17
199,041 80
183,023 62
164,264 48
322,172 15
367,783 21
255,092 39
297,424 89
363,515 27
173,619 60
146,932 92
116,079 70

Foreign Due from State Due to State
bills.
banks, includ­
banks.
ing notes.

-

19,276 63
71,930 23
66,367 72
41,856 0 0
37,098 00
65,896 72
65,968 44
58,248 32
30,851 50
77,760 88
62,371 87
49,366 05

140,050 12
111,480 76
98,271 04
33,185 03
469,231 99
6,079 40
37,861 63
39,197 29
47,533 11
13,508 14
77,380 38
87,160 80

Gold.

Silver.

1,709 73
3,948 60
1,800 80
3,628 48
3,222 44
1,380 00
3,101 80
1,809 77
4,054 17 j
6,057 77 1
2, '223 95
2,663 15 j

17,224 02
33,303 87
30,343 68
26,150 66
100,305 52
99,143 67
96,019 5 2
89,703 45
76,401 68
148,543 45
142,778 97 i
241,647 34 j

Total specie.

18,943
37,252
32,144
29.779
103,527
100,523
99,121
95,513
80,455
154,601
145,002
244,310

75
48
48
14
96
67
32
22
85
22
92
49

:
Public deposites,
including redemp­
tion of public
debt.
47,295 24
16,500 41
21,409 03
45,812 40
48,431 22
38,298 40
40,010 92
54,196 92
63,148 15
74,973 33
49,268 05
103,322 01

-1
,__ _

*-

Office a t N orfolk.
Notes dis­
counted.

Dec.
March
June
Sept.
Dec.
March
June
Sept.
Dec.
March
June
August

24, 1831
24, 1832
23, II
22, a
22, 1 4
23, 1833
22, II
21, II
21, II
22, 1834
21, II
23, I t

730,047
812,155
871,858
798,744
816,212
812,264
836,842
854,725
796,740
698,881
663,233
669,152

10
23
92
40
00
99
07
18
53
74
80
09




Domestic
bills.

225,247 26
296,114 74
255,222 38
230,255 01
300,290 30
401,603 77
282,551 92
319,616 18
235,209 59
204,338 59
149,487 95
94,992 08

Foreign Due from State Due to State
bills.
banks, includ­
banks.
ing notes.

-

-

-

"

|

43,272 04
33,266 58
24,884 52
32,279 52
20,431 71
27,777 26
97,859 57
50,086 71
37,914 34
61,805 77
32,564 34
21,927 48

18,103
66,826
40,320
58,532
43,975
41,026
24,174
9,611
24,315
18,034
9,066
15,709

08
97
04
79
36
09
10
68
41
60
83
62

Gold.

191 25
634 67
1,154 53
1,325 33
295 95
1,770 00
1,154 62
1,817 00
4,297 55
J,066 95
4,916 25
4,916 25

Silrer.

111,968
111,323
127,610
123,720
110,310
93,201
97,796
88,822
168,300
177,526
215,836
232,213

Total specie.

13
84
66
78
00
66
78
45
94
25
68
20

112,159
111,958
128,765
125,016
110,605
99,971
98,951
90,639
172,598
182,593
220,752
237,129

38
51
19
11
95
66
40
45
49
20
93
45

Public deposites,
including redemp­
tion of public
debt.
131,906
119,564
160,120
169,026
165,395
132,806
136,544
163,598
107,629
7,991
2,529
3,194

09
30
57
52
59
72

46

12
61
62
29
37

Office a t R ichm ond.
Notes discount­
ed.

r .i U J .

1,103,575
1,189,280
1,067,762
1,177,968
1,154,395
1,174,080
1,248,786
1,280.124
1,183,987
1,190,019
1,109,447
1,129,537

T . -----------




27
48
31
02
13
39
16
58
87
39
38
26

665,445 42
702,651 39
4(10,398 26
260,121 47
204,661 32
250,926 68
248,292 45
256,520 91
408,532 74
490,313 47
772,877 40
642,888 56

Foreign
bills.

_
•

_
•

.
’

Due from State
banks, includ­
ing notes.

195,000 59
167,600 78
229,056 94
202,454 95
183,970 11
147,133 28
161,543 26
216,200 85
274,179 87
320,796 53
29,468 62
16,148 61

Due to State
banks.

.

_
157,127 31
-

_

545 87

_
_
.

1,306 66
107,206 99

Gold.

Total specie. Public deposites,
including re­
demption of
public debt.

Silver.

197,212
201,795
209,761
216,815
217,563
218,071
221,169
227,795
228,753
2.12,448
235,570
241,618

02
71
59
81
49
69
52
42
91
12
48
93

197,212
201,795
209,761
216,815
217,563
218,071
221,169
227,795
228,753
232,448
235,570
241,618

02
71
59
81
49
69
52
42
91
12
48
93

72,412 98
96,572 21
89,334 11
103,234 23
74,615 57
95,309 09
125,264 21
91,610 04
88,894 02
153,587 1
1
95,239 91
102,511 24

166

December 20,1831
March
27,1832
June
19, “
September 2J, “
December 18, “
March
19, 1833
June
25, “
September 24, “
December 24, “
March
18, 1834
Juno
24, “
August
19, “

Domestic
bills.

Ojjice a t W ashington.
Notes dis­
counted.

December 24,1831
24,1832
March
23, «
June
September 22, “
December 22, “
2.3, 1S33
March
22, “
June
September 21, “
December 21, •*
March
22,1834
21, “
June
23 “
*
August

Domestic
bills.

1,307,425 89 150,349 43
1,302,704 87 192,528 08
1,282,989 12 185,578 78
1,245,109 26 186,491 66
1,316,516 40 146,810 87
1,317,648 24 133,517 72
1,247,925 51 147,381 99
1,180,317 10 218,877 67
1,059,494 66 117,370 61
1,055,767 30
31,194 37
1,062,118 04
31,070 97
I ,<053,299 79
26,438 28




Foreign Due from State
banks, includ­
bills.
ing notes.

•
_
.
.
_
_

_

_

_

84,708
89,841
101,692
84,764
86,206
54,488
72,538
137,528
179 404
91,562
69,213
68,738

61
82
26
28
12
18
65
67
49
37
16
38

Due to State
banks.

41,487
44,416
57,049
61,666
&3.871
186,669
58,710
48,827
39,840
32,040
48,797
89,573

66
31
63
05
04
57
27
53
86
18
61
45

Gold.

439
471
461
3,374
3,148
3,125
2,950
2,916
2,815
3,013
242
376

73
01
42
45
61
42
93
66
81
36
73
75

Silver.

54,180
55,538
50,307
46,079
129,182
116,487
95,126
66,310
145,720
202,128
234,829
317.383

81
60
81
30
94
72
75
19
21
r>
o
38
24

Total specic. Public deposites,
including re­
demption
of
public debt.
54,610
56.009
50,769
49,453
132,331
119,613
98 077
69,226
148,572
205,141
235 072
317,759

54
61
23
75
55
14
68
85
02
96
11
99

441,681
866,698
407,642
703,416
736,230
541,147
487,005
497,009
170,402
171,900
179,763
116,861

77
22
96
81
56
32
26
90
47
66
69
95

O
L _ l

Office at Baltimore.
Notes dis­
counted.

Domestic bills. Foreign Due from State Due to State
banks.
banks includ­
bills.
ing notes.

Silver.

Gold.

Total specie.

Public deposits
including re­
demption of
public debt

228,000
255,000
386,000
316,000
527,000
632,000
607,000
582,000
401,000
303,000
380,000
394,000

228,000
255,000
386,000
316,000
527,000
632,000
607,000
582,000
401,000
303,000
380,000
401,000

146,170
242,184
143,210
397,658
154,556
125,785
290,855
357,532
1<0,274
65,287
78,109
77,176

•
Uec. 26, 1831
March 26, 1832
•(
June 25,
it
Sept. 24,
it
Dec. 24,
March 25, 1833
«<
June 24,
(«
Sept 93,
<
1
Dec. 33,
March 34, 1834
M
June 23,
August 25 tl

8,309,424 79
2,212,983 37
1,969,493 52
8,045,733 63
1,854,200 67
1,686,504 47
1,802,460 33
9,016,389 94
1,740,189 80
1,618,943 18
1,994,647 29
1,925,842 30




277,816
289,674
353,598
859,585
176,803
811,567
193,712
234,101
213,855
203,051
184,281
241,625

53
23
93
69
09
53
38
44
51
38
51
67

-

_
—
_

.

_

_
-

190,038
137,574
820,783
188,835
166,166
96,798
129,347
101,991
162,847
218,536
172,831
138,597

25
71
81
59
45
95
13
25
16
44
66
92

126,836
146,173
144,651
124,195
93,342
111,911
124,988
64,82.1
104,742
59,088
99,117
133,044

76
28
90
44
51
26
55
87
01
79
99
33

_
_
—
_
_
_
_
_

_
_

7,000 00

52
13
58
23
35
86
93
35
61
76
39
70

B a n k q f the U nited S tates, P hiladelphia.
Note* dis­
counted.




2,333,879
2,045,671
2,039,264
1,581,802
1,381,598
1,630,615
1,654,629
2,005,064
1,440,574
1,127,225
1,072,040
1,256,208

19 1,356,080 45
52 1,687,565 79
86
630,144 22
82 2,982,197 65
38 3,106,833 33
27 3,942,019 53
16 1,911,044 58
97 2,375,390 23
00 1,801,669 48
20 2,255,090 76
91 3,827,413 03
43 3,859,820 92

1,508,253
1,340,023
1,240,560
1,351,317
1,609,497
1,453,563
1,431,948
1,477,149
1,019,354
872,920
1,073,303
896,008

50
50
48
07
30
10
30
36
79
20
83
20

202,938
581,761
740,539
562,504
492,778
365,745
264,620
227,964
365,418
576 942
323,825
737,526

90
13
06
82
59
65
92
94
42
56
91
79

Gold.

Silrer.

84,780 00
9,832 50
91,755 00
6,031 14

262,810
254,032
312,535
319,694
323,629
336,365
414,405
488,216

73
23
53
80
80
07
08
51

2,726,860
2,485,285
2,874,082
2,215,060
1,865,299
1,534,575
2,562,226
2,521,943
1,558,057
2,459,810
4,165,867
4,018,088

Total specie.

83
38
82
18
61
68
74
63
09
29
79
74

Public depo­
sites includ­
ing redemp­
tion of pub-

2,811,640 83 3,381,374 09
2,495,117 88 1,284,600 10
2,965,837 82 2,274,807 54
2,221,091 32 3,802,266 41
2.128,110 34 5,435,653 82
1,788 607 91 2,433,207 43
2,874,762 27 1,283,076 75
2,841,638 43 1,861,516 44
1,881,686 89
792,395 87
2,796,675 36
745, 590 88
4,580,27 2 87
876,920 78
4,506,305 25
293,775 6-1

169

Dec. 31, 1831 9,001,315 80
April 3, 1832 6,975,350 70
June 30, “
5,788,280 87
Oct. 1.
“
5,429,128 61
Dec. 31, •«
5,155,347 89
April) 1, 1833 5,379,218 83
July 1,
“
6,327,215 53
Sept. 30. “
6,405,962 52
Jan. 1. 1834 6,538,659 25
March 31, «
6,006,662 90
June 30, “
5,692,618 56
Aug. 30, «
5,808,164 16

Domestic bills. Foreign bills. Due from State Ralances due
banks includ­
to State
ing notes.
banks.

g

t

Office at Neva York.

28, 1831

Dec.
March 28, 1832
June 27, ••
Sept. 26, "
Dec. 9 3 ,
•*
March 27, 1833
June S6, “
Sept. 2 3 , "
Dec. 24, “
March 26, 1834
June 24, “
A ug. 26, “

Domestic
bills.

4,662,725 86
4,838,782 57
4,609,072 77
5,986,438 59
5,076,156 13
5,042,85 1 82
4,623,122 59
5,411,874 72
5,276,583 56
5,091,482 56
4,709.391 48
5,100,779 12

1,353,045 08
997,531 73
609,719 00
688,384 11
1,094,531 29
1,002,127 28
798,233 30
885,678 92
693,372 31
940,064 26
902,917 56
1,138,033 07




Foreign Due from State Due to State
banks.
banks, includ­
bills.
ing their
notes.
1,026,124
995,355
1,662,896
2,432,354
1,217,443
1,231,725
1,039,007
976,473
1,255,011
554,797
1,240,529
697,614

44
88
13
49
00
37
19
62
80
21
24
31

268,358
155,648
527,255
287,578
176.609
415,622
199,8M
168,682
161,47J
513,082
240,646
542.787

96
05
98
43
94
18
54
62
69
78
29
18

Gold.

73,431 83

Total specie.

Silver.

664,686
606,995
681,922
562,250
991,386
1,133,44 1
1,506.430
2,039,059
1,848,552
1,635,714
1,844,030
2,172,704

64
25
95
76
88
67
51
23
85
18
45
51

664,686
606,995
581,922
562,250
991,386
1,133,441
1,506,430
2,039,059
1,848,552
1,6:5,714
1,844,030
2,246,136

64
25
95
76
88
67
51
23
85
18
45
34

Public deposites,
including re­
demption of
public debts.

3,732,468
4,013,310
6,722,188
5,307,967
3,399,539
2,287,452
1,694,303
3,868,437
756,512
311,839
250,505
206,818

85

77

03
91
69
36
86
68
22
90

67
67

170

Notes dis­
counted.

Office a t H artford.
Notes dis­
counted.

Dec. 26, 1831
March 26, 1832
June 25,
“
Sept. 24,
“
Dec. 24,
“
March 25,1833
June 24, “
Sept. 23, "
Dec. 23, *
March 24,1834
June 33, «
Aug- 25, “

487,517 06
443,916 93
428,067 05
461,040 23
474,870 32
465,633 15
433,395 89
461,228 90
346,685 13
291,209 14
279,673 34
304,415 91




Domestic bills. roreign Due from State Due to State
banks.
banks, includ­
bills.
ing notes.

40,859 67
50,445 95
72,711 42
60,283 01
52,160 65
58,185 94
80,222 17
84,519 27
48,692 96
31,666 86
66,419 44
70,997 55

36,359
27,983
85,829
22.499
34,172
15,783
39.500
22,477
32,700
32,618
30,190
28,382

11
39
05
95
14
48
95
91
81
04
10
08

5,753 50
2,100 26
4,698 13
4,875 84
653 86
7,656 31
620 08
1,665 14
18,775 02
5,696 29
999 58

Gold.

Silver.

28,094 00

26.732 00
26.732 00
26.968 00
25,550 00
24,73 1 00
42,917 00
45,297 00
82,861 42
81,926 42
82.969 65
83,230 00

Total specie.

28,094
26,732
26,732
26,968
25,550
24,731
42,917
45,297
82,861
81,926
82,969
82,230

00
00
00 .
00
00
00
00
00
42
42
65
00

Public deposites, including
redemption of
public debt.
41,361
43,597
23,186
73,428
36,740
38,342
47,219
34,192
77,473
87,991
81,736
81,060

13
84
ro
09
31
15
31
93
47
13
72
90

.
Notes dis­
counted.

22, 1831
29, 1832
21, ii
28, (i
27, 14
28, 1833
27, n
i
26, <
26, a
27, 1834
26, u
21. M

622,596 28
658,457 55
686,510 86
595,345 42
564,781 06
565,354 35
654,570 31
603,366 62
J 26,529 85
447,169 54
450,592 68
457,824 27
X




404,373
381,531
414,719
452,741
468,548
433,156
548,982
657,329
467,136
550,793
536,310
721,546

53
27
79
69
42
09
28
75
52
31
74
01

Foreign Due from Stale Due to State
bills.
banks, includ­
banks.
ing notes.
20,158
20,381
28,804
34,264
32,294
35,789
21,975
47.G9I
31,052
22,748
14.513
35,687

91
06
56
75
12
30
68
91
56
86
27
18

8,788
16,593
11,129
17,691
9,002
12,804
4,088
31,85t
17,411
18,147
13.426
10,333

65
97
37
13
14
69
05
65
37
89
39
22

Gold.

-

SHrer.

102,627
59,464
80,753
194,116
102,558
108,232
65,081
78,519
65,642
116,534
133,357
107,901

Total specie.

74
45
18
96
80
10
77
88
07
64
95
00

102,627
59,464
80,753
194,116
102,558
108,232
65,081
78,319
65,612
116,534
133,357
* 107,901

74
45
18
96
80
10
77
88
07
64
95
00

Public deposites,
including redemp­
tion ofpublicdcbt.
62,997
77,333
31,289
212,333
66,643
22,814
49,022
36,278
31,435
32,154
30,909
29,254

68
41
35
80
50
15
32
86
06
32
98
08

172

Dec.
March
June
Sept.
Dec.
March
June
Sept.
Dec.
March
June
Aug.

Domestic
bills.

Office at Providence.

Office a t Boston.
Notes dis­
counted.

22,
29,
21,
28,
27,
28,
27,
26,
26,
27,
26,
21,

1831
1832
«
«
tl
1833
<
<
••
<
«
1834
ii
ii

848,936
959,245
889,514
1,504,733
1,684,317
1,006,029
79.1,861
691,940
1,004,554
1,235,323
1.294,534
1,423.268




50
98
30
04
68
97
95
91
15
78
83
01

1,755,390 08
1,451,611 49
1,040,498 15
9.36,743 75
1,179,258 59
1,840,261 87
3,442,938 08
3,426,956 39
1,311,480 07
960,69 1 50
1,587,621 16
1,753,334 58

Foreign Due from State Due to State
banks, includ­
banks.
bills.
ing notes.

t _
_

_

-

202,972
156,709
161,054
291,845
206,123
112,293
190,978
404,218
224,510
90,529
15.3,776
362,272

64
61
92
35
03
76
17
93
60
86
41
00

124,651
74,008
72,738
43,748
127,768
121,181
60,906
131,108
128,809
278,803
81,937
249,780

Gold.

69
93
07
32
73
69
86
27
87
54
27
91 23,554 65

Silver.

328,372
318,075
344,099
438,913
500,260
574,012
494,564
330,183
501,184
429,158
529,060
394,997

Total Specie.

58
50
36
35
89
45
41
01
62
80
89
20

Public, deposites
including redemp­
tion of public
debt.

328,372
318,0*6
344,099
438,913
500,260
574,012
494,564
330,183
501,184
429,153
529,060
418,551

1,080,609
805,729
1,043,157
1,658,172
901,442
603,157
807,908
1,141,672
235,981
189,039
140,197
136,350

58
50
36
35
89
45
41
01
62
80
89
85

16
14
99
59
47
88
28
52
88
35
13
78

17 3

Dec.
March
June
Sep.
Dec.
March
June
Sep.
Dec.
March
June
August

Domestic
bills.

Office at P ortsm ou th .
Notes dis­
counteU.

Domestic
bills.

Foreign Due from SUte Due to State
banks.
banks, includ­
bills.
ing notes.

_

50,111
49,378
48,698
51,302
46,979
49,891
50,874
49,790
50,219
47,569
59,731
66,636

Total specie.

Silver.

*
1811
1833
II
<
<
<
<
1833
II
II
<
1
94 1834
1
91, 4
1
35, 1

36,
76,
25
,
?4
34
95
94
9.1,

99,853 66
127,140 32
179,520 14
178,316 26
182,968 07
155,077 04
202,623 21
266,516 32
235,447 36
- ’,418 17
".242,092 48
240,985 49




97,921
115,439
73,390
76,912
114,500
111,480
158,320
161,003
159,586
130,091
80,331
108,061

65
84
73
37
49
09
31
74
56
36
37
55

_
_
_
_
_
-

26,968
41,357
29,704
40,866
70,289
55,415
35,491
27,706
24,801
50,115
14,631
16,155

50
00
00
50
50
12
00
98
00
47
47
58

1.645
6,280
2,855
1,846
3,244
416
1,120
2,167
456
1,392
1,339
1,339

56
49
96
44
34
84
51
67
69
95
7
.3
73

-

•

-

-

-

-

76
96
32
37
25
73
65
95
57
93
76
11

50,111
49,378
48,698
51,302
46,979
49,891
50,874
49,790
5 ),219
47,569
59,731
66,636

76
96
32
37
25
73
65
95
57
93
76
11

Public, deposites
including rcdcmp.
tion of public
debt.
26,351
27,981
34,461
91,836
103,825
46,888
51,974
57,575
43,249
55,022
48,167
87,409

55
15
83
95
76
15
16
16
46
53
15
20

174

Gold.

Office a t P ortlan d.
Notes dis­
counted.

26,
26,
85,
24,
24,
25,
24,
23,
23,
24,
23,
25,

1831
1832

a

<
i
1833

it

<
1
<
1
1834
«
. <
•

180,128
214,680
311,262
302,400
379,229
374,435
510,591
524,441
456,761
427,986
407,989
412,997




59
37
25
93
03
15
41
51
32
52
20
43

49,735
61,658
98,681
108,928
132,173
121,271
177,070
283,017
276,675
315,404
343,826
3G1,089

92
66
25
05
55
13
36
14
30
52
69
40

84,934
72,630
41,656
59,408
49,937
64,184
36,838
27,777
15,420
31,909
29,964
36,576

81
39
07
05
91
52
63
13
82
58
91
12

19,550
19,712
12,909
22,745
12,161
23,093
16,349
14,400
19,700
8,625
6,966
7,241

60
96
93
41
17
36
17
39
43
09
55
70

Gold.

24
46
48
22
48
94
22
233
163

m

.
*

25
68
61
32
82
32
32
37
25

Total spccie.

Silver.

70,427
85,503
56,427
37,675
54,427
60,827
57,633
57,484
61,819
61,204
62,895
68,656

97
63
90
44
30
60
48
68
03
03

57

58

70,452
85,550
56,476
37,697
54,476
60,921
57,655
57,718
61,982
61,204
62,895
68,656

22
31
51
76
12
92
80
05
28
03

57

58

Public deposites,
including redemp­
tion of public debt.
136,931
110,430
100,977
58,104
89,716
103,809
128,424
80,304
55,925
75,224
56,614
53,041

95
37
55
53
16
63
49
93
14
61
66
97

175

Dec.
March
June
Sept.
Dec.
March
June
Sept.
Dec.
March
June
Aug.

Domestic bills. Foreign Due from State Due to State
banks.
banks, includ­
bills.
ing notes.

176

[ 17 ]

Letter from Mr. Biddle, enclosing statements.
B a n k o f t h e U n it e d S t a t e s ,

.
J lv g u s t 30, 1634.
S r i : I have the honor to enclose to you the following papers, according
to the request contained in your letter o f the 8th ultim o:
1. A quarterly statement of the affairs o f the bank and its offices, respect­
ively, for the several quarters of the years 1S32 and 1S33, and the three
first quarters of the year 1834— containing,
1st. Am ount of notes discounted.
2d. Domestic bills o f exchange purchased or discounted.
.
3d. Foreign bills of exchange.
4th. Balances due from other banks, including their notes.
5 th : Balances due to other banks.
6th. Amount of specie, specifying how much in gold and how much
in silver.
7th. Amount o f public deposites.
2. Statement of the dividends of the bank, with an account o f any existing
surplus fund, or contingent fund.
3 & 4. Statem ent o f the real estate and banking houses held by the bank,
with an estimate of their v a lu e ; the debts due the bank, with an esti­
mate showing what part is regarded as bad or doubtful, and what funds
are relied on to meet any deficiency arising from such causes.
5.
the rules and regulations for conducting the business
the
o f the United States.
I have the honor to be,
V ery respectfully, yours,

Copy of

Hon. D a n ie l W

of

Bank

N. B ID D LE, President.

ebster

,

Chairman o f the Com. o f Finance o f the Senate q f the U. Statu,
Boston, Massachusetts.




R E C A P IT U L A T IO N .

Notes discounted.

No. 1
3
3
4

January
April
July

October
9
10
11
13

1832.

January
April
July
October

1
1
1
1

January
April
July
Sep tem b er 1




1833.

1884.

Domestic bills.

Due in Europe.

1,356,080 45
1,687,565 79

49,602,577
48,449,592
45,836,425
46,694,169

87
95
65
46

16,691,129
21,481,100
22,579,655
16,999,141

34
59
55
04

43,626,870
41,574,206
41,693,209
42,226,275

32
29
04
42

18,069,043
22,749,723
21,676,688
17,867,927

38,609,069
36,130,141
34,423,921
34,863,326

46
96
72
55

16,302,392
18,676,675
16,601,051
12,196,172

Foreign bills.

Balances due from
State banks, includ­
ing their notes.

630,144 22
2,982,197 65

6,116,524
6,300,643
6,939,743
7,290,444

05
70
55
01

25
50
51
56

3,106,833
3,942,019
1,911,044
2,375,390

33
53
58
23

5,979,798
5,054,977
5,292,181
6,051,141

61
30
95
18

24
66
00
10

1,801,669
2,255,090
3,827,413
3,859,820

48
76
03
92

5,041,510
4,215,376
4,130,080
3,427,610

57
11
98
32

R e c a p i t u l a t io n — Continued.

No. 1

•

1832.
January
1

Gold.

1,951,103 19

112,204 33

2,202,135 47
3,221,406 85
1,997,843 39

36,049 58
119,326 82
93,566 47

2,091,891
3,029,797
2,282,729
1,331,168

49
79
74
38

457,555
448,106
506,500
514,976

64
35
97
84

8,494,291
8,553,555
9,592,315
10,148,464

96.
58.
09.
67.

Do
Do
Do
Do

do
do
•lo
do

8,271
8,271
449
449

1,522,124
2,019,886
2,156,797
2,499,022

36
27
94
66

575,343
593,585
706,066
906,993

j9
23
91
37

9,455,895
9,586,423
12,117,931
11,956,904

33.
53.
02.
62

Do
Do
Do

do
do
do

449
449
449

3
3
4

April
July
October

1
1
1

.

J
6
7
8

1833.
January
1
April
1
July
1
October
1

.

9
10
11
12

1834.
January
1
April
1
July
1
September 1

-

.

-

.
.

*

Silver.

6,926,618
eluded,
6,993,261
7,599,756
7,985,284

Total of apecie.

79. Bullion at officc New Orleans in•
•
a
■
2,584 •
03. Bullion at New Orleans 60,514 849 do
97.
Do
15,244 do
60.
Do

‘

N. B,

No account of bullion rendered by »ny of the office* with the exception of New Orleana.




Public deposites,
including re­
demption
of
public debt.

12
61
79
07

12,788,046
9,940,931
12,115,415
13,860,587

59
67
92
99

•
•

8,951,847 60
9,001.661 U3
10,098,816 06
10,663,441 51

12,969,139
8,730,291
6,7^2,096
10,060,891

65
59
34
44

-

10,031,237
10,180,008
12,823,997
13,863,897

72
76
93
99

4,419,491
3,142,383
2,864,519
2,314,294

79
14
53
02

'

7,038,823
7,029,310
7,519,083
8,078,851

178

Balances due
to
State
banks.

179

[ 17 ]

Domestic bills purchased from I s / April to l i / July,
United States and the several Offices.
Bank United Slates
Office Portland
Portsmouth
Boston
Providence
Hartford
New York
Baltimore
Washington
Richmond
Norfolk
Fayetteville
Charleston
Savannah
Mobile
New Orleans
Natchez
St. Louis
Nashville
Louisville
Lexington
Cincinnati
Pittsburgh
Buffalo
Utica
Burlington

.
•
-




1S34,

at Bank

1 ,2 S 3 ,7 3 3
3 5 9 ,7 5 3
1 0 1 ,1 6 2
2 ,0 7 S ,6 8 6
5 6 4 ,S S 6
8 5 ,3 8 0
1 ,1 5 2 ,5 9 1
1 9 9 ,6 2 0
1 0 ,1 9 0
8 3 1 ,3 6 4
2 0 2 ,3 9 0
1 3 1 ,7 5 2
1 ,2 7 7 , 1 8 9
2 4 0 ,6 9 8
1 ,2 9 6 ,7 5 8
2 ,5 8 8 , 0 2 4
2 ,1 4 2 , 5 1 7
6 2 ,7 6 5
2 1 4 ,3 1 7
1 5 0 ,0 4 8
6 4 ,5 4 6
1 1 8 ,1 8 0
1 8 ,0 5 6
1 8 S ,9 8 5
1 0 8 ,1 2 7
7 5 ,4 7 9

65
10
54
27
87
51
91
60
00
68
53
04
86
31
37
32
18
80
37
26
20
30
99
54
75
06

$ 1 5 , 5 5 7 ,1 8 8 0 1

S tatem en t o f the exchange transactions q f the B ank U nited States a n d Offices, fo r the yea r

1832.

P ”i

'

Bank United 8tates
*
Office, Portland
.
Portsmouth
Boston
.
Providence
Hartf'ird
New York
Baltimore
Washington
Richmond
Norfolk
.
Fayetteville
Charleston
Savannah
Mobile
.
New Orleans
Natchez
St. Louis
Nashville
Louisville
Lexington
Cincinnati
Pittsburgh
Buffalo
Utica
Burlington




•
.

-

.

.
- —
•
•
•
•
.
.
•
•
.
.
.
•
•
.
.
.
.
•
Totals

5,782.041
391,350
326,799
4,289,957
1,321,320
197,573
3,141,481
1,161,580
1,041,155
2,847,304
1.264,8:15
1,659,369
4.206,054
3,029,248
4,720,150
13,251,760
4,077,927
273,387
3,222,386
4,033,802
1,505,521
1,788,429
1,754,565
899,714
587,302
741,652

■
.

•
•
.
•
•
•
.
•
.
*
•
•
•
■
-

•

-

Domestic bills colleoted.

8,828,121
260,475
19,607
860,099
484,417
60,000
15,172,357
3,646,603
2,139,692
3,694,141
264,233
72,402
160,057
2,672,448

35
94
14
42
67
18
80
10
56
08
32
80
04
87
61
64
29
24
46
64
45
03
86
67
99
63

*67,516,673 78

_

94
86
67
38
56
29
00
08
82
01
03
45
00
00

234,101 31
182,038 00
457,289 07
.

78,408
684,844
130,600
1,180,158
413,167
385,269
15,529

00
57
00
27
00
62
14

*42,096,062 07

Drafts of Bank U. S.
and offices, on eack
other.
5,091,235
230,071
166,505
894,113
588,598
108,780
1,041,608
1,456,666
5,833,185
657,382
1,612,156
1,126,708
1,558,328
635,182
2,519,189
1,500,596
2,448,547
795,963
150,360
337,956
517,746
865,486
624,981
1,652,532
367,494
14,708

00
86
21
08
34
66
40
00
39
70
47
88
80
01
56
56
51
87
68
34
08
00
19
97
77
93

*32,796,087 26

Drafts of Bank U. S.
and offices on the
State banks.
39,829
38,013
5,300
7,539,000
16,690
2,139

00
80
00
00
38
59

1,412,000
448,405
8,342
22,213
101,841

00
82
93
52
03

624,418 00

2,142 67
1,005,015 65
951,553 98
144,430 94
*12,361,337 31

180

Domestic bills pur­
chased.

S t a t e m e n t — Continued.

Notes of Bank U. S. State bank notes rec’d at B’k Transfers of Treasu­
c
rer United States.
and offices received. U. S. S offices out of placet
where offices are locatcd.
Bank United State*
Office, Portland
Portsmouth
Boston
Providence
Hartford
New York
Baltimore
Washington
Richmond
Norfolk
Fayetteville
Charleston
Savannah
Mobile
New Orleans
Natchez
*
St. Louis
Nashville
Louisville
Lexington
Cincinnati
* Pittsburgh
Buffalo
Utica Burlington
Totals

•
•
.
.
•
.
.
•
.
.
.
-

6,789,735 00
91,160 00
2,249,785
45,515
25,565
13,542,835
1,601,470

00
00
00
00
00

199,800 00
230,730 00
104,610 00

247.815 00
1,081,200 00
272,130 00
1,291,145 00
45,940 00
1,212,635 00
997,470 00
3,763,662 00
1,042,670 00
3,491,405 00
840,895 00
174,700 00
84,540 00

21.815 00

.
#39,449,527 00
Foreign ex change purchased
Do
do
sold




4,373,000 00

156.000
14,782
200.000
90,369
23 S .9 7 0
46,435
80,210
2,273,477

00
00
00
00

00

00
00
39

432,505 00
875,543 00
-

3,037,730 00
1,085,200 00
560,905 00
497,542 00
359,158 00
1,179,555
2,150,887
1,766,700
1,349,004
865,584

6.495.000 00
125.000
360.000
180.000
125.000
525.000
450.000
5.390.000
530.000
1.150.000
15.000

Transfers of office
balances.

Totals.

9,767,667 47

00

00

00
00
00
00
00
00
00
00

25.000 00

600.000 00
10.000 00
20,000 00
25.000 00

00
00
00
91
00

35.000 00

$21,630,557 30

*16,100,000 00

.

40.000 00

*9,767,667 47

m

•

47,166,629 76
1,167,372 46
657,994 02
16,392,954 88
2,726,910 95
755,028 72
33,469,717 20
9,808,529 18
17,325,716 98
7,967,900 72
4,850,553 34
4,098,680 16
7,005,639 84
-10,024,026 88
8,596,670 17
16,838,508 51
6,754,452 80
3,339,275 18
4,877,759 14
8,572,986 98
3,770,782 10
7,482,617 70
6,551,487 32
5,951,830 29
3,725,166 27
1,838,720 64

241,717,912 19
9,253,533 61
4,203,204 67

-

*255,174,650 47

R E C A PIT U L A TIO N .
Domestic bills of exchange purchased
.
collected
.
Drafts of bank and offices on each other .
State banks
Notes of bank and offices received
.
State bank received out of places where
Transfers on account of the United States
of office balances
.
.
.

.
.
.

.
.
.

.
.
.

.
.
.
.
.
.
offices are located
.
.
.

67,516,673
42,096,062
32,796,087
12,361,337
39,449,527
21,630,557
16,100,000
9,767,667

•
-

78
07
26
31
00
30
00
47

241,717,912 19
Foreign exchange purchased
sold

•

.
.

•

-

.

9,253,533 61
4,203,204 67

13,456,738 28
$255,174,650 47

182
The amount of premiums on domestic exchange received by the bank for the same period, is $217,249,56j which is about onc-clcventh of the one
per cent, on the aggregate amount of $241,717,912 19.




P ublic Deposites, October 1, 1833.
October 1, 1833.

30
Bank United States •
- Sept.
23
Office, Portland
•
ii
Portsmouth
•
26
Boston
- / •
4
*
Providence . •
23
Hartford
•
25
New York
Baltimore
•
•
23
21
Washington
* 24
Richmond
Norfolk
21
Fayetteville
•
23
Charleston
IT
ii
Savannah
13
Mobile
*
9
New Orleans 5
Natchez
16
St, Louis
•
11
Nashville
. 19
Louisville
•
23
Lexington
Cincinnati
.
19
ii
Pittsburgh • a
Buffalo
•
Utica
•
.
24
Burlington
.
25
Agencies
.
-




Redemption of pub­ Deposites on acc’t of
Treasurer U. S.,
lic debt
less overdrafts and
special deposites.
565,503
1,263
4,416
1,363
2,818
174,491
854
63,244

09
39
19
12
69
85
28
46

_

•

7,845 69
•

_
_
.
a
_

-

.
.
_
.
.
•
*821,799 76

984,411
51,106
1,860
848,633
31,691
5,462
3,292,922
218,821
243,238
30,924
61,020
23,737
52,038
29,854
89,587
280,321
145,882
47,447
9,303
71,478
15,161
62,088
78,048
16,017
529
291
-

07
43
84
25
73
92
91
54
57
06
08
90
72
40
96
52
84
30
74
53
09
17
86
72
35
65

*6,691,883 15

Deposites on acc’t
of public officers.

Totals.

Circulation.

28
55
93
08
01
32
92
53
37
98
04
02
64
66
05
38
52
73
32
69
60
92
75
40
82
16

1,861,516 44
80,304 98
57,575 16
1,141,672 52
36,278 86
34,192 93
3,868,437 68
357,532 35
476,748 40
91,610 04
163,598 12
54,196 92
92,513 05
80,296 06
143,119 01
436,317 90
149,873 36
268,318 03
46,165 06
83,682 22
58,988 69
112,467 09
98,582 61
36,335 12
9,829 17
28,283 81
■

1,433,504 00
152.490 00
106,480 00
190,400 00
114,865 00
166,537 00
624,873 00
312,523 00
679,437 00
577,480 00
602,065 M
892,445 00
996,350 00
1,172.420 00
1,418.560 00
3,280,130 00
804 790 00
500,120 00
1,076,440 00
607,870 00
1,170,745 0 0
915,905 00
483,085 00
403,610 00
313,815 00
235,820 00
1,835 00

*2,354,752 67

*9,868,435 58

*19,234,594 00

311,603
29,198
54,450
288,623
3,224
25,911
401.022
137,856
170,265
60,685
102,578
30,459
32,628
50,441
5.3,531
155,996
3,990
220,870
36,861
12.203
43,827
50,378
20,5:33
20,317
9,299
27,992
-

Public Deposites, Janvary 1, 1834.
rT .

—
Redemption of pub­ Deposites on a c c ’t o f
T rea su rer U. S.,
lic debt.

January 1, 1834,

Bank United States
Office, Portland
Portsmouth
Boston
Providence
Hartford
New York
Baltimore
Washington
Richmond
Norfolk
Fayetteville
Charleston
Savannah

less overdrafts and
special deposites.

•

.
•
.
.
.
.
.
_
.
•

-

-

*
-

_

•
-

» .
■_
•

-

_
.
.

D ee.

_

Mobile
* Mew Orleans *
Natchez '
-

Jan.

St. Louia
Nashville
Louisville
Lexington
Cincinnati

Pittsburgh

Buffalo
Utica
Burlington

Agencies

-

.

-

_

-




.

-

1
23
«
26
(<
33
34
33
31
**
21
33
17
24
13
»

550,989
896
4,008
•
3,734
90,967
660
63,344

53
95
62
00
77
64
46

7,8*5 69
♦
•

5
9

[
L

11
19
16
19
26
19
34
18
*

“
*7*1,347 66

98,316
3,640
1,510
73,822
3,116
166
574,750
83,395
.
6,392
102,473
9,921
138,431
18,220
24,046
481,107
139,548
110,399
2,204
30,572
14,850
33,097
15,513
7,884
4,842
9,414
-

09
03
06
98
28
85
41
65
83
50
47
19
40
42
99
03
29
41
27
57
98
13
26
25
26

*1,976.43S 60

D eposites on ac­
count o f public
officers.

143,190
53,285
40,842
158,149
28.318
74,572
90,794
56,218
90,370
82,601
5,156
53,226
29,293
41,146
24,878
192,384
5,312
102,884
45,009
3,226
51,988
60,560
28,012
11,607
14,159
45,533
-

25
11
45
78
78
62
04
32
21
19
11
68
29
66
02
74
94
68
30
07
36
54
39
61
47
76

*1,532,723 37

Circulation.

Totals.

792,395
55,925
43,249
235,981
31,435
77,473
756,512
140,274
153,614
88,894
107,629
63,148
175,570
59,367
48,924
673,492
144,860
213,283
47,213
33,798
66,838
83,658
43,525
19,491
19,001
54,948
-

87
14
46
38
06
47
22
61
67
02
61
15
17
06
44
73
97
97
71
34
93
52
52
87
72
02

# 4,230,409 63

1,460,614
152.370
60,230
179,650
91,075
109,442
774,643
323,478
562,572
720,580
513,220
988,727
1,269,620
1,125,525
1,460,870
3,131,650
889,825
357,555
1,103,635
427,405
1,184,642
985,610
387,100
266,315
234.370
170,820 00
1,755 00

oSS88S8SSSSSSSSSSSo§SSSS8

"r

918,938,298 00

P u b l i c D e p o s ite s , M a r c h 1 ,

Redempt'on of Deposites on ac’t Public officers.
public debt.
ofTrcasiirerU.
S. less overd’fts
andspe’ldep’s.

March 1, 1834.

Bank United States
Office, Portland
Portsmouth
Boston
Providence
Hartford
New York
llultimore
Washington
Richmond
Norfolk
Fayetteville
Charleston
Savannah
Mobile
New Orleans
Natchez
St. Louis
Nashville
Louisville
Lexington
Cincinnati
Pittsburgh
Huflalo
Utica
Burlington
Agencies
-

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

.
.
.
.
.
.
.
.
.

*
.
.
.
.
.
.
.
.
.
•
•
•
.
.
.
.
.
.
.
.
.




1S34.

-

.
.
.
.
.
.
.

-

-

.
.
.
.
.
.
.

-

.

March
February

3
24
it
27
M
24
26
24
22
25
22
*4
18

If

11
10
6
10
12
13
17
13
27
19
*5
18

548,959 61

-

618
4,008
2,524
90,796
543
63,244
6,379
-

49
62
59
46
87
46

90

-

#717,076 00

96,092
692
674
571
1,728
166
14,892

33
61
68
89
78
85
57

2,388
8,719
6,752
100,699
1,485
1,398
61,916
2,255
165,818
6,741
34,050
530
5,851
14,233
3,007
4,105
9,151

Totals.

26
36
68
42
16
05
60
01
36
91
39
38
79
27
66
00
88

102,071 45
48,367 46
38,990 42
142,197 49
26,543 98
68 724 49
89,215 20
55,698 46
67,147 01
85,207 53
3,766 64
54,824 37
24,084 51
33,608 37
39,195 11
77,695 69
8,825 42
131,100 32
49,582 63
1,257 39
60,708 25
50,346 78
28,314 01
7,981 41
16,616 95
40,161 39

747,123 39
49,060 07
40,283 59
146,778 00
28,272 76
71,415 93
194,904 23
56,242 33
130,391 47
87,595 79
12,486 00
61,577 05
131,163 83
35,093 53
40,593 16
139,612 29
11,080 43
296,918 68
47,324 54
35,307 78
61,*38 63
56,198 57
42,517 28
10,y89 07
20,721 ys
49,313 27

*543,9*4 89

#l.343,2J2 73

*2,556,233 52

-

Circulation.

1,488,739 00
95,790 00
49,450 00
239,415 00
67,180 00
111,462 00
820,462 00
280,.",78 00
557,597 00
615,085 00
500,990 00
945,800 00
1,393,280 00
983,615 00
1,465,375 00
3,525,325 00
899,210 00
417,960 00
1 ,125,825 00
533,560 00
1,010,805 00
937,330 00
335,160 00
215,750 00
SOS,115 00
134,700 00
1,915 00
*18,960,273 00

Statement o f all the dividends o f the Hank , with an account o f any existing surplus fu n d, or contingent fund.
When declared.

July,
1817
January, 1818
July,
“
January, 1819
July,
«
January, 1820
July,
“
January, 1821
July,
••
January, 1822
July,
“
January, 1821
July,
“
January, 1824
July,
“
January, 1825
July,
*
January, 1826
July,
«
•
January, 1827
July,
“
January, 1828
July,
“
January, 1829
July,
«
January, 1830
July.
“




Amount of divi­
dends.

910.000
1.400.000
1.225.000
875.000
None declared
Do
Bo
Do
525.000
700.000
787.500
875.000
875.000
875.000
875.000
875.000
962.500
962.500
1.050.000
1.050.000
1.050.000
1.050.000
1.225.000
1.225.000
1.225.000
1.225.000
1.225.000

Hate per
cent.

Contingent fund.

2 6-10
4
3 12

2 1-2

1 1-2

3

2 1-4

2 1-2

2 1-2

2 1-2
2 1-2

2 1.2

2 34
2 3-4
3
3
3
3
3 1-2
3 1-2
3 1-2
3 1-2
3 1-2

3.550.000 00

3.550.000
3.550.000
3,824,902
3,808,941
3,923,533
3,737,549
3,750,947
3,907,959
3,979,399
3,985,847
4,033,067
4,046,999
4,312,314
4,380,645
4,519,422
4,975,606
5,158,657
5,332,491

00
00
78
61
29
40
67
07
52
97
11
27
95
53
96
41
68
55

Surplus profits. Fund to extinguish
the cost of bank­
ing bouses.

110,773
93,713
91,151
125,887
1,119,156
1,904,100
2,622,930
3,356,787
5,481
23,577
245,796

40
24
37
89
98
53
84
55
45
53
07

57,487 82
111,570 84
203,503 30
359,756 06
552,200 94
753,392 96
921,534 32
1,019,096 42
1,242,597 57
1,595,192 95
1,519,545 59
1,619,820 52
1.500.000 00
1.500.000 00
1.500.000 00

Total surplus
fund.

110,773
93,713
91,151
125,887
1,119,156
1,904,100
2,622,930
3,356,787
3,555,481
3,573,577
3,795,796
3,824,902
3,866,429
3,935,104
4,941,052

40
24

37

89
98
53
84
55
45
53
07
78
43
13
70
4,110,703 73
4,460,160 01
4,732,792 48
4,907,382 29
5,052,163 53
5,2b9,596 84
5,707,507 90
5,900,191 12
6,139,243 48
6,475,606 41
6,658,657 68
6,882,491 55

00

05

January, I83f

July,

“

January, 1832
July,
“
January, 1833
July,
«
*
January, 1834
July,
“

3 1-2
3 1-2

3
3
3
3
3
3

1-2
1-2
1-2
1-2
1-2
1-2

5,452,040 9 5

5,607,488
5,611,746
5,614,349
5,619,739
5,627,809
5,638,688
5,901,955

36
57
96
09
71
60
87

1,62 0 ,2 0 9

1,750,000
1,750,000
2,386,218
2,755,334
3,132,285
3,152,877
3,166,670

62
00
00
69
44
00
78
71

m
551,292
611,292
671,292
731,292
976,019
976,019

05
05
05
05
59
59

7,072,250
7 ,357,488
7,913,038
8,611,860
9.046,365
9,491,386
9,767,585
10,044,646

57
3S
62
70
58
76
97
17

187




1,32.*,000
1,225,000
1,225,000
1,225,000
1,225,000
1,225,000
1,225,000
1,225,000

Statement of the suspended debt, and the banking houses and other real estate o f the Bank of the United States, its 1 '
—
Offices and Jlgencies, with the probable loss thereon,and the losses chargeable to the contingent fund, per the returns **
o f June and July, 1834; also, a statement o f the surplus funds o f the Bank.
i__ I
Hanking houses.
Estimated
value.

Cost.

P h ila d e lp h ia

Portland

-

413,081 19
-

P o rtsm o u th

Federal Reserve Bank of St. Louis

116,777 02

.

15,000
45,608
32,180
23,519
22,105

00
34
10
07
65
02
78
00
92
00
71
00
42
23

84
00
17,469 90

-

320,000 00

-

3.640 00

70,000 00
110,000
25,000
26,765
12,000
25,000
2,000
30,000
48,885
24,096
48,000
19,051
-

.
•

22,105 00
30,000 00

-

50,200
141,058
62,838
47,690
15,151
8,500

-

3,640 00
15,100 00
_

00

31

85
00
13
00

—
-

.

68,291 34
-

28,315 25

00
00
46
00
00
00
00
00
92
00
71

15,000 00
45,608 42
20,000 C
O
23,519 84
-

Estimated
value.

71,904 34

•
.
.

.

87,000
110,657
34,613
36,024
35,109
13,385
67,727
48,885
24.096
48 000
19,051

Cost.

24 530
113,244
41,597
48,400
6,775
8,000

00
73
38
00
00
00

_
-

GO.336 04
104,388 14
175,611 12

42,710 00
102,988 93
28,015 28

59,657 16

42,108 49

—
-

-

-

-

Losses chargea­
ble lo the contiagent fund.

Suspended debt
Amount.

1,015,276
12.211
34,964
44,517
4,508
23,586
44,458
203,387
234,869
385,741
116,945
74,620
98,950
34,838
5,396
233,788
273,856
2,712
58,888
197,109
103,563
303,712

Probable loss
thereon.

83
15
26
99
66
91
32
42
27
55
31
38
71
34
09
77
52
50
62
99
04
99

151,435 72
11,662 50
4,025 98

478,395
9,095
23,518
16.487
2,515
8,758
23,757
132,281
59,469
255,077
97,550
18,305
44,769
27,783
450
71,257
8-25
-

9,232
97,429
42,624
54,297

13
00
51
00
73
07
15
42
95
76
08
44
99
25
00
26
16
00
49
81

74
35,152 57
3,462 50
900 65

441,407
7,020
83,282
38,521
925
16,546
72,622
1,649,313
234,020
38,364
239,135
100,276
157,561
152,186
456
49,209
—
-

15
81
32
54
65
75
99

46
00

46
38
72
14
28
52
98

1,991 28
174,682 57
202,778 M

_

70,037 14

-

188

Boston
Providence
Hartford New York
Baltimore Washington
Richmond •
Norfolk
.
Fayetteville
Charleston
Savannah Mobile
*
New Orleans
Natchez •
81. Louis Nashville •
Louisville Lexington Cincinnati .
Pittsburgh Buffalo

Utica
http://fraser.stlouisfed.org/

Other real estate.

11,550 00

Burlington
Cincinnati agency Chillicothe do -

•
-

•

Deduct estimated value

•

.

1,221,942 19
918,582 35

Estimated probable loss

•

-

11,550 00

>303,359 84

•

*918,582 55

905,801 97
44,149 41

1,043,397 74
39,618 84

23,480 08
1,209,533 19
135,974 34

1 6 5 ,7 0 6 26
58,184 29

5 3 ,0 3 1 10
23,335 90

1,779,241 75
1,628,420 81

1,628,420 81

5,034,565 53

1,744,427 13

3,806,707 80

9,339 92

*150,820 f4
•

R E C A PIT U L A T IO N .
.
•
•
•
*
to the contingent fund,” being for desperate debts, and losses
.
.
.
.
.
.
.
.

.

-

-

.

-

.

.

-

-

.

-

.

-

.

Total of the ascertained and estimated losses of the Bank
The surplus funds of the bank are the following:
The “ contingent fund provided to cover the losses of the bank”
The “ fund for extinguishing the cost of banking houses”
.
The “ profit and loss account” present unappropriated balance




.
.

.
.

.

.
.

.

.

.
.
.

Total of the surplus funds of the bank

.
.
.
.

.
.
.
.

~-

-

303,359 84
150,820 94
1,744,427 13
3,806,707 80

.
.
.

.

-

*6,005,315 71

.

.
.
.
.

.

5,901,955 87
976,019 59
3,166,670 71

.
.
.

*10,044,646 17

1S9

Estimated probable loss on banking houses Do
do
on other real estate
.
.
Do
do
on suspended debt .
•
Amount already chargeable to the account of “ losses chargeable
on sales of real estate
.
.
.
.
.
.

[ 17 ]

190

G E N E R A L M A N A G E M E N T OF T H E BA N K FROM 1818.

Extract from the memorial o f the Bank o f the United States to Con­
gress, in the year 1820, and from statement o f Committee o f Directors.

4th. “ Under the 14th section of the act incorporating the bank, the bills
or notes of the bank, originally made payable, or which shall have become
payable, on demand, are made receivable in all payments to the United
States, unless otherwise directed by act of Congress. Under this regula­
tion, the power of the bank to make its capital available, either for its own
profit or the public good, is greatly abridged. The sphere of its circulation
is limited to those places where it is least wanted, and made to cxclude those
where it would be eminently useful, while the whole currency of vast sec­
tions of the country is thereby frequently greatly embarrassed.”
In support of this memorial, a committee of the directors visited Wash­
ington, and the following extracts from the statement made by them to the
committee of Congress, to whom the above memorial was referred, will
explain the nature of the difficulties from which they requested relief:
« No subject connected with the currency can be of more importance than
the circulation of the notes of the Bank of the United States. They may
be made infinitely useful in purifying, sustaining, and increasing the sound
currency of the Union; but they are but partially so at present, and it is not
in the power of the bank, so long as they are receivable by.the Government
at all points where they may be tendered, instead of being received only
where they may be payable, to make them co-extensively useful with the
Union.”
2d. “ It diminishes and deranges the currency of the whole country.
The bank was under the necessity to protect itself from danger, and to
avoid charging itself to an unlimited amount with the cost of adverse ex­
changes, to forbid the offices with which the exchanges were unfavorable,
to issue their notes. It, however, issued its own notes, and the offices against
which the exchanges did not run, issued their notes without any limit but that
of the demand, yet the circulation of the bank was, by this cause, greatly de­
creased. Thus, for example, in the short space of five months, from the 1st
April, 1819, to the 30th August, 1819, it was reduced from 86,045,428 to
$3,838,386.”
This, however, does not show the entire extent of the abstraction from
the currency which this cause produces. Let it be supposed that the cir­
culation of the bank is four millions of dollars, and that one half of it ha»
been issued by offices to the south and west, and is in use for the purposes
of being remitted to the north and east It is thereby as much taken out of
ihe currency as if it was destroyed, and it leaves only two millions of cur­
rency furnished by the bank. But the bank will probably have four mil'
lions of specie in its vaults, and it cannot safely have less under these pecu­
liar circumstances; this sum also is withdrawn from circulation. Thus, the

bank, not by its fault, but by the necessity which is imposed upon it,
has withdrawn four millions o f specie from the currency, and has given
a substitute in its notes, only to the amount o f two millions. In this

view the currency has been diminished two millions; but even this is not



191

[ 17 ]

the worst view of it. Let us suppose that the notes of the bank and its
branches, could not be converted into bills of exchange, and there is no
doubt, it is presumed, that with its high credit, it could easily do what many
local banks have accomplished. It could circulate two dollars of its bills
for every dollar it should have in its vaults. Then it is supposed to have
four millions of dollars in its vaults, and could circulate eight millions of
its notes, which would be equal to gold and silver. It would then have
added four millions to the currency, while at present it diminishes it to the
amount of two millions, making a practical difference of no less than six
millions in the sound currency of the country.

Instructions to the Branches, ‘ 5th Sept., 1819.
2
14th. W hen the notes o f an office (above five dollars) shall appear to be
drawn from it, to be used as a substitute for exchange, it shall immediately
cease to issue them, unless it be indispensably necessary to sustain the credit
of the office to do so.

On this principle it will be inexpedient, considering that the exchanges run
steadily and constantly against the western country, that the offices of Pitts­
burgh, Chillicothe, Lexington, Louisville, and Cincinnati, .should issue
their notes, unless it be indispensably necessary to sustain their credit
until the further order of the Board. Indeed, as long as their notes are
received in payment of the revenue at all points, the committee fear the
bank will be unable, without great loss and embarrassment, to allow the
western offices to issue their notes with any freedom.
20th. The committee have anxiously endeavored to devise some meaus
by which some activity might be given to the business of the western
offices, calculated alike to meet the interests of the country and the bank;
fcut the immense portion of capital already placed in them, the badness
generally of the currency of that portion of the country, and the impossi­
bility under the existing provisions of the charter, to locate the notes of the •
offices where they are issued, are insuperable difficulties in the way of any
extensive operations. By way of experiment, (which, if it succeed, may
be repeated and extended,) the committee propose that a small bill business
be attempted in the western offices during the ensuing season of trade.
They propose that the offices of Lexington and Louisville shall be allowed
to purchase undoubted bills on New Orleans, at not more than sixty days
sight, to an amount not exceeding $100,000 each. That Chillicothe be
allowed to purchase in like manner to an amount not exceeding 650,000.
That in these purchases they shall not issue their notes, but shall draw (in
the form of checks) on the bank at Philadelphia, at not less than four
months from the dale. This mode is preferred to the issue of the notes of
tile offices, which are immediately remitted to the Atlantic, and absorbed in
the p a y m e n t of d u t i e s , which requires, to reimburse the office into which
they are paid, the transportation of specie, which the bank is anxious to
avoid as far as possible, as a measure alike injurious to the bank and the
country.




