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I ft, cjIjaa U A bt>G ^ tiri/'flV / i, 23d Cokgbess, 2d Session. i f* H i, & [ n ] 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 [ 1 7 ] < 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 3 [ 1 7 ] 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- [ 17 ] 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 5 [ 1 7 ] 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_v a somewhat lengthened service on the com mittee, or whether it would 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 1 7 ] 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. *‘i n opinion by 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 G8 . 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 cumstances, is well qualified to determine. In connexion with these views, 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 which, it is said “ that there were only six persons who refused to sign i t " 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 . . - - . - - $ 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 g 7 ,9 2 6 . . 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 Digitizedmay for FRASER 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 [ 1 7 ] 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 theFRASER United States. Digitized for 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 [ 1 7 ] 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 [ 1 7 60 ] 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. 22i< Office, Portland 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 23ft Savannah Mobile 12 New Orleans 8 Natchez 4 St. Louis 15 Nashville 17 Louisville 13 Lexington 32 Cincinnati 18 Pittsburgh 25a 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. 22ii Office, Portland Portsmouth 25u Boston 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, [ 17 ] 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 Wfor ashington. Digitized FRASER 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 CI?] 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 with this movement; they amount to * Digitized for nected 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, 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, - 12 41 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 90 ___221,018 __________ 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 . 99 ___ ___533 _____ 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 . . . • • 89 021 44 1 nl ltlrvjr rI anVt rUUl n . . . 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 banks . . . • DigitizedCity for FRASER <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. LI’] 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 might be called on for specie, urging them to proceed with very great cau 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 ■with us in the opinion that for the present we ought not to hesitate about re 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«< 32ii 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 • . • • • . . . . . . . . . . . . . . m . . . . . . . . . . . • . m m m m . . • . . December 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 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 1, 1832. 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 21ii 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 25it 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 35k 21 as May 27 25 23 19 23 18 19M 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. 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 . . . . . - . . . . - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ■ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - . . . 1 Octobcr September 34M 28 ft 24 26 24 32 25 33 34 18 n 14 16 6 17 13 30 34 30 << *( 35 19 31 30 Notes discounted. 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 2II7 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 - * • 24«< 27 •« 24 25 - 22 . . Washington - - Lciington • Cincinnati Pittsburgh • Buffalo - * • . - Louis Nashville Louisville - - Utica Burlington Agency, Cincinnati Chillicothe . . • ......... 24 18 _ 22 24 18 << 14 10 6 10 12 13 17 ii €1 26 19 ii November 30 20 492,778 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 $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. ............. December 31 • 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«. 38II 25 27 25 . 23 19 . 23 . 25 19ii ■ 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 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 . . . . 1 24 II . 27It 24 26 24 22 25 22 24 18•< 14 10 6 17 22 20 17 " 20it ii 35 26 31a Offices, July Notes discounted. 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 . - 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 1, 1833. 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 .---=----..s.-j, 51■a . 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«« 37t« . 24 * 26 • 24 • 22 • 25 22 24 • 18II • 14 • 10 6 • 17 22 * 20 17 • 20i< •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 14 26H 23 23 23 21 24 21 23 irM 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<« 26it 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 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 . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - . . . . . . . . . . . . . . . . . . . . . . . . • • . . . , > 4 . . . ! . . - si • . . . « . . 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 . . . 1, 1834. Notes discounted. 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■ 27u 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. " ■ >i m 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - . . . . . . . . . . . . . . . - - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 • ti . . . . . 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 19ii 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 State Notes discounted. Due banks. 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 S^ite Notes discounted. Due Hanks. 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. 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* Notes dis counted 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. 