[ 17 ]

192

No. 1.

Domestic bills purchased during the year 1822, and the year 1S33,
respectively.
1322.

Where purchased.

Bank of the United
Office Portland
Portsmouth
Boston
•
Providence
Middletown
Hartford
New York
Baltimore
Washington
Richmond
Norfolk
Fayetteville
Charleston
Savannah
Mobile
New Orleans
Natchez
St. Louis
Nashville
Louisville
Lexington
Cincinnati
Chillicothe
•
Pittsburgh
Buffalo
Utica
Builington

States
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

.

.
.
.
.
.
.




.

•

-

*
-

.

.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

Totals,
Foreign bills

.
*
-

.

.
.

*
*
*

-

14 S6,821,9S2 04
866,519 40
476,482 67
.91 7,785,723 79
94 1,759,704 74'
Closed.
00
232,356 97
00 3,228,447 32
59 1,012,352 77
836,860 64
96
00 3,333,993 63
80 1,448,420 45
CO 1,687,384 55
13 4,369,385 34
09 2,983,098 02
4,262,950 S2
00 14,439,367 80
5,090,555 00
248,443 83
1,621,639 64
00 3,250,876 16
00 1,185,398 75
1,412,721 54
Closed.
18,336 00
13,463 00 1,071,554 09
965,974 14
•
491,034 34
.
978,146 42
7,353,190 56 71,761,370 86

$107,291
1,267,193
511,800
108,000
916.040
684,437
469,121
97,680
17,976
546,556
136,641
206,417
.
2,179,039
.
-v
.
33,968
39,228
.

*
.

1833.

•327,199 30 *9.656,067 88

[

193
N o. 2.

Comparative circulation of January,

1823,

and April,

January 2, 1823.

Bank of the United States
Office Portland
Portsmouth
.
Boston
.
Providence
Hartford
•
N ew York
Baltimore
W ashington
Richmond
.
Norfolk
.
Fayetteville Charleston
Savannah
.
M obile
.
N ew Orleans Natchez
St. Louis
Nashville
Louisville
•
Lexington
Cincinnati
Pittsburgh
Buffalo
Utica
•
Burlington
Agencies
Totals,

25




*593,475
.
90,610
172,595
47,920
82,132
247,498
589,895
600,585
232,450
212,005
124,630
■423,255
98,345

_
-

-

744,755
-

-

20,650
J 9,225
-

27,087
-

-

-

5,945
$4,361,058

17

]

18 3 2 .

April 4, 1832.

$2,715,218
143,615
100,855
264,720
125,160
266,517
710,938
465,693
546,172
471,485
619,610
887,685
1,003,665
1,317,060
1,876,315
3,566,560
794,130
395,®75
1,609,885
7S4,900
1,210,055
1,128,460
761,892
537,740
452,655
299,945
2,015
$22,45S,

620 '

194

[ 17 ]

1.

Profits o f the B a n k .
Discounts.

Date.

Total net profits. JP.ate percent,
of dividends.

Exchange

i

July.
January,
July, "
January,
July,
January,
July,
January,

July,

January,
July,
January,
J uly,
January,
July,
January,
July,
January,
July,
January,
July,
January,
July,
January,
July,
January,
July, '
January,
July,
January,
July, '
January,
July,
January,
July,

181"
1818
•< <

1819
it

1820

-

,

-

.

-

Ii

_

1821

-

1822

-

.

it

.

1823

-

d

1824

_

-

<1

_

1825

-

1826

-

(•

i i

„

_

1827
it

1828

_

.

-

i<

.

1829

•

•1

-

1830
* i

1831
* |

1832
i i

1833
H

1834

a

697,961
779,671
823,240
•
—
882,689
876,599
_
889,149
889,911
1,049,710
- 1,254,319
.
1,298,051
1,234,520
_
1,121,443

-

.

.
.

•

_
•
a

_




70
79
63
85
22
72
14
01
61
82
14
55
51
03
39
82
36
14
76
42
724,627 58

325,359
1,152,3-9
• 1,210,106
988,218
.
863,239
694,611
.
673,302
620.478
-1 566,466
512,174
_
557,568
573,725
.
652,828
678,566
_
636,893
558,630
.
66J , 808
711,058
_
722,868
721,606
-

_

34
03
35

48

40
07
31
53
23
43
03

34
1,074,112 54
939,341 35

873
51,044
101,039
142,186
1*3,820
106,805
65,327
44,882
49,092
32,523
62,716
49,802
97,303
67.353
90,395
78,766
142,857
107,354
169,598
101,386
227,388

21
18
77
93
18
70
05
71
34
77
4S
83
46
42
98
11
31
50
23
53
08

190,750 04

260,453 13

274,045
359,283
372,961
452,418

86
79
60

65
401,485 58

556,283 01
584-,331 51
741,752 90
676,125 99
751,287 75

605,356 28
759,993 32

1 021,873
1 382,216
1 266,180
899,010
983 ,479
784,843
718,590
733,867
750,438
719,006
1 ,009,727
884,105
932,488
929,083
976,932
1 ,031,255
1 ,154,934
1 ,162,485

40
84
99
58
08
45
60
91
82
79

K
4

81
32
02
46
76

K8
83
1,218,141 46
1 ,1*7,562 10
2
1,‘ 73,501 15
1,202,595 38
1,349,352 24
! ,325,274 93
1,381,199 87
1,392,442 15
1,414,351 96
1,344,779 68
1,590,2*1 51
1 ,716.292 05
1,861.218 69
1 ,594,115 75
1,601,950 56
1,430,320 32
1,498,434 87

26-10
4

3 1-2
21-2
| Carried to
> contingent
j fund.

11-2
2
214
21-2
•212
21-2
21-2
21-2

23*
23*4
3
3
3
3
31-2
31-2
31-2
31-2
31-2

3 1-2
3 1-2

31-2
31-2
31-2
31-2
31-2
31-2

bills purch a sed or collected, by the
S ta te s a n d its Offices o f D iscount a n d Deposite, in 1833.

R ates o f exchange a i which drau g h ts are sold, a n d dom estic

Bank United States.

Portsmouth

Portland.

Boston.

B a tik

o f the U nited

Providcncc.

Draughts Bills pur­ Draughts Bills pur­ Draughts Bills pur­ Draughts Bills pur Draughts Bills pur
sold.
sold.
chased.
chascd.
•old.
chased.
sold.
chased.
ch.lscd.
sold.

Hartford.
Draughts IVUs pur­
sold.
chased.

i

N orfolk

1

Fayetteville
Charleston
Savannah
Mobile
New Orleans
St. Louis
Nashville
Louisville
Lex ngton
Cincinnati
Pittsburgh
Buffalo

.
•
•
•
•
•
■
•
•
.
.
.
•




par
par
par
par
par
par
par
par

a
a
par a
par a

$
$
$
J

a
a
a
par a
par a

par
par
par
par
par
par
par
par
par
par
par

$

par
p ar

.

par
par
par

*
i

I

.

£
J
$

*
par a j
par a }
par a $

par

par
par

i
i
1

par a k
par
•
1
par a $
par a $
par a $
par a |
.
.
.
.
par a %
par a £
*
par n 4

par
par
par

*
•
-

par

-

par
par

par a i
•
•
par

•

a

par

*

liar
par

1
par

par

par

J

par a j
par « J
par a £
•
•
•
par a J
par a J
i

par
par

par
par

par a J
par
par
"
par
par
par ft \
1

•
par a J
par a £
I
pnr a 4
par « 4

i

i

-

par a 4

a \
a 4
a 4
a i

par
par
par
p jr

par

a £

par a i

par
par
par
par
par
par
par

par
par

par
par
par

par
i

i

l

par
par
par
par

par

par
par
par

a
a
a
a

$

par

par
par
par

par
•

a £

a %

par
I ar

par
par

.
1

par a £
par a $
i

par
par
par
par
par

•

*

.

$
$

•

par a i
par

par
par
par
par

-

1

a
par a
par a
par a
•

%
%
$
i

a

par
par

4

par
par

-

par

1

par a £
par a $
i
par a £
par

•

195

Bunk United States
Office, Portland
Portsmouth
Boston Providence
Hartford
New York
Baltimore
Washington
Richmond

a

4
UJ

•

Rales o f Exchange— Continued.

_____________ _ _ _ ______ '

r— 1
*+

___________________________
Haiti more.

New York. .

Washington.

Itichmond.

Norfolk.

Fayetteville.

Draughts Bills pur­ Draughts Bills pur­ Draughts Bills pur­ Draughts Bills pur­ Draughts Bills pur- Draughts Hills pur­
chased .
sold.
chased.
sold.
chased.
sold.
sold.
chased.
sold.
chased.
chased.
sold.

Savannah
ifobile
New Orleans
St. Louis
Nashville
Louisville
Lexington
Cincinnati
Pittsburgh
Buffalo

•

-




par a f
par
par
par
par

par

.
par
par
par
par
4
p ar a 4
par
±

.

a$
a
a

par
par
par
par
par
par
.

par
.

par
4

i

par a J

par

a

j

H
l

4

i

par

a
a
par a
par a
.
par a
par a
i
par a
p ar a
i
par a
p ar a

par
J
par ■ 4
par
4

4

1
-

par

par

'

4
4
4
4

•
•

4

a
a
a

par
par
par
par

par
par

14
1

4
4
4
4

par a 4
par
*

par
•
•
•
.
par

par
par
par
par

par
par
par
par

par a 4
par a 4
1
par

ai
par a 4
ii

par

par

par
par

a

_

a

par

4

•

p ar o 4
par
4
14

l
•

a
i
p ar a

4
par a 4
•

par

par
•

4
4
4
-

•

4
4
4
4

4
4
4
4

par

•

•
4
14

par

l
l

i

4

l
1

par
par

-

par
p ar
par

a
a

par

i

4
4

•

1
1
par
par

-

a
a

par
par

i

.
•
•

•
.

4
4

•
par
par
. •

•

par
par
par

-

par

a

4

par a 4

•

par

a

4

par a 4
par a 4

.

par

a

4

•

9

a

par
par

a

4
4

par

1

4
4

•
•

i

1

a

1

par

4

1

.
•

par

4

196

i B an k United States k OtKce, Portland
Portsm outh
Boston
P rovid ence
Hartford
New Y ork
Baltim ore
W ash in g to n Richm ond
J N orfolk
Fay etteville
Charleston
-

•

4

1
‘

par

a

j

par o 4

i

Rates o f E xchange — C o n tin u ed .
Savannah.

C harleston.

New Orleans.

Mobile.

Draughts Bills pur­ Draughts Bills pur­ Draughts Bills pur­ D raughts
sold.
chased.
sold.
chased.
chased.
•old.
sold.

Bank United States
Office, P ortland
Portsm outh
Boston
1’ rovidence
Hartford
New Y o rk
Baltim ore
W ashington
Richm ond

Norfolk
Fayetteville
Charleston
Savannah
M obile

New Orleans

St. f.ouis
• Nashville

Louisville
Lexington
Cincinnati
Pittsburgh
Buffalo

*
•
•
*
•
•
•
-

aj

par
-

•
.
.
par a 4
-

par
par
par
par

i

1
l
i
.
1

par

•

par

----------------------


1

1
•

1
4

1
1

•
•
.
.
•

•

1
1

•
•
•

1
1
*
1
1
1

par

1
•
•

par
par

4
1

a4
aj
a $

par

aX
•

1

a1

14

i
.

a
a

■

par
par
ii

i

a
a

•
-

4

a

1

•
par
-

a*
a :}

a

par
4
par a J
par

•
$
£

aI

•
par
par

•
•
.
par
par

4

1

par
par
par

4
4
ii

-

a
a
a
a

J

4
$
J

i
par a 4
4

a1

.

i
•
4
1
1
1

1
1

Nashville.

Draughts Bills p ur­ Draughts Bills pur­
sold.
chased.
sold.
chased.

1
*

•

par
par
par
par

chased.

1

•

a4
a4
a4

a4
1
.
p ar a 4
par a i
i
•
m
.

•
-

i

Bills pur­

S t . LouU.

1

par

1
i
1

-

•
•
-

1
•
•

1
par

•

a
a

4
J

•
par a 4
•
par
4
par

par

i

par

i
•

a
a\

par

1

a1
par a }
par a 4
i
par a 4

1

par

par

1
1

1

a4

2
■

'

i
1

1
1

Rates of Exchange— Continued.
Louisville.

D raughts

sold.

B a n k U nited States
O ffice, Portland
-

Portsmouth
lloston Providence
Hartford
New York
Baltimore

i

Norfolk Fayetteville
Charleston
Savannah
Mobile •
New Orleans
St. Louis
Nashville
Louisville
Lexington
Cincinnati
Pittsburgh
Buffalo •

i

par

•

.

.
.

1
l

-

par
par
par

•

•
•

-

.
•
-

a
a

J
i

.

a
a

4

-

i

par a 1
par




“

B ills pur­
chased.

i

par

B ills pur­
chased.

i

par

D raughts
sold.

par

a

.

.

1

i.

.

.

#

Draughts
sold.

4

par a J

J

.
.

•

.
-

par
J
par a }

i

a

“

a

J

par a J
par a 4

par a j

4

par
par

■
.

par

-

par

-

par a J

.

a4
aJ
a4
par a i

1

par

par

par a 4
par
par
par

-

a
a
i

4
4

pat*

.
-

p ar a J
p ar

1
4

par

*

p ar
par

l
4
■

par

a4
i
a 4
a\
i
a4
•

par

Bills purcliased.

4

1

i
par

ai

BufTaloc.

Bills pur­
chased.

.

par

.
l
4
•
.
4
4
4
•

Draughts
sold.

P ittsbu rgh.

.

•

par
}
par a j
par

Draughts
sold.

i

•

•
-

Bills pur­
chased.

Cincinnati.

.

4

4
p»r
-

4
•
4
l
4
•

198

W ashington
Richm ond

Lexington.

par a 4
par a J

par a J
par a 4

i

par a 4

P rices C urrent, exhibiting a com parative view o f the relative value o f b an k notes in 1810, an d in 1 8 2 9 at vari ous

places.

1810.
July 1.

•
•
•
•
•
•
•
*

■

•
-




par
par

1829.
December 5.

1829.
December J.

1816July 1.

1829.
December J.

1816.
July 1.

par

par a } adv.
par
4} adv.
par
par

j dis. a par
do

17 dis.

par

19} a 20 dis.

J dis. a par

20 a 21 disc.

i disc, a par

13 disc.
21 a 22 disc.
13 disc.
10 a 12 disc,
do

1 disc.
} disc, a par
1 disc.
1 disc.
1 disc.

11 disc.
4} disc.
10 disc,
4 adv.
7 disc.
4 adv.
6J adv.

par
par
j disc.
} a j disc.
i disc.
2} disc.
1} disc.

1829.
Dec. 5.

18 adv.

7 adv.

18j adv.
17 adv.
do •
do

1816.
July 1.

par

7 j a 8 dis.
17 a 18 dis.

Baltimore.

12 a 14 adv.
8} a 9 adv.
2} adv.

.

JJ adv.
7 a 8} adv.
do

199

Spanish dollars
American “
•
Gold
•
Boston
notes
New York
“
Philadelphia
“
Pennsylvania
“
Baltimore
“
Maryland
“
Virginia
“
District Columbia “
North Carolina
“
South Carolina
“
Georgia
“

Philadelphia.

New York.

Boston.

Prices Current— Continued.
Washington.

1816.
July 1.

1829.
Dcc. J.

par
par

9 a 10 adv.
do

par
par

608 adv.

20 a 22 adv.
15 a 16 adv.
6 a 7 adv.
6 a 7 adv.
2 adv.

4 disc,
par
par
par
par •

8 adv.
5 adv.
4 dis.
7 *9 dis.

par
par
par
par
par

par

par

9 a 10 dis.
5 dis.
2 a 2J dis.
do

1 disc.
1 a 14 dis.
do
do

1816.
July 1.

1829.
December 5.

5 <9 disc,
do
do
do
do
do
do

14 disc.
14 disc.
14 disc.

par

20 a 2 2 adv.
do

par a 3 disc,
do




par a 1 disc,
do

1816.
July 1.

J a

8 adv.
2 adv.
64 disc.

8 a 9 disc.

par
par
par
par

4 disc.

34 disc,
para | idv.

200

1829.
Decembers.

1829.
December 5.

, 1829.
Dec. 5.

Savannah.

Charleston.

1816.
July 1.

1816.
July 1.
dollar!
Spanish
American
Gold
Hoiton
note*
New York
“
Philadelphia
"
Pennsylvania "
Baltimore
“
Maryland
"
Virginia
1
1
Dist. Columbia "
North Carolina “
South Carolina “
Georgia
“

Norfolk.

Richmond.

P rices C u rren t — Continued.
■ ■■ ■ .T
f," ■ .V -

1i-

New Orleans.

Louisville.

1816.
July I.

m
-

12 a 15 adv.

par

-

1816.
July 1.

1829.
Dec’bcr 5.

10 adv.

1816.
July 1.

Pittsburgh.

•
pap

-

•

•
•

-

•

-

•

-

>

•

4 adv.

•

•

•

1829.
Dec*ber5.

Cincinnati.

1816.

July 1.

1829.
Dec’ber 5.

1816.
July 1.
18

n

1829.
Dec'ber 5.^

a 25 adv.

par

4 adv.




.

•

•
-

4 adv.
3 adv.

-

par
par
par

•

par

2 adv.
2 adv.
2 adv.

•

par
par
par
-

-

-

10 adv.

r»r

•

•

9 adv.

par

1 disc.

9

201

Spanish
dollars
American
“
Gold
Boston
notes
New York
“
Philadelphia
“
Pennsylvania
1
1
Baltimore
“
Maryland
“
Virginia
“
District Columbia “
North Carolina
“
South Carolina
1
1
Georgia
“

1829.
Dec’ber 1.

Lexinyton.

[ 17 ]

202
H.

Comparative statement of the Bank in January, 1S23, and Jan., 1833.
January, 1833.

Loans on personal security
.
B an k stock
.
•
Funded debt and other securities

Domestic bills o f exchange

L oan to Government
D ep osites....P ublic
Private

Real estate
Due by State banks
Banking-houses
>
Prem ium on loan, &c. 5
*
Circulation
.
Specie
.
.
Conting’t fund to meet losses, &c.
P rofit and loss....Surplus and con­
tingent interest
D eb t to Baring, B roth ers & Co.
k aqd Hope & Co.
-




January, 1833.

522,597,034 21 840,0S5,517 28
6S7,345 02
6,149,031 00
2,854,008 02
50,033 13
28,796,098
1,940,333
$30,736,432
11,018,552

34 43,626,870 32
94 13,069,043 25
2S 861,695,913 57
34 Paid off by Gov’t or
sold bv the bank.

6,028,840 69
7,518,677 26
$7,622,341 93 813,547,517 95
8626,674 86
1,855,169 75
2,034.247 80
3,8S7,907 12
1,956,764 28
569,779 60
4,361,058 00 17,459,571 79
4,424,874 28
8,951,847 60
3,824,902 78
5,614,349 95
4,275,331 07
3,347,010 86

117,193

86

1,292,709 49

2,333,926 04
from them.
3,106,S33 33

Due

i

GENERAL STATEMENT FROM




General statement from 1818.
Dills discounted
ou personal se­
curity.

Dater.

1818.

March
•
April . . .
May .
.
June . . .
July . . .
August
•
October
..
November December -

•

Bank stock.

Funded debt.

29,609,591
30,359,742
29,862,522
29,998,697
30,318,932
28,089,093
57,841,902
17,125,441
26,989,992

61
23
75
11
50
77
55
10
12

11,244,514
10,616,580
10,865,072
10,859,811
10,591,811
10,204,131
10,335,211
9,704,421
8,934,712

19
92
46
09
41
63
46
58
94

327,645
349,200
363,700
382,310
548,241
421,845
445,331
376,681
302,794

•
-

27,092,278
26,479,492
85,682,304
24,882,499
24,136,526
23,480,897
22,762,874
22,549,619
22,448,606
91,226,128
21,423,422
20,897,738

13
12
71
45
54
C9
30
00
99
56
30
62

8,363,291
8,913,388
8,775,975
8,437,611
8,203,252
8,008,693
7,940,854
7,935,010
7,843,244
7,937,515
7,759,979
7,081,785

88
50
25
49
85
08
42
83
37
83
97
44

330,693
234,565
174,615
159,915
164,412
245,412
236,914
236,459
215,964
229,024
2,050,564
1,999,375

January
-'
•
February
•
•
March *
April FRASER
Digitized for . . .

20,980,951
20,934,496
20,895,429
21,105,149

89
43
90
80

7,035,463
7,159,113
7,203,161
7,157,911

30
70
15
60

1,897,563
1,339,878
1,340,888
1,356,988

1819.

January
February
March
April . .
May . .
June . .
July . .
August
September
October
November
December

*
•
-

.
•
-

1820.

.
.
.
.

.
•
*
-



Total.

Domestic bills of Total of discounts
exchange.
and bill-i.

00
00
00
00
36
20
42
42
78

41,181,750
41,325,523
41,091,295
41,240,818
41,458,985
38,715,070
38,622,445
37,206,544
36,227,199

80
15
81
20
27
60
43
10
84

78
00

00
78
78
00
00
00
00
00
00

35,!,86,263
35,627,415
34,632,894
33,480,025
32.504,192
31,735,002
30,949,642
30,720,888
30,507,815
29,392,668
31,833,966
29,978,899

79
62
96
94
17
95
72
83
36
39
27
06

00
00
00
00

89,913,978
29,433,488
29,439,419
29,620,049

19
13
05
40

00

Funded debt.

41,181,750
41,325,523
41,091,295
41,240,818
41,458,985
38,715,070
38,622,445
37,806,544
36,227,499

80
15
21
20
27
60
43
10
84

9,475,932
9,475,932
9,436,250
9,463,250
9,430,926
9,430,926
7,425,5 49
7,393,049
7,393,049

84
84
43
43
60
60
12
12
12

1,375,087 86
1,386,174 46
1,279,869 61

35,786,863
35,627,445
34,632,894
33,430,025
38,504,192
31,735,002
30,9*9,642
30,720,888
30,507,815
30,767,756
32,620,140
31,258,768

79
62
96
94
17
95
72
83
36
25
73
67

7,391,823
7,391,82.3
7,322,823
7,160,210
7,139,485
7,139,485
7,139,081
7,252,951
7,252,951
7,252,501
7,195,355
7,195,355

64
64
64
71
36
36
91
34
34
34
96
96

1,487,180
1,749,737
1,785,719
1,818,255

31,401,158
31,183,225
31,225,138
31,438,305

96
96
42
39

7,192,980
7,194,093
7,194,093
7,194,093

45
94
94
94

.

-

•

-

-

•

-

•
.
.
.
-

.

77
83
37
99

i\
Iay *
/line July August
Septem ber

October
November
Dcccmber

1821

18 22

January
February
March •

A pril •

26
49
84
14
00
55
93
94

2,075,964
1,896,198
1,715,553
1,465.366
1,055,120
958,323
1,083,097
1,339,697

90
05
51
20
36
85
86
04

31,893,274
31,359,107
30,207,579
29,678,223
28,725,118
28,532,868
28,282,495
30,100,043

16
54
35
34
36
40
79
98

7,175,659
8,175,659
9,158,984
9,158,984
<1,172,554
9,172,554
9,157.604
9,157,156

38
38
77
77
15
15
15
41

6,693,626
6,615,955
6,696,459
6,517,491
6,585,028
6,607,972
-6,503,248
6,392,195
5,839,462
5,759,121
5,647,445
5,656,660

63
07
03
17
78
19
86
13
78
78
00
00

2,104,510
2,145,208
2,153,658
2,223,710
79,350
83,250
124,683
66,883
87,608
57,124
59,550
41,300

00
38
38
00
00
00
49
49
82
26
00
00

29,396,546
29,234,777
29,188,604
29,094,809
26.828,791
27,032,211
26,641,158
26,243,784
25,362,902
25,057,186
25,470,252
25,647,637

21
98
90
13
16
72
45
92
86
90
08
27

1,508,653
1,836,906
2,357,134
1,865,946
1,748,014
1,576,043
1,745,758
1,480,593
1,301,114
1,193,652
1,255,794
1,412,070

54
11
36
26
77
83
15
08
07
12
58
62

30,905,199
31,071,684
31,445,739
30,960,755
38,576,805
28,598,255
28,386,916
27,724,378
26,664,016
26,250,839
36,726,046
27,059,707

75
09
26
39
93
55
60
00
93
02
66
89

9,155,8<S5
9,155,855
9,155,855
9,155,855
13,36t,26t
13,361,261
13,360,780
13,320,780
13,320,780
13,320,292
13.320,292
13,320,292

66
66
66
66
74
74
71
71
71
46
46
46

6,066,761
5,983,940
6,295,394
6,237,515
6,030,388
6,124,351
6,126,203
6,175,805
5,974,725
6,049,678
6,105,730
6,207,148

00
00
C
O
60
60
96
80
60
80
57
60
OS

78,460
35,260
97,165
88,909
81,835
49,243
61,543
74,393
67,928
52,783
53,033
54,703

00
00
39
33
00
13
13
IS
13
IS
13
13

36,487,994
27,133,786
27,388,739
28,180,672
28,511,270
28,561,209
28,522,641
28,127,026
28,115,059
28,279,985
28,301,884
28,288,466

85
74
55
53
70
73
86
26
39
38
59
33

1,573,174
1,987,384
2,148,707
2,565,470
2,900,632
2,928,819
3,273,059
2,996,024
2,713,760
2,032,828
1,839,519
1,776,880

74
25
69
07
15
89
09
90
30
62
38
60

28,061,169
29,121,170
29,537,447
30,746,142
31,411,902
31,490,029
31,795,700
31,123,051
30,828,819
30,312,813
30,141,403
30,065,346

59
99
24
60
85
62
95
16
69
98
97
93

13,318,950
13,318,950
13,113,071
13,112,554
13,112,554
13,112,554
13,112,443
13,112,031
13,020,469
13,020,469
13,020,469
13,019,937

51
51
51
81
H
I
81
47
37
27
27

20,198,409
20,473,614
20,338.487
20,343,607
20,164,412
20,330,989
20,013,226
19,784,706
19,435,831
19,240,940
19,763,257
19,949,677

58
53
49
96
38
53
10
31
26
86
08
27

20,342,573 05

74
56
60
10
62
93
53
46
66

22,143,120 86
22.026.615 18




98

£ 17 1

May ■
June •
July Augv.stScptember
October
November
December

19
37
75
<-’
>
12

29,817,309
29,462,909
28,495,025
28,212,857
27,669,998
27,574,544
27,199,397
28,860,346

7,386,-139
7,134,783
6,996,290
7,058,258
7,137,956
7,026,626
6,865,818
6,698,526

21,114,586
20,996,179
21,854,247
22,399,017
22.387.614
22,.'.34,894
21,876,827
22,072,405
22,177,523

00

00
00
53
53
5.;
00
00

20
53
38
42
10
27
31
82

205

January
February
March April Slay Juno *
July , August
September
October
November
December

06
96
46

1,271,318
1,364,343
737,993
848,387
377,617
414,337
355,758
1,865,161

21,159,552
20,963,732
20,760,742
20,306,211
20,154,424
20,133,380
19,977,821
20,296,659

G eneral S tatem ent — Continued.
Total loans.

Tates,

1818.

March
April .
May .
June .
July August
October
November
December

-

.
.
.

-

Total of invest­
ments.

173,201
177,032
207,132
381,936
423,332
433,505
412,618
525,287
535,515

3S
01
01
37
26
10
89
93
85

43
26
60
65
53
31
63
17
70
59

433,808
759,066
76*,685
762.711
764,172
767,493
742,261
766,385
733,073
780,992
806,826
818,964

77
61
53
28
18
34
49
80
36
59
61
15

621,667
521 ,920
185.959
226,111
18,393
16,499
57,094
110,032
193,231
138,470
275.960
130,133

07
55
33
77
58
15
92
84
80
66
92
94

2,666,696
2,181,088
2,053,622
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

52
57
90
53
■7
1
27
86
40
77
91
90
87

46,900,259
46,484,314
44,957,986
43,983,799
42,710,125

79
99
36
23

.
.
.
•
•

43,178,087
43,019,269
41,955,718
40,640,236
39,643,677
38,874,491
38,088,724
37,793,840
37,760,766
38,020,257
39,815,496
38,454,124

41,843,347
41,897,474
41,920,159
43,194,200
44,046,361
42,519,471

90
21
63
75
12
59

-

38,594,139 41
38,377,319 90

1,296,626
1.293,283
1,302,165
1,349,499

45
00
85
37

261,548
345,240
639,235
704,630

92
69

3,392,755 43
3,489,329 56
3,6.13,529 53
4,209,722 89

*13-,545,070
43,505,173
43,994,16.3
44,696,251

21
15
60
67

•
.
-

•
-

•
•

1820.
January
•
February *

Specie.

64
99
64
63
87
30
55
22
96

•
•
•

•
.
•

Banking houses B.irings, Hope, &c
»nil permanent &c., foreign bills.
expenses.

50,657,683
50,801,455
50,527,545
50,704,068
50,889,911
48,145,997
46,047,994
44,599,593
43,620,548

.
.
.

1,033,682
1,801,984
1,973,165
1,664,902
1 ,188,291
1,243,495
1,647,639
885,819
494,529

30
75
60
72
71
56
36
61
63

2,515,949
2.290.646
2,392,003
2,489,719
2,357,137
2,780,728
2,815,208
2,176,928
2,389,626

76
79
23
04
48
15
96
92
28

54,382,517
55,071,119
55,099,816
55,240,646
54,858,673
52,602,720
50,953,481
48,187,629
47,140,220

05 '
54
48
76
32
01
76
68
72

llalanees with
State banks.

1.203,894
1,071,374
413,718
1,172,843

00
00
00
00

2,163,064 00
2,457,490 00

3,811,252 00
3,657,034 00
3,663,'635 00

V
O
©
<3

1819.

January
February
March
April *
May . .
June . .
July . .
August
September
October
November
December

Real estate.

.
.
.

69
63

March
■
• 38,419,233 36
Digitized April for FRASER
•
•
38,632,399 33


80
08

76
42,288,855 07

2,624,797
1,511,826
2,536,825
2,852,368
2,501,695
2,930,938
2,908,160

00
00
00
00
00
00
00
2,784,476 00
2,322,596 00
2,289,042 00
1,561 649 00
1,475,465 00
2,727,080
2,095,458
2,342,248
■ 2,223,862

00
00

00

00

May *
June •
July August
September
October
November
December

39,068,933
39,534,766
39,366,361
38,837,208
37,897,672
37,705,422
37,440,099
39,257,200

54
92
12
11
51
55
94
43

1,352,791
1,370,477
1,345,815
1,360,692
1,406,959
1,38J , 303
1,393,247
1,416,549

49
75
82
17
83
41
04
71

961,735
1,112,381
1,066,479
937,061
871,249
588,271
305,800
85,167

44
84
40
95
53
88
85
65

4,918,873
5 254,414
5,821,495
5,882,619
6,163,655
6,604,213
6,051,499
7,155,177

85
61
21
82
86
72
25
65

46,302,334
47,272,041
47,600,354
47,017,582
46,339,537
46,280,211
45,190,647
47,914,095

32
12
55
05
73
56
08
44

1,476,0^6
1,180,082
727,553
78,730
174,507
1 296,271
1,450,091
951,777

00
00
00
00
00
00
00
00

1821.
January
February
March
April •
May •
June •
July August
September
October
November
December

40,061,055
40,227,539
40,601,594
40,116,611
41,938,067
41,959,517
41,747,697
41,045,158
39,984,797
39,571,131
40,046,339
40,380,000

41
75
92
05
67
29
31
71
04
48
12
35

429,015
429,038
445,448
519,698
563.476
563.476

1,886,724
1 ,891,217
1,898,861
1 ,903,66.5
1,909,888
1 ,915.617
1,880,674
1,842,767
1 ,839,79 6
1,843,939
1,846,787
1,852,253

30
95
43
44
39
53
54
10
84
96
23
00

83,548
91,777
82,888
112,888
169,465
1,337.948
1,337,509
1,284,510
1 ,285,860
1,256,100
1,098,683
1,087,551

65
53
65
65
87
61
98
06
92
17
01
20

7,643,140
7,274,022
7,669,480
7,885 ,477
7,366,825
5,893,884
5,876,534
5,898,518
5,863,490
5,645,888
5,352,148
5,261,889

87
69
45
52
03
94
78
08
59
60
41
55

49,674,469
49,487,557
50,252,825
50,018,640
51,384,246
51,106,968
51,271,43 1
50,499,992
49,419,394
48. a ;6,758
48,907,4’,4
49,145,170

23 '
92
45
66
96 1)
37
78
52
56 C
78
17
50

1,178,897
454,956
71,248
965,463
434,704
500,824
291,810
417,705
938,597
1,173,782
1,1,9,813
1,133,134

00
00
00
00
00
00
00
00
00
00
00
00

41.380.120
42.440.121
42,650,518
43,858,697
44,524,457
44,602,584
44,908,144
44,235,082
43,849,288
43,333,283
43,161,873
I 43,085,284

10
50
75
41
66
43
42
53
96
25
24
91

563,480 67
563.485 17
563.485 17
568,527 93
575,719 68
575,4C9 80
595,746 06
595,263 11
587,102 38
586,545 81
586,383 31
388,484 34

1,855,946
1,842,314
2,056,520
2,058,654
2,068,599
2,078,931
1,999,441
2,000,478
2,015,802
2,026,779
2,028,189

37
27
20
61
29
57
17
87
15
10
47

1,107,637
962,309
709,359
•604,163
582,740
651,180
781,184
868,633
24,599
24,599
24,599
24,599

99
46
45
46
86
66
17
22
76
76
76
76

4.761,299
4,181,144
4,206,777
3,805,865
3,356,153
3,334,452
3,350,443
3,395,987
3,346,434
3,463,368
3,601,331
3,730,481

58
49
30
79
62
05
54
39
22
21
01
10

49,668,484
49,989,374
50,186,660
50,895,909
51.107,676
51,242,558
51,634,949
31,095,445
49,823,227
49,434,576
49,402,576
49,457,105

71
89
87
20
11
51
36
12
47
13
79
96

1,717,723
856,879
1,2^9,198
1,303,858
883.369
1,220,811
1,055,146
888,765
1,108,389
1,357,926
1,145,067
1,460,662

00
00
00
00
00
00
00
00
00
00
00
00

1822
January
February
March
April •
May June •
July August
September
October
November

Dtcember




17
57
57
57
40
40

2,028,255 85

•*»

G e n e r a l S t a t e m e n t — C ontinued.
Dates.

Notes of State
banks.

Deposites on ac­ Redemption of
count of Trca- count of public
public debt.
surer U. States. officers.

Private depo­
sites.

Circulation.

Barings, &c.

Total.

1818.

1,837,254
2,120,751
1,995,288
2,135,380
2,398,698
2,381,7.54
2,541,072
1,974,037
2,039,001

20
83
43
26
62
12
90
01
58

1,877,909
1,999,537
2,048,108
1,740,951
1,830,514
1,415,580
1,330,490
1,075,016
1,223,387
1,133,923
1,049,337
1,560,593

13
84
08
40
55
35
56
94
73
86
18
70

1,443,166
1,454,886
1,362,335
1,327,786

91
61
14
79

47
07
34
55
14
72
57
10
63

4,909,296
4,676,382
4,484,788
4,335,555
4,786,923
3,924,232
3,850,016
3,423,483
3,064,162

94
88
16
28
15
44
26
75
99

8,339,448
9,885,396
9,454,652
8,766,006
9,045,216
8,214,885
8,713,951
8,348,421
7,286,069

50
47
32
08
35
10
05
82
49

1,357,778
1,397,587
1,628,309
1,624,185
1,760,668
1,908,706
173,072
596,482
499,517

68
6S
14
90

4,684,684 52

7,309,911
8,623,787
7,313,731
8,184,470
7,967,775
8,560,187
9,136,527
5,259,251
1,385,190

21,976 ,435
24,583 ,154
22,881 ,480
22,910 ,217
U 23,560 ,582
K
37 22,608 ,011
H 21,873 ,567
O
99 17,627 ,639
04 16,919 ,624

59
10
96
76
72
63
68
66
67

1,329,525
1,879,877
2,262,191
1,401,050
1,401,970
1,689,385
2,112,147
1,620.920
1,724,669
1,097,163
599,322
656,316

81
13
60
53
91
24
14
05
91
33
84
95

1,526,867
1,195,282
1,196.296
1,872.804
1,481,357
1,193,014
1,558,234
1,511,441
1,323,465
1,765,800
1,631.428
1,499,180

74
80
93
92
t8
09
07
12
59
81
11
57

2,936,477
3,299,747
3,123,440
2,873,755
2,775,606
2,542,308
2,643,808
2,691,466
2,505,237
2,631,453
2,474,760
2,789,437

85
60
96
24
93
54
06
36
53
76
54
09

6,563,750
6,441,407
5,994,301
6,829,690
4,615,024
5,083,613
5,213,040
4,099,796
3,921,386
3,810,111
4,221,770
3,888,054

19
17
17
21
91
40
40
40
40
40
40
33

1,434,022
1,049,893
1.130,911
904,908
477,562
356,007
60,465
51,578
41.026
142,040
333,937
2,053,650

23
20
13
73
92
SI
91
34
59
03

13,790 ,643
13,866 ,207
13,707 ,141
13,883 ,209
10 751 ,523
10,864 ,328
11,587 ,695
9,975 ,202
9,514 ,786
9,446 ,569
9,261 ,219
10,886 ,639

82
90
79
63
55
58
58
27
02
33
17
04

2,096.686
1,260,440
2,148,063
2,293,867

48
97
19
85

1,464,026
1,331,641
1.084,773
1,261,775

07
40
27
27

3,008,082
3,441,743
3,141,087
3,395,687

47
43
25
71

3,589,481 40
3,654,797 40

12,211,926
11,742,273
11,946,726
12,808,878

52
29
21
53

_
m

m

1819

January
February
March
April May .
June July • .
August
September
October
November
December

•8
10

1820

Jannary
February
March
April •




3,519,152 40
3,898,897 60

2,053,650 10
2,053,650 10
2,053,650 10

3,053,650 10

S 8
O

March
April .
■Hay Juue July August
October
November
December

May '* *
June July August
September
October
November
December

1821.

January
February
J^March •
April Hay .
June •
July -

August

September
October
November
December

1822

January
February
March
April -

May

.

June •
July •
August
September
October
November
December

76
76
96
24
87

1,267,515
1,175,757
1,572,186
1,507,813
1,364,399

87
36
51
75
69

3,318,404
3,724,697
3,963,820
3,671,295
3,477,726
3,693,494
3,794,267
4,749,232

677,022 86
692,715 98
676.214 63
825,618 96
984,596 51
1,010,525 02
1,036,073 80
913,612 02
788,816 14
973,610 79
654,015 08
802,669 11

1,106,801 36
534,496 65
779,859 69

1,822,020
1,266,121
1,238,57 i
1,738.307
1,443,127
1,276,981
1,613,309
1,153,118
977,869
1,048,713
976,674
843,003

50
76
79
27
73
53
70
66
22
74
10
86

4,996,164
5,066,079
4,794,546
4,953,796
4,603.790
4,576,844
4,362,603
4,546,724
4,453,494
4,635,138
4,452,392
4,394,463

49
12
07
15
31
05
29
29
67
11
90
78

4,567,053
4,916,790
4,846,265
5,755,107
5,700,570
6,493,146
5,551,910
5,987,350
5,866,800
5,949,940
6,121,410
5,089,142

87
40
40
50
40
01
40
40
40
40
40
90

2,053,074
2,172,090
2,163,201
2,153,829
2.040.000
2.040.000
2.040.000
2.040.000
2.040.000
2.040.000
2.040.000
2.040.000

917,629
856,248
939,121
876,390
881,199
742,566
760,003
650,967
664,642
660,551
736,870
604,347

1,688,577 92
980,855 30
2,175,616 90
2,442,101 00
1,774,323 78
2,451,957 27
1,971,555 55
2,160,080 31
2,497,592 51
2,037,926 66
3,097,251 91
3,800,065 24

928,977 72
1,027,114*02
807,518 95
1,126,519 29
1,329,836 42
1,135,118 69
1,416,692 10
1,134,247 97
1,062,200 45
1,847,741 80
1,150,222 74
1,777,323 17

4,457,598
4,748,717
4,550,820
4,398,006
4,308,428
3.812.699
3,839,388
3,407,185
3.216.699
3,337,686
3,315,304
3,137,906

73
18
87
66
63
26
54
16
78
50
32
32

5,578,783
5,555,767
6,574,162
5,641,807
5,711,002
5,755,492
5,620,960
5,448,642
5,236,217
5,171,477
4,957,417
4,615,787

90
90
90
90
90
40
00
00
00
00
00
00

1 ,0 2 2 ,0 8 5 i s
1 ,0 2 9 ,8 4 8 4 8

1,285,035
921,966
1,011,821
898,810
955,899
824,552




35
52
25
04
08
69

01
84
19
52
10
16
79
28
56
13
08
84

1 .37 6 ,7 0 3 39
1 ,5 4 3 ,8 6 7 00
1 ,3 0 7 ,7 9 4 13

1,440,148
1,647,246
1,547,775
847,706
870,150

2,598,566
1,374,373
1,330,894
637,083
1,318,486
1,048,938
764,965
1,133,370

37
04
08
27
91
53
10
75

1 ,9 4 9 ,8 7 4 77
1 .4 9 7 .0 0 7 3 4
1 .6 1 8 .0 0 8 15

96
53
80
31
66
77
54
49

4 ,0 3 0 ,1 1 5 4 0
4 ,5 0 5 ,3 3 6 16

4,005.382
4,246,500
4,674,470
6,630,967
5,325,387
4,823,510

26
40
40
40
85
40

2.040.000
2.040.000
2.040.000
2.040.000
2,060,309

00
00
00
00
44

9 .0 5 3 .6 5 0 10
2 .0 5 3 .6 5 0 10
2 .0 9 3 .6 5 0 10

1 3 ,9 4 8 ,7 5 0 6 2
1 3 ,3 2 4 ,5 5 8 13
1 2 ,9 8 8 ,6 5 5 4 4

12,665,460
13,015,201
15,484,424
13,515,175
13,867,602

34

64
38
89

29
81
93
14
00
00
00
00
00
00
00
00

14.545,114
13,95.5 578
13,822,445
14.601,240
16,385,054
15,761,344
14,898,717
14.364,276
14,656,651
1 1,7. .',730
14.355,442
l.>,489,981

51
74
88
06
81
63
47
62
20
78
50
39

2.040.000 00
2.040.000 00
2.040.000 00
2.040.000 00
2.040.000 00
2.040.000 00
2.040.000 00
2,040,000 00
1,302,601 55
1,271,848 84
1,271,965 73
1,257,624 01

14,693,937
14.352,454
15,148,119
15,648,434
15,163,591
15,195,267
11,818,596
14 190,155
1J, 315,311
13,666,b83
13,7 '2,161
14,588,705

27
40
62
85
73
63
19
44
29
80
70
74

18

G e n e r a l S t a t e m e n t — Continued.
Date*.

1823.
January
February
March
April
May
June
July
August
September
October .
November
December

1824.

January
February
March
April .
May
June
July
August
September
October .
November
December

1825.

January .
February -

llills discounted
on personal se­
curity.

Dank stock.

22,597,034 21
22,645,507 88
23,09<5,402 11
23,572,084 47
23,562,675 89
34,338,963 22
24,821,114 01
24,822,295 09
24,524,420 49
24,344,679 52
24,259,882 51
24,385,409 95

6,149,031 00
6,159,486 00
6,389,826 90
6,660,361 44
6,558,119 87
6,721,118 14
6,884,094 17
6,792,100 74
6,786,170 74
6,807,309 14
6,676,294 14
6,695,467 92

24,324,352
24,147,340
23,693,400
23,121,786
23,113,142
23,948,791
23,844,875
23,120,085
22,786,300
22,106,979
21.679,094
22,153,696

66
39|
62
50
38
36
95
12
89
80
37
96

23,170,541 93
22,862,164 15




Other securities.

50,033
60,413
63,148
62,848
65,248
72,138
74,938
75,62j
58,998
52,783
64,245
76,780

Domestic bills of Total ofdisrounts
and bills.
exchange.

Total.

Funded debt.

28
13
13
13
13
13
13
13
13
13
13
13

28,796,098
28,865,407
29,549,377
30,295,294
30,186,043
31,132,219
31,780,146
31,690,018
31,369,589
31,204,771
31,000,421
31,157,658

49
01
14
04
89
49
31
96
36
79
78
00

1,940,333
1,922,067
2,500,290
2,972,849
3,380,843
3,412,542
3,023,683
2,787,933
2,370,012
2,358,622
2,085,893
2,303,878

94
34
16
78
10
17
65
89
84
03
75
63

30,736,432
30,787,474
32,049,667
33,268,143
33,566,886
34,544,761
34,803,829
34,477,952
33,739,602
33,563,393
33,086,315
33,461,536

43
35
30
82
99
66
96
85
20
82
53
63

11,018,552
11,018,552
11,018,552
10,877,152
10,876,592
10,876,592
10,876,033
10,876,023
10,876,0.>3
10,875,446
10,875,446
10,875,446

34
34
34
34
30
30
86
86
86
89
89
89

6,708,304 92
6,729,772 92
6,599,126 41
6,470,902 46
6,236,581 46
6,191,168 72
5,876,511 79
5,697,621 95
5,713,544 16
5,68.1,149 73
5,832,082 98
5,795,969 98

75,596 38
95,698 97
97,575 29
109,935 90
107,950 90
142,239 67
76,649 76
83,049 76
29,477 0 0
29,177 00
30,907 00
87,057 00

31,108,253
30,972,812
30,390,102
29,702,624
29,457,674
30,282,199
29,798,037
28,900,756
28,529,322
27,819,306
27,542,084
28,036,723

96
28
32

2,323,830
2,388,737
2,392,389
2,285,975
2,378,153
2,728,105
2,896,058
2,992,095
2,745,381
2,755,498
2,498,866
2,378,980

19
83
00
80
33
73
97
88
63
63
41
33

33,432,084 15
33,361,550 11
32,782,491 32
31,988,600 66
31,835,828' 07
33,010,305 48
32,694,096 47
31,892,852 71
.11,274,703 68
30,574,805 16
30,040,950 76
30,415,704 27

10,874,014
10,874,014
10,874,014
10,873,407
10,873,407
10,873,407
15,872.791
15,872,791
15,872,791
15,872,169
15,872,169
15,872,169

88
H
H
H
R
78
78
78
57
57
57
38
38
38

5,655,459 98
5,527,744 68

258,824 86
87,882 94

29,084,826 77
28,477,789 77

2,727,791 22
2,467,398 10

31,812,617 99
30,945,187 87

18,422,027 38
18,422,027 33

86

74
75
50
83
05
53
35
94

M a rch

-

April
•
May
•
June
July
August September
October •
November
Decern -er
1826.

January

February -

1827.

January •
February March
*
April
•
May
•
June
July
August September
October November

December

60

3,173,274 79
3,611,291 37
3,615,952 45

31,668,817 39
32,908,353 13

18.422.027 38
20.872.027 38
20.858.600 00

04
04
21
57
21
65
69
51

29,297,061
30,376,987
29,031,619
29,613,758
29,489,174
29,667,880
30,034,770
23,773,783
39,584,445

76
82
73
61
34
46
32
03
41

3,698,214
3,917,934
3,622,832
3,426,915
3,365,484
2,876,125
2,745,135

36
38
69
62
92
23
58

33,992,940
32,729,834
33,531,692
33,112,057
33 094,796
33 400,255
31,648,908
32,329,580

27
09
99
03
08
24
26
99

20.858.600
20.738.600
20,621,981
20,566,031
20,552,767
18,714,684
18,642,614

3,131,545
3,730.937
3,650,493
3,709,092
2,782 910
2,980,882
3,019,210
2,925,930
2,734,702
2,858,893
2,902,324
2,860,128

21
12
94
76
76
31
51
93
06
16
41
86

69,793
90,280
108,340
105.790
248,362
550,148
780.790
80,418
72,302
88,952
78,982
247,293

17
00
00
00
02
58
50
00
61
61
61
48

30,305,999
29,646,806
29.710.378
29,986,092
30,249,03 3
30,621,357
30,745,471
29,969,170
29,032,734
29,096,420
28,385,218
27,356,572

10
93
82
36
63
14
18
68
55
93
74
45

3,118,622
3,415,631
3,899,410
4,137,662
4,295,781
4,441,330
4.275,019
3,696,201
3,173,6.39
2,921,811
2,896,931
2,833,712

57
15
31
91
37
08
75
86
29
59
62
95

33,424,621
33,062,438
33,609,789
34,123,755
34,544,821
35,062,687
35,020,490
33.665.372
32.206.373
32,018,232
31,282,150
30,190,285

67
08
13
27
00
22
93
54
84
52
36
40

18,303,50 1 45
18,300,726 18
18,071,998 55
17,831,425 88
17,764,159 05
17.764.359 05
17.764.359 05
17.764.359 05
17.764.359 05
17,764,35y 05
17.764.359 05
17.764.359 05

2,933,658
2,717,441
2,687,336
2,470,588
2,335,725
2,442,750
2,429,058
2,163.435
2,108,220
2,113,655
2,126,955
2,020,515

36
14
23
80
21
02
15
02
02
02
67
13

326,325
51,568
58,778
106,745
189,083
513,599
575,227
60,906
61,556
67,470
67,451
76,398

17
00
00
00
50
69
70
38
38
91
80
85

27,590,809
27,194,005
27,403,739
27,849,715
28,077,848
29,199,206
28,753,577
28,122,507
27,906,998
27,919,095
27,492,345
27.873.379

14
92
82
37
82
34
58
24
07
76
40
56

3,347,057
3,983,828
4,383,776
4,765,932
5,040,858
5,118,816
5,437,588
5,188,434
4,664,891
4,056,251
4,239,563
4,592,577

09

30,937,866
31,177,834
31,787,516
32,615,648
33,118,707
34,318,022
34,191,166
33,310,941
32,571,892
31,975,347
31,731,909
32,465,957

23
50
74
20
46
38
18
62
81
57
05
00

17.764.359
17.764.359
17.764.359
17.764.359
17.764.359
17.764.359
17.764.359
17.764.359
17,664,o59
17.641, .59
17.624.859
17.624.859

5,631,222
3.214,302
2,798,853
2,757,920
2,801,575
3.915,581
2 ,93S", 581
3,159,135

27,104,660
26,825,589
26,951,544
27,171,209
27,217,766
27,090,326
26,945,470
26,962,821
26,225,729
26,148,575
25,403,911
24,249,150

72
81
83
60
85
25
17
75
8ii
16
72
U

24,330,825
24,424,996
24,657,625
25,272,381
25,553,040
26,242,856
25,749,291
25,898,165
25,737,221
25,737,969
25,297,937
25,776,465

61
78
59
57
1
1
63
73
84
67
83
93
58




28,495,542

181,277 94
267,108 96
103,585 00
108,140 53
148,413 10
173,869 23
472,877 92
675,861 55
34,622 17
35,428 17

IS
78
17
SO
54
33
12
17
73

5,257,319 68
5,437,480 68

58

92
83
64
04
60
38
74
81
65
44

00
00
93
93
35
13
20

211

March
•
April
*
May
*
June
July
August September
October November
December

,036,944 98

23
23.592,472
24,642,180
25,709,177
26.666.403
26,557,384
26,393,427
26,443,327
*5,805,579
26,389,881

05
OS
05

OS

05
05

OS

05
05
05
05
05

I— I
_
^

G e n e r a l S t a t e m e n t — Continued.
Total loans.

1823.

January February •
Marcli * April
.
May
•
June
.
July
.
August .
September

October

•

November:December

1824.

January

.

.
.
.
.
.
.
.
.
•

.

.
.
.

February
March
•
April
■

.

June
.
July
.
August .
September
October -

.

.

llecembr

.

May

.

November

.

.

.
.

.
.
.

Real estate.

Banking1 houses
and permanent
expense*.

Barings, Hopes,
&c., and foreign
bills.

Total of invest­
ment!.

Specie.

Balances with
State banks.

41,754,984
41,806,026
43,063,219
41,145,296
41,443,479
45 .4 2 l.3 5 J
45,679,853
45,353,976
44,615,626
44,433,840
43,961,762
44.336.983

77
69
64
16
29
96
82
71
06
71
42
52

626,674
627.316
659,057
669,194
689,592
717.287
736,957
754.154
779,929
783,38)
805,518
987.380

86
99
12
17
30
67
88
96
38
43
01
50

1,956,761
1,959,418
1,961,639
1,964,455
1,939,042
1,942,803
1,893,893
1,901,988
1.906,408
1,912 461
1,915.709
1.919,319

28
95
43
32
74
66
24
61
37
04
18
00

24,599
24,599
24,599
24,599
24,599
146,187
260,05J
373,820
688,029
914,486
1,095,897
1.270.429

76
76
76
76
76
56
20
44
49
84
38
31

4,424,874
4.437.068
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

48
46
09
8:3
61
56
22
55
14
32
48
16

48,787,898
48,904,430
50.370,307
51,294.777
51,922,671
52,745,204
53,481,191
53,301,942
53.264.786
54,405,094
53,203,249
51,023,346

15 C
85
04
27
70
41
36
27
44
34
47
49

1,407,573
815,998
774,830
617,953
1,058,791
1,378,294
1,205,250
575,516
854,538
1,077,707
837,107
1,043,377

00
00
00
00
00
00
00
00
78
81
25
17

44.306,099
44,235.564
43,656,506
42,862,008
42,709.235
43.883,713
48,566,888
47,765,641
47,147,495
46.446,974
45.913,120
46,287.873

03
99
20
44
85
26
04
28
25
54
14
65

1,302,551
1,344.779
1,322,596
1 .255,317
1.361.593
1,358,561
1,418,143
1,436,002
1.441,216
1,465,163
1,477,718
1.493,680

90
82
11
91
35
01
20
67
79
70
99
56

1.871,635
1 ,872,412
1,879.757
1.881,358
1,938,464
1,944,790
1.880,545
1,881.780
1.881,225
1,904,011
1,909,154
1,909,154

24
68
82
54
97
54
79
63
49
50
42
42

1,434,020
1,435,534
1,692,995
1.749,610
1.699.353
705,648
527,538
333,856
282.273
133,639
24,645
24,645

80
84
03
86
52
42
27
61
35
32
60
60

5,813,694
6,273,666
5,938,734
6,309,691
5,974.651
5,518,407
5.588,000
5,824,157
5,387,593
6,252.823
5,664,392
6.378.402

01
30
94
38

54,728,060
55,161,958
54.485,590
54,157,987
53,683.898
53,405,120
57.981,115
57,241,441
56,142,803
56,202,612
54,989,031
56,093,756

93
63
10
13
89
35
54
85
93
95
92
32

1,287,808
598,COS
279.541
1,162,580
617,350
1,011,274
296.864

14
98
70
60
61
01
50

1825,
January .
50,234,645 37
Digitized February
for FRASER
- | 49,367,215 25


1,495,150 79
1.497.358 57

1,852,935 97

1,882,853 12

84.178 00
24,178 00

20

12
24
66
05
89
77
09

6,746,952 21

6,616,049 98

60,353,862 34
59,387,654 92

10,962 64
475,907 43
1,639,667 10
2,130,095 08

411,360 83

S O ,0 9 0 . 844 77

•
.
•
-

53,780 ,.180
54,851,540
53,588,434
54,270,292
53,734,038
53,660,828
53,953,022
50.363,592
50,972,195

1826.
January February •
March
•
April
May
•
June
July
August Septembe"
October November
December

•
.
.
.
•
-

51,728,123
51,363,164
51,681,787
51,955,181
52,309,180
52,827,046
52,784,849
51,429,731
49,970,732
49,782,591
49,046,509
47,951,644

1837.
January February •
March
April
May
J une
July
August September
October November
December

.
•

48,702,225
48,942,193
49,551,875
50,380,007
50,883,066
52,082,381
51,955,525
51,075,300
50,236,251
49,616,706
49,356,768
50,090,816




51

27
09
99
96

01
ft

38

19

12

26

68

15
05
27
98
59
89

57

41
45
28
55
79
25
51
43
23
67
86

62
10

05

1,519,494
1,641,108
1,565,679
1,572,526
1,568,125
1,573,264
1,568,760
1,585,277
1,589,926
1,624,084

86
62
17
07
85
79
86
70
59
33

1,880,343
1,880,546
1,881,917
1,886,705
1,831,464
1,832,217
1,835,840
1,844,799
1,846,214
1,849,538

1,848,354
1,832,611
1,714,192
1,602,943
1,616,290
1,610,719
1,620,927
1,644,678
1,976,141
1,940,602
1,940,868
2,000,750

80
46
67
52
71
10
08
81
80
80
94
78

2,039,226
2,046,809
2,059,063
2,057,858
2,101,312
2,109,580
2,163,767
2,160,776
2,157,588
2,159,388
2,156,252
2,211,105

40
89
25
65
56
44
17
48
42
42
22
33

57
47
46
83
36
at
i^
it
05

47,955
40,922
137,496
247,776
517,030
619,080
827,455
752,826
300,639
373,233

77
43
52
40
56
29
76
09
48
76

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

54
90
03
36
67
85
13
74
15
59

59,320,787
62,863,718
62,170,851
61,085,889
62,235,092
61,912,969
62,193,735
62,680,156
57,558,579
58,491,332

51
93
45
99
90
25
98
26
74
92

508,292
482,574
661,701
818,014
241,982
416,475
821,033
368,706
447,287
694,042

74
02
16
19
99
51
63
65
76
98

1,792,870
1,787,123
1,787,435
1,788,387
1,788.387
1,808,954
1,809,530
1,730,516
1,730,516
1,730.566
1,730,602
1,737,990

80
27
68
83
83
78
24
71
71
41
16
35

421,524
580,120
628,418
552,231
605,935
540,349
487,965
601,644
529,678
487,643
520,221
460,673

80
43
59
41
68
20
09
61
96
61
63
54

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

59,751,031
59,282,406
59,980,312
60,462,729
61,114,485
62,284,322
62,897,548
61,367,333
60,345,528
59,793,297
58,821,147
57,817,501

62
43
47
60
02
23
18
19
75
75
57
08

747,375
605,462
1,073,203
1,545,621
1,633,957
1,585,241
1,833,822

42
62
13
65
14
31
60

266,155
423,478
750,468
1,571,900

31
34
74
57

1,678,192
1,678,215
1,678,215
1,678,215
1,682,715
1,684,744
1,625,189
1,626,189
1,627,189
1,627,189
1,629,346
1,629,346

30
42
42
42
42
56
00
00
00
00
01
01

460,686
560,117
877,313
1,053,676
1,086,279
1,128,829
1,275,093
1,736,108
1,770,553
1,731 ,350
1,436,028
730,487

49
39
42
95
97
15
66
29
65
98
42
59

6,457,161
6,637,118
6,920,725
6,892,607
6,947,435
6,142,141
6,381.225
6,413,198
6,055,331
5,649,143
5,861,535
5,575,477

40
32
99
89
43
16
41
35
40
73
71
63

59,337,481
59,864,454
61,087,193
62,062,366
62,700,809
63,147,676
63,400,800
63,011,572
61,846,914
60,783,778
60,439,930
60,237,232

87
57
87
16
89
74
47
79
33
75 D
46
61

1,683,510
482,731
954,814
751,449
913,904
1,377,586
1,834,502
837,172
32,900
806,710
1,076,702
1,766,954

76
67
75
83
40
90
73
93
42
22

D7

_

62

80

S I3

March
•
April
May
June
•
July
August •
September
Octobcr November
December

G e n e r a l S t a t e m e n t — Continued.
Notes of State Deposites on ac­ Dcpos tes on ac­ Redemption of Private depo­
public debt.
sites.
banks
count of Trea­ count of public
officers.
surer U. S.

Dates.

1823.
January •
February March
April
May
June
•
July
•
August •
September
October November
December

•
.
*
-

766,248 73
711,076 14
669,177 02
731,753 45
1,001,522 72
802 535 05
856,697 82
903,714 93
826,388 16
868,010 20
771,952 76
715,867 38

2,746,366
2,747,865
4,239,186
3,818,579
4.281,331
5,729,099
6,116,933
6,379,058
6,642,292
6,575,238
7,035,228
7,968,468

59
93
84
10
31
97
15
04
75
74
66
99

1,528,964
1,258,053
1,092,507
2,013,286
1,501,502
1,277,308
1,616,306
1,302,596
1,773,040
2,040,029
1,477,653
1,332,320

48
78
12
18
24
43
70
67
76
64
18
51

1824.
January •
February March
•
April
*
May
•
June
•
July
August - <
September
October .
November
December

705,173 08
835,179 83
808, 4*16 24
•
. 1,145,176 19
- 1,052,756 18
- 1,141,501 38
. 1,105,466 07
905,916 39
987,508 68
- 1,105,607 60
• 1,785,267 77
- 1,358,832 37

8,281,718
7,653,746
6,798,054
6 349,186
5,138,821
5,739,027
5,951,933
5,655,799
6,300,487
5,797,680
6,343,565
6,718,817

77
35
61
84
24
20
22
99
25
54
80
13

1,900,146
1,346,403
1,302,620
1,876,167
1,611,139
1,577,504
2,207,815
1,558,373
1,477,466
2,309,596
1,606,762
1,471,088

60
37
02
00
08
41
11
11
23
07
37
45

1825.

n

January - 1,056,224 51

February • 1,178,353 64


4,610,180 57
2,639,910 82

2,093,263 62
1,543,618 63

Circulation.

Darings, fcc.

Total.

3,347,010
3,641,443
3,403,957
3,471,362
3,762,197
3,609,694
3,688,919
3,756,746
3,501,554
3,404,739
3,395,239
3,345,568

86
92
01
66
07
64
83
16
47
43
71
20

4,361,058
4,432,553
4,504,863
4,414,277
4,680,072
4,578,964
4,629,349
4,913,589
4,441,817
4,290,662
4,236,397
4,081,842

00
00
00
00
00
00
00
00
00
00
00
00

1,292,710
1,297,201
1,299,857
1,193,355
1,229,070
1,020,000
1,020,000
1,020,000
1,020,000
1,020,000
1,020,000
1,020,000

49
68
52
16
40
00
00
00
00
00
00
00

13,276,110
13,377,118
14,540,371
14,910,860
15,454,173
16,215,067
17,071,508
17,371,789
17,378,704
17,330,669
17,164,518
17,748,199

42
31
49
10
02
04
68
87
98
81
55
70

41
76
85
98
43
31
31
99
19
03
76
03

4,647,077
5,005,202
5,014,977
5,236,347
5,808,177
6.185,162
6,383,647
6,151,067
5,773,222
5,982,859
5,961,939
5,906,074

00
00

1,020,000
1,020,000
1,020,000
1,020,000
1,020,000
-

00
00
00
00
00

19,369,014
19,073,220
18,055,342
18,740,765
18,081,232
17,744,166
20,585,957
19,428,577
19,170.727
19,418,465
19,594,404
20,748,903

78
48
>
1
82
75
92

-

3,520,072
4,047,868
3,919,690
4,259,064
4,503,095
4,242,473
6,043,562
6,063,336
5,619.552
5,328,330
5,426,153
5,071,162

-

5,330,921 38
7,533,406 46

.
.

_
_
•

_
_
•
.
-

_

eo

00
00
00
00
00
00
00
00
00

-

55,983 24
1,581,762 35

6,068,394 00 I 2,407,383 90
6,740,779 00 1 2,574,646 03

67

09
67
64
17
96

20,509,042 47
21,021,360 94

M»rch
April
May
June
July
August
September
October November
December

81
71
68
98
29
96
42
92
41
90

1,188,767
2,185,930
1,487,934
1,428,025
1,532,258
1,228,126
1,575,492
2,042,345
1,585,401
1,558,878

51
U
22
32
74
28
46
17
70
41

1,114,831
992,805
1,193,829
1,195,276
1,463.622
1,259,971
1,210,645
1,140,010
1,081,301
1,137,267
1,064,000
958,690

52
58
30
72
75
29
80
22
82
08
46
00

3,704,527
4,254,303
5,487,641
5,811,777
6,269,200
7,124,700
4,518,544
3,456,987
4,019,075
4,479,039
4,639,414
6,351,912

54
38
01
12
49
02
56
40
38
70
47
50

1,576,997
1,392,805
1,434,800
2,217,651
1,638,146
1,637,519
2,301,787
1,678,274
2,032,684
2,593,606
1,753,621
1,683,717

31
40
96
25
79
43
21
54
19
03
12
35

488,271
377,620
311,222
297,379
325,304
273,591
2,962,830
1,081,362
779,107
549,924
461,858
418,230

1,068,483
1.100,440
1,024,470
1,033,745
1,405,659
1,221,407
1,154.082
1,070,003
1,033,743
1,180,531
1,272,825
1,289,146

91
79
45
55
81
49
97
41
91
08
16
27

5,619,075
5,091,333
6,696,039
6,280,296
6,339,550
7,002,146
4,711,456
2,856,461
3,704,611
4,733,384
4,561,068
6,091,626

85
60
90
94
70
25
43
37
87
26
14
10

2,112,097
2,372,610
2,226,455
2,573,015
2,645,914
2,639-,395
2,684,415
2,402,452
2,389,152
2,150,826
2,005,287
1,378,964

37
47
15
46
40
67
04
12
71
52
15
79

1,251,100
712,683
491,551
454,914
363,072
217,597
2,053,116
690,405
419,777
336,417
221,599
203,524

January
February
March
April
May
June
July
August
September
October •
November
December

1827".
January
February
March
April
May
June
July
August
September
October •
November
December

1826.




3S
09

7.610,650
7,637,619
7,889.300
6,276,405
5,966,444
5,927,637
5,951,956
5,475,713
6,164,309
6,145,203

84
96
94
50
36
99
57
23
22
46

6,977,634
8,142,747
8,557,370
9,472,519
9,540,694
9,497,969
9,541,569
9,542,687
9,253,112
9,163,163

00
00
00
00
00
00
00
00
00
00

27
20
67
53
01
78
49
34
91
28
58
22

5,444,845
5,777,420
5,797,192
5,694,600
6,027,714
5,710,756
5,630,623
5,804,763
5,722,832
5,324,771
5,169,839
5,023,736

44
66
75
75
47
06
70
15
36
70
20
91

9,474,987
9,616,117
9,721,717
9,718,662
10,247,546
10,583,817
10,210,412
10,708,367
9,863.127
9,912,742
8,499,505
7,990,944

00
00
00
00
00
00
00
00
00
00
00
00

75
00
43
24
94
92
54
63
25
66
20
15

5,337,944
5,766,163
5.807,506
6,106,799
6,094,777
6,215,604
6,527,738
6,605,292
6,583,078
6,145,683
6,152,897
5,904,883

62
21
13
25
35
69
It
50
16
28
93
04

8,549,409
8,972,875
9,021,936
9,472,415
10,136,315
10,131,070
10.198,760
10,691,455
9,961,350
9,785,400
9,561,915
9.573,417

00
00
00
00
00
00
00
00
00
00
00
00

-

•
•
_

.

-

271,009 16
382,579 51

21,554, 616
33,143, 121
23,917, 597
22,905, 465
23,499, 852
23,914, 740
24,857. 223
22,507, 440
19,242, 613
20,325, 596

59
03
55
80
39
23
45
32
49
28

251,494
552,137
493,175
439,902
477,522
212,086
314,498
422,028
448,484
91,291
272,524
261,412

29
42
02
29
80
74
77
80
81
69
08
88

20,941,122
21,971,404
23,245,749
24,179,972
24,985,434
25,542,471
25,938,696
23,151,783
22,865,311
22,951,375
20,796,762
21,729,953

85
06
41
94
56
03
73
23
65
40
45
86

280,056
67,124
53,327
26,987
57,837
93,283
306,037
406,699
517,158
991,889
1,260,731
1,281,569

11
79
59
36
22
16
68
79
82
73
47
16

23,149,683
22,982,790
24,296,816
24,914,428
25,637,467
26,299,097
26,481,523
23^652,866
23,575,128
24,143,601
23,763 498
24,433,984

70
07
20
25
61
69
80
4i
81
45
89
24

2,046,060 43
1,395,800 25
1,172,990 71
•
-

215

89
21
39
39
10
65
29
98

3,731,503
3,781,023
4,810.001
5,728,515
6,460,455
7,261,006
7,788,205
5,446,694
1,966,781
3,075,771

1,192,265
1,198,333
1,288,685
1,436,599
1,541,568
1,294.243
1,125,011
1,204,347
1,186,652
1,303,939

G e n e r a l S t a t e m e n t — C o nt in u e d .
Billa discounted
on personal se­
curity.

Date*.

On bank stock.

Other securities.

T otal.

Domestic billa of Total of discounts
and bills.
exchange.

1828.
January
February
March April May *
June July *
*
August
•
September October
November •
December •

•
•
*
*
*
•
•
*

26,432,116
27,302,717
27,691,132
27,842,044
28,454.123
29,101,374
29,281,719
29,316,745
29,728,698
29,891,470
29,768,148
29,763,668

84
20
74
66
98
16
38
45
18
76
55
53

1,928,039
1,809,623
1,834,090
1,855,631
1,969,849
1 ,973,075
1,951,656
1,850,380
1,753,130
1.596,212
1,599,514
1,571,361

27
77
92
76
23
43
56
56
74
51
18
47

280,241
122,708
112,927
110,177
236,782
687,447
821,204
142,212
137,723
135,454
316,223
461,521

85
43
73
73
08
96
29
73
73
40
64
77

28,660,417
29,235,049
29,638,151
29,807,854
30,660,755
31,762.097
32,054,580
31,309,338
31,619,552
31.623.137
31,683,886
31,796,551

96
45
39
15
29
55
23
74
65
67
37
77

5,022,487
5,697,494
6,024,196
6,406,328
6,692,963
6,661,563
6,451,829
6,013,890
5,470,489
5,409,345
5,805,255
6,569,579

80
40
90
52
63
04
88
15
47
46
03
17

33,682,905
34,932,543
35,662,348
36,214,182
37,353,717
38,423,660
38,506,410
37,323,228
37,090,042
37,032.483
37.489,141
38,366,130

1829.
January
February March
•
April May .
June July •
August
September October
•
fforember December -

•
*
•
•
*
•
•

29,854,668 36
30,247,401 86
31,277.820 16
31,989,997 34
32,097.706 76
31,580,605 38
31,790.746 90
31,094,082 81
31,079,205 39
31,092,233 06
31,240 464 92
31,126,407 30

1,375,604
1 ,285,73J
1,182,073
1,175,912
1,213.437
1,333,297
1,359,720
1,336,111
1,261,812
1,280,283
1,165,780
1,120,964

38
03
00
00
13
46
66
65
15
63
72
90

298,061
103,315
38,555
160,430
315,989
707,578
1,046,300
..84,216
74,829
59,936
134,878
251,128

23
73
73
73
97
49
00
09
97
79
02
88

31.528,333
31,638,452
32,498,448
33,326,340
33,627,133
33,621.481
34.196,767
32,514.410
32,415,847
32,432.453
32,541,123
32,498,501

97
62
89
07
86
33
56
55
51
48
66
08

7 ,6&9,268
8,967,853
9,268,137
9,561,152
9,267,454
9,088,626
8,821.365
8,342.147
7,486,305
7,327,599
7,476,331
7,718,039

19
14
17
83
04
01
34
61
31
32
37
03

39,217,602 16
40,606,305 76
4 t ,766,586 06
42,887,492 90
42,894,587 90
42,710,107 34
43,018,132 90
40,856,558 16
39,902,152 82
39,760,052 80
40,017,444 93
40,216,530 11

8,691,163 39
10,000,898 84

40,663,805 38
42,032,494 54

1830.
January
- 30,654,508 31

February «
•
30,971,805 51


1.002,294 51
1,017,577 68

315,839 17
42,213 51

31,973,641 99
32,031,595 70

76
85
29
67
92
59
11
89
12
13
40
94

Funded debt.

17,624,859 05
17,6i»,859 05
17,584,115 80
17,479,311 43
17,474,111 43
17,443,211 43
17,35.’,859 12
16,950,969 51
16,684 789 16
16,493,615 40
16,441,298 55
16,391,936 44
16,099,099
15,727,251
15,2-’1,773
15,157.924
15,007,472
14,970,767
14,932,639
12,676 133
12,J 19,287
11,710,710
11,717,070
11,635,290

18
94
01
72
13
13
88
18
27
79
90
90

11,610,290 90
11,385,790 90

M a rch

•

-

3 0 ,8 9 5 ,9 2 2 1 2
3 0 92.5,129 11

93

68
08
41
40
20
25
61
25

1831.
January
February Marcli •
•
April May . . .
June .
.
July . . .
August
•
•
September *
October
November December •

32,827,121
32,942,581
33,502,614
35,285,756
37,473,279
38,927,311
40,559,944
41,585,298
43,252,404
45,370,135
46,942,682
■47,484,548

72
91
39
89
54
88
96
70
64
77
06
26

665,005
624,561
711,034
774,220
701,731
793,951
866,088
779,458
786,295
709,946
679,681
669,423

61
95
01
37
37
75
80
07
84
99
99
99

83,276
17,400
6,800
7,800
42,315
21,990
22,590
19,700
14,300
19,300
96,118
18,950

1832.
January
February
•
March April . . .
May . . .
June . . .
July •
August
September October
*
November December -

48,852,570
48,205,447
45,850,367
45,700,816
44,874,893
44,197,174
43,397,271
43,866,732
43,122,368
43,297,302
42 079,966
41,211,739

34
06
27
51
91
45
41
79
24
09
19
94

731,157
788,312
620,766
597,729
530,657
507,508
518,193
547,250
494,929
502,266
845,705
673,689

53
92
14
16
20
29
56
41
70
03
27
42

18,350
5 000
2,145,895
2,151,047
1,969,527
2,007,357
1,920,960
2,175,206
2 , 972,114
2,894,601
2,801,263
3,038,688

-

.
.

•
-

•
-

-




58
28
02
99
76
85
55
12
00

144,291
220,057
626,405
1,069,028
653,968
84,342
83,892
121,067
67,641
67,541

8J

20

93
20

35
51
51
51

63
63

00
00
00

00
00
00

00

00

00
00

01

00
00
00
20

28
09
66
68

38

99

u

49

71

3 2 ,0 4 4 ,2 7 3 8 8

10.306,695 02
10,506,882 54
10,688,371 23
10,611,091 46
10,561,137 31
9,257,937 68
8,232,469 35
7.71G.599 61
7,954,289 60
9,002,041 36

43,206,694
43,515,329
43,238,168
42,028,760
40,958,897
40,527,523
41,406,160
42,402,304

12
76
06
35
91
92
96
24

11,182,120
11,122,530
10,892,530
10,892,530
10,674,724
10,674,724
10,674,724
10,674,724
8,674,681
8,674,681

90
90
90
90
05
05
05
05
(>;
<
06

33,575,403 43
10.456.653 90
12,284,708 24
33,584,543 86
34,220,448 40
12.943.653 09
36,067,777 26 ' 14,725,923 30
38,217,525 91
15,364,741 84
39,743,253 63
15,400,485 79
41,448,423 76
15,113 621 19
42,384,456 77
14,409,479 72
44,053,000 48
13,796.719 83
14,001,991 12
46,099,382 76
13,775,978 65
47,718,482 06
14,853,530 68
48,172,922 25

44,032,057
45,869,252
47,164,101
50,793,700
53,582,067
55,143,739
56,562,044
56,793,936
57,849,720
60,101,373
61,494,460
63,026,452

23
10
49
56
75
42
95
49
31
88
71
93

8,674,681
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

06
06
OS
06
06
06
06
08
06
06
00
00

66,293,707
67,970,407
68,971,777
69,930,693
70,428,070
69,562,809
67,416,081
68,008,968
65,572,888
63,693,310
62,031,433
61,571,625

21
76
40
54
72
75
20
81
39
50
43
66

32,138,270 89
32,518,322 89
32,904,238 30
32,877,030 75
32,770,822 67
32,726,428 56
52,810,924 31
33,451,871 36
33,400,262 88

49,602,577 87
48,998,759 98
48,617,028 61
48,449,592 95
47,375,078 20
46,712,040 40
45,836,425 65
46,589,189 58
46,589,412 93
46,694,169 46
45,726,934 95
44,924,118 07

16,691,129
18,971,647
20,354,748
21 ,481,100
23,052,972
22,850,769
22,579,655
21,419,799
18,983,475
16,999,141
16,304,498
16,647,507

34
78
79
59
52
35
55
23
46
04
48
59

42,351,170 90

42,645,153 43

2,100 00
2,200 00

217

•
•
-

• 30,896,965
30,829,391
31,304,553
31,806,840
31,761,077
31,800,743
32,665,034
32,614,894

1,004,061
993,084
994,951
1,005,819
918,508
879,639
881,458
889,113
719,195
717,827

April Slay . .
.Tune . .
Julv •
August
September
October
November
December

G eneral Statement
Total loans.
Dates.

1828.
January
February
March
April
May
June
July
August
September
October November
December

1829.

January February March
April
May
June
July
Auguat September
October •
November
December

1830.

Ranking houses
and permanent
expense*.

Heal estate.

Darings, Hopes,
See., and foreign
bill*.

Total of invest­
ments.

Specie.

Balances with
State banks.

51,307,761
52,557,402
53,246,464
53,69J,494
54,837,829
55,866,872
55,859,269
54,354,198
53,774,831
53,525,098
53,930,439
54,758,067

81
90
09
10
35
02
23
40
28
53
95
38

2,295,401
2,266,958
2.266,053
2,288,334
2,336,578
2,334,580
2,354,821
3.392,552
2,291,052
2,294,257
2,287,157
3,319,386

88
74
39
51
93
25
57
11
66
49
49
91

1,634,260
1,576,194
1,591,397
1,593.147
1,594,330
1,598,734
1,600., 198
1.540,806
1,547,888
1,549,809
1,551.658
1,552,801

03
67
32
78
68
58
77
48
93
79
60
77

356,470
346,571
362,627
370,858
350,991
408,899
315,303
340.185
334.185
331,171
336,817
333,543

96
91
27
40
74
37
53
93
93
85
50
50

6,170 045
5,933,171
5,587,269
6,110,934
6,318,051
6,577.681
6,621,731
6,593,007
6,282,185
6,221,949
6,017,663
6,047,579

14
29
02
41
51
74
94
35
97
55
24
33

61,763,912
62,680.299
63,053,810
64,056,769
65.427,682
66,776,767
66,771.328
65,020,850
64,213,144
03,925,287
61,123,736
65,011,378

83
51
99
30
21
96
01
37
77
31
78
89

1,697,401
637.983
1,528,18.3
1,540,573
1,253.776
1,511,907
1,737,089
15,693
173,731
603,010
860,175
1,315,572

00
18
89
12
71
78
58
90
65
97
08
88

55,316,701
56,333,557
56,991,359
58,045,417
57,902,060
57,680,874
57,950,772
53,533,691
52,151,440
51,470,763
51,734,515
51,851,821

34
70
07
62
03
47
78
34
09
59
83
01

2,345,539
2,347,805
3,345,055
3,348,134
2.338,887
2,350,077
2,606,495
2,587,092
2,553,051
2,563,833
2,584,014
2,727,046

30
02
02
09
33
88
54
21
11
56
06
18

1,557,356
1,498,391
1,498,837
1,498,998
1,499,247
1,485.618
1,502,024
1,442,402
1,443,430
1,443,831
1,444,110
1,444,401

59
45
93
35
35
71
22
15
90
81
41
89

482 ,420
695,463
932,713
1,078 182
1,076,953
669,316
1,447,196
1,658,468
1,558,528
1,406,462
1,161,000
1,327,436

58
31
76
12
38
43
76
36
27
26
53
87

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

19
75
79
51
54
85
68
82
28
22
90
78

65,800,156
66,902,958
67,455.496
68,757,717
68,418,266
68,003.789
70,148.447
65,974,629
64,360,105
64,302,690
64,098,911
64,502,488

00
33
57
69
63
34
98
88
65
44
73
73

1 ,713 ,397
492,559
275,313
60,932
480,890
1,765,723
1,960,398
257,121
664,935
917,986
843,551
970.365

88
68
16
70
43
76
27
05
5T
37
26
44

52,274,096 28
January •

53,418,285 44
February 

2,886,397 28
2,874,367 77

1,444,801 66
1,385,094 19

I ,530,553 24
1 ,7 9 2 ,0 4 5 53

7,608,076 90
7.315.280 32

65,743,925 36
66^785,073 25

1,199 .458 65
305,178 ia

March
•
April
May
June
July
August •
September
October November
December

1831.

1832.

January February March
April
May
June
July
August September
October November
December

8,038,246 40 I 68,488,885 77

80
33
02
66
11
40
96
97
02
30

2,842,631
2,891,890
2,842,287
2,823,848
2,802,004
2,804,974
2,833,013
2 805,947
2,766,796
2,768,940

37
75
63
M
32
22
99
20
95
11

1,386,588
1,391,507
1,378,502
1,381,877
1,384,171
1,328,832
1,332,727
1,335,174
1,337,838
1,337,950

77
09
69
83
17
48
34
03
31
68

2,789,498
2,880,953
3,477,413
3,756,813
3,664,474
3,533,373
3,397,385
2,778,653
2,260,456

54
68
80
61
96
83
71
13
65
•

9,043,748
9,187,908
9,746,884
10,252,325
11,280,096
11,040,477
11,386,163
11,436,175
11,089,980

97
79
56
63
42
54
40
50
89

69,884,329
70,388,877
71,842,885
72,108,206
71,781,862
70,423,214
70,126,818
68,400,305
68)534,312

68
81 C
39
84
48 D
66
31 C
91
63

52,706,738
53,543,933
54,838,782
58,468,381
59,256,748
60,818,420
60,236,726
60,291,617
61,347,40 1
63,599,054
61,496,660
63,028,652

29
16
55
62
81
48
01
55
37
94
71
93

2,629,125
2,623,690
2,616,313
2,604,865
2,557,293
2,531,400
2,493,455
2,491,892
2,492,987
2,415,598
2,224,796
2,217,581

21
77
10
51
39
25
69
99
78

91
36

1,344,761
1,281,332
1,283,384
1,283,590
1,294,902
1,295,978
1,298,098
1.160.455
1.161.455
1,147,895
1,148,849
1,154,103

02
71
71
42
09
11
04
54
54
76
89
31

2,387,331
1,657,343
1,161,076
180,339
177,841
206,407
144,439
121,214
82,974
135,583
82,974
82,974

19
88
75
86
91
29
72
60
07
93
07
07

10,808,047
11,169,428
12,012,232
12,435,609
12,529,381
12,070,253
12.175,476
11,545,116
10,893,216
9,323,818
8,137,596
7,502,250

07
24
73
61
13
97
85
51
89
86
95
84

69,876,002
70,275,728
71,911,789
75,022,787
75,816,167
76,922,460
76,348,196
75,610,297
75,978,035
76,621,952
73,090,878
73,985,562

78
76
84
02
33
10'
31
19
65
26
53
51

66,295,907
67,972,607
68,971,777
69,930,693
70,428,050

21
76
40
54
72

2,136,525
2,221,975
2,131,359
1,937,616
1,759,752
1,958,520
1,829,889
1,829,112
1,832,753
1,831,949
1,822,721
1,826,820

56
71
64
05
66
08
55
47
86
25
31
35

1,159,637
1,071,964
1,163,691
1,169,099
1,169,115
1,169,169
1.174.176
1.174.176
1,174,243
1,174,375
1.174.380
1.174.380

22
76
92
87
12
10
70
70
52
52
02
02

91,668
114,315
91,238
117,494
83,988
83,988
630,144
2,113,571
2,673,030
2,982,197
2,968,408

23
07
83
10
23
23
22
93
20
65
36
2,859,733 19

7,038,823
6,884,825
6,799,753
7,029,310
7,890,347
7,639,101
7,519,083
7,346,292
7,729,152
8,078,851

12
28
63
61
59
09
79
66
26
07
8,026,055 45
7,860,073 65

76,722,561
78,265,688
79,157,821
80,184,214
81,331,254
80,413,588
79,569,375
80,472,142
78,982,068
77,760,683
76,022,998
75,292,632

34
58
42
17
32
25 D
46
57
23
99
77
87




77

D

C

1
)

c

D

80,875 21
60,331 25
450,333 00

1,014,085
1,335,058
2,585,534
1,734,548
1,159,342
2,003,655
400,942

87
23
41
08

734,900
863,569
1,270,390
316,092
274,001
40,975
60,538
131,746
354,215
1,105,528
956,179
1,003,311

51
69

1,993,744
174,032
1,152,552
1,507,056
726,196
1,177,573
2,552,780
602,995
2,072,036
2,820,114

36

24
67

79
80

17
74
M

51
24
62
97
16
55

65
23
23
41
61

79
39

71

56
805,043 40
1,789,047 0'2

919

January February March
April
•
May
June
July
August September
October .
November
December

2,688,127 43

53,533,291
53,767,684
54,099,225
54,407,860
53,912,892
52,703,484
51,633,621
51,202,247
50,080,842
51,076,985

G e n e r a l S t a t e m e n t — Continued.
Dates.

1829

January
February ,
March April •
May June .
July .
August
September
October
November
December

Private dcpo.
sites.

1,447,386
1,348,233
1,394,332
1,347 351
1,498,436
1,421,632
1,418 826
1,458,099
1,449,954
1,498,845
1,430,117
1,417,131

28
68

6,142,107
6,596,750
6,614,565
6.296,727
6 588,941
6,554,742
6,402,121
6,563,479
6,184,864
6,078,959
5,981,848
6,057,856

65
28
40
34
93
59
80
06
55
14
02
44

9,855,677
10,432,552
10,729,375
10,716,806
10,799,124
11,140,209
10,890,343
11,099,815
11,278,217
11,398,171
11,261,750
11,162,841

00
00
00
00
00
00
00
00
00
00
00
00

13
31
22
02
25
23
92
23
83
27
61
50

6,364,952
7,266,794
7,483,862
7,341,783
7.493,198
6,081,598
7,122,188
7.475,098
7,000,803
6 771,115
6,487,668
6,260,618

06
38
63
48
99
91
37
23
31
90
22
63

11,901,656
12.323.942
12,656,658
13,160,543
13,630,343
13,677,002
13,691,783
13,894,277
13,168,557
12.514.943
12,850,082
12,742,722

00
00
00
00
00
00
00
00
00
00
00
00

Circulation.

Barings, 8tc.

Total.

.

1,293,578
1,493,303
1,350,417
1,548,423
1,515,807
1,518,441
1.311,611
1,449,789
1,662,414
1,486,940
1,531,527
1,405,817

36
57
82
70
02
15
02
73
58

22

01
99
44
07
03

46

30
80
43
63
07
56
93
30

1830
January _
1,465,047 44

1,523,064 17
February


5,553,447
5,*38,351
6,517,062
8,077,033
8,796,811
7,976,042
7,544,267
4,680,773
5,659,529
5,598,743
6,517,274
8,085,512
5,941,049
5,314,873
6,512,269
6,767,228
7,512,160
9,219,496
4,889,910
3,900,392
4,534,250
5,063,372
5,62S,352
6,512,813

41
37
43
62
25
71
68
13
83
82

1,874,991
1,250,883
1,139,537
1.540,140
1,304,709
1,275,789
1,545,860
1,168,500
1,150,931
1,717,369
1,097,041
965,946

22
44
83
38
02
91
33
63
10
23
64
90

926.783
360.784
300,870
262,033
238,678
225,459
2,464,286
1,452,472
1,123,994
9u7,5o8
847,109
810,544

28
64
70
00
70
95
00
28
49
16
29
26

1.670,316
1,174,100
1,019,670
1,862,505
1,652,665
1.158,537
1,398,257
l,09h,8t4
1,051,021
1,264,246
919,141
801,029

43
67
06
37
81
04
31
39
08
92
16
79

3,085,601
1,.'(81,337
772,969
651,574
566,537
498,781
5,369,221
1,255,277
785,458
643,854
544,223
517,820

75

32

5 5 7 9 ,5 6 8 3 2
5 ,8 9 6 ,5 4 4 5 4

1 ,2 1 5 ,8 1 7 61
8 5 5 ,6 9 1 5 6

44
03
74
76
71
99
30
09
78

38

2 ,8 5 9 ,3 7 2 44
8 6 7 ,5 3 8 86

6 ,3 9 1 ,0 0 5 41
7 ,3 6 1 ,4 1 7 84

1 2 ,9 2 4 ,1 4 5 00
1 3 ,470,599 00

1,467,806
1,360,471
1,438,900
1,256,974
1,276,257
1,103,873
687,383
594,492
468,710
673,454
1,054,024
648,588

26
11
87
15
33
28
75
65
94
47
84
29

25,820,813
25,539,792
26,740,312
28,149,715
28,004,522
29,276,117
29,534,262
25,559,333
25,866, 248
26.374,205
26,759,048
27,731,'290

20
18
25
00
42
39
43
14
05
35
61
13

28.963,574
27,661,048
28,445,429
29,783,633
30,884,905
31,535,416

90
00
61
87
75
13
60
13
71
25
31
18

33,471*390

27,623,929
26,540,090
26,257,532
26,429,467
26,835,004

28,969,'.128 7 8
2 8 ,4 5 1 ,7 9 1 80

055

1828

January
February
March April May June July August
September
October
November
December

Notes of State Depnsiteson ac Deposites ow ac­ Redemption of
banks.
public debt.
count of Trea. count of public
surer U. States. officers.

1831.

January
February
March
April •
May June July •
August
September
October
November
December

1832.

January
February
March
April •
May June •
July August
September
October
November
December

45
78
10
27
24
90
94
44
39
92

6,901,649
6,620,051
7,255,478
8,376,302
6,266,742
3,512,545
4,183,853
7,166,236
3,882,566
4,649,979

11
11
82
97
42
01
36
70
93
60

875,459
1,554,969
1,562,841
1,323,661
1,346.206
1,129,990
1,447,374
1,334,081
1,194,682
1,163,630

47
57
87
16
53
15
72
23
03
70

803,183
730,481
667,764
631,367
2,824,121
1,382,348
1,140,0J8
931,940
664,160
621,227

85
19
22
04
74
46
07
64
06
97

7,696,849
7,704,256
7,568,687
8,140,279
7,928,550
8,227,333
7,857,056
7,694,485
7,573,502
7,893,911

55
87
26
07
84
09
26
28
70
34

14,065,234
14,176,927
14,514,627
15,079,986
15,346,407
15,382,971
15,269,352
15,348,657
15,824,732
15,846,902

00
00
00
00
00
00
00
00
00
00

1,494,506
1,965,371
2,069,754
2,055,762
2,163,083
2,347,421
2,043,287
2,080,442
2,033,851
2,181,920
2,370,897
2^696,570

64
19
31
46
65
47
59
33
44
13
52
93

6,940,628
5,413,093
7,003,728
6,785,759
5,776,099
6,065,512
5,067,653
5,477,504
5,957,927
7,376,074
5,552,040
7,166,443

81
55
60
46
16
21
20
19
44
99
52
07

1,616,635
1,309,748
1,190,787
1,727,912
1,276,945
1,290,313
1,485,152
1,291,597
1,944,522
1,628,482
1,416,063
1,271,471

18
43
61
49
59
34
01
77
31
61
61
21

574.701
515,428
525.921
487,497
478,487
477,812
1,102.993
483,147
513,342
508,877
419,785
419,785

14
90
91
60
60
00
76
46
39
39
92
92

8,165,437
8,767,751
8,475,346
9,313,238
9,488,368
9,057,161
9,103,864
9,115,836
8,652,789
8,349,380
8,071,237
8,145,098

13
14
03
68
46
88
11
47
21
46
11
12

16,251,167
16,513,412
16,933,122
18,238,192
18,687,029
18,951,232
19,195,817
19,377,910
18,827,610
19,708,285
20,724,820
19,914,740

00
00
00
00
00
00
00
00
00
00
00
00

.
•
■
*
710,039
”
168,378
154,948
1 ,085,171
603,402
1 ,195,942

2,171,676
2769,881
2,836,900
2^591,452
2,651,473
2,702,742
2,165,555
2,435,770
2,336,430
2,472,486
2,707,907
2,295,744

8,258,155 57
31
18 5,729,701 00
40
6,520,137 56
5,748,942 14
01
8,445,316 29
34
8,172,554 01
87
9,568,123 67
91
10,039,738 93
02
86 10,832,632 48
06
8,348,361 55
84
5,107,733 97
47
6,157,205 64

1,632,378
1,764,011
1,719,489
3,053,507
1,723,656
1,697,227
1,842,782
1,512,969
1,639,277
2,233,266
1,84 9 887
1,905,891

35
45
32
84
27
30
68
01
55
53
58
45

2,698,829
1,453,491
857,613
712,827
616,913
568,455
461,202
585,200
552,466
3,079,564
4,747,696
4,214,972

70
62
12
42
85
73
52
23
87
93
45
13

8,107,155
8,974,178
8,816,759
9,276,792
9,005,096
8,603,479
8,115,367
8,010,170
7,666,143
7,702,793
7,622,898
7,593,471

65
47
81
30
57
53
40
72
15
73
84
62

21,355,724
21,081,675
21,044,415
21,360,465
21,377,650
21,292,118
20,520,068
20,282,473
19,776,538
19,487,813
18,274,433
17,858,938

00
00
00
00
00
00
00
00
00
00
00
00

1 447,748
2 24-5,888
1 876,802
1 805,059
1 878,122
1,097,302
•




30,342 ,375
30,786 ,685
31,569 ,399
33,551 ,596
33,712 ,028
29,635 ,187
29,897 ,644
32,475 ,400
29,139 .643
30,180 ,651

“
*
■
“
•
*
“

1 606,842
1 624,508
1 955,052
1,865,193
l)489,358
1,607,784
1,925,986
1,634,047
1^540,174
l ’785,167

—

•
•
•

61
72
46
05
51
06
68
79
39
89
29
27

98
74
17
26
53
71
41
85
72
61

32,548 ,569
32,519 ,434
34,128 ,906
36.552 ,900
35,706 ,929
36.552 ,071
35,955 ,485
35,914 ,374
36,051 .159
38,656 ,271
36,787 ,349
38,113 ,480

26
02
15
23
81
04
08
61
81
50
67
38

43,499,991
41,248,946
40,835,217
41,957,594
43,046,755
41,431.136
40,507,544
40,430,551
40,467,058
40,851,799
37,602,649
37,730,478

95
33
20
59
27
84
27
89
05
74
84
84

155

March
April *
May •
June •
July August
September
October
November
December

G e n e r a l S t a t e m e n t — C o n t in u e d .
Kills discounted
on personal #
ecurity.

Dates.

. 1833.
January
•
February
March
•
April . .
May . .
June . .
July . .
August
September Octobcr
November •
December •

•
.
.
.
.

1834.
January
February March
•
April . . .
May .
.
.
June .
.
.
July . . .
August
.
September .
October
-

•
•
.
.

.
.
.

liunk stock

40,085,517
39.309.180
38,343,000
37,a n 477
37,384,334
37,010,093
37,033,667
38.084,035
38,633,432
37,900,265
36,202,332
34,491,491

28
63
59
05
79
22
01
40
16
29
82
18

687,345
602,834
828,017
8-18,232
856,081
863,915
827,296
788,464
710,794
792,887
869,194
869,086

02
10
91
91
91
03
95
39
89
89
14
06

8,854,008
2,022,621
2,754,813
2,894.496
3,132,236
2,753,085
3,831.245
4,364,606
4,094,104
3,533,122
3,991,286
3,419,990

02
42
29
33
07
83
08
35
86
24
98
25

43,626,870
41,934,686
41,926,431
41,574,206
41,372,652
40,627,094
41,693,209
43,237,106
13,428,331
42,226,275
41,062,813
38,780,567

32
15
79
29
77
08
04
14
91
42
94
49

18,069,043
19,986.789
21,514,786
22.749.72J
23,147,247
22,427,702
21,676,688
20,923,243
19,287,174
17,867,927
16,147,790
15,672,537

25
82
99
50
96
84
51
00
44
51
44
18

61,695,913
61,921,475
63,441,218
64,323,929
64,519,900
63,054,796
03,369,897
64,160,349
62,715,506
60,094,202
57,210,604
54,453,104

57
97
78
79
73
92
55
14
35
93
38
67

33,703,469
33,564,814
32,333,862
31,166,758
30,654,978
30,415,265
29,932,977
30,182,503
30,289,331
30,461,199

55
04
54
43
37
18
82
09
72
23

91-2.182
1,035,290
1,063,871
1,161,856
1,023,815
1,021,387
1,031,325
1.150,478
1,117,766
1,073,827

97
97
97
97
53
53
53
23
53
61

3,993,416
3,944,147
3,983,397
3,801,526
3,533,437
3,303,218
3,459.618
3.411,135
3,456,228
3,587,813

94
81
35
56
29
50
97
67
30
70

38,609.069
37,544,252
37,381,131
36,130,141
35,212,231
34,739,871
34,423 ,921
34,744,116
34,863,326
35,122,84'J

46
82
86
96
19
21
72
99
55
54

16,302,392
17,298,720
18,786,698
18,676,675
18,544,253
17.462,041
16,601,051
13,932,049
12,196,172
10,883,951

24
82
00
66
99
67
00
90
10
21

54,911,461
54,842,973
56,167,829
54,806,817
53,756,485
52,201,912
51,024,972
48,676,165
47,059,498
46,006,791

70
64
86
62
18
88
72
89
65
75

-ar ■_
:




Other securities.

Total.

Domestic bills of Total of discounts
and bills.
exchange.

Funded debt.

G eneral

Total loans.

Real estate.

Date*.

1833.
January
February March April May *
June July . . .
Aupust
•
September Octobcr
November December •
1834.
January
February
March
•
April May June . . .
July August
September October
-

*

-

•
.
.
-

-

•
-

•

•
.
.
•
.
_
.
• •

.
-




•
•

_

•

S t a t e m e n t — C o n t in u e d .

Banking houses Baring, Hopes, &c
and permanent and foreign bills.
expenses.

Specie.

Total of invest­
ments.

Balances with
State banks.

•

1,855,169
1,860,687
1.854,836
1,832,846
1,818,411
1,827,097
1,809,289
1,802,907
1,786,366
1,787,406
1,777,207
1,755,484

75
79
47
35
35
90
70
24
32
28
28
28

1,181,071
1,181,071
1,181,071
1,181,071
1,181,083
1,181,287
1,187,238
1,187,238
1,187,238
1,187,238
1,157,323
1,185,849

77
77
77
77
31
08
49
49
49
49
97
17

3,106,833
3.017,702
3,942,803
3,942,019
3,729.101
2,350,265
1,911,044
2,147,781
3,241,291
2,375,39C
2,097,756
2,318,428

33
38
74
53
71
04
58
62
64
23
72
20

8,951,847
9,046,051
9,111,847
9,001,661
9,215,109
9,543,701
10,098,816
10,023,677
10,207,649
10,663,441
10,342,160
9,818,529

60
40
32
93
04
51
06
38
20
51
46
25

76,790,836
77,026,989
79,531,778
80,281,529
80,463,606
77,957,148
78,376,286
79,321,953
79,138,052
76,107,679
72,615,052
69,531,395

02
31
08
37
16
45
38
87
00
44
81
57

1,741,407
1,718,862
1,705,864
1,704,322
1,687,770
1,683,456
1,741,878
1,755,910
1,824.733
1,821,525

86
34
40
24
53
64
12
00
78
40

1,189,125
1,221,306
1,221,306
1,221,306
1,221,306
1,221,306
1,222,443
1,215,943
1,215,943
1,215,943

94
17
17
17
17
17
44
44
44
44

1,801,669
1,644,415
1,995,560
2,255,090
1,650,520
1,995,291
3,827,413
4,338,372
3,859,820
3,127,982

48
75
26
76
86
80
03
07
92
88

10,031,237
10,523,385
10,385,439
10,180,008
11,183,774
12,298,333
12,823,997
13,626,049
13,863,897
15,561,374

72
69
15
76
54
20
93
63
99
98

69,674,902
69,950,943
71,475,999
70,167,545
69,499,857
69,400,300
70,640,705
69,612,442
67,823,894
67,733,618

70
59
84
55
28
69
24
03 C
78
45

C
D
C
U

1,596,252
65,458
66,905
201,756
61,633
987,074
485,594
342,480
1,066,175
2,288,573
2,417,243
2,204,925

08
68
08
82
69
02
80
36
54
19
73
16

1,536,745
1,386,951
129,251
586,838
1,388,683
1,622,076
408,726
530,972
400,837
818,710

68
(.5
85
54
08
91
34
26
73
20
I— I

G e n e r a l S t a t e m e n t — Continued.

Dates.

18 3 3 .
Janu ary
February
M arch
A p ril M ay Ju n e •
J u ly
August
Septem ber
October
N ovem ber
December

1834.

Janu ary
Febru ary
M arch
A p ril M ay Ju n e •
J u ly
August
Septem ber
October

Notes o f State Deposites on ac­ Deposites on ac
count o f T re a ­ count o f public
banks.
surer U. S.
officers.

Redemption of
public debt.

Private depo­
sites.

Circulation.

Barings, & c.

T otals.

3 ,8 9 2 , 655
2 ,3 8 3 , 12 6
2 , 1 5 7 , 576
2 ,2 2 6 , 936
2 , 7 8 1 , 092
2 ,6 9 8 , 245
2 ,5 2 3 . 857
2 ,5 9 9 , 7 27
2 ,4 5 9 , 877
2 , 4 3 1 , 399
2 . 0 7 1 , 974
1 ,8 7 8 , 3 3 3

04
40
90
33
92
72
41
45
04
61
32
99

4 ,18 0 ,8 13
2 ,7 3 5 ,5 5 5
5 ,2 2 6 ,4 3 3
4 ,5 1 4 ,6 7 0
4 ,3 2 7 ,2 8 4
2 ,6 0 7 ,4 9 8
3 ,3 12 ,0 12
4 ,3 6 0 ,9 8 0
5 ,2 2 3 , 5 3 1
6 ,6 9 1,8 8 3
6 ,112 ,7 3 0
3 ,0 8 6 ,3 5 3

35
34
17
15
04
04
34
45
90
15
89
43

1,848,027
1,622,068
1,407,627
2,022,660
2 ,27 3,52 2
2 ,17 4 ,5 16
1,894,397
2 ,0 31,9 7 0
2 ,896 ,178
2,354 ,7 52
1 ,3 6 1 ,4 7 1
1,3 8 1,2 3 0

34
77
97
61
18
44
30
43
24
67
03
67

6 ,72 3,70 3
5 ,16 3 ,0 7 5
3,480,964
1,929,499
1,7 2 3 ,6 2 6
1,6 3 6 ,3 3 1
1,30 5 ,0 9 3
1,20 6 ,9 80
1,0 6 2 ,4 6 3
8 2 1,79 9
7 5 8 ,10 9
694,676

16
40
12
39
37
36
68
59
04
76
26
53

7 ,5 18 ,6 7 7
8 ,2 3 4 ,18 8
9 ,2 8 0 ,4 11
10,26 5,6 05
10 ,59 4 ,6 2 2
10 ,4 3 7 ,4 10
9.868,728
1 0 ,1 5 2 ,1 4 3
9 ,4 57,0 35
8,008,862
7 ,2 8 5,0 4 1
6 ,8 2 7 ,17 3

26
96
17
63
73
75
57
54
40
78
88
10

1 7 .5 18 , 2 1 7
17,6 6 6 , 444
18.384, 050
18 ,0 33, 205
18.384, 675
18 ,9 9 1, 200
19,366, 5 55
18,890, 505
18 ,4 13 , 287
19 ,12 8 , 189
18 .5 18 , 000
18,650, 9 12

00
40
40
40
40
79
40
40
07
57
57
90

37,789 ,438
3 5 ,4 2 1,3 3 2
37.779.48 6
3 6 ,7 6 5,6 4 1
37 ,3 0 3 ,7 3 0
35,84 6,9 57
35,746 ,78 7
36,642,580
37 ,0 52 ,4 9 5
37.005.487
3 4 ,0 3 5 ,3 5 3
30,640,346

11
87
83
18
72
38
29
41
65
93
63
63

1 .9 8 2 ,6 4 0
1 ,8 2 4 ,4 3 4
1,9 0 6 ,734
1 ,6 0 8 ,6 5 1
1 ,7 0 6 ,1 0 4
1,7 0 7 ,2 8 6
1 ,5 6 4 ,5 5 6
1 , 1 3 6 ,5 8 6
1 ,3 2 9 .4 2 5
1 ,5 6 8 ,2 4 7

33
37
38
30
74
46
70
78
39
47

1 ,9 7 3 ,452
96 5,4 0 3
5 18 ,4 9 0
3 7 2 ,5 9 9
40 4,229
3 8 2 .4 7 9
3 0 5 ,2 2 6
4 38 .6 5 0
5 0 3 ,7 8 8
3 5 1 ,6 5 4

47
26
16
24
35
00
67
27
42
24

1,535 ,7 0 9
1,379 ,74 2
1,368,6 6 7
1,8 6 0 ,2 75
1,5 4 2 ,6 5 2
1,46 7,780
1,5 2 1,6 2 5
1,4 4 2 ,3 14
1,39 2,9 9 2
1,406,366

50
20
46
54
65
40
68
30
24
74

7 2 1,3 4 7
7 2 1 ,4 1 6
7 17 ,0 7 6
699,991
1,3 0 4 463
8 b l,7 2 9
848,581
728 ,29 2
258,43 1
28 2 ,333

66
26
00
96
6-1
11
26
48
94
96

6 734,866
6 ,7 1 5 ,3 1 2
7 ,3 4 3 ,12 9
7 ,16 6 ,0 2 8
7,0 22,820
6,867,892
6 ,735,869
6,804,633
6 ,8 5 4 ,18 2
6 ,9 12 ,5 9 1

06
60
92
21
10
15
70
95
70
71

19 ,2 0 8 ,37 9
19,26 0,472
18 ,5 .’3 , 189
1 7 ,5 2 1 ,2 6 1
16 ,6 0 4 ,14 7
16 ,6 12 ,5 2 7
16 ,6 4 1,9 9 7
16 ,4 69 ,342
15 ,2 9 8 ,5 7 7
15,6 37 ,6 7 0

90
90
00
39
90
06
90
90
90
47

3 0 ,17 3 ,7 5 5
29,04^,347
28,470,552
2 7,6 2 0 ,159
2 6 ,8 78 ,3 13
2 6 ,2 12 ,4 0 7
2 6 ,0 53 ,3 0 1
2 5,883,233
24,307,973
24,590,623

59
22
54
34
64
72
21
90
20
12




to

2t5

C 17 ]

T H E E S T A B L IS H M E N T OF BR A N CH ES.
The following is a list of applications for branches in various parts of the
United States: ,
Out of the whole, eight branches only were chosen—
The branch in Cincinnati, which had been closed for a few years, was
reopened; and
The branch in Connecticut was transferred from M iddletown to Hartford,
a few miles distant; but only eight original branches have been established
during the last sixteen years.
These were: Nashville, Natchez, S t Louis, M obile, Portland, Burling­
ton, Utica, and Buffalo.
Of these, Nashville was established on the invitation, in fact, of the Legis­
lature of Tennessee; and Natchez at the formal request of the Legislature.
St. Louis, Mobile, and Portland, at the express request of the Treasury
Department.
The Treasury Department also urged the establishment of a branch at
Detroit; but, as that place was not then ripe for such an establishment, a
branch was placed at Buffalo—because, among other reasons, it might an­
swer the purposes of the Government as well as Detroit.
There remain only Burlington and Utica which were not established at
the request of the Treasury Department or the State Legislatures.
So far from desiring to strengthen itself by these means, the bank never
established any branch but after a distinct examination of each place, and a
decision founded exclusively on considerations of the business of the com­
munity and the convenience of the Treasury. How many efforts it resist­
ed will be seen by the catalogue of applicants, some of which might have
great influence, if extraneous influence would have availed. Thus:
The board declined making a branch at Pensacola, though applied for by
M r. Jackson, now President of the United States.
It refused at New York, though urged by Mr. Van Buren, the Vice
President of the United States.
.
It refused at Detroit, though urged by the Treasury Department.
It refused in Indiana, though specially invited by the Legislature of that
respectable State.
It refused in Florida, though applied to by the Territorial Council of that
Territory.
And in upwards of forty other instances, as will be seen, resisted the im­
portunities of applicants from almost every State in the Union.
No. 1.

Establishment o f a branch at Nashville.
To the president and directors o f the Bank o f the U. S., at Philadelphia.