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 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 Notes dis counted . Office a t B u ffalo. 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 22, 1831 22, 1832 21, “ 20, •• 20, •* 21, 1833 20, « 19, " 19, “ 20, 183* 19, “ 21, ■ > Domestic bills. r « ] Dec. March June Sept. Dec. March June Sept. Dec. March June Aug. 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 14 495,802 788.244 30 71 196,036 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, •«14 i r. 18, 1833 17, M 23, •II< 16, 17, 1834 23, I*II 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. 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 December 8, 1831 March 15, 1832 June U, If September 90, if<1 December 13, March 14. 1833 June September 19, 14 December 19. March 13, 1834 June 19, It August 14, II 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, it*• December 11, 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 : — deposites, i t Total specie. Public 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, tlIf U. ft 14, 8, 1833 14, Mff 13, U 13, 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 11 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 11 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 2*3 “ 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. Gold. Silver. 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 28, 1831 Notes dis counted. 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 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, “ Office at Neva York. 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 26, <i 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 58 50 36 35 89 45 41 01 62 80 89 20 Total Specie. 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. Silver. _ 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. * 1811 1833 II << << 1833 II II <1 94 1834 91, 41 35, 11 36, 76, 2 5, ?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 ' • . - . ■ . . - — • • • • . . • • . . . • • . . . . • Totals • • . • • • . • . * • • • ■ - • - Domestic bills colleoted. 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 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 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 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 rer United States. and offices received. U. S. Sc 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. • . • . . . . . _ . • - - * - _ Mobile * Mew Orleans * Natchez ' - _ • - » . ■_ • - _ . . St. Louia Nashville Louisville Lexington Cincinnati Pittsburgh Buffalo Utica Burlington Agencies - D ee. . . - _ - Jan. - 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 1-2 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 CO 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 • - >303,359 84 • 11,550 00 *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 . . . . . . . . ~. . . . . . . . . 3,806,707 80 - *6,005,315 71 . 5,901,955 87 976,019 59 3,166,670 71 . . . 303,359 84 150,820 94 1,744,427 13 *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, ‘2 5th Sept., 1819. 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 K4 81 32 02 46 76 K8 83 1,218,141 46 1 ,1*7,562 10 1,‘273,501 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 p ar . par par par par par par par par par par par 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 i i l par par par par par par par par par par par par a a a a $ $ $ par par par par par par par par par par I ar par par par • a £ a % par a i • . 1 par a £ par a $ i par • * . par par par par - 1 a par a par a par a • % % $ i a 4 par par 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 ai par a 4 ii . par a J par a j 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 par 4 i H l 4 i par 4 1 - par par • • par par par par par par par a 4 par a 4 1 par par par • • • . par par par ' 4 4 4 4 4 par par par par par 14 1 4 4 4 4 a a a par par par a _ a par a 4 par * par 4 • p ar o 4 par 4 14 l • a i p ar a 4 par a 4 • par par 4 14 par 4 l 1 par par - a a par i 4 4 • 1 1 par par 4 - 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 • • i 4 4 4 - . • par p ar par l l par • • 4 4 4 4 4 4 4 4 par 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 par par a4 a4 a4 par • a4 1 . p ar a 4 par a i i • m . • - i • par ---------------------- 1 1 • 1 4 1 1 • 1 1 • • • 1 1 * 1 1 1 par 1 • • par par 4 par aX • 1 a1 14 i . a a ■ par par i a a •- 4 a 1 • par - a* a :} a par 4 par a J par • ii aI • 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 chased. 1 1 a4 aj a $ 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 . . 1 l • • - - par par par • • • - . • - a a J i . a a par } par a j par 4 - i par a 1 par “ Draughts sold. B ills pur chased. i par Draughts sold. P ittsbu rgh. B ills pur chased. i par D raughts sold. par a . . . 1 . i. . . # . . • • par . - par J par a } . l 4 • . 4 4 4 • Cincinnati. i a “ J par a J par a 4 par a j 4 par par ■ . par - par a 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 ■ a4 i a 4 a\ i a4 • par Draughts sold. 4 par a J Bills purcliased. 4 1 i par ai par Bills pur chased. J - BufTaloc. . 4 4 p»r - 4 • 4 l 4 • 198 W ashington Richm ond Bills pur chased. i par - 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 18 adv. 7 adv. 18j adv. 17 adv. do • do 17 dis. 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. 1816. July 1. par 7 j a 8 dis. 17 a 18 dis. j dis. a par do 19} a 20 dis. J dis. a par Baltimore. 1829. Dec. 5. 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. Decembers. 1816. July 1. 1829. Dcc. J. par par 9 a 10 adv. do par par 608 adv. par 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. 20 a 2 2 adv. do par a 3 disc, do par a 1 disc, do 1816. July 1. , 1829. Dec. 5. Savannah. Charleston. J a 8 adv. 2 adv. 64 disc. 8 a 9 disc. par par par par 1816. July 1. 1829. December 5. 5 <9 disc, do do do do do do 14 disc. 14 disc. 14 disc. 4 disc. 34 disc, para | idv. 200 dollar! Spanish American Gold Hoiton note* New York “ Philadelphia " Pennsylvania " Baltimore “ Maryland " Virginia 11 Dist. Columbia " North Carolina “ South Carolina “ Georgia “ Norfolk. Richmond. P rices C u rren t — Continued. ■f," ■■■■.V.T- 1i- New Orleans. m - 1816. July I. 1829. Dec’ber 1. 12 a 15 adv. par - 1816. July 1. 1829. Dec’bcr 5. 10 adv. • pap - • • • - • - • - > • 4 adv. • • • 4 adv. . • • - 4 adv. 3 adv. - par par par • par Lexinyton. 1816. July 1. 1829. Dec*ber5. Cincinnati. 1816. July 1. Pittsburgh. 1829. Dec’ber 5. 1816. July 1. 18 2 adv. 2 adv. 2 adv. • par par par - n 1829. Dec'ber 5.^ a 25 adv. par - - 10 adv. r»r • • 9 adv. par 1 disc. 9 201 Spanish dollars American “ Gold Boston notes New York “ Philadelphia “ Pennsylvania 11 Baltimore “ Maryland “ Virginia “ District Columbia “ North Carolina “ South Carolina 11 Georgia “ Louisville. [ 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 off by Gov’t or 34 Paid 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 . . Digitized for .FRASER 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 CO 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 HI 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 ■17 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 VO © <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 UK 23,560 ,582 37 22,608 ,011 HO 21,873 ,567 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 SO 8 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 HH HR 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 11 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 6-1 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. - 30,654,508 31 DigitizedJanuary for FRASER 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. Heal estate. Ranking houses and permanent expense*. Darings, Hopes, See., and foreign bill*. Specie. Total of invest ments. 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 “ * ■ “ • * “ 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 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 • — • • • 61 72 46 05 51 06 68 79 39 89 29 27 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 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 . 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 - • • . . . . . Kills discounted on personal #ecurity. 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 G. W . Gibbs 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 formforinFRASER her political principles, and inviolable attachment to the General Digitized \ [ 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. S i r : I have the honor to transmit herewith a copy of an act passed at the present session of the Legislature of this State, repealing so much of the 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. FRASER N . Bostwick H abert Guion http://fraser.stlouisfed.org/ B. G. Farrar Frederic L. Billon Federal Reserve Bank of St. Louis 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 arriage) o f the late P resid ent M adison, and c le rk o f the court o f OrangeDigitizedmfor 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 : [17] 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- 364 [ '7 ] 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 3 ( 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. [ 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 , Senate United States. 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 for FRASER 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 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 ■of the bank must be received for the public revenue, are liable, at the plea 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 •tances of this case, if once adopted, m ight disorganize our whole collections. 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. . Digitized for I t FRASER is to be regretted, that, in your professions o f regard for “ the credit of [ 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* ferFRASER thus made, together with a power of attorney from M r. W ager, authorDigitized for 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 fore— this sort o f appeal from the administration o f the bank to theexecu 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. for A FRASER t the same time, we must try to avoid the odium which would na Digitized 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 : Digitizeddirectors, for FRASER I will speak w ith all the candor I can , 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 pfor in 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. Digitized FRASER 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 on your persevering in the same course, without being moved eitneron Digitized rely 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. ’ T h e list is entirely o f a political character, without any busine.'s recom 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 jo 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 f Pled* e ,? f ,h ' ° f De^ teS>lnd J printing o f public documents. 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 3 2 o 4 1 7 13 1 _ 2 2 - _ _ 1 - . . . . - . . . . 2 1 3 5 4 - 1 4 4 4 3 1 4 2 . 5 - 4 r . - . _ _ - - - - - 32 25 38 34 - 4 _ 9 22 19 1 • - 9 1 3 1 1 1 4 4 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 - 18)3. Nor. 30 http://fraser.stlouisfed.org/ Buffalo U tic a Federal Reserve Bank of St. Louis 2,463 30 635 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 balance per report o f Divi dend Committee this date By reimbursement of loan office stationary 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 1833. July 1 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 Utica Burlington In t rec’d at Agensy, Chilicothe Cincinnati 265,520 01 52 22 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 January 6 , 1834. 1,773,668 78 10,878 89 60,000 00 S t a te s , 94 10 52 89 34 81 - U s it id 18,498 17,569 547 21,535 4,565 76 Semi-annual appropriation for ex tinguishing the cost of banking houses . . . B ahk - 333 1834. Jan. 6 . 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 July 1 , ■. - 3 4,711,575 52 3,13 2 ,2 8 5 00 #4,711,575 52 _____ n ------1 By balance . . . - *3,132,285 00 -----------------—— t »i- ■ E. E. 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