The undersigned, resident inhabitants of the town of Nashville and its
vicinity, tak e the liberty to represent, that an almost universal wish is felt
29



C 17 ]

226

in Tennessee to have a branch of the Bank of the United States located at
Nashville. The adoption of this measure is desired because it will facilitate
the commercial intercourse between this country, New Orleans, and the
northern cities, and in the transactions of the General Government with this
and the territories on the south, will be a great convehience.
T he undersigned take the liberty to represent, also, that such is the de­
mand for active eapital in this country that in no section of the Union can
a moneyed institution realize greater profits than in this— the fund applied
being not more than one million of dollars.
In Nashville there aro two banking institutions; one with a capital of four
hundred thousand dollars, the other with a capital somewhat less; yet it is
w ell known that the supply from them, to even the traders in the native
productions of the country, bear no proportion to the demand. The under­
signed, therefore, respectfully request that the president and directors of
the Bank of the United States, at Philadelphia, will, if it should meet their
approbation, adopt measures to establish a branch thereof at this place.
Felix Grundy
Robertson & Kelton
Jenkin W hiteside
D. H. H ater
James Trim ble
R. 'Veakley
0 . B. Hays
Philip Shute
Thomas Edmiston
Nicholas Perkins
W illiam Carroll
Robert C. Foster
John P. Erw in
Francis M ay
W illiam Gilchrist
Felix Robertson
A ndrew Hynes
J. H , Nealer
Thom as B. Sewell
Alfred Balch
Thomas W ashington, Jr.
C. Stump
W illiam W illiams
Thomas Claiborne
Robert P . Dunlap
P . Darby
W illiam S. Fulton
J. G. M artin
Thomas Eastland
Thomas J. Haywood
W . L. Hannum
N . Cannon
E . Talbot
Jam es Lockhart
John E . Beck
Samuel Houston
John C. M cLemore
James Brown
Thomas Hill
Maj. P . H. Kcnault
G . G. Washington
K. P. Curven
W . S. Barrow
Joseph Coleman
John C. Hicks
B. W . & W . H. Bedford
W . M . Bcrryhill
Jam es Stewart
Thomas H. Fletcher
John H. Smith
Sam uel B Marshall
Jam es Tilford
W hitaker, Martin & Whitaker
Stephen Cantrell, Jr.
Samuel Leay
Samuel Tilford
J. T . Elliston
John Clopper, Jr.
M . Barrow
Pleasant Craddock
John Stump
John Young
V. G reer
J. Cope.
N a s h v i l l e , W e s t T e n n e s s e e , July 18, 1817.



227
.

L 17 ]

N o. 2.
N a s h v il l e ,

October 3, 1S17.

Sib: I addressed you, a few days since, on the subject of a branch of the
Bank of the United States being established at this place. I again solicit
your attention, and require your influence, in the attainment of so desirable
an object. Its importance, in a local and general view, I trust, will be a
sufficient apology for troubling you on the subject.
To the bank itself, many advantages cannot fail to result. There is ne
institution of the kind in this State in which banking business is not con­
ducted upon a limited scale, not half equal to the wants of the people, or
the wealth and growing importance of the country. The regulations of the
present institutions rather cramp the exertions of enterprise than afford those
facilities which would result from a bank of extended capital and undimin­
ished confidence. A bank of this description, from its character, would
draw to it the principal deposites of mercantile and moneyed men, while a
capital of a million of dollars could be beneficially employed.
To the people it is peculiarly desirable. The intercourse between this
State, New Orleans, and the eastern States, renders a circulating medium
(not subject to the inroads of shavers) of vital importance to this country.
The difference of exchange, and the discount to which the paper of the dif­
ferent State banks is subject, are sensibly felt, not only by the planters, but
the merchant and tradesman. These evils, it is believed, will measurably
be cured by the establishment of a bank at this place.
To the General Government, it is also believed, advantages will likewise
result. It will be a safe deposite for the moneys arising from the sale of pub­
lic lands in this section of the Union.' In fact, in no part of the United
States is a branch bank more wanted; and it cannot fail to be a source of
profit to the institution and benefit to the people generally.
In the organization of the bank, no difficulty can arise; men of talents
and standing can, with ease, be selected in this place, who are every way
qualified for directors, and who, if not eligible, will make themselves so by
possessing an interest in the bank.
Should it be thought proper to establish a branch bank here, any infor­
mation which I possess, and which may be desired, will be imparted with
pleasure.
If our attention to this business will oblige,
Sir, yours with respect,
W IL L IA M CARROLL.
W
J
, Esq.
il l ia m

on es

No. 3.

N a s h v il l e , December 8th, 1817
G e n t l e m e n : A petition from sundry citizens of Nashville and its vicinity

praying the establishment of a branch bank, at this place, was some time
since forwarded to you; not having heard of its result, we take the liberty :
renewing that application.
_
The great resources of the country and the intimate connection that exist:,

between this place and New Orleans, and the cities of New York and Philadel


[ 1* ]

226

phia, where the produce of the country is often shipped, renders the estab­
lishment of a branch at this place of vital importance It is an evil of which
the planter particularly complains, that when his produce is sent to New
Orleans he is under the necessity of taking bills on New York or Philadel­
phia, which, aside from the risk of failure, he is obliged to negotiate at a
great loss; and if the bills are of considerable amount, they Cannot be dis*
counted here, were the banks disposed to do so, for the want of a capital.
It is believed to be equally importuat, not only in a commercial, but politi­
cal point of view. It will afford a safe depository for public moneys, the
proceeds of the sale of public lands; and in ease of another war, should it
be necessary to withdraw the funds from New Orleans, by means of the
steamboats, they could in a short time be deposited here as a place of safe­
ty. It will form an important link in the chain of banks in the different
sections of the Union. It will facilitate the business of banks already es­
tablished- and enable remittances to be made to the eastward without risk,
and with punctuality. It will rem edy the depreciation of bank papers, and
restore the difference of exchange, which are severely felt In fact the
strong reasons which induce the establishment of the bank in the first in­
stance, are believed to apply with force to the extension of a branch lo this
place.
W e are aware that certain individuals through misinformation, or from
other views, have been active in exciting a prejudice agsinst the Bank of the
United States by representing the ruinous consequences to individuals and
other institutions of the kind, which have attended the establishment of a
branch, where one has been established; but with the reflecting part of
the community it has had no effect. It is true the Legislature of the State,
operated upon in some such way, have through misconceived policy lately
passed a law, laying a tax of $50,000 on any branch to be established here,
which is not chartered by the State. This law is believed to be futile in its
operation, one that cannot be carried into effect, as against a ba n k established
by a law of the United States; .and which cannot m e e t t h e approbation ofthe public.
A branch at this place is generally desired, and with deference we sub­
m it whether the claims of Tennessee are not equal to those of other States,
w here one or more branches have been established. The exports from
W est Tennessee, during the last year, in which the article of flo u r is not
included, were something upwards of two millions of dollars. They will
be much greater this year. Crops are larger, and a steam mill for the manu­
facture of flour, on a large scale, has lately been established at this place. _
A capital of one million of dollars can be actively employed here, and it
is believed that in no section of the Union a branch is more wanted, or
would do a better business; some sea port towns excepted.
W e are, gentlemen, with much respect,
Jam es E rw in
J. G . M artin
W . H. W hitaker
W illiam S. Fulton
Samuel Tilford
W . S. Barrow
W illiam Carroll
John Baird
Was. L . Hannan
Joseph Porter
John P . E rw in
Samuel E ton & Co.
Alfred Balch
M . Kreman
. Gibbs
G. W
C rockett &. Adams,
http://fraser.stlouisfed.org/
0 . B. Hayes
John H. Lavia
Federal Reserve Bank of St. Louis

229
R . W eakly, farmer
K. Green
Felix Robertson
Joshua W hiteside
WiJliam Quarles
George A. Bedford
Thomas B. Tunstall
W hitney & Kingsbury
John Price
M . Norvell
John E. Beck
W . B. Robertson
Stephen Cantrell & Co.
Archibald & George M cNeir
Thomas J. Read & Co.
M arshalls & W atkins
Young A. Gray Sl Co.
John Young, Jr.
Thomas Yeatman
Thomas Hill
T. H. Fletcher
Stump & Co.
W . Farquharson
Thomas Ramsey
Alexander Porter
J. Gordon
Alexander Richardson & Co.
Samuel Leay
,
James Stuart
M . Nairy & Shelby
T o th e P r e s id e n t a n d D ir e c t o r s

[ 17 ]
Eastland & Craig
H enry Crabb
John C. Hicks
J. B. Houston
B. W . & M. H. Bedford
Janies Hood
R. F. W alker
E . S. Hall
D. McGavock
A ndrew H ynes
S. Couran, Jr.
V . L. Lewis
A. Morison
J. W harton
John C. McLemore
Frederick W. Tilford
Godfray Shelton
William, Lytle
E . Benoit
Isaac L. Craw
J. & R. Woods
David M . Kelton
Robert H. Searcy
John H. Smith
John Harding
D. A. Dunham
Richard Rapier
Thomas Shackelford
John H . Eaton.

o f the Bank o f the United Stales.
Nos. 5 & 4.

Town Meeting and Letter o f Committee of Nashville.
N
, January 3 1 , 1 8 1 8 .
Enclosed we transmit you a copy of the resolutions this day
a s h v il l e

G

en tl em e n

:

adopted by the citizens of this vicinity, in relation to the establishment of a
branch of the National bank at this place.
From the spirit of these resolutions, you will perceive the correct view
which the people of this country have taken of the act of the late Legislature
of this State, intended virtually to prevent the operation of this bank in T en­
nessee; and permit us to assure you, that this is the general sentiment of the
citizens of this State, so far as we have been able to ascertain the same.
In making the statement to you, ,we are influenced by what we believe a
duty we owe to the character of Tennessee. For she has not been less uni­
form FRASER
Digitized forin her political principles, and inviolable attachment to the General


\

[ 17 ]

830

Government, than distinguished for her alacrity and prowess, in defending
the honor of the Union. And lest persons at a distance should suppose
from her Legislature having inconsiderately raised the arm of hostility against
a great fiscal establishment of the General Government, that her character
was not to be confided in, we seize with pleasure every opportunity to show
to the world that such conclusion is erroneous.
*We beg leave to assure you that no point could be selected, in our opin­
ion, where a larger profit could be divided from a branch, with the capital of
about a million of dollars; and that no section of the Union so much requires
a circulating medium, in which society has confidence. But we forbear en­
tering into a detail of the various facts and causes which lead to such an
opinion, because we know that the course of trade, the wealth, and the great
natural resources of Tennessee, are well known to many gentlemen of Phil­
adelphia.
W c cannot close this address without making a tender of acknowledge­
ments for ourselves, and in behalf of the citizens by whom we were se­
lected to address you upon this subject, for the great liberality you have
manifested in considering our application heretofore, after the Legislature
had passed this extraordinary act; and wc hope the object will be attained
so soon as is consistant with the interest of the institution.
W e wish you to receive as an apology for the trouble we give you, the
lively interest felt by the citizens in this quarter of the country upon this
subject
Accept, gentlemen, the assurances of our high respect,
F E L IX G RUNDY,
0 . B. H A Y E S,
A N D R E W H Y N ES,
JO H N P. E R W IN ,
G. W . G IB B S,
A L F R E D BA LCH ,
J. W H IT E S ID E .
T o t h e P r e s i d e n t a n d D i r e c t o r s o f the United States’ Bank.
A t a public meeting of the citizens of Davidson county, and the adjoining
counties, at the court house, in the town of Nashville, on Saturday the 31st
day of January, instant, pursuant to notice previously given in the Clarion.
T he honorable Jesse W harton was appointed chairman, and 0 . B. Hayes
secretary.
M r. Grundy rose and stated the object of the meeting, and presented the
following resolutions, which, after some discussion, were unanimously adopt­
ed, With the exception of one or two votes in the first and last resolutions.
Resolved, That it is the sense of this meeting that the late law passed by
the Legislature of this State, in taxing banks to be established in this State
by an authority other than the laws of this State, while the banks establish­
ed by the authority of the State are not taxed, is im/folitic and unconstitu­

tional.
Resolved, T hat it is the sense of this meeting, that the establishment of a

branch of the United States’ Bank at this place, would be beneficial to the
institution, grateful to the people, useful in its operation, and greatly condu­

cive to the prosperity and best interests of Tennessee.


231

[ I? ]

Resolved, That a committee of seven persons be appointed by the chair­
man, respectfully to address the president and directors of the United
States Bank, on this interesting and important subject, and request the im­
mediate establishment of a branch of that institution at this place.
W hereupon, the chairman appointed F. G rundy, 0 . B. Hayes, John P.
Erwin, George W . Gibbs, J . Whiteside, A. Balch, and A. H ynes, a com­
mittee for the above purpose.
Test:
0 . B. H A Y ES, Secretary.
No. 6.

Letter from F. Grundy, to William Jones, Esq.
N a s h v il l e , February 14, 1818.

D e a r S i b : From a knowledge that some acquaintance must have been
formed betweeh you and myself at W ashington, many of my neighbors
have frequently solicited me to forward to you a list of the names of fit per­
sons, to whom to confide the management of a branch bank of the United
States at this place. I have hertofore declined it, nor should I at any time
have said any thing on the subject, had it not been for the puerile attempt
of our last Legislature, to prevent an establishment of a branch here altogether.
The motives which gave birth to that measure were selfish, the policy con­
tracted, and the views of such men cannot be liberal and impartial. Any
number, from seven to thirteen, might be selected from the following, and
the choice could not be a bad one.
Jenkin Whitesides, Andrew Hynes, Randal McGavoche, John P. Erwin,
Thomas H. Fletcher, James Stewart, Felix Robertson, Robert W eakley,
Elihu S. Hall, Alfred Balch, William Carroll, Thomas Hill, George W .
Gibbs, Robert C. Foster, Samuel Tilford.
Those printed in italics are m erchants; the others, substantial free­
holders, and men of intelligence. A board of managers selected from them
would, in my opinion, conduct the affairs of the institution with ability and
integrity. Although you and the directors have a discretion as to the num­
ber, between seven and thirteen, I would submit to you the propriety of the
largest number. It may have an effect in keeping down that spirit of op­
position which has hitherto manifested itsell.
In naming the persons above mentioned, I have endeavored to combine
commercial and legal knowledge, nor have I been inattentive to their stand- »
ing in society here. I will name another subject, respecting which I have
not been requested to write; that is, who should he cashier? If any person
here is appointed, it should be John Sommerville. Should this be the case,
some person of experience in your manner of doing business, should be sent
on to put him in the way of conducting the business, upon the principles
you act on, or he should visit Philadelphia in person to acquire that know­
ledge. M r. Somerville has a knowledge of men and things here, which
would be very advantageous; and knows the duties of a cashier better than
any person in this quarter.
I have no fears that any attempt will be made to' enforce the Tennessee
law. Should there be, it will be revisited with effect here, no concern need




232

[ 17 J

be felt on that subject. Should there be no impropriety in it, I should like
to know, when you will put the institution in operation here? and it would
seem to me, that some persons should be authorized before hand to provide
a house, &c. You will excuse mo for the freedom of m y suggestions. If
unnecessary, they are harmless.
Your obedient servant,
F E L IX GRUNDY.
W i l l i a m J o n e s , E sq.
Fresident o f the United Slates ’ Bank, Philadelphia.
P . S. Although this is addressed to you only, I have no objection to its
being seen by any of the directors.
F. G.
No. 7.
B

ark

of

th e

U

n it e d

Sta tes,

April 14/A, 1818.

G e n t l e m e n : I hid the honor to receive and submit to the president and
directors of the Bank of the United States, your letter of the 31st January,
and the copy of the proceedings of the meeting to which you refer, but as
the directors had assigned this day for the appointment of the directors and
cashier of the office, which they had determined to establish at Nashville,
your communication was referred to the same time, in the hope that inter­
vening events might enable them to gratify your wishes, and their own,
without injury to the institution, whose interests it is their duty to protect
T he sentiments which you are pleased to represent, as generally pervading
the citizcns of your State, are highly gratifying to the directors, and in­
crease their regret for the necessity which impels them to postpone a mea­
sure, which all seem to desire, while a just regard for the interests of the
bank, and the responsibility of the directors forbid its adoption under exist­
ing circumstances.
The directors see in the act of Tennessee, the inevitable forfeiture of a
heavy penalty in the first instance, and perhaps a repetition thereof, before
the adjudication of a superior tribunal can take effect. T his is a degree of
responsibility, which the necessity of the case does not appear to require or
justify, and they have accordingly adopted the preamble and resolution, of
which I have the honor to enclose a copy, trusting to the justice and liber­
ality of the good people of your State, to appreciate the motive which has
influenced their decision.
I have the honor to be, with great respect,
G entlem en,
.
Your obedient servant,
W . JO N E S , President.
F e l ix G rundy,
O. B . H a tes,
A n d rew H y n es,
J ohn P . E r w in ,
W . G ib b s ,

G.

A lfr e d

J.

B

alch*

W h ite sid e ,




- E squ ires,

N a shville, T enn.

£33

C 17 ]

No. 8.

Extracts from the minutes.
B

ank of t h e

U

n it e d

S ta tes,

A p r il 14, 1818.
A t a meeting of the president and directors held this day, the following
preamble and resolutions were adopted, viz":
W hereas, the Legislature of the State of Tennessee, influenced by views
of local policy, with which it was supposed the establishment of an office of
this bank in that State would be incompatible, having in derogation of the
lawful authority of the United States, and the rights and privileges thence
derived, of the president, directors, and company of the Bank of the United
Slates, passed an act, prohibiting the establishment of any such office under
the annual penalty or amercement, of fifty thousand dollars; and whereas,
the directors of the Bank of the United States, in establishing offices of the
said bank in the interior of the county, were influenced more by conside­
rations of public duty, than immediate pecuniary advantage; and by an
earnest desire to renovate the currency of the country, facilitate the finan­
cial operations of the Government, and afford to commercial intercourse
those facilities in exchange, without which, the agricultural and commercial
interests of the western country in particular, must ever be subjected to
great loss and inconvenience; and whereas, experience has demonstrated
that the capital of the Bank of the United States can be employed to rea­
sonable advantage, in sections of the Union, where the public authorities are
friendly or less inimical to the establishment of offices of the Bank of the
United States than those of the State of Tennessee appear to be; and as
other States in which offices are already established, have by acts of the
same injurious character, afforded more convenient opportunities to bring
the constitutional question before the proper tribunal, it is neither expedient
nor desirable, to multiply occasions of litigation and expense; and more­
over, as the inducements to establish an office within the State of Tennessee,
have been greatly impaired by an act of the said State, providing for the es­
tablishment of ten new banks: therefore,
Resolved, That the establishment of an office of the Bank of the United
States within the State of Tennessee, be postponed until the constitutional
question on the right assumed by certain States to tax the offices of the
Bank of the United States, shall be judicially and Anally decided, unless in
the interim the penal act of Tennessee shall be repealed, in which case an
office of the Bank of the United States shall be forthwith established at
Nashville, in the said State.
JO N . SM IT H , Cashier.

No. 9.

To the President and Directors o f the U. States’ Bank at Philadelphia.

The undersigned in anticipation of the location at this place of a branch of
the United States’ Bank, take this method of recommending to your consid­
eration persons qualified for the direction of the same, viz: president and
cshier.
30




234

L ir J

From a long and intim ate knowledge o f the public and private character
o f M a j. R obert S tarcy , the present acting paymaster for W est Tennessee,
we feel no hesitation in naming him as a person who would give general sa­
tisfaction as president o f so important an institution; and from the nume­
rous services rendered by this g e n t l e m a n both in a civil and m ilitary capaci­
ty , we think him entitled to a large portitpn o f public patronage, in addition
to what the undersigned can testify, his services and capacity are well known,
and no doubt duly appreciated by the heads o f department at Washington
city .
For
we beg leave to name
who is at this
tim e cashier o f the State bank, at N ashville. T h is gentleman is known to
some o f your honorable body, as a person qualified for the duties of this
appointm ent, his integrity has been long tried and approved, and we feel no
hesitation in recomm ending him to you as one who in receiving the appoint­
ment o f cashier, would unite the approbation o f his fellow citizens.

cashier,

John Sommerville,

JO H N M. N A IR Y , Federal Judge.

'

Major General Southern Division.
Adjutant General
do.
citizen, and form er member o f Congress.
A ty . and form er Supervisor and Sup. Judge.
Brigadier General, late tear.
merchant, and President Br. Bk. at Nashville.
form er Senator in Congress.
merchant.

A N D R E W JA C K S O N ,
R O B E R T BU T L E R ,
R. W E A K L E Y ,
J. W. O VERTO N ,
CO FFEE,
J A M E S JA C K S O N ,
J . W H ARTON ,
JN O . P . E R W I N ,

JN O .

N o. 10.
F

Sim: T he

m a n k l in ,

February 20,

1818.

citizens o f this town and county are very desirious of
having a voice in the management ol the branch o f the B an k o f the United
States which is expected to be established at N ashville.
meeting was
called few days since to consider of the propriety o f nominating two per­
sons o f fit qualifications for the appointm ent; and I have transmitted by thi*
d ay’s mail a copy o f the proceedings and resolutions to the president of the
principal bank at Philadelphia, llin c h y P etw ay , esquire, one o f the gen*
tlem en recommended as
d irector, you may possibly be acquainted with
p ersonally, at any rate you may have heard his character, and he has
y ou r friend. David M ason, esquire, the other gentleman nominated, is well
established in this place as a man o f property and unblemished honor. ^ ou
w ill confer a favor which will be rem em bered if you will take the trouble
o f vouching for the character and standing o f those two gentlemen, and
strengthening the application o f the pebple o f this p lace in having them ap­
pointed directors.
I make this request presum ing that some o f the direc-tors of the principal bank cnay be o f your acq u ain tan ce and at Washington
w hen this reaches you.
W ith respect, your obedient servant,
D ea r

A

a

a

Honorable J ohn W i l l i a m s ,

Washington city.




been

JO H N BELL.

335

C I? ]

A t a m eeting o f the citizens o f Franklin and the adjoining country, con­
vened on the 24th o f February, 1818, for the purpose o f taking into con­
sideration the probable operation and consequences o f the establishment of a
branch o f the Bank o f the United States, at N ashville; and to secure to
themselves if possible, that portion o f the benefits and conveniences antici­
pated by the friends o f that institution, which their wealth, trade, and pop­
ulation entitle them to exp ect; after appointing Stephen Childress, to the
chair, and Jo h n B ell, secretary, proceeded to the adoption of the following
resolutions:
W hereas, it is the sense o f this meeting that no institution of a pub­
lic nature, sanctioned by general and public authority, will be so conducted
that either individuals or places may take to themselves the exclusive en­
joym ent o f the benefits arising therefrom ; especially since its original de­
sign and present interest are so obviously interwoven with a general diffu­
sion o f its advantages.
Therefore, that in the event a branch o f the Bank o f the United
States should be established in this Slate, it is expedient for the prosper­
ity and welfare o f this place that the directors o f the principal bank be earn­
estly solicited to grant to the citizens of this place a voice and influence in
the management thereof, proportionate to their relative trade and population;
Fran klin being but little removed from N ashville, at a distance of not more
than seventeen m iles; its business in a ratio o f more than one-fifih, and the
second town o f commercial importance in the west end o f the State.
2.
That should the directors o f the principal bank, think
proper to allow the petition o f the preceding resolution, it is expedient that
two persons of sufficient character and general acquaintance with the c ir­
cumstances and situation o f the citizens of this place be recommended for
their approbation and appointment.
3.
That H inchy Petw ay and David M ason, esquires, are fit
persons to receive the appointment of directors o f the branch o f the United
States’ Bank at N ashville; and that the secretary o f this meeting transmit
a copy o f this and the foregoing resolutions to the president o f the B ank o f
the U nited States, without delay.

Resolved,

Resolved,

Resolved,

J

ohn

B

ell

,

Secretary.

S T E P H E N C H ILD R ESS, Chairman.

F

h a n k l in ,

February 2 4 ,

18 18 .

Sm : I have the honor to transmit herewith for the consideration of the
directors of the Bank of the United States, a copy of the proceedings and
resolutions of a meeting of the citizens of this place and the adjoining coun­
try, relative to the establishment of a branch at Nashville.
Your obedient servant,
JO H N B E L L .
Wm. J o n e s , E sq.,

President o f the United Slates’ Bank.




236

C 17 ]

N o. 1 1 .

Mr. Grundy and others, to Mr. Cheves.
N a s h v ille ,

May 2, 1819.

D k a r S ir: Some gentlemen o f this place, favorable to the introduction
of a branch B an k o f the United States, had a meeting a few evenings since,
and agreed to recommend the persons named in the enclosed paper as fit
d irectors. N otwithstanding m y name being among them , it was insisted
that I should transm it the paper.
W ith all these gentlemen I am well
quainted, and assure you that in no instance could
have selected
proper person. You may think it strange that so few m erchants are recom­
m ended, perhaps safe men, unquestionably so, should
preferred.
our trading men are in difficulties here. I believe a branch bank
now be located at this place with propriety, and without opposition of
kind. I f the pressure o f business is not too great, let me hear from
Y ou r friend,

1

ac­
a more

1

be

of

T he honorable L anodoh

Many
might
any
you on

F E L IX GRUNDY.

C

h ev es

,

Philadelphia.

R ob ert C. F oster, (planter,) Davidson county.
R ob ert W eak ley , (do)
do.
F e lix G rundy, (attorney at law) N ashville.
Je n k in W hitesid e,
(do)
do.
A ndrew H ynes, (m erchant)
do.
Josiah N ichol,
(do)
do.
0 . B . H ayes, (attorney at law) N ashville.
Randal M cG arv o k , clerk sup. court do.
Abin. M au ry, (planter) W illiam s county.
David S h e lly , (do) Sum ner county.
Hary L Douglass, (m erchant) W ilson county.
W m . T rierso n , (planter) M aury county.
M ichael Cam pbell, (do) Davidson county.

N o.

12.
N a sh v ille ,

t)

April 10, 1834.

G e h t l e m e n : T h e undersigned w ere, by their f e l l o w c i t i z e n s , sometime
heretofore appointed a com m ittee to correspond with your body on the sub­
ject o f locating a branch o f your institution at this place, which c o rre sp o n ­
dence was then com m enced, and resulted in a p r o m is e o n your part, that so
•oon as the question involving the right o f one o f the States to tax this na­
tional institution should be settled, our wishes would be realized. This
question having been recently determ ined, we avail ourselves of the liberty
o f recalling your attention to this subject, and desire that the c o rre sp o n d e n ce ^
may be renewed. T h e growing importance o f this place a n d
s u r r o u n d -'
ing country in com m erce and wealth, render an institution
this k in d and
 to b e desired, by the citizens
object
this part
State.


much

of

of
of the

the

[

297

11 1

You will pardon the trouble we give you, and accept the assurances of
our high consideration and respect.
F E L IX GRUNDY,
J. W H IT E S ID E ,
O. B. H A Y ES,
A N D . H Y N ES,
G. W . GIBBS.
The P r e s i d e n t an d D i r e c t o r s
O f the Bank o f the U nited S ta tes a t P hiladelphia.
No. 13.

M a y 20, 1819.
G e n t l e m e n : W e hope you will pardon us for our seeming obtrusion.
The interest we feel in the subject of this and similar communications, we
trust will plead our apology. Being advised that by an order of your board,
made on the 14th of April, 1818, it was “ R esolved , That the establish­
ment of an office of the Bank of the United States, within the State of
Tennessee, be postponed until the constitutional question of the right as­
sumed by certain States to tax the offices of the Bank of the United States
shall be judicially and finally decided, unless, in the interim the penal
act of Tennessee shall be repealed, in which case, an office of the Bank of
the United States, shall be forthwith established in Nashville, in the said
State.”
It is with pleasure we witness the decision of the Supreme Court on this
subject; a decision in perfect accordance with the feelings and opinions of
the most intelligent men amongst us. W e believe that a branch can be es­
tablished here at this time with great advantage to the institution, and to
the country; and the current of opinion now flows but in one channel. Iu
the event that a branch Bank of the United States should be established
here pursuant to the above resolution, we take the liberty of suggesting the
propriety of an appointment of cashier from this place, and would recom­
mend John Sommerville, esq., the present cashier of the branch bank of
the State of Tennessee, at Nashville, as pre-eminently qualified to discharge
those duties. He is in our opinion the best financier in the State, and from
his activity, experience, and knowledge, of the situation of our banks, and
general acquaintance in the western country, we believe he would be more
useful to the institution, and more acceptable to the people, than a stranger
to the country, its policy, and manner of transacting business. Upon this
subject some communications were formerly made to W . Jones, esq., to
which we beg leave to refer.
W e are gentlemen, very respectfully,
Your obedient servants,
F E L IX GRUNDY,
J. W H IT E SID E ,
0 . B. HAYS.
The P r e s i d e n t and D i r e c t o r s
o f the B a n k o f the U nited S ta tes.



N

a s h v il l e ,

238

r 17 ]

No. 14.
B a n k o f t h e U n i t e d S t a t e s , M a y 2 7 ,1 8 1 9 .
I have had the honor of receiving your favor of the 2d in­
stant. In candor, I am obliged to state to you, that there is little probabili.
ty of a branch of the Bank of the United States being speedily established
in Tennessee. The funds of the institution are so scattered among the
present branches, and so unequally divided, and so much of them are lock­
ed up for a season, that it would neither meet the interest nor the conve­
nience of the bank, to establish any more branches at present. It will
require a good deal of time, in the present distressed situation of the coun­
try, to put the affairs of the bank in a more manageable shape. Of the ul­
timate views of the bank in relation to the establishment of a branch in Ten­
nessee, I cannot speak; indeed 1 believe no opinion has been formed.
1 am, dear sir, with great respect and esteem,
Your obedient servant,
L. CHEVES.
D ea r S

ir

:

T h e h o n o ra b le F

e l ix

G

run dt,

N a shville , Tennessee.

N o. 15.
Ju n e 16, 1819.
G e n t l e m e n : Your favor of the 20th ultimo was received a few days ago*
I am directed by the board to reply to it, and to respectfully inform you,
that there is little probability, that the board will feel itself at liberty, spee­
dily to establish a branch in Tennessee. The funds of the institution are
so scattered among the branches, and so unequally divided, and so much of
them are locked up for a season, that it would neither be compatible with
the interest nor the ability of the bank, to establish any more branches at
present. It will require a good deal of time in the present distressed situa­
tion of the country, to put the affairs of the bank in a more manageable
shape, and it must remain for a future board to determine the question of
the propriety of establishing a branch in Tennessee.
I am, gentlemen, with great respect,
Your obedient servant,
L. C H E V E S , President.
B

F

G r tt n d t ,
W h it e s id e ,
0 . B . H a tes,

J.

e l ix

ank of t h e

U

n it e d

S

ta tes,

^

and \ Esquires,
)

N ashville, Tennessee.

N o.
E

x e c u t iv e

16.
O f f ic

e

, T

en n essee,

N a shville, D ecem ber 1, 1826.
Sfor FRASER the honor to transmit herewith a copy of an act passed at the
i r : I have
Digitized
present session of
http://fraser.stlouisfed.org/ the Legislature of this State, repealing so much of the
Federal Reserve Bank of St. Louis

239

[ 17 1

law of eighteen hundred and seventeen, as was designed to prohibit the
location of a branch of the Bank of the United States in Tennessee.
And am, with great regard,
Most respectfully, your obedient servant,
W M . CARROLL.
N. B i d d l e , Esq., P hiladelphia.
N . B. If leisure permits, I shall take the liberty of writing you by next
mail, on the subject of the moneyed concerns of our State.
W. C.
Jin act to repeal a p a r t o f the second section o f a n act en titled “ Jin act
su pp lem en tal to a n act to a m end an act to condense a n d bring into
one view the revenue law s o f this S ta te, a n d to a m en d the sa m e:"
p assed a t K noxville, November 2 2 , 1S 1 7.
S e c t io n h
B e it enacted by the G eneral A ssem bly o f the S ta te o f
Tennessee, T hat so much of the second section of an act passed on the
twenty-second day of November, eighteen hundred and seventeen, entitled
“ An act supplemental to an act to amend an act to condense and bring into
one view the revenue laws of this State, and to amend the sjm e,” passed
at Nashville the seventeenth day of November, eighteen hundred and fif­
teen, as relates, or may be construed to relate to, a branch bank or office of
discount and deposite of the Bank of the United States, which may be
located or established in the State of Tennessee, and no farther, be, and the
same is hereby*r epealed.
W M . BRADY,
Speaker o f the H ouse o f R epresentatives.
F.
C. FO STER ,
Speaker o f the Senate.
Novem ber 25, 1826.
State

of

T

en n essee,

S ecreta ry’s Office, N ovem ber 29, 1836.
I do certify that the above is a true copy of the original, now on file in
my office.
D A N IE L G R A H A M ,
Secretary o f State.

No. 17.
* N a s h v i l l e , January 22, 1S27.
S ir : I have the honor to acknowledge the receipt of your letter of the
27th of December, which came to hand by due course of mail.
A t this time we have but little banking capital in Tennessee, which caR
r e n d e r a n y facilities to commercial operations.
The Bank of Nashville
had in circulation upwards of six hundred thousand dollars of its notes on
the first day of September last, when the banks of this State commenced
th e redemption of their notea in specie.
In the course of seventy d a y s ,



[ 17 ]

940

after having paid out two hundred and sixty thousand dollars in gold and
silver, it was obliged to stop payment, the natural consequence of which
was, that its noles became immediately articles of traffic, and are now pass­
ing at a discount of from twenty-five to forty per cent. It is not intended
that this institution shall do any more business, and its directors are actively
employed in winding it up as fast as the ability of their debtors will enable
them to do so.
The old bank of the State of Tennessee and its branches pay, and will
continue lo pay, specie for their notes; but they are thereby rendered wholly
incapable of granting any new loans, and are compelled, to sustain them­
selves, to make considerable calls on their debtors.
The bank of the State, which was established in 1820, for the purpose,
as was avowed by its supporters, of relieving the people from pecuniary em­
barrassments, which existed so extensively at that time, is not discounting
any new paper; and indeed, I can look upon it in no other light than as an
evil to the community. It has an agency in almost every county in the State
authorized to loan small sums to the people generally; theconsequer.ce is,
that the debtors to this institution have become extrem ely numerous, and
they are of that class of society which, under no circumstances, ought to
borrow money; I mean the cultivators of the soil. Its operations are so in­
jurious in their effect, that I think it almost certain that measures will be
taken at the next session of our Legislature, to have it gradually wound up.
In that case, there will only remain the banking establishment of Yeatman,
W oods & Co. with a capital of, perhaps, about three hundred thousand dol­
lars for the transaction of the whole business of the country. The sum is
far from being sufficient for a country so fertile in resource as Tennessee.
In west Tennessee, from the best calculation that can be made, our crop of
cotton this year is not short of fifty thousand bales, which, at thirty dollars a
bale, is a million and a half of dollars; to this may be added a considera­
ble sum for tobacco, pork, and horses. W hen we take into view the aston­
ishing increase of our population, which has been at least two hundred and
fifty thousand in the last six years, I think it may be Assumed as an unques­
tionable fact, that in no place in the western country can capital be more
safely or profitably used, than in west Tennessee.
Should you determine to locate a branch here, a doubt cannot be enter­
tained of its success, provided you are fortunate in the selection of prudent,
firm, honest, and sensible directors, who have a knowledge of the business
of the country, and of the real situation of those with whom business would
be transacted. Such a directory can be had, but as I am unapprized of the
course which may have been pursued in relation to that subject by our citixens, I shall not, at this tim e, say any thing in regard to it. I contemplate
going to Pittsburgh, the place of my nativity, in a few weeks, and if time
perm its, shall extend my visit to Philadelphia, where it will afford me ple»*
§ure to furnish you with any informaiion which may be in my power. 1
have thrown the foregoing remarks together in haste, and shall be gratified
if they can be of the slightest use to you.
W ith great regard, I have the honor to be,
M ost respectfully your obedient servant
W M . CARROLL.
N . D i d d l e , Esquire,
P resid en t U. S . B a n k , P h ila d elp h ia .



241

[ 17 ]

To the President and Directors of the Bank of the United Slates:

The undersigned, citizens of Nashville, in the State of Tennessee, and its
vicinity, respectfully represent to the president and directors of the Bank
of the United States, that the General Assembly of the State of Tennessee,
at their present session, have repealed the act of Assembly of 1817, so far
as the same had any reference to a branch bank, or office of discount and
deposite of the Bank of the United States, and that no law is in operation in
this State, imposing a penalty, or tax, or in any way prohibiting the esta­
blishment of an office of discount and deposite of the Bank of the United
States.
The undersigned are of opinion that an establishment of a branch bank of
the United States at Nashville, would be productive of mutual advantage
to the Bank of the United States and the citizens of Tennessee, and that it
would be generally acceptable to the people of the State.
The produce shipped from Nashville amounts, annually, to upwards of
one million and a half dollars. This town is the centre of an extensive and
fertile country, favorable to the cultivation of cotton and tobacco, is increas­
ing in prosperity, and, it is believed, that capital may be employed in dis­
counting bills of exchange and promissory notes, necessary for the transac­
tion of the actual business of the country, to an amount equal to what is, or
can be advantageously employed in any of the towns in the western States.
The undersigned deem it unnecessary to enter into any further detailed and
particular statement of the local situation, resources, and business of Nash­
ville, as it is presumed the president and directors are not ignorant of them,
or that the means of information on these subjects can easily be procured.
The undersigned request than an office of discount and deposite of the Bank
of the United States may be established at Nashville, in as short a period as
can be done conveniently, and so soon as the requisite arrangements can be
made for that purpose.
G. W . Campbell
m R. Armstrong
m Josiah Nichol
A. Morison
m John Nichol
m James-W alker
John Ycatman
m Robert T. W alker
m R. H. Barr}'
m J. Gordon
W . B. Lewis
m James W oods
m Simpson Shepherd
A ndrew Woods, sen.
in Stephen Cantrell
m John Stackel
m John R. Burke
W . Tannehill
m Houston & Anderson
Duncan Robertson
James Tilford
John Price
m John W right
m M . H. Tanno
vi R. Ferguharson
R' P- Smith
m George Shaw
»» S. B. M arshall and Co.
m W . H. Bidford
Solomon Clark
m Benjamin W . Bidford
W m . M . Berryhill
John Spence
D. A . Dunham
vi James E rw in
R- W eakley
m M atthew Watson
George W ing
m Porter and Rollings
A. G. Goodlet
m Gill and Porter
James Y . Johnston
»» Joseph Anderson
m K yle and Orr

31


[ *7 3

m Park ard Gibson
m George and D. Crockett
m Jamison and Currey

242
m Joseph Vaugh

Jacob M. Gavock
Ephraim H. Foster
Geo. S. Yerger
Andrew Hays
m W m. Nichol
Ch. I. Love
W illiam H . Barker
Alvah Guion
m Thom as P. Adams
m W m. Gibson
John Sommcrville
R. W 'hyte
S. Tilford
A. Ew ing
Sam. E w ing
John C. M cLemore
George W . Hockley
John H. M artin
m Jam es Stew art
Alph. Kingsley
Bernard Vanleer
Boyd M cNairy
John M cN airy
Robert Stothart.

W m . Keen, jr.
W m. Faulkner
N . Cannon
David Craighead
m A nd. H ynes
m Crutcher Wood and Co.
7H A. Latapsen
P eter Douglas
m Paul Sherley
Thomas Campbell
F.
M. Gavock
R . P . Hayes
m W m. Livingston
77i James Bell
Thomas W ells
m M artin Picquet
77i M oses Norvell
m A. Cunningham
7Ji Joseph Lillay.
Thos. W ashington
m H . E rw in
7n S. B. and W . H . Snowden
Snow, Johnson, and Moore
Those persons that have m affixed to their names are merchants, There
were only six persons who refused to sign this petition.
N a s h v ille ,

March 12/A, 1827.

Sih: I have been duly honored with your favor of the 26th December
last, acknowledging the reeeipt of a memorial signed by th e citizens of this
place and its neighborhood, recommending the establishing a branch of the
United States’ Bank here; and also with that of the 17th Jan., a d v i s i n g that
in order to obtain the requisite information on the subject of establishing an
office of your institution in this State, the board of directors had deputed
General,Cadwallader, one of their members, to visit this place, who would
in a few days set out on his journey for that purpose. I declined then re­
plying to your favors, presuming the general would sh o rtly reach his desti­
nation. Accordingly he has since visited Nashville, and, after a short stay,
set out a few days since on his return by S t Louis.
In regard to establishing a branch of our institution here, I had
years ago, (in 1817) when M r. Jones was president thereof, c o r r e s p o n d e d
with him on the subject, and he informed me the board had then made an
order for establishing an office at this place, but suspended carrying it into
effect on learning that an act had passed the Legislature of this State, imposing
a heavy tax on any such establishm ent
T hat act, as you have been in­
formed, was repealed by our Legislature during their last session.
W hen your institution was applied to before (about 1 8 1 7 ) to send an o tt
of discount and deposite here, 1 was th e n of opinion th a t such estab lish m en >




243

[ 17 ]

if judiciously conducted, by suitable characters, as directors, possessing the
public confidence, and sufficiently understanding the duties they had to per­
form, might be rendered useful to this section of country and profitable to
the principal bank, and I so informed Mr. Jones. W hen it was proposed
last fall again to apply to your institution to establish an office here, enter­
taining the sairie opinion, I signed the memorial forwarded to you for that
purpose.
In the peculiar condition the banking institutions of this State now are,
which has been no doubt made known to you, such establishment would, it
is believed, be capable of doing a considerable safe business, which would
greatly promote the conveniency of the commerce of the country.
In regard to the probability of the Legislature of this State again attempting
to impose a tax on, or interfere with such establishment, if made here, it
may be sufficient to observe, that though the repealing act of last session,
already referred to, passed in one house (the Senate) by a lean majority only,
(one vote) and though it cannot be denied that there is a pretty strong senti­
ment prevailing among several well informed, respectable characters, in this
State, against the introduction of a branch of the United States’ Bank therein,
yet it is believed, and such I consider the opinion of a considerable majority
of the better informed now, that upon a branch being established, if con­
ducted on correct principles and managed in a judicious manner, no success
ful attempt would be made by any future Legislature to pass a law to tax, in­
terfere with, or embarrass it. It may be added, that it is well known to the
better informed among us, that the Supreme Court of the United States has
decided, that any such act would be legally inoperative in its effects; and
this ground was relied on in support of the repealing act already referred to,
still it might occasion some inconvenience, which it would be desirable to
avoid.
I have thought it proper, as you were pleased to write me on the subject
of making the establishment referred, here, to communicate to you the
foregoing observations relating thereto, as though I had the pleasure of
seeing General Cadwalader; when here, he had no particular conversation
with me on that subject, nor did any thing pass between us on the subject of
suitable characters to conduct and manage the affairs of the institution, if
established. Since his departure it has been stated that a list, or lists of
names for directors, were suggested or furnished, and it may, therefore, be
proper here to state, that I have had no agency in designating or recom­
mending any one for that purpose.
You will, sir, accept assurances of
M y very high respect and esteem,
G. W . CA M PBELL.
N. B id d l e , Esquire,
_

President o f Ihe Bank o f the United States.

Invitation o f the Legislature o f Mississippi to establish a branch o f
the Bank of the United Stales in that State.
E x e c u t iv e O f f i c e , J a c k so n , M is s is s ip p i ,
December 4 th, IS 30.

S i r : I have the honor herewith to transmit to you a copy of the resolu­
tion of the General Assembly of this State, requesting your directory to




C 17

2

244

locate a branch of your institution within the State of Mississippi, and re­
quest that you will please to lay the same before the board over which you
preside.
M ost respectfully, your obedient servant,
G ER A K D C. BRANDON. .
To t h e P r e s i d e n t o f the Bank o f the United Slates.

A Resolution to request the. president and directors o f the Bank of the
United Slates, to locate a branch o f said bank within the limits of this
State.

W hereas, the introduction of a branch bank of the National Bank within
our State, would increase the circulating medium, facilitate internal and ex­
ternal negotiations, and promote our agricultural and commercial interests;
therefore,

Be it resolved by the Senate and House o f Representatives o f the Slate
o f Mississippi, in General Assembly convened, and it is hereby resolved,

T hat the president and directors of the Bank of the United States, be, and
they are hereby, requested to locate a branch of said bank within the limits
of the State.
A nd be it further resolved, by the authority aforesaid, That the’Go­
vernor be, and he is hereby requested, forthwith to transmit a copy of this
resolution, addressed to the president and directors of said bank, and that
the same be certified under the seal of the State, and w ith his signature
affixed thereto.
M. F. D E G RA FFEN RE1D ,

Speaker o f the House o f Representatives.
A. M. SCOTT,
Lieutenant Governor, and Speaker o f the Senate.

Approved, December 3, 1830:
S

ecretary

G E R A R D C. BRANDON.

of

S

t a t e ’s

O f f ic

e

,J

a ckso n ,

December 3, 1830.

I hereby certify the foregoing to be a correct copy of the original roll
on file in my office.
Given under my hand, at Jackson, the 3d day of December, A. D. 1830.
JO H N A . G RIM BA LL,

Secretary o f State.

G

erarp

C.

B

randon,

Governor o f the Stale o f Mississippi,

To all who shall sec these presents:
Be it known, that John A. Grimball is, on this 3d day of December,
1830, Secretary of State, in and for the State of M ississippi, and that fu
faith and credit are due to all his acts as such.
.
, ,
Given under my hand and the great seal of said State, at Jac * ’■ son, the 3d day of December, 1830.
*
G E R A R D C. BRANDON.



245

[ ” 1

Copy o f R. Rush’s letter to Thomas H. Renton, respecting a branch
Bank o f the United States at St. Louis.
W
, March 27, 1S26.
a s h in g t o n

I have the honor to enclose you a petition from sundry merchants
and citizens of St. Louis, praying for the establishment of a branch of the
United States’ Bank at that place; also the letter of the Secretary of the
Treasury, in which he has stated that such an establishment would be a con­
venience to the Federal Government.
V ery respectfully, sir, your obedient servant,
TH O M A S H. BENTON.
N. B i d d l e , Esquire,
President U. S. Bank , Philadelphia.
S ir :

T

reasu ry

D epartm

en t,

March 24, 1826.

S i r : I have had the honor to receive your letter of the 19th instant, en­
closing a representation from sundry inhabitants of Missouri, in favor of the
establishment of a branch, or office of the Bank of the United States, at St.
Louis; and, without offering an opinion on all the statements urged by those
gentlemen in support of their wishes, I most cheerfully comply with your
request in expressing my belief that such an office would conduce to the
public service, confided to this department. You are entirely at liberty to
use this opinion in the manner you propose, if you think it of any value.
Perm it me to add, however, that the establishment of an offiee under the cir­
cumstances presented, rests with the Bank of the United States alone.
I have the honor to remain,
W ith great respect,
Your obedient servant,
RICH A RD RUSH.
T h e Hon. T h o s . H. B e n t o n , of Missouri Senate.

Copy o f petition o f citizens o f Missouri for branch at St. Louis.
S t . L o u i s , M o., February, 1826 .

G
: The undersigned, merchants and inhabitants of Saint Louis,
and State of Missouri, beg leave to suggest to you the propriety and expe­
diency of establishing at this place a branch of the Bank of the United
States. It is now nearly five years since any banking institution has existed
at S t Louis, or any other part of the State; during that period great em­
barrassment and difficulty have arisen from the absence of one. T o the
United States it has been productive of infinite trouble and expense, and to
the mercantile portion of this community of the most serious disadvantage.
The sums of money transmitted to St. Louis for the purpose of being
disbursed to the troops stationed on the M issouri and Mississippi rivers, and
to the surveying and Indian departments, have generally exceeded two hun­
dred thousand dollars per annum. It is not exaggerating to say, that the
cost attending the transportation of those funds has averaged from five to
e n t l e m e n




C 17 3

346

seven per cent, on the whole amount: to meet those expenditures, drafts
have to be given on the different receivers of public money residing in this
and the adjoining State, and on the branches of the United States’ Bank at
Louisville and New Orleans; the whole of which is attended with conside­
rable delay and risk. It has not unfrequently happened, that the receivers
have made deposites of money in the bank at Louisville, and almost as soon
as it could be lodged in the vaults, it has been withdrawn for the purpose of
being rem itted to Saint Louis.
The establishment of a bank, it is believed, would rem edy those evils,
be the means of affording security in the transmission of the public funds,
and preventing defalcation on the part of receiving officers. It is conceived,
that the saving to the United States which would take place by this arrange­
m ent, would much more than defray the charges of the institution. It is
possible that the profits accruing to the bank might not for the first two or
three years be large, yet we feel perfectly warranted in asserting, it could
not sustain any loss, and that from the many local advantages enjoyed by St.
Louis, il could not fail to arrive at prosperity. Independent of these con­
siderations, it is respectfully urged, that the increased and rapidly increasing
importance of Saint Louis, render such an institution every way desirable
to strengthen and facilitate commercial enterprise.
Almost the only circulating medium in this part of the country is specie}
such a currency always circumscribes and impedes the march of commer­
cial enterprise, by depriving it of that ease and despatch which are essential
to its very existence. In a new country particularly, where the roads are
indifferent and the means of conveyance neither safe nor numerous, the in­
convenience is most severely felt. It might be proper to observe, in addi­
tion to what has been already stated, that it is our opinion there will not be
for many years, (if at all,) any State bank whose interests would conflict
with those of the United States.
If the views which we have submitted be correct, as we think they are,
it is hoped that the benefits which other sections of the Union have derived
from the creation of the Bank of the United States will be extended to this
country.
Jno. O’Fallon
R. T . M cKenney
James Clemens, jr.
James Keyle
Edw ard Tracey
A. L. Magenis
Chs. W ahrrindorff
G ayt Estis
J. & A. Ker
D. S. Hough
K yle & McCausland
A. Tracy
John Nevill
Edw . Charless
W m . M cGunnegle
A. M cNael
T hos. H. Riddich
W m . H. Ashley
Fr. Tesson
Scate & Rub
W m . Clarkson, jr.
John D. Daggett
Ew el B aker
W illiam Skinner
Isaac C. M cGerk
II . C. Simmons & Co.
James IL Peck
Samuel W iggins
B. Pratte & Co.
Jam es S. Lane
Collier & Powell
L. Bonepart
Jas. Reed & Co.
Chs. M ulliken
Digitized for0. N . Bostwick
FRASER
H abert Guion
http://fraser.stlouisfed.org/
B. G. Farrar Louis
Frederic L. Billon
Federal Reserve Bank of St.

247
Chs. P. Billon
W m. Higgins
James C. Lynch
John McGovern
W. C. Lane
R. P. Farrit
F. Dent
A . Jones
Von Phul & McGill
R . Simpson

Collector revenue

Alfred Skinner
' Ingram & Reily
Richard H. McGill
H enry Wallon
W ilson P. Hunt
Geo. K. M cGunnegle
Thos. Hunt
Francis H. Hopkins
Atwood & M orey
Laralle & Morton
H. L. Hoffman
To the P r e s i d e n t and D i h e c t o r s

C 17 ]
Bernard Pratt, jr.
R. Paul
W illiam Himpstead
Joseph Powell
D. E. Cuyler
Chs. Keemle
Geo. H. C. Melody
Samuel S. McKenney
H . Richards
Thos. Houghan
Antoine Chenie
A. C. Geyer
Aug. Chouteau
Josiah Spalding
Archibald Gamble
C. M . Price
W . B. Peck
Thos. D. Potts
John J. Donberman
R. Wash
L . E . Careless
Benjamin O’Fallon

O f the Bank o f the United States.

Extract from the minutes Bank United States, March 3 1 ,
cation fo r a Brunch Bank at St. Louis.

1S26,

appli­

At a meeting of the president and directors of the Bank of the U nited
States, held March 31st, 1826,
A letter from Thomas H. Benton, a Senator of M issouri, dated at W ash­
ington, March the 2 7 t h , inclosing one dated from W ashington of the 2 4 t h
instant, of Richard Rush, Secretary of the Treasury, and also a petition
dated February, 1 8 2 6 , from sundry citizens of S t Louis, Missouri, praying
for the establishment of an office of the Bank of the United States at that
place was read, and on motion,
Referred to the committee on the offices, with the enclosures.
E xtract from the minutes.
S. JA U D O N , Cash.

Thomas Jefferson to William Jones—Branch at Lynchburg.
M
, October 8 , 1 8 1 7 .
o n t ic e l l o

I receive information that the citizens of Lynchburg, on
James river are applying to the Bank of the United States in Philadelphia,
for the establishment of a branch of that institution in their town, and I am
requested on their part to state to the president and directors what 1 know
o f th e b a s is an d e x t e n t o f their commerce; the bearing witness to truth b e in g
D ea h S

ir

:




248

[ 17 ]

a com mon duly, and my residence a considerable part o f the year at a pos­
session a few m iles from the town having given me some familiarity with
it, I proceed to com ply w ith their request. L yn ch bu rg is considered as at
the head o f the navigation o f Jam es riv e r: light loads indeed arc brought
from above the m ountain, but very frequently deposited at Lynchburg to be
put into larger craft. M ost o f the produce o f V irg in ia and N orth Carolina
southward o f L yn ch b u rg , and westward o f its m eridian, and much north­
ward and eastward o f that meridian, is brought to that place to be sold, and
water-borne to R ichm ond . T h e produce in tobacco and flour, exclusive of
hemp, iron, and other articles, brought to that place the last year, amounted
53,300,000, and the town is grow ing more rapidly than any one I have
ever know n in any country. I have no information o f the number of
houses built every y e a r; but, ju d g in g by m y e y e, I think they must increase
at the rate o f 10 or 15 per cent, annually; and, if not already, it very short­
ly w ill be the second town in the S ta te : as to the quantum o f business done,
inferior to Richm ond only , with w hich its principal com m ercial relations
are, how far these circum stances may produce a confidence, and entitle it to
the benefit o f an association w ith your institution, the president and direc­
tors are alone com petent to dccide. T o all that quarter o f our country it
would be a great gratification, as I confess it w ill to m e, as far as I can per­
m it m y self to view an object o f desire, independently o f the motives which
ought to govern its decision. W h ilst it is a pleasure to be the advocate of
an industrious, thriving, and enterprising body o f citizens, it is the greater,
as it furnishes me the occasion o f addressing you r personally, of recalling
m yself to your recollection, and o f assuring you o f m y constant and friendly
esteem and respect.
'
T H O M A S JE F F E R S O N .
W il l ia m J o h e s , E sq.

Application for a branch at Fredcricksburg.
B
, April 20, ISIS.
a r b o u r s v il l k

S

ir

: T h e enclosed letter was prepared in W ashington, with a view to be

sent on im m ediately; it was arrested from an apprehension that it would be
useless, as the views o f those who wished the establishm ent o f a branch at
Fred ericksbu rg, were not lik ely to be realized.
L ater information having
revived our hopes, I am induced to forward the recommendation of Mr.
Chapman, as I am sure, in the event of such an appointm ent being necessary,
no one could give m ore general satisfaction. M ay I ask o f you an answer
as to the probability o f a branch at Fred ericksbu rg?
•
»
W ith respcct, yours, & c.,
JA S . BA RBO U R.
W’m . J o n e s , E s q .,
. U. S .

P ru t

Hank, Philadelphia.
W

S

ir

a s h ik q t o w

,

March

22 , 18 18 .

: Presum ing that the direction o f the B ank o f the United States will

accord to the people o f V irgin ia, trading to F red erick sbu rg , their reasonable
wishes for the establishm ent o f a branch at that place, we take great plea­
sure in recom m ending to your notice, as a fit character to fill the station of
cashier to that establishm ent, M r. R eynold Chapm an. H e is a nephew (by
Digitizedm arriage) o f the late P resid ent M adison, and c le rk o f the court o f Orangefor FRASER


249

[

it

3

T o manners and temper peculiarly affable and conciliatory, he adds an
assiduity to business persevering and unrem itted. H is capacity and pur­
suits heretofore fit him particularly for the duties o f the station, and he
unites with all these qualifications, an integrity o f character above reproach.
W e therefore recommend him warmly to the office in question.
JA M E S BA R BO U R ,
P . P. BARBO UR,
H U G H N ELSO N ,
JA S . PLE A SA N T S, Jr.
M

o n t p e l l ie r ,'

February 2 5 , 1 8 1 8 .

D e a r S i r : I understand that an application will be made to your bank

for a branch at Fredericksburg, and with such hopes o f success that indivi­
duals are already turning their thoughts to directorships, some doubtless
with an ulterior calculation. You will readily conceive, that 1 feel reluc­
tance in touching on the merits o f any o f the candidates, but particular con­
siderations make it difficult for me not to say o f M r . B ird W illis, that al­
though I have but a slight personal acquaintance with him , I have full autho­
rity for regarding him as a gentleman o f strict integrity and honor, as w ell
as o f very respectable connexions and standing. H e resides in Fredericks­
burg, with a valuable landed estate adjoining it.
B e pleased to accept assurances
O f my esteem and best regards,
J A M E S M A D IS O N .
W. J

o n e s,

E sq.

W

a sh in g t o n ,

March 3 ,

1818.

S i r : I wrote you some days ago, in relation to the establishment o f a.

branch o f the United States’ B an k at Frcdcricksburg. I stated the amount
of exports upon such information as was then in m y possession, and I be­
lieve at two millions o f dollars. I have seen within a day past, a memorial
from the merchants o f that place, prepared in a manner which entitles it to
the fullest confidence, which shows the exports to exceed three millions o f
dollars. M essrs. M ackay, Stevenson and Chew, who will bear this and
present you the memorial above alluded to, are all directors o f a bank in
that place, and I beg leave to assure you that the fullest confidence may ba
reposed in any representations which they may make in relation to the sub­
ject: you will perceive that they come on as a regular deputation, with a
viey to present the claim and to state at large the ground o f their preten­
sions.
I am, sir, with respect, yours, & c.,
P H IL IP P . BA RBO U R.
I entirely coincide in the above representation.
JA S . B A R B O U R

Letter from A. Jackson, applying fo r a branch at Pensacola, 1 8 2 1 .
P e n s a c o l a , A u g u s t 1 5 ,1 8 2 1 .
S i r : A t th e request o f t h e citizens o f this place, I h av e taken the liberty
32




[ 17 ]

250

of enclosing to you a memorial addressed to the president and directors of
the branch of the United States’ Bank at Philadelphia, which has been gene­
rally signed by the respectable inhabitants of this city.
The advantages to be derived from the establishment of a branch of the
United States’ Bank in Pensacola, have been ably set forth in the memorial;
and I have no doubt that a branch here, under a judicious direction, would
not only prove convenient to the inhabitants in this section of the country,
but also be beneficial to that institution.
I have the honor to be, sir,
W ith great respect,
Your most obedient servant,
A N D R E W JACKSON.
L a x g d o x C h e v e s , Esq.
Bank
t h e U h i t e p S t a t e s , September 2 9 , 1821.
Sin; I have had the honor to receive your letter of the 15th ultimo, enclosing
a memorial addressed to the president and directors of this bank, from a
number of the inhabitants of Pensacola, requesting the establishment of a
branch of the Bank of the United States at that place. Your letter and the
memorial have been laid before the board, from whom they have received
the most respectful consideration.
I am instructed to say, that the board entertain the same views of the
probable importance of the commerce of Pensacola, which you and the
memorialists have been pleased to express and believe, that the establish­
m ent of a branch of the bank at that place, will, in all likelihood, be
advantageous to its interests, while it will contribute to the great public
ends for which the institution was chartered, and that they think it quite
probable that the bank will be induced by these considerations to establish
a branch at Pensacola. But it will not be practicable to do so speedily.
T he internal arrangements and business of the bank, are such as to require
some time to bring them into a state to authorize the establishment of a new
branch. It is necessary, too, before the board shall adventure upon the
measure, that the commerce of the place shall have in some measure esta­
blished its channels, that the persons engaged in business there shall have
become well established and be known to the managers of the bank here,
at least by reputation, in order to enable it to make judicious selections of
the managers of the branch; and, in short, that the board here shall be pos­
sessed of all information, to be derived only from experience, which shall
render it morally certain, that the time has arrived, when the business of a
branch there may be conducted with safety, and with a full knowledge of its
particular nature, extent, and operations. If this caution shall not meet the
immediate view? and wishes of the inhabitants, it will be regretted by the
board, but it will, I have no doubt, appear to you and them incumbent on
it in the due management of the important trust committed to it by the
stockholders to proceed with great circumspection, especially under a view
of the recent misfortunes of the institution. I have been thus full and can­
did that the real views and intentions of the bank may be faithfully pro*
sented to you, believing that it will be more acceptable to you to receive
them explicitly, than if they should have been left to bo doubtfully in*
ferred.




of

[ 17 ]
Permit me to employ the occasion to express the high personal regard and
consideration with which
I have the honor to be, sir,
Your obedient servant,
L. C H E V E S, Pres.
His Excellency A n d r e w J a ck so n ,

Governor, fyc., (fc., Pensacola.

Extract from the minutes of the meeting o f the hoard o f directors o f
Bank United States, September 1 4 , 1 8 2 1 .
“ A letter from General Andrew Jackson, accompanied with a memorial
from the citizens of Pensacola, requesting the establishment of an office of
discount and deposit there, was read, and
“ Laid on the table.”

Petition fo r a branch at Albany, by Mr. Van B urtn and others.
A
, July 1 7 , 1 8 2 6 .
lban y

D e a r S i r : A t th e in s ta n c e o f a h ig h ly re s p e c ta b le p o rtio n o f th e g oo d
peo p le o f th is c i t y , 1 h a v e s ig n e d , and n o w tr a n s m it, th e e n c lo s e d .
P er­
s o n a lly , I n e ith e r h a v e , n o r d e s ir e , a n y c o n n e x io n w ith b a n k s ; and th e so le
o b je c t o f m y a g e n c y is t o g r a tify th e w ish e s o f o u r c it iz e n s , and to p ro m o te
th e in te r e s ts o f th e c i t y .
•

Of the fitness of the proposed measure, it would be idle for me, who
know nothing, to speak to you who know every thing upon the subject. I
will, therefore, only say, that the applicants are men of the first character
in point of business and credit, and that the present state of the city is that
of unexampled prosperity. I shall be happy to hear from you as soon as
convenient.
W ith great respect and esteem,
I am, sir, your obedient servant,
M. V A N B U R EN .
N ic h o la s B id d l e , Esq.
.

To the Directors o f the Bank o f the United States:

The memorial of the subscribers, in behalf of themselves and their fellow
citizens of Albany, respectfully showeth:
That since the completion of the northern and western canals of this
State, such facilities are given to transportation, that the quantities of coun­
try produce brought to this market from the interior of the State are in­
creased to an immense amount, and when to this is added the produce which
will be brought to this market from the fertile regions of the northwestern
parts of P e n m y lv a n ia , the State of Ohio, and the Territory of Michigan,
some idea m »y be formed of the amount of business which might be done
in this place, w»s there a sufficient moneyed capital located here to give
countenance and support to commercial enterprise. The capital of the
banks located here under State incorporations, is entirely insufficient to af­
ford the facilities ta commercial enterprise, which the business of the place
would warrant, »ui vhich the most cautions prudence would justify. The



t 17 ]

252

lim ited capital of our banks, forbids the extension of our trade, merchants
of moderate fortune, are discouraged from taking up their abode amongst
us, from a knowledge that the banking capital of the place is not adequate
to the demands which are made upon it for the prosecuting of a sufficietly
extensive business to render it profitable; and instances are not wanting, of
active, intelligent, and enterprising merchants, removing from this place to
the city of N ew York, to participate in the benefits of the increased banking
capital there, although their business, principally, has been continued with the
interior of the State. The western world is pouring its treasures into the
m arket of Albany, but its citizens are doomed with tantalized feelings to
behold a rich and profitable trade float past them to the city of New York,
solely for the want of a sufficient banking capital located amongst them.
Could the produce brought to this place be purchased here, such portion of
it as is not wanted for home consumption, might be exported directly from
here to a foreign market, (as far as the navigation of the Hudson would per­
mit,) and return cargoes calculated for the interior of the country, might be
imported without being subjected to the expense of transshipment at New
York, or the profits of the importing merchant there. These considera­
tions have induced the citizens of Albany once more to ask for the establish­
ment of a branch, or office of discount and deposite, of the Bank of the United
States in this city.
It is hoped this application will be favorably received, aa the same causes
which render it desirable to the citizens of Albany, to have a branch of the
United States’ Bank established here, conclusively show, that it would be a
source of profit.to the parent institution. Indeed, it is believed, that a branch
here would be more profitable, in reference to the extent of business done, than
several of the branches located in seaport-towns. The local situation
of Albany renders it an entrepot between the eastern States, and the wes­
tern countries: between the south and the north, and consequently, a very
extensive currency would be given to the bills issued from a branch here;
and the nature of the trade which would be prosecuted here, would, in a great
measure, render bills of a bank established at this place, the circulating me­
dium of the extensive regions, whose produce would be brought to this mar­
ket.
Inasmuch, therefore, as the establishment of a branch here would not only
be highly advantageous to this city, but be a source of profit to the parent
institution, we hope that the directors of the United States’ Bank will esta­
blish an office of discount and deposite in this place.
M cM illan and Bagley
M . Van Buren
William Cook
Israel Smith
John J. Godfrey
Corning and Norton
V. W . Rathbone
J. Stilwell & Co.
W . and J. G. W hite
F . Backus
W m . M cH arg
W ebb and Dummer
Hickcox and Lalryrang
Jam es Stevenson
W ilder, Hastings, & Co.
B . F . Butler
Spencer Stafford
J . Hamilton
S. and H . Stafford
W . L . M arcy
G. and L . Blucher
S. De W itt
J . Pruyn
Issae Denniston
Marvin and Raymond
J. and J. Townsend
Daniel Steele
Elisha Jenkins



253

A lba n y,

A . and L . Lightbody
Andrew Lightbody
G crrit L. Dox
Samuel Pruyn
Humphrey & Co.
Maucius and LeBreton
Jo hn L . W endell
G. McPherson
W m . C. Miller
T illy Allen
Lym an Root
Joseph Denison
John Dow
W . S. and E . C. McIntosh
Lemuel Steele
W ood and Acres
J . and H . Meacham
Charles E . Dudley
July 10, 1826.

C 17 J
Charles R. W ebster
James L a Grange
K . K. Van Renssalaer
Christian M iller
C. Humphreys
W alter Clark
Alexander M arvin
R. H . King & Co.
S- Van Renssalaer
Nathan Sanford
R . M . M eigs
.
Richard M arvin
C. and E . Egbutt
Chandler Starr
Isaac W . Staul
E . Baldwin
Cornelius Van Antwerp.

Extract from the minutes, July 1, 1826,
A letter from M . Van Buren, esq., a Senator of the United States, from
the State of New York, dated July 17, inclosing a memorial from sundry
respectable citizens of Albany, praying for the establishment at that place,
of a branch to this bank, was, with its inclosure, read, and, on motion,
Referred to the committee on the offices,
Extract from the minutes, October 27, 1826.
The committee on the offices, to whom was referred on the 15th of Septem­
ber last, the memorial of sundry citizens of Albany, for the establishment of
an office of discount and deposite at that place, dated the 11th of September;
also on the 29th of (September, an application of the same tenor, from the
citizens of T roy, together with a similar one from the citizens of Utica; and
to whom was likewise referred, a communication from sundry citizens of
Utica, requesting a suspension of a decision on that subject, report:
That they have kept the subject long under advisement, in order to de­
cide on it with all the advantages of accurate knowledge of facts, and delibe­
rate consideration of them; and they how present as the result of their
inquiries, the following resolution:
Resolved, That it is inexpedient to establish, at present, another office of
this bank in the State of New York,
T r e a s u r y D e p a r t m e n t , Jan. 26, 1826.
It has been understood that an intention was recen tly entertained by
the Bank of the United States, of establishing an office of discount and de­
posite at Mobile. A s such an establishment would be convenient to the
Treasury, it is hoped that this purpose has not been relinquished. It will
be satisfactory, however, to learn the views of the bank upon the subject,
and also to be informed, if it be in contemplation to form any other new
establishment of the same kind, elsewhere.
S ir:




254

[ 17 ]

From the want of punctuality that has been manifested by some of the
State banks, in regard to their engagements with the Treasury, and from the
risks to which they have been found to be generally subject, it seems as
if it would be ultimately necessary to dispense altogether with the agency
of those institutions; indeed the chief difficulty that presents itself to the
immenediate adoption of this course, would be removed, if there were offices
of the Bank of the United States at those points at which the public depo­
sites in different quarters might, without too great inconvenience, be con­
centrated. It is to aid the department in the consideration of the subject, as
well generally, as in the particular case referred to, that this inquiry is made
as to the views of the bank.
*
I remain, with great respect,
Your obedient servant,
N ic h o l a s B

id d l e ,

E sq.,

R IC H A R D RUSH.

President Bank United States , Philadelphia.
T k e a s c h t D e p a h tm e n t,

M ay

16, 1826.

S i b : I t will probably be in your recollection that, during your late visit to
this city, I mentioned to you the wish of the department that the Bank of
the United States might find it convenient to establish, at Detroit, an office
o f some kind, at which the public moneys might be deposited and disbursed
without risk, and through which a circulating medium might be supplied, in
which the large amount expectcd from the sale o f public lands in the Michi­
gan Territory might be conveniently and safely paid.
A s co n n e c te d with
this subject, I now transmit copies of two letters, which have recently come
to hand, from the receiver of public moneys at Detroit, and the Governor of
Michigan, under date of the 24th and 27th of M arch last. They exhibit, in
stron g te rm s, disadvantages which result, as well to the purchasers of pub­
lic lands as to the Government and its officers, from the want of some such
establishment. An arrangement w ith the Bank o f M ichigan, which they
suggest as one o f the remedies, will not be reso rted to unless it be found ab­
solutely indispensable; it being, as you arc aware, the intention of the de­
partment not to extend its connexion with the local or State banks in any case,
i f it can be avoided. The other mode of applying the public moneys in the
hands o f the'receivers, to the public disbursements in that quarter, without
the intervention of a bank, has been long practised, and will continue to be
so as far as may be. But, besides the objection that this mode is not so con­
venient or agreeable to those to whom the moneys are to be paid, the demands
that can be paid in this way are not sufficient to absorb the m o n e y s received;
and there will remain, therefore, a considerable sum to be transferred. A*
the facts stated in these letters seem, on public grounds, to require that the
subject should receive early attention, I will thank y o u to bring it to the no­
tice o f the board.
I use this opportunity to acknowledge the receipt of your letter of the 1st
inst., with its enclosure in relation to the projected officc of discount anddeposite at Mobile. No communication has been received, by me, from the
gentlemen of the Alabama delegation in Congress since the date of their let­
ter to you. Previously, however, to that tim e the matter had been several
times the topic of conversation and correspondence with some of them, on




255

[•’]

all which occasions the same opinion was expressed by the department in
favor of snch an oilicc, and the same indisposition to it manifested by them.
In this respect the views of the Treasury have undergone no change, ex­
cept that the conviction first entertained has been strengthened by subsequent
information and reflection. The forcible considerations that have stamped
this conviction, in regard to Mobile, are (besides the growing commer­
cial importance of this town) the large sales of the public lands which at pre­
sent take place in Alabama, and the increasing amount of them which, for *
some years to come, may be reasonably anticipated, together with the large
expenditures which the Government has occasion to make in that quarter,
and the increasing amount of these, also, which may be expected from the
establishment of a naval depot at Pensacola; other considerations than these
it is not deemed necessary to mention. In regard to the objections advanced
in the letter of the delegation of Alabama, on the 27th of A pril, enclosed in
yours of the first instant, it will merely be rem arked, that for this depart­
ment to allow them validity, would be to defeat the precise object which, as
part of a general system, it is desirous of establishing, viz., that already
mentioned, of dispensing, as far as possible, with the instrumentality of the
State banks. In the success of this system, and in relying exclusively upon
the Bank of the United States and its branches over the whole Union, the
safety and the certainty, as well as the unity of the moneyed operations of
this department, are believed to be materially at stake.
In regard to the public receipts and expenditures in the extreme west, con­
siderable inconvenience is experienced, the offices of the Bank of the Uni­
ted States in Ohio and Kentucky, being found too remote to be advantage­
ously employed for that { rpose. To remedy this, and to supply a sound
currency in that extensiv^ country, an office at St. Louis has been heretofore
suggested to you verbally? and as it is an object of some interest to the Trea­
sury, I should be glad if you would present it to the attention of the direc­
tors.
It is believed that the establishment of these three offices, and one in Maine,
which the bank is understood to have long had in view, would remove the
necessity of employing any other than the Bank of the U nited States and its
offices as depositories of the public moneys throughout the United States.
I am, sir, &c.,
RICH A RD RUSH.
N ic h o l a s B id d l e , E sq., Pres’t Bank U. S.
T r e a s u r y D e p a r t m e n t , August 31, 1831.
S ir: W ith a view to avoid the risk, inconvenience, and expense incurred
by depositing the public moneys collected in Michigan in a banksoremote
as the Branch Bank of the United States at Buffalo, and in drawing from
that branch the moneys to be disbursed in Michigan, it has been proposed to
make the Bank of Michigan, at Detroit, a bank of deposite; but before any
decision is had upon the subject, I should be glad to learn whether you have
any intention of establishing an office in that Territory.
T he amount received from public lands in M ichigan, during the year end­
ing on the 30th of June last, was 8271,795 16, and the sales of lands there
are increasing.
.
The amount expended by the United States in that Territory, during the




[17 ]

256

same period, was about $420,000, and will probably be increased in the fol­
lowing year $40,000 by the removal of the Indians.
I am, respectfully,
Your obedient servant,
L O U IS M cL A N E ,
N i c h o l a s B i d d l e , E sq.,
Secretary o f the Treasury.

President o f the Bank United Slates, Phila.

Invitation from the Legislature o f Indiana to establish a branch in
that State.
[A joint resolution on (he subject o f the United States’ Bank. J

Resolved by the Generul Assembly o f the State o f Indiana, That the pre­

sident and directors of the United States’ Bank be, and they are hereby respect­
fully requested, to locate and establish one or more branches in this State.
Resolved, That the Governor transm it a copy of this resolution to the
president of the bank at Philadelphia.
H . H . M OORE,

Speaker o f the House o f Representatives.
D A V ID W A L L A C E ,
President o f the Senate.

Approved, February, 2, 1832.
N. NOBLE.

»S

---- * —

Application from the Territorial Council ofi^iorida fo r a branch.
E

x e c u t iv e

O f f ic

e

, T

alla h a ssee,

January 23, 1S31.

S i b : I have the honor to transmit to you the enclosed resolutions of the
Legislative Council of the T erritory of Florida.
In asking for a branch of the U nited States’ Bank to be located in this
T erritory, I am particularly gratified in being the organ of the communica­
tion.
I am, respectfully,
Your obedient servant,
W . P . DUVAL.
N

ic h o l a s

B

id d l e ,

President o f the Bank U. S.

Copy o f a preamble and resolutions unanimously adopted by the Legis­
lative Council o f the Territory o f Florida, on Friday the 2\st day of
January , 1831.

W hereas, the introduction of a branch of the United States’ Bank within
this T erritory would increase the circulating medium, facilitate commerce,
and greatly promote the general interests of the community, therefore

Be it resolved by the Governor and Legislative Council o f the Territo­
ry o f Florida, T hat the president and directors of the Bank of the United
States be requested to locate a branch within the lim its of this Territory.
Resolved, T hat the Governor be requested to transmit a copy of this reso­
lution to the president and directors of the Bank of the United States, and



257

[ 17 J

certify the same under the seal of the Territory, with his signature affixed
thereto.
Teste:
JO H N K .C A M P B E L L , Clerk.
Ja n u a ry 2 7 , 1 8 3 1 .
I, William P. Duval, Governor of the T erritory of Florida, do hereby
certify, that the foregoing preamble and resolutions are truly and correctly
copied from the original journal of the Legislative Council of the Territory
of Florida.
In testimony whereof, I have hereunto subscribed my name, and caused
the seal of the Territory to be affixed, at the City of Tallahassee, this 27th
day of January, in the year of our Lord one thousand eight hundred and
thirty-one, and of American independence the fifty-fifth.
[ sea l.]
1VM. P. D U V A L.
E x e c u tiv e Of f ic e , T a lla h a s s e e ,

No. 16.

L e x in g t o n , K e n t d c i t , February 6, 1818.
The Legislature of this State have passesd a law imposing a
lax on the offices of discount and depositethat have been established at this
place and Louisville, by the United States’ Bank. I will in a few days
procure and forward to you a copy of the act.
It is matter of regret, with enlightened men who regard the prosperity
of the nation, that a measure of this kind should have been adopted, more
especially by a State so remarkable for its devotion to the interests of the
Union. A variety of causes have led to this measure, although some of its
advocates in the Legislature, were prompted by hostility to the interests of
the National bank. The larger number have been inflenced by very different
motives. Our State institutions are taxed, and without examining well our
power to interfere with an institution that has been constitutionally estab­
lished t>y Congress, it has been plausibly urged, that the same reason ex ­
ists for taxing them, that does for taxing State banka.
This measure was opposed by George M. Bibb, esquire, late a Senator in
Congres*, (with whom I believe you are acquainted,) and several others of
the most respectable and well informed men in the House of Representa­
tives, and by Mr. Bledson, with whose character you are doubtless well, ac­
quainted; Mr. F. Johnston, a gentlemen of talents and respectability from
the south of this State, with a few others of standing and influence in the
Senate.
The object of this communication, is to advise you that although the law
has passed our Legislature by a considerable m ajority, that it was opposed
hy the most enlightened and influential members. It was acted upon st a.
late hour of the session, when the time of adjournment was fixed on, and
measures were hurried through, without time for discussion or investigation.
I have reason to believe that time for deliberation might have produced a
different result. 1 am well assured, that whatever causes may have led to
this result, it ought not to be imputed to hostility to these institutions on the
33
D ea r S ir :




[1 7 ]

258

part of the people of the Stale. T hey are unquestionably more popular
than any of our State institutions, and must continue to gain ground, by
reason of the great advantages they afford to the agricultural and commercial
interests of the State.
V ery respeclfully,
Your obedient servant,
W . T. BARRY.
W i l l i a m J o n e s , Esq.
2.— T H E F R E N C H

B IL L .

Copy o f a Memorial oj Stephen Girard , presented to the Home of Re­
presentatives o f the United States , March 22, 1804.
To the honorable the House o f Representatives o f the United States of
America:

The Memorial of'Stephen Girard, of the city of Philadelphia, merchant,
respectfully showeth:
T hat your memorialist had in the hands of George Barclay and Company'
of the city of London, merchants, for moneys actually remitted them, and
belonging to your memorialist, a balance of upward.* of .£70,000 sterling,
when on the 21st of January, 1 S 0 3 , he negotiated and sold to the Secretory
of the Treasury of the United Slates, his four bills of exchange for £11,250
sterling each, amounting in all to £ 4 5 ,0 0 0 sterling, drawn on the said
George Barclay and Company, two of which bills were payable on the
15/lSth of August last, and two others of which, payable on the 15/18th
of November last, for which he received the par exchange, or 166} per
cent., and that the said bills, on presentation, were duly accepted; but when
the two first of the said bills became due, the said George Barclay and Com­
pany had stopped payment the day before, and the said bills were pro­
tested for non-payment, and returned by Sir Francis B a r i n g a n d Company,
of London, to the Secretary of the Treasury of the United States, and on
the 13th of October last payment of the said two bills, with twenty per
cent, damages, costs of protest and re-exchange, were demanded of him b)
George Simpson, esq , cashier of the Bank of the United States, and your
memorialist gave his obligation, with satisfactory security, for the sum ot
$ 1 2 4 ,2 1 5 2 1 , amount of said two protested bills of exchange, damages, re­
exchange, and costs, payable in two payments, on the 13th day of Apr1
and July next, with interest, which is $ 2 4 ,2 1 5 21 more than what he hath
received for the aforesaid two bills from the Secretary of the Treasury.
T hat your memorialist hath, since the before mentioned settlem en t an
security, received a letter from Sir Francis Baring a n d Company, of London,
dated the 7th day of December last, wherein they advise h im that his s*>
two b ills of £11,250 sterling each, payable on the 15/18 of N o v e m b e r last,
had been duly paid on his account and placed to the credit of the Unit®*
Stales, on the .«aid 18th of Novem ber; and further that they h ad a c q u a m t e
the Secretary of the Treasury of the United States, “ T hat they were rea J
to place the other two drafts of £11,250 sterling each, (which had been pro*
tested for non-payment as aforesaid) to his credit on the 18th day of
last, the day on w hich they fell due. ”
T h a t from the said sum o f


sterling, due on the 18th o f August last, being passed by S ir Francis Baring


C »T ]

259

and Company, to the credit of the Secretary of the Treasury of the United
Slates, as on the day the same became due, no real loss or damage can accrue
to the United States from the said bill’s being returned under protest. Your
memorialist therefore prays, that he may be released from his obligation
and security for payment, so far as relates to the damages of twenty per cent,
and re-exchange on said bills, and that you will grant him such relief herein
as to you in your \yisdom shall seem meet.
S T E P H E N GIRARD.
P h il a d e l p h ia ,

March

19, 1804.

Copy o f the Report o f the Committee o f Claims o f the House o f Repre­
sentatives o f the United States, on the Memorial o f Stephen Girard,
made to that House on the 2 4 th March, 1 8 0 4 .

The Committee of Claims to whom was referred, on the 22d March
instant, the memorial of Stephen Girard, report:
That the annexed letter from the Secretary of the Treasury will, at least,
show that before the prayer of the memorialist can with propriety be grant­
ed, further deliberation would be required than the short residue of the
session will allow.
Your committee are of opinion that the further consideration of the
memorial be postponed until the first Monday in November next.*

Copy o f the letter from the Secretary of the Treasury to the Chairman
o f the Committee o f Claims, referred to in the foregoing report.
T
D
, March 23, 1804.
r ea su ry

epartm en t

had the honor to receive your letter of this day enclosing Stephen
Girard’s petition.
The facts are truly stated in the petition; I have only to add that the pro­
position to have the bills (after they had been returned protested for non­
payment to the Treasury) passed to the credit of the United States, as if
they had been paid, was made by Mr. Girard, as well as by Mr. Alexander
Baring, in October last, and was rejected; 1st, because, considering the
large amount of bills (more than two millions of dollars) annually purchased
on account of Government, it appeared absolutely necessary never to give
up the damages whenever a legal right to them had accrued; and because
that right has, in every instance, without regard to persons or circumstances,
been enforced. 2Jly, Because, if abandoned in this instance, and for that
reason, every drawer who was solvent might, by making a remittance to
the bankers in Europe, after bills protested for non-payment had been re­
turned to the Treasury, induce them to make a similar offer, and evade the
payment of damages. 3dly, Because the credit offered by Messrs. Barings,
as of August last, was not and is not wanted, measures having been imme­
diately taken, on hearing of Mr. Barclay’s failure, to replace the deficiency
by other remittances. 4thly, Because the offer made in March to give credit
in England as of August preceding cannot, in reality, be effected; the money
was not there in August, and every damage which may have arisen on ac­
* The above report was pretented to the House of Representatives by John Cotton Smith,
Chairman of the Committee of Claims, and was concurred in by the House of Representa­
S ir : 1

tive!.— See Journals House of Representatives (new edition), vol. ♦, p. 633.




960

C17]

the disappointment has already been incurred, and cannot, in any
degree, except so far as relates to the interest, be remedied by that offer.
Thus, had the failure of the payment of that bill in August prevented the
payment of part of the interest of an instalment of the foreign debt due at
that time, the injury thereby done lo 'he credit of the United States could
not be repaired by M r. Baring giving them, a t p re te n t, credit for that sura
with interest from August last.
I have the honor to be, very respectfully, sir,
Your obedient servant,
A L B E R T G ALLATIN.
H on. J o h n C. S m i t h ,
C h airm a n o f the C o m m ittee o f C laim s.
count o f

Cases o f charges m ade a n d enacted by the G overnm ent, on protested
bills o f exchange.
[E xtract from the books of S. Gerard, Philadelphia, November 9, 1803.J

G eobge B a b c la f & Co., o f L o n d o n ,
To the U n ited S ta te s o f A m erica, Dr.
For my two following bills of exchange, dated 21st January, 1803, ac­
cepted by George Barclay & Co., payable on the 15/18th August following,
protested for non-payment, in consequenc of their failure as per letter,
dated 17th of that month, which said bills were sent back by Sir Francis
Barring & Co., to the Secretary of the Treasury of the United States, and
returned to me by'George Simpson, agent for the United States, viz.
One bill, 13, payable to the order of Robert Bethel &. Son, for £11,250
One bill, 14, payable to the order of M ontgomery Ji Newbold, for
11,250
22,500
Damages thereon at 20 per cent. - 4 ,5 0 0
Protest and postages
362
£27,003 6 *
At 1721 per cent.

.

.

.

$124,215 21

N ovem ber 9, 1803.
T

he

U

n it e d

St a t es or A

m e h ic a ,

To bills a n d notes pat/able, Dr.
For m y two following notes given to George Simpson, agent for the
United States as per receipt, folio 85, (being in lull for my two bills of ex­
change, drawn on the 21st January last, on George Barclay Sl Co., of Lon­
don, protested for non-payment, amounting with charges to twenty-seven
thousand and three pounds, six shillings, and two pence sterling, via:




261
One note dated this day, payable op or before the 13th day of
April next, order of Montgomery & Newbold
£62,108 00
One note dated this day, payable on or before the 13th day of
July next, order of Robert Bethel & Son, 62,107 21
£ 1 2 4 ,2 1 5 21

In the annual “ account of receipts and expenditures of the United States,”
are the following entries:
F or the y e a r 1 8 0 2 , p a g e 6 8 .
J u ly 1 7 . —Under the head of “ reductions of the public debt,” are charged
to various persons, sums paid to them for the purchase of bills to discharge
the Dutch debt, and at the bottom of the account, is the following entry:
Deduct the following repayments by Jonathan Bunall, agent for pur­
chasing bills of exchange, per warrant, No. 5 6 7 8 3 , 8 4 0 00
Jesse and Robert Wain, contractors for making
shipments to Amsterdam, per warrant No. 5 7 1 5 6 , 9 9 2 0 0
Do
do
do 5 7 2
3 ,0 0 8 00
Do
do
do 5 7 3
3S0 00
David Harris, agent for purchasing bills
of exchange, per warrant
do 5 8 0 1 6 , 2 6 4 7 2
Jonathan Bunall
do
do 6 0 9
4 ,8 0 0 00
do
do
do 6 1 0
9 ,8 4 0 0 0
George Simpson do
do 6 1 6 1 9 , 6 S 4 0 0
do
do
do 6 1 7
4 ,7 8 4 06
119,592 78
F or the y e a r 1805, p a g e 64.
DUTCH D EB T .

October 4.— By Alexander James Dallas for amount recover­
ed by him from the assignees of Pragers & Co., for their bill
of exchange for one hundred and twenty thousand guilders,
drawn on Widon, Levi, Salmons & Co , of Amsterdam, re­
turned protested for non-payment, w ith costs, interest, a n d
dam ages on the sam e.
June
29, warrant,
No. 889 68,331 20
December 31, do
do 916
400 00

By David Harris, cashier of the office of discount and deposite,
Baltimore, being so much received by him on account of
Aquilla Brown’s bill of exchange for sixty thousand guilders,
drawn on Van Staphorst & Co., Amsterdam, returned p r o ­
tested fo r n on -p a ym en t w ith costs, interest, a n d dam ages
on the sam e.
June 2 9 , warrant No. 8 9 0 For the y ea r 1 8 0 7 , p a g e 6 9 .
DUTCH D EBT.

December 3 1 . — Deduct so much of a repayment of £ 8 , 1 1 4 71
by J. Stephens, attorney for the district of Maryland, re­
ceived by him from the estate of Beale Owings, fo r his pro


6 8 ,7 3 1

20

1 8 ,1 4 3 0 0

262

C 17 1

tested bill o f exchange, per warrant in favor o f the Trea­
surer.
83,294 85
N o. 1,043 .
.
.
.
.
.
.
For the year 1808, page 71.
September 20.— By John Stephens, recovered from the estate
of Beale Owings, fo r his protested bill o f exchange.
P er warrant, N o. 1,171

-

-

-

For the year 1809, page 79.

-

1,300 00

-

November 21.— Under the head of “ interest on Louisiana
stock,” deduct the following repayments: Cranston Alexan­
der and Sm ith, fo r so much which had been paid fo r pro~
tests on their bill o f exchange.
P er warrant, No. 1,251

-

-

-

For the year 1811 , page 79.

-

40 75

-

BUTCH DEBT.

By John Stephens, late district attorney for M aryland, being
so much received by him from the estate of Beale Owings,
on account of the balance due for his bill of exchange on
Amsterdam, for 2,000 guilders, protested in the year 1802,

fu r non-payment.

Per warrant, N o. 1,467

.

.

.

.

895 00

.

For the year 1814 , page 110.

September 20.— “ Interest on Louisiana Stock,” by John W .

and Gilbert Russel, being on account of their bill of ex­
change, for £2,000, or Conway and Davidson, dated 10th
September, 1810, returned protested fo r non-payment.
Per warrant, No. 2,237
For the year 1816, page 161.
September 5.— Interest on Louisiana stock, by James Cox,
agent for purchasing bills of exchange for the cost and da­
mages on a bill of exchange, drawn by Descavesand M ercier,
on Thomas W ilson, of London, for £2,000, dated M ay 30,
1816, returned protested fo r non-payment.
P e r warrant N o. 2,730
11,272 39
B y John W . and Gilbert Russell, being the balance
due on their bill of exchange, for £2,000, or
Conway and Davidson, of Liverpool, dated Sep*
tem ber 10th, 1830, returned protested fo r non­

paym ent.

P er warrant, N o. 2,738

.

.

.

11,055 81

For the year 1817, page 249.
August 2 .— Interest on Louisiana stock, by Jam es Cox, agent

2,810 65

22,328 20

for the purchasing bills of exchange, for the cost and damages,
on a bill of exchange, drawn by Briscoe and Petridge, on
Alexander G lennie & Co., of London, for £450, returned

protested fo r non-payment.

P er warrant, No. 2,788




-

-

-

-

-

2,416 00

263

[17]

For the year 1818, page 159.

November 21.—Interest on Louisiana stock, by Jonathan Fisk,
attorney of the United States, for the district of New York,
for this sum, received by him on certain bills o f exchange,
d raw n by M in tu rn a n d C h am p lin .
Per warrant, N o. 3,072
- $20,506 46
F or the yea r 1819, p a g e 106.
M a y 26.—Treaties with Mediterranean powers, by James Gib­
bon, for amount received from the drawers and endorsers of
the following bills of exchange, in clu d in g p rin cip a l, in te­
rest, a n d dam ages, viz. R. Graham & Co., on Maxwell
W okes & Co., in favor of Gray and Pankey, for £2,000,
and the same on E . F. Leitch & Co., in favor of the same
for £1,000, returned protested for non-payment.
Per warrant, No. 3,301
- 15,606 61
F or the yea r 1819, c o n tin u in g p a g e 122.
F eb rua ry 2.— Interest on Louisiana stock, by
John E hrick, for amount of two bills of ex­
change, drawn by J. A. W illink in his favor
on Daniel and J. H. W illink, of Liverpool,
for £2,000, and L. and R. Groning, in favor
of Jacob R. Valk, on R. Groning, London,
for £900, retu rn ed protested for non-pay­
m ent
Per warrant, No. 3,250
- 11,000 00
Do
do 3,300
. 4,520 66
>
------------- 15,520 66
F or the yea r 1797.— M iscellaneous C laim s.
Septem ber 22.—To the president, directors, and com pany of the
Bank of the United States, being the amount of five notes, with
charges of protest, drawn by W illiam Shannon, in favor o f
William Blunt, by whom, and Elisha B. Hopkins they were
endorsed, which notes were taken by the said president, di­
rectors, and company, in payment of certain Treasury bills,
drawn on collectors of the revenue of the United States, in
North Carolina, sold by them to repay their advances on said
bills.— Receipts a n d expenditure, see page 74, fo l.
W arrant, N o. 5,776.
. £5,156 65
October 3 1 , 1 8 3 2 .
Si*: T h e first instalment payable to the United States by France under
the convention o f the 4th Ju ly , 1 8 3 1 , am o u n tin g to S3,916,666 6 6 , together
[N o. 1 . ]

T

k ea su h t

D epa h tm en t,

with the interest thereon at four per cent, from the 2d of February, 1 8 3 2 ,
will be payable at Paris on the 2d o f F ebru ray , 1833. T h e Secretary o f
act o f

the Treasury being charged, by the
the 13th July last, with transfering to the United States the several instalments receivable under that con-




[ '7 ]

364

vention, I am desirous of effecting that object in such a manner as may be
most beneficial to the interests of the claimants for whom the money is to be
received; and with this view, I shall be glad to receive your suggestions in
regard to the transfer of the first instalment.
It is proposed that the Secretary of the Treasury should draw a bill on the
French Government, payable on the 2d of February next, for the amount of
the first instalment and the interest upon it. A month would probably suf­
fice for its transmission to Paris, so that it might be drawn now, or at any
time before the 1st of January, if there be a prospect of an improvement of
the exchange in the interval. And as it will be sufficient for the Treasury
to receive a credit for the amount in the Bank of the United States, one
m onth after the payment of the bill in Paris, say on the 2d of March, that
tim e might be allowed to the purchaser of the bill, if better terms could there­
by be had.
I shall be happy to receive your views on the whole subject; and if, as I
resume, an arrangement for the transfer may be best made with the bank,
will thank you to state the terms.
I am , sir, very respectfully,
Your obedient servant
.
.
L E W IS M cL A N E ,

r
N.

B

Secretary q f the Treasury.
President Bank U. States, Philadelphia.
id d l e ,

E s q .,

[N o. 2.]
B a n k U n i t e d S t a t e s , November 5, 1832.
S i b : I have had the honor of receiving your letter of the 31st ultimo, and
shall very willingly offer such suggestions as occur to me in regard to
the transfer of the first instalment payable by the French Government.
The simplest form would be the sale of a bill on Paris drawn by the
Secretary of the T reasury. But it would not be easy to find an individual
purchaser for the whole; and if the bills were divided, the knowledge that
there was in the m arket a drawer for so large a sum, which, as it is the result
of a public treaty could scarcely fail to be general, would tend to depress the
rate. The tendency of exchange on France too, is rather to fall than to rise.
T he abundant importations of the last year will be followed by proportionably small importations this year, while the crop of the south, which came
forward at a late period of the last year, gives promise of being esrlicr m
the m arket this season, so that on the whole, the chances, and this is all that
is safe to affirm of a matter subject to so many contingencies— the chance*
are in favor of a fall. The bank has already in Paris a larger sum than it has
any immediate use for, yet it is not indisposed to increase it, b ec au se it may
hereafter have occasion for the fundi, and because it is believed that if the
terms can be made acceptable, the purchase of the whole by the bank would
be the best operation for the G overnm ent
T he rates to-day are from
5.324 to 5.35 per dollar. Now according to the latest advices from Europe
received to-day, the exchange at London on Paris is 25.95 for the £1 ster­
ling, while that at Paris on London is 25.G5, making the mean difference
S5.80, to that 5.321 is equal to exchange on London at 109 per cen t, and
6.35 ia equal
 to 108}.


C 'T 3
T h e bank is purchasing in the south at lower rates, and bills have been
recently
to
and
but
examining the subject
in all
as

offered it
declined at 5.40;
after
itg relations, and with an anxiety to make the transfer on such terms
would merely prevent a loss to the bank, it is thought that an ample price
would be 5 .32 J.
At this rate 4,073,333.33 fcs., the amount of principal ar.d interest of the
first instalment, would amount to 2764,945 22, so that upon receiving your
bill upon Paris payable on the 2d February, 1S33, the bank would place to
the credit of the Government upon the 2d of M arch, 1833, the sum of
2764,945 22.
.
Should you prefer not fixing a rate at present, but to ^ke the chances of
a higher rate hereafter, the bank on receiving your bill would place the
amount of it to the credit of the Government on the 2d o f M arch next, at the
current rate of exchange of the best bills on that day in Ph'Iadelphia. This
arrangement, while it gives the chances of a rise, has the advantage o f fixing
the sale of the whole sum at the highest rate of the best bills for small amounts,
a rate, which, for so large an amount, cpuld not probably be realized. On
the whole, my impression is, that it would be more for the interest of
the Government to settle it now, than at a later period of the season,
and to make a single operation of it, rather than 'bv dividing it and pro*
longing it, run the risk of depressing the market to its disadvantage.
In regard to the rate, you are the most competent judge o f its fitness; and
I will merely add, that the bank, not wanting funds in Paris, and believing
that they will be lower hereafter, would not make a similar purchase from
any other quarter, and is influenced exclusively by the belief that any other
arrangement would be less advantageous to the Treasury.
I have the honor to be,
V ery respectfully, yours,
JJ. B ID D L E , President.
Hon. L o u is M c L

a n e,

Secreta ry o f the T rea su ry, W a sh in g to n , D. C.

T r e a s u r y D e p a r t m e n t , January 26, 1833.
department is now prepared to draw on the French Govern­
ment for the amount of the first instalment, payable under the convention.
I presume the bank is still disposed to purchase, and on the terms offered in
your letter of the 5th November; as the time when the instalm ent is paya­
ble in Paris will have arrived before the bill can possibly neach there, it
will now be payable on demand. It is desirable that the credit be given to
the Treasurer by the bank, on receiving the bill.
I am, respectfuiiy,
Yoi:r obedient servant,
LOUIS M cLAN E,
S ecreta ry o f the T rea sury.

[No. 3.]

S ir : The

N. B

id d l e ,

E s q .,

President Bank United States, Philadelphia.
84




[

C66

]

(c o n f i d e n t i a l . )

.

J a n u a r y 30, 18 3 3 .
S i b : I have had the honor of receiving your letter, proposing the purchase
by the bank of the bill on Paris, mentioued in your letter of the 31st of
October last.
The bank has at this moment so large an amount of funds in Paris, that
it can only employ the proceeds of the bill by transferring them at some
expense and loss to England; and since my letter to you of the 5th of Novem­
ber, the rate of exchange between that country and France has considerably
declined. W ithout looking, therefore, to any profit in the operation, but
merely with the expectation of incurring no loss upon it, the bank has con­
sidered that the fair rate for the bill would be five francs and thirty-seven
and a half centimes (fcs. 5.37}) per dollar. If this rate be acccptable to
you, the bank will, on receipt of your bill, pass the amount to the credit of
the Treasurer.
I have the honor to be,
V ery respectfully, yours,
.
N . B I D D L E , President.
[N o . 4 . ]

B

Hon. L o u is M

cL a n e

ane

U

n it e d

S

ta tes,

,

S ecretary o f the T rea su ry, W a sh in g to n , D . C.

F eb ru a ry 6 , 1833.
Your letter of the 30th ultimo, has been received. Though disap-

[N o . 5 . ]
S ib :

T

r ea sc rv

Depa rtm en t,

tinted in the term s which it proposes for the bill on F ran ce, inasmuch a*
did not understand that your form er offer
lim ited
to time, I ne­
vertheless accept the term s, viz. the bank to pay one dollar for five francs,
and thirty-seven and a h a lf centim es. T h e bill will be transmitted to you
to m orrow .

r

was

as

I am, very respectfully,
Your obeidient servant,

L O U IS M c L A N E .

S ecreta ry o f th e Treasury.
N. B

id d l e ,

E s q .,

P resid en t B a n k U n ited S ta te s , P h ila d elp h ia .

[N o . 6 .]

S ir: I

T

rea su ry

Departm en t,

F eb rua ry

7, 1833.

Mi­

transm it, in triplicate, a bill drawn by this departm ent, on the
nister and Secretary o f State for the D epartm ent o f Fin an ce, at Paris, in
favor o f
Jau d on, cashier o f the B ank o f the U nited States, for four mil­
lions eight hundred and fifty-six thousand six hundred and sixty-six francs,
*nd six ty -six cen tim es; the amount o f the first instalm ent payable to the
United States under the convention, and the interest payable at the same
me. T h e interest is payable upon all the instalm ents, as well th a t now

S.




due as those not due, and not upon the first instalment alone, as was to be
inferred from my first letter.
A communication from the Secretary o f State to the F ren ch Governm ent,
advising o f the drawing o f the bill is also transmitted, that it may accom­
pany the bill.
I remain, very respectfully,
Your obedient servant,
L O U IS M c L A N E ,

Secretary o f the T reasury.

N. B i d d l e , E s q .,

P resident o f the B a n k o f the U nited S ta tes, P hiladelphia ,

( t r i p l i c a t e .)

[N o . 7 .]

T

r ea su ry

D e p a rtm e n t o f t h e U n ite d S t a t e s ,

W a sh in g to n , F ebruary

7 , 1833.

S i r : I have the honor to request that, at the sight o f this, my third bill

o f exchange, (the first and second o f the same tenor and date unpaid,) you
will be pleased to pay to the order o f Samuel Jaudon, cashier o f the B ank
of the United States, the sum o f four m illions, eight hundred and fifty-six
thousand, six hundred and sixty-six francs, and sixty -six centim es; which
includes the sum o f three million nine hundred and sixteen thousand, six
hundred and six ty -six francs, and sixty-six centim es; being the amount o f
the first instalment, to be paid to the United States, under the convention,
concluded between the United States and France, on the 4th of Ju ly ,
(after deducting the amount of the first instalm ent, to be reserved to France,
under the said convention,) and the additional sum o f nine hundred and
forty thousand francs; being one year’s interest at four per cent, on all
the instalments payable to the United States, from the day o f the exchange
o f the ratifications to the 2d o f February ,'1 8 3 3 .
I have the honor to be
W ith great respect,
Your obedient servant,
*
L O U IS M c L A N E ,

1831,

Secretary o f the Treasury.

Mr. H u m a n n ,

M in ister a n d Secretary o f S ta te
f o r the D ep a rtm en t o f F inance, P aris.
M em orandum .

Total amount of indemnity payable to the United
States - Fra.
L es* amount of indemnity to b e ^ e r v e d to France




25,000,000
1,500,000
23,500,000

[ If

]

268

One year’s interest, from 2d February, 1832, to ld
February, 1833, at four per cent
First instalment, payable to the United States
Amount of the bill
T

iz a s u b t

Departm

Recorded.

.

.

.

Frcs.

.

940,000 00
3,916,666 66
4,856,666 66

,

Register’s Office, February 7, 1833.
en t

T . L. S M IT H , Register.

( t r i p l i c a t e .)

[No.

8 .]

Departm

en t

of

S

tate

,

Washington, 8th February, 1833.

S ir : The Secretary of the Treasury, in conformity with the provisions
of a law of the last session of Congress, yesterday drew a bill upon the
M inister of State and Finance of the French Governm ent, for the first in­
stalment and the interest thereupon, and for the interest of the remaining
instalments; which interest is stipulated to be paid by that Government to
this, in twelve months from the date of the exchange of the ratifications of
the late convention between the U nited States and his majesty, the King of
the French. The bill is drawn in favor of Samuel Jaudon, cashier of the
Bank of the United States, or order, and will go accompanied to the as­
signee thereof, in France, by a full power from the President, authorizing
and empowering him, upon the due payment of the same, lo give the neces­
sary receipt and acquittance to the French Governm ent, according to tbe
provision of the couveation referred to.
You will take an early opportunity therefore, to apprize the French Go­
vernment of this arrangem ent
I am, sir, respectfully,
Your obedient servant,
E D W . LIVINGSTON.
N a t b a h i e l N i l e s , E sq.,& c., &c., Paris.
Tnr.taumT D e p a r t m e n t , February 9,1933.
S i s : I enclose duplicates and triplicates of the act of the President, and
letter ot advice to the American Charge d ’ Affaires at Paris, intended to
accompany the bills drawn by this departm ent cr. the French G o v e r n m e n t
I have the honor to be, with great respect.
[No.

9 .]




Y ou r cb ed i’ nt servant,
L O U IS

M cLA N E,
-‘ Secretary c f the Treasury■
Philadtlphim.

f

269
[No.

1 0 .]

[ n

( t r ip l ic a t e .)

A ndrew Jackson, President o f the United S ta tu , to those w hom these
p resen ts m a y concern — G r e e t i n g :

W hereas, B y the second article o f a convention, concluded and signed at
Paris, on the fourth day o f Ju ly , in the year one thousand eight hundred
and thirty-one, between the United States o f A m erica and his m ajesty, the
King o f the F ren ch , it is stipulated, that the sum o f twenty-five millions o f
francs shall be paid to the former by the F ren ch Government, in six annual
instalments o f four m illions one hundred and sixty -six thousand six hun­
dred and sixty-six francs sixty-six centimes each, into the hands o f such
person or persons, as shall be authorized by the Governm ent o f the United
States to receive it; the first instalment to be paid at the expiration o f one
year next following the exchange o f the ratifications o f the said convention;
and to the amount o f each of the said instalments, interest to be added at
four per centum thereupon, as well as upon the other instalments then
remaining unpaid; the said interest to be computed from the day o f the
exchange o f the ratifications of the said convention; and the exchange o f
the ratifications o f the said convention was made on the second day o f F e ­
bruary, in the year one thousand eight hundred and thirty-tw o; in conseqnence whereof, the said first instalm ent became due on the second day o f
the present month o f Febru ary. And, W hereas, the Congress o f the United
'States, by the seventh section o f the act, entitled “ an act to carry into effect
the convention between the United States and his m ajesty, the K in g o f the
French, concluded at Paris on the fourth day o f Ju ly , in the year one thou­
sand eight hundred and thirty-one,” did enact, that it shall be the duty o f
the Secretary o f the Treasury to cause the several instalm ents, with the in­
terest thereon, payable to the United States, in virtue of the said convention,
to be received from the French G overnm ent, and transferred to the United
States, in such manner as he may deem best; and, by virtue o f the power
vested in him by the said act, the Secretary o f the Treasury of the United
States has this day drawn his bill on the M inister and Secretary o f State
for the Department o f Finance o f the kingdom o f F ran ce, payable at sight,
for four m illions eight hundred and fifty-six thousand six hundred and six ty six francs and sixty-six centim es, being the amount o f the first instalm ent,
payable to the United States under the said convention, on the second o f
the present month o f Febru ary, and o f the interest which is payable at the
same tim e; which bill is payable to Samuel Jaudon, cashier o f the B an k of
the United States, or to his order: now, therefore, be it know n, that I,
Andrew Jackson , President o f the United States, do ratify and confirm and
approve the drawing o f the said bill by the Secretary o f the Treasury afore­
said, and do hereby authorize the said Samuel Jaudon, or his assignee o f the
said bill, to receive the amount thereof, and on receipt o f the sum therein
mentioned, to give full receipt and acquittance to the Governm ent o f France,
for the said first instalment, and the interest due on all the instalments pay­
able on the said second day o f Febru ary, by virtue o f the said convention:
And I , A n d rew Jackson , President, as aforesaid, do hereby ra tify and
confirm all that m ay be law fully d o ne, in th e premises.
In testimony whereof, I have caused the seal o f the United States to be
hereunto affixed.




3

[ 17 ]

270

G iven under m y hand, at the c ity o f W ashington, the seventh day of
Febru ary, in the year one thousand eight hundred and thirty-three, and of
the Independence o f the U nited States o f A m erica, the fifty-seventh.
[ l . s.]
A N D R E W JA C K S O N .
B y the President:
E

dw ard

[N o .

L

iv in g s t o n

11.]

,

Secretary o f S ta te
B

ank

U

n it e d

States,

F eb ru a ry

11,

1833.

S i r : I have had the honor o f receiving you r letter o f the 6th instant,
apprizing me o f your intention o f sending to the bank your bill on France
o f the first instalm ent o f the F re n ch indem nity, and the bill having this day
reached the bank, the amount o f it has been passed to the credit of the Trea•urer. You rem ark, at the same lim e, that, “ though disappointed in the
terms which it proposes for the bill on F ra n ce , inasmuch as I did not un­
derstand that your form er offer was limited as to tim e, I nevertheless ac­
cept the terms. ”
It is proper, in rep ly , to state, that in a m atter like the purchase of a bill
o f exchange on a foreign country, the value o f which must constantly vary
w ith the fluctuations o f trade with that country, a price named on a given
d a y , founded on the rates o f that day, must, from its very nature, be taken,
in reference to the circum stances under which it was offered; and it was,
therefore, not deemed necessary, on the part o f the bank, to make any sti­
pulation against the obligation o f the offer at a rem ote period, and under
circum stances m aterially different.
W h e n , on the 31st o f Ootober last, you did m e the honor to ask my opi­
nion in regard to the mode o f transferring this fund, I slated that, in all
probability, the rate o f exchange betw een this country and France would
fa ll; th at 1 thought it “ would be more for the interest o f the Government
to settle it now , than at a later period o f the season;” and although tbe pur­
chase was not desired by the bank, y e t, for the convenience o f the Treasu­
r y , the bank would take it at a rate founded upon th e actual ra te of the day,
but a little above it, in order to give to the G overnm ent every advantage.
I added, that “ should you prefer not fixing a rate at present, but to take
the chances o f a higher rate hereafter, the bank, on receiving your bill,
would place the amount o f it to the credit o f the G overnm ent on the 2d of
M arch next at the current rate o f exchange o f the best b ills on that day id
Philad elphia.” N early three months having elapsed without hearing from
you , it was inferred that the T reasu ry had found elsew here better terms,
had determ ined to await the chances of a m ore favorable exchange: either
w hich courses would have been more agreeable to the bank than
chase o f the bill. In the mean tim e the exchange having fallen,
anticipated, the bank could not, consistently w ith its
give the
rate offered more than three months ago: a rate, which then would
K arcely prevented a loss to the bank, and w hich now would occasion i t
T h e purchase o f the bill is not in the least desirable
the rate now allowed have been given
any other
G overnm ent; for we shall send by the same conveyance
ca rrie s
large amount o f
at
being
than the
actually



or

of

duty,

would
bill, a
leaa

to

price

billa purchased 5.45,
given ta the Treasury.

the pur­
as wai
s»ma
baf*

to the bank, nor
drawer than the
which
your
nearly 14 percent,

271

C I’ 3

I venture to make these remarks in order that you may ascribe to its true
cause the change of the terms proposed by the bank.
I have the honor to be,
V ery respectfully, yours.
N . B I D D L E , P resident.
Hon. L o u is M c L a n z ,
Secretary o f the T reasury,
W a sh ing to n, D . C.

[N o.

12.1

B

ank

U

n it e d

S tates,

A p r il 26, 1833.

S i b : I have the honor to inform you that I have this day received advice
from P aris that your bill o f exchange, in my favor, for four millions eight
and fifty-six thousand six hundred and sixty-six francs and six ty has been protested for non-paym ent
soon as the bill and protest are received, a statement o f the account
be forwarded to you. In the meantime, you will please to take notice,
that the bank holds you responsible for the principal, interest, cost, damages,
and exchange.
I have the honor, & c.,
S . JA U D O N , Cashier.
H on. L o ta s M c L a n e ,

hundred
centimes, (/Va. 4,856,666.66)
As
will

Secretary o f the T rea sury,
W a sh ing to n.

[No. 13.]
B a n k U n i t e d S t a t e s , M a y 13, 1833.
Siz: Begging reference to my respects of the 2Gth ultimo, I have now
the honor to transmit to you, herewith, your original bill of exchange,
dated 7th February last, in my favor, at sight, on M r. Humann, M inister
and Secretary of State for the Department of Finance, Paris, for four millions,'
eight hundred and fifty-six thousand six hundred, and sixty-six francs and
sixty-six centimes; and the protest for the non-payment of said bill, dated
March 22d, 1833; which bill and protest were received by me this day.
I transmit also, herewith, the instrument executed by the President, under
the seal of the United States, which accompanied, and was returned with,
this bill; and the account of Messrs. H ottinguer and Co., our bankers in
Paris, of the cost of protest, &c., together with the bank’s account of the
return of said bill. The amount of the last is 5,630,765.91 francs, equivalent
at 5.30, the current rate of exchange this day for a bill on Paris at sight, to
#1 ,062,408 66, due in cash this day.
I have, &c.,
S. JAUDON, Cashier.
Hon. Louis M cL abk,
Secretary c f the T rea su ry, W ashington.



[ 17 ]

272

Account o f return, w ith protest for n o n -p a ym en t, o f a b ill of exchange,
d ra w n by L o u is M cL a n e, S ecretary o f the T rea sury, d ated Treasury
D ep a rtm en t o f the U n ited S ta tes, W a sh in g to n , F ebruary 1th, 1833,
a t sig h t, to the order o f S a m u e l Ja u d o n , C ashier o f the B a n k of the
U nited S ta tes, on M r. H u m a n n , M in ister a n d S ecretary o f State for
the D ep a rtm en t o f F inance, P a ris.
Principal, due M arch 22, 1833
.
.
.
F rs . 4,856,666 66
Costs of protest, as per Messrs. Hottinguer and Co.’s
account of charges, herewith, exclusive of their com­
mission, which is covered by the damage* charged
below
- '
3,478 00
Interest from March 22d, (the date of the protest,) to
M ay 13th, fifty-tw o days Damages on F rs. 4,356,666.66, at 15 per cent.
-

4,860,144 16
42,121 25
728,500 00
F rs. 5,630,765 91

W hich, at 5.30, the current rate of exchange for a bill at sight on Paris, is
$1,062,408 60, due in cash this day, with interest until paid.
[N o. 14.]
T r e a s u r y D e p a r t m e n t , May 16, 1833.
S i r : T he letter of the cashier of the bank, M r. Jaudon, dated the 26th ult.
informing me of the non-payment of the bill drawn by this department on
the F ren ch Government, for the amount of the first instalment, payable under
the late convention, was duly received; and yesterday, that of the 13th, re­
turning the bill and protest, and the account of the bank therefor, was also
received. A s the proceeds of the bill have not been brought into the Trea­
sury, by warrant, the department has it in its power to return the amount
immediately to the bank; and the Treasurer has been requested to instruct
the cashier of the bank to recharge the same to his account. The account
of the bank, for the return of the bill, is under consideration; and the result,
which is not to be affected in eith er way by this payment, will be commu­
nicated in a few days.
\
I am, respectfully,
Your obedient servant,
L O U IS M ’L A N E ,

N.

B

, [N o.

Secretary o f the Treasury.
, Esq.,
President Bank United States, Philadelphia.

id d l e

15 .]

B

a n k op t b e

U

n it e d

States,

June 13,1853.

S i * : In a letter, which I had the honor to receive, from your p re d e se sso r,
under date of the 16th ult., it was stated that the account of the bank, for
the return of the protested bill on the French Government, was under conlideration, and that the result would be comm unicated in a few day*.




273

[ 17 ]

T h e approaching semi-annual settlem ent o f the affairs o f the bank, on the
1st o f next month, makes it desirable to arrange all its unadjusted accounts
at that period, and it will therefore be acceptable, if entirely consistent with
your convenience, to learn whether the account in question can be settled
before that time.
I have the honor to be,
R espectfully yours,
N . B ID D L E ,
Hon. W . J . D u a n e ,

President.

Secretary o f the Treasury, Washington, D. C.

,

[No.

16 .]

T

rea su ry

Departm

ent

,

June 2 1 , 1S33.

S i r : In reply to your letter of the 19th instant, I beg leave to inform you,
that, upon the receipt of “ the account of the hank for the return of the pro­
tested bill on the French Government,” and before I took charge of the de­
partment, it was deemed proper to submit it to the consideration of the A t­
torney General of the United Stales; and that, according to the opinion of
that officer, expressed in a letter, of which a copy is sent herewith, the item
of fifteen per cent, damages, on the amount of the bill, has no foundation in
law or equity.
As the account stated by the bank, with the exception of that item, ap­
pears to be correct, if supported by proper vouchers, it would have given me
pleasure lo have it settled, prior to the approaching semi-annual settlement
of the affairs of the bank; and with an understanding that this settlement
should not effect the rights of the bank, otherwise, if any it has; but, as the
fund from which the payment is to be made, is, at present, insufficient, I am
under the necessity of postponing it until the President’s return; after which
the requisite measures will be promptly adopted.
W ith the utmost respect,
Your obedient servant,
W . J. DU A N E,

N.

B

Secretary of the Treasury.
President of the Bank United States.

id d l e ,

[No. 17.]

Esq.,

A

tto rney

G

e n e r a l ’s

Of f ic e ,

May 24, 1833.

S i r : I have carefully examined the claims presented by the Bank of the
United Slates, on account of the protest of the bill of exchange, drawn by
you, on the French Government, for the first instalment, and interest, due
the United States, under the convention with France, of July 4, 1831.
The account, stated by the bank, if supported by proper vouchers, appears
to be correct, with the exception of the claim of fifteen per cent damages on
the amount of the bill. This item, in my opinion, has no foundation in law
or in equity, and ought not to be paid by the G overnm ent The bank is
entitled to indemnity, and to nothing more.
35




[ 17 ]

274

I will take another occasion to state to you the reasons on which my opi»
nion is founded.
And am , v ery respectfully,
Y ou r obedient servant,
R . B . TAN EY.
T o th e S e c r e t a r y o f t h e TRfeAsuRY.

[N o. 1 8 .]
S

ir

B an k U n ite d S t a t e s ,

Ju n e

2 4 , 1833.

: I had, this day, the honor o f receiving your letter o f the 21st instant,

enclosing a copy o f the opinion o f the A ttorn ey G eneral, which concludes
as follow s: “ 1 will take another occasion to state to you the reasons in
w hich m y opinion is founded,”
T h e transmission to the Treasury D epartm ent of the account in question
was, as I think you w ill readily have perceived, an indispensable act of
duty on the part o f the bank, not m erely as the assertion o f a clear right,
but as a necessary prelim inary, to enable the G overnm ent o f the United
States, were it so disposed, to recover the amount from the French Govern­
ment. Y our letter conveys the first official intim ation o f any opinion ad­
verse to that account. It becomes essential, therefore, to understand dis­
tinctly the nature o f the objections to it, in order that the bank may review
the grounds o f its judgm ent, as it would be extrem ely reluctant to urge any
claim not m anifestly proper. F o r this purpose I have now the honor to
request, that, in case the A ttorn ey G eneral has furnished the promised rea­
sons o f his opinion, you will do me the favor to communicate them to me
for the board o f directors, from whom they w ill not fail to receive the most
respectful consideration.
I have the honor to be,
V e ry respectfully, yours,
N . B I D D L E , President.
H on. W . J . D uane ,

Secretary o f the T rea su ry, W a sh in g to n , 1). C.

[N o. 1 9 .]

T re a s u ry D e p a rtm e n t,

Ju n e

2 7 , 1833.

S r * : In reply to the letter o f the 24th instant, w hich I have ju st now had
the honor to receive from you,| I beg leave to state that the reasons upon
w hich the opinion o f the A ttorney G eneral, referred to in m y letter of the
2 1 st instant, was founded, are not on file in this departm ent; that I will ad­
dress a letter on the subject to M r. T a n e y , now at Annapolis, and will,
with pleasure, send to you such reasons or opinion as he may cause to be
placed at m y disposal.
W ith the utm ost respcct,
I am , s ir ,
Y ou r obedient servant,
W M . J . D U A N E,

Secretary o f the Treasury•

N. B

id d l e ,

E s q .,

President B ank U. S.



275

[ 17 ]

[No. 20.]
B a nk U n it e d S t a t e s , August 1 2 ,1S33.
S i r : In the letter which you did me the honor to write to me on the 27th
of June last, you apprized me of your intention to apply to the A ttorney
General for the detailed reasons of his opinion, in regard to the protested
bill upon the French Government. Some time having since elapsed, I take
the liberty of inquiring whether the document promised has been furnished
to the Treasury, and if it has, to request that you will have the goodness to
forward to me a copy of i t
I have the honor to be,
V ery respectfully, yours,
N . B ID D L E ,

President.

Hon. W . J . D u a n e , .

Secretary o f the Treasury, Washington, D. C.

[N o. 2 1 . ]

T

rea su ry

Departm

ent,

Washington, August 14, 1833.

S i r : On the 2d July last I addressed a note to the A ttorney General
of the United States, informing him of your desire to be made acquainted
with the reasons on which he founded his opinion agim st the claim of the
United States’ Bank for damages on the return bill upon France; to that
note I have not received a reply. Of your letter to me of the 12th instant,
1 have sent a copy to M r. Taney; and, in case he shall favor me with an
answer, will inform you of its nature.
I am, very respectfully,
Y ou r obedient servant,

W . J . DUA N E.
N. B

id d l e ,

E s q .,

President o f the Bank o f the United States.

[No. 22.]

T

reasu ry

Depatm

ent

,

Washington, August 17, 1833.

S i r : In compliance with the assurance given to you in m y letter of the
14th instant, I send to you, enclosed herein, copies of letters that have
assed between M r. Taney and myself since that time. On my own part,
have only to repeat my readiness, if you shall desire it, to place the
account rendered by you, with the exception of the item for damages, in a
train for settlem ent
I acknowledge the letter which you were so good as to write to me on ti e
15th instant, enclosing a list of the names of certain stocks of the United
States. It appears that on the 1st of July last, the sum of S i,245,589 09
was in the Bank of the United States, applicable to the payment of these stocks.
Three per cents.; navy six and eight per cents.; treasury notes, six and
seven and a half per cents; six per cent of 1813, do. of 1814, do. of 1S15;
exchanged four and a half of 1824, do. of 1825; funded four and a half of
1324.

F




C »7 3
My
thank
stocks
has in

attention having been call|d to the subject by the President, 1 will
you to let me know whether any of the certificates o f any of these
are held by the bank, or are within its control, or whether the bank
any way interfered to retard or prevent a surrender o f the certificates.
W ith much respect,

Your obedient servant,

W . J . D U A N E.
N. B

id d l e ,

E s q .,

President o f the B ank o f the United States.

[No. 23.]
A t t o r n e y G e n e r a l ’ s O f f i c e , A ugust 1 5 ,1S33.
S ib : I have the honor to acknowledge the receipt of your note of yester­
day, enclosing the copy of a letter from the President of the United States,
dated the 12th instant.
The letter you addressed to me on the 2d of July last, to which you refer
in your note, was received on the day it was w ritten, and apprized me of
what had passed between you and the president of the Bank of the United
States, in relation to the opinion I gave to your department upon the claim
of the bank for fifteen per cent, damages on the protested bill of exchange
on the French Government. As the only object of your letter appeared to
be to inform me of what had taken pl*ce, I did not suppose it necessary to
reply to it; and as you did not request any further coun.*el from me to assist
you in regulating the action of your departm ent in this business, and other
engagements occupied my time, I have not turned my attention to this
controversy with the bank since I stated my opinion to your predecessur
in office.
I have the honor to be, sir,
Very respectfully,
Your obedient servant,
•
R. B. TANEY.
The Hon. W . J. D c a n e ,
Secretary o f the Treasury.

[N o. 24.]

T

r ea su ry

D

epartm en t,

Washington , A ugust

16, 1833.
S i r : I am inclined to believe, from a perusal of the letters now before
me, especially your letter dated yesterday, that you misunderstood the
object of my note to you of the 2d of Ju ly last; and, in order that we may
all act advisedly, I beg leave briefly to state the progress or substance of
the correspondence.
1. In your letter to my predecessor of the 24th of M a y last, you con­
cluded by saying that you would “ take another occasion to state the rea­
sons” on which you formed your opinion that the Bank of the United
States had no legal or equitable claim for damages on the returned bill on
France.




377

[

'7 ]

2. On the 19lh of June last, the president of the Bank United States in­
quired of me whether their account on the returned bill could be settled
prior to the approaching semi-annual settlement of the affairs of the bank.
3. On the 21st of June I replied, that you had given an opinion that the
claim of the bank had no foundation in law or equity; and 1 sent a copy of
your letter of May 24th, giving that opinion.
4. On the 24th of June, the president of the Bank United States sent an
acknowledgment of my letter of the 21st, (of which I enclose a copy,) con­
cluding thus: “ I request, that in case the A ttorney General has furnished
the promised reasons of his opinion, you will do me the favor to communi­
cate them to me,” &c.
5. On the 27th of June, I informed the president of the Bank of the
United States, that “ the reasons upon which the opinion of the Attorney
General was founded, were not on file in the Treasury Department; that I
would address a letter to the Attorney General on the subject; and would
send to the bank such reasons or opinion, as the A ttorney General might
place at my disposal.”
6. In my letter to you of the 2d July, I stated the prominent circum­
stances above enumerated, submitting to you the application of the bank for
the reasons, which, in your letter of May 24th, you said you would state to
this departm ent
I beg leave, therefore, respectfully to say, that my letter to you of the
2d of July last, was not a mere intimation of what had taken place, but a
suggestion, or inquiry, whether you would put in my power to make known
to the bank the reasons on which your opinion was founded. W hether
you ought or ought not to state reasons, it does not become me to inquire;
all that I desire is, that there may be no misapprehension any where, and
that it should be understood that I had done all that it became me to do, to
comply with the request of the bank.
W ith the utmost respect, yours, &c.,
W . J. D.
Hon. R. B. T a n e t ,

Attorney General.

[No, 25.]
A t t o b n e y G e n e r a l ’s O f f i c e , August 16, 1833,
S i b : I have received your note of to-day, and you will pardon me for
saying, that I do not very clearly perceive the difference between the inter­
pretation you give to your letter of July 2d, and the interpretation given to
it in my note of yesterday.
( '
.
1 understood you to state in your letter of July 2d, which is no'.v before
we, that Mr. Biddle had requested you to send him a copy of the reasons
1 had offered for my opinion against the claim of the bank for damages on
the protested bill; that in reply, you informed him “ that my reasons were
[>ot on file in your department, and that you would address me on the sub­
ject.” It appeared to me that the only object of this letter was to inform
me of the request of M r. Biddle, and the answer you had made to it, and
to leave me to judge whether the request of M r. Biddle ought to hasten the
preparation of the reasoning which I had before stated I intended to place
on file in your departm ent It is this view which I take of your letter,
when I gay in mine of yesterday that its only object appeared to be, to in


I

278

17 ]

Is

form me o f what had taken place betw een M r . B id d le and yourself.
it
not the same view that you present in your note o f to-day?
I t is no doubt due to the public, and to the E xecu tiv e branch o f the Go­
vernm ent, which has acted on my opinion, and also to m yself, that I should
in due tim e place on file in your department, the reasons w hich, in my
judgm ent, ju stify the Governm ent in its refusal to pay this demand. But
at what tim e this shall be done, you w ill, I am sure, agree with me in think,
ing must be a m atter for my own discretion, to be exercised on my official
responsibility to the public, and the ch ief E x e cu tiv e qfficer. And I am
quite certain that neither you nor any other o f the heads o f departments
would desire to interfere officially w ith it. And I did not therefore,
when I received your letter o f Ju ly 2d, nor do I now understand you as
interposing, by suggestion or otherw ise, further than to apprize me of Mr.
B id d le ’s wishes; and therefore have interpreted that letter and your note of
to-day, as meaning nothing more than to inform me o f M r. Biddle’s re­
quest and your answer to it, leaving me to decide what influence this cor­
respondence should have in expediting the preparation o f the argument I
proposed to file in the Treasury Departm ent.
M y letter o f yesterday sufficiently indicates that 1 do not suppose the re­
quest o f M r. B id d le ought either to hasten or retard m y attention to this
business. V ery few claimants are satisfied with an opinion of the At­
torney G eneral, when it is adverse to th eir claim . And it would be an
useless, as well as endless task, to w rite out in detail for every disappointed
claim ant the reasons for the opinion against him , in order to enable the
party interested to sit in judgm ent upon it, and make up his own mind
w hether or not the opinion is a sound one. And this seems to be the only pur­
pose for w hich M r. B id d le desires to be furnished w ith my reasons. The
B a n k o f the United States can have no higher privileges in this respect than
any other corporation, or an individual. T h e president and directors of that
institution may be much more com petent to decide a question of law than
most other claim ants; but the party in interest is not lik ely to he the most im­
partial ju d g e, and is not apt to be convinced against his wishes by any argu­
ments that may be offered. And the statem ent made by M r . Biddle, in his
letter calling for my reasons, that the claim made by the bank was “ the as­
sertion o f a clear rig h t,” does not afford much ground for supposing that the
bank is lik e ly in this instance to be an exception to the rule, and prepared to
ju d g e impartially in its own case. I cannot therefore imagine that it is the
duty o f the counsel for the United States to argue this question for the satis­
faction o f the president and directors o f the bank w henever they think proper
to call on him to do so. I enter into this detailed statem ent, because with
you I am anxious that nothing should be misunderstood between us, and
1 am , with high respect,
Y ou r obedient servant,

R. B . TANEY.

T h e H onorable W . J . D u a n e ,

Secretary o f the the Treasury.
[N o . 2 6 .]

(E

Bank

x t b a c t .)

or t h e

U n ite d S t a t e s ,

A ugust

2 4 , 1833.

A short absence fro m Philadelphia has delayed my answer to your
favor of the
 1 7 t h i n s ta n t.
S ib :



279

[ 17 J

I regret to perceive that the Attorney General declines communicating
to you the reasons of his opinion, as I was anxious, before adopting any
final course upon the subject, the board of directors should have had an op­
portunity of understanding the views of that officer, to which they would
have given the most respectful consideration. * * * *
I have the honor to be,
Very respectfully, yours,
N. B ID D LE, P resident.
Hon. W . J . D u an e,
Secretary o r the Treasury, Washington.

[No. 27.]
B a n k o f t h e U n i t e d S t a t e s , July 8,1834.
S i r : I have had the honor of receiving your letter of the 3d instant, re­
questing that the dividends on the stock of this bank, owned by the United
Stales, should be placed to the credit of the Treasurer of the United States
at the office of this bank at Washington, which was this morning submitted
to the board of directors. A t the same time was presented a copy of your
letter to the cashier of that office, dated the 2d instant, containing the final
refusal of the Treasury to allow the claim of the bank for damages on the
protested bill upon the French Government.
A fter due consideration of the contents of these communications, I am
instructed, by the board of directors, to inform you that, from the dividend
payable on the 17th of this month, there will be deducted the amount due
to the bank for damages, costs, and interest, upon the bill of exchange
drawn by the Secretary of the Treasury on the French Government, and
that the remainder shall be placed to the credit of the Treasurer in the office
at Washington, in conformity to your request
I am further requested to say, that this course is adopted by the board of
directors, not merely from a conviction of the obvious justice and propriety
of it, but because it furnishes the best, if not the only mode of obtaining a
judicial decision of the case before the proper tribunals. To procure that
decision, the board will give every facility in their power; and if there is
any other mode of submitting the rights of the respective parties to the judi­
cial tribunals, more acceptable to you, any suggestion by you for that pur­
pose will not fail to receive the prompt and respectful consideration of the
board of directors. In the meantime,
I have the honor to be,
Very respectfully, yours,
N. B ID D LE, President.
Hon. L e v i W o o d b u r t ,
Secretary o f the Treasury, Washington, D. C.

[No.

2 8 .]

Bank

of

t h e U n ite d S t a t e s ,

July

S, 1334.

I had this day the honor of informing you that the board of direc­
tors would deduct from the dividend, payable to the United States on the
17th of this month, the amount due to the bank, on account of damages on
the bill of exchange upon the French G overnm ent
S

ir

:




C 17 ]

280

I am instructed to apprize you at the same time, that in thus enforcing
their right in this particular case, they desire not to be understood as waiving
any other claim upon the Government; and they more especially wish it un­
derstood, that they do not waive their claim for full compensation and in­
demnity for the violation of the charter of the bank, by the removal from
its custody of the public funds, for the use of which the bank had paid a
valuable consideration. That claim is reserved in full force, to be asserted
at such lime and in such manner as may hereafter be deemed expedient

[No. 29.]

T r k a s c r v D e p a r t m e n t , 14

July , 1834.

S i r : Y o u r tw o c o m m u n ic a tio n s , u n d e r d a te o f th e 8 t h in s ta n t, have been
r e c e iv e d .

The course pursued by the bank over which you preside, in determining
to withhold a portion of the dividends due on the stock of the United States,
has excited much surprise in this departm ent; and, at the present time, is
more to be regretted, as Congress is not in session, to provide for the defi­
ciency thus causcd in the estimated revenue from bank stock the present
year.
The claim for damages on the bill of exchange drawn upon France, to
answer which, it is stated, that payments of part of the dividends is now re­
fused, was disallowed by this department before the two last dividends were
passed to the credit of the T reasury, and some months befordthn recen t »essin of Congress commenced: consequendy, it was presumed, that the claim if
notabandoned, would be presented and pursued before that body in the manner
usual with claims against the United States, where the latter has not insti­
tuted any action at law against the claimant. Beside these considerations,
it could not have been anticipated as probable, that all the dividends accru­
ing would not be paid with promptitude and fidelity, when it was known
that the case of a failure in a stockholder, to discharge his subscription to the
capital of the bank, was the only case where the charter makes an express
provision, that he “ shall lose the benefit” of the dividends; and, in this in­
stance, that the United States, though a large stock holder, was not pretend­
ed to have been guilty of any breach of this provision. Notwithstanding this,
it would seem from your communications, that the United States, though
intim ately connected with the bank, by having conferred the great privile­
ge* in its charter, by still using it daily as a fiscal agent for certain purpo­
ses, and by being entitled to a supervision of its concerns through Congress,
has, suddenly, without previous notice, and only by an implied or construc­
tive power, not in the opinion of this departm ent, warranted or necessary,
been deprived of the use of most of its dividends, and for the purpose of sa­
tisfying a controverted claim, the law and equity of which were many
months since denied by the Executive, and have never been sanctioned by
cither of the other branches of Government established by the constitution.




[ 17 ]

281

In this condition of the subject, since the bank did not deem it proper to
resort to Congress, ihe customary tribunal for settling such disputed de­
mands against the United States, or during its late session to apprize either
that body or this office of the extraordinary course intended to be pursued
in thus seizing upon a large portion of the public dividends while already in
possession of more than a million of dollars belonging to the Government,
but hitherto uncalled for by its creditors or the Treasury—this department
does not consider that it has enjoyed a suitable opportunity in relation to so
unexpected a measure, to know the views, or procure the desirable action of
Congress; and, therefore, does not feel justified in making, at this time, any
arrangement with the bank, or any “ suggestion” in respect to legal prose­
cutions, nor in recognising in any mode “ the justice or propriety” of the
proceedings the bank has been pleased to adopt; but it will endeavor, on the
the whole subject, to present an early report to Congress at its next session,
and to the President of the United States. In the mean time, if the bank
desires, before a report is prepared, that the fact and reasons in detail, on
which its decisions, and especially its claim for damages on the bill of ex­
change are founded, should be examined by this department, the statement
of them, whenever forwarded, will receive respectful consideration.
I have the honor to be,
Yours, &c.,
L E V I W OODBURY,
Secretary o f the Treasury.

N. B i d d l e , E sq.,
President U. S. Bank.

o r t h e U n i t e d S t a t e s , Ju ly 1 6 , 1 8 3 4 .
S i r : The dividend payable after the 17th instant, on the 6 6 , 6 9 2 shares
of the stock of the bank held by the United States, amounts, at S 3 50 per
share, to - ' - 8 2 3 3 , 4 2 2 00
The amount of our claim for damages, costs, &c., &c., on
the French bill, with interest to the l S t h instant, as per
account herewith, is .
.
.
.
.
170,041 18
[

No.

30. ]

Bane

Leaving a balance of

-

. . .

.

.

863,380 82

Which sum of sixty-threc thousand three hundred and eighty dollars and
eighty-two cents, will be placed on the 18th instant, at the credit of the
Treasurer of the United States, at the office at W ashington, agreeably to
your request
I have the honor to be, &c.,
*
S. JA U D O N , Cashier.
The Hon. L e v i W o o d b b ’r y ,
Secretary o f the Treasury, Washington.

36




2S2

[ «7 ]
T

he

U n ite d S t a t e s

of

A

m e r ic a ,

To the President, Directors, and Co., o f the Bank o f the U. S., Dr.

1S33. M ay 13. For amount due for the bill of exchange drawn by
Louis M cLane, Secretary of the Treasury, dated
February 7, 1833, as per copy herewith of the ac­
count of return of said bill under protest for non­
payment, rendered this day to the Secretary of Ihe
Treasury, with vouchers
- 151,062,408 66
M ay IS. Deduct amount this day received from
the Treasurer of the United States
per his letter, dated W ashington,
M ay 16, 1833
903,565 89
*
Interest on the above balance, from May' 13, 1S33, to July
16, 1834— 14 months 3 days, at 6 per cent, per annum -

gl5S,S42 77
11,19S 41
£ 170,041 IS

Bank

or

t h e U n ite d S t a t e * ,

16, 1834.
S. JA U D O N , Cashier.

Ju ly

B a n k o f t h e U n i t e d S t a t e s , November, 28, 1831.
Your favor of the 13th of July last, reached the bank during my
absence, and finding on my return, that m y letters addressed to you at
W ashington, had been published in the newspapers of Nashville, it seemed
useless to prolong a discussion which could only inflame the passions of the
country, in the midst of its elections. I have, therefore, forborne to an­
swer your letter, until the time had passed for the repetition of a similar
appeal from the laws.
The whole case appears to be exceedingly simple. T here is a ditference
of opinion between the Treasury and the bank, about the damages on a bill
of exchange. T his is a m attter of account which depends on the existing
laws, and the acis of Congress provide specifically, before what tribunal,
and in what manner, the question must be tried. Thus by the act of the
3d of M arch, 1797, it is provided, that if any person accountable for public
money fails to pay it, “ it shall be the duty of the comptroller, and be is
hereby required to institute suit for the recovery of the sam e,” and in such
a suit, “ no claim for a credit shall be admitted upon trial, but such as shall
appear to have been presented to the accounting officers of tne Treasury, for
their examination, and by them disallowed in whole or in part.” The bank
has accordingly presented its account for damages which has been disallowed.
It has then retained a sufficient amount of public money for the purpose,
and invited a suit by the Treasury, so as to bring the subject before the courtsIt did this, and so stated it “ as the best, if not the only m ode,” of settling
the question. But, as the money itself was an object of indifference to the
bank, which sought oniy to vindicate its own rights, aud the retaining it was
a mere form to comply with the act of Congress, the bank at the same time
requested from the Secretary, to know whether there was “ any other mode ot
subm itting the rights of the respective parties to the judicial tribunals, more
S ir:




i i

283

[ 17 ]

acceptable to him , and would instantly have released Ihe money on any
arrangement with the Treasury to bring the ease before the courts. T h ere
is a still more summary process of obtaining a decision. B y the act of
Congress o f M ay 15, 1S20.
I f the public money be withheld, the F irs t Comptroller o f the T reasury,
can issue a warrant o f distress against the party in default, who may then
appeal to the courts o f the United States.
E ith e r o f these courses is open to the E xecu tiv e.
I f it choose neither,
the bank having done its duty is content. B efore the proper tribunal, the
bank will always be ready to prove:
1st. T h at the bill o f exchange on the F ren ch Governm ent was drawn
without the slightest authority whatever from that Governm ent to draw it.
2d. T h at the bank proposed to the Treasury to collect the money as iti
agent, and not to pay it until it was received from France, thus avoiding the
very embarrassment which has occurred; but this the Treasury declined,
and requested the immediate payment by the bank as a purchaser.
3d. T h at o f the m o n e y so paid by the bank, the whole was immediately
appropriated by the Treasury, and a part used in the current expenses o f the
G o v e rn m e n t.

4th. T h at when the bill was protested in Paris, as was inevitable, and
the money paid by the agents of the bank to save the credit o f the Treasury,
the claim o f damages by the bank was an indispensable act o f duty, as that
alone would enable the Treasury to claim damages from the French G o­
vernm ent; which, if the Treasury had any right tc^draw at all, were as
much due as the principal.
5 th . T h at the universal and inflexible rule o f the Treasury is to make
every one pay damages; and as it has required o f the stockholders o f the
bank to pay damages when their bills, sold to the Treasury, have been pro­
tested, so should it now pay damages to those stockholders, when they, in
turn, have brought a bill from the T reasury, which becomes protested.
A ll this will be made manifest whenever the Treasury resorts to the p ro ­
per tribunal. U ntil then it seems unjust to prejudge the question, and quite
fruitless to discuss it.
I have the honor to be,

Hon.

Very respecfully, yours,
% N. B ., President.

L e v i W oodbury,

Secretary o f the Treasury, Washington, D. C.

I have the

T

r ea su ry

D ep a rtm en t,

Dec.

18, 1S34.

honor to acknowledge the receipt o f your letter o f y e s ­
terday. and in compliance with your request I herew ith transmit to you a
copy o f m y letter o f the 11th instant, addressed to the president o f the
Bank o f the United States, in answer to his letter o f the 28th ultimo.
I have the honor to be,
S ir, very respectfully,
Y our obedient servant,
W OODBU RY,
S

ir

:

LEVI

Hon.

Secretary o f the Treasury.
Joh n T y le r ,

 United States.
Senate


2S4

C 17 ]
N . B id d le , E sq .,

President Bank United States.

T r e a s u r y D e p a r t m e n t , December 11, 1834.
Your communication of the 28th ultimo, acknowledging the receipt
of my letter of the 13th of July last, relative to the detention of the public
dividends, by the Bank of the United States, was duly received.
After a silence of more than four months, coupled with the hostile posi­
tion the bank had assumed, it was supposed that you did not contemplate en­
tering into further correspondence in respect to this subject, and especially
was it supposed, that a correspondence would not be resumed, with an
avowed view to any explanations or new arrangements, at so late a period,
that your communication could not reach this departm ent, till the day pre­
vious to that session of Congress to which you had been early apprized a
report would be made on the whole of the proceedings ef the bank in this
extraordinary transaction.
Presum ing, therefore, that the bank ought to have felt all the reluctance
expressed in your letter, “ to prolong a discussion” on that transaction,
which cannot but be admitted, from its unprecedented and unjustifiable cha­
racter was well calculated to “ inflame the passions of the country,” and
that this circumstance might naturally have led to the postponement of a
reply till after “ the elections,” yet no reason is assigned in your explana­
tion, whatever may be the reason conjectured by others, for the failure to
forward that reply immediately after the popular elections had terminated,
and in season for a suitable examination of its contents before Congress con­
vened.
But it would be unjust to the bank not to return thanks for the very con­
siderate sentiment expressed in your apology for the first delay—a wish not
“ to prolong a discussion which would only inflame the passions of the country
in the midst of its elections.” T his department regrets that so powerful a
corporation, though perhaps unable to restrain, and therefore not so respon­
sible for the harangues of some of its advocates, on whatever days, places,
or occasions, had not, in its own resolutions, reports of committees, and es­
says and pamphlets, published by its president, under a vote to cause to be
prepared and circulated such documents and papers as may communicate to
the people information in regard to the nature and operations of the bank,”
earlier used a little more effort to practise the same forbearance from attempt­
ing “ to inflame the passions of the country.” How fitly the bank can now
become the censor of the President or this department, for also communi­
cating ** to the people information on the nature and operations of the
bank,” and that information consisting only of official correspondence on
both sides, must be left to others to decide.
Your last letter having at length been received, and having, as appears,
been already sent “ to newspapers” by the bank, without waiting for a re­
ply, and before one, in the great presssure of business at this season, could
be expected, its contents are in some particulars found to be so very extra­
ordinary in their tone, in their allusions and asssertions, that, unpleasant as
the task is, this department has, under all the circumstances, felt constrained
to submit such rem arks in relation to them as are deemed appropriate, and
as seem imperatively to be required. T he bank may, therefore, sir, rest
assured, that though your letter arrived so late as to prevent the submission
of it to the President before preparing his annual message, or to the Attorney
General, before his opinion was requested on the case, and as to deprive the
Digitizedundersigned from offering any d u e comment o n i t i n h is r e p o r t to C o n g ress
for FRASER
S ir :



285

C 17 ]

concerning this subject; yet, in relation to the affairs of which it treats, an
“ appeal from the laws” has never, as you appear to intimate, been made by
this department, nor is one in contemplation. Any such u appeal” is left
to those who, without [the sanction of an appropriation by Congress, or,
without a legal precept, seize upon the public property, and convert it to
their private emolument; but, after a violation of the rights of the United
States, and a diversion of its revenue from the Treasury and the public ser­
vice, into the vaults of the bank, if the latter expects that the Chief Execu­
tive Magistrate of the Union, or the Secretary of the Treasury, will be si­
lent, and not communicate early and full information concerning the outrage
to Jhe people and their representatives, and that those public officers are to
be deterred from this discharge of a solemn duty, because the bank enter­
tains an opinion, that such a course is an “ appeal from the law” you have
yet to learn, that both the character of the Chief Magistrate, and the obli­
gations of duty entertained by this department, have been greatly misap­
prehended.
.'
In proceeding to the other contents of your letter, it is conceded with
you, “ that the whole case appears exceedingly simple.” The bank sets up
a claim against the United States. It is presented and disallowed by the ac­
counting officers, because considered in itself neither equitable nor leg il,
because it had never received the sanction of the United States, by an ap­
propriation; and because, if just, no branch of the Government, except Con­
gress, had any constitutional power to authorize its payment.
Thereupon, the bank, instead of resorting to Congress for that sanction,
proceeded without it, and without any legal precept, to sieze on the dividends
belonging to the United States, and to convert them to its private use. The
vital error of the bank, on this subject, appears to have been, in supposing
that the Treasury and its accompting officers were any thing but mere agents
of Congress to superintend the settlement of what has been appropriated.
If, on the solicitation of the bank, or any individual, however powerful, they
allowed or settled any thing else than what had been sanctioned by an ap­
propriation, it would manifestly be conniving at peculation, or misapplica­
tion of the public money. It must be well known to the bank, that the first
and proper inquiry at the Treasury to every applicant is, where is the appro­
priation to pay the claim? And next, where is the evidence of its cor­
rectness, under the appropriation? It seems rather unreasonable to insist
that the Treasury possesses almost unlimited power when the bank wants
favors, but to deny to it almost all power when apprehending injury from it
Besides all the decisive reasons against the reprehensible conduct of the
bank in this transaction, which are contained in the late message of the
President, and in the opinion of the Attorney General, the bank, if it pos­
sess, as has been intimated, another controverted claim against the United
States, for the removal of the public deposites, might, on this principle, in
order to discharge it, or atone for any other pretended wrong, not only re­
fuse to pay over dividends, but refuse, to the amount claimed, the payment
of its notes or bills received by the Treasury for the public revenue; and
when this consideration is weighed, it will readily be seen that the whole
operations of the Government, in war and in peace, while, by law, the notes
■ the bank must be received for the public revenue, are liable, at the plea­
of
sure of the bank, to be paralyzed, and the public faith thereby violated.
After these objections, and ,when the common, the equitable, and con­
stitutional tribunal of Congress was, and still is, for the bank, as for all



C 17 ]

286

other claimants against the G overnm ent sim ilarly situated, open fora resort
to obtain damages, it is lamented that the bank was so inconsiderately ad­
vised, as to appeal to this other course, so novel, dangerous, and unnecessa­
ry , o f seizing upon the public revenue, as being in your opinion “ the best,
i f not only course o f settling the question.” Y o n state further, that this
has been done by the bank, only to “ vindicate its own rig h ts;” when no
case is believed to exist, where a person not receiving money as an officer or
contractor o f the Governm ent, or m oney not previously granted by Con­
gress under some special or general appropriation, (in which mode the bank
did not receive these dividends.) has ever been able to “ vindicate” his sup­
posed “ rig h ts,” by retaining the money to m eet any claim s, however well
founded, against the G overnm ent; and when application by the bank for
re lie f in this case, had never been presented to Congress, and refused, so as
to furnish the slightest apology for being obliged, in order to procure redress,
to resort to this unusual remedy.

But if the views of the department on this proceeding be erroneous, much
gratification would be derived from having the particular act and clause quot­
ed by the bank, on which il relies in making the assertion, that “ the retain­
ing of this money was a mere form to comply wiih the act of Congress.”
This department has not been so fortunate as to discover any statute, and
much less the one cited, of March 3d, 1797, which requires of a claimant
against the Government, that he should, in a controverted case, seize its
property in order “ to comply with the act of Congress,” nor any statute
which authorizes, recognises, or palliates such a seizure, in order to force the
Government into a law-suit, and Ihus, through ihc agency of the judiciary,
attem pt to effect the payment of doubtful claims, to which no money has
been appropriated, nor legislative sanction gifren. T h e proposition of the
bank, to make some arrangement to have this question brought “ before the
courts,” and the assurance now given, that, in such event, it “ would imme­
diately have released the money,” would have deserved much more atten­
tion and stronger confidence, had this assurance been more promptly given,
and that amicable disposition now manifested, been earlier evinced by the
bank, in having, at least, requested such an arrangem ent before the dividends
were withheld. Before committing that aggression, the bank was not pleased
even to notify the Treasury that it wished the question of damages settled
by litigation, and it communicated not the slightest intimation of a desire
to make any “ arrangement with the Treasury to bring the case before the

cou rts.” B u t the bank having, on these points, preserved perfect silence,
and the department and Congress having thu* been lulled into security till
after the adjournm ent o f the latter, then suddenly, and without previous
notice, a portion o f the accruing revenue, estimated and expected lo aid in
m eeting the large appropriations which had ju s t been made, and to pay the
residue o f the public debt, was withheld by the bank, and was not offered
to be restored till after the term ination o f a suit, probably protracted for
m any years. A fter com m itting that aggression, and still withholding in its
possession the m oney of the United States, the bank then, and not till then,
“ invited” this department to bring the subject o f the damages in some way
before the courts, and thus indirectly to sanction the appeal of the bank
from the authority o f Congress over this m atter, and to acquiesce, till adjust­
ed by litigation, in the bank’s unprecedented and ruinous course as to the
public revenue— a course involving a principle w hich, under all the circum this case, if once adopted, m ight disorganize our whole collections.
•tances of


287

[ 17 ]

by the seizure of them, without legal precept under one pretence or an­
other, and, as previously explained, place even our disbursements, so far as
the public funds consist of United States’ bank notes, at the sole mercy
of an irritated and unscrupulous corporation. But this the department
conld not sanction, however urgently “ invited,” without proving faithless
to every principle of public duty and public safety. Late as even that
Snvitation, it is remarkable that your letters expressed nothing about the
money itself, “ being an object of indifference to the bank,” or that it “ would
instantly have released the money in any arrangement with the Treasury to
bring the case before the courts.” On the contrary7, though some persons
may for some lime have apprehended, from certain circumstances, that mo­
ney was “ an object of indifference to the bank” in comparison with some
other objects, yet it is difficult to discover “ what rights” the bank then
sought to “ vindicate,” except its rights to the money7, and why it should be
so tenacious of its rights to the money, and so indifferent to the money itself.
By your correspondence at that time, the money appears to have been with­
held with the express view to force the department into a consent to pay the
controverted drmages claimed without any sanction by Congress, or into
some arrangement to submit to the judiciary for decision a question which,
under the constitution and the circumstances of this case, belongs to Con­
gress alone, and after that decision, and not till then, if unfavorable, to make
a restoration of the dividends the bank had so unexpectedly seized in dero­
gation of the laws. It was not “ until the time had passed for the repetition
of a similar appeal from the laws” by the bank, to cover its other intimated
claim for damages, on account of the removal of the deposites, with any pro­
bable hope of public approbation in favor of its new mode of aiding the fis­
cal operations of the Government, and not till after those “ elections” to
which you refer, nay, in your opinion have terminated so disastrously to its
hopes, that the bank professed a perfect “ indifference” about the money, and
a willingness to release it in case an arrangement was effected for a suit at
law.
How a suit could still proceed, and the money be first released or repaid,
must be left to the bank for further explanation, as it is incomprehensible to
this department; unless effected through some fictitious case to be agreed on,
in order to deprive Congress of its constitutional power over appropriations
to settle contested claims against the United States, and which agreement,
you may rest assured, that this department has as little inclination as it has
legitimate power to make.
It may be proper then to state further and distinctly, that the submission
of the whole case to the wisdom and authority of Congress appears to the
Treasury to be the only suitable course, and that it cannot enter into any ar­
rangement in relation to the subject except to receive, as requested in its
communication to the bank in July last, the dividends due to the United
Slates, and to refer the bank, as is done with other claimants in similar cases,
to the justice of Congress for any damages demanded on the bill of exchange
beyond the actual expenses and costs incurred. The acknowledgments of
this department should not be omitted for your kindness in pointing out
more than one mode that might he pursued in the courts of law against the
bank, but, as the advice of an opposing party is not always safest, and as
Congress i 3 competent to give directions upon the claim of the U nited
States, and is considered the proper tribunal lor adjusting the claim of the
bank, your benevolent suggestion^ will, it is feared, prove unavailing; espe­




C 17 ]

2S8

cially since the summary process to which you now allude, beside beingopen
to other objections, is, in express terms, and by a decision of the courts, ap­
plicable to the case only of debtors, who, unlike the bank in this instance,
obtain possession of the public money in their capacity of public officers.
W hat may be the design now in making for “ obtaining a decision,” a propo­
sition which would doubtless fail if accepted, is best known to yourself and such
“ distinguished” counsel of the bank as you cite to this department in your
other published letter of the 26th ultimo. It must be admitted that the
bank, in the next place, evinces great frankness in proceeding to disclose,
under five separate specifications, what it exprcts to prove on trial. Whe­
ther there is much likelihood that this expectation will ever be realized,
others must decide; hut the ingenuousness in stating beforehand to the oppo­
site party what is to be proved against him , should not pass without due
commendation, though it is regretted that, under all the circumstances, a
suspicion— it may be an unjust one— has arisen that the statement was made
rather with a view to be immediately laid before the community by the bank,
either to “ inflame the passions,” or to forestall public opinion on those points
before a reply was received from this departm ent.
In laying down the first position which the bank asserts it “ will always be
ready to prove,” v iz.: that the bill of exchange on the French Government
was drawn without the slightest authority whatever from that Government,”
it is feared that the zeal of the bank to vindicate a foreign Government has
led you to overlook the treaty in which that G overnm ent expressly stipulates
to pay “ the sum of twenty-five millions of francs, at Paris, in six annual in­
stalments, of four millions one hundred and sixty-six thousand six hundred
and sixty-six francs and sixty-six centimes each, in to th e h a n d o f such per­
son or persons as sh a ll be a u th o rized by the G o vernm ent o f the Uniled
S la te s to receive i t .” T he bank appears, moreover, to have forgotten the
written authority, under seal from the President of the U nited States, which
accompanied the bill, and empowered the holder, as the person designated un­
der the treaty, and in pursuance of it to receive the money which had then be­
come honestly due from the F rench Government, and should, notwithstanding
your apology, have been prom ptly paid, according to every principle of na­
tional good faith. In your ardent defence of a foreign country, for a neg­
lect to fulfil its treaties, and attack upon a departm ent of your own, <(for
acting without the slightest authority w hatever,” it also seems to have es­
caped notice, that the Treasury acted, not only under the authority before­
named, from France, of a solemn stipulation to make the payment to any
“ persons” “ authorized by the G overnm ent of the United States;” and
that the holders of this bill were so specially authorized by this department
and the President; but that Congress had previously empowered and re­
quired the Secretary of the T reasury, by the acl of July 13th, 1832, “ to
cause this money to b e received from the French Government, and transfer­
red to the U nited States, in such manner as he may deem best.” If, not­
withstanding all this, unfortunately for your own country, the b a n k should
be able to support the position, that “ the bill was drawn without the slight­
est authority” from France, you certainly will deserve her a c k n o w le d g m e n ts
for the aid thus rendered to get rid probably of the whole of a claim which
she has appeared not very eager to discharge; because, i f France was not lia­
ble, under all the circumstances, to pay it in that form, it is difficult to dis­
cover how she is liable to pay it in any form.
.

 regretted, that, in your professions o f regard for “ the credit of
I t is to be


[ 17 J

289

the T reasu ry ,” knowing then as now what its authority was for drawing the
bill, you did not refuse entirely to take it, as -the bank must have foreseen
and believed, that the money would not probably be paid on an instrument,
if drawn without the “ slightest authority,” ar,d that :heaffliir would proba­
bly end in a claim by it for large damages. W ere it not for the solicitude,
since expressed by the bank, to accommodatc the Treasury, and the “ indif­
ference” the bank now professes “ as to the m on ey ,” it mi>;ht be inferred by
some, that possessing the before-mentioned opinions, and pursuing the before­
mentioned course, it must have meditated originally a speculation as to the
protest and expecied damages.
W hat seems at first rather inexplicable, is, that the bank knowing, and
being ready to prove that this department drew the bill “ without the slight­
est authority,” and hence, could not require France to pay any damages, if
the bill was protested, should yet insist that the claims o f damages by the
bank was “ an indispensable act of duty, to enable the Treasury to claim
damages o f the French Governm ent.” T his great kindness towards the
Government o f your own country, uninvited and voluntarily to seize on its
revenue and attempt to plunge it into a law suit at home, and a controversy
abroad, to enable it to obtain large damages o f another country, which it
must, if obtained, immediately pay over to the bank, certainly deserves all
due acknowledgment. In fine, while the bank is professing lo give all this
friendly advice for the benefit o f the Treasury, and to feol, itself, “ a great
indifference about the m oney,” its regard for the Treasury upon this parti­
cular subject seems, when stripped o f all blandishments, to consist in urging
the Government to demand, and to hazard a new quarrel with France to ob­
tain large and vindictive damages, by asserting that they are as much due.
“ as the principal,” when in fact the United States are entitled, from France,
to only the reasonable and actual damages sustained, and when large and vin­
dictive ones are to be sought in behalf, not of the Treasury, but of the dis­
interested institution which is urging this indefensible measure, and when,
if such aggravated damages are obtained, they are expected to go at once, and
exclusively, not into the Treasury, but into the vaults of the bank; or, which
is virtually the same, are to supply the place of the great amount of public
revenue the bank has already, on this account, seized and withheld. «
B u t notwithstanding this, if now, or at any other period, the bank shall,
as alleged, be ready to prove that “ the money was paid bv the agents o f
the bank to save the credit o f the T rea su ry ,” the favor will be cheerfully
acknowledged by this department, as in that event no right in the bank to
the aggravated damages claimed against the Treasury, and which has led to
the outrage o f seizing on the public dividends, could well be pretended to
exist. It is hoped, that as you profess to consider that “ the claim o f dama­
ges by the bank was an indispensable act o f d u ty ,” you will also not hesi­
tate to perform another equally “ indispensable act of duty,” by furnishing,
as early as practicable, the evidence to prove the point ju s t mentioned; since,
if such evidence is furnished, not only should the aggravated damages be
relinquished, but the conduct of those agents, and o f the bank in that par­
ticular, be duly appreciated.

In that event, they of course, did not pay the money for “ the credit of
the Treasury” for the purpose of exacting from it, on account of the profess­
ed favor, the large constructive damages of # 1 5 0 ,0 0 0 or 8 1 7 0 ,0 0 0 , but, it
must be presumed, they paid it with a view to save the Treasury from ex37



*
I

[ 17 ]

290

posure to such a claim by some foreigner who m ight be heartless or sordid,
and whose pecuniary profit being alone concerned, might be so destitute of
patriotic feeling for this country as to perm it the bill not only to be protest­
ed abroad, and the “ credit o f the T reasu ry ” to suffer, so as to have it re­
turned home protested, but who might thereupon immediately make a de­
mand on the T reasury beyond the actual damages and costs sustained, and
even for great, and it may be properly added, penal damages, and to pursue
this demand in so inexorable a spirit as not to wait for the decision of Con­
gress upon it, but, without legal preceptor any previous notice o f his design,
to seize upon a large amount o f the public revenue, for the purpose of dis­
charging i t
In relation to your third head o f proof, “ that o f the money so paid by the
bank, the whole was immediately appropriated by the Treasury, and a part
used in the current expenses o f the G overnm ent,” it gives me pleasure to
attem pt a correction thus early o f these misapprehensions.
T h is department has, in the report sent here m onthly, by the direction of
the president o f the bank, statements which show that the amounts standing
to the credit o f the public in the bank,-w hich o f course includes its branches,
was at no time after the purchase o f the French bill on the 11th of February,
1 833, until the formal return o f the money to the bank on the 18th of May,
1 833, less than eight m illions o f dollars. T h a t o f this, at no tim e, was less
than four millions left in the bank and its branches, to the credit of the
T reasu rer, subject to draft for any purpose, and that the residue was deposited
on account o f the public debt, and o f the public collecting and disbursing
officers. So that, whatever sum o f money m ay'have been “ appropriated by
the T reasu ry, or “ used” between those periods, it still left in the vaults of
the bank and in its use, standing to the credit o f the T reasu ry , at the times
o f all your intervening returns, a sum from three to four millions beyond
the amount of the b ill, or from three to four tim es more than the amount
which you had, in form only, paid to the T reasu ry , or passed to its credit, in
trust for its numerous sufferers by French spoliations. And no part of the
sum received on the bill was ever so “ appropriated” or “ used” by the
Treasury as to be carried into it by w arrant; or it conld not, until Congress
should have passed a new law, have refunded, as it did, the whole amount •
the m om ent notice was given o f the protest o f the bill.
In regard to the practice which you cite o f this department in charging
damages on ordinary bills o f exchange bought o f individuals
sustain no
official relations with the G overnm ent, and who neglect to provide
abroad to meet those bills, and to pay punctually our creditors
in a foreign country, it is hardly necessary here to show
betw een the two cases, in both form and substance, after the preceding re­
m arks, and after the views contained in the first opinion
G eneral, published with the late annual report from
department
less is it necessary to show further that in none o f those
idea ever enter into the imagination o f the officers o f
m ent, that they ought, in order to obtain the damages due,
to the full amount received on protested bills, to
notice, lawful
or
previous
the
or dues of
As
give
your
made
whenever the Treasury
tribunals,”
liberty
of
opinion, that it



who

funds
and officers
the difference

of the Attorney
Still
cases, probably* did
the
the Govern­
and often actually
accruing
resort without
either
process,
a
adjudication, to the seizure o
property
the individuals who drew and sold them.
tonclusion you
assurances that “ all”
allegations “ will be
manifest
resorts to the proper
department takes the
to renew the expression its
this

291

[ 17 ]

has already resorted to the proper tribunal, in the first instance, by
submitting the whole transaction to the consideration o f Congress, where
you will doubtless be indulged with an opportunity, if desired, to make all
your charge* “ m an ifest” B u t the bank may rest satisfied, that it will be
long, unless otherwise directed by Congress, before this department, how­
ever urgently “ invited,” by the bank, will consent to enter into any arrange­
ment, or to institute any proceedings, which, under existing circumstances,
will, in their operation, be lik ely to take from Congress, and transfer
to some other tribunal, the power to adjust controverted claims, when no
law has been passed, nor appropriation made, to pay them ; and which will
be likely to break down those salutary checks and distinctions between the
legislative and judicial departments, as to the disposal of the public money,
which the people and the States have, with much clearness and wisdom,
established in the great charter o f their Union. F o r ample views on the
law and equity of the whole case, and for any further reply which may be
proper to any o f the principles advanced in your letter, in support o f the
extraordinary claims and proceedings o f the bank, you are referred to the
late annual report from this department, and to the opinions o f the A ttorney
General, that accompany i t
Had the bank thought more o f following, in its own example, the
salutary advice it so frankly bestows on others, not to “ prejudge” or “ dis­
cuss” this question of its claim to damages, and had it omitted to “ prejudge”
or “ discuss” it in the report o f its committee last December, and in your let­
ter now under consideration, the preceding remarks in relation to it would
most cheerfully have been forborne. T h is department has now, very re­
luctantly, but in the manner that seemed to be required by the tone and
contents of your communication, replied to such portions o f it as appeared
to m erit notice, and can sincerely conclude with the consoling reflection,
uttered by yourself in behalf o f the bank, that, “ having done its duty, it is
co n te n t”
1 have the honor to be,
S ir, very respectfullv, yours,

L E V 'I W O O D B U R Y ,

Secretary o f the

Treasury.

No. 3.— M R. E L L M A K E R .

Copy o f S. Ellmaker’s letter, claiming a seat as a Director of Bank U. S.
P
, July 15, 1834.
h il a d e l p h ia

The undersigned having, on the 11th instant, presented
himself at your board, for the purpose of taking his seat as a member of it,
by virtue of a commission from the President of the United States; and the
board having passed a resolution declaring that, not having been a stock­
holder at the time of his appointment, he was not entitled to a seat, deemS
it due to himself, and to the President and Senate of the United States, from
whom he received his appointment, respectfully to state the grounds on
which he considers himself entitled to demand that he be admitted to the
full exercise and enjoyment of the duties and privileges belonging to the
office of a director of the B an k of the United States.
,
G en tlem en :




. C 17 ]

292

It is a subject of sinccre regret to him that the course adopted by the
board has placed him in the position which he now occupies in relation to
it. Having neither sought nor desired the office which h;is been conferred
upon him , it was his earnest wish to enter upon its duties in perfect harmo.
ny with his colleagues, and lo pcform those duties in the manner which he
conceived most conducive to the interests o f the institution and o f the coun­
try. If he were to consult his own feelings and convenience, he should
immediately retire from a situation from which he shall probably derive
little satisfaction; but, having signified his acceptance o f the appointment
conferred upon him , he should consider him self wanting in respect to him­
self and to the country, whose iniereats in 'th e bank he, in part, represents,
if he did not respectfully, but firm ly, insist upon rights w hich, he cannot
hesitate to believe, ju stly belong to him. W ith these views, he proceeds,
briefly, to lay before the board the grounds on which he conceives his rights
to rest, forbearing to enter into any course o f reasoning in support of them,
further than may be absolutely necessary for the purpose o f stating them
clearly and distinctly.
T h e eighth section o f the charter provides that, “ for the management
affairs o f the corporation, therfc shall be tw enty-five directors,
shall be annually appointed by the
United States, by and with the advice and consent o f the
than three o f whom shall be residents o f any one S ta te ,”
received a com m ission, as a director, in pursuance o f
the President o f the United States, by and with the advice
Senate, in the manner prescribed by the act o f Congress
bank, the undersigned submits that he
to be presumed to
qualified for the office
the tim e o f his appointment, and
a right to exercise its duties and enjoy its privileges until a
pronounce that he was disqualified. T h a t the Board
tribunal,
respectfully denies. T h e re is nothing in
the
decide
qualification
or
thing
in
character
shall
undersigned is not
as a D irector, 4he way is open to them to test the accuracy
their
instituting, before a competent ju d icial
by which he exercises, or
to

of
five of
President of
Senate, not
&c. Hav­
ail appointment
and consent
incorporating
was
have been
that he had
competent tribu• nal should
of Directors
is such a
he
the charter
which confers upon them
power to
upon the
of those
who may be appoiuted elected Directors; nor is there any
inherent
the
of the board from which such power can be derived. If
the board
continue to be of opinion that the
duly
qualified
of
opinion, by
tribunal, an inquiry into
the authority
claims exercise, the duties of the
office.
A simple statement of facts, how tver, will be sufficient to show that, »t
the time of his appointment, the undersigned possessed all the qualifications
required by the act of incorporation. T he only qualification in which he is
alleged to be deficient, is, that he was not a stockholder when hi* appoint­
ment was made. He submits that he was a stockholder within the words
and plain meaning of the act of Congress.
On the 28th of June last, Peter W ager, esq., went to the bank for the
pbrpose of transferring to the undersigned two shares of stock which he then
held, when he was informed that the books had been closed the day before,
preparatory to the declaration of the sem iannual dividend, and that the
transfer could not then be made. H e then endorsed a transfer on each cer­
tificate, in the manner in which such transfers are usually made. On the
30th^>f the same month, the undersigned went to the bank with the *r*n*
fer thus made, together with a power of attorney from M r. W ager, author
the
whom, being stockholder
the
more
ing
by
of the
thq
duly
at



293

[ 17 ]

zin g him to make the transfer at the bank, if it should be deemed necessary,
when he was informed that, the books being closed, the transfers could not
be made. He then offered to leave at the bank the certificates, transferred
in the manner above stated, together with the power of attorney; but the
clerk to whom they were offered, declined receiving them. On the 30th
of June, 1S34, the Senate confirmed his nomination, and, on the 5th of July
following, he received his commission, which bore date on the 30th of the
preceding month. It is thus clear that, at the time of his appointment, the
undersigned was a stockholder; unless the act of Congress required some­
thing further to be done to enable him to become so, or some other evidence
of title than proof of payment for the stock, anjl a transfer, in the usual mode,
by its former owner, a careful examination of the charter, and the rules and
regulations made in pursuance of it, has convinced the undersigned that no­
thing was required further than was done. It would be ea?y t6 sustain the
positions, taken by the undersigned, by arguments; but he deems it super­
fluous, as well as out of place, now, to enter into a course of reasoning to
prove what is so obviously true.
Uninfluenced by personal considerations, but actuated solely by an earnest
desire faithfully to discharge the trust committed to him, and under a firm
conviction of his right to a seat at your board, the undersigned has felt it his
painful duty formally to submit his commission to you—to state the grounds
on which he claims to exercise the rights it confers—to remonstrate against
the resolution by which they have been dertied to him, and to demand that
he be admitted to the exercise of all the functions of the office to which he
has been appointed. He, at the same time, begs the board to be assured of
his entire respect for the gentlemen who compose it; and he entertains the
hope that a more correct knowledge of facts than they have heretofore pos­
sessed, and more mature reflection, will induce them to change their views
of the subject, and to rescind the resolution passed at their last meeting.
T o the

P r e s id e n t and D ir e c to r s

L. ELLM A KER.

o f the Bank o f the United States.

R eport o f the C om m ittee on the sta te o f the bank on L . E llm a ke r’s com­
m unication, 4'C. 4"cB a n k U n i t e d S t a t e s , J u l y 2 2 , 1834.
M r. F ish er, from the committee on the state o f the bank, presented the
following report, which was read:
The

committee on the state of the bank, to whom was referred the com­
munication from Levi Ellmaker, of the 15th instant,
0
REPO RT:

T h at they have considered, attentively, the said communication; and,
though they have no doubt upon the subject o f it, they have deemed it due
to the occasion, and lo a proper respect for the opinion stated by M r. E llthat they should obtain the best lights that
had upon the
W ith this view they have submitted the case to counsel, whose
perfect coincidence with that o f the board, herewith submitted.

maker,
subject.
opinion, in




cduld be
is

294

[ 17 ]

T h e com m ittee, therefore, have no doubt that the resolution of the board,
o f the 11th instant, is entirely conformable to law ; and that it is not in the
power o f the board to admit M r . E llm a k er to a seat without violating the
law o f the United States incorporating the bank. W ith this conviction,
they submit the follow ing resolutions:
T hat the resolution o f the board o f the 11th instant be adhered
to, nam ely: that L ev i E llm ak er, esq. is not entitled to a seat at the board,
not having been a stockholder at the tim e o f his appointm ent
;
T h a t the said L ev i E llm ak er, not being entitled to seat the
the power of the board, according to law, to

Resolved,

Resolved,

a

board, it is not in
to a seat

A D JO U R N E D M E E T I N G .

July

at
admit him

o'clock,

22, 6
P. M.
On motion o f M r. Sergeant, the board agreed to proceed to the consider­
ation o f the report made this m orning by the com m ittee on the state of the
bank.
T h e report, and the opinion o f counsel therein referred to, having been
read, M r. Ingraham moved the postponement o f the first resolution, for the
purpose o f introducing the follow ing substitute:
, T h at this board does not possess the power to determine that
director o f the B ank o f the United States, appointed by the President of the
United States, by and with the advice and consent o f the Senate, and to
whom a commission has been issued, has not a righ t to exercise the duties
incident by law to the office o f a director o f said bank.
A nd the question o f postponement being taken by yeas and nays, it was
determ ined in the negative, as follow s:
Y e a s . — M essrs. M acalester and Ingraham — 2.
N a t s . — M essrs. W h ite , Sergeant, Chauncey, N ew k irk , C oxc, Neff,
E y r e — 8.
T h e question was then taken on the first resolution, when it was adopted
by yeas and nays, as follow s:
Y e a s . — M essrs. W h ite , Sergeant, Chauncey, N ew k irk , C oxe, Neff, Platt,
E y r e — 8.
N a t s . — Messrs. M acalester and Ingraham— 2.
T h e second resolution having then been read, M r. M acalester offered
substitute, which was decided by the chair to be out o f order, when the re­
solution, as reported, was adopted.

Resolved

a

Platt,

a

Copy o f J. R- IngersolPs opinion on Mr. Ellmaker’s claim to a seat as
director o f the Bank oj the United Slates.
July 22, 1834.

The eighth section of the charter of the Bank of the United Sfktes pro­
vides that, “ for the management of the affairs of the said corporation, there
shall be twenty-five directors; five of whom, being stockholders, shall be
annually appointed by the President of the U nited States,” &c.
The third article of the eleventh section provides that “ none but a stock­
holder, resident citizen of the United States, shall be a director.”



295

[ 17 ]

I t is obvious, from both the clauses above quoted, that to hold stock is an
indispensable qualification for a director. T h e last o f them might possibly
authorize a doubt whether ihe ownership o f stock must necessarily exist at
the time o f the appointment, or whether it m ight not be superadded before
the individual actually takes his seat at the board. B u t the language o f the
meaning o f the clause first cited is perfectly clear. T h ey require that the
stock should be held at the time the appointment is made, “ five o f whom,
’ being stockholders, shall be annually appointed,” &c. It is thus a prelim ,
inary to the appointment; a condition precedent, without which the ap­
pointm ent can have no operation. The authority conferred on the P resi­
dent is limited and special, and it must be specially pursued. His selection
is to be made from a particular class of persons, nam ely: stockholders— and
if he disregard that limitation, the appointment is void.
Such being the case, there can be no reasonable doubt o f the right of the
board to exclude from their deliberations a person so nominated. Upon
general principles, they are authorized, at least in the first instance, to judge
o f the qualifications of their own members. Besides, they would not be
duly managing the affairs o f the corporation if they united, in the manage­
m ent o f them, with a person whom they know to be incompetent. It might
happen that all of the five director*, appointed by the President, would be
sim ilarly disqualified. Y e t such persons, meeting with only t*vo of the re­
gularly constituted directors, would form, in point o f numbers, a board for the
transaction of business; and the concerns o f the bank would thus be confided
to individuals having (as it must be admitted) no legal pretensions whatever
to interfere with them.
T h e preliminary of holding stock being thus necessary to give validity to
the appointment of a director, it becomes necessary to ascertain what con­
stitutes a stockholder. T h e charter confers upon the corporation the usual
powers ‘‘ to ordain, establish, and put in execution, such by-laws and ordi­
nances and regulations as they shall deem necessary and convenient tor the
governm ent,” &c. T h e eleventh article of the eleventh section provides
that “ the stock o f the said corporation shall be assignable and transferable
according to such rules as shall be instituted in that behalf by the laws and
ordinances of the sam e.” On the 24th o f Janu ary, 1 8 1 7 ,' a form o f certifi­
cate was adopted by a resolution o f’the board. T h is certificate, thus adopt­
ed, declares that the stock is transferable only at the bank. No better proof
can be afforded of a rule to that effect. It is 5 rule of the institution, con­
curred in by the individual who accepts the certificate, *n d made a matter
o f contract instead o f mere ex p a rte regulation, which it would be if it re­
mained only on the books of the bank. I t would be effectual in the latter
case; but it gains additional strength from its being exp licitly communicated
to every stockholder, and assented to by him. A transfer, which consti­
tutes a stockholder, must conform to this regulation. I t is not a transaction
conducted by the individuals themselves, independently of the institution
and its rules, but in subordination to them . T h e transfer must be made a t
the bank. Such a transfer seems to have been made, in the regular and usual
course, on the Sth of Ju ly , to M r. E llm ak er, who received his appointment
some days before. Upon the principles, which have been already adverted
to, he would not, by virtue of those proceedings, be entitled to a seat at the
board. I t is said that a certificate, already endorsed, was exhibited at the
bank, in the absence of the heretofore owner o f the stock. Such an exhibi­
tion would not amount to a transfer at the bank, even though it were preced­



[ 17 ]

296

.

ed by a formal assignment elsewhere. It would not meet the regulation
in spirit or in letter, and would confer no rights.
' It is said, also, that a power o f attorney was afterwards exhibited, but at
what precise time is uncertain. If, on the 2d of Ju ly , it could have no pos­
sible effect, even if it had been used in the execution o f a transfer at the
bank; for the appointment by the President and Senate was made (as it is
declared) on the 30th o f June. T h e power o f attorney, however, was not,
as I understand, made use of at any tim e. T h e alleged endorsement on the
certificate was trade (not at the bank) by M r. W ager him self; and the final
ratification, the only act done at the bank, was also performed in proper per­
son, and not through the medium o f delegated authority. T h e transfer which
creates ownership, or, in other words, which creates a stockholder, must be
m ade, and not merely intended, whether it be performed in person or by
attorney. It can be effected by the parties them selves, without any other
agency or participation o f the officers of the institution than such as arises
from their presence. Great facilities ap|»ear to be afforded to persons desir­
ous o f transferring stock, in the practice o f receiving mere endorsements on
the stock certificates, made or acknowledged at the bank, without requiring
the use o f the books for the immediate purpose. B u t there must be some
act, unequivocal in its'character, by which the change o f ownership is both
effected and made m anifest. T h e re cannot be two d istinct and independent
owners at the same m om en t T h e stock does not become the property of
one person until the moment when it ceases to be the property o f another;
and the transfer itself, whenever legally made, is evidence o f the change.
U ntil it is made, and made agreeably* to the regulation, the holder of the
stock remains the same.
It is not necessary to dwell upon the convenient and necessary practice of
suspending transfers fo ra short tim e before the days appointed for declaring
the half-yearly dividends. T h e language o f the tenth rule is, that “ the
books o f transfer shall bs shut” at such prriods. T h ese term s are literally
applicable to a mode o f transfer not now used, nam ely: upon the books
themselves. B u t it obviously was intended lo prevent a change of owner­
ship during the ten days specified, and such a provision is both reasonable
and necessary. W h eth er it be so or otherw ise, it was acquiesced in by the
party now claim ing to be a stockholder, in the fice o f the provision; for he
not only did not require that the transfer should be allowed or adopted by
the bank, during the time of Suspension, but he did not cause it to be done
at all at the proper place, and waited until the end o f the ten days, and then
received the transfer, made agreeably to all the usages and regulations of the
bank.
It follows, from what has been said,
1 . T h at no appointment o f a director is valid, Unless, at the time of the
appointm ent, the person appointed be a stockholder.
2. T h at the mere appointment, by the President and
preclude the cxercise of judgm ent on the part o f the board, but they
liberty to exclude from his seat an individual not qualified for the
ment by the ow nership o f stock.
3. 1 hat the transfer o f stock must be actually made, in order to constitute
a stockholder, and it must be made at the bank.
^4 .
the necessary
not
to
n o t, th e r e fo r e ,
a
J . R . IN G E R S O L L .



Senate, does not
are it
appoint­

That
Ellmaker previously
seat at the board.

transfer does
appear to have been made to Mr.
his appointment, and he is
entitled to

2?>7
IN T E R F E R E N C E W IT H

[ 17 ]
P O L IT IC S

N o. l . — L .

Extract o f a letter, addressed to Thomas Swann, esq., President of
the Office of Discount and Deposite, Washington , duted March 17,
1 824, by A". Biddle, President, Bank United States.

“ You are s!i 11 more mistaken, in the views which you seem to entertain
of the relation between the bank and the Government. As this subject has
an immediate bearing on the administration o f the office, and is, indeed, the
chief motive of my writing to you at present, it is fit to be very explicit in
relation to it.
“ During the whole course oft his transaction, you have constantly recurred
to expressions and opinions communicated to you by the President of the
United States and the Secretary of the T reasury, to whom you have ad­
dressed yourself on the subject. W e should o f course be unwilling to
deprive you o f any gratification which you may naturally find in expres­
sions o f personal civ ility and kindness from those gentlem en, and should,
therefore, not have noticed them, but from a sentiment in your last letter,
on which it becomes a duty to animadvert. A fter stating that it is now
evident that you cannot remain in the bank, owing to the feelings of the
board, you proceed ‘ As, however, there are other interests to be attended
to, especially that of the Governm ent, I have deemed it proper to see and
consult with the President, and when I find m yself supported by him, a?
well as by the Secretary of the Treasury, and believe myself, as I really
do, supported by a majority of the stockholders in this D istrict,’ &c. &c. If, as
these expressions im ply, you suppose that the approbation ofth e President or
of the Secretary o fth e Treasury, is an equivalent substitute for that o f this
board; or i f you think that there are other interests to be attended to besides
those with which you are charged by the administration o f the bank, we
deem it right to correct what is a total misapprehension o f the nature and
organization of the Bank o f the United States, and more especially of the
duties which you have assumed. You know , sir, that by the law of the
country, the President and the Senate appoint five directors, and the stock­
holders tw enty, and (hat to these tw enty-five directors is committed the
exclusive management of the jo in t interests of the country and the stock­
holders. T h e momen! this appointment takes place the E xecutive has com­
pletely fulfilled its functions. T h e entire responsibility is thenceforward in
the directors, and no officer o f the Governm ent, from the President down­
wards, has the least right, the least authority, the least pretence, for inter­
ference in the concerns of the bank. F or the highly distinguished gentle­
men you have named there is felt the most sincere respect, and on my
own part the most cordial personal regard; but the President and the
Secretary know too well their own duties to interfere with the duties o f
others, and that any interposition on their part would be neither proper nor
acceptable. T h ey know perfectly well, that the heaviest misfortune which
could befal the bank, would be its subserviency to, or its acquiescence in the
control o f the Governm ent; that this control has been fatal to every bank­
ing institution, which was ever weak enough lo yield to it; and that the
B an k o f the United States can preserve its usefulness to the country only
while it maintains its independence, its entire uncontrolled exemption from
every influence, and every motive, except the interests of the stockholders
and the service of the country. T h is invocation o f the Governm ent, there­
Digitized this sort o f appeal from the administration o f the bank to theexecu fore— for FRASER
http://fraser.stlouisfed.org/
38
Federal Reserve Bank of St. Louis

[ 17 ]

298

tive dppartments— is totally inconsistent w ith the temper and spirit which
belong to the officers of bank, who should regird only the rights of the
bank and the instructions o f those who govern it, and who should be at all
times prepared to execute the orders o f the board, in direct opposition, if
need be, to the personal interests and wishes o f the President and every
officer o f the G overnm ent. T h e different views which you appear to enter­
tain strengthen the unwillingness o f the board to select for the presidency
of th eir offices those who are already officers o f Governm ent, and warn
us still m ore em phatically of the advantage of having the officers o f the bank
e x clu siv e ly the agents o f the b a n k .”
N o. 2.

( p r i v a t e .)
B

ank

or

th e

U

n it e d

S ta tes,

January

9, 1829.

D e a r S i r : T h e annexed list has been sent to me from Washington, as
containing the view s o f several members o f Congress, from Kentucky, in
regan! to a proper direction for your office.
It is accompanied by an ex­
pression o f opinion on their part, not to me d irectly , but through a common
friend, that, during the elections in K en tu ck y , great facilities were given by
the branches in that State, to persons favorable to the re-election of Mr.
Adams, whilst almost all accommodation was withheld from the other side
o f the eor.test. 1 will not believe fo ra m om ent that this is not a mistake.
T h e officers o f the bank have hitherto so studiously avoided all interference
in po.itics, that 1 think it scarcely possible that any gentlem en, connected
with it, should so far forget their duly as to become partizans, or abuse their
delicate trusts to the unw orthy purpose o f advancing anv political object.
T h e statem ent is, how ever, made, and the nomination subjoined is, 1 pre­
sum e, intended to prevent the recurrence o f sim ilar favoritism in future, by
an union of parties in ihe board. A s you arc about to forward a new list,
I will state to you precisely my own view s on that subject.
P o litics should be vigorously*excluded from the administration of the
bank. In selecting directors, ihe first considerations are integrity, inde­
pendence, and knowledge o f business. N o man should be shunned, and no
man should be sought on account o f his political opinions merely. Ne*
vertheless, in a com m unity where broad political divisions prevail, we
must not be w holly insensible to them— we m ust, not e x c l u d e , nor even
seem to exclude, any one particular denomination o f politicians, but when
both present candidates o f equal m erits, we should take them from
both parties. B u t still the first question is, their qualifications, distinct
from th e ir political opinions.
1 would not, how ever, be disposed to
act on any regular system o f equally uniting both parties, because the
inevitable effect o f it uould be, to force upon us inferior m en, merely be­
cause th ey were politicians.
I have m y self an extrem e unwillingness
blend politics with the concerns o f the bank. N early all its misfortunes
be traced to this cause, and in your section o f the country w e
surely had a melancholy experience o f the hazard
lending to politicans.
Since you have been relieved from (hem your affairs have prospered, and
you are doing so well that I do not wish to disturb your progress by an in­
fusion
p olitics. B u t, at the same tim e,
must avoid the odium
would naturally and ju stly attach to the exclusion
party from

the G overnm ent


to

may

of

of

proper share in

we

of any
and the local loans of the bank.

have

which
it*

[ 17 ]

299

You w ill, in fram ing your new ticket, bear these considerations in view,
and I shall be glad to have from you a memorandum o f the standing and
qualifications ol the persons mentioned in the list below, with your opinion,
as to the advantage o f introducing them into the board.
^ ou will understand this lelter as intended for youself and Mr. Tilford
alone, who will be good enough lo confine to yourselves its contents.
W ith great regard, sir,
N . B I D D L E , President.

J. H a r p e r , E sq .,

Cashier Office Discount and Deposite, Bank U. S.,
Lexington, Kentucky.
N o. 3.
(p

r iv a t e

.)

P h il a d e l p h ia , Jan. 9,

1829.

D e a r S i r : T h e annexed list has been sent to me from W ashington, as

containing the view s o f several members of Congress from K entucky, in
regard to proper directors for your office. I t is accompanied by an ex ­
pression o f opinion on their part— not to me directly, but through a com­
mon friend— that, during the late elections in K entucky, great facilities were
given by the branches in that State favorable to the election o f M r. Adams,
whilst almost all accommodation was withheld from the other side of the
contest. I think it right that you should be aware o f this impression,
althogh I will not for a moment believe, that it does not originate in m is­
take. T h e bank has hitherto so studiously avoided all interference in poli­
tics, that I think it scarcely possible that any gentlemen connected with it
should pervert their delicate trusts to the promotion o f any political object.
The statement is, however, made, and the subjoined nomination is intended,
I perceive, to avoid the recurrence o f this alleged favoritism, by an union of
parties in the board.
On that question my own views are these: politics should be rigorously
excluded from the bank. In selecting directors, the first considerations are
integrity, independence, and knowledge o f business. No man should be
shunned— no man should be sought on account o f his political opinions
m erely. Nevertheless, in a community where broad political opinions
prevail, we must not be wholly insensible to them ; we must not exclude,
nor even seem to exclude, any particular class o f politicians; but when both
parties, or all parties, present candidates of equal merits, we should select
them indiscriminately from all. Still, the primary question is, the qualifica­
tion o f the director,— his personal fitness for that particular duty; nor would
I adopt any general system of equally uniting parties at the board, since its
inevitable effect would be, to force upon us incompetent or inferior persons,
in order to reach this equality. It may be safely asserted, too, that many
o f the misfortunes o f the bank are traceable, d irectly or remotely, to its po­
litical connexions; and in your section of the country we have had a melan­
choly experience o f the danger of lending to politicians of all parties.
Since your conccrns have been relieved from these loans, and have
assumed a more commercial and business-like character, they have pros­
pered greatly, and you are doing so well, that I should be unw illing to
hazard their prosperity by the introduction o f politics into their administra­
tion. A t the same time, we must try to avoid the odium which would na­



I n ]

300

turally and justly attach to the exclusion of any party whose members were
equally well qualified, from any share in the administration or the loans of
the bank.
I suggest these views for your consideration in forming your next list of
directors, and in ihe meantime, shall be glad to hear from you early in
regard to the arcuracy of this statement, and to have your views as to the
qualifications of the several persons whose names arc below.
You will understand this letter as designed lor yourself alone and Mr.
Hughes.
V ery truly, sir,
N. B ID D L E , Secretary.
E d w . S h ip p k n , E sq.,

Cashier, Office Bank U. S., Louisville, Kentucky.
No.
O f f ic e B

ank

4.

U s i t i d S t a t e s , L o u is v il l e ,

24

th January,

1S29.

Your letter of the 9th instant is just received, »nd has greatly
surprised me. I do not believe that one man of any character for veracity
can be found in this city, who will say that the business of this office has
been conducted with either political or individual favoritism. Every per­
son has been accommodated according to his personal m rrits, and the ques­
tion o f politics has never been introduced, or influenced any one decision of
the board. The testimony of M r. Kowan, M r. M oore, Air. Yancey, Mr.
Chilton, and M r. WicklifTe, all members of Congress, favorable to the
election of General Jackson, would certainly establish that f»ct, as they
have had repeated accommodations, and have never been refused, although,
from the period and circumstances of some of'their applications, it was pre­
sumable that the money was required for the purposes of the elections.
Our collection at the office at W ashington will show a part o f those trans­
actions, and i f politics has had any influence, on an investigation, it would ap­
pear that the leaning has been on the opposite side to the one represented.
I speak boldly and decidedly on this subject, and challenge the production
of any one fact to establish the truth of tiie representations made to you. I
am sure it does not exist, and if at any lime an application has been i ejected,
in was on ground wholly unconnected with politics. I t has been to me a
m atter of frequent exultation, that, during all the political excitem ent, we
have been fortunate enough to prevent party feeling at the board, and, as I
always thonghl, even the suspicion of it. M r. W m. Pope, one of the
gentlemen in the list annexed to your letter, has served in our board for the
last three years: lie is a very active and zealous friend of General Jackson.
M r . Philip R. Gray, who is now in the board, (being his third year,) is a
warm politician on the same sid e; and John P. Oldham, at the time of his
nomination as a director, was a Jackson candidate for the Legislature, when
the question seemed to hang on the issue, and of conrse was particularly
liable to all the prejudice and feeling o f political h ostility , i f such feelings
had had any influence. These facts, I hope, will convince you that the
charge from W ashington city is entirely without foundation.
Ot the gentlem en whose names have been furnished to you as suitable
De

ar

S ir :

 will speak w ith all the candor I can ,
directors, I


alluding to them by

301

fig u res,

[ 17 ]

in the order in which they are named, merely as a precaution, in
case o f this letter falling into other hands than yours.
N o. 1. A law yer and large debtor to the bank, (about $ 2 7 ,0 0 0 ,) and to
whom we were obliged to give time, without interest, to obtain any thing
like security. His name and character were well known to the bank in
former tim es, having served several years as a director previous to 1822.
So devoted to politics, that all his views as a director, (however luminous
they may have been,) were directed to the policy o f the Government as
connected with the bank, and not to the interests o f the stockholders.
Always ambitious o f being a leader of a party, he produced factions in the
board, and measures were advocated and opposed from party feeling alone.
Such was the violent state o f feeling, that personal conflicts have occurred
at the board, and the most disrespectful and abusive resolutions offered.
M any o f the difficulties and losses of this office may be attributed to him;
always seeking popularity, and really possessing amiable feelings, he cannot
refuse any thing that will serve his friends. 1 consider him the most dan­
gerous man that could be selected, particularly as president, to which he
would aspire, and to which his location in the list seems to point. M r.
B in n ey and M r. 0 . Chauncey have both, I believe, received letters from
him, and may be able to give you some idea o f his character. As a director
o f the office, he felt it incumbent on him to commence a correspondence
with those gentlemen and the president of the bank, with the Secretary of
the Treasury and President of the United States, on the course o f policy it
was necessary for the bank to pursue in relation to the interests o f the
western country.
N o. 2. A lawyer of very unamiable character and manners, whose whole
object is, to amass wealth; looking out for flaws in titles and purchasing liti­
gated claim s, without regard to equity or common ju stice, is an important
part o f his business. As one example among many I could give, 1 will
mention a fact that for a time occasioned me great alarm. W e had a mort­
gage on property worth between 20 and 3 0,000 dollars, which on the face of
the papers did not appear to be recorded in proper time. He purchased a
small execution of 1 o r200 dollars against the mortgagor, levied it on the whole
mortgaged property, consisting o f various tracts o f land both in town and coun­
tr y ; purchased a ll under his small execution, and brought ejectments agains
the bank, and meant to deprive us o f the whole property, on the only plea,
that the bank had not recorded her mortgage until a day or two after the
tim e the law had fixed. W e fortunately, however, defeated him , much to
his surprise and mortification.
N o. 3. A foreigner, and, as far as I know, an honorable man, although
report says hard things of him. He has been somewhat embarrassed, and
we were obliged to give time On some of his liabilities; he is not suitable for
a director, either as to talent or weight o f character, and would not add to
the confidence, which I am proud to believe is now reposed in our board.
H e has alw ays been a dccided re lie f a n d new court m a n , and, therefore,
unfit for the situation proposed.
I have already spoken o f No. 4, and hope to see him again in the board,
at the expiration o f M r. Oldham’s time. T h e y both live in the country,
and one member from the country, 1 think, is sufficient.
No. 5. A farmer and politician— a violent relief man. His private char­
acter is stated to have been formerly bad. I know nothing about him ,
except that he is the warm friend, relative, and confidant o f some o f the



[ 17 ]

302

persons who have so deeply injured the bank by getting clear of their debts,
and are now the most bitter enemies the institution has.
No. 6. A merchant of very moderate standing, and his appointment
would occasion no other feeling than that of surprise, and perhaps mortifi­
cation, that he should have been selected.
No. 7. A justice of the peace— intemperate and immoral in his habits;
the associate and the oracle of the lowest orders of society, and his appoint­
ment, I am sure, would be followed by the resignation of every gentleman
in the board.
No. 8. A merchant of more respectability than No. 6, very much
esteemed as a man, and by much the least objectiouable of any on the list,
excepting M r. W m. Pope.) I should not seriously have thought of him
as a director, because there are others of more weight of character.
I have now spoken freely, and perhaps too much so of the individuals
named. I wish this charge of political favoritism may be thoroughly inves­
tigated. You can satisfy your own mind by inquiries of gentlemen of both
parties from this place, who frequently visit your city. Of the gentlemen
recommended to correct the evil, there is not one (or more than one) who
would not subscribe to the belief, that no partiality has been shown.
I believe the Bank of the United States is the most popular moneyed institu­
tion th at has ever been located here. Of the host of enemies she formerly had,
not more than five or six remain, and they are hostile, not because the bank
is partial or unjust, but because they require some pretence to palliate their
consciences for the enormous impositions and frauds they have practised.
Please to excuse this letter, written hastily, and immediately on the receipt
of yours. I do feel great mortification that such charges should be made*
and particularly so, as I was fully aware of the danger, and had taken every
precaution (and I thought successfully) to avoid i t
Perm it me to thank you for the confidence you express and have always
had in my official conduct, and believe me to be,
M ost respectfully, yours,
ED W . S H IP P E N , Cashier.
N . B id d l e , Esq.,
P resid en t, B a n k U n ited States.
M r. Hughes is absent for a few days; your letter shall be shown only to
him.
The allusion to “ relief and new court principles,” refers to the course o f
legislation w h ich a short time since had such pernicious effects on the mo­
rality and prosperity of the State. A system of laws entirely favorable to
the debtor, and almost to the exclusion of every right of the creditor, and
which proceeded so far as unconstitutionally to prostrate the Suprem e
Court, for the purpose of getting judges favorable to their views.
No. 5.
O f f ic e B

ank

U

k it e d

Sta tes,

L o u isville, J a n u a r y 26, 1329.

D e a r S i r : B y th e last m ail I w ro te to you in an sw e r to y o u r private
le tte r o f the 9th in stan t.
F e a r in g m y le tte r m ig h t, by a ccid e n t, fall into
o th e r hands, o r m isca rry , I alluded to the ind iv id u als o f w hom you ask my
o in FRASER
Digitizedpfor io n , by f i g u r e s , in the o rd er io w hich y o u nam ed th em in y o u r letter.



303

£ 17 ]

Annexed hereto, I give a list o f the names in the sam e order, so that you
may have no difficulty in applying m y observations to the respective per.
sons for whom they were intended.
I was not, perhaps, sufficiently explicit in m y observations on the charge
“ that, during the late elections in K entu cky, great facilities were given to
persons favorable to the election o f M r. Adams, whilst almost all accommo­
dation was withheld from the other side o f the contest.” I f the charge
means that facilities were afforded to the Adams party, or the members o f
it, for electioneering purposes, I can only say, that not one cent, so far as I
know or believe, was directly or indirectly, furnished for that purpose; nor
was any application made for money in such a shape as to induce a suspicion
o f such an o b je ct I do, however, believe that money was procured from
this office, and applied to the purpose o f advancing the interests of General
Jack son .
I will now only repeat, that, from my knowledge o f the members of our
board, and from a close observation of their conduct and views, and from
frequent conversations with some o f them on this subject, I am perfectly
convinced, that in no case has paper been rejected, or even one vote given
against it, on account of the political opinions o f the applicant. Although
I always attend the board, I do not recollect to have heard one observation
or inquiry, as to the politics of the persons under consideration; nor have
I ever heard, even after the business of the board was over, any opinion or
observation that would, in any way, im ply that such views as charged
against us, were entertained by any member at the board. A ll parties and
ail classes o f society, have been alike accommodated, according to their indi­
vidual m erits. In making nominations for vacancies in the board, M r.
Hughes and m yself have recollected the propriety of having, not only the
political parties, but also the mechanical and agricultural interests, repre­
sented; and the only reason why more Jackson men have not been recom­
mended, is, that it so happens that a large m ajority of the most respectable
merchants belong to the other party.
W hiU t on this subject, permit me to say one word o f myself. Although
like other men I form opinions, yet, know ing I hold a very delicate situa­
tion, and from my office, am a mark for observation and criticism , I have
invariably abstained from taking an active part in politics, and have never
made m yself conspicuous by attending caucuses, acting on committees, or
doing any thing to draw observation or rem ark upon me.
I regret the absence o f Mr. Hughes at this tim e, as I would like the
aid o f his recollection to confirm or correct the statements 1 have given you.
On his return, I will converse with him on the subject, and if I find I am
in error, will candidly inform you.
I am, very respectfully,
E D W A R D S H IP P E N ,

Cashier.

No. 1.
2.
3.
4.
(L loyd

W arden Pope.
N o . 5. W illiam Chambers.
Jam es Guthrie.
6. Joshua G. Barclay.
Jam es M cG illy Cuddy.
7. W illiam Tom pkins.
W illiam Pope.
S. M . Addison.
D . Addison, I presume, being the only person o f the name.)

I t has ju st occurred to me to examine the discount offering book, during
the period of my absence last summer. I find that a note o f T . P . M oore,
for $ 650, Was offered and rejected on the 23d Ju ly . T h e cause o f the re­



[ 17 ]

304

jection I cannot, of courie, tell; whether from the insufficiency of the names,
or from a disinclination the board have long had to discount the notes of
persons living at a distance, on account of the trouble and delay which we
have found very common in their collection, or from a belief that the money
was to be applied to electioneering purposes, it is impossible for me to say.
It is not unlikely, this is the very transaction that caused the unjust and
unfounded accusation against this office.
On the 2 5 t h June last, Joel Yancey, also a member of Congress, obtained
a discount for $ 1 , 5 0 0 . He lives in the lower part of the State, his endorsers
were all in this neighborhood, and very active partizans of General Jackson;
and no one could have prevented the belief, that this transaction was for
electioneering objects, had the minds of the board been directed to that
consideration, instead of the onjy one which generally governs them, the
goodness of the paper, and the probability of its being punctually paid.
No. 6.
B ank o r

the

U

n ite d

States.

F ebru ary

12, 1829.

I have had the pleasure of receiving your letters o f the 24th,
, and 3 1st ultimo. T heir contents arc entirely satisfactory, and precisely
such as I had anticipated. W hen I received from W ashington the communica­
tio n on the subject of the offices in Kentucky, I did not hesitate to answer
that I was satisfied there was no foundation for the charge; that the offices in
Kentucky had siifli-red deeply from the influence o f politicians; that we had
for som e time been endeavoring to withdraw the bank out o f the reach of
th at influence; that we had, at length, succeeded in giving a business char­
acter to its transactions; that the offices were now in excellent order; and that
we were exceedingly sensitive on the subject of again opening the offices to
th e ad m ission o f politics and p o litician s.
S t ill, as the remarks had been
made, I thought it proper to apprize you o f them, in order that you might
give, what you have now given, a com p le te refutation of them. The list
o f directors forwarded to you, is certainly an unhappy specimen of the
kind o f persons to whose care these politicians would wish lo com mit the
interests of the office; and yet you are fortunate, compared with the office
at Lexington, the proposed direction for which proves, on in quiry, to be
totally unfit and incompetent. So destitute of all q u alification s for their
situation have we found them, that we have not been able to take a single
individual out of the eleven presented under the auspices of the members of
Congress. On the whole, I do not at all regret that the question o f orga­
nizing the boards o f the offices on political principles has been thus dis­
tin c tly urged upon us, because it has enabled us as d is tin ctly to put dowu
the pretension.
It affords ine great pleasure to say, that this incident has not, in the
slightest degree, weakened our confidence in the judgm ent and impartiality
of yourself and the board; and that, on the contrary, it has f u r n i s h e d an
additional warning against the danger of blending the b u s i n e s s o f the bank
with the political passions of the day. I need scarcely add, that, as these
denurciations have no power to excite any prejudice against you, we shall
Digitized rely on your persevering in the same course, without being moved eitneron
for FRASER
D ea k S ir :
2G th



[ 17 ]

305

he one hand to yield to .this political influence, on the other, to suffer
any feeling against it to affect your conduct towards the members ,of this
party. T h e true theory o f conduct for officers o f the bank is, first, not to
merit these reproaches, and then to disregard them .
W ith great regard, yours,
N. B I D D L E , President.
E d w a b d S h e p p e n , Esquire,

Cashier Office U. S . B a n k , L ouisville, K y .

M em oran du m w ith regard to the directors a t L exin g to n , nom inated by
the m em bers o f Congress, J a n u a ry , 1 S 2 9 .
Jam es S ha n n o n — A law yer; brother o f Ju d g e Shannon; and a violent
politician o f the re lie f party.
C harlton H u n t — A law yer; has been a candidate for the Legislature the
last two or three years; without business qualities; a warm partisan.
H en ry C . P ayne — A farmer o f considerable wealth, but ignorant o f bu­
siness, and o f narrow and contracted view’s.
S a m u e l T ro tter —
M adison C . Johnson — A very young law yer, nephew o f Col. Richard
M . Jo hnson.
Jam es C . Bodes — C lerk o f the county court; a violent politician o f the
relief p arty; no property.
John M cC alla — A law yer; violent politician and standing candidate for
the Legislature o f the relief party; no properly.
Jam es F icklin — Postmaster o f the relief party, and insolvent.
W m . B . M orion — Deputy sh eriff; a violent politician o f the relief party;
formerly largely indebted to the United States B an k , for which property
was taken at four times its value; no property.
John fV. T ilfo rd — Doing business for another in Paris, Bourbon county;
insolvent.
•
•
0 . K een — A ju stice o f the peace and keeper o f a livery stable; a warm
partisan; possessed o f property, but o f narrow views and ignorant o f busi­
ness.

.

N o . 7.

of

P h il a d e l p h ia ,

January

30, 1829.

me a of
of
of
Lexington.is entirely o f ’a political character, without any busine.'s recom ­
T h e list

S ib : W hen I had Ihe pleasure
seeing you on yesterday, you handed
list
names
gentlemen recommended by some o f the K entucky
delegation in Congress, as suitable persons for directors
your office at

mendations, and, with but few exceptions, with an entire disregard of pro­
perty qualification; and I think the intelligent o f all parties in K en tu ck y ,
would consider it in this point o f view.
W hen w riting to you under date o f the 13th instant, from L ex in g to n ,
naming some individuals for your consideration, as directors for the current

39


[«]

306

year, M r. H arper and m y self w ere disposed to name gentlemen connected
with both the political parties residing in our town, but the difficulty of
m aking a selection, where politics were to be m atter o f consideration, in­
duced us to abandon the idea, and to look for persons whose standing and
know ledge would best promote the interests o f the institution, without re­
gard to parties.
T h e charge against the officers o f the bank of interfering in the late elec­
tions, 1 declare to be without foundation, unless the m ere exercise of the
right o f suffrage, in common with their fellow citizens, be construed in that
light. Political feeling has never, to my know ledge, in any one instance,
influenced the affairs o f the office.
I feel much for the success o f the bank o f K e n tu ck y ; that her interests
are now well guarded, and that the institution en joys an extensive and in­
creasing popularity, I sincerely believe; and 1 am disposed to think, that,
unless it is placed in the hands o f political partisans, as it was once before,
that much o f the losses sustained there w ill be recovered.
1 am, sir, respectfully,
Y ou r obedient servant,
JO H N T I L F O R D ,
N.

B id d l e ,

E s q .,

•

P resid en t Office D . Sf I). B a n k U. S ., Lexington.
P resident.

N o. 8 .

E x tr a c t fr o m a letter addressed by N . B id d le, P resid en t o f the U. S.
B a n k , to H on. C. C. C am breleng, N ew Y ork, d ated M a y 14, 1829.
“ T h e re will then remain the selection n f proper directors, on whom its
prosperity must mainly depend, and in the choice o f whom, therefore, the
greatest discretion must be exercised. T h e charter allows a latitude of from
seven to thirteen directors, to form a board. W e should desire to have, for
each o f the three places, a list prepared of at least thirteen names, beginning
w ith that o f the person whom you would recommend as president of the
branch, and arranging the rest in the order o f your preference of them.
The requisites are, as you are aware, integrity, independence, both in cir­
cum stances and character, knowledge o f business, and knowledge of the
situation of men in business, standing in the com m unity, and that the direc­
tion , as a whole, should com bine the representatives o f the various interests
o f the district. T h ere is one other consideration which must be neither
much regarded, nor wholly overlooked. T h e infusion o f the spirit of
into ev ery thing around us, causes a constant effort to draw the bank within
the sphere o f what are called p olitics; with these, the bank disclaims all con
nexion.
Belonging to the nation, and believing that its usefulness and i
prosperity are destroyed when it loses its independence, the institution owes
allegiance to no party, and will submit to none. Its principle is, that, as w
private life, no individual com m its his own health, or fortune, to persons e
inferior sk ill, because they are politicians, the bank has an equal r'R .
choose iU agents, on account o f their qualifications for the specific duu
assigned to them , not for th eir opinions on m atters w holly foreign to tho
duties. Its practice accordingly is, not to seek , and not to shun any ®a



307

£ 17 ]

for his political sentim ents. I f this course offends a few politicians, it will
be approved by the sober judgm ent of the country. But even in the worst
event, it is safer to encounter, hostility rather than appease it, by unworthy
sacrifices; and better lo loose the esteem o f others, than our own. In the
choice o f directors, therefore, you will be good enough to regard only the
personal fitness o f the individual, rejecting no competent person, and se­
lecting no incompetent person, because he may chance to belong to a parti­
cular p arty .”

N o. 9.

E x tra c ts fr o m a teller fr o m the P resident o f the B a n k o f the U nited
S ta tes, to the Secretary o f the T reasury, o f the U nited S tates, dated
Septem ber 15/A, 1829.
“ Presum ing that we have rightly apprehended your views, and fearful
that the silence o f the bank, might be hereafter misconstrued into an ac­
quiescence in them, I deem it my duty to state to you in a manner perfectly
respectful to your official and personal character, yet so clear as to leave no
possibility o f a misconception, that the board of directors of the B ank of the
United States, and the boards o f directors o f the branches o f the Bank of the
United Slates, acknowledge not the slightest reponsibility, of any description
whatsoever to the Secretary o f the T reasu ry , touching the political opinions
and conduct o f their officers, that being a subject on which they never con­
sult, and never desire to know the views o f any administration.
*
*
*
*
*
*
*
*
3d. “ No peculiar fitness in the Secretary for the suggestion o f such views.
Undoubtedly it was the aim o f Congress to exclude the operation o f party,
and the influence o f the E xecu tiv e. F o r this purpose they committed the
care o f the bank lo tw enty-five gentlem en, chosen partly hy the President
and Senate, and partly by the stockholders; trusting to this variety in the
composition o f the body, and to the natural confidence which an Am erican
Congress would feel in the uprightness o f Am erican citizens, that they
would not abuse their trusts. In this, I must be allowed to say, they have
succeeded. T h e y have obtained the services o f a body o f gentlemen, of
whose general intelligence and independence, it is unnecessary to speak;
but who are so entirely aloof from all connexion with politics, that from its
establishment to the present hour, no director o f the bank has ever received,
nor, as far as I know, ever asked, any office or any favor from the Govern­
m ent. E xperience has accordingly ratified the judgm ent of Congress, that
a bodv thus constituted, composed of members o f all political parties; stand­
ing between them all, y et connected with none o f th em ; having nothing to
ask, nor to hope, nor to fear, from the E x e cu tiv e, furnishes a much greater
security, for an independent administration, than the officers o f the Govern­
ment could possibly offer.
•
•
»
*
*
*
*
( *
“ T h e success o f the bank, and the prosperity o f the country, so far as they
are connected, depend mainly on the capacity and fidelity of its officers, who
nre necessarily the depositories o f an almost unlimited confidence; but, from
the moment they are to be chosen for any reason but their fitness— from the
m om ent that the officers o f the General or State Governments aro allowed to



308

E 17 ]

interfere in the selection— all command over its own m aterials, and all re­
sponsibility for its measures, depart from the institution. T o choose these
officers according lo any system o f political ‘checks and counterbalances,’
would oblige the bank to consult the wishes o f the party which chanced to
predominate for the moment in the public councils, and to change them with
every change o f political administration in the G eneral or State Govern­
ments.
“ N ow , the very avowal o f a principle o f political division amongst the
officers, would require a constant subserviency to the pretensions of the nu­
merous parties who divide the country, and these checks and counterba­
lances them selves would need perpetual readjustm ent; till at length the
very effort to please, would end, as it ought to end, in universal discontent
F o r the bank, which has specific duties to perform , and which belongs to
the country, and not to any party, there is but one course o f honor or safe­
ty . W henever its du'ies come in conflict with the spirit o f party, it should
not compromise with it, nor capitulate to it, but resist it— resist it npenly
and fearlessly. In this, its interest concurs with its duty, for it will be
found at last, such is the good sense o f the country, that the best mode of
satisfying all parties, is, to disregard them all.

N o.

10. ( p r i v a t e .)

B a n k o r t h e U m t e d S t a t e s , Septem ber 27, 1630.
D e a r S i r : I have recently received a pam phlet, entitled “ Proceedings
and the resolutions and address adopted by the State R ights party, in
Charleston,” which contains the follow ing passages: “ we had arrayed '
against us the influence o f the president o f the bank o f the State of South
Carolina, em phatically your bank, who was among the most zealous in his
efforts against us, and among the most industrious in his cry o f civil war,
blood, and revolution.
The presid ent o f the b a n k o f the U n it e d States,

icas not less active, a n d the head w hich presides aver th is g reat Federal
in stitu tio n , w as seen su p erin ten d in g w ith a n a n xio u s scru tin y , the polls
a t the election .” And again, “ but if Charleston be fated to be governed

by northern traders, officers o f the federal ju d icia ry , custom officers, and ,
we k n o w ,” &c. & c. And further, ‘ ‘ all
the power o f the custom house and o f the B a n k o f the U n ited S tates, all the
pow er o f the Federal Ju d icia ry , and even to a certain e xten t o f the bankof
our own S tate, m a y be a rra yed a g a in st u s ."
H ow ever unwilling to interpret very literally , expressions p ro v o k e d by
the ardor o f political controversy, there is y e t in these extracts a direct as­
sertion o f facts, which, unless the highly respectable gentlemen who make
it are en tirely misinformed, is calculated to excite extrem e regret. In the
administration o f the B a n k o f the United States, no principle is more funda­
mental than its total abstinence from politics.
Its uniform object has been
to devote itself exclusively to its own concerns, leaving public affairs to the
public councils; to belong to the whole country, not to any section o f it, to
be true to every administration o f the G overnm ent, y e t subservient to none,
and while composed o f fellow citizens o f all parties, to be wholly unconnect­
ed with an y . You know that during the many years in which I have en­
jofor FRASER
Digitized y ed the pleasure o f your correspondence, I have never made a single in­

officers o f the U nited S la tes’ B a n k ,



309

[ 17 ]

quiry into the political opinions o f any individual attached to the branch. I
am at this moment, equally ignorant and indifferent, and my only anxiety
is that they should so exercise their own rights, as not to violate those o f
the institution. Undoubtedly the officers o f the bank are still citizens, re­
taining all their privilege of free thought and free action, nor would the di­
rectors presume to control the political opinions of the humblest individual
in their service. Y e t it is not an unreasonable expectation that they who
voluntarily engage in the employment o f the institution, should conform to
its essential policy, and cautiously abstain from any conduct which may
bring upon it undeserved odium. N ow , there is nothing more adapted to
offend and estrange the community than an active and ostensible participa­
tion in popular elections, by the officers o f the bank. W hether they are in
the right or in the wrong, whether the occasion be great or small, whether
they succeed or fail, are matters of not the slightest consequence. A ll par­
ties think themselves always right, to all parties all contests seem important;
and all, if they do not succeed, are sure they ought to succeed; so that,
w hether victorious or defeated, each party retains a feeling against its prom i­
nent adversaries, which it inevitably transfers to the institutions identified
w ith them.
T h e board o f directors are, therefore, extrem ely unwilling that the officers
o f the bank should be zealous or conspicuous at elections, and the reproach
thus publicly vouched is o f a character to excite great sensibility. That
feeling, I trust, you will be able to rem ove, or allay, so as to relieve the in­
stitution from the imputation o f political interference; and I , therefore, take
the earliest opportunity o f inviting you to furnish me with the means of
placing the subject before the board in a satisfactory lig h t T h is will be
very acceptable to them, and particularly gratifying to
Yours, with great respect,
N . B I D D L E , President.
J o s . J o h n s o n , E sq .

P resident Office D iscount a n d Deposite.
Charleston, S. C.
N o. 11.

S ir :

B a n k o f t h e U n i t e d S t a t e s , December 2 5 ,

1832.

Your favors o f the 2Sth and 30th ultimo, were duly received, and
submitted to the board; and the very interesting contents o f them, held un­
der advisement, looking constantly and anxiously at the progress of events
around you, as well as the general course o f your operations at the bianch;
but the views which you have taken, and the present train o f your busi­
ness seem so judicious as to require no change.
_
T h e object first in importance is the security o f the debts due to the insti­
tution. I f from any motives the customers and debtors to the bank, do not
deem themselves bound to pay their debts to the Government, however
much such a course may be regretted, it is one which the bank has not caus­
ed, and the state o f account with the custom-house o f any dealer with the
bank, should not therefore influence the bank in other transactions with that
dealer, where the security is undoubted.
Y ou r favor o f the 14th in s t is very satisfactory, and I have no dout that
the explanations which you have forwarded to Columbia, will convince the



[ 17 ]

310

Legislatn re that the charges against the branch are unfounded. T h ey were
the more welcome to me at this m om ent, because 1 have received, from a
friend in Columbia, a letter stating that very serious imputations had been cast
on the conduct o f the bank towards the bank o f the State and asking for the
means o f satisfying the opponents o f the institution, that these reproaches
were groundless. A s it is a subject on w hich 1 feel considerable anxiety,
1 will mention to you the particular points on which the adversaries of the
bank rested their accusations.
T h e first is, that the branch in Charleston has, within a few days past, re­
fused to receive, in payment o f the balance sagainst the bank o f the State, any
notes o f the B an k o f the United States, or its branches, exccp t those redeem­
able in Charleston, and, as there are com paratively few o f those in circula­
tion, it occasions a drain o f specie from the State bank.
T h e n ext is, that the branch refuses to receive, in paym ent o f balances due
b y the bank of the State, the bills o f the other local banks, while the bills
o f the bank o f the State are receivsd by the branch in paym ent o f balances,
from the other local banks against the bank o f the S tate in favor of the
branch, which is injurious, inasmuch as the local banks do not demand specie
o f each other, while the branch does.
T h ese tw o circum stances are urged as indicating a settled hostility on
the part o f the branch which calls for measures o f protection and retaliation
from those who have the guardianship o f the bank o f the State.
Y ou r letter o f the 14th in s t enabled me to assure the gentlem an who wrote
to me, that the allegations o f hostility could be disproved, and as he is one
whose good opinion I prize very h ig h ly , 1 wish you to place in my handa
copies o f any papers which you m ay have sent to Columbia, and any other
additional evidence calculated to rem ove these erroneous impressions, so thatj
I may transm it them to him.
In regard to the general subject o f the relations o f the branch to the State
Governm ent, and the State banks, it has not been deemed necessary to give
any detailed instructions, because the general principles on which the bank
is administered, and which are very fam iliar to you, appear to furnish an
adequate guide at all tim es. T h e ir application to the circum stances existing
at present, suggests that the true position, and the true course o f the bank
should be this.
H ere is a most unhappy controversy betw een the G overnm ent of the
U nited States and the G overnm ent o f South Carolina. T h a t controversy is
deeply deplored by those who adm inister the B an k o f the United States,
but they had nothing to do with causing it, and must have nothing to do with
carryin g it on. Its only becom ing attitude is one o f en tire, fair, honest
neutrality, looking exclusively to its own proper business, and the security
o f its own debts, and leaving to each o f the parties the vindication of their
rights, to w hich both are fully co m p eten t T h u s, in the case which I have
ju s t staled, a merchant refuses to pay his bond at the custom-house in
Charleston.
H e should not on that account be discredited at the branch,
and the renewal o f his notes refused, because this is a question, not o f com*
m ercial cred it, but o f political feeling ; and the bank would h a z a r d the col­
lection o f its own debts, in order to enforce the paym ent o f the public re­
venue, w hich, is the concern of the G overnm ent, not o f the bank. So, too,
i f the branch, were to use its power to cripple the resourses or ipjure the
credit o f the State banks, it would in fact em bark in this controversy against
the State G overnm ent, w hich every consideration o f propriety forbids. On



311

C 17 3

the contrary, both the duty and the inclination o f the bank combine to re­
com m end a course o f kind and liberal policy towards the State banks o f
South Carolina, and that no one act o f restraint should be imposed on either
the merchants or the banks o f that State, which could not be justified by
consideration o f necessity and propriety, in relation exclusively to the safety
o f the bank.
I am perfectly satisfied that you and the highly respectable gentlemen
associated with you in the branch, fully understand and appreciate the force
o f these views, and will act in conformity to them. Your and their task is,
we know , a very delicate one. W e confidently re ly on your executing it
to the satisfacion o f the board, in such a manner, as while it protects the
rights and interests committed to your charge, will give no ju st cause o f of­
fence to the Government of the State, or o f the United States.
Writh great respect,
Yours,
N . B I D D L E , P resident.
J o s e p h J ohnson , E sq .

P resident Office D iscount a n d Deposite, Charleston.
M.

Q uestion s a n d A nsw ers upon the subject o f the books o f the bank.
B an k U n it e d S t a t e s , October 3, 1S 3 4 .
Question 1st. Is there any mode whereby any officer o f the bank can
apply the money o f the bank, without the fast appearing on the books of
the bank?
»
A nsw er. N o. M oney is never paid out,'excepting through the first
teller, upon a voucher signed by one o f the officers o f the bank, designating
the amount and nature o f the paym ent, and thus indicating the account in
the books o f the bank, to which it must be charged.
Question 2d. Is there any fund coming into the bank in any manner
whatsoever, which does not appear on the books?
A nsw er. N o. A credit upon the books o f the bank is always given
when money is received from any source whatever.
3d. G ive a succinct view o f the manner in which business is done in
the bank, so as to exhibit the checks upon the incomings and outgoings o f
m oney.
_
_
Answ er. No money is received into the bank but through the second,
or receiving teller’s department, and none is paid out, excepting through
th e first, or paying teller’s department. M oneys received at the counter
are credited on the books o f the receiving teller, and in the bank book of
the dej>ositor; those received by letter are credited on the books of the
receiving teller, and acknowledged by letter. T h e credits given on the books
o f the receiving teller are posted in the legers to the accounts o f the depositors,
w hether individuals or corporations. A ll receipts o f money from indivi­
duals, & c., at the counter, are checked by the bank books, which are
settled frequently by the bookkeepers, who, at the same tim e, balance the
accounts in the leger. A ll receipts o f money by letter, are checked by the
account current, generally m onthly, made out from the leger; and in all ac­
counts between the offices o f the bank, the items o f difference are reported



[ 17 ]

312

to the second assistant cashier for exam ination. T h e total receipts are handed
over every day by the receiving to the paying teller, who thus becomes accoun­
table for the amount. T h e daily exchanges with the city banks form the
only exception, if exception it can be called, to the foregoing statement.
M oney is paid out by the first teller, only upon checks, or orders, which
are registered at his desk, and then handed to the bookkeepers. T h e paying
teller’s books show the daily balance o f cash on hand at the opening of the
bank; the sum received from the receiving teller being the amount of the
deposites o f the d ay; the amount o f payments made each day, which are
always compared with the account o f the bookkeepers, and their agreement
ascertained, and the resulting balance being the amount o f cash then on
hand. T h e general leger bookkeeper enters the totals o f the receipts and
paym ents o f each day, in his journal and leger, and presents a semi-weekly
balance sheet o f the leger to the board, at its stated meetings.
T h e com m ittee on the state o f the bank, consisting o f five directors elec­
ted quarterly by the board, exam ine, at least once in three months, the cash
and other efiects o f the bank, and report to the board their agreement with
the books o fth e bank, or the diiference, i f any .
S . JA U D O N , Cashier.
T h e cashier being more fam iliar with the mode o f keeping the account*
than 1 am, I have requested him to answer the inquiries, which he has done
in the preceding statem ent, io which I concur.
j
N . D I D D L E , President.




Liabilities o f Jesper Harding at Bank United Stales.
Drawers.

When due.

Wilkinson and McCoy
•
Isaac G. Colesberry
•
•
11. II. Lindsay 011 James Young', Nashville
Jesper Harding on T. II. Jackson & Co., New York
.
M. T . C. Gould on T . II. Jackson Sc Co.,
do
T. II. Jackson & Co. New York
James Locken
M. Stokes
•
«
John McKewan, jr.
*
II. H. Lindsay
•
Jesper Harding
•
James Faye
•
Humphrey Atherton Jasper Harding
Do
•
R. W. Damard
James Mclntire
William B. Holton
John Hill
•
Evan Lewis
John Laval
-

Jesper Harding', John Laval
Do
• .
.
I)o
Do
Do
Do
(3 notes)
Do
(2 notes)
Do
(2 notes)
llo
(3 notes)
I)o
George Guicr
•
Jesper Harding
•
•
Do
(6 notes)
Bennett and Walton
William Foulke
(5 notes)
Jesper Harping
■
.
Do
•
•
Do
.
Do
.
Do
(6 notes)
Do

Amount.
304
350
381
461
566
483
641
481
940
1,225
525
180
221
5,380
1,063
2,727
165
1,050
330
340
5,675

00
00
87
00
00
00
76
18
00
09
00
00
26
00
33
00
00
00
00
00
00

^!3,490 40

M kmo.—September 25, 1834. Some of the above notes and bills were protested at maturity, for non-payment. In all cases where protest was omitted,
it was done at the request, and with the written consent, of all the parties, whose liabilities would otherwise have been impaired by such omission. Misbe­
lieved to be customary with all the banks of this city, to grant in this way, to the parties, when they request it, an exemption from the expense of protest,
unless there be some especial reason for refusing it.




313

18,
c J u ly
June
27,
October
1.
October 17,
November 10,
October 29,
August
6,
March
31,
April
18,
April
11,
April
21.
May
8,
June
4,
18,
May
21,
March
18,
May
18,
May
f April
11,
April
U,
June
4,
May
3,

Endorsers.

314

I 17 ]

L e tte r fr o m M r. W ebb to N . B iddle.
Of f ic e o r

the

C o u r ie r

an d

I n q u ir e r ,

N ew Y ork, F eb rua ry 23, 1833.
S i r : I have the honor to enclose you a copy of an assignment made by
me, in December last, in which I have made provision for the payment of
the note drawn by M . M . Noah and myself, for S IS ,600, which was pro­
tested on the 17th instant
I beg leave to call your attention to the fact, that, in this assignment, no
provision is made for a discharge from my debts; because, at the time of
making it, I felt perfectly satisfied of my ability to meet all my responsibi­
lities from the profits of the paper in the course of a few years. Under
this conviction, and with this object in view, I did not seek for a discharge
from m y debts, but consented to conduct the paper on a salary for the be­
nefit of m y creditors, until such'tim e as their demands against me shall be
liquidated.
Respectfully, your obedient servant,
JA M E S W A T SO N W EBB.
T o N. B

id d l e ,

E s q .,

P res’t. o f the B a n k o f the U. S .
I examined the deed of assignment in the bank, and find that the pay­
ment of the #18,600 is provided for. If the fund be sufficient, ^and it is so
represented, but I have no other means of judging,) the debt is well se­
cured.
W . P . M ANGUM .
L e tte r fr o m G ales a n d S eaton to the P resid en t U n ited S ta tes Bank.
W a s h i n g t o n , M arch 29, 1833.
S ir : Your letter of the 26th, received this morning, is before us. We
hasten our answer to i t
1. As to “ the present condition of the trustee fund,” by which you
mean the trusteeship of our great public w ork, executing under an act of
Congress, and known by the name of “ the American State Papers.” The
payments into that fund by the proper authority have been as follow*:
1832, M ay 28,
$25,000 00
“ Ju ly 17,
8,267 12
“ November 5, .
8,467 99
1833, M arch 12,
.
9,183 50

850,918 61
Fifty thousand dollars were appropriated additionally for this w o r k , in the
general appropriation bill of 2d instant, against which we have a running
account, which will be made up and rendered from time to timfc What­
ever fu r th e r appropriation may be necessary will be made of course by
Congress, upon the faith of their original act of March 2d, 1831.
2. A s to “ what payments have been made out of i t ” Under the agree­
ment with the Patriotic Bank, of which you have a copy, the first 8 2 7 ,0 0 0
received, were to be applied to a repaym ent of money advanced by the



315

[ 17 ]

bank, &c., after which the further receipts were to be applied to repaying
moneys advanced for carrying on the work, and the surplus to the payment
of debts and drafts by us. The residue of the above sum has been thus ap­
plied. The acceptances that preceded those which you hold, are of the fol­
lowing dates and amounts:
1S33, April 6, J . F. Webb,
- $2,000 00
“ “ 15, C. Kounslar,
1,000 00
“ “ “
“
4,077 28
Say in all S7,077 2S. Your first acceptance was made on the 17th said
month. The work has not been done as rapidly as expected, from the delay
occasioned in preparation of copy and indexes, but the next payment into
the fund will reach your acceptances; after which, they come in in succes­
sion.
3. As to “ whether said acceptances are fully covered by the fund.”
The extent of the fund, you will perceive, depends on the extent of the
work. It was supposed, at first, that the fund required would amount to
8200,000. W e cannot certainly say, until we arrive near the close of the
work, what will be its real extent W e have, however, voluntarily and
spontaneously provided against the contingency of the funds falling short,
by adding other security for the payment of the bills held by you, of the
nature of which we advised M r. Andrews, when the last draft upon that
fund was given; viz. on or about 15th November last, which additional
security is good for more than the whole amount of our debt to the bank.
4. As to “ how soon you may calculate on the acceptances being paid:”
in part, within three months; and in further part, at intervals of 60 or 90
days thereafter.
W e have answered your inquiries categorically. W e add some general
observations on the nature of our dealings with the bank. You have, as '
security for our discounts at Bank United States, besides our names and that
of M r. Donoho, undoubted security to the full amount, in acceptances and
endorsements, except the precise sum of $4,000. You have, besides a ge­
neral conveyance to the office here, for security of payment of all debts due
and becoming due now or hereafter, (by a deed of trust, dated January 6,
1826,) of “ the office of the National Intelligencer, and the whole establish,
ment connected with said National Intelligeucer, comprising all the debts
on account thereof, which may be now due to Gales and Seaton, or which
may hereafter become due or be created, and with all the appurtenances of
said office and establishment of whatever nature.” The receipts of the
newspaper establishment equal fifty thousand dollars per annum. Of its
value, we willingly leave you to make an estimate. It is certain, that a
hundred thousand dollars in cash would not purchase it from us.
You have further security by a deed of trust upon the house in which
Mr. Seaton resides, and upon M r. Gales’s farm and residence of Eckington,
with all his personal estates o£ what kind soever.
You might very naturally suppose, (if you did not know to the contrary,)
that we owe a vfiry large debt to the office here, or elsewhere, besides the
amount borrowed at Philadelphia. But what is the fact? Enclosed you have
a statement, procured from the office here, of our liabilities to the bank at
the time (1829) that the latter of these securities was given, marked A.
From this it appears, that our liabilities then amounted to $45,774 96. Of
these, the remnant now existing is as follows;



/

£ 17 ]

316
Note of G. & S.,
Do
Do
Do
Do
Do

do
J.
Donoho,
Holmead,
Skin ner,

G .,

-

-

-

-

-

.

.

-

•

-

-

$5,310
500
375
900
120

550
87,735,

excluding two discounts, with which our names are connected it is true,
but which are guarantied, one specifically by the Patriotic Hank, the other
by the clerk of the House of Representatives, «nd exclusive also of an
endorsement of 8700 for O. Carr, secured by a pledge of his official salary.
W hen the revenue of our establishment (say, including the newspaper,
$150,000 per annum,) is considered, the amount of our debt to your insti­
tution is, in fact, comparatively insignificant It will have ceased to exist
in a n y form, or to a n y amount, by the first of July, in the year 1835, the
decrees of Providence excepted.
It will readily occur to you, as a man of honor and delicacy, that so free
a disclosure as we have made of our affairs, is not made without repugnance.
But every feeling of that sort is suppressed, to leave no room for conjec­
ture or suspicions to our injury. W hat we write we hope will be read to
or by the board of your institution, and by Mr. Andrews and Mr. Cowpcr*
thwaite. W e ask, however, from a mere desire to avoid unnecessary expo­
sure to impertinent curiosity, that an order of the board be made, that it
shall not, nor even the substance of it, be published in the newspapers. We
stand justified in this request, by the notorious fact that transactions in your
bank do find their way into the newspapers; and by the particular fact,
that statements were made, in the months of January and February last, in
a congenial print in this city, which purported to be sanctioned by infor­
mation from persons having access to your books, and which, though in
themselves mean and malignant misrepresentations, exhibited just a sofficient shadow of foundation to show(to our minds) that dishonorable familiarity
had been practised with our private accounts.
I f your request had reached our J . G. during his late b rief visit of busi­
ness to Philadelphia, perhaps a reply could have been shaped more exactly
to your wishes than this. As it is, if any further explanations be desired,
o r any further evidence o f the correctness o f the statement we have made
affairs, we shall be happy to furnish it on receiving an intimation from
of
you
that effect.
W ith high respect and consideration,
W e have the honor to be,
Y ou r most obedient servants,
G A L E S ii S E A T O N .
S . J a u d o n , E s q .,

our
to

C athier B a n k o f the U nited S la tes.




[ 17 ]

317

S ta tem en t o f Gales a n d Seaton’s responsibilities to the B a n k U. S ta tes.
September 26, 1S34, At Philadelphia, - $35,850
Do
1, do
Washington, - 21,257
-857,107
In M arch, 1833, they amounted to
80,338
Reduced

-

-

Leaving now due

.

.

6,

7,0S0,

S57,107

.

L iabilities o f Gales a n d Seaton to Office o f
W ashington.
Amount due on the 30th Septempber, 1834,
September, 30, 1834, Discount,
Do
do
do October 7, 1834,
do do H , do
do •
*1, do
28, do
do -

Novem ber
Deduct five notes o f
Paym ent on note o f

23,231

_

250 each,
-

the B a n k U nited Stalest

paid,

.

-

_
500
250
250
250
250
250
-----

#1,250
- 1,255

1,750 00
23,374 7J
2,505 00

#20,869

73

O ffic e B ank of t h e U n ite d S ta tes,

W a sh ing to n, November 7, 1834.

S i r : I have now the honor to enclose a continuation to this time, of thp

accommodations granted to M r. Gales & Seaton, and in conformity to the
promi.-e I made you, I give the following brief history of the dealings of the
first named gentlemen with this office.
The accommodations to these gentlemen commenced in 1817, and were
continued while they held the station of printers to Congress, until March,
1829. The loans were generally secured by liens on their real estate in
this city, and on the press and materials, and accounts of the National In ­
telligencer, and also by acceptances of the Secretary of the Senate, and Clerk
of the House of Representatives. W hen they lost their appointment as
printers to Congress, in 1829, the aggregate amount due from them, was
#37,609 96; and as they had no means of paying this debt, and could not
even pay the interest on it, it was deemed necessary to resort to the pro­
perty which they had pledged, and a sale was, therefore, made of all the
real estate, except the dwelling house of M r. Seaton. The bank became
the purchaser of the whole, for the sum of $36,330 10, including the sum of



[”]

31 8

$6,086 52, for previous liens on the property, and an agreement was en­
tered into with these gentlemem, that the lots and houses occupied by them
as a printing establishmeut, might be redeemed by them within five years,
at the cost or price it was bid in for; they, in the mean time, paying a rent
therefor, equivalent to the interest on the cost of the property. The resisidue of their debt was secured by a lien on Mr. Seaton’s dwelling house,
on the country house and farm occupied by M r. Gales, and on M r. Gales’s
furniture. The printing materials of the National Intelligencer, the ac­
counts, &c., of that establishment, were all included in their deeds of trust
of December, 1820, and June, 1S26; but as all these had materially changed
their character since the dates of the deeds, it was not thought possible to
obtain any thing from these securities, and no sale of them was attempted.
T he only additional loans to these gentlemen, from the sale, in 1829, lo the
4th M arch, 1833, when they again received the appointment of printers to
the House of Representatives, were as follows, viz:
A pril 13, 1S30,
$500 } to c ^ lV f a r m . ^ fi" iSh ^ h° USe “
Ju ly 12, 1831,
4,285 J 0n,their printing ,h f public documents.teS>lnd
° f De^
J
\ f Pled* e ,? f o '
December 4, 1832, 715 on
do
do
N ovem ber 27,
650
Total $6,150
On the 5th March, 1833, a loan for $10,500 was made to them for 60
days, renewable to the 1st February, 1834, to enable them to make prepa­
rations for the printing of the House; which was guaranteed by the Patrotic
Bank, to whom they gave an assignment of their contract When the time
for payment arrived, the Patriotic Bank had received the full amount, from
the printing executed by these gentlem en; but, for its own accommodation,
the loan was extended 30 days, and on the note of that bank. It was paid
up in full in M a;ch last In M ay, 1833, these gentlemen made application
for another loan, predicated on an order from Congress to print a continua­
tion of public documents. T hey wished an immediate advance of 8 1 0 , 0 00 ,
and a weekly one of $250, for the purpose of paying the workmen employ­
ed on this special business, and they ofTered, as security, a full assignment
of the contract they had entered into, the whole proceeds to come to the
bank and to be applied as follows, viz: First, to the repayment *of the
$10,000, and o fth e weekly advances of $250. Secondly, to the purchase
of paper and presses for the object, not exceeding $3,000 annually. Thirdly,
to the payment of any debt they might owe this office and the Bank of Co­
lumbia. Fourthly, to the paym ent of any debt due the parent bank in
Philadelphia; and after these objects were accomplished, all surplus was to
be returned to them. The board, considering the arrangem ent as beneficial
to the bank, and one which would, in all probability, insure the speedy pay"
m entof their debt to the bank, acceeded to it, and it was accordingly carried
into effect These gentlemen executed a full assignment of the contract,
which was recorded in the clerk’s office in this city, and was published in
the Globe, in full, about a year ago. The bank advanced the $ 1 0 ,0 0 0 in
the first instance, and $11,750 in weekly instalments of $250 each, and we
have received, on account of the w ork executed by these gentlemen, tne
sum o f $15,285 82, which sum has been applied to repayment of the



319

[ 17 ]

w eekly advances; to the reduction o f the loan for # 1 0 ,0 0 0 , and to purchase
•of paper for the work. I understand from these gentlemen, that the w ork
is in rapid progress, and the proceeds paid to us as they accrue. I t was *
their estim ate, when the arrangement was first proposed, that the whole
debt to this office and to the parent bank, would be paid off within two
years. Circumstances beyond their control prevented the continuation o f
the work for some months, and their calculations cannot be realized as lo
tim e; but I feel warranted in saying, that the whole debt to this office will
be liquidated in a very few months, unless unforeseen obstacles should be
thrown in their way for continuing the work. On the 12th of August last,
an ew discount was granted to them, for which they assigned the binding o f
the Journal of the House o f Representatives, for the last session, which
binding m u st be completed, as I understand, before the meeting of Congress;
and, as soon as completed, will be paid for, if the appropriation for the con­
tingent fund hold out. T his forms a part o f the amount now due from
them.
A large part o f the proceeds o f this loan was applied to payment of
other liabilities of theirs, and they only received about # 1 ,9 0 0 in money.
I hope, sir, this full explanation will be satisfactory to the committee, and
that it will be seen, in the dealings of these gentlemen with the bank, no­
thing but a desire on our part, to facilitate the operations of the Government,
granting assistance to those who are employed to perform certain duties
for it.
I am, sir, with great respect,
Y our most obedient servant,
R IC H A R D S M IT H , Cashier.
H on. J

ohn

T

vler,

In behalf of the Finance Committee o f the Senate.




Loans made by the Bank United States and Offices to members o f Congress.
Amounts.
1826.

A*.
•
.
•
.
.

.
.
.
.
.
•
.
.

Amounts.
1828.

Amounts.
1829.

Amounts.
1830.

6,000
2*600
55,124

800
63,686

6*0S6
74,522

10,6.37

16,421
10,000

7,550
10,000

-

50,510
800
1 ,325
73,869

_
.
_
.
.

16,725
_

19,846

.

36,263
1,500

_

•

47,350

_
_
_
_

30,801
.
-

41,365
.
_

5,000
7,600
2,000
30,406

17,242

_

•
.

-

-

-

•

47,515
•

9,820
-

_
_
•
19,141
500
_

9,580
700
_

$218,830

53,826
15,884
2,000

•213.346

35,410
500
.
200
10,000

Amounts.
1832.

Amounts.
1833.

Amounts.
1834.

♦212,412
-

116,005
1,200

57,264
362

44,256

51,340

36,412

4,020

* 7,700

18,800

14,000

57,201

600
■[84,366

22,970

4,500
35,311

7,300
300
12,683

564
9,584
J.340
8,000
25,854
6,092
26,403
300

73,233
500
45,786

•

•

.
25,414
5,850

$221,026

7,050
90,775
1,180
15,085
11,000

.

_

*237,436

1,037
400

Amounts.
1831.

•

2,100
25,497

_

1,900
23,220

5,446
3,539
18,650
22,616
4,970

20,771
6,897
53,180
•

2,000
3,500
7,070
6,897
39,548
2,500

2,500
32,866
6,907
16,368
-

1,100
3,797
7,350
10,520
-

39,361
6,687
7,238
9,067
300

3,000

40,839
8,033
4,900
300
$192,161

*322,199

$478,069

*374,766

*238,586

•
*
.

13,332
5,500
-

•

_

5,500
700

•In this sum is included a stock loan of one hundred thousand dollars.
A large portion of this debt, as in other offices, is created by the discount of domestic bills o f exchange. At this and several of the branches every
.
renewal ot a note discounted is included—including $50,000 P. O. acceptances.

The returns arc without specified dato. For th« want of dates the return* cannot be used as comparative.
„



320

Bank United States
Office, Portland
Portsmouth
Boston
Providence
Hartford
New Y ork
Baltimore
Washington
Kiclimond
Norfolk
Fayetteville
Charleston
Savannah
Mobile
New Orleans
Natchez
St. Loti is
Nashville
Louisville
Lexington
Cincinnati
Pittsburgh
Buffalo
Utica Burlington

Amounts.
1827.

321

[ I? 3

Ji statement o f the number o f members o f Congress who have received
accommodations at the Bank o f the United States, and offices, from
1826 to 1834, inclusive.
[The following table shows the year when accommodations were granted, and embraces
those who have been members, and have received accommodations since they ceased to be
»o, as well as others.]

1826 1S2' 1S2S 182J 183C jI S31 1S32 1833^1834
B a n k United States
Office at Portland .
Portsm outh
Boston
P rovidence
•
Hartford
N ew Y ork
•
B altim ore
•
W ashington
•
Richm ond
N orfolk
•
F ay ettev ille
.
Charleston
N ew Orleans
M obile
N atchez
.
S t. Louis
.
N ashville
L ou isville
L ex in g to n .t
Cincinnati
P ittsburg
.
Buffalo
.
U tica
B urlington
Totals

1

.

.

-

-

.

4
1

3

.

-

11

.
.

.

•

3

3

5

3
1

1

2

4

3

-

3

_

-

_

_

_

m

-

4

_

-

•
_

1

7 13
1 _

1
1
4

2

2

-

_

_

1

-

.

.

.

.

.

.

.

.

2

1
3

5
4

-

1
4

4
4

3
1

4
2

.
5
-

4

r

.

-

.

_

_

-

-

-

-

-

32

25

38

34

4

-

4
_

9 22 19
1

•

-

9
1

3
1

3
2
o
4
1

-

.

1
4

9
1

6
2

.

.

9

2
1
/“
4

i
i

.

.

.
_

1*
1 11 10 13
2
3

2
1
4
2

1
1
1

1
4
1
5
1

1
3

2

1

-

1
4
3
5

4

-

-

52 59

44

-

2

3
1

1
1
3

3
4
1

2

3
3
3
1

2
1
1

3
1
3
1
1
3

2
2

5S 52

•There were drafts on others paid at maturity.
_
tThe returns from this office are not dated. From the establishment of the office to this
day. fourteen members have at various times received accommodations.

L e tte r fr o m the president o f the U nited S ta tes B u n k to the president o f
the L e x in g to n branch, on the subject o j publications.
P h il a d e l p h ia , Septem ber 26, 1 8 3 2 .

D e a r S i r : I send by this mail, M r. W ebster’s speech on the veto mes­
sage, and also another article review ing that message. I t is desirable that
these should be circulated, so as to counteract the injurious impressions
which the message was designed to make against the institution. You will
41



822

[ 17 ]

therefore cause the papers, as well as M r. C lay ’s and M r. E w in g ’s speechea
on the same subject, or any other well w ritten articles in regard to the
bank, to be printed and dispersed. I f you think any o f these I have men­
tioned too long or elaborate for general reading, you can substitute any
other m atter which may have the same object. A ll that I wish to caution
you against is, that, abstaining, as the bank does, from all connexion with
what are called politics, you will confinc your efforts exclusively to the dis­
tribution o f what may be explanatory o f the operations and conduct of the
bank. Confined to that object exclusively, you may causc to be printed
and circulated any amount o f such papers as you may consider neccssary
for the vindication o f the bank, and give me an account o f the expense,
which you will o f course endeavor to m ake as reasonable as may consist
w ith the object in view.
V ery tru ly, yours,
N . B ID D L E .
J o h n T i l f o b d , E s q ., L e x in g to n

, A y.

A cco u n t o f the B a n k o f the U n ited S ta tes fo r p r in tin g ,
o rdin ary.
1829. F or the first half year ending 30th June:
T o Garden and Thom pson for triennial
report, &c.
.
.
.
.
T o New Y o rk officc for report o f Finance
Com m ittee
•
-

$24 87
23 38

F or last half year ending 31st December:
Office o f Baltim ore for finance report
Office o f N ew Y ork for the same

T o tal for the year

1829

.

.

15 50
37 50

-

.

other than

.

$58 35
53 00
105 25

T h ere is no other item than such as ordinarily enters into the expense
account for the year 1829 but the sum paid to C. C. Cam breleng, under
th e head “ current and contingent,” for his visit to the interior of New
Y o r k to select the most suitable situation for a branch, which amount* to

81 , 000 .
1830. F o r the first half year ending 30th June, 1830; viz.
Office o f Boston, Sm ith and M cD uffie’s
reports
.
.
_
Office o f New Y o rk , for the same
Office o f Baltim ore, for the same
W illiam F r y , for the same
Garden and Thom pson, for the same
• L itte ll, for the
.
.
.
H arrisburgh, for the same
P . P . F . Degrand,
the same N . B id d le, for distributing reports, &c.




sime

for

$256 0 0
830 11
20 00
694 50
1,683 75
300 00
50 81
250 00
- 700 00

^

323

[ 17 ]
-

*

F o r last half y e a r, viz.

J . Harding, for McDuffie’s report in the
Free Press .
.
.
.
g i 5 00
Mason, for binding in boards McDuffie’s
report
10 50
N . Biddle, for distributing McDuffie’s
report
.
.
.
.
275 00
To the same, for the printing of Gallatin’s
pamphlet
.
.
.
.
1}000 .00
E. Littell, for printing the same
300 00
Degrand, for distributing the same
300 00
Garden and Thompson, for McDuffie’s and
Sm ith’s reports
.
.
.
691 00
---------- 2,591 50
Total for the year 1830 .

.

.

.

1831. For the first half year, ending 30th June,
viz.
T o Gales and S°aton, for printing and dis­
tributing Mr. Gallatin’s pamphlet
$1,300 00
N. Biddle’s orders under resolution of
11th M arch, being fifteen several orders,
amounting in all to $7,801, of which,
for the distribution of Gallatin’s, M r.
•McDuffie’s, and Smith’s reports, there
2,000 00
is charged
Office of New York, for distributing the
same, &c.
.
.
.
.
733 75
Gray and Bowen, for 2,000 copies Review
123 00
of Bank Report
Jesper Harding, editor Pennsylvania In­
quirer, for 11,000 extra papers, fold­
440 00
ing, &.c.
.
.
.
.
Garden and Thompson, for 2,000 copies
55 56
Sm ith’s report, binding, &c. L. Johnson, for stereotyping address to the
95 67
State Legislatures
James W ilson, 25,000 McDuffie’s report,
and 25,000 address to the State Legis­
1,447 75
latures, folding, ki. T o Carey and Lea, for printing Professor
Tucker’s article, and 1,000 of Gallatin
2,850 00
on banking W m . F ry, for copies of the National Ga­
zette, Gallatin’s article from the A m e­
rican Quarterly’ Review, editorial arti­
cle on President’s project of a national
bank, Address to the State Legislatures,
1,230 2'/
and review of Benton’s speech
♦The balance it stated in the body of the report.




$5,876 67

324

C 17 ]
To

American Sentinel, for 3,000
folding, package, and postage -

extras,

-

the last half year, ending 31st De­
cember, viz.

125 74

210,401 74

For

D uff G reen, for report o f stockholders
E . N iles, publishing report B ank United
States Garden and Thom pson, report o f stock ­
holders and extras
.
.
.
National Gazette, report of stockholders
Office at Richmond, for report o f stock ­
holders
.
.
.
.
Jam es W ilson, report o f stockholders
W m . F r y , for printing review o f B en ton ’s
speech, address to the State Legislatures,
distribution, postage, and supplement Pensylvania Inquirer, for 2 ,0 0 0 extras M r. Bid d le, for distributing G allatin’s and
S m ith ’s reports
-

Total for

1S31

-

28 00
70 00
191 57
38 25
36 00
63 75
195 93 J
80 00
48 00

-

E x tra o rd in a ry P r in tin g , fo r
1832. — F o r the first half year, ending 30th Ju n e , viz:
1.000 copies review o f B en to n ’s speech,

751 50J
g l 1,153 24J

£106 38
200 00

printed by H u n tT a rd iff& C o ., N ashville,
Courier,
G ales & Seaton, 2 0 ,0 0 0 o f a pamphlet con­
cerning the bank,
copies M cD uffie’s & Adams’s reports,
National Intelligencers,
W m . F ry ,
copies National G azette,
containing addresses to State L eg isla­
tures, and review o f B en ton ’s speech,
R eport Committee o f W ays and M eans,
Publishing statement Courier & E n q u irer,
copies, National Gazette, containing
reports on bank, ' .
C arey & L ea, for paper, and extra-binding
Q uarterly R eview and Adam s’s report,
C arey & Lea, for expenses attending Q uar­
terly R eview , per orders,
100 0 0

1.000 copies Saturday
1.000
320

2,900

2,500

800 00
360 00
16 00
72 50
2# 47
34 00

125 00
150 50

---------- *1,990 85

F o r the last h alf year, viz:
Je sp e r Harding, for printing review o f the
veto, and expenses incident thereto, and
handbills ordered by Col. J ------- .
Edw ard Olm stead, bank documents,
E w in g ’s speech— W ebster’s speech,

& other documents, relating to the bank,


200

4.000

821 78
624 11
328 88

325

' [ 17 ]

I

$ 41S 25
ques­
304 84

Edw ard Olmstead, printing review ,
W m . F r y , printing two editions o f
tions and answers,
W ebster’s
speech,
the
message,

22.300 copies of
on
veto
892
40,800
do
do, S16
22.300 of Adams’s and McDuf­
fie’s reporls, 501
Printing, in pamphlet form, re­
port of majority and minority
of Committee of Inquiry,
binding, &c,,
1,418
A ltering and printing Quarterly

Review, 1,750 copies,
2,500

Printing
copies reports
in newspapers,
Jo h n M etcalfe, of K entucky, for printing
extra Copies o f P rotector , con­
taining sundry bank documents, and ar­
ticles in favor o f bank, and analysis of
veto message,
John S. Riddle, for printing and circulating
reports o f McDuffie, Sm ith, Adams, S e­
cretary o f the T reasury; speech o f W eb ­
ster on veto, and review o f the veto
message,
.
.
.
D. N . H ew lings, for printing W ebster’s

00
00
60
62J

48 01!

-

125 00

1,400

.

.

.

295 00

2,580 50

speech, Wilson, of Pittsburg, (see copy vouch­
er, annexed,) .
.
.
R . Coneynham, printing W ebster’s speech,
N. L. Furnell & Co.,printing Clay’s speech
on veto; Clayton’s do.; extract from
E w ing; McDuffie’s report on bank; part
of M cLane’sTreasury report; and speech
of Sm ith,of M aryland, on bank question,
J.

Thom as C larke, for printing W ebster’s
speech, and other articles, on veto mes­
sage, and distributing them,
Sergeant H all, W ebster’s speeches, and
other articles, in Schu ylkill County A d­
vocate, & c.,
Samuel C. A tkinson,
M cDuffie’s &
Adams’s reports on bank,
W m . A . M e rce it, printing G eneral Ja ck­
son's veto,
copies, wrapping and
distributing them ,
Nathan Hale, printing
copies o f
W ebster’s speech at W orcester conven­
tion;
copies W ebster’s speech on
bank * eto, and stitching, boxes, freight



12,500

30,000

40,000

12,500

250 00
580 CO
200 00

150 12}
-----------10,357 77J
1,512 75
100 00

130 00
558 00

[ 17 3

326

by packet and stages, packing and send­
ing away, . 2,422
C. Alexander, for 3,000 pamphlets, and
10,000 of a supplement containing exam­
ination of veto message, and distributing, 25S
R. Bannan, for printing extracts of W eb­
ster’s speech, and other articles, in E ng­
lish and German, on the veto message,
and distribution,
200
Conrad Zentler, for publishing in German
extracts of W ebster’s speech, and other
publications, and distributing them,
566
J. Telford, for publishing Adams’s report,
and other documents relative to the
bank,
394
To which add, expenses first half year,
Total for 1332,

-

65
00
00
40
37

6,142 17

-

16,499 94J
1,990 85

-

*18,490 791

Copy of James Wilson's receipt.

“ Received, Pittsburg, September 28, 1832, from the Bank of the United
States, five hundred and eighty dollars, for printing done for the said bank.
‘‘ JA M E S W ILSO N .”
[*580 00.]
( A p p r n d e d .)

Credit office, Pittsburg, five hundred and eighty dollars, for a draft, in
said office, favor of J . W ilson, for printing for N . Biddle, president, letter
of this date, to J . W .
Charge expense account,
[580 00.]
B. W . J.
September 24, 1832.
1833. F or the first half year ending 3th June,
viz.
W illiam F ry, 4,000 copies of Report of the
Committee of Exchange to the Commit­
tee of W ays and Means
- *390 00
Jesper Harding, printing 2,000 extra pa­
pers
.
.
.
.
20 00
Gales and Seaton, 15,000 additional copies
of documents concerning the bank
- 450 00
1,000 copies of Report of Exchange
Committee and other documents 880 for
first 1,000 and $30 for the residue
- 350 00
Register of Debates and American State
papers
.
.
.
.
95 00




*1,305 00

[17]

327

For the last half year ending 31st Decem­
ber, viz.
Office at Nashville, documents
Gales and Seaton,
copies bank
port
.
.
.
.
.
Am erican Sentinel,
do
do
W illiam F ry , do
do
do
Samuel C. A tkinson, do
do
Commercial Herald, do
do
J . R . Chandler,
do
*
■

re­

1833

-

50,000

T otal extraordinary expenses for

1834.

$

100 0 0
1 ,0 0 0 0 0

73
4S0
160
50
25

-

03
00
00
00
00

1,8S8 03
$3,193 03

30th
50,000

F o r first half year ending
Ju n e, viz.
T o Duff G reen, for printing
copies
o f W ebster’s report of the Committee
o f Finance
.
.
.
copies Clay’s speech on deposites,
Calhoun’s speech on do.
McDuffie’s speech on do.
additional of Calhoun’s
additional o f M cDuffie’s -

g 1,750
1,000
1,000
1,000
1,000
450

25.000
50.000
50.000
50.000
15.000

9,599

570 00
3,000 00
235 43
208 00
288 90
654 10
6S 98
103 47
68 98
67 32
243 92
288 90
577 80

Gales and Seaton, for
Clay’s speech,
H. B in n ey ’s do. o f Southard’s do. of Huntingdon’s do.
•
o f W ebster’s do.
second edition o f Southard’s do.
Poindexter’s do.
Sprague’s do.
Frelinghuysen’s do.
E w in g ’s do.
do. d o., second edition
o f B in n ey ’s report on the pension fund,
Senate’s report on deposites Poindexter’s do., second edition, and
do. W ebster’s
.
.
.
A rcher’s speech on bank question,
F o r binding, paper, envelopes, & c., for
B in n ey and others
•
-

50.000
3.000
5.000
10.000
10.000
3.000
3.000
3.000
1.000
6.000
10.000
20.000
7.000
10.000
10.000

00
00
00
00
00
00

00

524 82
288 90

40 00
Paper and folding
.
.
.
3 0 1 29
5 0 .0 0 0 copies M r . Adams’ s speech
- 2,839 00
5.000 copies speech o f A llen, o f K en tu ck y , 208 60
, 2,000 additional o f A llen’s do. 102 64
2.000 Corwin’s speech 102 64
5.000 L eig h ’s speech on Protest
125 00
1.000 Clayton’s do. on the bank
40 00
3.000 C lay’s last speech on bank
86 20
1.000 M cK ennon’s speech
58 90



$ 6,200

7,129 5St

328

c 17:

2,500 pamphlets

do.

-■

M r. W ebster’s
1 0 .0 0 0 do. W ild e’s do. -

-

3.000 copies Dixon’s speech
75.000 do. W ebster’s speech on power
assumed over the bank by the Executive,
5.000 Harden’s speech
Paper, seals, envelopes, &c.
William F ry, for 1,000 National Gazettes,
and printing report Ex. Committee,
Commercial Herald, for printing Adams,
Binney, and W ebster’s [speeches,
C. Alexander, for printing report of E x ­
change Committee
National printing do.,and Adams’s speech,
N. Hale, for 2,000 copies Adams’s speech,
W . B. Townsend, for 50,000 copies report
Exchange Committee From

**
00

Printing extra half sheet containing state­
ments concerning the bank^6400 copies
10.000 copies W ebster’s speech on renewal
bank charter 5.000 do. L eigh’s on do.
5.000 do. Leigh’s do., 8 pages added, -

$ 2 9 6 90
3S5 2 0
50

192 60
104 30
156 4 5
122 22
2 ,6 8 1 00
3 26 4 8
3 0 0 00

112 0 0
4 0 00

894 50

45 00
95 50
1 ,3 7 5 0 0

1,515 50
$ 24,252 51

and
Gallatiii’s
-

M r. Crawford’s, Mr. Gallatin’s, and
Madison’s letters on the bank, to­
gether with the report of the directors,
wrapping and extensively circulating
the same .
.
.
K ey and Biddle, for 1,000 copies of
“ W ar on the Bank,” F or the distribution of the speeches of B in­
ney, W ebster, Adams, Calhoun, and
McDuffie
.
.
.
.
Commercial Herald, for printing 20,000
copies of proceedings of town meeting
23d February, and report of the Phila-

600 00

M r.




3,429 70

7 42 50

1st to September 30th, viz.

Ju ly
Edw ard Conrad, for printing 1 0 ,0 0 0 copies
o f W atm ough’s speech on bank que»tion, Application from U tica
A lb a­
n y , for a branch, (re-printed,)
letter,'M adison’s letter, Report o f cashier
and distributing the same,
Joseph M etcalfe & C o ., for printing W a tmough's speech, N ew Y o rk m em orials;

1834,

5,083 29

550

00

600

00

120 00

329

[ 17]

delphia and New Y ork com mittees, and

paper

-

-

-

-

161 50
--------2,031 50
lotal to 30th September, from 1st January, 1S34,
$ 26,284 01
R E C A P IT U L A T IO N .

1829
1830
KS31
1832
1833
1834

-

Total of expenditure to 30th September, 1834,
from 1st January, 1829, for extraordinary
printing, &c.,&c. .
.
.
.
T o which, if there be added the expenditures by
the president, on his order, without voucher,
under resolution of 11th M arch, 1831
F o r extraordinary printing
Do.
do.
Do.
do.
Do.
do.
Do.
do.
Do.
do.

for
for
for
for
for
for

T h e total extraordinary expenditure from 1st
Janu ary,
to
Septem ber,
will
amount
sum o f
-

1S29,
to the

30th

1834,

$105
5,876
11,153
18,490
3,193
26,2S4

50
67
244
794
03
01

65,103 25
29,605 00
$ 94,70S 25

N.

E xtra ct fr o m proceedings o f the hoard , relative to notice o f G overnm ent
directors, o f 24 th October, 1834.
M r. Ingraham stated to the board, that the Government directors wished
for information relative to the profit and loss account o f the bank, for seve­
ral years past; the dividends made, whether they were made from the pro­
fits o f the bank, or from any other source; the charges and expenses, and
other item s, o f which he read a lis t That they should call upon the cashier
for such books and papers as they might find it necessary to exam ine, for
the purpose o f procuring the information required; and that the results of
their examination would be laid before the President o f the United States,
from whom they had received a letter, calling upon them for such statements.
He stated further, that it was not his intention to submit to the board any
formal motion, but merely to give notice o f the requisition that would be
made upon the cashier.—
m inutes, October

Extract from

24th, 1S34.

T h e cashier laid before the board for their instructions, the following cor­
respondence, which took place under the notice given by the Governm ent
directors, at the last m eeting o f the board.

P hiladelphia, October 25 th , 1834.
S i b : A s directors o f the bank of the United States, we wish to obtain an

account o f the gross yrofits o f the bank and branches, for each h alf year



42

330

[ 17 I

since 1st Janu ary, 183 2 , and up to this tim e, as nearly as they can be ascer­
tained.
W e wish also to ascertain the deductions in detail made from those profits,
and the disposition which has been made o f any surplus, beyond the semi­
annual dividends.
_
_
It is our desire to obtain these statements, (w hich are intended for the
President o f the United States,) as early as practicable. W e will call at the
bank this m orning, at 11 o’clock, and you will oblige us by having the ne­
cessary books ready for our inspection.
V e ry respectfully, yours,
E D W A R D D . IN G R A H A M ,
C. M A C A L E ST E R .
S a m u e l J audon , E sq .,

Cashier bank U nited States.

Gentlemen: I

B ane U n ite d St a t es,

October 25th, 1S34.

have ju st received (1 0 o’clock , A . M . ) your letter of this
m orning, in which you state your intention to call upon me at 11 o’clock
to-day, for the “ necessary books” to enable you to make certain “ state­
ments which are intended for the President o f the United States.”
N ot considering m yself at liberty to furnish the books of the bank for
such a purpose, I shall submit your letter to the board o f directors, on Tues­
day next, for their order.
I am, very respectfully,
Y our ob’t, humble servant,
S.
E d w a x d D. I n g r a h a m and C. M a c a l e s t e r , E sq rs.

W hereupon, on motion o f M r. C ox, it was

Resolved, T h at the said correspondence be referred to a s e le c t committee*
consisting o f five members o f the board.
T h e following members were appointed to serve on the said committee:
M essrs. Coxe, Sergeant, N eff, E y r e , Chauncey .— E x tr a c t fr o m the

m in u te s, October 28, 1834.

M r. C oxe, from the special com m ittee appointed at the last meeting of
the board, submitted the following report, which was read:
T h e com m ittee to whom was referred, on the 28th instant, a correspon­
dence between the cashier and M essrs. E . D. Ingraham and C. M acalaster,
report:
T h at it appears from this correspondence, and from the minutes of the
board, that in consequence o f a letter from the Presid ent o f the United
States, M essrs. Ingraham and M acalaster applied to the cashier, to obtain
certain statements to be sent to the President, and that the cashier declined
 the books o f the bank for that purpose.
furnishing


331

E 17 3

T h e committee are clearly o f opinion that the conduct o f the cashier was
proper, and therefore recommend the adoption of the following resolution:
Resolved , T h at the course pursued by the cashier, in regard to this appli­
cation, is approved by the board.
.
On motion o f M r. Sergeant, the report and resolution were considered.
On motion of M r. E y r e ,
Resolved, That the report and resolution be adopted.
T h e yeas and nays being called for and taken, the resolution was adopted
.as follow s:
Y eas— M essrs. Biddle, E y re , W hite, Sergeant, H enry, Lew is, Coxe,
N eff, P latt,
.
.
.
.
.
.
.
9
N ays— Messrs. Macalaster and Ingraham,
2

E x tra c t fr o m the m inu tes, October 31, 1834.




4

Profit and Loss.

Da.

C *.
=»

1833.
Sep. 29

Dec. 27

To “requisition dividends’* for the
cost of placing in London cer­
tain bank dividends, per resolu­
tion o f November 1816
T o counterfeits paid by the Teller

1834.
Jan . 1

Expenses o f the Bunk U. States -

1833.
July 1

18)3.
Nor. 30

http://fraser.stlouisfed.org/ Buffalo
U tic a Federal Reserve Bank of St. Louis

1834.
Jan.

60,646 02
2,611 73
2.575 89
10,797 80
3.938 91
3,39 J 41
33,338 46
9,832 3 J
13,297 16
7 ,}6 0 69
6,497 32
4,812 49
11,697 17
7,568 95
7,050 43
21,158 37
6,734 59
4,527 01
6,635 97
7.605 70
4,294 25
6,916 16
5.938 58
5,069 02
4,2*7 61

1833.
Nov. 30

By Discounts, exchange, interest,
rents, received at
Bank United States
Office, Portland
Portsmouth
Boston
Providcncc
Hartford
New York
Baltimore
Washington
Richmond
Norfolk Fayetteville
Charleston
Savannah
Mobile New Orleans
Natchez
St. Louis
Nashville
Louisville
Lexington
Cincinnati

P ittsb u rg h
Buffalo

3,132,285 00
714 51

236,872 92
21,953 52
11,588 12
102,381 89
33,930 12
14,182 48
204,126 74
57,639 88
41,403 36
40,329 84
32,100 83
33,789 12
78,440 66
17,728 02
48,093 43
222,601 53
127,571 46
19,388 16
73,365 74
105,748 75
43,854 80
84,541 76
41,272 93
22,611 26

332

Office, Port land
Portsmouth
Boston
Providence
Hartford
New York
Baltimore
Washington
Richmond
Norfolk
Fayetteville
Charleston
Savannah
Mobile
New Orleans
Natchez
St. Louis
Nashville
Louisville
Lexington
Cincinnati

Pittsburgh

2,463 30
635

By balance per report o f Divi­
dend Committee this date
By reimbursement of loan office
stationary
-

r-n
►
»
»
Vj

’ Burlington
Agency, Chillicothe
Cincinnati

.

3,355 52
57 37
16,822 08

-------------

L ou at Charleston by compromis­
ed notes
•
New Orleans, sundries S t . Louis, counterfeits Cincinnati,
do
.

2,958 04
1,328 31
234 41
45 00

Conting’t fund to meet losses for
interest received during the
past six months at the office,
Lexington
•
Louisville
Agency, Chillicothe Cincinnati -

1,396
5,815
547
3,119

265,520 01

-

18,498
17,569
547
21,535

94
10
52
89

1,773,668 78

4,565 76

34
81

333

52
22

10,878 89

Semi-annual appropriation for ex­
tinguishing the cost of banking
houses
.
.
.
1834.
Jan. 6

Utica
Burlington
In t rec’d at Agensy, Chilicothe
Cincinnati

-

60,000 00

Dividend No. 30 this day de­
clared at three and a half per
cent.
Balance
-

-

1,225,000 00
3,337,605 32
#4,906,668 28

$4,906,668 28
1834.

Jan . 6
B ahk

U s it id

S t a te s ,




January

6 ,

1834.

Dy balance

-

-

-

83,337,605 32

J . CO W PERTIIW A IT, Cashier.

^

Supplementary Profit and Loss.
1834.
January

1834.
6

To an additional appropriation for extin­
guishing the cost of the banking houses,
per resolution of the Board this day Balancc .
.
.
.

January

6

By balance as above

.

.

.

3,337,605 32

184,727 54
3,15 2 ,8 7 7 78
,3 ,3 3 7 ,6 0 5 33

» 3 ,337.605 32

U n it id S t v t m , January 6, 1834




J.'C O W P E R T H W AITE, I d A. Cashier.

to

<J3

itfc

Profit and Lots.

Dr1834.
July 1
May 31

Ck.

1834.
m
_
.
.
_
.
•
.
.
•
.
.

•
•
.

_

.
•

„
.

_

Loss at Bank U. S. by forarery _
Portsmouth “ counterfeits
Washington “
11
Charleston *•
«*




88,714
2,606
2 ,598
9,788
3,924
3 ,169
25,565
9,745
13,769
7,336
6,802
4,685
1 1 ,578
9,004
7 ,2 4 5
21,888
7,937
4,5 5 4
5,957
7,212
5,810
7,579
4,637
3,649
4,297
2,856
8,043
16

01
88
68
42
23
33
50
19
62
53
02
02
29
57
40
27
68
42
08
35
7i
87
64
27
00
47
24
25

500
19
2
ICO

00
00
00
00

Jan. 6

July 1

290,973 98

By balance prr Dividend Com­
_
mittee this date
•
Ily reimbursement of loan office
.
expenses (stationary)
Ily discounts, exchange, interest,
and rents received at
_
Bank United States
•
Office, Portland
Portsmouth _
.
Boston
Providence .
Hartford
_
New York
.
Baltimore
Washington .
Richmond
.
Norfolk
Fayetteville .
Charleston .
.
Savannah
.
Mobile
New Orleans .
..
Natchez
„
St. Louis
.
Nashville
Louisville
J>exington
Cincinnati
•
Pittsburgh
Buffalo
Utica
Burlington Agency, Chillicothe -

.

3,152,877 7E

-

397 05

206,641
23,441
9,632
83 ,442
33,740
10,428
237,952
56,937
32,985
49,861
25,930
23,678
117,794
21,818
92,427
293,126
140,725
21,063
48,482
66,825
26,524
70,537
28,829
28,378
14,093
10,459
947

47
42
05
79
37
87
93
09
68
43
79
35
71
90
82
60
30
81
01
19
36
34
01
83
17
47
84

335

Expenses of (he Bank U. States
Office, Portland
Portsmouth
Boston
Providence
Hartford
New York
Baltimore
Washington
Richmond
Norfolk
Fayetteville
Charleston
Savannah
Mobile
Nevr Orleans
Natchez
St. Louis
Nashville
Louisville
Lexington
Cincinnati
Pittsburgh
Buffalo
(Jtica
Burlington
Agency, Cincinnati
Chillicothe

Profit and Loss— Continued.
1834.

1834.
May 31

Loss at New Orleans “
11
Cincinnati “
"
Utica (deficiencies) by
counterfeits, lie.
Nashville on notes of B 'k
of Maryland
.
Pittsburgh
•
•
-

July 7

T o dividend No. 31, this day de­
clared at 3$ per cent.
Balance
-




July 1

325 00
17 50
785 28

423
575
947
1,679

19
61
84
69

Hy discounts, exchange, interest,
and rents received at U. States
Hank Agency, Cincinnati
.

17,991 29
1,794,698 89

2,061 78

336

« Conting’t fund to meet losses:”
For interest received during'
the past six months at the
office Lexington
Louisville
•
Agency, Chillicothe
Cincinnati
•

178 00
135 00

3,6 2 5 33
1,225,000 00
3,4 2 6 ,3 1 2 65

-

#4,947,973 74
0

$4,947,973 74

Supplementary Profit and Lost.

D*.

1834.

1834.
July

*
u

C«.

7

T o an appropriation to the credit of the
“ contingent fund to meet the losses
of the bank,” per resolution of the
board this day
.
.
To balance
.
.
.
.

January

7

By balance brought over

3,426,312 65

259,641 94
3,166,670 71
§3,426,319 65

$3,426,312 65

July

or t b j

U aiT iB S t a t u ,




7

By balance

-

-

-

-

$3,166,670 71

J. CO W PERTH W A IT, 2d A. Cathier.
July 7, 1834.

337

1834.

Profit and Loss.

0>.

Jan. 7

May 34

300 00
510 00

3,463 30
63,861
2,690
3 ,569
10,768
4,0 1 0
3,0 5 4
24,391
9 ,7 9 4
13,303
6 .7 9 J
6 ,644
4,636
11,631
8,655
7 ,5 5 6
34,169
7,4 8 8
4,151
5 ,9 4 9
7,853
5,593
7,793
5,615
3,339
3,9 9 5
3 ,5 8 3

43
98
03
69
00
04
53
98
37
18
07
64
99
47
48
42
35
33
46
77
38
73
40
17
96
08

By balance per report of divi­
dend communicated this day •
By reimbursement of loan office
expenses
June 30 By discounts, exchange, interest,
rents, received at Bank U. S. May 31 By discounts, exchange, received
at office, Portland
By discounts, exchange, interest
rents, received at office, Ports­
mouth •
.
By discounts, exchange, interest,
damages, premium on specie,
received at office, Boston
•
By discounts, exchange, received
at office, Providence •
•
By discounts, exchange, rents, re­
ceived at office, Hartford
By discounts, exchange, interest,
damages, premium on specie,
received at office. New York By discounts, exchange, received
at office, Baltimore .
•
By discounts, exchange, interest,
damages, rents, received at of­
fice, Washington
•
By discounts, exchange, interest,
rents, received at office, Rich­
mond By discounts, exchange, rents,
received at office, Norfolk
By discounts, exchange, damages,
rents, received at office, Fay­
etteville
.
.
.

3,755,334 44
341 57
203,783 30
17,133 17
8,14-1 76
126,691 86
38,707 75
15,194 70
205,747 77
55,499 39
45,791 89
39,367 14
33,738 15
33,149 91

338

Federal Reserve Bank of St. Louis

r“'

1833.

1833.
To this amount paid by teller for
a forged endorsement
*
T o this amount paid by teller for
counterfeits To requisition dividends, for the
cost o f placing in London sun­
dry bank dividends, per reso­
lution of November, 1816
To expenses at Bank U. States
Office, Portland
Port imou tli
Boston
Providence
Hartford
New York
Baltimore
Washington
Richmond
Norfolk
Fayetteville
Charleston
Savannah
Mobile
New Orleans
Natchez
St. Louis
Nashville
Louisville
Lexington
Cincinnati
Pittsburgh
BuSklo
TJticsr

Burlington
http://fraser.stlouisfed.org/

Cr .

520 10
6,427 26
265,799 SO

To loss at N. York by forged
checks
■
Norfolk by counterfeits, &c.
Charleston by compro­
mise Cincinnati by counter­
feits Utica by forgeries
-

6,000 00
207 21
9,062 19
387 00
550 00
16,206 40

To contingent fund to meet losses
for interest received during the
past six months at office, Louisvillt
.
.
.
.
Office, Lexington Agency, Chillicothe
•
Cincinnati *
-

2,049
109
1,451
5,401

04
75
07
76
9,011 62

j»ir x

To semi-annual appropriation
towards extinguishing the cost
of banking houses
*
To dividend No. 29, this day de­
clared at three and a half per
cent
.
.
.
.




60,000 00
•

1,225,000 00

By digcounta, exchange, intereit,
damages, received at office,
Charleston
By discounts, exchange, sundries,
received at office. Savannah By discounts, exchange, interest,
damages, received at office,
Mobile
■
■
By discounts, exchange, interest,
damages, rents, received at
office, New Orleans By discounts, exchange, interest,
damages, received at office,
Natchez
By discounts, exchange, damages,
received at office, St. Louis By discounts, exchange, damages,
interest, rents, received at
office, Nashville
By discounts, exchange, interest,
rents, received at office, Louis­
ville .
.
.
.
By discounts, exchange, interest,
rents, received at office, Lex­
ington .
.
.
.
By discounts, exchange, damages,
interest, received at office,
Cincinnati
By discounts, exchange, interest,
rents, received at office, Pitts­
burgh By discounts, exchange, interest,
received at office, Buffalo
By discounts, exchange, interest,
protests, received at office
Utica By discounts, exchange, interest,
received at office, Burlington •

98,233 12
40,090 63
86,345 79
312,616 73
109,964 97
22,252 07
76,180 97

6C C

Agency, Chillicothe *
Cincinnati .

99,862 36
45,424 95
99,935 17
50,087 77
32,067 47
22,465 87
20,961 68
I_ I
_

Profit and loss— Continued.

D*.

1833.
May 31

Balance

.

*

.

Ca.

By rent*, interest, received at
agency, Chillicothe .
By rent*, interest, suspended
debt, received at agency, Cin­
cinnati
.
.
.

2 ,096 07
20,464 10

4,711,575 52

3,13 2 ,2 8 5 00
July 1
#4,711,575 52

_

_ _ ,_
_

n

- - 3
■ -- -. 1 -

t

By balance
» i

E. E.

-

■

.

.

.

*3,132,285 00

-

-

-

- — -—
-

J . COW PERTHW AIT, 2d A n Catkin.

-

-

-

340




.

•

-

-

-

ERRATA.
Page 13, first line; the contingent fund is stated at $901,955 87. It should be #5,901,­
955 87.
Blank page, opposite 86; for Branch drafts, say, “ Statement of the Bank,” and so head
each of the tables succeeding, to page 93.
Page 94; for “ Statement of. tic. tic.,” say, “ Statement o f reductions ordered.”
Page 27, second line from the top; “ that it is going on.”
Page 33, 17th line; for “ justice would aware it,” read “ award.”
Page 39, line sixth; for “ no such case appears, (of course where such would appear,)
read, “ no such case appears, (of course none such would appear.” )
Page 40, fourth line from the bottom; for “ the channel which conveys,” say “ convey.”
Page 40, second line from bottom; for “ powers" read “ power.
Page 41; “ at New York,” (see midway the page,) after the words “ amounting in the
aggregate,” add “ about *9,000.”
Page 42; in the eighth line from the top, let there be a full stop at “ loans.”
Same page, 12th line; for “ drafts in this office” read “ and Pott Office acceptances.”
Page 48; in 12th line from bottom, read “ variant” for “ various.”

I